A searing and highly original analysis of the First World War and its anguished aftermath—from the prizewinning economist and author of Shutdown, Crashed and The Wages of Destruction Winner of the Los Angeles Times Book Prize - History Finalist for the Kirkus Prize - Nonfiction In the depths of the Great War, with millions dead and no imaginable end to the conflict, societies around the world began to buckle. The heart of the financial system shifted from London to New York. The infinite demands for men and matériel reached into countries far from the front. The strain of the war ravaged all economic and political assumptions, bringing unheard-of changes in the social and industrialorder. A century after the outbreak of fighting, Adam Tooze revisits this seismic moment in history, challenging the existing narrative of the war, its peace, and its aftereffects. From the day the United States enters the war in 1917 to the precipice of global financial ruin, Tooze delineates the world remade by American economic and military power. Tracing the ways in which countries came to terms with America’s centrality—including the slide into fascism—The Deluge is a chilling work of great originality that will fundamentally change how we view the legacy of World War I.
This book’s great service is that it challenges us to consider the ways in which our institutions and systems, and the assumptions, positions and divisions that undergird them, leave us ill prepared for the next crisis."—Robert Rubin, The New York Times Book Review "Full of valuable insight and telling details, this may well be the best thing to read if you want to know what happened in 2020." --Paul Krugman, New York Review of Books Deftly weaving finance, politics, business, and the global human experience into one tight narrative, a tour-de-force account of 2020, the year that changed everything--from the acclaimed author of Crashed. The shocks of 2020 have been great and small, disrupting the world economy, international relations and the daily lives of virtually everyone on the planet. Never before has the entire world economy contracted by 20 percent in a matter of weeks nor in the historic record of modern capitalism has there been a moment in which 95 percent of the world's economies were suffering all at the same time. Across the world hundreds of millions have lost their jobs. And over it all looms the specter of pandemic, and death. Adam Tooze, whose last book was universally lauded for guiding us coherently through the chaos of the 2008 crash, now brings his bravura analytical and narrative skills to a panoramic and synthetic overview of our current crisis. By focusing on finance and business, he sets the pandemic story in a frame that casts a sobering new light on how unprepared the world was to fight the crisis, and how deep the ruptures in our way of living and doing business are. The virus has attacked the economy with as much ferocity as it has our health, and there is no vaccine arriving to address that. Tooze's special gift is to show how social organization, political interests, and economic policy interact with devastating human consequences, from your local hospital to the World Bank. He moves fluidly from the impact of currency fluctuations to the decimation of institutions--such as health-care systems, schools, and social services--in the name of efficiency. He starkly analyzes what happened when the pandemic collided with domestic politics (China's party conferences; the American elections), what the unintended consequences of the vaccine race might be, and the role climate change played in the pandemic. Finally, he proves how no unilateral declaration of 'independence" or isolation can extricate any modern country from the global web of travel, goods, services, and finance.
WINNER OF THE LIONEL GELBER PRIZE A NEW YORK TIMES NOTABLE BOOK OF 2018 ONE OF THE ECONOMIST'S BOOKS OF THE YEAR A NEW YORK TIMES CRITICS' TOP BOOK "An intelligent explanation of the mechanisms that produced the crisis and the response to it...One of the great strengths of Tooze's book is to demonstrate the deeply intertwined nature of the European and American financial systems."--The New York Times Book Review From the prizewinning economic historian and author of Shutdown and The Deluge, an eye-opening reinterpretation of the 2008 economic crisis (and its ten-year aftermath) as a global event that directly led to the shockwaves being felt around the world today. We live in a world where dramatic shifts in the domestic and global economy command the headlines, from rollbacks in US banking regulations to tariffs that may ignite international trade wars. But current events have deep roots, and the key to navigating today’s roiling policies lies in the events that started it all—the 2008 economic crisis and its aftermath. Despite initial attempts to downplay the crisis as a local incident, what happened on Wall Street beginning in 2008 was, in fact, a dramatic caesura of global significance that spiraled around the world, from the financial markets of the UK and Europe to the factories and dockyards of Asia, the Middle East, and Latin America, forcing a rearrangement of global governance. With a historian’s eye for detail, connection, and consequence, Adam Tooze brings the story right up to today’s negotiations, actions, and threats—a much-needed perspective on a global catastrophe and its long-term consequences.
