A treat for policy wonks and students of economics—and worth reading for anyone who plays the market.
If you have a rage for chaos, you’ll love the stock market—beg pardon, the equity culture—of the future.
The financial world is much different today from what it was just a few years ago, writes former stock trader Smith (Toward Rational Exuberance, 2001); just a generation ago, stock markets were widely regarded as “economic backwaters to be ignored or treated with disdain,” whereas between the great speculative bubbles of 1987 and 2000, untold numbers of First Worlders acquired significant amounts of stock, fueling an economic subsystem that in turn became increasingly critical to national economies around the globe—and that could send financial jitters around the planet in seconds, for these days an increasingly integrated global market is behaving ever so oddly, defying the formulas of the free-market ideology that so influence modern governmental policy, especially in the US and Britain. Smith ably traces the evolution of this global market from the early modern era to the present, touching on fiscal-policy differences that contributed, for instance, to the rise of England as Europe’s foremost power (for, unlike France, “economic activity in Britain was unencumbered by capital controls, heavy taxes, or attempts to regulate exchange rates or the money supply”) and to the eventual rise of the US as an economic superpower (ever gaining and losing ground to Europe and Japan, thanks to fiscal policy again). In an account that turns on plenty of head-splitting economic theory but remains reader-friendly, Smith suggests that free-market policy will continue to erode traditional practices (such as lifetime employment in Japan and management by consensus in Germany) and further internationalize the market, while an increasing acceptance of risk and the perils of equity financing on the part of consumers hints that we’re in for a bumpy ride.
A treat for policy wonks and students of economics—and worth reading for anyone who plays the market.Pub Date: Aug. 1, 2003
ISBN: 0-374-28175-0
Page Count: 368
Publisher: Farrar, Straus and Giroux
Review Posted Online: May 19, 2010
Kirkus Reviews Issue: June 15, 2003
BOOK REVIEW
Striking research showing the immense complexity of ordinary thought and revealing the identities of the gatekeepers in our...
A psychologist and Nobel Prize winner summarizes and synthesizes the recent decades of research on intuition and systematic thinking.
The author of several scholarly texts, Kahneman (Emeritus Psychology and Public Affairs/Princeton Univ.) now offers general readers not just the findings of psychological research but also a better understanding of how research questions arise and how scholars systematically frame and answer them. He begins with the distinction between System 1 and System 2 mental operations, the former referring to quick, automatic thought, the latter to more effortful, overt thinking. We rely heavily, writes, on System 1, resorting to the higher-energy System 2 only when we need or want to. Kahneman continually refers to System 2 as “lazy”: We don’t want to think rigorously about something. The author then explores the nuances of our two-system minds, showing how they perform in various situations. Psychological experiments have repeatedly revealed that our intuitions are generally wrong, that our assessments are based on biases and that our System 1 hates doubt and despises ambiguity. Kahneman largely avoids jargon; when he does use some (“heuristics,” for example), he argues that such terms really ought to join our everyday vocabulary. He reviews many fundamental concepts in psychology and statistics (regression to the mean, the narrative fallacy, the optimistic bias), showing how they relate to his overall concerns about how we think and why we make the decisions that we do. Some of the later chapters (dealing with risk-taking and statistics and probabilities) are denser than others (some readers may resent such demands on System 2!), but the passages that deal with the economic and political implications of the research are gripping.
Striking research showing the immense complexity of ordinary thought and revealing the identities of the gatekeepers in our minds.Pub Date: Nov. 1, 2011
ISBN: 978-0-374-27563-1
Page Count: 512
Publisher: Farrar, Straus and Giroux
Review Posted Online: Sept. 3, 2011
Kirkus Reviews Issue: Sept. 15, 2011
BOOK REVIEW
IN THE NEWS
These are not hard and fast rules, but Meyer delivers important reading for those engaged in international business.
A helpful guide to working effectively with people from other cultures.
“The sad truth is that the vast majority of managers who conduct business internationally have little understanding about how culture is impacting their work,” writes Meyer, a professor at INSEAD, an international business school. Yet they face a wider array of work styles than ever before in dealing with clients, suppliers and colleagues from around the world. When is it best to speak or stay quiet? What is the role of the leader in the room? When working with foreign business people, failing to take cultural differences into account can lead to frustration, misunderstanding or worse. Based on research and her experiences teaching cross-cultural behaviors to executive students, the author examines a handful of key areas. Among others, they include communicating (Anglo-Saxons are explicit; Asians communicate implicitly, requiring listeners to read between the lines), developing a sense of trust (Brazilians do it over long lunches), and decision-making (Germans rely on consensus, Americans on one decider). In each area, the author provides a “culture map scale” that positions behaviors in more than 20 countries along a continuum, allowing readers to anticipate the preferences of individuals from a particular country: Do they like direct or indirect negative feedback? Are they rigid or flexible regarding deadlines? Do they favor verbal or written commitments? And so on. Meyer discusses managers who have faced perplexing situations, such as knowledgeable team members who fail to speak up in meetings or Indians who offer a puzzling half-shake, half-nod of the head. Cultural differences—not personality quirks—are the motivating factors behind many behavioral styles. Depending on our cultures, we understand the world in a particular way, find certain arguments persuasive or lacking merit, and consider some ways of making decisions or measuring time natural and others quite strange.
These are not hard and fast rules, but Meyer delivers important reading for those engaged in international business.Pub Date: May 27, 2014
ISBN: 978-1-61039-250-1
Page Count: 288
Publisher: PublicAffairs
Review Posted Online: April 15, 2014
Kirkus Reviews Issue: May 1, 2014
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