100 Best Economic History Books of All Time

We've researched and ranked the best economic history books in the world, based on recommendations from world experts, sales data, and millions of reader ratings. Learn more

Featuring recommendations from Warren Buffett, Charles T. Munger, Oprah Winfrey, and 193 other experts.
1

Why Nations Fail

The Origins of Power, Prosperity, and Poverty

Brilliant and engagingly written, Why Nations Fail answers the question that has stumped the experts for centuries: Why are some nations rich and others poor, divided by wealth and poverty, health and sickness, food and famine?

Is it culture, the weather, geography? Perhaps ignorance of what the right policies are?

Simply, no. None of these factors is either definitive or destiny. Otherwise, how to explain why Botswana has become one of the fastest growing countries in the world, while other African nations, such as Zimbabwe, the Congo, and Sierra...
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Mark ZuckerbergMy next book for A Year of Books is Why Nations Fail by Daron Acemoğlu and James A. Robinson. This book explores the different kinds of social institutions and incentives that nations have applied to encourage prosperity, economic development and elimination of poverty. This is a good complement to our last book, Portfolios of the Poor, which focused on how people live in poverty. This one... (Source)

Bill Gates"I read two books that raise big, interesting questions about social change and technological progress. I’m planning to write longer reviews of each of these books, but let me flag them for you now. One is Why Nations Fail: The Origins of Power, Prosperity, and Poverty by Daron Acemoglu and James A. Robinson.The topic of this book is why some countries have prospered and created great living... (Source)

George MagnusThe role of institutions is really important for societal development. (Source)

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2
The real story of the crash began in bizarre feeder markets where the sun doesn't shine and the SEC doesn't dare, or bother, to tread: the bond and real estate derivative markets where geeks invent impenetrable securities to profit from the misery of lower- and middle-class Americans who can't pay their debts. The smart people who understood what was or might be happening were paralyzed by hope and fear; in any case, they weren't talking.

Michael Lewis creates a fresh, character-driven narrative brimming with indignation and dark humor, a fitting sequel to his #1 bestseller...
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Sheryl SandbergMichael Lewis's ability to boil down the most complicated subjects is like a magic trick. You can't believe your own eyes. He takes on important issues - from the 2008 Wall Street crash in "The Big Short" to parenting in "Home Game" - and breaks them down to the deepest truths. His combination of an extraordinarily analytical mind and a deep understanding of human nature allows him to weave... (Source)

Tim HarfordIf I had any criticism of the book, it’s that he makes it seem too obvious. It becomes mysterious how anyone could have been confused. (Source)

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3
Explaining what William McNeill called The Rise of the West has become the central problem in the study of global history. In Guns, Germs, and Steel Jared Diamond presents the biologist's answer: geography, demography, and ecological happenstance. Diamond evenhandedly reviews human history on every continent since the Ice Age at a rate that emphasizes only the broadest movements of peoples and ideas. Yet his survey is binocular: one eye has the rather distant vision of the evolutionary biologist, while the other eye--and his heart--belongs to the people of New Guinea, where he... more

Bill GatesFascinating.... Lays a foundation for understanding human history. (Source)

Daniel EkA brilliant Pulitzer Prize-winning book about how the modern world was formed, analyzing how societies developed differently on different continents. (Source)

Yuval Noah HarariA book of big questions, and big answers. The book turned me from a historian of medieval warfare into a student of humankind. (Source)

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4

Capital in the Twenty-First Century

What are the grand dynamics that drive the accumulation and distribution of capital? Questions about the long-term evolution of inequality, the concentration of wealth, and the prospects for economic growth lie at the heart of political economy. But satisfactory answers have been hard to find for lack of adequate data and clear guiding theories. In Capital in the Twenty-First Century, Thomas Piketty analyzes a unique collection of data from twenty countries, ranging as far back as the eighteenth century, to uncover key economic and social patterns. His findings will transform debate... more

Bill GatesCapital sparked a fantastic global discussion this year about inequality. Piketty kindly spent an hour discussing his work with me before I finished my review. As I told him, although I have concerns about some of his secondary points and policy prescriptions, I agree with his most important conclusions: inequality is a growing problem and that governments should play a role in reducing it. I... (Source)

David Heinemeier HanssonThis is the book that was catapulted by its conclusion: r > g. That the rate of return on capital is greater than the growth rate of the economy. Which means that capital, and the people who own it, will end up with a larger and larger share of all wealth and income in the economy as time goes on. It’s a dense dive into the historical data on wealth, income, and economic growth from the optic of... (Source)

George MonbiotPiketty explains the economic crisis that we face in ways that also explain the political crisis. He does this by talking about the rise of what he calls ‘patrimonial capital’: wealth arising from inheritance, rent, and interest payments which greatly outweighs any wealth arising from hard work and enterprise. (Source)

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5
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... more
Recommended by Max Levchin, Muhtar Kent, and 3 others.

Max Levchin[Max Levchin recommended this book as an answer to "What business books would you advise young entrepreneurs read?"] (Source)

Muhtar KentCEO considers it a great read. (Source)

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6
How America's high standard of living came to be and why future growth is under threat

In the century after the Civil War, an economic revolution improved the American standard of living in ways previously unimaginable. Electric lighting, indoor plumbing, motor vehicles, air travel, and television transformed households and workplaces. But has that era of unprecedented growth come to an end? Weaving together a vivid narrative, historical anecdotes, and economic analysis, The Rise and Fall of American Growth challenges the view that economic growth will continue...
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Bill GatesI did find his historical analysis, which makes up the bulk of the book, utterly fascinating. (Source)

Brad FeldThe Rise and Fall of American Growth: The U.S. Standard of Living since the Civil War: This book was a grind, but it had a lot of good stuff in it. It’s only 784 pages so it took more than a day to read it. If you are trying to understand what is going on in the current American economy, and why the future will not look like the past, this is a good place to start. (Source)