Masterful . . . [A] painstakingly researched, astonishingly erudite study…Tooze has added his name to the roll call of top-class scholars of Nazism." —Financial Times An extraordinary mythology has grown up around the Third Reich that hovers over political and moral debate even today. Adam Tooze's controversial book challenges the conventional economic interpretations of that period to explore how Hitler's surprisingly prescient vision--ultimately hindered by Germany's limited resources and his own racial ideology--was to create a German super-state to dominate Europe and compete with what he saw as America's overwhelming power in a soon-to- be globalized world. The Wages of Destruction is a chilling work of originality and tremendous scholarship that set off debate in Germany and will fundamentally change the way in which history views the Second World War.
WINNER OF THE LOS ANGELES TIMES PRIZE FOR HISTORY FINANCIAL TIMES AND NEW STATESMAN BOOKS OF THE YEAR 2014 On the centenary of the outbreak of the First World War, Deluge is a powerful explanation of why the war's legacy continues to shape our world - from Adam Tooze, the Wolfson Prize-winning author of The Wages of Destruction In the depths of the Great War, with millions of dead and no imaginable end to the conflict, societies around the world began to buckle. As the cataclysmic battles continued, a new global order was being born. Adam Tooze's panoramic new book tells a radical, new story of the struggle for global mastery from the battles of the Western Front in 1916 to the Great Depression of the 1930s. The war shook the foundations of political and economic order across Eurasia. Empires that had lasted since the Middle Ages collapsed into ruins. New nations sprang up. Strikes, street-fighting and revolution convulsed much of the world. And beneath the surface turmoil, the war set in motion a deeper and more lasting shift, a transformation that continues to shape the present day: 1916 was the year when world affairs began to revolve around the United States. America was both a uniquely powerful global force: a force that was forward-looking, the focus of hope, money and ideas, and at the same time elusive, unpredictable and in fundamental respects unwilling to confront these unwished for responsibilities. Tooze shows how the fate of effectively the whole of civilization - the British Empire, the future of peace in Europe, the survival of the Weimar Republic, both the Russian and Chinese revolutions and stability in the Pacific - now came to revolve around this new power's fraught relationship with a shockingly changed world. The Deluge is both a brilliantly illuminating exploration of the past and an essential history for the present.
A searing and highly original analysis of the First World War and its anguished aftermath—from the prizewinning economist and author of Shutdown, Crashed and The Wages of Destruction Winner of the Los Angeles Times Book Prize - History Finalist for the Kirkus Prize - Nonfiction In the depths of the Great War, with millions dead and no imaginable end to the conflict, societies around the world began to buckle. The heart of the financial system shifted from London to New York. The infinite demands for men and matériel reached into countries far from the front. The strain of the war ravaged all economic and political assumptions, bringing unheard-of changes in the social and industrialorder. A century after the outbreak of fighting, Adam Tooze revisits this seismic moment in history, challenging the existing narrative of the war, its peace, and its aftereffects. From the day the United States enters the war in 1917 to the precipice of global financial ruin, Tooze delineates the world remade by American economic and military power. Tracing the ways in which countries came to terms with America’s centrality—including the slide into fascism—The Deluge is a chilling work of great originality that will fundamentally change how we view the legacy of World War I.
WINNER OF THE LIONEL GELBER PRIZE A NEW YORK TIMES NOTABLE BOOK OF 2018 ONE OF THE ECONOMIST'S BOOKS OF THE YEAR A NEW YORK TIMES CRITICS' TOP BOOK "An intelligent explanation of the mechanisms that produced the crisis and the response to it...One of the great strengths of Tooze's book is to demonstrate the deeply intertwined nature of the European and American financial systems."--The New York Times Book Review From the prizewinning economic historian and author of Shutdown and The Deluge, an eye-opening reinterpretation of the 2008 economic crisis (and its ten-year aftermath) as a global event that directly led to the shockwaves being felt around the world today. We live in a world where dramatic shifts in the domestic and global economy command the headlines, from rollbacks in US banking regulations to tariffs that may ignite international trade wars. But current events have deep roots, and the key to navigating today’s roiling policies lies in the events that started it all—the 2008 economic crisis and its aftermath. Despite initial attempts to downplay the crisis as a local incident, what happened on Wall Street beginning in 2008 was, in fact, a dramatic caesura of global significance that spiraled around the world, from the financial markets of the UK and Europe to the factories and dockyards of Asia, the Middle East, and Latin America, forcing a rearrangement of global governance. With a historian’s eye for detail, connection, and consequence, Adam Tooze brings the story right up to today’s negotiations, actions, and threats—a much-needed perspective on a global catastrophe and its long-term consequences.
