Friday, February 24, 2012

Frieden, Global Capitalism: Its Fall and Rise in the Twentieth Century (2006)

Jeffry A. Frieden.
Global Capitalism: Its Fall and Rise in the Twentieth Century.
New York: W. W. Norton & Company, 2006; reprint 2007.

Book information: Publisher; Google Books; Amazon.com; Book webpage at Jeff Frieden's website.

Jeffry A. Frieden, Harvard University.

Some other books by Jeffry A. Frieden:

Menzie D. Chinn and Jeffry A. Frieden. Lost Decades: The Making of America's Debt Crisis and the Long Recovery. New York: W. W. Norton & Company, 2011.
[Publisher; Google Books; Amazon.com; Book webpage at Menzie Chinn's website; Book webpage at Jeff Frieden's website.]

The authors Chinn & Frieden summarize Lost Decades: IMF Videos, 14 October 2011.
The authors' presentation is followed by comments and discussion by Diane Lim Rogers, Gail Cohen, and Simon Johnson.
This video is also posted at Econbrowser, a blog edited by Menzie Chinn.

Jeffry A. Frieden, David A. Lake, J. Lawrence Broz. International Political Economy: Perspectives on Global Power and Wealth, fifth edition. New York: W. W. Norton & Company, 2009.
[Publisher; Google Books; Amazon.com.]

Other Links:

Long Depression, Wikipedia (last quarter of the Nineteenth Century; the first era of Globalization was a period of falling prices which was associated with persistent economic depression).

Panic of 1873, Wikipedia (initiated the Long Depression of the Nineteenth Century).

Gold standard, Wikipedia (monetary system that notably dictated the terms of international trade during the period 1870-1914).

Great Depression, Wikipedia (1930s).

Autarky, Wikipedia (as the first era of Globalization ended many national economies turned inward).

Import substitution industrialization, Wikipedia (pursued by some countries as a path to economic development as an alternative to a global division of labor based on international trade, but in all cases has resulted in poor long-term economic outcomes).

Bretton Woods system, Wikipedia (the monetary system that ordered the terms of international trade following World War II until the early 1970s).

General Agreement on Tariffs and Trade, Wikipedia (ordered the terms of international trade following World War II until 1993).

World Trade Organization, Wikipedia (has ordered the terms of international trade since 1995).

International trade, Wikipedia.

Globalization, Wikipedia.

Free trade, Wikipedia.

Comparative advantage, Wikipedia.

Neoliberalism, Wikipedia.

Washington Consensus, Wikipedia.

Wednesday, February 08, 2012

Clogg, A Concise History of Greece, 2e (2002)

Richard Clogg.
A Concise History of Greece, second edition.
Cambridge University Press, 2002.

Book information: Publisher; Google Books; Amazon.com; Wikipedia on the Author.

A volume in the series Cambridge Concise Histories.

This book consists mostly of political history of modern Greece (i.e., since Greece's independence from the Ottoman Empire during the 1820s) with occasional mentions of economic and cultural history. The book has many illustrations, the lengthy captions to which contain most of the book's cultural history content. The book is relatively weak in economic history.

Links:

Greece, Wikipedia.

History of modern Greece, Wikipedia.

Greek culture, Wikipedia.

Economy of Greece, Wikipedia.

Western Europe, Wikipedia.

Balkans, Wikipedia.

See also my recent post on the book by Jason Manolopoulos,
Greece's 'Odious' Debt: The Looting of the Hellenic Republic by the Euro, the Political Elite and the Investment Community: link.

Addition, 10 Feb 2012:

The following table offers a summary of some major cultural, political and economic differences between Greece and western Europe. This may be obvious information for people well versed in History but for myself I think it's a useful tool to remind ourselves of the major differences between two very distinct regions. I find that too often in contemporary reporting on Greece's current government debt crisis these deeply ingrained cultural differences are not often mentioned and consequently most discussions fail to adequately explain why Greece's economic performance has been so different from that of western, and especially northwestern, Europe.

