Cowardly Capitalism: The Myth of The Global Financial Casino

Book Description

A bold challenge to accepted ideas about the need for regulation of world financial markets
In a controversial new book sure to spark debate throughout the world financial community, British financial journalist and investment expert Daniel Ben-Ami makes a strong case against the current trend toward increased government regulation of the international money markets. In stark contrast to the accepted wisdom, promulgated by the likes of Soros and Krugman, Ben-Ami avers that the real problem currently threatening global finance is not wanton risk-taking, but excessive risk aversion. Rather than reduce the likelihood of financial crises, he believes that greater intervention will bring greater problems including panic waves that could crush the economies of entire regions in a matter of hours. Writing in a lively style, devoid of mathematics, and using many allusions to current affairs, pop culture, and business publishing to illustrate his arguments, Ben-Ami makes this book an enjoyable, highly accessible read.
Daniel Ben-Ami (London, UK) is a professional investment adviser and editor in chief of a well-respected journal for investment advisers.

Customer Reviews:

Insightful!.......2001-11-08

Letýs start out this review by stating up front that we disagree with Daniel Ben-Amiýs assertion that a preoccupation with risk measurement and management is a detriment to the global economy. With that out of the way, we can say that Ben-Ami presents a unique analysis of the modern global economy that is not at all without merit. His contention that lagging growth is a greater peril to the worldýs economy than financial instability is reasonable and backed up by ample evidence and illustration. And his position that increased regulation could be doing more harm than good will be embraced by all free traders. On the basis of these discussions alone, we [...] recommend this book to anyone thinking seriously about international financial systems. But this book is perhaps most useful as a starting point for debate, which it will certainly generate in the mind of any informed reader. While you might quibble with Ben-Amiýs conclusions ý as we do with his assertion that the threat of the 1990s financial crises was overblown ý you will not be bored.

Extraordinarily clear analysis of global finance.......2001-10-21

Usually, books on the dry subject of modern finance are a difficult read but this one is a welcome and worthy exception. The text is so fascinating that I managed to "make it" in three rather short sessions - and without the slightest trace of boredom in the process. I found no superfluous or pseudo-profound sentences and even the footnotes of this carefully researched study fully deserve the reader's attention.

Ben-Ami manages to explain in a few dozen pages the basics of apparently difficult concepts (as he rightly tells us, "even the most complex strategies tend to be built from simple components") such as derivatives, mutual funds, pension funds, hedging, etc. In the process, he shatters a lot of mistaken myths and conventional wisdom.

It is simply not true, he explains, that the instruments of modern finance are essentially speculative; on the contrary, they are usually a means for corporations and investors in general to better manage risk. Modern capitalists, unlike their predecessors of a more dynamic era, have an exaggerated aversion to risk and they try to build their portfolio in a way that minimises it. Thus a corporation dedicated to making cars, for instance, might prefer to invest part of its earnings in derivatives or hedge funds instead of innovating its production processes. The result would of course be a less dynamic form of capitalism, where more resources are spent on the financial markets - as opposed to the real, productive side of the economy. This, insists Ben-Ami, is in short what has been happening since the end of the post-war (1945-73) economic boom.

He offers powerful examples to illustrate his thesis. Yes, he says, it's true that George Soros made a billion dollars out of speculating against the British Pound in the early nineties - but that was only because the fundamentals of the British economy were really incompatible with the high value of its currency. A few years later Soros was betting on a fall of the Rouble and eventually lost two billion dollars. This time he had made a wrong analysis of the fundamentals of the Russian economy and got his fingers burned. The conclusion? Well, speculators really don't have the power to dominate events. So much for the idea that modern economies are but passive instruments at the hands of unscrupulous capitalistic sharks!

Ben-Ami regrets the general climate of fear for the future and horror of risk-taking that he thinks has taken hold of Western Europe and even more the USA in the last few decades - and has been, BTW, amply demonstrated in the recent near-hysteria caused by the appearance of a few cases of Anthrax in the US. He sees in this tendency a sign that the "animal spirits" that Keynes considered essential for the proper working of a dynamic capitalist economy are faltering.

The author doesn't present us a "solution" for this problem, probably because he's well aware of the fact that cultural attitudes are very hard to change. But he does warn that the climate of fear that currently permeates western society constitutes a clear impediment to stronger economic growth, both in the First and Third worlds. And he writes in such a clear, unpretentious style that one might just hope his analysis will eventually find a sympathetic hearing in the decision-making centers of Europe and the United States.

