The Cash Nexus: Money and Power in the Modern World, 1700-2000

Book Description

An acclaimed historian offers a radical new history of the links between politics and economics, one that draws unsettling conclusions about the future of both capitalism and democracy Does money make the world go round, as Cabaret's Master of Ceremonies sang to us? In The Cash Nexus, acclaimed historian Niall Ferguson offers a radical and surprising answer-No. Conventional wisdom has long claimed that economic change is the prime mover of political change, whether in the age of industry or the Internet. In our own time Paul Kennedy has claimed that economics provided the key to international power, while Francis Fukuyama and others have argued that capitalism doomed socialism and ensured the victory of democracy. Small wonder politicians are obsessed with the economy: the Clinton campaign motto-"It's the economy stupid"-sums up a central tenet of modern life. But is it the economy? Ferguson thinks it is high time we re-examined the link-the "nexus," to use Thomas Carlyle's term-between economics and politics, in the aftermath not only of the failure of socialism but also of the apparent triumph of American-style capitalism. His central argument is that the conflicting impulses of sex, violence, and power are together more powerful than money. In particular, political events and institutions have often dominated economic development. A bold synthesis of political history and modern economic theory, The Cash Nexus will transform the landscape of modern history and draw challenging and unsettling conclusions about the prospects of both capitalism and democracy.

Customer Reviews:

War as Investment.......2007-05-18

This book is a fascinating read for everyone who is interested in the application of economic theory to world history. Reviewing and rejecting economic determinist theories like marxism, the political business cycle and imperial overstretch, Ferguson advances his own argument. It is war that brought us modern finance, bureaucracy and democracy. The outcome of war cannot be predicted with accuracy, but the nation that can finance it at least costs has a comparative advantage. Ferguson skillfully applies modern expectations theory to his historical account. He argues that military hegemony can spread good institutions around the globe as happened under British rule. You can disagree with his plea for benevolent imperialism in an age in which nations want to determine their own future. Moreover, it is questionable whether war `pays', since the costs of war exceeded revenues in most cases as Ferguson points out. But, this did not stop nations and groups from waging war.

Niall Ferguson, in his element.......2007-01-24

I originally picked up this book to see how Ferguson's economic views relate to his views of imperialism (Colossus, and Empire). What I discovered was little different than I expected; that the burden of warfare and imperialism on national treasuries in Europe actually HELPED to develop today's financial systems. This financial system (i.e. the bond market) gave these powers, such as Britain, the ability to extend their power, resulting in world supremacy. In putting forth this theory, he seems to overlook, or at least withhold, alternative ways that the financial sector developed.

With viewpoints and summaries aside, the book was a laborious read. It does, of course, cater to the reader interested in economics, but it is hardly a popular read that the average layperson would want to pick up. Yet while his economic theories - and history - are masked in complicated research and developed theories, the suggested agenda is less objective: it sends the message that overstretch is a myth, that warfare is not totally negative, and that world supremacy depends on a flexible financial apparatus. These implications, certainly, are open to debate, and as the opener to this angle of the debate, it is valuable.

a mixed book.......2006-08-21

Niall Ferguson is a professor of political and financial history who has written other well-received, albeit controversial, books. My feeling after reading this book was rather mixed.

[..]
This, I think, is where things become more complicated than the book suggests. Did England found the Bank of England and establish the other institutions that allowed the United Kingdom to become the global hegemon in order to become a global hegemon? Or did Parliament and the Bank of England etc. arise to meet other needs, and prove far more useful than originally foreseen? I strongly believe the latter to be true: Britain, as an island nation, had no neighbors, and was an (after 1066) invasion-proof distance from France. These factors almost certainly allowed the United Kingdom to generate a merchant class far more influential than its counterparts on the continent, engage in more maritime trade, and devote less to military spending than did land-locked nations that faced war at any time. In time, this merchant class, and the practice of dividing risks and participating in syndicates to conduct foreign trade almost certainly led to the culture and institutions that led to the Bank of England. Of course, if the Bank of England and the like did not arise as much from conscious policy decisions as from circumstances, it would seem more expedient to focus on the circumstances that led to the BofE and Britain's broad and deep credit markets, rather than on arcane policy decisions.

