The Creation and Destruction of Value: The Globalization Cycle by Harold James (

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Harold James examines the vulnerability and fragility of processes of globalization, both historically and in the present. This book applies lessons from past breakdowns of globalization—above all in the Great Depression—to show how financial crises provoke backlashes against global integration.

FORMATPaperback LANGUAGEEnglish CONDITIONBrand New Publisher Description

Harold James examines the vulnerability and fragility of processes of globalization, both historically and in the present. This book applies lessons from past breakdowns of globalization-above all in the Great Depression-to show how financial crises provoke backlashes against global integration: against the mobility of capital or goods, but also against flows of migration. By a parallel examination of the financial panics of 1929 and 1931 as well as that of 2008, he shows how banking and monetary collapses suddenly and radically alter the rules of engagement for every other type of economic activity. Increased calls for state action in countercyclical fiscal policy bring demands for trade protection. In the open economy of the twenty-first century, such calls are only viable in very large states-probably only in the United States and China. By contrast, in smaller countries demand trickles out of the national container, creating jobs in other countries. The international community is thus paralyzed, and international institutions are challenged by conflicts of interest. The book shows the looming psychological and material consequences of an interconnected world for people and the institutions they create.

Notes

No one is better qualified than Harold James to explore the similarities and differences between recent events and the early 1930s. A model of lucid exposition, The Creation and Destruction of Value confirms that if you want to understand our current predicament, history is a much better guide than economics. -- Niall Ferguson, Harvard University, author of The Ascent of Money A masterly account. James commands his subject like no other. The lessons of 1931 for today's world are compelling. Like Humpty Dumpty, globalization is broken, and it will take time to put it together again. -- David Marsh, author of The Euro: The Politics of the New Global Currency

Author Biography

Harold James is the Claude and Lore Kelly Professor in European Studies and Professor of History and International Affairs at Princeton University.

Table of Contents

* Acknowledgments * Introduction * The End of Globalization: A Millennial Perspective * Which Historical Analogy Applies, 1929 or 1931? * The Crash of 2008: The Weekends That Made History * The Extent and Limit of the Financial Revolution * The Importance of Power Politics * Uncertainty of Values * Notes * Index

Review

No one is better qualified than Harold James to explore the similarities and differences between recent events and the early 1930s. A model of lucid exposition, The Creation and Destruction of Value confirms that if you want to understand our current predicament, history is a much better guide than economics. -- Niall Ferguson, Harvard University, author of The Ascent of MoneyA masterly account. James commands his subject like no other. The lessons of 1931 for today's world are compelling. Like Humpty Dumpty, globalization is broken, and it will take time to put it together again. -- David Marsh, author of The Euro: The Politics of the New Global CurrencyThe reflections of Harold James, an economic historian at Princeton University and a long-time student of what makes globalization happen, would be of interest even in times more tranquil than these. But at a moment when the march of global integration has been stalled by a financial crisis unparalleled since the 1930s, Mr. James is a particularly fitting guide...At a time when economists are accused of having forgotten history, yet few historians can explain the world of bank bail-outs and the turmoil they cause, Mr. James has a rare gift for being able to marshal an impressive knowledge of economic and financial history in order to highlight previously unrecognized connections with the past. * The Economist *Unsurprisingly there have been a host of books about the banking crisis and its consequences. But they have mostly had a "whodunnit?" tone to them, seeking to explain what happened and apportion the blame, rather than giving us some feeling for how the world economy might dig itself out of the crisis and how effectively it might develop in the years to come. So Harold James' new book deserves a special welcome for giving us a framework to try to do this, for he is an historian rather than an economist...Anyone expecting his new book to explain why this current crisis will end the burst of globalization will be disappointed. His argument is more subtle and more interesting...Where he adds most value is in his effort to put the crisis into its international political context, asking some tough questions on the way. -- Hamish McRae * The Independent *From the current vantage point--rising stock prices amid a weak economic recovery and double-digit unemployment--it is too soon to know whether the current crisis will be remembered as a financial shock that failed to throw off the trajectory of globalization, or if it marks the start of a more fundamental re-ordering. James modestly and appropriately avoids trying to answer that question. But he asks all the right ones, offering a brilliant tour through the Great Depression and the current crisis. -- Edward Alden * Forbes.com *The recent U.S. financial meltdown that spread throughout the world stimulated a plethora of analyses of the causes and consequences of this catastrophe. However, few studies are as insightful as this short but important work. -- D. C. Messerschmidt * Choice *

Promotional

No one is better qualified than Harold James to explore the similarities and differences between recent events and the early 1930s. A model of lucid exposition, The Creation and Destruction of Value confirms that if you want to understand our current predicament, history is a much better guide than economics. -- Niall Ferguson, Harvard University, author of The Ascent of Money A masterly account. James commands his subject like no other. The lessons of 1931 for today's world are compelling. Like Humpty Dumpty, globalization is broken, and it will take time to put it together again. -- David Marsh, author of The Euro: The Politics of the New Global Currency

Review Quote

Unsurprisingly there have been a host of books about the banking crisis and its consequences. But they have mostly had a "whodunnit?" tone to them, seeking to explain what happened and apportion the blame, rather than giving us some feeling for how the world economy might dig itself out of the crisis and how effectively it might develop in the years to come. So Harold James' new book deserves a special welcome for giving us a framework to try to do this, for he is an historian rather than an economist...Anyone expecting his new book to explain why this current crisis will end the burst of globalization will be disappointed. His argument is more subtle and more interesting...Where he adds most value is in his effort to put the crisis into its international political context, asking some tough questions on the way.

Details ISBN0674066189 Author Harold James Short Title CREATION & DESTRUCTION OF VALU Publisher Harvard University Press Language English ISBN-10 0674066189 ISBN-13 9780674066182 Media Book Format Paperback DEWEY 337 Imprint Harvard University Press Subtitle The Globalization Cycle Place of Publication Cambridge, Mass Country of Publication United States Illustrations 7 figures Birth 1956 Affiliation Princeton University Residence US NZ Release Date 2020-09-11 UK Release Date 2020-09-11 Pages 336 Audience General AU Release Date 2012-10-21 Year 2012 Publication Date 2012-10-22 US Release Date 2012-10-22 We've got this

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