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Balance : the economics of great powers from ancient Rome to modern America / Glenn Hubbard and Tim Kane.
Lippincott Library HB74.P65 H83 2013
Available
- Format:
- Book
- Author/Creator:
- Hubbard, R. Glenn.
- Language:
- English
- Subjects (All):
- Economics--Political aspects.
- Economics.
- Political science--Economic aspects.
- Political science.
- Balance of power--Economic aspects.
- Balance of power.
- Economic history--Political aspects.
- Economic history.
- Physical Description:
- xii, 351 pages : illustrations, maps ; 24 cm
- Edition:
- First Simon and Schuster hardcover edition.
- Place of Publication:
- New York : Simon & Schuster, 2013.
- Summary:
- A quarter century after Paul Kennedy's The Rise and Fall of the Great Powers, Glenn Hubbard and Tim Kane present a bold, sweeping account of why powerful nations and civilizations break down under the heavy burden of economic imbalance. Introducing a profound new measure of economic power, Balance traces the triumphs and mistakes of imperial Britain, the paradox of superstate California, the long collapse of Rome, and the limits of the Japanese model of growth. Most importantly, Hubbard and Kane compare the twenty-first-century United States to the empires of old and challenge Americans to address the real problems of our country's dysfunctional fiscal imbalance. If there is not a new economics and politics of balance, they show that there will be an inevitable demise ahead.
- Contents:
- 1 Introduction 1
- America's Existential Threat Is Fiscal 5
- The Entitlement State 8
- The Democracy Paradox 11
- Road Map 13
- 2 The Economics of Great Power 16
- What Is the Wealth of a Nation? 20
- Microscopes and Telescopes 25
- Keep Fear Alive 30
- Confusion and Consensus (A Necessary Primer on Growth) 35
- The Relativism of Paul Kennedy 39
- But China Is Different! 41
- The Problem with Growth 43
- How to Measure Economic Power 45
- An Economic Power Worldview 51
- The Behavioral Explanation for Declinism 53
- 3 Economic Behavior and Institutions 55
- How Do People Really Behave? 59
- National Vision and Division 62
- A Bird in the Hand 66
- The Tall Man Problem 70
- Economic and Political Institutions 73
- Template for Great Power Imbalance 78
- 4 The Ruin of Rome 80
- A Sketch of the Roman Economy 82
- Caesarian Seeds 85
- Evidence of the Fall 91
- Imperial Imbalance 93
- The Beginning of the End: Trajan's Accession 94
- The Middle of the End: The Severan Debasement 98
- The End of the End: Diocletian's Command Economy 103
- The Collective Action Problem 105
- 5 Treasure of China 108
- Master Kong 109
- The Only Constant Is Change 112
- Innovation and Growth 114
- The Real Story of the Treasure Ships 118
- The Great Divergence 122
- Overstretch or Inwardness or... 123
- 6 The Sun Fades on Spain 126
- A Century of (Geographic) Growth 128
- Almost a Superpower 131
- Silver Foundations 133
- Property Rights and Wrongs 138
- Political Crowding Out 141
- 7 Rule of Slaves; The Ottoman Paradox 145
- Tolerance and Diversity 148
- The Janissaries 151
- Tax Farming 154
- Too Little, Too Late? 156
- 8 Japanese Opening 158
- Fuseki: John Manjiro and the Meijin 160
- Tesuji: Key Features of the Asian Miracle 165
- New Fuseki: Will Japan Rise Again? 171
- 9 British Decimation 176
- How Did Britain Grow? 179
- Prophecy in Vain 183
- Greater Britain Redux 188
- 10 Europa: Unity and Diversity 191
- Statism in Two Stales 192
- Theoretical Models and European Supermodels 196
- Eurozone Pros, Cons, and Interest Rates 199
- Is the Eurozone Crisis a Euro Crisis? 204
- Taking Measure of Institutions 206
- The Ghost of Christmas Yet to Come 211
- 11 California Dreaming 213
- Empire of Liberty, Union of States 217
- Government Bondage (Munis and Pensions) 221
- Breaking the Tension 224
- A State of Denial (Taxes, Deficits, Rail) 227
- Meet the Hew Praetorians 230
- Term Limits and Time Preferences 231
- Polarization by Design 234
- Bankrupt Incentives 235
- 12 United States Beyond the Consequence Horizon 239
- The Center Holds 240
- A First Look at Polarization 243
- The History and Future of Debt 252
- "Entitlements" Primer 254
- Breaking a Political Prisoners' Dilemma 258
- A Second Look at Polarization 261
- 13 Amending America 268
- The Lessons of Great Power History 269
- Balance of Economics 276
- The Optimal Economic Future 279
- Defending Democracy 283
- The Reform Odyssey 286
- The Twenty-Eighth Amendment? 289
- American Rebirth 295.
- Notes:
- Includes bibliographical references (pages [299]-310) and index.
- ISBN:
- 9781476700250
- 1476700257
- 9781476700274
- 1476700273
- OCLC:
- 828143785
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