A radical reappraisal of the nature and activities of business--what it is for and how it works

A characteristically acerbic analysis of the archetypal organisational unit of capitalism.--Andrew Hill, Financial Times, Best Books of 2024: Business

Shortlisted for the 2024 Financial Times and Schroders Business Book of the Year Award

In the world of Adam Smith and Karl Marx, capitalists built and controlled mills and factories. That relationship between capital and labor continued in the automobile assembly lines and petrochemical plants of the twentieth century.

But no longer: products and production have dematerialized. The goods and services provided by the leading companies of the twenty-first century appear on your screen, fit in your pocket, or occupy your head. Ownership of the means of production is a redundant concept. Workers are the means of production; increasingly, they take the plant home. Capital is a service bought from a specialist supplier with little influence over customer businesses. The professional managers who run modern corporations do not exert authority because they are wealthy; they are wealthy because they exert authority.

John Kay's incisive overhaul of our ideas about business redefines our understanding of successful commercial activity and the corporation--and describes how we have come to love the product as we hate the producer. This is a brilliant and original work from one of the greatest economists.

The real story of the crash began in bizarre feeder markets where the sun doesn't shine and the SEC doesn't dare, or bother, to tread: the bond and real estate derivative markets where geeks invent impenetrable securities to profit from the misery of lower- and middle-class Americans who can't pay their debts. The smart people who understood what was or might be happening were paralyzed by hope and fear; in any case, they weren't talking.

Michael Lewis creates a fresh, character-driven narrative brimming with indignation and dark humor, a fitting sequel to his #1 bestseller Liar's Poker. Out of a handful of unlikely-really unlikely-heroes, Lewis fashions a story as compelling and unusual as any of his earlier bestsellers, proving yet again that he is the finest and funniest chronicler of our time.

NEW YORK TIMES BESTSELLER * How has a small nation of 9 million people, forced to fight for its existence and security since its founding and riven by ethnic, religious, and economic divides, proven resistant to so many of the societal ills plaguing other wealthy democracies?

Why do Israelis have among the world's highest life expectancies and lowest rates of deaths of despair from suicide and substance abuse? Why is Israel's population young and growing while all other wealthy democracies are aging and shrinking? How can it be that Israel, according to a United Nations ranking, is the fourth happiest nation in the world? Why do Israelis tend to look to the future with hope, optimism, and purpose while the rest of the West struggles with an epidemic of loneliness, teen depression, and social decline?

Dan Senor and Saul Singer, the writers behind the international bestseller Start-Up Nation, have long been students of the global innovation race. But as they spent time with Israel's entrepreneurs and political leaders, soldiers and students, scientists and activists, ultra-Orthodox Jews, Tel Aviv techies, and Israeli Arabs, they realized that they had missed what really sets Israel apart.

Moving from military commanders integrating at-risk youth and people who are neurodiverse into national service, to high performing companies making space for working parents, from dreamers and innovators launching a duct-taped spacecraft to the moon, to bringing better health solutions to people around the world, The Genius of Israel tells the story of a diverse people and society built around the values of service, solidarity, and belonging.

Widely admired for having the world's highest density of high-tech start-ups, Israel's greatest innovation may not be a technology at all, but Israeli society itself. Understanding how a country facing so many challenges can be among the happiest provides surprising insights into how we can confront the crisis of community, human connectedness, and purpose in modern life.

Bold, timely, and insightful, Senor and Singer's latest work shines an important light on the impressive innovative distinctions of Israeli society--and what other communities and countries can learn.

An instant bestseller! A brilliant takedown and exposé of the great con job of the twenty-first century--the metaverse, crypto, space travel, transhumanism--being sold by four billionaires (Peter Thiel, Mark Zuckerberg, Marc Andreesen, Elon Musk), leading to the degeneration and bankruptcy of our society.

At a time when the crises of income inequality, climate, and democracy are compounding to create epic wealth disparity and the prospect of a second American civil war, four billionaires are hyping schemes that are designed to divert our attention away from issues that really matter. Each scheme--the metaverse, cryptocurrency, space travel, and transhumanism--is an existential threat in moral, political, and economic terms.