Fascinating, Contrarian and Long Overdue.......2001-09-19

The author performs a complete and delicate post-mortem of modern capitalist beliefs and misconceptions. I read Ayn Rand's "Capitalism: The Unknown Ideal" some time ago. Daniel Ben-Ami constructs a compelling argument in favour of unregulated markets, healthy competition and good old fashioned risk taking. Unlike Raynd he steers away from abstruse philosophical theories and sticks with what really matters to the reader: Real life examples, cataloging the myriad failiures of faux-capitalism. If like me you whince every time you hear about another ill-thought out but well intended goverment safeguard, you'll enjoy this book for the intellectual ammunition it delivers.

Average customer rating:

Don't Feel Guilty! Buy and Enjoy This Book!

Wolff & Byrd, Counselors of the Macabre: Case Files, vol. IV (Wolff & Byrd, Counselors of the Macabre, Case Files)
Batton Lash
Manufacturer: Exhibit A Press
ProductGroup: Book
Binding: Paperback

General | Law | Subjects | Books
General | Law | Professional & Technical | Subjects | Books
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Wolff & Byrd, Counselors of the Macabre: Case Files, vol. II

Wolff & Byrd, Counselors of the Macabre: Case Files, vol. I

ASIN: 0963395459

Book Description

One of Wolff & Byrd's most popular clients is Sodd, The Thing Called It. This poor shlub of a swamp creature finally has his day in court--with hilarious results! This book collects issues 13-16 of the W&B comic book series and covers "The Soddyssey," as well as offering up some ribbing of Ann Rice as the lawyers travel with Dracula to New Orleans.

Customer Reviews:

Don't Feel Guilty! Buy and Enjoy This Book!.......1998-12-30

What?! You haven't read WOLFF AND BYRD yet? You've got to be kidding! Don't you realize that this is one of the formost funny books of the age? Okay, let me tell you, it's funny, it's punny, it's clever and the art is entertaining. And it's soon to be a summer blockbuster movie from Universal Pictures! How completely cool is that?

So, of course you want to get in onthe ground floor, be the first on your block to be captivated by Alanna Wolff , Jeff Byrd, their secretary Mavis and the ebb and flow (sometimes literally) of their bizarre clients.

Book Description

This collection of essays is unparalleled in the depth of its coverage of all facets of Galileo's work. A particular feature of the volume is the treatment of Galileo's relationship with the Church. It will be of particular interest to philosophers, historians of science, cultural historians and those in religious studies. New readers and nonspecialists will find this the most convenient, accessible guide to Galileo available. Advanced students and specialists will find a conspectus of recent developments in the interpretation of Galileo.

Customer Reviews:

Galileo the Genius.......2007-07-03

I used this book as a way to understand Galileo's laws of motion. I never ceased to be amazed at how he came up with so much with so little. Our current scientists owe him an insurmountable debt. The scholarship is top-notch.

The Cambridge Companion to Galileo.(Review) : An article from: The Review of Metaphysics

Average customer rating:

The Cambridge Companion to Galileo.(Review) : An article from: The Review of Metaphysics
Curtis Wilson
Manufacturer: Philosophy Education Society, Inc.
ProductGroup: Book
Binding: Digital

General | Philosophy | Nonfiction | Subjects | Books

Book Description

This digital document is an article from The Review of Metaphysics, published by Philosophy Education Society, Inc. on September 1, 1999. The length of the article is 810 words. The page length shown above is based on a typical 300-word page. The article is delivered in HTML format and is available in your Amazon.com Digital Locker immediately after purchase. You can view it with any web browser.

Citation Details
Title: The Cambridge Companion to Galileo.(Review)
Author: Curtis Wilson
Publication: The Review of Metaphysics (Refereed)
Date: September 1, 1999
Publisher: Philosophy Education Society, Inc.
Volume: 53 Issue: 1 Page: 178

Article Type: Book Review

Distributed by Thomson Gale

Book Description

Rapid thermal and integrated processing is an emerging single-wafer technology in ULSI semiconductor manufacturing, electrical engineering, applied physics and materials science. Here, the physics and engineering of this technology are discussed at the graduate level. Three interrelated areas are covered. First, the thermophysics of photon-induced annealing of semiconductor and related materials, including fundamental pyrometry and emissivity issues, the modelling of reactor designs and processes, and their relation to temperature uniformity. Second, process integration, treating the advances in basic equipment design, scale-up, integrated cluster-tool equipment, including wafer cleaning and integrated processing. Third, the deposition and processing of thin epitaxial, dielectric and metal films, covering selective deposition and epitaxy, integrated processing of layer stacks, and new areas of potential application, such as the processing of III-V semiconductor structures and thin- film head processing for high-density magnetic data storage.

