Trade Wars are Class Wars

Author: Matthew C. Klein
Publisher: Yale University Press
ISBN: 0300244177
Category : Business & Economics
Languages : en
Pages : 292

Book Description
"This is a very important book."--Martin Wolf, Financial TimesA provocative look at how today's trade conflicts are caused by governments promoting the interests of elites at the expense of workers Longlisted for the 2020 Financial Times & McKinsey Business Book of the Year Award "Worth reading for [the authors'] insights into the history of trade and finance."--George Melloan, Wall Street Journal Trade disputes are usually understood as conflicts between countries with competing national interests, but as Matthew C. Klein and Michael Pettis show, they are often the unexpected result of domestic political choices to serve the interests of the rich at the expense of workers and ordinary retirees. Klein and Pettis trace the origins of today's trade wars to decisions made by politicians and business leaders in China, Europe, and the United States over the past thirty years. Across the world, the rich have prospered while workers can no longer afford to buy what they produce, have lost their jobs, or have been forced into higher levels of debt. In this thought-provoking challenge to mainstream views, the authors provide a cohesive narrative that shows how the class wars of rising inequality are a threat to the global economy and international peace--and what we can do about it.

Capital Wars

Author: Michael J. Howell
Publisher: Springer Nature
ISBN: 3030392880
Category : Business & Economics
Languages : en
Pages : 316

Book Description
Economic cycles are driven by financial flows, namely quantities of savings and credits, and not by high street inflation or interest rates. Their sweeping destructive powers are expressed through Global Liquidity, a $130 trillion pool of footloose cash. Global Liquidity describes the gross flows of credit and international capital feeding through the world’s banking systems and wholesale money markets. The huge jump in the volume of international financial markets since the mid-1980s has been boosted by deregulation, innovation and easy money, with financial globalisation now surpassing the peaks of integration reached before the First World War. Global Liquidity drives these markets: it is often determinant, frequently disruptive and always fast-moving. Barely one fifth of Wall Street’s huge gains over recent decades have come from earnings: rising liquidity and investors’ appetite for riskier financial assets have propelled stock prices higher. Similar experiences are shared worldwide and even in emerging markets, such as India, flat earnings have not deterred waves of foreign money and domestic mutual funds from driving-up stock prices. Now with central banks actively pursuing quantitative easing policies, industrial corporations flush with cash and rising wealth levels among emerging market investors, the liquidity theory of investment has never been more important. International spill-overs of these rapacious cross-border flows sets off capital wars and exposes the unattractive face of liquidity called ‘risk.’ As the world grows bigger, it becomes ever more volatile. From the early 1960s onwards, the world economy and its financial markets have suffered from three broad types of shocks – labour costs, oil and commodities, and global liquidity. Financial markets spin on fragile axes and the absence of liquidity often provides a warning of upcoming troubles. Global Liquidity is a much-discussed, but narrowly-researched and vaguely-defined topic. This book deeply explores the subject by clearly defining and measuring liquidity worldwide and by showing its importance for investors. The roles of central banks, shadow banking, the rise of Repo and growth of wholesale money are discussed. Additionally, covering the latest developments in China’s increasingly dominant financial economy, this book will appeal to practitioners, policy-makers, economists and academics, as well as those with a general interest in how financial markets work.

Trade Wars Against America

Author: William J. Gill
Publisher: Greenwood
ISBN: 9780275933166
Category : Business & Economics
Languages : en
Pages : 348

Book Description
Unique in its breadth and scope, this volume provides a comprehensive history of U.S. trade and monetary policy from colonial times to the present. Gill examines the origins of the traditional protectionist policies that prevailed from the beginning of the Republic until 1913 and explores in detail America's experience with trade in the years from the end of World War I to the present day. Case histories of the experience of several U.S. industries in attempting to get the government to implement trade laws are drawn from the author's extensive involvement as a trade consultant. Gill asserts that U.S. economic might was built upon sound money and the overt protection of its industrial and economic base and that when protectionist policies have been abandoned--as in the Wilson and Reagan years--our economic position in the world has suffered. He calls for an end to the free trade zeitgeist of the 1980s, arguing instead for a renewed commitment to rational protection. Trade Wars Against America is chronological in approach. It begins by examining the protectionist policies of the early Republic; the War of 1812 as the first trade war after the Republic's founding; Andrew Jackson's struggle with the banking community over the conduct of trade and monetary policy; and the rise of protectionism after the Civil War and its culmination in the McKinley presidency, an era of unparalleled prosperity. Gill goes on to discuss the assault on the protectionist system by Woodrow Wilson and Edward House; the creation of the Federal Reserve Bank; the Trade Act of 1934 and its role in the Depression; and the supranational movement that culmiated at Bretton Woods and resulted in the creation of the World Bank, the International Monetary Fund, and the GATT--the Geneva-based organization implementing the General Agreement on Tariff and Trade. Finally, Gill looks at the period since World War II, concluding that trade wars are being waged against the United States primarily with the subsidies foreign governments give their industries to increase exports. Privately owned U.S. firms, Gill asserts, cannot effectively compete against government-owned or subsidized industries abroad.