Satya NadellaCovering everything from the combustion engine to the flush toilet—and judging recent breakthroughs with a skeptical eye—this work of economic history “concludes that innovation is the ultimate source of dramatic improvements in the human condition,” says Nadella. (Source)

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7
David S. Landes tells the long, fascinating story of wealth and power throughout the world: the creation of wealth, the paths of winners and losers, the rise and fall of nations. He studies history as a process, attempting to understand how the world's cultures lead to - or retard - economic and military success and material achievement. Countries of the West, Landes asserts, prospered early through the interplay of a vital, open society focused on work and knowledge, which led to increased productivity, the creation of new technologies, and the pursuit of change. Europe's key advantage lay... more

John KayHe provides an explanation for why Western Europe was the cradle for modern economic growth and looks at the development of the institutions that made modern economic development possible. (Source)

Diane CoyleThe Wealth And Poverty of Nations is one of several really fantastic economic history books of recent times. (Source)

Sean TurnellIt’s the most erudite examination of what causes economic development and growth that’s been written in many decades. (Source)

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8
In this classic work of economic history and social theory, Karl Polanyi analyzes the economic and social changes brought about by the "great transformation" of the Industrial Revolution. His analysis explains not only the deficiencies of the self-regulating market, but the potentially dire social consequences of untempered market capitalism. New introductory material reveals the renewed importance of Polanyi's seminal analysis in an era of globalization and free trade. less

Satya Nadella"My father recommended this book long ago,” says Nadella of the 1944 classic by a Hungarian-American writer who chronicles the development of England’s market economy and argues that society should drive economic change. (Source)

Mark BlythA story which stretches from 1815 to 1914. He says it was 100 years of peace, although that’s not actually true because if you were a colonial subject it was hardly peaceful. (Source)

Dani RodrikIt makes a rather important point, that the economy has always been embedded in society, and when we try to disembed it from society and treat it like an independent institution, then we’re really going to run into trouble. (Source)

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9

The Worldly Philosophers

The Worldly Philosophers not only enables us to see more deeply into our history but helps us better understand our own times. In this seventh edition, Robert L. Heilbroner provides a new theme that connects thinkers as diverse as Adam Smith and Karl Marx. The theme is the common focus of their highly varied ideas—namely, the search to understand how a capitalist society works. It is a focus never more needed than in this age of confusing economic headlines.
In a bold new concluding chapter entitled “The End of the Worldly Philosophy?” Heilbroner reminds us that the word “end”...
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Erik Brynjolfsson@AndrewWLo @DianeCoyle1859 Great book. I read it in high school and it kind of turned into an economist (Source)

Heidi N. Moore@VarickBoyd @JeSuisBHL Ah well, I thought you were a veteran of this world, my error. Enjoy the book! It's fantastic. (Source)

Andrew W LoThis book really opened my eyes to the fact that there’s some very deep and beautiful logic underlying the economy, and financial markets and institutions especially. (Source)

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10

In April 1956, a refitted oil tanker carried fifty-eight shipping containers from Newark to Houston. From that modest beginning, container shipping developed into a huge industry that made the boom in global trade possible. "The Box" tells the dramatic story of the container's creation, the decade of struggle before it was widely adopted, and the sweeping economic consequences of the sharp fall in transportation costs that containerization brought about.
Published on the fiftieth anniversary of the first container voyage, this is the first comprehensive history of the shipping...
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Bill GatesI picked this one up after seeing it on a Wall Street Journal list of good books for investors. It was first published in 1954, but it doesn’t feel dated (aside from a few anachronistic examples—it has been a long time since bread cost 5 cents a loaf in the United States). In fact, I’d say it’s more relevant than ever. One chapter shows you how visuals can be used to exaggerate trends and give... (Source)

Tobi LütkeWe all live in Malcolm’s world because the shipping container has been hugely influential in history. (Source)

Jason ZweigThis is a terrific introduction to critical thinking about statistics, for people who haven’t taken a class in statistics. (Source)

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Don't have time to read the top Economic History books of all time? Read Shortform summaries.

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11
The Prize recounts the panoramic history of oil -- and the struggle for wealth and power that has always surrounded oil. This struggle has shaken the world economy, dictated the outcome of wars, and transformed the destiny of men and nations.

The Prize is as much a history of the twentieth century as of the oil industry itself. The canvas of history is enormous -- from the drilling of the first well in Pennsylvania through two great world wars to the Iraqi invasion of Kuwait and Operation Desert Storm.
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Recommended by Bill Gates, Chris Goodall, and 2 others.

Bill Gates[On Bill Gates's reading list in 2012.] (Source)

Chris GoodallA wonderfully readable history of the development of the oil age. (Source)

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12
Before there was money, there was debt

Every economics textbook says the same thing: Money was invented to replace onerous and complicated barter systems—to relieve ancient people from having to haul their goods to market. The problem with this version of history? There’s not a shred of evidence to support it.

Here anthropologist David Graeber presents a stunning reversal of conventional wisdom. He shows that for more than 5,000 years, since the beginnings of the first agrarian empires, humans have used elaborate credit systems to buy and sell goods—that is, long...
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Seth GodinI recommend it in audio because David is sometimes repetitive and a little elliptical, but in audio it's all okay because you can just listen to it again. (Source)

David Heinemeier HanssonAfter a few false starts, I finally got going with this, and what a treat. It shoots down the common myth that prior to money, everyone just bartered shit. I give you a pig, you give me five pies and a hat. Evidence shows that just wasn’t at all how things went. Most societies were structured either rather communistic (take what you need, give what you can) or with a loose debt-ledger system (or... (Source)

Will DaviesWhat’s stunning about the book is how it brings an anthropological perspective to bear on such an expansive history and geography, bringing the story right up to the present day, at the precise moment when debt has become a hugely political, mobilizing and destabilizing issue. Its central argument is simple and easy to grasp, and has been seized by activists and critics of the financial sector. (Source)

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13
Winner of the 2010 Pulitzer Prize

"A magisterial work...You can't help thinking about the economic crisis we're living through now." --The New York Times Book Review


It is commonly believed that the Great Depression that began in 1929 resulted from a confluence of events beyond any one person's or government's control. In fact, as Liaquat Ahamed reveals, it was the decisions made by a small number of central bankers that were the primary cause of that economic meltdown, the effects of which set the stage for World War II and reverberated for decades. As...
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Recommended by Barry Ritholtz, David J Lynch, and 2 others.