time period western Europe Greece
3rd - 5th centuries Split of Roman Empire: Western Roman Empire Split of Roman Empire: Eastern Roman Empire = Byzantine Empire
5th century final collapse of Western Roman Empire Byzantine Empire ascendant
5th - 15th centuries Middle Ages; regional kingdoms Byzantine Empire; Byzantine Greece; Medieval Greece
7th century Latin language persists as the common language of western Europe until the 17th/18th centuries when French emerges as the lingua franca of western Europe Medieval Greek language becomes the official language of Byzantine Empire during 7th century and persists through that empire's end
11th - 15th centuries East-West Schism: Roman Catholic Christianity East-West Schism: Eastern Orthodox Christianity
15th century successful resistance to Ottoman Empire expansion throughout 15th, 16th & 17th centuries, e.g., Siege of Vienna final collapse of Byzantine Empire and subjugation to Ottoman Empire; Fall of Constantinople; Ottoman Greece; Ottoman Greeks
14th - 17th centuries Renaissance; humanism Ottoman Greece; Ottoman Greeks
16th - 17th centuries Scientific Revolution Ottoman Greece; Ottoman Greeks
16th century Protestant Reformation Ottoman Greece; Ottoman Greeks
18th century Enlightenment Ottoman Greece; Ottoman Greeks
late 18th century French Revolution beginning of Greek independence movement
early 19th century suppression of revolutionary France and beginning of rise of bourgeois modern nation states following conclusion of Napoleonic wars the victorious / dominant western powers extend their gaze beyond western Europe and undertake support of Greek independence movement
early 19th century, 1820s - 1830s Romanticism intellectual movement; fantasies of ancient Greece (Philhellenism) motivate intellectuals' propagandizing for Greek independence from Ottoman Empire; poet Byron dies in Greece 1824 Greek independence from Ottoman Empire achieved during 1820s; First Hellenic Republic
19th century Industrial Revolution and economic development fledgling Greek state underwritten by European "Protecting Powers" (Britain, France and Russia) as part of their long-term strategy against Ottoman Empire; Kingdom of Greece; Greco-Turkish relations; Megali Idea
late 19th century continuing economic and industrial development Megali Idea; Greco-Turkish War (1897), Greece defeated; Greco-Turkish relations
early 20th century continuing economic and industrial development Megali Idea; Balkan Wars (1912-1913); National Schism; Greco-Turkish relations
World War I aftermath recovery from World War I Megali Idea; National Schism; Greco-Turkish War (1919–1922), Greece defeated; domestic consequences of defeat shatter an already divided Greek society; expulsion of ethnic Greeks from Turkey; Second Hellenic Republic (1924-1935); Greco-Turkish relations
1936 - 1941 Fascism in western Europe (Spain, Italy, Germany) "paternalist-authoritarian" Metaxas Regime (1936-1941)
World War II World War II Axis occupation of Greece during World War II
1946 - 1949 beginning of recovery from World War II; beginning of Cold War Greek Civil War (1946-1949), the first Cold War conflict; results in another bitter division of Greek society that will lead to severe political dysfunction during 1960s
1967 - 1974 continuing robust economic growth 1960s Greek political dysfunction leads to military dictatorship, 1967-1974; Metapolitefsi, period of post-junta restoration of civilian democratic government
1974 - present economic growth; Economy of the European Union; Eurozone Third Hellenic Republic; Greco-Turkish relations

Saturday, January 28, 2012

Rojas, The Sorrows of Carmencita: Argentina's Crisis in a Historical Perspective (2002)

Mauricio Rojas.
The Sorrows of Carmencita: Argentina's Crisis in a Historical Perspective.
Stockholm: Timbro, 2002.

Book information: Publisher; Google Books; Amazon.com.

I found this short book an excellent introduction to the economic history of Argentina and recommend it to anyone interested in that country.

Argentine economic crisis (1999–2002). Wikipedia.

Economy of Argentina. Wikipedia.

Monday, January 02, 2012

Blustein, And the Money Kept Rolling In (and Out): Wall Street, the IMF, and the Bankrupting of Argentina (2005)

Paul Blustein.
And the Money Kept Rolling In (and Out): Wall Street, the IMF, and the Bankrupting of Argentina.
New York: PublicAffairs / Perseus Publishing Group, 2005.

Book information: Publisher; Google Books; Amazon.com.

Sunday, December 25, 2011

Manolopoulos, Greece's 'Odious' Debt: The Looting of the Hellenic Republic by the Euro, the Political Elite and the Investment Community (2011)

Jason Manolopoulos.
Greece's 'Odious' Debt: The Looting of the Hellenic Republic by the Euro, the Political Elite and the Investment Community.
London: Anthem Press, 2011.

Book information: Publisher; Google Books; Amazon.com.


Book Notices and Reviews:

Buttonwood, "Be aware of Greeks bearing books," The Economist, 08 June 2011.

