Economie

It's Wall Street's most painful paradox. Investors are more sophisticated than ever, are enabled by unprecedented technology, and protected by more government oversight and regulation than at any other time in history. Yet Wall Street is becoming a riskier and riskier place. Crashes and catastrophic losses seem commonplace. Hedge funds wreck on the financial shoals with a disturbingly familiar pattern. Worse, today's financial crises do not arise from economic instability or acts of nature, but from the very design of the financial markets themselves.

In A Demon of Our Own Design, Richard Bookstaber paints a vivid picture of a financial world that is ever edging toward disaster. As a hedge fund 'rocket scientist,' Bookstaber provides an insider's perspective to the tumultuous management decisions made by some of the world's most powerful financial figures from Warren Buffett to Sandy Weill to John Meriwether,as well as recounting his own contribution to market calamities. He designed some of the complex options and derivatives that, combined with the globalization of the world's markets and the ever-increasing speed of transactions, allow markets to slide out of control. And he explains why the best efforts of institutions on the front lines to create safeguards, manage risk, and regulate the markets may end up contributing to instability. Bookstaber argues that many of the financial innovations and regulations that are supposed to level the playing field instead make the markets more dangerous for all the players, big and small.

Drawing on his intimate knowledge of such infamous disasters as the 1987 Crash and the demise of Long-Term Capital Management, Bookstaber identifies the key areas that make markets vulnerable: liquidity that begets greater leverage; innovation that creates greater complexity; and a structure that demands a nonhuman level of rationality. The twofold solution he suggests—reducing complexity and breaking the tight coupling of transactions—goes against the prevailing winds of Wall Street, but will lead to a more robust and survivable market.

The Chinese and U.S. economies have been locked in an uncomfortable embrace since the late 1970s. Although the relationship initially arose out of mutual benefits, in recent years it has taken on the trappings of an unstable codependence, with the two largest economies in the world losing their sense of self, increasing the risk of their turning on one another in a destructive fashion. In Unbalanced: The Codependency of America and China Stephen Roach, senior fellow at Yale University and former chairman of Morgan Stanley Asia, lays bare the pitfalls of the current China-U.S. economic relationship. He highlights the conflicts at the center of current tensions, including disputes over trade policies and intellectual property rights, sharp contrasts in leadership styles, the role of the Internet, the recent dispute over cyberhacking, and more. A firsthand witness to the Asian financial crisis of the late 1990s, Roach likely knows more about the U.S.-China economic relationship than any other Westerner. Here he discusses: * Why America saving too little and China saving too much creates mounting problems for both* How China is planning to re-boot its economic growth model by moving from an external export-led model to one of internal consumerism with a new focus on service industries* How America, shows a disturbing lack of strategy, preferring a short-term reactive approach over a more coherent Chinese-style planning framework* The way out: what America could do to turn its own economic fate around and position itself for a healthy economic and political relationship with China In the wake of the 2008 crisis, both unbalanced economies face urgent and mutually beneficial rebalancings. Unbalanced concludes with a recipe for resolving the escalating tensions of codependence. Roach argues that the Next China offers much for the Next America-and vice versa.

Vaak zien wij Nederlanders onszelf als een degelijk en spaarzaam volk en we leggen de schuld van de huidige financiële crisis maar al te graag bij de Amerikanen. Die zouden maar raak besteden en zichzelf onbeperkt in de schulden steken. Jaap van Duijn laat in De schuldenberg echter zien dat de schulden van Nederlandse gezinnen veel groter zijn dan die van Amerikaanse gezinnen en dat Amerikaanse banken veel meer eigen vermogen hebben dan Nederlandse. Van Duijn voorspelt bovendien dat de schuldenberg een terugkeer naar financiële degelijkheid zal forceren, iets wat na eerdere schuldexplosies ook altijd is gebeurd. Het is onvermijdelijk dat banken minder gemakkelijk geld zullen uitlenen aan gezinnen en dat huizenkopers weer moeten leren sparen en eerder hun leningen zullen moeten aflossen. En we moeten ook nog op de blaren zitten: van eerdere crises weten we dat niet iedere overheid, niet iedere bank en niet iedere onderneming haar schulden zal afbetalen. De schuldenberg opent genadeloos onze ogen voor de penibele situatie waarin we ons momenteel bevinden. Het is een glasheldere analyse van onze economische situatie en bovendien een kritische evaluatie van de aangekondigde bezuinigingen van het kabinet-Rutte.