The rest of the book is an exhaustively documented look at the relationship between the health of various states and various financial indicators, such as debt, the presence of the gold standard, unemployment and the like. Some of the ideas may be provocative to some, but are very well-founded, and well worth reading, others less so. They are, however, not presented in a focused manner, and many of them are more advanced as "working hypotheses" than exhaustively proven. I believe that case studies examining multiple variables would have been more informative than attempts to reduce complex situations to a single variable.

Somewhat jarring is that some of the Ferguson's facts are wrong: in Chapter 12 he suggests that Switzerland succumbed to the Nazi tide, three pages later we learn that the opposite happened. To emphasize the importance of bullion he goes into the details of the movie based on Ian Fleming's "Goldfinger," but gets them wrong: the idea was not to sneak off with Fort Knox's gold - a logistical impossibility - but rather to render it radioactive and hence untradeable. At least one somewhat complicated book that Ferguson endorses is so flawed that its own author has repudiated it; this shouldn't happen in a polemic whose credibility is based on the author's ability to get his facts straight.

To sum up, parts of this book are quite interesting and stimulating, other parts less so. Having read this book, I personally would not choose to read it again.

Understretch or Overstretch?.......2006-05-08

Niall Ferguson has written an excellent book from a generally objective point of view full of intriguing arguments backed up by extensive statistical analysis. The part that seems to have received the most attention is his discussion of great power "overstretch" and it is the part that also caught my attention especially since I read it with the benefit of hindsight.

He wrote this book in the year 2000, just before 9/11 and the invasion of Iraq. In the last chapter of his book he argues that great powers do not fail because they are overstretched but rather because they are overly reluctant to wield their enormous power.

He says that "there is no economic argument against" a policy to establish democratic institutions where they are lacking even if "by military force" since it would not be "prohibitively costly." In particular, he mentions the desirablity to violently overthrow Saddam Hussein using the war against Germany and Japan and our subsequent successful imposition of democratic institutions on these two countries as examples in support of his thesis.

His final sentence is this: "Perhaps that is the greatest disappointment facing the world in the twenty-first century: that the leaders of the one state with the economic resouces to make the world a better place lack the guts to do it." Meaning the use of military intervention where needed.

Judging from what happened after Ferguson's book was published, someone in the future Bush administration must have read it.

When we invaded Iraq, we showed the world that we have the guts but the results have been morally and economically dismal. The invasion has certainly been and continues to be very costly and we seem to be in cul-de-sac from which there is no good way out. And Iraq is not the world. It was just one country among many in dire need of radical transformation.

One point Ferguson seems to have missed is that all countries are not like Germany and Japan.

Are our problems in Iraq because the idea of an invasion was good but the execution was incompetent; or was it a bad idea to begin with; or is it actually going well? Is this feeling of "overstretch" just an illusion?

I, for one, would certainly like to hear what the author has to say now that six years have passed.

Highly Recommended!.......2005-04-12

It would be a mistake to emphasize the word "cash" in this book's ambivalent title without giving equal weight to the word that follows, "nexus." A nexus is the bond between two disparate things and, indeed, this is a book about the intersection of power and money. Its thesis, to the frustration of economic determinists everywhere, is that while money matters, other things matter more, at least when it comes to the cultural chessboard of international politics. One might quibble that author Niall Ferguson underemphasizes the extent to which competition for economically vital scarce resources leads to war. The other caveat is that he refers to the U.S.'s reluctance to go to war with a pre-Iraq state of mind. Yet, the author is an accomplished historian who capably supports his arguments. He manages overall to portray economic history in all its rich nuance, detail and complexity. His premise that war, not economics or politics, is the great engine that has driven the evolution of the modern welfare state is as enlightening as it is chilling. We highly recommend this book to the lay reader with a developed interest in history, politics and, especially, economics. However, a warning is in order: Those who only read the headlines may find this just a little too deep.

The Cash Nexus: Money and Power in the Modern World, 1700-2000. (Book Reviews). (book review): An article from: Finance & Development

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The Cash Nexus: Money and Power in the Modern World, 1700-2000. (Book Reviews). (book review): An article from: Finance & Development
Michael Taylor
Manufacturer: International Monetary Fund
ProductGroup: Book
Binding: Digital

General | Business & Investing | Subjects | Books

Book Description

This digital document is an article from Finance & Development, published by International Monetary Fund on September 1, 2002. The length of the article is 794 words. The page length shown above is based on a typical 300-word page. The article is delivered in HTML format and is available in your Amazon.com Digital Locker immediately after purchase. You can view it with any web browser.