In The End of Reality, Jonathan Taplin provides perceptive insight into the personal backgrounds and cultural power of these billionaires--Peter Thiel, Elon Musk, Mark Zuckerberg, and Marc Andreesen (The Four) --and shows how their tech monopolies have brought middle-class wage stagnation, the hollowing out of many American towns, a radical increase in income inequality, and unbounded public acrimony. Meanwhile, the enormous amount of taxpayer money to be funneled into the dystopian ventures of The Four, the benefits of which will accrue to billionaires, exacerbate these disturbing trends.

The End of Reality is both scathing critique and reform agenda that replaces the warped worldview of The Four with a vision of regenerative economics that seeks to build a sustainable society with healthy growth and full employment.

Why the irrational exuberance of investors hasn't disappeared since the financial crisis

In this revised, updated, and expanded edition of his New York Times bestseller, Nobel Prize-winning economist Robert Shiller, who warned of both the tech and housing bubbles, cautions that signs of irrational exuberance among investors have only increased since the 2008-9 financial crisis. With high stock and bond prices and the rising cost of housing, the post-subprime boom may well turn out to be another illustration of Shiller's influential argument that psychologically driven volatility is an inherent characteristic of all asset markets. In other words, Irrational Exuberance is as relevant as ever. Previous editions covered the stock and housing markets--and famously predicted their crashes. This edition expands its coverage to include the bond market, so that the book now addresses all of the major investment markets. It also includes updated data throughout, as well as Shiller's 2013 Nobel Prize lecture, which places the book in broader context. In addition to diagnosing the causes of asset bubbles, Irrational Exuberance recommends urgent policy changes to lessen their likelihood and severity--and suggests ways that individuals can decrease their risk before the next bubble bursts. No one whose future depends on a retirement account, a house, or other investments can afford not to read this book.

How financial parasites and debt destroy the global economy. Professor Hudson continues the discussion on the financialization of capital and its global effects.

KILLING THE HOST exposes how finance, insurance, and real estate (the FIRE sector) have gained control of the global economy at the expense of industrial capitalism and governments. The FIRE sector is responsible for today's economic polarization (the 1% vs. the 99%) via favored tax status that inflates real estate prices while deflating the real economy of labor and production. The Great 2008 Bailout saved the banks but not the economy, and plunged the U.S., Irish, Latvian and Greek economies into debt deflation and austerity. This book describes how the phenomenon of debt deflation imposes austerity on the U.S. and European economies, siphoning wealth and income upward to the financial sector while impoverishing the middle class.

More and more of the Canadian economy is dominated by a handful of huge companies that control what we buy, how we work, and which other businesses can or can't thrive.

Beyond the obvious examples of airlines, telcos, grocery chains, and banks, The Big Fix: How Companies Capture Markets and Harm Canadians shows how corporate concentration is growing across many industries, leading to higher prices for consumers, lower worker's wages, more inequality, fewer startups, less innovation, and lower growth and productivity.

In this galvanizing book, Hearn and Bednar show how companies perpetuate the illusion of rivalry to disguise their dominance, and how they've shifted from competing within industries to accumulating assets across industries, further entrenching their power. The authors coach readers on how to think about competition, how markets are made and remade, and how the right set of attitudes and policies reduce corporate power and rebalance it throughout the economy.

The future of Canada's economy is up for grabs, and The Big Fix shows how the country can achieve a more innovative, productive, and livable economy for all Canadians.

Dr. David Daokui Li has served as an advisor to senior Chinese Communist Party leaders as well as major multinational corporations and international economic institutions. Writing in response to the growing anti-Chinese sentiment and alarmed by the threat of war, Dr. Li pulls from his wealth of firsthand experience to demystify contemporary Chinese society and advocate for understanding between China and the West. In this urgently needed and fascinating book, he explains the inner workings of a rising superpower to help the world understand how it works--and how to work with it.

In Li's hands, an economic and political system that often baffles Westerners becomes coherent, sophisticated, and logical. He begins by explaining how two thousand years of history--from Confucian philosophy and ancient imperial dynasties to Communist Party chairmen from Mao to Deng Xiaoping--profoundly influence China's leadership today. Li brings the reader into high-level meetings he attended with figures including Xi Jinping, showing China's approach to governance.

Many Westerners imagine that China's economy and society are as rigid and ideological as Soviet Russia. In his far-reaching exploration of the Chinese economy--from state-owned enterprises, private businesses, the stock market, education, media and the internet to real estate, the environment, and much more--Li reveals that China's economy and society are in fact diverse, dynamic, and flexible.