Barry RitholtzIt covers a 50-year period from before World War I and leading up to World War II. Even if you’re not interested in finance, it’s a great read. (Source)

David J LynchLords of Finance gives you that alternative history, particularly through the inter-war years from the end of World War I into the Great Depression. (Source)

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14
A grand vision defined: The CEO of Disney, one of Time's most influential people of 2019, shares the ideas and values he embraced to reinvent one of the most beloved companies in the world and inspire the people who bring the magic to life.

Robert Iger became CEO of The Walt Disney Company in 2005, during a difficult time. Competition was more intense than ever and technology was changing faster than at any time in the company's history. His vision came down to three clear ideas: Recommit to the concept that quality matters, embrace technology instead of fighting it,...
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Brian CheskyBob's book is great and he's an excellent CEO. (Source)

Brené BrownI expected a book written by the person who has led Disney for decades to be defined by both gripping storytelling and deep leadership wisdom. [The author] delivers, and then some! [This book] is leadership gold—you won’t forget the stories or the lessons. (Source)

Karlie Kloss[Karlie Kloss] says [this book] really inspired her to become a better boss. (Source)

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15

The Wealth of Nations

In his book, Smith fervently extolled the simple yet enlightened notion that individuals are fully capable of setting and regulating prices for their own goods and services. He argued passionately in favor of free trade, yet stood up for the little guy. The Wealth of Nations provided the first--and still the most eloquent--integrated description of the workings of a market economy. less

Elon MuskAdam Smith FTW obv. (Source)

Barack ObamaObama, unsurprisingly, appears to be more drawn to stories sympathetic to the working classes than is McCain. Obama cites John Steinbeck’s “In Dubious Battle,” about a labor dispute; Robert Caro’s “Power Broker,” about Robert Moses; and Studs Terkel’s “Working.” But he also includes Adam Smith’s “Wealth of Nations” and “Theory of Moral Sentiments” on his list. (Source)

Neil deGrasse TysonWhich books should be read by every single intelligent person on planet? [...] The Wealth of Nations (Smith) [to learn that capitalism is an economy of greed, a force of nature unto itself]. If you read all of the above works you will glean profound insight into most of what has driven the history of the western world. (Source)

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16
Andrew Ross Sorkin delivers the first true behind-the-scenes, moment-by-moment account of how the greatest financial crisis since the Great Depression developed into a global tsunami. From inside the corner office at Lehman Brothers to secret meetings in South Korea, and the corridors of Washington, Too Big to Fail is the definitive story of the most powerful men and women in finance and politics grappling with success and failure, ego and greed, and, ultimately, the fate of the world’s economy.

“We’ve got to get some foam down on the runway!” a sleepless Timothy Geithner,...
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Bill Gates[On Bill Gates's reading list in 2011.] (Source)

Max Levchin[Max Levchin recommended this book as an answer to "What business books would you advise young entrepreneurs read?"] (Source)

John LanchesterThis is a minute-by-minute account of how the whole financial system nearly went over the brink in 2008, and the astonishing sense of tension and danger involved. (Source)

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17
The best known and most highly regarded book on financial crises

Financial crises and speculative excess can be traced back to the very beginning of trade and commerce. Since its introduction in 1978, this book has charted and followed this volatile world of financial markets. Charles Kindleberger's brilliant, panoramic history revealed how financial crises follow a nature-like rhythm: they peak and purge, swell and storm. Now this newly revised and expanded Fourth Edition probes the most recent "natural disasters" of the markets--from the difficulties in East Asia and the...
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Larry SummersKindleberger’s message is that complacency can be a self-denying prophecy. (Source)

Marc FaberHe describes very well how these manias occur and what the symptoms are of manias in terms of excessive speculation, overleverage, borrowing, fraud, embezzlement, high trading volumes, and so forth. (Source)

Charles MorrisKindleberger’s great virtue is that he was both a respected economist and a student of human nature, and he knew that human nature could never be bottled up in an economic model. His book is a terrific narrative of a series of bubbles, going back to pre-industrial days – the Dutch tulip craze, the South Sea bubble, and so forth.. (Source)

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18
In this groundbreaking new history, Adam Tooze provides the clearest picture to date of the Nazi war machine and its undoing. There was no aspect of Nazi power untouched by economics�it was Hitler�s obsession and the reason the Nazis came to power in the first place. The Second World War was fought, in Hitler�s view, to create a European empire strong enough to take on the United States. But as The Wages of Destruction makes clear, Hitler�s armies were never powerful enough to beat either Britain or the Soviet Union�and Hitler never had a serious plan as to how he might defeat the... more

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19
Sheryl Sandberg’s Lean In is a massive cultural phenomenon and its title has become an instant catchphrase for empowering women. The book soared to the top of bestseller lists internationally, igniting global conversations about women and ambition. Sandberg packed theatres, dominated opinion pages, appeared on every major television show and on the cover of Time magazine, and sparked ferocious debate about women and leadership. Ask most women whether they have the right to equality at work and the answer will be a resounding yes, but ask the same women whether they'd feel... more

Mark ZuckerbergFor the past five years, I've sat at a desk next to Sheryl and I've learned something from her almost every day. She has a remarkable intelligence that can cut through complex processes and find solutions to the hardest problems. Lean In combines Sheryl's ability to synthesize information with her understanding of how to get the best out of people. The book is smart and honest and funny. Her... (Source)

Oprah WinfreyHonest and brave... The new manifesto for women in the workplace. (Source)

