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How did the rich countries really become rich? In this provocative study, Ha-Joon Chang examines the great pressure on developing countries from the developed world to adopt certain 'good policies' and 'good institutions', seen today as necessary for economic development. His conclusions are compelling and disturbing: that developed countries are attempting to 'kick away the ladder' with which they have climbed to the top, thereby preventing developing countries from adopting policies and institutions that they themselves have used.
This is the story of free trade in 19th century Britain, its contribution to the development of Britain's democratic culture, and the unravelling of the free trade movement in the wake of the First World War.
The balancing of competing interests and goals will have momentous consequences for Japan—and the United States—in their quest for economic growth, social harmony, and international clout. Japan and the United States face difficult choices in charting their paths ahead as trading nations. Tokyo has long aimed for greater decisiveness, which would allow it to move away from a fragmented policymaking system favoring the status quo in order to enable meaningful internal reforms and acquire a larger voice in trade negotiations. And Washington confronts an uphill battle in rebuilding a fraying domestic consensus in favor of internationalism essential to sustain its leadership role as a champion of free trade. In Dilemmas of a Trading Nation, Mireya Solís describes how accomplishing these tasks will require the skillful navigation of vexing tradeoffs that emerge from pursuing desirable, but to some extent contradictory goals: economic competitiveness, social legitimacy, and political viability. Trade policy has catapulted front and center to the national conversations taking place in each country about their desired future direction—economic renewal, a relaunched social compact, and projected international influence. Dilemmas of a Trading Nation underscores the global consequences of these defining trade dilemmas for Japan and the United States: decisiveness, reform, internationalism. At stake is the ability of these leading economies to upgrade international economic rules and create incentives for emerging economies to converge toward these higher standards. At play is the reaffirmation of a rules-based international order that has been a source of postwar stability, the deepening of a bilateral alliance at the core of America's diplomacy in Asia, and the ability to reassure friends and rivals of the staying power of the United States. In the execution of trade policy today, we are witnessing an international leadership test dominated by domestic governance dilemmas.
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A delightful as well as educational read. It should be a set text for anyone interested in trade policy - The Economist.
A Foreign Affairs Best Book of the Year: “Tells the history of American trade policy . . . [A] grand narrative [that] also debunks trade-policy myths.” —Economist Should the United States be open to commerce with other countries, or should it protect domestic industries from foreign competition? This question has been the source of bitter political conflict throughout American history. Such conflict was inevitable, James Madison argued in the Federalist Papers, because trade policy involves clashing economic interests. The struggle between the winners and losers from trade has always been fierce because dollars and jobs are at stake: depending on what policy is chosen, some industries, farmers, and workers will prosper, while others will suffer. Douglas A. Irwin’s Clashing over Commerce is the most authoritative and comprehensive history of US trade policy to date, offering a clear picture of the various economic and political forces that have shaped it. From the start, trade policy divided the nation—first when Thomas Jefferson declared an embargo on all foreign trade and then when South Carolina threatened to secede from the Union over excessive taxes on imports. The Civil War saw a shift toward protectionism, which then came under constant political attack. Then, controversy over the Smoot-Hawley tariff during the Great Depression led to a policy shift toward freer trade, involving trade agreements that eventually produced the World Trade Organization. Irwin makes sense of this turbulent history by showing how different economic interests tend to be grouped geographically, meaning that every proposed policy change found ready champions and opponents in Congress. Deeply researched and rich with insight and detail, Clashing over Commerce provides valuable and enduring insights into US trade policy past and present. “Combines scholarly analysis with a historian’s eye for trends and colorful details . . . readable and illuminating, for the trade expert and for all Americans wanting a deeper understanding of America’s evolving role in the global economy.” —National Review “Magisterial.” —Foreign Affairs
“Investors who feel like they have what it takes to trade . . . should read Pit Bull.” —The Wall Street Journal Welcome to the world of Martin “Buzzy” Schwartz, Champion Trader—the man whose nerves of steel and killer instinct in the canyons of Wall Street earned him the well-deserved name “Pit Bull.” This is the true story of how Schwartz became the best of the best, of the people and places he discovered along the way, and of the trader’s tricks and techniques he used to make his millions. “The most entertaining and insightful look at Wall Street since Liar’s Poker.” —Paul Tudor Jones II, founder, Tudor Investment Corporation and the Robin Hood Foundation “An archetypal text, true to life on the Street, destined to be discussed over drinks at trader hangouts after the market closes.” —Kirkus Reviews “Hilarious and eye-opening . . . Pit Bull tells the real deal about life on Wall Street—and how you make money there.” —Martin Zweig, author of Martin Zweig’s Winning on Wall Street
In the field of social policy, some topics are so complicated that they will always be subject to debate. Since no clear right or wrong exists, they are consigned to the gray areas of ongoing dispute. Among such issues "open for debate" both across America and in this eye-opening series are capital punishment, genetic engineering, gun control, and global warming. Others involve terrorism and chemical and biological warfare, two outright evils, though with highly disputable solutions. Open for Debate explores the past, present, and future to shed light on complex, high-priority public policy. A lucid, readily accessible format offers the pros and cons of each issue with opinions from social policy experts. It features sidebars of fascinating facts and easy-to-understand diagrams of key statistics. Open for Debate introduces future public policy thinkers to both sides of twenty-first-century, life-and-death concerns.
Is economics a science as many of its exponents claim? This author completely rejects such claims and locates much, if not all, of the theories in current economics to straightforward mysticism. Using this approach, and the observations of many of the towering historical figures from within the discipline, he explores the avenues and results such mysticism has achieved throughout the ages. But if economics is not a science, it remains much more than a topic for after-dinner conversation in the clubs of informed intellectuals. The application of informed common-sense - mainly, the informed common-sense of John Maynard Keynes - previously led society to the achievement of undreamed-of societal affluence. It is contended that it is primarily the contemporary neglect of this gentleman`s perspectives, and the re-newed substitution of these by centuries-old theories, which has led us to the contemporary economic chaos generated by the figures described as free-market champions. The book therefore ends with a plea for us to return to the Keynesian perspectives whose application proved to be so beneficial to society at large. The book is in no way intended as a text-book on economics; it is, rather, a story woven from the economic discipline.