This book presents a radically different argument for what has caused, and likely will continue to cause, the collapse of emerging market economies. Pettis combines the insights of economic history, economic theory, and finance theory into a comprehensive model for understanding sovereign liability management and the causes of financial crises. He examines recent financial crises in emerging market countries along with the history of international lending since the 1820s to argue that the process of international lending is driven primarily by external events and not by local politics and/or economic policies. He draws out the corporate finance implications of this approach to argue that most of the current analyses of the recent financial crises suffered by Latin America, Asia, and Russia have largely missed the point. He then develops a sovereign finance model, analogous to corporate finance, to understand the capital structure needs of emerging market countries. Using this model, he finally puts into perspective the recent crises, a new sovereign liability management theory, the implications of the model for sovereign debt restructurings, and the new financial architecture. Bridging the gap between finance specialists and traders, on the one hand, and economists and policy-makers on the other, The Volatility Machine is critical reading for anyone interested in where the international economy is going over the next several years.
How trade imbalances spurred on the global financial crisis and why we aren't out of trouble yet China's economic growth is sputtering, the Euro is under threat, and the United States is combating serious trade disadvantages. Another Great Depression? Not quite. Noted economist and China expert Michael Pettis argues instead that we are undergoing a critical rebalancing of the world economies. Debunking popular misconceptions, Pettis shows that severe trade imbalances spurred on the recent financial crisis and were the result of unfortunate policies that distorted the savings and consumption patterns of certain nations. Pettis examines the reasons behind these destabilizing policies, and he predicts severe economic dislocations that will have long-lasting effects. Demonstrating how economic policies can carry negative repercussions the world over, The Great Rebalancing sheds urgent light on our globally linked economic future.
This book presents a radically different argument for what has caused, and likely will continue to cause, the collapse of emerging market economies. Pettis combines the insights of economic history, economic theory, and finance theory into a comprehensive model for understanding sovereign liability management and the causes of financial crises. He examines recent financial crises in emerging market countries along with the history of international lending since the 1820s to argue that the process of international lending is driven primarily by external events and not by local politics and/or economic policies. He draws out the corporate finance implications of this approach to argue that most of the current analyses of the recent financial crises suffered by Latin America, Asia, and Russia have largely missed the point. He then develops a sovereign finance model, analogous to corporate finance, to understand the capital structure needs of emerging market countries. Using this model, he finally puts into perspective the recent crises, a new sovereign liability management theory, the implications of the model for sovereign debt restructurings, and the new financial architecture. Bridging the gap between finance specialists and traders, on the one hand, and economists and policy-makers on the other, The Volatility Machine is critical reading for anyone interested in where the international economy is going over the next several years.
A noted economist argues instead that we are not entering another Great Depression but rather are undergoing a critical rebalancing of the world economies.
The days of rapid economic growth in China are over. Mounting debt and rising internal distortions mean that rebalancing is inevitable. Beijing has no choice but to take significant steps to restructure its economy. The only question is how to proceed. Michael Pettis debunks the lingering bullish expectations for China's economic rise and details Beijing's options. The urgent task of shifting toward greater domestic consumption will come with political costs, but Beijing must increase household income and reduce its reliance on investment to avoid a fall.
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.
This book profiles an American community in the nineteenth century to show the larger process by which the nation was transformed from a life close to the frontier to that characteristic of industrial capitalism. Michael Cassity considers this economic change from the broader perspective of an historian of the American people, offering insights into its social implications and consequences. With graceful and moving prose, Cassity focuses on the process of social change, the pains that change generated, and the resistance to it. In the course of this transformation, the author examines the ways in which workers, farmers, businessmen, and women experienced and responded to the rise of a new industrial order.