Hamish McRae, "A tragedy, from the nation that invented it," The Independent, 12 June 2011.
Note: The title of this review is a symptom of the western Europeans' confusion of the ancient Greece they idealize from what they learned in school Classics versus the far less illustrious realities of modern Greece. That is, the culture that "invented" tragedy existed 2,500 years ago and has very little to do with modern Greece which has a corrupt underdeveloped third-world economy and whose government during its nearly (and only) 200 years of existence has been chronically indebted to western European powers.

Dereck Conway, "Greece's 'Odious' Debt written by Jason Manolopoulos," Epilogue, PressTV, 29 August 2011 (with guests Rodney Shakespeare and Marco Pietropoli).

"The book explores the historical legacy and psychological biases that have shaped an on-going drama. While leaders of the European Union criticize 'the markets' for destabilizing the single currency, Manolopoulos interrogates the shared beliefs of the EU and the investment banking community - and how they colluded for a decade in the illusion that lending huge sums to peripheral Euro zone countries was safe."
A very good introduction to the topics of this book.


Other Links:

Jason Manolopoulos, "You can blame the Greeks – but they have been betrayed by their leaders: Shocking examples of kleptocracy by the political elite explain the ferocity of the reaction. And it is this which has repercussions for the rest of Europe," The Independent, 18 June 2011.

"Odious debt," Wikipedia.

"European sovereign debt crisis," Wikipedia.

"2000s European sovereign debt crisis timeline," Wikipedia.

"Greek government debt crisis," Wikipedia.

"Argentine economic crisis (1999-2002)," Wikipedia.

"Optimum currency area," Wikipedia.

Yanis Varoufakis, the blog of a Greek economist who frequently discusses Eurozone issues.

Antonis Kamaras, "The Origins of the Greek Financial Crisis: Letter from Thessaloniki," Foreign Affairs, 13 December 2011.

Zero Hedge, has frequent reports on the Eurozone.

ekathimerini.com, news of Greece in English.

See also my recent post of links to Kyle Bass's letters to investors: link.

Saturday, December 03, 2011

Kyle Bass and the World Economic Outlook: conversations and interview

A conversation with Kyle Bass, AmeriCatalyst, November 2010:

[via Zero Hedge]

Kyle Bass, BBC HARDtalk, November 2011:

[via Zero Hedge]
Note: The hostile and condescending questioning by the interviewer doesn't allow him to explain his answers in any detail, but does provoke him into letting off a few memorable quotes. See the friendlier AmeriCatalyst conversations for explanations of his economic outlook.

Kyle Bass redux, AmeriCatalyst, November 2011:

[via Zero Hedge]


Links from the November 2011 AmeriCatalyst conversation:

An article recommended by Bass:

Nassim Nicholas Taleb & Mark Blyth, "The Black Swan of Cairo: How Suppressing Volatility Makes the World Less Predictable and More Dangerous," Foreign Affairs, May/June 2011.
At one time you could get a PDF of the article here.

The books recommended by Bass are:

Bethany McLean & Joe Nocera. All the Devils Are Here: The Hidden History of the Financial Crisis. New York: Portfolio / Penguin Group (USA), Inc., 2010.
[Publisher; Google Books; Amazon.com; Wikipedia: McLean; Wikipedia: Nocera.]

Carmen M. Reinhart & Kenneth Rogoff. This Time Is Different: Eight Centuries of Financial Folly. Princeton University Press, 2009.
[Publisher; Google Books; Amazon.com; Wikipedia: Reinhart; Wikipedia: Rogoff.]

Read the latest letter to investors from Kyle Bass, Hayman Capital Management, L.P., 30 November 2011: at Zero Hedge; at Scribd.
Some earlier letters: 14 Feb 2011; 11 May 2010.

Another notable person who has called attention to (and studied) the macroeconomics of (unsustainable) debt is Steve Keen.

Update, 01 Jan 2012: Additional item mentioned by Bass:

"The Budget and Economic Outlook: Fiscal Years 2011 to 2021," The Congress of the United States, Congressional Budget Office, January 2011.

"CBO's 2011 Long-Term Budget Outlook," The Congress of the United States, Congressional Budget Office, June 2011.

"The Budget and Economic Outlook: An Update," The Congress of the United States, Congressional Budget Office, August 2011.

For more information see Budget and Economic Information, Congressional Budget Office.