This book’s great service is that it challenges us to consider the ways in which our institutions and systems, and the assumptions, positions and divisions that undergird them, leave us ill prepared for the next crisis."—Robert Rubin, The New York Times Book Review "Full of valuable insight and telling details, this may well be the best thing to read if you want to know what happened in 2020." --Paul Krugman, New York Review of Books Deftly weaving finance, politics, business, and the global human experience into one tight narrative, a tour-de-force account of 2020, the year that changed everything--from the acclaimed author of Crashed. The shocks of 2020 have been great and small, disrupting the world economy, international relations and the daily lives of virtually everyone on the planet. Never before has the entire world economy contracted by 20 percent in a matter of weeks nor in the historic record of modern capitalism has there been a moment in which 95 percent of the world's economies were suffering all at the same time. Across the world hundreds of millions have lost their jobs. And over it all looms the specter of pandemic, and death. Adam Tooze, whose last book was universally lauded for guiding us coherently through the chaos of the 2008 crash, now brings his bravura analytical and narrative skills to a panoramic and synthetic overview of our current crisis. By focusing on finance and business, he sets the pandemic story in a frame that casts a sobering new light on how unprepared the world was to fight the crisis, and how deep the ruptures in our way of living and doing business are. The virus has attacked the economy with as much ferocity as it has our health, and there is no vaccine arriving to address that. Tooze's special gift is to show how social organization, political interests, and economic policy interact with devastating human consequences, from your local hospital to the World Bank. He moves fluidly from the impact of currency fluctuations to the decimation of institutions--such as health-care systems, schools, and social services--in the name of efficiency. He starkly analyzes what happened when the pandemic collided with domestic politics (China's party conferences; the American elections), what the unintended consequences of the vaccine race might be, and the role climate change played in the pandemic. Finally, he proves how no unilateral declaration of 'independence" or isolation can extricate any modern country from the global web of travel, goods, services, and finance.
The ultimate expression of power is the ability to act beyond the confines of law, with contemporary society enabling elite groups to wield “panoramic power”. From the murderous crimes of the corporate giants that provide us with life’s luxuries and necessities to the data gathering activities of media and educational institutions, the authors offer new thinking on damaging structures of power and privilege. This accessible book provides a comprehensive understanding of elite corporate wrongdoing, and the late capitalist society that enables harm, considering both how we got into this mess and how we get out of it.
The shocking truth about where the markets are headed and why owning physical gold—not paper assets—is a far better strategy to building real wealth. An indispensable resource for the everyday investor, Gold Is A Better Way turns the strategies recommended by Wall Street on their head and makes the case for a return to sound investing. Adam Baratta strips away all the confusion and complexities surrounding investing and breaks down investment concepts and the simple fundamentals driving markets. He provides a roadmap for how to win at the game of investing and, more importantly, explains the “why” so readers can continue to win. Everyday investors gain tools that allow them to know with certainty they are making sound investment decisions, as well as an understanding of where to diversify investments that have historically performed well. There is a massive environmental shift happening in financial markets. Interest rates are rising and what has been very easy for investors in the past is about to become very hard. Everything people think they know about investing is being turned on its head. It's time to change investing behavior. “A fresh new voice in the world of gold . . . Baratta’s book and cutting edge platform make the undeniable case why gold demands consideration in every portfolio.” —ZeroHedge
The definitive history of Canadian foreign policy since the 1930s, Canada First, Not Canada Alone examines how successive prime ministers have promoted Canada's national interests in a world that has grown increasingly complex and interconnected. Case studies focused on environmental reform, Indigenous peoples, trade, hostage diplomacy, and wartime strategy illustrate the breadth of issues that shape Canada's global realm. Drawing from extensive primary and secondary research, Adam Chapnick and Asa McKercher offer a fresh take on how Canada positions itself in the world.
The state is back, and it means business. Since the turn of the 21st century, state-owned enterprises, sovereign funds, and policy banks have vastly expanded their control over assets and markets. Concurrently, governments have experimented with increasingly assertive modalities of statism, from techno-industrial policies and spatial development strategies to economic nationalism and trade and investment restrictions. This book argues that we are currently witnessing a historic arc in the trajectories of state intervention, characterized by a drastic reconfiguration of the state's role as promoter, supervisor, shareholder-investor, and direct owner of capital across the world economy. It offers a comprehensive analysis of this “new state capitalism”, as commentators increasingly refer to it, and maps out its key empirical manifestations across a range of geographies, cases, and issue areas. Alami and Dixon show that the new state capitalism is rooted in deep geopolitical economic and financial processes pertaining to the secular development of global capitalism, as much as it is the product of the geoeconomic agency of states and the global corporate strategies of leading firms. The book demonstrates that the proliferation of muscular modalities of statist interventionism and the increasing concentration of capital in the hands of states indicate foundational shifts in global capitalism. This includes a growing fusion of private and state capital, and the development of flexible and liquid forms of property that collapse the distinction between state and private ownership, control, and management. This has fundamental implications for the nature and operations of global capitalism and world politics. This is an open access title available under the terms of a CC BY-NC-ND 4.0 International licence. It is free to read on the Oxford Academic platform and offered as a free PDF download from OUP and selected open access locations.