A wake-up call for middle class Americans who feel trapped in a post-crisis economic slump, The Unfair Trade is a riveting exposé of the vast global financial system whose flaws are the source of our economic malaise. Our livelihoods are now, more than ever, beholden to the workings of its imbalances and inequities. The trillions of dollars that make up the flow of international finance—money that is often steered away from the people who deserve it the most—have not just undermined the lives of working and middle class Americans. It is a world-wide phenomenon that is changing the culture of Argentina; destroying the factory system in Northern Mexico, enabling drug cartels to recruit thousands of young men into their gangs; that has taken down the economies of Iceland, Ireland, Spain, Greece, and possibly Italy; and is driving American companies such as a 60-year-old family owned manufacturer of printed circuit boards to shutter all but one of its factories. Veteran journalist Michael Casey has traveled the world—from China to Iceland, Spain to Argentina, Indonesia to Australia—recounting extraordinary stories about ordinary people from one continent to another whose lives are inextricably linked. By tracing the flow of money and goods across the world, he illustrates how an American homeowner’s life is shaped by the same economic and social policies that determine those of a low wage migrant worker on an assembly line in China. This combination of financial acumen, narrative-driven reporting, and compelling story-telling gives The Unfair Trade a unique human angle. Casey shows that our economic problems are largely caused by political agendas that prevent the free market from encouraging fair competition and impeding the allocation of resources. Until governments work together to make this global system more efficient—until China removes incentives for its citizens to save excessively, for example, or the U.S. ends the de facto subsidies enjoyed by politically powerful banks—the global playing field will remain lopsided, job creation will lag, and our economies will be vulnerable to new crises.
The Prehistory of Missouri is a fascinating examination of the objects that were made, used, and discarded or lost by Missouri's prehistoric inhabitants over a period of more than eleven thousand years. Missouri's numerous vegetation zones and its diverse topography encompassed extreme variations, forcing prehistoric populations to seek a wide range of adaptations to the natural environment. As a result, Missouri's archaeological record is highly complex, and it has not been fully understood despite the vast amount of fieldwork that has been conducted within the state's borders. In this groundbreaking account, Michael J. O'Brien and W. Raymond Wood explore the array of artifacts that have been found in Missouri, pinpointing minute variations in form. They have documented the ranges in age and distribution of the individual forms, explaining why certain forms persisted while others quickly disappeared. Organized by chronological periods such as Archaic, Woodland, and Mississippian, the book provides a comprehensive survey of what is currently known about Missouri's prehistoric peoples, often revealing how they made their living in an ever-changing world. The authors have applied rigorous standards of archaeological inquiry. Their main objective--demonstrating that the archaeological record of Missouri can be explained in scientific terms--is accomplished. With more than 235 line drawings and photographs, including 23 color photos, The Prehistory of Missouri will appeal to anyone interested in archaeology, particularly in the artifacts and the dates of their manufacture, as well as those interested in the dichotomy between interpretation and explanation. Intended for the amateur as well as the professional archaeologist, this book is sure to be the new standard reference on Missouri's prehistory, fulfilling current needs that extend beyond those met by Carl Chapman's earlier classic, The Archaeology of Missouri.
From the Publisher: A century after the birth of Rachel Carson, the world faces a new environmental disaster, from a chemical similar to DDT. This time the culprit appears to be IMD, or imidacloprid, a relatively new but widely used insecticide in the United States. Many beekeepers and researchers blame IMD for Colony Collapse Disorder, which has wiped out 23% of America's beehives. Even trace amounts make bees unable to fly back to their hive. Since honeybees are essential to the production of most major food crops, their demise could spell catastrophe. In a riveting, scientific/political detective story, Michael Schacker examines the evidence and offers a plan to save the bees. Like An Inconvenient Truth and Silent Spring, A Spring without Bees is both a powerful cautionary tale and a call to action.
The relationship between hacking and the law has always been complex and conflict-ridden. This book examines the relations and interactions between hacking and the law with a view to understanding how hackers influence and are influenced by technology laws and policies. In our increasingly digital and connected world where hackers play a significant role in determining the structures, configurations and operations of the networked information society, this book delivers an interdisciplinary study of the practices, norms and values of hackers and how they conflict and correspond with the aims and aspirations of hacking-related laws. Describing and analyzing the legal and normative impact of hacking, as well as proposing new approaches to its regulation and governance, this book makes an essential contribution to understanding the socio-technical changes, and consequent legal challenges, faced by our contemporary connected society.
This report analyzes international and domestic factors that will affect China's approach to nuclear deterrence, how those drivers may evolve over the next 15 years, and what impact they are likely to have.
The emergence of the People's Republic of China on the world scene constitutes the most significant event in world politics since the end of World War II. As the world's predominant political, economic, and military power, the United States faces a particularly significant challenge in responding to China's rising power and influence, especially in Asia. Offering a fresh perspective on current and future U.S. policy toward China, Michael Swaine examines the basic interests and beliefs behind U.S.-China relations, recent U.S. and Chinese policy practices in seven key areas, and future trends most likely to affect U.S. policy. American leaders, he concludes, must reexamine certain basic assumptions and approaches regarding America's position in the Western Pacific, integrate China policy more effectively into a broader Asian strategy, and recalibrate the U.S. balance between cooperative engagement and deterrence toward Beijing.