Richard BransonIf you loved Sheryl Sandberg's incredible TED talk on why we have too few women leaders, or simply believe as I do that we need equality in the boardroom, then this book is for you. As Facebook's COO, Sheryl Sandberg has first-hand experience of why having more women in leadership roles is good for business as well as society. Lean In is essential reading for anyone interested in righting the... (Source)

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20

This Time Is Different

Eight Centuries of Financial Folly

Throughout history, rich and poor countries alike have been lending, borrowing, crashing--and recovering--their way through an extraordinary range of financial crises. Each time, the experts have chimed, "this time is different"--claiming that the old rules of valuation no longer apply and that the new situation bears little similarity to past disasters. With this breakthrough study, leading economists Carmen Reinhart and Kenneth Rogoff definitively prove them wrong. Covering sixty-six countries across five continents, This Time Is Different presents a comprehensive look at the... more

Bill Gates[On Bill Gates's reading list in 2012.] (Source)

Francis FukuyamaReinhart and Rogoff are two macroeconomists who have done a marvellous job in bringing together a lot of historical and international data about how unstable financial systems are. The title of their book, This Time is Different, tells you the whole theme. In many respects, the Wall Street crisis was not at all different from Argentina or Britain in the early 1990s or any number of other crises... (Source)

Dambisa MoyoI think the more interesting story in This Time Is Different is what happens in the aftermath of bubbles, which links to what we were talking about before. In the case of the US, it’s still very reliant on tried and tested formulas to try to sort out economic busts – ie let’s just reflate this bubble by using relatively loose monetary policy and fiscal policy (think low interest rates, tax... (Source)

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Don't have time to read the top Economic History books of all time? Read Shortform summaries.

Shortform summaries help you learn 10x faster by:

  • Being comprehensive: you learn the most important points in the book
  • Cutting out the fluff: you focus your time on what's important to know
  • Interactive exercises: apply the book's ideas to your own life with our educators' guidance.
21
John D. Rockefeller, Sr.--history's first billionaire and the patriarch of America's most famous dynasty--is an icon whose true nature has eluded three generations of historians. Now Ron Chernow, the National Book Award-winning biographer of the Morgan and Warburg banking families, gives us a history of the mogul "etched with uncommon objectivity and literary grace . . . as detailed, balanced, and psychologically insightful a portrait of the tycoon as we may ever have" (Kirkus Reviews). Titan is the first full-length biography based on unrestricted access to Rockefeller's exceptionally rich... more

Ryan HolidayA biography has to be really good to make read you all 800 pages. To me, this was one of those books. Since reading it earlier this year, I’ve since found out it is the favorite book of a lot of people I respect. I think something about the quality of the writing and the empathic understanding of the writer that the main lessons you would take away from someone like Rockefeller would not be... (Source)

Adam Townsend@Sociopathlete Great book (Source)

Anas Alhajji@Morg2006 Yep, I already have it. great book. (Source)

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22
Life is getting better—and at an accelerating rate. Food availability, income, and life span are up; disease, child mortality, and violence are down — all across the globe. Though the world is far from perfect, necessities and luxuries alike are getting cheaper; population growth is slowing; Africa is following Asia out of poverty; the Internet, the mobile phone, and container shipping are enriching people’s lives as never before. The pessimists who dominate public discourse insist that we will soon reach a turning point and things will start to get worse. But they have been saying this for... more

Mark ZuckerbergMy next book for A Year of Books is The Rational Optimist by Matt Ridley. Two of the books I've read this year -- The Better Angels of Our Nature: and Why Nations Fail -- have explored how social and economic progress work together to make the world better. The Better Angels argues for that the two feed off each other, whereas Why Nations Fail argues that social and political progress ultimately... (Source)

Bill GatesIts subject is the history of humanity, focusing on why our species has succeeded and how we should think about the future. (Source)

Marc AndreessenSparkling explanation of how the economy evolves, producing the glorious cornucopia of goods and services available all around us. How to feel good about the future even in dark times. (Source)

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23
The epic story of the rise and fall of the empire of cotton, its centrality to the world economy, and its making and remaking of global capitalism.

Cotton is so ubiquitous as to be almost invisible, yet understanding its history is key to understanding the origins of modern capitalism. Sven Beckert’s rich, fascinating book tells the story of how, in a remarkably brief period, European entrepreneurs and powerful statesmen recast the world’s most significant manufacturing industry, combining imperial expansion and slave labor with new machines and wage workers to change the world....
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Recommended by Kevin Gannon, and 1 others.

Kevin Gannon@Nutcase020 Great book! (Source)

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24

Why are some parts of the world so rich and others so poor? Why did the Industrial Revolution--and the unprecedented economic growth that came with it--occur in eighteenth-century England, and not at some other time, or in some other place? Why didn't industrialization make the whole world rich--and why did it make large parts of the world even poorer? In "A Farewell to Alms," Gregory Clark tackles these profound questions and suggests a new and provocative way in which culture--not exploitation, geography, or resources--explains the wealth, and the poverty, of nations.
Countering...
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Recommended by Rajiv Shah, and 1 others.

Rajiv ShahIt’s a very exciting book that shows how for hundreds, even thousands of years basic economic progress was largely stagnant. As economies were able to produce more food, populations grew. You didn’t have rapid compound increases in living standards until around 1800. Around then, the industrial revolution and its precursors created a massive divergence. Some countries and some societies got on a... (Source)

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25
Americans tend to cast slavery as a pre-modern institution—the nation’s original sin, perhaps, but isolated in time and divorced from America’s later success. But to do so robs the millions who suffered in bondage of their full legacy.

As historian Edward Baptist reveals in The Half Has Never Been Told, the expansion of slavery in the first eight decades after American independence drove the evolution and modernization of the United States. In the span of a single lifetime, the South grew from a narrow coastal strip of worn-out tobacco plantations to a continental cotton...
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Recommended by Cory Ondrejka, and 1 others.

