Bookkeeping TextBooks: Hot Flat and Crowded or The Ascent of Money

Hot, Flat, and Crowded: Why We Need a Green Revolution - and How It Can Renew America

Author: Thomas L Friedman

Thomas L. Friedman's No. 1 bestseller The World Is Flat has helped millions of readers to see the world, and globalization, in a new way. With his latest book, Friedman brings a fresh and provocative outlook to another pressing issue: the interlinked crises of destabilizing climate change and rising competition for energy--both of which could poison our world if we do not act quickly and collectively. His argument speaks to the 2008 presidential election--and to all of us who are concerned about the state of America and its role in the global future.

"Green is the new red, white, and blue," Friedman declares, and proposes that an ambitious national strategy--which he calls geo-greenism--is not only what we need to save the planet from overheating, it is what we need to make America healthier, richer, more innovative, more productive, and more secure in the coming E.C.E.--the Energy-Climate Era. Green-oriented practices and technologies, established at scale everywhere from Washington to Wal-Mart, are both the only way to mitigate climate change and the best way for America to "get its groove back"--to "reknit America at home, reconnect America abroad, retool America for the new century, and restore America to its natural place in the global order."

As in The World Is Flat and his previous bestseller The Lexus and the Olive Tree, he explains the future we are facing through an illuminating account of recent events. He explains how 9/11, Hurricane Katrina, and the flattening of the world by the Internet, which has brought three billion new consumers onto the world stage, have combined to bring the climate and energy issues to main street. But they have not really gone down main street yet. Indeed, it is Friedman's view that we are not really having the green revolution that the press keeps touting, or, if we are, "it is the only revolution in history," he says, "where no one got hurt." No, to the contrary, argues Friedman, we're actually having a "green party." We have not even begun to be serious yet about the speed and scale of change that is required.

With all that in mind, Friedman lays out his argument that if we are going to avoid the worst disruptions looming before us as we enter the Energy-Climate Era, we are going to need several disruptive breakthroughs in the clean-technology sphere--disruptive in the transformational sense. He explores what enabled the disruptive breakthroughs that created the IT (Information Technology) revolution that flattened the world in information terms and then shows how a similar set of disruptive breakthroughs could spark the ET--Energy Technology--revolution. Time and again, though, Friedman shows why it is both necessary and desirous for America to lead this revolution--with the first green president, a green New Deal, and spurred by the Greenest Generation--and why meeting the green challenge of the twenty-first century could transform America every bit as meeting the Red challenge, that of Communism, did in the twentieth century.

Hot, Flat, and Crowded is classic Thomas L. Friedman--fearless, incisive, forward-looking, and rich in surprising common sense about the world we live in today.

The New York Times - David G. Victor

The litany of dangers has been told many times before, but Mr. Friedman's voice is compelling and will be widely heard…Heads will be nodding across airport lounges, as readers absorb Mr. Friedman's common sense about how America and the world are dangerously addicted to cheap fossil fuels while we recklessly use the atmosphere as a dumping ground for carbon dioxide.

The Washington Post - Joseph S. Nye Jr.

Like it or not, we need Tom Friedman. The peripatetic columnist has made himself a major interpreter of the confusing world we inhabit. He travels to the farthest reaches, interviews everyone from peasants to chief executives and expresses big ideas in clear and memorable prose. While pettifogging academics (a select few of whom he favors) complain that his catchy phrases and anecdotes sometimes obscure deeper analysis, by and large Friedman gets the big issues right.

Publishers Weekly

Pulitzer Prize-winning New York Times columnist Friedman (The World Is Flat) is still an unrepentant guru of globalism, despite the looming economic crisis attributable, in Friendman's view, to the U.S. having become a "subprime nation that thinks it can just borrow its way to prosperity." Friedman covers familiar territory (the need for alternate energy, conservation measures, recycling, energy efficiency, etc.) as a build-up to his main thesis: the U.S. market is the "most effective and prolific system for transformational innovation.... There is only one thing bigger than Mother Nature and that is Father Profit." While he remains ostensibly a proponent of the free market, he does not flinch from using the government to create conditions favorable to investment, such as setting a "floor price for crude oil or gasoline," and imposing a new gasoline tax ($5-$10 per gallon) in order to make investment in green technologies attractive to venture capitalists: "America needs an energy technology bubble just like the information technology bubble." To make such draconian measures palatable, Friedman poses a national competition to "outgreen" China, modeled on Kennedy's proposal to beat the Soviets to the moon, a race that required a country-wide mobilization comparable to the WWII war effort. Recognizing the looming threat of "petrodicatorship" and U.S. dependence on imported oil, this warning salvo presents a stirring and far-darker vision than Friedman's earlier books.
Copyright © Reed Business Information, a division of Reed Elsevier Inc. All rights reserved.

Risa Getman - Library Journal

The audio edition of three-time Pulitzer® Prize winner/New York Times columnist Friedman's The World Is Flat, which won an Audie® Award in 2006, remains Macmillan Audio's top-selling title of all time. Audie® Award-winning actor/narrator Oliver Wyman, who skillfully voiced that title, does the same with this one, in which Friedman addresses the triple threat of global warming, overconsumption, and population explosion not just to the environment but to political stability and the economy. The currency and gravity of this topic cannot be overstated; regardless of their political leanings, readers will sit up and listen. Highly recommended for all library collections; expect heavy demand. [Audio clip available through us.macmillan.com.-Ed.]