Methods of Modern Mathematical Physics, Volume I: Functional Analysis discusses the fundamental principles of functional analysis in modern mathematical physics. This book also analyzes the influence of mathematics on physics, such as the Newtonian mechanics used to interpret all physical phenomena. Organized into eight chapters, this volume starts with an overview of the functional analysis in the study of several concrete models. This book then discusses how to generalize the Lebesgue integral to work with functions on the real line and with Borel sets. This text also explores the properties of finite-dimensional vector spaces. Other chapters discuss the normed linear spaces, which have the property of being complete. This monograph further examines the general class of topologized vector spaces and the spaces of distributions that arise in a wide variety of physical problems and functional situations. This book is a valuable resource for mathematicians and physicists. Students and researchers in the field of geometry will also find this book extremely useful.
A PI combs the seedy Chicago streets to untangle a web of old feuds that may have turned fatal: “This series is a small treasure” (Booklist). Chicago private eye Paul Whelan is hired by an elderly jazz musician to find a missing street hustler named Sam Burwell. As Whelan delves into Burwell’s past, in the world of sidewalk vendors and corner musicians, he uncovers old enmities and love affairs, but his search for Burwell comes up empty. That is, until Burwell is found murdered—and Whelan is swept up into a whirlwind of old feuds, dark pasts, unlikely romances . . . and a killer hiding in plain sight. “There is method as well as charm in the congenial manner of Mr. Raleigh’s detective, who manages to conduct a very thorough investigation by winning over grumpy bartenders, crabby waitresses and wary old men on benches. He likes these people—and that’s good enough reason to like him.” —Marilyn Stasio, The New York Times “The smells and the sounds are evocative: the greasy food that Whelan thrives on, the dank workingman’s bars and the ever-present rattle of the el overhead . . . Raleigh presents a genuine good guy in the luckless Whelan and offers a knockout supporting cast.” —Publishers Weekly
This monograph is devoted to the development of the theory of pseudo-di?erential n operators on spaces with symmetries. Such spaces are the Euclidean space R ,the n torus T , compact Lie groups and compact homogeneous spaces. The book consists of several parts. One of our aims has been not only to present new results on pseudo-di?erential operators but also to show parallels between di?erent approaches to pseudo-di?erential operators on di?erent spaces. Moreover, we tried to present the material in a self-contained way to make it accessible for readers approaching the material for the ?rst time. However, di?erent spaces on which we develop the theory of pseudo-di?er- tial operators require di?erent backgrounds. Thus, while operators on the - clidean space in Chapter 2 rely on the well-known Euclidean Fourier analysis, pseudo-di?erentialoperatorsonthetorusandmoregeneralLiegroupsinChapters 4 and 10 require certain backgrounds in discrete analysis and in the representation theory of compact Lie groups, which we therefore present in Chapter 3 and in Part III,respectively. Moreover,anyonewhowishestoworkwithpseudo-di?erential- erators on Lie groups will certainly bene?t from a good grasp of certain aspects of representation theory. That is why we present the main elements of this theory in Part III, thus eliminating the necessity for the reader to consult other sources for most of the time. Similarly, the backgrounds for the theory of pseudo-di?erential 3 operators on S and SU(2) developed in Chapter 12 can be found in Chapter 11 presented in a self-contained way suitable for immediate use.
California State University, San Bernardino opened in 1965 in San Bernardino. This chronological history records the major and minor developments in the history of the campus, between 1960, when it was created by the California Legislature, to the end of the 2009/10 academic year. Includes tables of major administrators, plus a detailed index.
This comprehensive guide from the editors of Popular Science covers everything a new inventor needs to know from starting out to running a start-up. Contrary to popular opinion, you don’t have to be an ace electrician or a coding prodigy to develop your own game-changing invention. All you need is curiosity, a desire to fix a common problem, and the determination to see your ideas become reality. And it won’t hurt to have this book handy—a volume full of vital tips, skills, and strategies that will take you from zero to inventor. Everyone knows about Bill Gates or Steve Jobs, but in TheTotal Inventor’s Manual, you’ll also learn from the examples of those intrepid inventors who gave us the first home pregnancy test, the Super Soaker, the Roomba, the digital camera, and many other products that have changed the world. Here you will learn to turn your vision into a reality with a crash course in ideation, prototyping, and testing—including lessons in 3D-printing, coding, robotics, and more. You’ll discover funding strategies that range from running a Kickstarter campaign to making a venture capital pitch, plus tips on manufacturing, supply chains, marketing, and running—or selling—your new company!