Cory OndrejkaIt's a heart-wrenching but eye-opening look at the safe ways America looks back at slavery and its impact on modern capitalism. During an election cycle focused on populism and anger, this is a book every American should read. (Source)

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26
Nobel laureate Richard H. Thaler has spent his career studying the radical notion that the central agents in the economy are humans—predictable, error-prone individuals. Misbehaving is his arresting, frequently hilarious account of the struggle to bring an academic discipline back down to earth—and change the way we think about economics, ourselves, and our world.

Traditional economics assumes rational actors. Early in his research, Thaler realized these Spock-like automatons were nothing like real people. Whether buying a clock radio, selling basketball tickets, or...
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With a new Afterword addressing today’s financial crisis

A BUSINESS WEEK BEST BOOK OF THE YEAR

In this business classic—now with a new Afterword in which the author draws parallels to the recent financial crisis—Roger Lowenstein captures the gripping roller-coaster ride of Long-Term Capital Management. Drawing on confidential internal memos and interviews with dozens of key players, Lowenstein explains not just how the fund made and lost its money but also how the personalities of Long-Term’s partners, the arrogance of their mathematical certainties, and the...

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Recommended by Max Levchin, John Gapper, and 2 others.

Max Levchin[Max Levchin recommended this book as an answer to "What business books would you advise young entrepreneurs read?"] (Source)

John GapperThe Fed itself did not bail out LTCM, but it was worried enough to get a bunch of big banks into the room and say, “Would you care to chip in and save this thing?” Which they obligingly did – and then liquidated it. The Fed foresaw that the failure of a single big hedge fund could send shock waves through the entire financial system. The issue of systemic risk was highlighted. (Source)

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28

Utopia for Realists

And How We Can Get There

We live in a time of unprecedented upheaval, with questions about the future, society, work, happiness, family and money, and yet no political party of the right or left is providing us with answers. Rutger Bregman, a bestselling Dutch historian, explains that it needn't be this way.

Bregman shows that we can construct a society with visionary ideas that are, in fact, wholly implementable. Every milestone of civilization – from the end of slavery to the beginning of democracy – was once considered a utopian fantasy. New utopian ideas such as universal basic income and a 15-hour...
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Recommended by Duan Pavlovi, and 1 others.

Duan PavloviThank you @rcbregman for this great book! (I am writing a short review, but only in Serbian for a Serbian daily.) (Source)

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29
An unimpeachable classic work in political philosophy, intellectual and cultural history, and economics, The Road to Serfdom has inspired and infuriated politicians, scholars, and general readers for half a century. Originally published in 1944—when Eleanor Roosevelt supported the efforts of Stalin, and Albert Einstein subscribed lock, stock, and barrel to the socialist program—The Road to Serfdom was seen as heretical for its passionate warning against the dangers of state control over the means of production. For F. A. Hayek, the collectivist idea of empowering government with... more

Geoffrey Miller@bdmarotta No, The Road to Serfdom by Hayek is the best book on modern evil (Source)

Yuval LevinThe Road to Serfdom is a very polemical book. It was published in 1944. It’s a warning not exactly about Communism, but about the coming of statism in the West, about the ways that some of the governing élites that Hayek saw, especially in Britain, thought about governing. The book is really mostly about Britain. He talks about the dangers of central planning, of the attempt to take over the... (Source)

Mitch DanielsThis book convincingly demonstrated what was already intuitive to me: namely, the utter futility, the illusion of government planning as a mechanism for uplifting those less fortunate. (Source)

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30
The sun is setting on the Western world. Slowly but surely, the direction in which the world spins has reversed: where for the last five centuries the globe turned westwards on its axis, it now turns to the east...For centuries, fame and fortune was to be found in the west - in the New World of the Americas. Today, it is the east which calls out to those in search of adventure and riches. The region stretching from eastern Europe and sweeping right across Central Asia deep into China and India, is taking centre stage in international politics, commerce and culture - and is shaping the modern... more
Recommended by Professor Frank Mcdonough, Raoul Pal, and 2 others.

Professor Frank McdonoughChristmas is coming and if you want to give a thought-provoking book to that history fan in your life then the recent books by the brilliant @peterfrankopan will satisfy. Some write books, this guy changes perceptions. https://t.co/gWZWZnv5TN (Source)

Raoul Pal@The92ers @zerohedge It’s fascinating. The Peter Frankopan book on the Silk Roads told history well from the perspective of Iran in particular (Source)

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31
"An intelligent explanation of the mechanisms that produced the crisis and the response to it...One of the great strengths of Tooze's book is to demonstrate the deeply intertwined nature of the European and American financial systems." --The New York Times Book Review

From a prizewinning economic historian, an eye-opening reinterpretation of the 2008 economic crisis (and its ten-year aftermath) as a global event that directly led to the shockwaves being felt around the world today.


In September...
more
Recommended by Duncan Weldon, and 1 others.

Duncan WeldonI’ve read Crashed and it’s fantastic (review out next month). This is really useful framing. The financial crisis might seem like an unusual “next book” after Adam’s history of 1916-1931 (The Deluge)- but capital flows sit at the heart of both of them. https://t.co/obS3fTxMPX (Source)

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32

The Great Crash 1929

Of Galbraith's classic examination of the 1929 financial collapse, the Atlantic Monthly said:"Economic writings are seldom notable for their entertainment value, but this book is. Galbraith's prose has grace and wit, and he distills a good deal of sardonic fun from the whopping errors of the nation's oracles and the wondrous antics of the financial community." Now, with the stock market riding historic highs, the celebrated economist returns with new insights on the legacy of our past and the consequences of blind optimism and power plays within the financial community. less
Recommended by Raoul Pal, John Gapper, and 2 others.

Raoul Pal@operationtrader It’s a great book. After that, read Lords of Finance and Manias, crashes and panics (Source)

John GapperThe book shows his talent as a popular economist. It’s not chiefly a work of economics, though it does analyse the causes of the Great Depression. It’s more a work of history, almost of journalism. For an academic, Galbraith writes unusually well. (Source)

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33
International trade has shaped the modern world, yet until now no single book has been available for both economists and general readers that traces the history of the international economy from its earliest beginnings to the present day. Power and Plenty fills this gap, providing the first full account of world trade and development over the course of the last millennium.