Note that US government budget economists (by law?) base their analyses on unrealistically optimistic (i.e., empirically false) expectations for key economic variables: (1) a plateau (non-increase) in the amount of US government debt as a percent of GDP; (2) a decreasing unemployment rate; (3) increasing tax revenues; (4) decreasing yearly government budget deficits as a percent of GDP.

Update, December 2012:

Kyle Bass at AmeriCatalyst 2012:

Saturday, November 19, 2011

Filkins, The Forever War (2008)

Dexter Filkins.
The Forever War.
New York: Alfred A. Knopf / Random House, Inc., 2008.

Book information: Publisher; Google Books; Amazon.com; Wikipedia on the Book; Wikipedia on the Author.

This is a book for people who choose to ignore various unpleasant facts, such as: U.S. government corruption; the personal corruption and venality of the people installed in leading elective and appointive positions in the U.S. government, and their consequent corrupt policy and actions; the economic motivations for wars; historical context; imperialism; cultural and sociological differences of people in other regions and nations. There are many other books one could read to understand those things in relation to the U.S. government's quest for military and economic dominance in Iraq and other places. Instead Filkins offers personal stories of the "little people" (my words), individuals caught up in events, the passive victims (excluding U.S. government employees and occasional Iraqis) upon whom the winds of war blow.

Wednesday, November 16, 2011

The U.S. Police State: Occupy Wall Street, Part 10

My previous OWS posts are: Part 1; Part 2; Part 3; Part 4; Part 5; Part 6; Part 7; Part 8; Part 9.

The USA shows more and more signs of a police state.


Nick Turse, "What Happened When I Tried to Get Some Answers About the Creepy NYPD Watchtower Monitoring OWS," AlterNet, 06 November 2011.

Turse writes:
He seemed confused and ended our conversation abruptly with: “It’s much more than simple words.”

Here's what's "much more than simple words:" authoritarianism. The police internalize their position in the hierarchy and follow orders without question; that's their job; they are selected and trained for that behavior. That is the nature of all hierarchical organizations including, of course, corporations. If you care to understand more about this human behavior you could begin with Bob Altemyer's The Authoritarians (free book!).

Heather Digby Parton, "Militarising the police from Oakland to NYC," Al Jazeera, 14 November 2011.

Glenn Greenwald, "A police raid suffused with symbolism," Salon.com, 15 November 2011.

Chris Hedges, "This Is What Revolution Looks Like," Truthdig.com, 15 November 2011.

Amy Goodman, "The Brave New World of Occupy Wall Street," Truthdig.com, 15 November 2011.

Gregg Levine, "Oakland Mayor Jean Quan Admits Cities Coordinated Crackdown on Occupy Movement," capitoilette, 15 November 2011.

Yves Smith, "Police State: #OWS, Other Crackdowns Part of National, Coordinated Effort; Bloomberg Defies Court Order to Let Protestors Back into Zuccotti Park [Update: Judge Rules in Favor of City]," naked capitalism, 15 November 2011.

Yves Smith, "Video of Police Assaulting #OWS Protestor and Punching Woman in the Face," naked capitalism, 15 November 2011.

Amy Goodman and Nermeen Shaikh, "Police Crackdowns on Occupy Protests from Oakland to New York Herald the 'New Military Urbanism'," Democracy Now!, 16 November 2011.

Amy Goodman and Nermeen Shaikh, "As Occupy Enters Third Month, a Look at How Protesters Are Building a Global Movement," Democracy Now!, 16 November 2011.
A very good general discussion; and includes a notable interview with Daniel Ellsberg.

Kevin Gosztola, "NYPD Press Repression at Occupy Wall Street Eviction," FireDogLake, 16 November 2011.

David Atkins, "A Sanitized Eviction," Hullabaloo, 16 November 2011.

Sunday, November 13, 2011

Video and Radio: Occupy Wall Street, Part 9

My previous OWS posts are: Part 1; Part 2; Part 3; Part 4; Part 5; Part 6; Part 7; Part 8.


Annie Leonard, "The Story of Broke: Why There's Still Plenty of Money to Build a Better Future," The Story of Stuff Project.

Chris Hedges, "Chris Hedges speaking at Occupy Wall Street, Part 1," 09 October 2011.

Chris Hedges, "Chris Hedges speaking at Occupy Wall Street, Part 2, Q & A," 09 October 2011.

Liam Tate, "A Beginners Guide to 'Occupy'," Vimeo, 02 November 2011.
A collection of voices from Occupy Bristol (UK).