An integrated analysis exploring current and relevant concepts, Fundamentals of Ecotoxicology: The Science of Pollution, Fourth Edition extends the dialogue further from the previous editions and beyond conventional ecosystems. It explores landscape, regional, and biospheric topics, communicating core concepts with subjects ranging from molecular t
A definitive volume on the election of United States governors during the Civil War, Reconstruction, and Industrialization periods, this book provides election results of the gubernatorial races from 1861 to 1911. It offers the reader both state and county-level voting details of the highest directly elected office in the nation. The returns are presented in two parts. The first section provides an annual summary of gubernatorial votes by year, organized alphabetically by state. The second section provides returns by county for each election. Wherever possible, the data included is based on official election returns, and the book includes bibliographic sources for each covered election.
This book is the first of a multivolume series devoted to an exposition of functional analysis methods in modern mathematical physics. It describes the fundamental principles of functional analysis and is essentially self-contained, although there are occasional references to later volumes. We have included a few applications when we thought that they would provide motivation for the reader. Later volumes describe various advanced topics in functional analysis and give numerous applications in classical physics, modern physics, and partial differential equations.
Seven police officers, a prosecuting attorney, a defense team and the mafia. With a twist that no one is really looking for. With the scales of justice weighing the balance. The only outcome is a verdict that even the courts may not be prepared for.
The systematic analysis of baseball statistics, often called "sabermetrics," has evolved in recent years to resemble something of a science, attracting fans from diverse professional and educational backgrounds, all fascinated by the analysis itself and its insights into the game. But one problem has defied solution: estimating runs saved by fielders throughout history. Traditional statistics include errors and plays made, but not hits that could or should have been prevented. The latter can now be estimated using records of the location of every batted ball, but the underlying data exists only for recent seasons and has generally been withheld from the public.Now, in Wizardry, comes the long-awaited breakthrough. Drawing solely on freely available baseball statistics, Michael A. Humphreys shows how to apply classic statistical methods to estimate runs saved by fielders going back to 1893. Humphreys tests his results against other fielding measures, including published ratings based on proprietary batted ball location data, and explains their respective strengths and limitations. He also introduces a method for adjusting historical player ratings for increased competition due to population growth, integration, and international recruitment. Position by position, Humphreys identifies and profiles the greatest fielders of all time with anecdote-rich essays.Sabermetrics changed baseball and introduced a generation to the art of statistical inference. Wizardry makes the case for the most significant changes in historical player valuation in decades, while opening up new approaches for further exploration.
In When Giants Fall, Panzner makes his case for the turbulent economic changes that will be occurring over the next few years and examines the resulting economic opportunities. According to Panzner, the economic changes will be widespread. Businesses will struggle amid wars, shortages, logistical disruptions, and a breakdown of the established monetary order. Individuals will be forced to rethink livelihoods, lifestyles, living arrangements, and locales. Political structures will be in flux, as local leaders gain influence at the expense of national authorities. For many people, it will be nothing short of a modern Dark Ages, where each day brings fresh anxieties, unfamiliar risks, and a sense of foreboding. However, for those enlightened few who understand what is really going on and what happens next, the chaotic years ahead represent the opportunity of a lifetime - a time when they can realize goals they never thought possible and achieve a level of wealth, security, and inner peace that will leave them head-and-shoulders above everyone else. In this book, Panzner offers cutting-edge insights and strategies that will enable readers to stay well ahead of the game during the uniquely unsettling period ahead.
Bringing together for the first time prominent researchers in social insect pheromone communication, including nestmate recognition, this book looks at ants, wasps, bees, and termites, highlighting areas of convergence and divergence among these groups, and identifying areas that need further investigation. Presenting broad synthetic overviews as well as species-specific studies, the volume will be useful to natural scientists, ecologists, and those interested in pest management, as well as to anyone interested in the fascinating chemically mediated behavioral interactions of social insects.
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