Catalogue


The rise and fall of an economic empire : with lessons for aspiring economies /
Colin Read.
imprint
Houndmills, Basingstoke, Hampshire ; New York : Palgrave Macmillan, 2010.
description
xii, 294 p.
ISBN
023027370X (hardback), 9780230273702 (hardback)
format(s)
Book
Holdings
More Details
imprint
Houndmills, Basingstoke, Hampshire ; New York : Palgrave Macmillan, 2010.
isbn
023027370X (hardback)
9780230273702 (hardback)
catalogue key
7351983
A Look Inside
About the Author
Author Affiliation
Colin Read is a columnist and the author of a number of books for the academic and popular press on economic issues. He is Professor of Economics and Finance at the State University of New York, USA. He has worked in Indonesia for the Harvard Institute for International Development, and at the Harvard-MIT Joint Center for Housing Studies. This is his fourth English language book. His previous titles include: Global Financial Meltdown - How We Can Avoid the Next Economic Crisis; The Fear Factor - What Happens When Fear Grips Wall Street and The International Taxation Handbook (co-authored and co-edited).
Summaries
Bowker Data Service Summary
We have seen many empires come and go. From the Roman Empire to the British Empire, we are now witnessing the decline of the US as a superpower. How do economic innovations foster global economic dominance, and how does the natural evolution of an economic empire bring about its demise and replacement by other economic superpowers?
Description for Bookstore
Colin Read shows that the very strengths that allow new global superpowers to dominate through economic rather than military prowess eventually give way to forces that create their own economic demise
Long Description
While many authors have documented empires maintained through military strength, power derived solely from economic might is a more modern phenomenon. The root of power differs little in one important characteristic, though. There is a certain inevitability to the decline of either form. And there are lessons to learn from each as well. Just as earlier empires based on military or colonial power have experienced spectacular ascendancies and subsequent declines, modern economic empires are no less fragile over time. The overextension, overconfidence, and underinvestment that leads to the demise of military or colonial empires have their analogies in economic empires. An economic superpower grows based on its strengths and is fuelled by its successes, and declines as its values are transformed and economic arrogance dilutes its hegemonic powers. Colin Read describes the various factors that give rise to economic empires, and documents how these same forces eventually lead to their downfall. By analyzing the successes of each factor and the reasons why they falter, he offers insights into ways to sustain economic relevancy. He also offer lessons to aspiring economies so that they may best leverage and manage their growth and avoid the problems that beset less carefully designed economies. In doing so, Read gives us an interesting and provocative glimpse into the current global dynamic in which the United States, the world's first true economic empire, struggles to maintain its global economic supremacy in the face of a rapidly growing China that shall soon challenge it as the world's largest economy.
Main Description
We have seen many empires come and go. From the Roman Empire to the British Empire, we are now witnessing the decline of the US as a superpower. How do economic innovations foster global economic dominance, and how does the natural evolution of an economic empire eventually bring about its demise and replacement by other economic superpowers?
Main Description
The history of the world has seen many empires come and go. From the rise and fall of the Roman Empire, to the British Empire, and even to the Third Reich, empires have been built primarily on military or colonial power. In the modern, globalized world however, military prowess has been replaced by economic might as the prime determinant of new empires. Whichever their source of power though, empires that rest on either foundation have one important characteristic in common: their inevitable decline.
Long Description
While many authors have documented empires maintained through military strength, power derived solely from economic might is a more modern phenomenon. These different sources of power share one important characteristic, though. There is an inevitability to the decline of empires that rest on either foundation. There are also lessons to learn from every empire. Just as earlier empires based on military or colonial power experienced spectacular ascendancies and subsequent declines, modern economic empires are no less fragile. The overextension, overconfidence, and underinvestment that lead to the demise of military or colonial empires have their analogies in economic empires. An economic superpower grows based on its strengths, is fueled by its successes, but declines as its values are transformed and economic arrogance dilutes its hegemonic powers. Colin Read describes the various factors that give rise to economic empires, and documents how these same forces eventually lead to their downfall. By analyzing the successes of each factor and the reasons why each falters, he offers insights into ways to sustain economic relevancy. He also offers lessons to aspiring economies so that they may best leverage and manage their growth and avoid the problems that beset less carefully designed economies. In doing so, Read gives us an interesting and provocative glimpse into the current global dynamic in which the United States, the world's first true economic empire, struggles to maintain its global economic supremacy in the face of a rapidly growing China that shall soon challenge it as the world's largest economy.
Table of Contents
List of Illustrationsp. ix
Prefacep. x
About the Authorp. xii
Introductionp. 1
From 10,000 B.C. to 1776 - The Discovery of Economies of Scalep. 3
An Economic Prehistory to Economic Emperorsp. 5
Barter, Economic Emperors, and the Decentralized Marketplacep. 13
Specialization and Surplusesp. 22
The First Industrial Revolutionp. 32
Colonialism Puts Sugar in Our Teap. 40
A Second Industrial Revolutionp. 49
A Declaration of Economic Independencep. 51
An Economic Bill of Rightsp. 59
Dominance through Economicsp. 70
Private Solutions to Public Problemsp. 95
The New Mercantilistsp. 105
The Consumer as Kingp. 107
A New Colonialismp. 117
Dependency Economicsp. 127
Aspiring Nationsp. 135
Transfer of Technologyp. 137
Economic Imitation Is the Sincerest Form of Flatteryp. 144
Heckscher, Ohlin, and Two Billionp. 153
Hungry and Willing to Work for Changep. 161
Growing Painsp. 169
Complex Economic Systemsp. 171
Herding Cats and Chaos Theoryp. 178
Too Big to Failp. 187
Private Property Gives Way to the Public Goodp. 194
The Winner's Cursep. 200
A New Economic Orderp. 203
The Politics of a Consumption Economyp. 205
Gradual Economic Marginalizationp. 212
An Almost Empirep. 216
A New Economic Orderp. 220
Convergencep. 224
From Where Have We Come, and Where Will We Go?p. 233
From Producer of Ideas to Protector of Interestsp. 235
A Tear in the Social Fabricp. 247
Steady State and Sustainabilityp. 251
Dinosaurs and Economic Darwinismp. 256
Fifteen Policy Prescriptions for Relevancep. 271
Conclusionp. 281
Notesp. 284
Indexp. 291
Table of Contents provided by Ingram. All Rights Reserved.

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