Amazon.com

It might almost be argued that the cigar lifestyle magazines that Eric Spitznagel so perfectly parodies are already beyond a joke, but Cigar Asphyxianado manages to get a lot of laughs out of a very bad habit. Describing itself as "Not the best magazine on cigars, but certainly the most pretentious," this book touches every base--from the cigar-toting celebrity cover-shot (Fidel Castro) to the ads that promise that "Size Does Matter." And for the tobacco tyro, there are even instructions on how to light your favorite stogie:

Angle the cigar 25 degrees below horizontal and hold the flame exactly 1/3" below the foot. Rotate the cigar under the flame, alternating between clockwise and couterclockwise, allowing 23 seconds for the clockwise rotations and 29 seconds for the counterclockwise, while puffing the cigar every two to four minutes (depending on the room temperature). Continue this process for 43 minutes.

This book will probably prevent Eric Spitznagel from ever visiting Cuba, and people who actually buy magazines about cigars may not get the joke, but for everyone else, Cigar Asphyxianado is a lot of fun. --Simon Leake

Customer Reviews:

A clever, humorous parody on the cigar craze.......1998-10-10

Mr. Spitznagel has allowed us to laugh at ourselves with his irreverant parody aimed at the cigar craze of the '90's and at the Cigar Aficinado magazine. I think Mr.Shanken, the author of the Cigar Aficinado and Wine Spectator magazines ( I subscribe to both ), should be flattered by this book. It allows us to laugh at ourselves and is wonderfully written and illustrated. I have given it as a gift to many friends along with the magazine........but it's getting difficult to find so I would recommend you get them now for Xmas gifts.

Customer Reviews:

OK book.......2004-03-02

This book was pretty good!
My interest was in the preparation and training part which were fabulously described.

Not just for those looking to join........2001-05-27

Those of us on the other side of the pond who aren't looking to join the SAS will find this book interesting as well. The first half of the book deals with preparing to pass selection. It provides a 12-week train-up program, gives you a list of equipment you'll need, and provides a day-by-day schedule of what will happen during selection. Jungle, continuation, and survival training phases are also discussed (it even gives advice on how to deal with dogs). The last half of the book talks about the different environments (jungle, desert, arctic), jobs, and equipment you'll become familiar with in the regiment. If you're looking for stories about SAS selection, you won't find them here. This is book is exactly what it claims to be--a reference on how to pass selection, and a look at the functions of an SAS trooper.

Pesonal tips puts book over the edge.......2000-07-05

This book gives an in depth look at the British Special Air Service (SAS), one of the most elite special forces units in the world. The book does not get bogged down in minute details or facts that are not very important. Instead it gives tips on how to make selection easier. The tips not only hold true for SAS but hold true for US units such as Force Recon and Navy SEALs. For anyone interested in special forces this is a great book and an easy read.

Joining Remote DBMS Tables with the SQL Query Window Course Notes

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Joining Remote DBMS Tables with the SQL Query Window Course Notes
SAS Institute Inc.
Manufacturer: SAS Publishing
ProductGroup: Book
Binding: Paperback

Book Description

This Course Notes shows you how to use the SQL Query window to produce reports and create SAS data sets with your relational database data.

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Joining the SAS
Barry Davis
Manufacturer: PAN (MACM)
ProductGroup: Book
Binding: Paperback
ASIN: B000K754H2

Book Description

This important new book investigates how the West attained its current position of economic and social advantage. In an incisive historical analysis, Jack Goody examines when and why Europe (and Anglo-America) started to outstrip all other continents in socio-economic growth. Drawing on non-Western examples of economic and technical progress, Goody challenges assumptions about long-term European supremacy of a lsquo;culturalrsquo; kind, as was a feature of many theories current in social science. He argues that the divergence came with the Industrial Revolution and that the earlier bourgeois revolution of the sixteenth century was but one among many Eurasia-wide expressions of developing mercantile and manufacturing activity. This original book casts new light on the history of capitalism, industrialization and modernity, and will be essential reading for all those interested in the great debate about the economic rise of the West.

Capitalism and Modernity: The Great Debate.(Book review): An article from: Journal of Social History

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Capitalism and Modernity: The Great Debate.(Book review): An article from: Journal of Social History
Kenneth Pomeranz
Manufacturer: Thomson Gale
ProductGroup: Book
Binding: Digital

Book Description

This digital document is an article from Journal of Social History, published by Thomson Gale on June 22, 2007. The length of the article is 1057 words. The page length shown above is based on a typical 300-word page. The article is delivered in HTML format and is available in your Amazon.com Digital Locker immediately after purchase. You can view it with any web browser.

Citation Details
Title: Capitalism and Modernity: The Great Debate.(Book review)
Author: Kenneth Pomeranz
Publication: Journal of Social History (Magazine/Journal)
Date: June 22, 2007
Publisher: Thomson Gale
Volume: 40 Issue: 4 Page: 1013(3)

Article Type: Book review

Distributed by Thomson Gale

Book Description

Covers the key steps in the attempt to develop guidelines for using wild species.

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