In demystifying contemporary Chinese society, Li helps readers reconceptualize contemporary China and the implications of its growth. He asserts that China's rise will be beneficial for the global order, holding out the hope that with shared understanding and mutual learning the Chinese and Western systems will eventually find a way to peacefully coexist.

This book is based on the lecture series on finance capitalism Michael Hudson presented for the Global University for Sustainability. The book explains why the U.S. and other Western economies have lost their former momentum: A narrow rentier class has gained control and become the new central planner, using its power to drain income from increasingly indebted and high-cost labor and industry. The American disease of de-industrialization has resulted from the costs of industrial production being inflated by the economic rents extracted by this class under the system of financialized monopoly capitalism that now prevails throughout the West.

The book explains why the U.S.-China conflict cannot simply be regarded as market competition between two industrial rivals. It is a broader conflict between different political economic systems - not only between capitalism and socialism as such, but between the logic of an industrial economy and that of a financialized rentier economy increasingly dependent on foreign subsidy and exploitation as its own domestic economy shrivels. Professor Hudson endeavors to revive classical political economy in order to reverse the neoclassical counter-revolution.

When the crash of the U. S. stock market became public knowledge in the fall of 2008, it was already old news. The real crash, the silent crash, had taken place over the previous year, in bizarre feeder markets where the sun doesn't shine, and the SEC doesn't dare, or bother, to tread: the bond and real estate derivative markets where geeks invent impenetrable securities to profit from the misery of lower- and middle-class Americans who can't pay their debts. The smart people who understood what was or might be happening were paralyzed by hope and fear; in any case, they weren't talking.

The crucial question is this: Who understood the risk inherent in the assumption of ever-rising real estate prices, a risk compounded daily by the creation of those arcane, artificial securities loosely based on piles of doubtful mortgages? Michael Lewis turns the inquiry on its head to create a fresh, character-driven narrative brimming with indignation and dark humor, a fitting sequel to his #1 best-selling Liar's Poker. Who got it right? he asks. Who saw the real estate market for the black hole it would become, and eventually made billions of dollars from that perception? And what qualities of character made those few persist when their peers and colleagues dismissed them as Chicken Littles? Out of this handful of unlikely--really unlikely--heroes, Lewis fashions a story as compelling and unusual as any of his earlier bestsellers, proving yet again that he is the finest and funniest chronicler of our times.

A chronicle of recent events that have shaken the world, from the author of Capital in the Twenty-First Century

What makes this manifesto noteworthy is that it comes from . . . an economist who gained his reputation as a researcher with vaguely left-of-center sensibilities but was far from a radical. Yet the times are such . . . that even honest moderates are driven to radical remedies.--Robert Kuttner, New York Times

As a correspondent for the French newspaper Le Monde, world-renowned economist Thomas Piketty has documented the rise and fall of Trump, the drama of Brexit, Emmanuel Macron's ascendance to the French presidency, the unfolding of a global pandemic, and much else besides, always from the perspective of his fight for a more equitable world. This collection brings together those articles and is prefaced by an extended introductory essay, in which Piketty argues that the time has come to support an inclusive and expansive conception of socialism as a counterweight against the hypercapitalism that defines our current economic ideology. These essays offer a first draft of history from one of the world's leading economists and public figures, detailing the struggle against inequalities and tax evasion, in favor of a federalist Europe and a globalization more respectful of work and the environment.

Between the end of the Opium War in the 1842 and the establishment of the People's Republic in 1949 China, long the most prosperous and sophisticated country in the world, was subjected to the military, economic, and political domination of Western imperialism. The old dynastic system was overthrown in 1911, and in 1921 the Communist Party was formed, which led the revolutionary struggle over the next three decades. Since the founding of the PRC China has pursued its distinctive path of socialist construction, a challenging and often contentious process which is still unfolding today. This volume traces the crisis of Old China and the course of the revolutionary struggle up to 1949, and follows the development of New China through the era of Mao Zedong's leadership, the launching of reform under Deng Xiaoping, and the beginning of a new era under the leadership of Xi Jinping. China's use of market mechanisms to develop the productive economy has generated contradictions as well as dramatic growth, and China has achieved great things in education, health care, and the provision of other social services. But the process of socialist construction remains an unfinished and ongoing venture, and the future of the revolution is very much a work in progress.