Ronald Findlay and Kevin O'Rourke examine the successive waves of globalization and deglobalization that have occurred during the past thousand years, looking closely at the technological and...
more
Recommended by Dani Rodrik, Stephen D King, and 2 others.

Dani RodrikThis is really a magisterial tour of the last thousand years of globalisation. (Source)

Stephen D KingWhat’s particularly good about this is the tremendous detail on the way in which different parts of the world used to trade with each other, and how it helps us to think about a world that wasn’t purely European, or European-plus-satellites focused. (Source)

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34
The subject of The Wheels of Commerce is the development of mechanisms of exchange—shops, markets, trade networks, and banking—in the pre-industrial stages of capitalism. less
Recommended by Robert Reich, and 1 others.

Robert ReichAs you said, Braudel’s book is the second in this series. Civilization and Capitalism is a monumental undertaking. In these three volumes, Braudel did what no one else had attempted before and he did it more successfully than anyone I know of, that is to try to understand the beginning of capitalism – particularly the kind of capitalism that has now become dominant in the world, the capitalism... (Source)

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35
Raghuram Rajan was one of the few economists who warned of the global financial crisis before it hit. Now, as the world struggles to recover, it's tempting to blame what happened on just a few greedy bankers who took irrational risks and left the rest of us to foot the bill. In "Fault Lines," Rajan argues that serious flaws in the economy are also to blame, and warns that a potentially more devastating crisis awaits us if they aren't fixed.

Rajan shows how the individual choices that collectively brought about the economic meltdown--made by bankers, government officials, and...
more

Francis FukuyamaHe accepts the fact that the crisis had multiple causes but he argues that redistribution done through subsidised lending is one of the most inefficient and dangerous ways to do redistribution. (Source)

George A. AkerlofFault Lines provides an excellent analysis of the lessons to be learned from the financial crisis, and the difficult choices that lie ahead. Of the many books written in the wake of our recent economic meltdown, this is the one that gets it right. (Source)

Robert J ShillerI admire this book because it’s not superficial. It goes for the ultimate causes of the economic crisis we’ve been through. Most people tend to focus in on something approximate. (Source)

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36
With the stock market breaking records almost daily, leaving longtime market analysts shaking their heads and revising their forecasts, a study of the concept of risk seems quite timely. Peter Bernstein has written a comprehensive history of man's efforts to understand risk and probability, beginning with early gamblers in ancient Greece, continuing through the 17th-century French mathematicians Pascal and Fermat and up to modern chaos theory. Along the way he demonstrates that understanding risk underlies everything from game theory to bridge-building to winemaking. less

Jason ZweigIn the book, he explores risk at every conceivable level – what it is mathematically and what it is psychologically, how it has played out historically, how people have thought to measure it and also to control it. (Source)

John Lanchesterit’s an absolutely fascinating, for-the-layman account of how humanity mastered risk and came to understand probability. (Source)

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37
This book focuses on the importance of ideological and institutional factors in the rapid development of the British economy during the years between the Glorious Revolution and the Crystal Palace Exhibition. Joel Mokyr shows that we cannot understand the Industrial Revolution without recognizing the importance of the intellectual sea changes of Britain’s Age of Enlightenment.

 

In a vigorous discussion, Mokyr goes beyond the standard explanations that credit  geographical factors, the role of markets, politics, and society to show that the beginnings of modern economic...
more

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38
Acclaimed by readers and critics around the globe, A Splendid Exchange is a sweeping narrative history of world trade—from Mesopotamia in 3000 B.C. to the firestorm over globalization today—that brilliantly explores trade’s colorful and contentious past and provides new insights into its future.

Review

"[An] entertaining and greatly enlightening book . . . Bernstein is a fine writer and knows how to tell a great story well. . . .A Splendid Exchangeis a splendid book." —The New York Times

“Superb . . . [A] significant contribution . . . The chronological range...
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39

Economics in One Lesson

Here is a publishing event: the new Mises Institute edition of the classic book that has taught many millions sound economic thinking. It is a hardbound volume, priced very low thanks to special benefactors, and now available in quantity discounts for distribution to your friends, family, and anyone you meet who needs to understand what economics implies for the society, government, and civilization.

Henry Hazlitt wrote this book following his stint at the New York Times as an editorialist. His hope was to reduce the whole teaching of economics to a few principles and explain them...
more

Ben Shapiro[If you read this book and "Basic Economics"] you'll know more than all or your classmates combined about the basic workings of free markets and economics. (Source)

Chris Nichols@fishin_me @IslesFGC @AsSeenOnTv55 @IlhanMN The best economic book written. (Source)

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40
There were dozens of books about Watergate, but only All the President's Men gave readers the full story, with all the drama and nuance and exclusive reporting. And thirty years later, if you're going to read only one book on Watergate, that's still the one. Today, Enron is the biggest business story of our time, and Fortune senior writers Bethany McLean and Peter Elkind are the new Woodward and Bernstein.

Remarkably, it was just two years ago that Enron was thought to epitomize a great New Economy company, with its skyrocketing profits and share price. But that was...
more
Recommended by Warren Buffett, and 1 others.

Warren BuffettWell-reported and well-written. (Source)

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41
Who are the immensely wealthy right-wing ideologues shaping the fate of America today? From the bestselling author of The Dark Side, an electrifying work of investigative journalism that uncovers the agenda of this powerful group.

In her new preface, Jane Mayer discusses the results of the most recent election and Donald Trump's victory, and how, despite much discussion to the contrary, this was a huge victory for the billionaires who have been pouring money in the American political system.

Why is America living in an age of profound and widening economic...
more
Recommended by Brad Feld, Avi Asherschapiro, and 2 others.

Avi AsherschapiroWho could forget that great book of reportage, "Dark Money," about the shadowy mechanization of the Nurses Union & the Climate Change Youth Movement. (Source)

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42
The story of how the East India Company took over large swaths of Asia, and the devastating results of the corporation running a country.