Matthew C. Klein and Michael Pettis, Trade Wars Are Class Wars

Author: Mengjing Kong
Publisher:
ISBN:
Category :
Languages : en
Pages : 0

Book Description
In recent years, the opposition to trade liberalization and globalization of capital markets has increased. It also led to the popularity of the 'Trump narrative',1 coined by Lamp regarding the winners and losers in economic globalization. According to this narrative, workers are engaged in a zero-sum competition over jobs: the workers in trade surplus countries such as China 'steal' the jobs of the workers in the US, a deficit country. Hence, the new book Trade Wars Are Class Wars: How Rising Inequality Distorts the Global Economy and Threatens International Peace, authored by Matthew C. Klein, the economics commentator at Barron's, and Michael Pettis, Professor of finance at Peking University's Guanghua School of Management, is a timely must-read for anyone who is interested in discovering some real causes of trade wars, and seeking an answer to the question: 'who are the winners and losers of economic globalization'

Change Wars

Author: Michael Fullan
Publisher: Solution Tree Press
ISBN: 1934009776
Category : Education
Languages : en
Pages : 327

Book Description
What can organizations do to create changes that are both profound and enduring? This anthology explores why traditional change strategies have failed and examines constructive alternatives. International experts prove successful change can be a realistic goal. Real examples of pilot projects, model schools, and other groundbreaking endeavors illustrate precisely how theory translates into practice.

China's Superbank

Author: Henry Sanderson
Publisher: John Wiley & Sons
ISBN: 1118176367
Category : Business & Economics
Languages : en
Pages : 228

Book Description
Inside the engine-room of China's economic growth—the China Development Bank Anyone wanting a primer on the secret of China's economic success need look no further than China Development Bank (CDB)—which has displaced the World Bank as the world's biggest development bank, lending billions to countries around the globe to further Chinese policy goals. In China’s Superbank, Bloomberg authors Michael Forsythe and Henry Sanderson outline how the bank is at the center of China's domestic economic growth and how it is helping to expand China's influence in strategically important overseas markets. 100 percent owned by the Chinese government, the CDB holds the key to understanding the inner workings of China's state-led economic development model, and its most glaring flaws. The bank is at the center of the country's efforts to build a world-class network of highways, railroads, and power grids, pioneering a lending scheme to local governments that threatens to spawn trillions of yuan in bad loans. It is doling out credit lines by the billions to Chinese solar and wind power makers, threatening to bury global competitors with a flood of cheap products. Another $45 billion in credit has been given to the country's two biggest telecom equipment makers who are using the money to win contracts around the globe, helping fulfill the goal of China's leaders for its leading companies to "go global." Bringing the story of China Development Bank to life by crisscrossing China to investigate the quality of its loans, China’s Superbank travels the globe, from Africa, where its China-Africa fund is displacing Western lenders in a battle for influence, to the oil fields of Venezuela. Offers a fascinating insight into the China Development Bank (CDB), the driver of China's rapid economic development Travels the globe to show how the CDB is helping Chinese businesses "go global" Written by two respected reporters at Bloomberg News As China's influence continues to grow around the world, many people are asking how far it will extend. China’s Superbank addresses these vital questions, looking at the institution at the heart of this growth.

Capitalism's Achilles Heel

Author: Raymond W. Baker
Publisher: John Wiley & Sons
ISBN: 0471748587
Category : Business & Economics
Languages : en
Pages : 288

Book Description
For over forty years in more than sixty countries, Raymond Baker has witnessed the free-market system operating illicitly and corruptly, with devastating consequences. In Capitalism’s Achilles Heel, Baker takes readers on a fascinating journey through the global free-market system and reveals how dirty money, poverty, and inequality are inextricably intertwined. Readers will discover how small illicit transactions lead to massive illegalities and how staggering global income disparities are worsened by the illegalities that permeate international capitalism. Drawing on his experiences, Baker shows how Western banks and businesses use secret transactions and ignore laws while handling some $1 trillion in illicit proceeds each year. He also illustrates how businesspeople, criminals, and kleptocrats perfect the same techniques to shift funds and how these tactics negatively affect individuals, institutions, and countries.

War Is a Force that Gives Us Meaning

Author: Chris Hedges
Publisher: PublicAffairs
ISBN: 1610395107
Category : History
Languages : en
Pages : 156

Book Description
General George S. Patton famously said, "Compared to war all other forms of human endeavor shrink to insignificance. God, I do love it so!" Though Patton was a notoriously single-minded general, it is nonetheless a sad fact that war gives meaning to many lives, a fact with which we have become familiar now that America is once again engaged in a military conflict. War is an enticing elixir. It gives us purpose, resolve, a cause. It allows us to be noble. Chris Hedges of The New York Times has seen war up close -- in the Balkans, the Middle East, and Central America -- and he has been troubled by what he has seen: friends, enemies, colleagues, and strangers intoxicated and even addicted to war's heady brew. In War Is a Force That Gives Us Meaning, he tackles the ugly truths about humanity's love affair with war, offering a sophisticated, nuanced, intelligent meditation on the subject that is also gritty, powerful, and unforgettable.

The New Class War

Author: Michael Lind
Publisher: Atlantic Books
ISBN: 1786499568
Category : Political Science
Languages : en
Pages : 201

Book Description
An Evening Standard's Book of the Year 'A tour de force.' David Goodhart All over the West, party systems have shattered and governments have been thrown into turmoil. The embattled establishment claims that these populist insurgencies seek to overthrow liberal democracy. The truth is no less alarming but is more complex: Western democracies are being torn apart by a new class war. In this controversial and groundbreaking analysis, Michael Lind, one of America's leading thinkers, debunks the idea that the insurgencies are primarily the result of bigotry and reveals the real battle lines. He traces how the breakdown of class compromises has left large populations in Western democracies politically adrift. We live in a globalized world that benefits elites in high income 'hubs' while suppressing the economic and social interests of those in more traditional lower-wage 'heartlands'. A bold framework for understanding the world, The New Class War argues that only a fresh class settlement can avert a never-ending cycle of clashes between oligarchs and populists - and save democracy.

The Passage to Europe

Author: Luuk van Middelaar
Publisher: Yale University Press
ISBN: 0300181124
Category : Philosophy
Languages : en
Pages : 391

Book Description
Provides the untold story of the crises and compromises that lead to the formation of the European Union.