This expanded edition continues Diop's campaign for the political and economic unification of the nations of black Africa. It concludes with a lengthy interview with Diop.

The authors of The Genius of Israel tells us what the world can learn from Israel's meteoric economic success. Start-Up Nation addresses the trillion dollar question: How is it that Israel -- a country of 7.1 million, only 60 years old, surrounded by enemies, in a constant state of war since its founding, with no natural resources-- produces more start-up companies than large, peaceful, and stable nations like Japan, China, India, Korea, Canada and the UK?

With the savvy of foreign policy insiders, Senor and Singer examine the lessons of the country's adversity-driven culture, which flattens hierarchy and elevates informality-- all backed up by government policies focused on innovation. In a world where economies as diverse as Ireland, Singapore and Dubai have tried to re-create the Israel effect, there are entrepreneurial lessons well worth noting. As America reboots its own economy and can-do spirit, there's never been a better time to look at this remarkable and resilient nation for some impressive, surprising clues.

An impressive (Wall Street Journal) exposé of twenty-first century individuals and companies who have become obscenely rich from the resource trade in Africa

Africa is the world's poorest continent and, arguably, its richest. In The Looting Machine, Tom Burgis takes readers on a gripping journey into the world of the magnates and militiamen, the despots and jet-setting executives who gorge on Africa's vast stocks of oil, gas, metals, and precious stones. Combining deep reporting with an action-packed narrative, Burgis presents a blistering investigation of the plunder of a continent and the terrible human toll.

The top 1 percent of Americans control some 40 percent of the nation's wealth. But as Joseph E. Stiglitz explains in this best-selling critique of the economic status quo, this level of inequality is not inevitable. Rather, in recent years well-heeled interests have compounded their wealth by stifling true, dynamic capitalism and making America no longer the land of opportunity that it once was. They have made America the most unequal advanced industrial country while crippling growth, distorting key policy debates, and fomenting a divided society. Stiglitz not only shows how and why America's inequality is bad for our economy but also exposes the effects of inequality on our democracy and on our system of justice while examining how monetary policy, budgetary policy, and globalization have contributed to its growth. With characteristic insight, he diagnoses our weakened state while offering a vision for a more just and prosperous future.

An award-winning reporter chronicles the calamitous story of Washington Mutual, the single-largest bank failure in American history, in this fast-paced, compelling, and gripping saga of greed and excess.

During the most dizzying days of the financial crisis, Washington Mutual, a bank with hundreds of billions of dollars in its coffers, suffered a crip-pling bank run. The story of its final, brutal collapse in the autumn of 2008, and its controversial sale to JPMorgan Chase, is an astonishing account of how one bank lost itself to greed and mismanagement, and how the entire financial industry--even the entire country--lost its way as well.

Written as compellingly as the finest fiction, The Lost Bank introduces readers to the regulators and the bankers, the home buyers and the lenders who together created the largest bank failure in American history. The result is a magisterial and gripping account of the incredible rise and the precipitous collapse of not only an institution but of trust, fortunes, and the marketplaces for risk across the world.

NEW YORK TIMES BESTSELLER - The groundbreaking investigation of how the global elite's efforts to change the world preserve the status quo and obscure their role in causing the problems they later seek to solve. An essential read for understanding some of the egregious abuses of power that dominate today's news.

Impassioned.... Entertaining reading. --The Washington Post

Anand Giridharadas takes us into the inner sanctums of a new gilded age, where the rich and powerful fight for equality and justice any way they can--except ways that threaten the social order and their position atop it. They rebrand themselves as saviors of the poor; they lavishly reward thought leaders who redefine change in ways that preserve the status quo; and they constantly seek to do more good, but never less harm.

Giridharadas asks hard questions: Why, for example, should our gravest problems be solved by the unelected upper crust instead of the public institutions it erodes by lobbying and dodging taxes? His groundbreaking investigation has already forced a great, sorely needed reckoning among the world's wealthiest and those they hover above, and it points toward an answer: Rather than rely on scraps from the winners, we must take on the grueling democratic work of building more robust, egalitarian institutions and truly changing the world--a call to action for elites and everyday citizens alike.

A Wall Street Journal Best Book of 2022: Politics; Winner, 2024 Hayek Book Prize. Learn why what you think you know about American income inequality and other measures of economic well-being is wrong in this deep dive into the way government measures economic well-being and demonstrate that our official statistics overstate inequality.