In August 1765, the East India Company defeated the young Mughal emperor and set up, in his place, a government run by English traders who collected taxes through means of a private army.

The creation of this new government marked the moment that the East India Company ceased to be a conventional company and became something much more unusual: an international corporation transformed into an aggressive colonial power. Over the course...
more

Andrew AdonisAnyone who thinks there’s much good to say about the British Empire should read @DalrympleWill’s brilliant book on the East India Company. A long tale of plunder, extortion, war & murder Maybe the ‘dominions’ are different, but not for indigenous peoples of Australia & N Zealand (Source)

Carl Malamud@jamie_love I have. Wonderful book. (Source)

Ken JusterGreat to welcome renowned author @DalrympleWill to #RooseveltHouse. Excellent discussion with this warm and thoughtful writer about his new book “The Anarchy,” which broadens our understanding of India’s complex history. #CulturalDiplomacy https://t.co/va2FL5Uefy (Source)

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43

Discrimination and Disparities

An enlarged edition of Thomas Sowell's brilliant examination of the origins of economic disparities

Economic and other outcomes differ vastly among individuals, groups, and nations. Many explanations have been offered for the differences. Some believe that those with less fortunate outcomes are victims of genetics. Others believe that those who are less fortunate are victims of the more fortunate.



Discrimination and Disparities gathers a wide array of empirical evidence to challenge the idea that different economic outcomes can be...
more

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44
By examining in detail the material life of pre-industrial peoples around the world, Fernand Braudel significantly changed the way historians view their subject. Volume I describes food and drink, dress and housing, demography and family structure, energy and technology, money and credit, and the growth of towns. less
Recommended by Francisco Bethencourt, and 1 others.

Francisco BethencourtBraudel was taking a global approach to the world between the 15th and 18th century very early on. (Source)

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45
In her ground-breaking reporting from Iraq, Naomi Klein exposed how the trauma of invasion was being exploited to remake the country in the interest of foreign corporations. She called it "disaster capitalism." Covering Sri Lanka in the wake of the tsunami, and New Orleans post-Katrina, she witnessed something remarkably similar. People still reeling from catastrophe were being hit again, this time with economic "shock treatment" losing their land and homes to rapid-fire corporate makeovers. The Shock Doctrine retells the story of the most dominant ideology of our time, Milton Friedman's free... more

George MonbiotThe Shock Doctrine explains some of the mechanisms by which patrimonial capital acquires power and enhances its wealth. It’s a brilliant piece of work, and one of those rare books that changes the way you perceive the world. (Source)

Mat WhitecrossIt starts with the theory that moments of crisis have been utilised by the right wing in the US and other countries to manipulate people into following their agenda. (Source)

Donna DickensonNaomi Klein’s argument is that capitalism actually requires deliberately engineered shocks to the economic systems. (Source)

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46
A rising young star in the field of economics attacks the free-trade orthodoxy of The World Is Flat head-on—a crisp, contrarian history of global capitalism.

One economist has called Ha-Joon Chang "the most exciting thinker our profession has turned out in the past fifteen years." With Bad Samaritans, this provocative scholar bursts into the debate on globalization and economic justice. Using irreverent wit, an engagingly personal style, and a battery of examples, Chang blasts holes in the "World Is Flat" orthodoxy of Thomas Friedman and other liberal economists who...
more
Recommended by Michael Lind, and 1 others.

Michael LindThe three leading countries of industrial capitalism – the United States, Germany and Japan – developed by using techniques, as Ha-Joon Chang points out, that are the opposite of what are supposed to work. There are endless bestselling books about how the West developed and how it became rich. It’s a genre that says that if you just have democracy and government acts as an umpire and doesn’t... (Source)

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47

Capitalism in America

An Economic History of the United States

From the legendary former Fed Chairman and the acclaimed Economist writer and historian, the full, epic story of America's evolution from a small patchwork of threadbare colonies to the most powerful engine of wealth and innovation the world has ever seen.

Shortlisted for the 2018 Financial Times and McKinsey Business Book of the Year Award

From even the start of his fabled career, Alan Greenspan was duly famous for his deep understanding of even the most arcane corners of the American economy, and his restless curiosity to know even more. To the extent...
more

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48
A Concise Economic History of the World offers a broad sweep of economic history from prehistoric times to the present. Comprehensive and now even more global in scope, the fifth edition examines the ongoing effects of globalization on both past civilizations and our current global economy. With illustrations, maps, charts, and a fully updated annotated bibliography, this unique work remains an invaluable, lively, and accessible text for both undergraduate and graduate students of general economic history, the history of globalization, and world development.
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49

A Little History of Economics

A lively, inviting account of the history of economics, told through events from ancient to modern times and through the ideas of great thinkers in the field. less

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50
This book seeks to identify the forces which explain how and why some parts of the world have grown rich and others have lagged behind. Encompassing 2000 years of history, Part 1 begins with the Roman Empire and explores the key factors that have influenced economic development in Africa, Asia, the Americas and Europe. Part 2 covers the development of macroeconomic tools of analysis from the 17th century to the present. Part 3 looks to the future and considers what the shape of the world economy might be in 2030. Combining both the close quantitative analysis with a more qualitative approach... more
Recommended by Branko Milanovic, and 1 others.