Kirkus Reviews

The world is flat, New York Times columnist Friedman told us in his bestselling 2005 book of that name. Now things are getting worse, and the clock is ticking. Americans have squandered most of the goodwill extended since 9/11, writes Friedman, and in the years of the Bush administration no thought has been given to what 9/12 is supposed to look like. The climate is changing, but the administration has spent most of its tenure denying it and insisting on a particularist view that we deserve to be profligate because we're Americans. Our political blindness and ignorance vis-a-vis other nations now butts up against the world's instability and, Friedman continues, "the convergence of hot, flat, and crowded is tightening energy supplies, intensifying the extinction of plants and animals, deepening energy poverty, strengthening petrodictatorship, and accelerating climate change." The way out of those tangles, he says, is for America to go green in any way possible-and to do it right away, investing in every kind of alternative and renewable energy form imaginable, setting the best of examples for the rest of the world and exporting green technologies everywhere, thus winning back allies and influencing people. Readers who have been paying attention to Fareed Zakaria, Jared Diamond or similar writers know most of this, but still the word has been slow getting out. Many others have written about these subjects, but few enjoy Friedman's audience, so it's good that he's turning to such matters, if a touch belatedly. His case studies-from New York City Mayor Michael Bloomberg's insistence on a fleet of hybrid taxis on the street to British firm Marks & Spencer's insistence that going green is PlanA and that "there is no Plan B" -are well-selected, detailed and, in the end, quite inspiring. That inspiration is needed, along with a lot of hard work. A timely, rewarding book. Agent: Esther Newberg/ICM

The Ascent of Money: A Financial History of the World

Author: Niall Ferguson

Niall Ferguson follows the money to tell the human story behind the evolution of finance, from its origins in ancient Mesopotamia to the latest upheavals on what he calls Planet Finance.

Bread, cash, dosh, dough, loot, lucre, moolah, readies, the wherewithal: Call it what you like, it matters. To Christians, love of it is the root of all evil. To generals, it's the sinews of war. To revolutionaries, it's the chains of labor. But in The Ascent of Money, Niall Ferguson shows that finance is in fact the foundation of human progress. What's more, he reveals financial history as the essential backstory behind all history.

Through Ferguson's expert lens familiar historical landmarks appear in a new and sharper financial focus. Suddenly, the civilization of the Renaissance looks very different: a boom in the market for art and architecture made possible when Italian bankers adopted Arabic mathematics. The rise of the Dutch republic is reinterpreted as the triumph of the world's first modern bond market over insolvent Habsburg absolutism. And the origins of the French Revolution are traced back to a stock market bubble caused by a convicted Scot murderer.

With the clarity and verve for which he is known, Ferguson elucidates key financial institutions and concepts by showing where they came from. What is money? What do banks do? What's the difference between a stock and a bond? Why buy insurance or real estate? And what exactly does a hedge fund do?

This is history for the present. Ferguson travels to post-Katrina New Orleans to ask why the free market can't provide adequate protection against catastrophe. He delves into the origins ofthe subprime mortgage crisis.

Perhaps most important, The Ascent of Money documents how a new financial revolution is propelling the world's biggest countries, India and China, from poverty to wealth in the space of a single generation-an economic transformation unprecedented in human history.

Yet the central lesson of the financial history is that sooner or later every bubble bursts-sooner or later the bearish sellers outnumber the bullish buyers, sooner or later greed flips into fear. And that's why, whether you're scraping by or rolling in it, there's never been a better time to understand the ascent of money.

The New York Times - Michiko Kakutani

…the book as a whole is animated by Mr. Ferguson's narrative gifts, among them his ability to discuss complex ideas in user-friendly terms. He also has a knack for illustrating his larger hypotheses with colorful stories about people like Nathan Rothschild (the subject of one of his earlier books); the Scottish economist and gambler John Law (described as "the man who invented the stock market bubble"); and the Nobel Prize-winning economist Milton Friedman and his so-called Chicago Boys

The Washington Post -

The pleasure of reading Ferguson's treatment comes partly from the clarity of his explanations of financial concepts but mostly from his pen portraits of the extravagantly gifted and flawed characters who have led money's long rise. He shows us how far we have come since Mesopotamian moneylenders developed rudimentary accounting around 1,000 B.C. and the Medici created elements of modern banking in 14th- and 15th-century Florence…an admirably illuminating book that will take its place beside such modern classics as John Train's The Money Masters, Peter L. Bernstein's Against the Gods, and Adam Smith's Supermoney.

Lawrence Maxted - Library Journal

With global financial markets experiencing severe turbulence, Harvard historian Ferguson (The Pity of War) presents a timely history of money and finance from the advent of coins to J.P Morgan Chase's takeover of Bear Stearns earlier this year. He describes humanity's major financial innovations such as banks, bonds, joint stock companies, insurance, and property ownership as well as the pitfalls of inflation, recessions, and asset bubbles. Ferguson finishes by discussing the various iterations of globalization over the past 100 years and one of the newest and currently most notorious financial developments: hedge funds. He keeps his story interesting with humor and unexpected twists such as how a fund to provide for the widows of Scottish clergymen laid the foundations for modern insurance theory. Commenting on the safety normally ascribed to investing in property, he observes ironically that the only real security entailed is for lenders who in the event of loan defaults can seize properties. Though not comprehensive in scope, Ferguson's lighthearted but thoughtful stroll through financial history is a welcome and recommended addition for public libraries and undergraduate collections. [See Prepub Alert, LJ7/08.]

Bookkeeping TextBooks

Saturday, November 28, 2009

Hot Flat and Crowded or The Ascent of Money