An in-depth (sometimes excruciatingly so) financial history of a complex organization.
A somewhat dense, albeit informative, history and overview of the Federal Reserve System and its impact on the global economy.
Alan Greenspan, chairman of the Federal Reserve Board, has sheparded the US economy through the longest period of sustained growth in the nation’s history. Financial columnist (and Wall Street Journal contributor) Mayer’s analysis of the Greenspan era includes a history of the early stages of central banking in Europe and the US, highlighting the often-bitter struggles that took place between bankers and regulators for control of the central banks. Although this story has been told many times before, the author provides some new insights into the bureaucratic rivalries that have resulted in the Fed’s independence and extraordinary economic and corporate power. These rivalries have also, on occasion, given rise to near-comical financial transactions—such as a standoff that took place between the Federal Reserve and the Treasury in the early 1950s, resulting in the issuance of government bonds that were immediately purchased in toto by Fed officials who had opposed the issue. Mayer is a sharp observer, and he offers some blunt commentary on many of the players involved (referring to John Snyder, former Treasury Secretary under Truman, as a “total lightweight”), as well as an in-depth look at the differences in the development of American and European central banking systems. He offers a pretty thorough portrait of the Fed’s current role in the financial marketplace, describing the Fed’s wire system and supervisory functions (and sometimes losing the reader in an alphabet soup of government-agency acronyms). Anecdotal illustrations showing the Fed at its best and worst (such as its intervention in the markets following the 1987 crash and the failed supervision in 1998 of Long Term Capital Management) add some light and air to a fairly heavy work.
An in-depth (sometimes excruciatingly so) financial history of a complex organization.Pub Date: June 11, 2001
ISBN: 0-684-84740-X
Page Count: 368
Publisher: Free Press
Review Posted Online: May 19, 2010
Kirkus Reviews Issue: April 15, 2001
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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