Er is iets vreemds aan de hand. We waren nog nooit zo rijk als nu. Bedrijfswinsten, vermogens, pensioenpotten: naar bijna alle traditionele maatstaven leven we in uitzonderlijk welvarende tijden. Maar wie beter kijkt, ziet dat steeds minder mensen meedelen in al die welvaart. Ouderen moeten langer door tot hun pensioen. Jongeren hebben het voor het eerst minder goed dan hun ouders. En een woning is in veel steden ook voor de betere middenklasse onbetaalbaar. Zelfs wie zuinig leeft heeft een probleem: sparen kost binnenkort geld. Sander Heijne en Hendrik Noten onderzochten waar het misging met onze economie. Hoe kan het dat vrijwel niemand de groei van de economie nog terugziet in zijn of haar portemonnee? Wat bedoelen onze politici eigenlijk, als ze elkaar feliciteren met een 'goed presterende economie'? De zoektocht bracht ze van premier Rutte tot de oprichters van Uber, naar de boeken van Adam Smith. En van conferenties op Zwitserse bergtoppen tot de achterkamertjes van Den Haag. Vliegend door de tijd ontrafelen ze het systeem en rollen ze van de ene verbazing in de andere. Met als conclusie: de huidige hang naar groei is geen noodzaak, maar het resultaat van een verhaal dat we zijn gaan geloven. Er is niets vanzelfsprekends aan stagnerende lonen of veel te hoge huizenprijzen. Het kan anders: eerlijker en duurzamer. Het is tijd voor een nieuw verhaal, waarin de economie weer voor ons werkt, in plaats van wij voor de economie.

Nederland kan de komende twintig jaar weinig economische groei meer verwachten, stelt Jaap van Duijn. Na de ongekende welvaartsstijging sinds de Tweede Wereldoorlog hebben we nu te kampen met verzadiging, vergrijzing en de concurrentie van nieuwe landen. Op termijn zal de bevolking gaan dalen. Voor onze rijkdom hebben we een hoge prijs betaald: een aanslag op het milieu, een overvol land, een verlies aan rust en ruimte. Aan meer materiële welvaart is nauwelijks behoefte - wel aan meer welzijn. Maar zijn we bereid de inspanningen te verrichten om terug te winnen wat verloren is gegaan? Bestaat er een Nederland na de groei?

Analyse van de onevenwichtigheden in de hedendaagse Nederlandse economie, met suggesties ter verbetering.

De crisis rond de Europese Monetaire Unie (emu) lijkt niet te stoppen. Het gaat allang niet meer alleen om het begrotingstekort van de Griekse overheid; de toekomst van de gezamenlijke Europese munt staat volop ter discussie. Politiek, economie en emotie strijden in het debat om voorrang. De economische kant van de kwestie wordt vaak als ingewikkeld en onbegrijpelijk gezien. Dat is onterecht.
In dit boek zet het Centraal Planbureau op basis van de meest recente gegevens op begrijpelijke en toegankelijke wijze de belangrijkste kwesties die met de Europese schuldencrisis samenhangen op een rij. Waar ging het mis? Wat is er sindsdien gebeurd? En hoe moet het nu verder met de euro?

Dit boek is geschreven door de CPB-medewerkers Michiel Bijlsma, George Gelauff, Arjan Lejour, Mark Roscam Abbing en Coen Teulings.

Oorzaken en gevolgen van de kredietcrisis van 2008 en een beschrijving van de in de ogen van de auteur te nemen maatregelen.

Best known for his revolutionary free-market economics treatise The Wealth of Nations, Adam Smith was first and foremost a moral philosopher. In his first book, The Theory of Moral Sentiments, he investigated the flip side of economic self-interest: the interest of the greater good. Smith's classic work advances ideas about conscience, moral judgment, and virtue that have taken on renewed importance in business and politics. Introduction by Amartya Sen.

The end of capitalism is always around the corner. Why do we keep predicting its demise, and how has it survived so many external shocks and internal contradictions? Francesco Boldizzoni traces the history of a prophecy unrealized and identifies the source of capitalism’s durability: its rootedness in Western social hierarchies and individualism.

From the international bestselling author of Principles and legendary investor Ray Dalio, who has spent half a century studying global markets, The Changing World Order examines history’s most turbulent economic and political periods to reveal why the times ahead will likely be radically different from those we’ve experienced in our lifetimes. A few years ago, renowned investor Ray Dalio began noticing a confluence of political and economic conditions he hadn’t encountered before in his fifty-year career. They included large debts and zero or near-zero interest rates in the world’s three major reserve currencies; significant wealth, political and values divisions within countries; and emerging conflict between a rising world power (China) and the existing one (US). Seeking to explain the cause-effect relationships behind these conditions, he began a study of analogous historical times and discovered that such combinations of conditions were characteristic of periods of transition, such as the years between 1930 and 1945, in which wealth and power shifted in ways that reshaped the world order. Looking back across five hundred years of history and nine major empires - including the Dutch, the British and the American - The Changing World Order puts into perspective the cycles and forces that have driven the successes and failures of all the world’s major countries throughout history. Dalioreveals the timeless and universal dynamics that were behind these shifts, while also offering practical principles for policymakers, business leaders, investors and others operating in this environment.

