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                "description": "<p>Why we need to heed the lessons of high inflation<br><br>Today's global economy, with most developed nations experiencing very low inflation, seems a world apart from the \"Great Inflation\" that spanned the late 1960s to early 1980s. Yet, in this book, Brigitte Granville makes the case that monetary economists and policymakers need to keep the lessons learned during that period very much in mind, lest we return to them by making the same mistakes we made in the past.<br><br>Granville details the advances in macroeconomic thinking that gave rise to the \"Great Moderation\"a period of stable inflation and economic growth, which lasted from the mid-1980s through the most recent financial crisis. She makes the case that the central banks' management of monetary policyhinging on expectations and credibilitybrought about this period of stability, and traces the roots of this success back to the eighteenth-century foundations of modern monetary thought.<br><br>Tackling fundamental questions such as the causes of inflation and its relation to unemployment and growth, the natural rate of inflation hypothesis, the fiscal theory of the price level, and the proper goals of central banks, the book aims above all to demonstrate the dangers of forgetting the role of credibility in establishing sound monetary policy. With the lessons of the past firmly in mind, Granville presents stimulating ideas and proposals about inflation-targeting principles, which provide tools for present-day monetary authorities dealing with the forces of globalization, mercantilism, and reserve accumulation.</p>",
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                "description": "<p>The worldwide rise of sovereign wealth funds is emblematic of the ongoing transformation of nation-state economic prospects. Sovereign Wealth Funds maps the global footprints of these financial institutions, examining their governance and investment management, and issues of domestic and international legitimacy. Through a variety of case studies--from the China Investment Corporation to the funds of several Gulf states--the authors show that the forces propelling the adoption and development of sovereign wealth funds vary by country. The authors also show that many of these investment institutions have identifiable commonalities of form and function that match the core institutions of Western financial markets.<br><br><br>  The authors suggest that the international legitimacy of sovereign wealth funds is based on the degree to which their design and governance match Western expectations about investment management. Undercutting commonplace assumptions about the emerging world of the twenty-first century, the authors demonstrate that even small countries with large and globally oriented sovereign wealth funds are likely to play a significant role in international relations.<br><br><br><br> Sovereign Wealth Funds considers how such financial organizations have altered not only the face of finance, but also the international geopolitical landscape.</p>",
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                "description": "Why do Internet, financial service, and beer commercials dominate Super Bowl advertising? How do political ceremonies establish authority? Why does repetition characterize anthems and ritual speech? Why were circular forms favored for public festivals during the French Revolution? This book answers these questions using a single concept: common knowledge.  Game theory shows that in order to coordinate its actions, a group of people must form \"common knowledge.\" Each person wants to participate only if others also participate. Members must have knowledge of each other, knowledge of that knowledge, knowledge of the knowledge of that knowledge, and so on. Michael Chwe applies this insight, with striking erudition, to analyze a range of rituals across history and cultures. He shows that public ceremonies are powerful not simply because they transmit meaning from a central source to each audience member but because they let audience members know what other members know. For instance, people watching the Super Bowl know that many others are seeing precisely what they see and that those people know in turn that many others are also watching. This creates common knowledge, and advertisers selling products that depend on consensus are willing to pay large sums to gain access to it. Remarkably, a great variety of rituals and ceremonies, such as formal inaugurations, work in much the same way.  By using a rational-choice argument to explain diverse cultural practices, Chwe argues for a close reciprocal relationship between the perspectives of rationality and culture. He illustrates how game theory can be applied to an unexpectedly broad spectrum of problems, while showing in an admirably clear way what game theory might hold for scholars in the social sciences and humanities who are not yet acquainted with it. In a new afterword, Chwe delves into new applications of common knowledge, both in the real world and in experiments, and considers how generating common knowledge has become easier in the digital age.",
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                "description": "<p>Which way will Egypt go now that Husni Mubarak's authoritarian regime has been swept from power? Will it become an Islamic theocracy similar to Iran? Will it embrace Western-style liberalism and democracy? Egypt after Mubarak reveals that Egypt's secularists and Islamists may yet navigate a middle path that results in a uniquely Islamic form of liberalism and, perhaps, democracy. Bruce Rutherford draws on in-depth interviews with Egyptian judges, lawyers, Islamic activists, politicians, and businesspeople. He utilizes major court rulings, political documents of the Muslim Brotherhood, and the writings of Egypt's leading contemporary Islamic thinkers. Rutherford demonstrates that, in post-Mubarak Egypt, progress toward liberalism and democracy is likely to be slow.<br><br><br>  Essential reading on a subject of global importance, this edition includes a new introduction by Rutherford that takes stock of the Arab Spring and the Muslim Brotherhood's victories in the 2011-2012 elections.</p>",
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