Citation Details
Title: The Cash Nexus: Money and Power in the Modern World, 1700-2000. (Book Reviews). (book review)
Author: Michael Taylor
Publication: Finance & Development (Magazine/Journal)
Date: September 1, 2002
Publisher: International Monetary Fund
Volume: 39 Issue: 3 Page: 52(1)

Article Type: Book Review

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THE CASH NEXUS: MONEY AND POWER IN THE MODERN WORLD, 1700-2000.(Review): An article from: American Scholar

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THE CASH NEXUS: MONEY AND POWER IN THE MODERN WORLD, 1700-2000.(Review): An article from: American Scholar
DEIRDRE McCLOSKEY
Manufacturer: Phi Beta Kappa Society
ProductGroup: Book
Binding: Digital
ASIN: B0008HZLKE
Release Date: 2005-07-28

Book Description

This digital document is an article from American Scholar, published by Phi Beta Kappa Society on March 22, 2001. The length of the article is 2442 words. The page length shown above is based on a typical 300-word page. The article is delivered in HTML format and is available in your Amazon.com Digital Locker immediately after purchase. You can view it with any web browser.

Citation Details
Title: THE CASH NEXUS: MONEY AND POWER IN THE MODERN WORLD, 1700-2000.(Review)
Author: DEIRDRE McCLOSKEY
Publication: American Scholar (Refereed)
Date: March 22, 2001
Publisher: Phi Beta Kappa Society
Volume: 70 Issue: 2 Page: 142

Article Type: Book Review

Distributed by Thomson Gale

Book Description

A research network has examined how quality management is implemented in small and medium sized enterprises (SMEs) in Germany, Finland, Greece, Ireland, Portugal, Sweden and the United Kingdom. The research has taken place within the framework of the Leonoardo Da Vinci pogramme. Managers of SMEs in the metalworking and food processing industries were asked what the consequences of the implementation of quality management were for the qualification needs of employees. This book presents the survey results as two sector studies. Analysed are competitive and specialisation tendencies of the sectors and company concepts of "Quality" and "Personnel" including current profiles of quality-related skill demands on staff as well as current training areas in the companies. Special objectives are: Anticipation of qualification needs for preventive vocational training strategies; Documentation of good practice and typical barriers as support for practitioners within SMEs and training bodies.

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Composting;: A study of the process and its principles, (A Rodale organic living paperback)
Clarence G Golueke
Manufacturer: Rodale Press
ProductGroup: Book
Binding: Unknown Binding

General | Agricultural Sciences | Science | Subjects | Books
General | Agricultural Sciences | Professional Science | Professional & Technical | Subjects | Books
ASIN: 0878570519

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Composting; a Study of the Process and Its Principles
Clarence G. Golueke
Manufacturer: Rodale Press
ProductGroup: Book
Binding: Paperback
ASIN: B000V8LA1Y

Book Description

In response to the overwhelming concern for possible acute and long-term effects of ozone depletion on terrestrial and aquatic life, this volume presents a comprehensive collection of review articles from an internationally acknowledged group of experts. Emphasis is on human health, with chapters on skin cancer, DNA, and vitamin D. Written for photobiologists, dermatologists, and biophysicists, this is the most thorough treatment of the subject available.

Environmental UV Photobiology.: An article from: American Scientist

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Environmental UV Photobiology.: An article from: American Scientist
Martyn M. Caldwell
Manufacturer: Sigma Xi, The Scientific Research Society
ProductGroup: Book
Binding: Digital

General | Science | Subjects | Books

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A book for weapons collectors.

