The Price of Civilization – Economics and Ethics After the Fall

The Price of Civilization – Economics and Ethics After the Fall Jeffrey Sachs, Random House, 2011   Sachs says, “Much of this book is about the social responsibility of the rich” and about society’s shared values and the need to plan ahead to achieve common goals. The book is also a diagnosis of the failure of the American economy to achieve society’s common goals since the 1970’s and makes recommendations

How the West Was Lost, Fifty Years of Economic Folly – And the Stark Choices Ahead

How the West Was Lost, Fifty Years of Economic Folly – And the Stark Choices Ahead; Dambisa Moyo   “once an idea is out it can be used and improved upon by anyone, anywhere, an idea has a marginal cost of zero”   This quote is referring to the spinoffs from the magnificent technology that enabled the Apollo moon landing in July 1969. I was a vagabond watching it on

Endgame

Endgame; The End of the Debt Supercycle and How it Changes Everything John Mauldin and Jonathan Tepper   Reviewed by Graham Mulligan   In the introductory essay the authors sum up the problem, quoting Wimpie from the Popeye cartoon, “I will gladly repay you Tuesday for a hamburger today” and Jean Mannet, “People only accept change in necessity and see necessity only in crisis”. The debt supercycle started more than

The Mystery of Capital

The Mystery of Capital, Why Capitalism Triumphs in the West and Fails Everywhere Else Hermando DeSoto, Basic Books, 2000 Reviewed by Graham Mulligan Capital is an abstract concept representing the potential to create something else. DeSoto and his team examined developing and former communist countries to try and understand why capitalism doesn’t have more than foothold there. In each of these countries there is economic activity and urban expansion but

Fast Boat to China

Fast Boat to China: Lessons from Shanghai; Corporate Flight and the Consequences of Free Trade; Andrew Ross; Random House, 2006   Reviewed by Graham Mulligan   This book examines the history and the consequences of corporate free-trade (globalization) with a moral imperative. What are the responsibilities of governments, West or East, for wealth distribution and environmental stewardship? The free-trade story is generally well known from the early 1990’s beginning with