Stand Up! Chicago, "Gov. Scott Walker gets checked, Mic Checked!," Stand Up! Chicago, 03 November 2011.

Keith Olbermann, "Occupy Oakland: Scott Campbell describes being shot with a rubber bullet by Oakland police in an unprovoked attack," Countdown, Current, 07 November 2011.

Michael Hudson, "Now We’re Talking: Alan Minsky of KPFK Interviews Michael Hudson," Michael-Hudson.com, 04 November 2011.

C.S. Soong, "Anarchism in Thought, and in the Streets," Against the Grain, 07 November 2011.

Sasha Lilley, "Wall Street, Populism, and the Left," Against the Grain, 08 November 2011.
A conversation with Doug Henwood.

Michael Hudson, "Occupy Systemic Change: Lauren Lyster of RT Interviews Michael Hudson," Michael-Hudson.com, 08 November 2011.

"VIDEO: Meet Occupy Denver’s newest leader: A dog," The (Toronto) Star, 09 November 2011.

PolarityMovie, "Occupy Denver Elects Its Leader Shelby, Part 2," YouTube, 08 November 2011.

Media-PR Committee, "Occupy Denver Elects Leader," Occupy Denver, 08 November 2011.
This move by Occupy Denver is an attack on the idea of corporate personhood. This may have to be explained to people every time it is mentioned; however, I expect the corporate media will not do that.

Jim Newell, "Insane Congressman Joe Walsh Screams at His Constituents," gawker.com, 09 November 2011.
Picture of an authoritarian defender of the "too big to fail" banking corporations and the "free market." Note: the "free market" is a fantasy of ideologues and propagandists.

"Occupy Everywhere: On the New Politics and Possibilities of the Movement Against Corporate Power." Sponsored by The Nation and The New School for Public Engagement, 10 November 2011.
A panel discussion with Michael Moore, Patrick Bruner, Rinku Sen, William Greider, and Naomi Klein; moderated by Richard Kim.

Dave Zirin, "Penn State and Berkeley: A Tale of Two Protests," The Nation Blog, 10 November 2011.


Update, 16 Nov 2011: Additional links follow.

Michael Brissenden, "Wall Street occupied," 7.30 - ABC, 11 October 2011.
An Australian news report.

"Slavoj Zizek: Capitalism with Asian values," Talk to Al Jazeera, Al Jazeera English, 29 October 2011.
This video was initially posted by Al Jazeera with the title "Slavoj Zizek: 'Now the field is open.'"

Eric Cantor Mic Checked at Rice University, 10 November 2011.
Via Daily Kos.

Agence France-Presse, "Hawaiian singer surprises Obama summit with ‘Occupy’ song," The Raw Story, 13 November 2011.

PeteB2, "AWESOME: Artist Performs 99%-er Song in Front of Obama & World Leaders at APEC Conf (W/Video)," Daily Kos, 13 November 2011.

Links from the Daily Kos diary: Makana, "We Are The Many;" www.yeslab.org/APEC.

"Blue Cross CEO Discusses Health Care Business," C-SPAN, 14 November 2011.
Mic check begins around 3:30. Via naked capitalism Links, 15 Nov 2011.

#occupybaltimore Mic Checks Karl Rove, YouTube, 15 Nov 2011.

Karl Rove vs. OWS Mic Check round 2, YouTube, 15 Nov 2011.

Friday, November 11, 2011

Occupy Music: Occupy Wall Street, Part 8

"The People United Will Never be Defeated," Ursula Oppens, pianist; Frederic Rzewski, composer.

Frederic Rzewski, Wikipedia.

"Blood Money" by Brandon Carter.

Lyrics at OccupyWallStreetMusic.com.

"Finally Here" by The Roaring featuring Ari Herstand.

Lyrics at The Roaring.

"Hope, Struggle and Change" by Roy Zimmerman.

Roy Zimmerman: RoyZimmerman's Channel - YouTube; RoyZimmerman.com.

Amy Goodman and Juan Gonzales, "Legendary Folk Duo Crosby & Nash on Soundtracking Movements from the 1960s to Occupy Wall Street," Democracy Now!, 10 November 2011.

Occupy Music: Sounds of the 99%.
The cover art is from "Faces of Occupied Wall Street #1" by Molly Crabapple.
A compilation album by a range of musicians. Released 15 October 2011. Much better than you might expect!

Protest Music, Daily Kos.
A Daily Kos group; lots of diaries under this heading.

Occupy Music, a Facebook Community.