A Birthday 2 Remember

A pictorial display of Japanese arms

The best of the bests

ffinely illustrated guide to variety of samurai weapons, etc

Samurai: The Weapons and Spirit of the Japanese Warrior
Clive Sinclaire
Manufacturer: The Lyons Press
ProductGroup: Book
Binding: Paperback

General | Asia | History | Subjects | Books
Japan | Asia | History | Subjects | Books
General | Martial Arts | Individual Sports | Sports | Subjects | Books
General | Sports | Subjects | Books
Similar Items:

Samurai: An Illustrated History

The Japanese Sword: A Comprehensive Guide (Japanese Arts Library)

Samurai - The World of the Warrior

Samurai Sword: A Handbook

Lethal Elegance

ASIN: 1592287204

Book Description

A fascinating look at ancient Japanese weaponry, complete with 150 dazzling full-color photographs.

Customer Reviews:

A book for weapons collectors........2007-10-08

Very informative book with lots of color photos. The author goes into the history and psychology of the Samurai as well. If you collect weapons this is a good book to identify era and type of Katana etc.

A Birthday 2 Remember.......2007-03-26

I really am glad i purchased this book and it was so accurate that my fiancee was so happy for his b-day to receive this book because he loves everything about this culture and their past and especially the weapons! he has a couple samurai swords he keeps at his house and since he's part asian he feels like this book really explained his cultures past. i will buy from this author again. thanks!

A pictorial display of Japanese arms .......2007-03-13

Although it mainly generalizes aspects of Japanese military history, this volume contains a large quantity of excellent color photos of the very finest of traditional weapons. Swords, polearms, and archery specimens are displayed within. For the student of Japanese martial-culture, here is a brilliant coffee-table tome, thoroughly illustrated.

The best of the bests.......2005-08-18

The book is fantastic with excellent illustrations very good detail and is from the books that a man is respect his self and the samourais legend must have

ffinely illustrated guide to variety of samurai weapons, etc.......2005-03-29

Sinclaire's work has a nice tie-in with the classic and current Asian movies with samurai or samurai-like characters. Coming to Japan about the eighth century from the Asian mainland, in Japan's insular, closed, society, the samurai weaponry took on their own distinctive design and use. The samurai class and its weapons both for warfare and ceremonial purposes remained a central, influential part of Japanese society until World War II. This study is at once comprehensive and succinct, with the pleasing and informative visual elements of color photographs, including close-ups, of samurai weapons, scenes from historical art work, and antique tinted photographs. Most are familiar with the Japanese samurai swords. But the less familiar armor, spears, bow and arrow, and even guns in the past couple of centuries receive equal attention.

Average customer rating:

Good for cleaning "recipes" but not much else

Quick Stain Reference

Great Book

Talking Dirty W/ the Queen of Clean

Worth the read

Talking Dirty With the Queen of Clean: Second Edition
Linda Cobb
Manufacturer: Pocket
ProductGroup: Book
Binding: Paperback

Household Hints | How-to & Home Improvements | Home & Garden | Subjects | Books
General | Home & Garden | Subjects | Books
Similar Items:

The Queen of Clean Conquers Clutter

How the Queen Cleans Everything : Handy Advice for a Clean House, Cleaner Laundry, and a Year of Timely Tips

The Royal Guide to Spot and Stain Removal

Talking Dirty Laundry With The Queen Of Clean

A Queen for All Seasons: A Year of Tips, Tricks, and Picks for a Cleaner House and a More Organized Life!

Accessories:

Dry Cleaner's Secret Quick & Easy Dry Cleaning Sheets, Bagless Formula, 14-Count Box (Cleans 56 Garments)

ASIN: 0743490401

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Stand back, Heloise, here comes the Queen of Clean. Armed with both common sense and ingenuity, Linda Cobb made a name for herself on Morning, Arizona. For those of you who don't happen to live in Arizona, she has written this helpful little book. Talking Dirty with the Queen of Clean tackles just about any household stain, stink, or accident you can think of.

"There are five cleaning products you should never be without," says the Queen, "and most of them are things you already have in your home." What are they? White vinegar, baking soda, lemon juice, club soda, and Spot Shot Instant Carpet Stain Remover (her favorite brand). With these simple items, you can clean and deodorize nearly every room in your home, thereby saving money on expensive store-bought cleaners and reducing the amounts of chemicals in your home. Did you burn a casserole? Fill the dish with hot water, one tablespoon of baking soda, and soak. Try cleaning brass and copper with half a lemon sprinkled with salt. It should shine right up (and smell good, too).