Published in the same year as the American Declaration of Independence, The Wealth of Nations has had an equally great impact on the course of modern history. Adam Smith's celebrated defence of free market economics is notable also as one of the Enlightenment's most eloquent testaments to the sanctity of the individual in his relations to the state.

Aan de hand van interviews met medewerkers van grote bancaire instellingen in Londen, ontleedt Luyendijk stap voor stap de pijnpunten die hebben geleid tot de financiële crisis.

Er was een tijd dat luxe alleen maar bereikbaar was voor koningshuizen en aristocraten. Luxe was meer dan een product: het was een stijl, die stond voor superieure kwaliteit en traditie. Die tijd is voorbij; de markt wordt nu gedomineerd door grote ondernemingen die uitsluitend bezig zijn met groei, zichtbaarheid, merkbewustzijn, reclame en, boven alles, winst. Dana Thomas heeft de wereld rondgereisd en gesproken met directeuren en fabrieksarbeiders, met gewone consumenten en met de wereld van oud geld en oude luxe. In dit boek onthult ze alle duistere geheimen over de luxe-industrie die Prada, Gucci en Burberry liever verborgen zouden houden.

Het milieu stelt ons voor de grootste uitdaging van onze tijd en hoewel iedereen ervan overtuigd is dat we ons gedrag moeten veranderen, is Daniel Goleman de eerste die de oplossing zoekt op het gebied van de psychologie. In Groene intelligentie beschrijft hij niet alleen hoe we ons gedrag moeten veranderen, maar ook wat ervoor nodig is om een mentaliteitsverandering tot stand te brengen. We weten te weinig over de consequentie van ons koop- en consumeergedrag, en het is ook de verantwoordelijkheid van bedrijven om ons daarop te wijzen en erop in te spelen. In het verlengde van sociale intelligentie ligt groene of ecologische intelligentie, want het is te laat om te kopen zonder erbij na te denken.' Bron: Flaptekst, uitgeversinformatie.

It has been a brave new world for investors, since the explosion of dot.coms onto the scene. What is their worth? How do you assess them as an investor? How do you apply traditional investment analysis to valueing them and what new analysis tools do you need? And what about companies that blend the old and new economies? How do you assess them as well? These are the frontiers on Valuation.

What I am seeking here is a better understanding of the contradictions of capital, not of capitalism. I want to know how the economic engine of capitalism works the way it does, and why it might stutter and stall and sometimes appear to be on the verge of collapse. I also want to show why this economic engine should be replaced, and with what. --from the Introduction
To modern Western society, capitalism is the air we breathe, and most people rarely think to question it, for good or for ill. But knowing what makes capitalism work--and what makes it fail--is crucial to understanding its long-term health, and the vast implications for the global economy that go along with it.
In Seventeen Contradictions and the End of Capitalism, the eminent scholar David Harvey, author of A Brief History of Neoliberalism, examines the internal contradictions within the flow of capital that have precipitated recent crises. He contends that while the contradictions have made capitalism flexible and resilient, they also contain the seeds of systemic catastrophe. Many of the contradictions are manageable, but some are fatal: the stress on endless compound growth, the necessity to exploit nature to its limits, and tendency toward universal alienation. Capitalism has always managed to extend the outer limits through spatial fixes, expanding the geography of the system to cover nations and people formerly outside of its range. Whether it can continue to expand is an open question, but Harvey thinks it unlikely in the medium term future: the limits cannot extend much further, and the recent financial crisis is a harbinger of this.
David Harvey has long been recognized as one of the world s most acute critical analysts of the global capitalist system and the injustices that flow from it. In this book, he returns to the foundations of all of his work, dissecting and interrogating the fundamental illogic of our economic system, as well as giving us a look at how human societies are likely to evolve in a post-capitalist world.