How the “recycling” of the Ottoman Empire’s uses of genealogy and religion created new political orders in the Middle East In this groundbreaking book, Adam Mestyan argues that post-Ottoman Arab political orders were not, as many historians believe, products of European colonialism but of the process of “recycling empire.” Mestyan shows that in the post–World War I Middle East, Allied Powers officials and ex-Ottoman patricians collaborated to remake imperial institutions, recycling earlier Ottoman uses of genealogy and religion in the creation of new polities, with the exception of colonized Palestine. The polities, he contends, should be understood not in terms of colonies and nation states but as subordinated sovereign local states—localized regimes of religious, ethnic, and dynastic sources of imperial authority. Meanwhile, governance without sovereignty became the new form of Western domination. Drawing on hitherto unused Ottoman, French, Syrian, and Saudi archival sources, Mestyan explores ideas and practices of creating composite polities in the interwar Middle East and, doing so, sheds light on local agency in the making of the forgotten Kingdom of the Hijaz, Jordan, Egypt, Saudi Arabia, and Syria, the first Muslim republic. Mestyan considers the adjustment of imperial Islam to a world without a Muslim empire, discussing the post-Ottoman Egyptian monarchy and the intertwined making of Saudi Arabia and the State of Syria in the 1920s and 1930s. Mestyan’s innovative analysis shows how an empire-based theory of the modern political order can help refine our understanding of political dynamics throughout the twentieth century and down to the turbulent present day.
This book demonstrates the variation in the reaction of the UK’s ‘big four’ banks – RBS, Lloyds, Barclays and HSBC – to the Great Financial Crisis 2008. Over a decade on from the financial crisis, this book asks: have banks in the UK learned lessons from the crisis? Bank learning in the UK after the Great Financial Crisis is something we need to know more about. Whether banks are now safer and more likely to aid rather than disrupt the economy are important questions of social relevance. Through a documentary analysis of Britain’s ‘big four’ banks in the post-crisis decade (2008–2018), this book demonstrates that while some institutions have become more risk averse and display positive signs of learning, others have shown little evidence of change. The book uses notions of agency, path dependency and structural competitive pressures to explain these inter-bank variations of behaviour. This book contributes to wider post-crash structural debates about growth, markets, and regulatory reform, showing how the agency of banks has played a vital role in driving the reform process.
Explains why the liberalism of a group of elites, the owners of Berlin's grand hotels, gave way to a more aggressive nationalism and conservatism after World War I – a shift which contributed directly to Hitler's rise to power. This title is also available as open access on Cambridge Core.
Tower of Basel is the first investigative history of the world's most secretive global financial institution. Based on extensive archival research in Switzerland, Britain, and the United States, and in-depth interviews with key decision-makers -- including Paul Volcker, the former chairman of the US Federal Reserve; Sir Mervyn King, governor of the Bank of England; and former senior Bank for International Settlements managers and officials -- Tower of Basel tells the inside story of the Bank for International Settlements (BIS): the central bankers' own bank. Created by the governors of the Bank of England and the Reichsbank in 1930, and protected by an international treaty, the BIS and its assets are legally beyond the reach of any government or jurisdiction. The bank is untouchable. Swiss authorities have no jurisdiction over the bank or its premises. The BIS has just 140 customers but made tax-free profits of 1.17 billion in 2011-2012. Since its creation, the bank has been at the heart of global events but has often gone unnoticed. Under Thomas McKittrick, the bank's American president from 1940-1946, the BIS was open for business throughout the Second World War. The BIS accepted looted Nazi gold, conducted foreign exchange deals for the Reichsbank, and was used by both the Allies and the Axis powers as a secret contact point to keep the channels of international finance open. After 1945 the BIS -- still behind the scenes -- for decades provided the necessary technical and administrative support for the trans-European currency project, from the first attempts to harmonize exchange rates in the late 1940s to the launch of the Euro in 2002. It now stands at the center of efforts to build a new global financial and regulatory architecture, once again proving that it has the power to shape the financial rules of our world. Yet despite its pivotal role in the financial and political history of the last century and during the economic current crisis, the BIS has remained largely unknown -- until now.