The chapters are short and sweet, and besides the usual home/pet/kid/upholstery cleaning techniques, the Queen also tackles patio furniture, the grill, electronic equipment, plants, and smoke and water damage. Did you know you can distract grasshoppers by planting basil around your flowerbeds? They'll eat that and leave your flowers alone. Here's our favorite tip: when painting or washing walls, wrap washcloths or old rags around your wrists and secure them with rubber bands. When you lift your arms, the paint or water drips will be absorbed instead of running all the way down your arms. Keep this book handy. --Dana Van Nest

Book Description

NOW UPDATED WITH MORE EASY, TIME-SAVING TIPS FOR TURNING YOUR HOME INTO A SPARKLING PALACE!

Talking Dirty with the Queen of Clean®

The down-to-earth housekeeping guide that brought the Queen of Clean® into your home is now better than ever! As always, her marvelous collection of tips and shortcuts gives you the keys to conquering dust, rust, stains, gum, clogs, odor, mildew, smudges, scratches, allergens, pet problems, and water damage. And she works her magic with the hidden cleansing powers of natural, inexpensive ingredients such as baking soda, lemon juice, petroleum jelly, tea, vinegar and more. Now, the Queen expands her domain with:

More penny-saving tips...
Thrifty hints for frugal living.

Waste not...
Don't trash it! The Queen finds fun, creative uses for everyday products.

An ounce of prevention...
Foil common household problemsÂ¨before they begin.

The Queen's favorite tales...
Happy endings to the most unusual and daunting cleaning challenges!

You'll also find handy sidebars, an updated index, and a revealing cleaning quiz to help you measure your status as a domestic diva.

Never be a slave to housework again!

Includes Helpful Hints From The Royal Guide To Spot And Stain Removal!

Download Description

Want to clean a coffeepot in a flash? Unclog a sink with a simple homemade solution ? Do away with microwave odors? Banish those dust bunnies? Let her royal highness of housekeeping show you how to turn your home into a sparkling palace -- in no time at all! Step aside, Martha...Here comes the Queen of Clean, and her down-to-earth housekeeping guide for those of us who live in the real world. After all, the Queen has better things to do than be a slave to housework. That's why she has assembled a marvelous collection of miraculous cleaning tips and surprising shortcuts that get the job done quickly and well.

Customer Reviews:

Good for cleaning "recipes" but not much else.......2007-05-12

Maybe it is my fault, but I was hoping for a "book" about how to get my house clean AND NEAT. This is basically 150 recipes for mixing baking soda, vinegar and borax to remove different stains. Useful, but not what I was looking for.

Quick Stain Reference.......2007-04-04

Have a stain you need to expunge? Pull out this handy dandy reference guide to help you get rid of it using common household products.

Great Book.......2007-03-31

The Queen of Clean definitely has the 411 on cleaning! Very informative!!
Great all around book!

Talking Dirty W/ the Queen of Clean.......2007-01-09

This book provides a source for finding specific remedies for your cleaning needs. It does not read like a book, but is more useful if you have a particular type of stain, and need a quick reference.

Worth the read.......2007-01-09

It is a quick read, quick reference book...the natural way.
Have the first edition and use it all the time, friends and family always ask me to look up "remedies" in there.
Most work really well and the items are usually right in your pantry.

Average customer rating:

Good for young adults

All the Sky Together
Florence Engel Randall
Manufacturer: Atheneum Books
ProductGroup: Book
Binding: School & Library Binding

General | Ages 9-12 | Children's Books | Subjects | Books
ASIN: 0689309961

Customer Reviews:

Good for young adults.......2001-04-16

This book is not for all readers. Deals with mature matters. Shows the turmoil a young girls goes through throughout a summer and how she grows from all that she encounters. Would not recommend to young readers under 13 or 14.

The art of making all kinds of fireworks: Including squibs, serpents, crackers, wheels, marroons, sky rockets, &c. : together with, the method of preparing ... girdle of safety, Waterloo crackers, &c

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The art of making all kinds of fireworks: Including squibs, serpents, crackers, wheels, marroons, sky rockets, &c. : together with, the method of preparing ... girdle of safety, Waterloo crackers, &c
Christopher Grotz
Manufacturer: Printed for the booksellers, and for James Kendrew, Colliergate, York
ProductGroup: Book
Binding: Unknown Binding
ASIN: B0008CA3IY

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