I learned much from this book I had not previously known. Its cautions for the future should be required reading for all policy makers. - Warren Buffett 2008 saw one of the worst financial crises in generations, the global implications of which are still being felt today. Ten years later Ben Bernanke, Timothy Geithner and Hank Paulson reflect on the causes of the crisis, why it was so damaging, and what it ultimately took to prevent a second Great Depression. All three had crucial roles in the government's response- Ben S. Bernanke as chairman of the Federal Reserve; Henry M. Paulson, Jr., as secretary of the Treasury under President George W. Bush; Timothy F. Geithner as president of the Federal Reserve Bank of New York during the Bush years and then Treasury secretary under President Barack Obama. A powerful, warts and all account told with unprecedented clarity; from the flawed human response to the necessity to learn from the past and help firefighters of the future protect economies from the ravages of financial crises. Firefighting is a vital account of a defining moment in modern history and an inspiring lesson on leadership through crisis

The main driver of inequality--returns on capital that exceed the rate of economic growth--is again threatening to generate extreme discontent and undermine democratic values. Thomas Piketty's findings in this ambitious, original, rigorous work will transform debate and set the agenda for the next generation of thought about wealth and inequality.

De mening over de informatie- en communicatietechnologie (ICT) fluctueert al even heftig als de internetaandelen op de beurs: na ongebreideld optimisme komt pessimisme. Betekent de nieuwe ICT een revolutie die economie en samenleving diepgaand zal veranderen? Of is er slechts sprake van een kortstondige hype, van jonge wijn in oude zakken?

Met bijdragen van o.a.: Nout Wellink, Hein Schreuder, Paul Rosenmoller, Lodewijk de Waal en Wim Dik.

Companies like Google and Apple heralded the information revolution, and opened the doors for Silicon Valley to grow into an engine of dazzling technological development, that today champions the free market that engendered it against the supposedly stifling encroachment of government regulation. But is that really the case? In this sharp and controversial expose,The Entrepreneurial State, Mariana Mazzucato debunks the pervasive myth that the state is a laggard, bureaucratic apparatus at odds with a dynamic private sector. Instead she reveals in case study after case study that, in fact, the opposite is true: the state is our boldest and most valuable innovator.

The technology revolution would never have happened without support from the US Government. The breakthroughsGPS, touch-screen displays, the Internet, and voice-activated AIthat enabled legendary Apple products to be smart successes were, in fact, all developed with support from the state. Mazzucato reveals that many successful entrepreneurs like Steve Jobs integrated state-funded technological developments into their products and then reaped the rewards themselves. The algorithm behind Google’s search engine was initially sponsored by NASA. And 75% of NMEsnew, often-ground-breaking drugs not derivative of existing substancestrace their research to National Institutes of Health (NIH) labs. The American government, it turns out, has been enormously successfully at stimulating scientific and technological advancement.

But by 2009, just some months following the Great Recessionthe US government, constrained by austerity measures, started disinvesting from its holdings in research fields like health, energy, electronics. The trend is likely to continue, and the repercussions of these policies could wreak havoc on our technology and science sectors. But Mazzucato remains optimistic. If managed correctly, state-sponsored development of Green technology, for instance, could be as efficacious as suburbanization & post-war reconstruction in the mid-twentieth century, and unleash a wide-spread golden age in the global economy.

The limitations of natural resources and the threat of global warming could become the most powerful driver of growth, employment, and innovation within just one generationbut to be successful, the Green Revolution will depend on the initiatives of proactive governments. By not admitting the State’s role in economic and technological progress, we are socializing only the risks of investing in innovation, while privatizing the rewards in the hands of only a few businesses. This, Mazzucato argues, hurts both future of innovation and equity in modern-day capitalism.

For policy-makers, Silicon Valley start-up founders, venture-capitalists, and economists alike,The Entrepreneurial State stirs up much needed debate and offers up a brilliant corrective to spurious beliefs: to thrive, American businesses have always and will need to depend on the support of our country’s most audacious entrepreneur, the state.

Analyse door de Amerikaanse econoom van de huidige problemen in de wereldeconomie.

From the tranquility of an Oriental monastery to the tumult of the New York Stock Exchange, the hero of this amazing novel embarks on a quest for a father, a fortune, and the ultimate essence of the universe. The illegitimate son of a Chinese woman and an American officer, he was reared as an orphan by Taoist monks. When he learns that his father may be a wealthy Wall Street entrepreneur, he feels compelled to go to New York. His efforts to reconcile his two lives -- to find the Tao in the Dow -- make a story rich in character, wit, and insight.

An authoritative account of the dangers of unfettered markets and monied politics, People, Power, and Profits shows us an America in crisis. The American people, however, are far from powerless, and Joseph Stiglitz provides an alternative path forward through his vision of progressive capitalism, with a comprehensive set of political and economic changes.