Brussels 1969: Oskar Lenkeit is a fish out of water at the EEC. He's about to find out how far. Echoes from the past are threatening to disturb the three-year-old truce between France and Germany over the direction of the EEC. At the request of some unlikely sponsors, Lenkeit takes on an Internal Affairs investigation intended to restore the peace, but ends up with a foot on either side of a widening rift. With corruption at the pinnacle of European society, can the project survive and will France and Germany finally set aside old differences, or will their countries' ghosts bring it down? Written for fans of Philip Kerr, Len Deighton, Robert Harris and John Le Carré, who are looking for a European Union origins story of the same genre and set in a similar era. 'A very intriguing and thought provoking read... that grabs you, makes you stop and think and twists and turns until the end. This is one of those books that leaves you wanting to read the next adventure.' - Roy 'The story is well paced and a balanced mixture of suspense and political intrigue; a real page turner. I would thoroughly recommend this novel.' - Lesley
A history of the post–World War II refugee camp located in Wildflecken, Germany. In 1936, the Nazi state created a massive military training site near Wildflecken, a tiny community in rural Bavaria. During the war, this base housed an industrial facility that drew forced laborers from all over conquered Europe. At war’s end, the base became Europe’s largest Displaced Persons camp, housing thousands of Polish refugees and German civilians fleeing Eastern Europe. As the Cold War intensified, the US Army occupied the base, removed the remaining refugees, and stayed until 1994. Strangers in the Wild Place tells the story of these tumultuous years through the eyes of these very different groups, who were forced to find ways to live together and form a functional society out of the ruins of Hitler’s Reich. “This well-researched and well-documented . . . book will contribute to the growing literature of the refugee crisis throughout postwar Europe and the variety of populations gathered on Allied occupied German territory, and thereby forcefully challenge the myth that the conspicuous and anxiety-provoking presence of “non-Germans” is a new “problem” for Germany. . . . It demonstrates clearly . . . that it was the presence of foreign east European DPs as well as American occupiers that served to push the integration of ethnic German refugees into the young Federal Republic and to reconstitute in the wake of a catastrophic war a new and highly functional Volksgemeinschaft.” —Atina Grossmann, New York University “In clear, straightforward prose, Seipp does yeoman’s work with his extensive use of both primary and secondary sources. . . . His treatment of the pentagonal interaction of the camp’s residents, the town of Wildflecken, the US Army, the UNRRA and the Land of Bavaria contributes to a greater understanding of just how complex the reconstruction of a country’s socio-political infrastructure must necessarily be in the aftermath of a major conflict.” —German History
Winner of the 2004 C. Hugh Holman Award from the Society for the Study of Southern Literature. Seems Like Murder Here offers a revealing new account of the blues tradition. Far from mere laments about lost loves and hard times, the blues emerge in this provocative study as vital responses to spectacle lynchings and the violent realities of African American life in the Jim Crow South. With brilliant interpretations of both classic songs and literary works, from the autobiographies of W. C. Handy, David Honeyboy Edwards, and B. B. King to the poetry of Langston Hughes and the novels of Zora Neale Hurston, Seems Like Murder Here will transform our understanding of the blues and its enduring power.
Ninety percent of the world's youth live in Africa, Latin America and the developing countries of Asia. Despite this, the field of Youth Studies, like many others, is dominated by the knowledge economy of the Global North. To address these geo-political inequalities of knowledge, The Oxford Handbook of Global South Youth Studies offers a contribution from Southern scholars to remake Youth Studies from its current state, that universalises Northern perspectives, into a truly Global Youth Studies. Contributors from across various regions of the Global South, including from the Diaspora, Indigenous and Aboriginal communities, locate and define the Global South, articulate the necessity of studying Southern lives to enrich, re-interpret, legitimate and offer symmetry to Youth Studies, and utilize and innovate Southern theory to do so. Eleven concepts are re-imagined and re-presented throughout the Handbook--personhood, intersectionality, violences, de- and post-coloniality, consciousness, precarity, fluid modernities, ontological insecurity, navigational capacities, collective agency and emancipation. The outcome is a series of everyday practices such as hustling, navigating, fixing, waiting, being on standby, silence, and life-writing, that demonstrate how youth living in adversity experiment with and push back against routine and conformity, and how research may support them in these endeavors and, simultaneously, redefine the relationships between knowledge, practice and politics-what the volume editors term epistepraxis. The Handbook concludes with a nascent charter for a Global Youth Studies of benefit to the world, that no longer excludes, assumes or elides but rather includes new possibilities for representing youth, researching amongst them, and devising policies and interventions to better serve them. This volume is a critical addition to the field of Youth Studies and one that should be of interest to scholars, researchers, and students working in this area in both the Global North and South.
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