An accessible interpretive briefing on currency exchange rates and why they matter to a host of constituencies ranging from...
Though best known in recent years as the author of fiscal entertainments (Zero Coupon, 1993, etc.), the Canadian-born Erdman is a bona fide economist and former Swiss banker.
If not invariably prophetic, his periodic observations on the Global Village's monetary systems are always worth attention for their lucid explications of a complex subject. The semi-sensational subtitle accurately reflects Erdman's focus on the long-range implications of the recent run on the US dollar, precipitated largely by the collapse of the Mexican peso and accompanied by a sharp rise in the value of the Japanese yen. Having outlined the major events of what he dubs the currency crisis of 1995, the author sorts through the conflicting claims as to who or what was to blame, subsequently ticking off winners (US exporters) and losers (mainly Japanese investors who had acquired American assets at inflated prices). Moving on to an after-the-fall audit of money markets, Erdman assesses the roles played by so- called speculators (commercial banks as well as hedge funds) and trade blocs (the EU, NAFTA, et al.). Offered as well are worst-case scenarios for an appreciably more competitive but debt-burdened US and a recession-ridden, deflation-afflicted Japan. That, however, is unlikely to happen, according to Erdman. He reminds us that Japan's much-vaunted economy is but one-half to three-fifths the size of America's in terms of purchase power parity, and notes as well that America retains comparative advantages in entrepreneurship, availability of venture capital, and minimal regulatory constraints. Erdman suggests that America (in partnership with a more open, less mercantile Japan) will provide the responsible leadership that ensures a prosperous tomorrow for the wider world.
An accessible interpretive briefing on currency exchange rates and why they matter to a host of constituencies ranging from policy makers to consumers.Pub Date: Sept. 30, 1996
ISBN: 0-312-15899-8
Page Count: 176
Publisher: St. Martin's
Review Posted Online: May 19, 2010
Kirkus Reviews Issue: July 1, 1996
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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