Branko MilanovicThis is the last work by perhaps the world’s foremost qualitative economic historian. (Source)

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51

The Passions and the Interests

Political Arguments for Capitalism Before Its Triumph

In this volume, Albert Hirschman reconstructs the intellectual climate of the seventeenth and eighteenth centuries to illuminate the intricate ideological transformation that occurred, wherein the pursuit of material interests--so long condemned as the deadly sin of avarice--was assigned the role of containing the unruly and destructive passions of man. Hirschman here offers a new interpretation for the rise of capitalism, one that emphasizes the continuities between old and new, in contrast to the assumption of a sharp break that is a common feature of both Marxian and Weberian thinking.... more

Mark BlythThe notion in the whole book is that it is far better for man to lord it over his bank balance than it is over his fellow man. (Source)

Will DaviesThe core question in Hirschman’s book is actually in its subtitle: ‘Political Arguments for Capitalism before Its Triumph’. Like Weber, Hirschman realised that, first, there is nothing natural about capitalism. (Source)

Robert J ShillerWhen we reflect on some of the horrors of capitalism, we have to consider that things could have been much worse if we didn’t have this system. Our fights would have been on real battlefields, rather than economic battlefields. (Source)

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52

Salt

A World History

From the Bestselling Author of Cod and The Basque History of the World

In his fifth work of nonfiction, Mark Kurlansky turns his attention to a common household item with a long and intriguing history: salt. The only rock we eat, salt has shaped civilization from the very beginning, and its story is a glittering, often surprising part of the history of humankind. A substance so valuable it served as currency, salt has influenced the establishment of trade routes and cities, provoked and financed wars, secured empires, and inspired revolutions.  Populated by colorful...
more

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53

How Asia Works

“Pithy, well-written and intellectually vigorous . . . Studwell’s thesis is bold, his arguments persuasive, and his style pugnacious. It adds up to a highly readable and important book.” —Financial Times

In the 1980s and 1990s many in the West came to believe in the myth of an East-Asian economic miracle, with countries seen as not just development prodigies but as a unified bloc, culturally and economically similar, and inexorably on the rise. In How Asia Works, Joe Studwell distills extensive research into the economics of nine countries—Japan, South Korea,...
more
Recommended by Bill Gates, and 1 others.

Bill GatesStudwell produces compelling answers to two of the greatest questions in development economics: How did countries like Japan, Taiwan, South Korea, and China achieve sustained, high growth? And why have so few other countries managed to do so? His answers come in the form of a simple—and yet hard to execute—formula: (1) create conditions for small farmers to thrive, (2) use the proceeds from... (Source)

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54
This account of artisan & working-class society in its formative years, 1780-1832, adds an important dimension to our understanding of the 19th century. E.P. Thompson shows how the working class took part in its own making & recreates the whole life experience of people who suffered loss of status & freedom, who underwent degradation & who yet created a culture & political consciousness of great vitality.
"Thompson's book has been called controversial, but perhaps only because so many have forgotten how explosive England was during the Regency & the early reign...
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55
A deeply engaging new history of how European settlements in the post-Colombian Americas shaped the world, from the bestselling author of 1491. Presenting the latest research by biologists, anthropologists, archaeologists, and historians, Mann shows how the post-Columbian network of ecological and economic exchange fostered the rise of Europe, devastated imperial China, convulsed Africa, and for two centuries made Mexico City—where Asia, Europe, and the new frontier of the Americas dynamically interacted—the center of the world. In this history, Mann uncovers the germ of today's... more

Harsh GuptaHave you read the 1491 and 1493 book series? About the discovery of Americas and what it meant. Fascinating stuff. Have been reading 1493 by Charles Mann on Kindle. (Source)

Tim @RealscientistsI highly recommend @CharlesCMann's fantastic book "1493: Uncovering the New World Columbus Created" for perspective on Andean potato history and its outsized influence on world history (see: Irish potato famine). https://t.co/soMV0uzawP (Source)

Louise FrescoCharles Mann has many interesting stories about many foods, but the main message is the importance of trade and the fact that there have been massive movements of foods backwards and forwards. (Source)

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56

The Age of Capital, 1848-1875

In the wake of the French Revolution & the Industrial Revolution, Europe underwent another revolution--this time a revolution of values. The author examines the rise of industrial capitalism and the consolidation of bourgeois culture, exploring the effects of mounting concentration of wealth, population migrations, and the domination of European culture. Integrating economics with political and intellectual developments, this account studies the cycles of boom & slump that characterize capitalist economies, of the victims & victors of the bourgeois ethos. less

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57
From Aristotle and Thomas Aquinas, to Adam Smith and John Maynard Keynes, to the top economic thought leaders of today, The Economics Book is the essential reference for students and anyone else with an interest in how economies work. Easy-to-follow graphics, succinct quotations, and thoroughly accessible text throw light on the applications of economics, making them relatable through everyday examples and concerns.

Employing DK's trademark visual approach, The Economics Book takes a frequently confusing subject and makes sense of it, clearly highlighting both...
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58
Why are some countries rich and others poor? In 1500, global income differences were small, but disparities have grown dramatically since Columbus reached America. In this Very Short Introduction, Robert C. Allen shows how the interplay of geography, globalization, technological change, and economic policy has determined the wealth and poverty of nations. Allen shows how the industrial revolution was Britain's path-breaking response to the challenge of globalization. Western Europe and North America joined Britain to form a club of rich nations, pursuing four polices--creating a national... more

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59

Chernobyl

History of a Tragedy

On 26 April 1986 at 1.23am a reactor at the Chernobyl Nuclear Power Plant in Soviet Ukraine exploded. While the authorities scrambled to understand what was occurring, workers, engineers, firefighters and those living in the area were abandoned to their fate. The blast put the world on the brink of nuclear annihilation, contaminating over half of Europe with radioactive fallout.

In Chernobyl, award-winning historian Serhii Plokhy draws on recently opened archives to recreate these events in all their drama, telling the stories of the scientists, workers, soldiers, and...
more
Recommended by Stephen Bush, Kate Brown, and 2 others.

Stephen BushIt’s just a really thrilling book, as well as being a really interesting history of that time. But the reason why I think it’s also a brilliant political book is fundamentally what Plokhii reveals in his writing, is that the failure of Chernobyl was fundamentally a failure of a political system, as well as a failure of a scientific system. (Source)

Kate BrownHe’s really good here at laying down the background of the disaster itself, the plant’s construction, the days leading up to it, the moments the accident occurred. He talks about the accident itself, the delay in informing the public, the censorship of news, the trial of the nuclear power plant operators who he thinks were treated as scapegoats, and the political outcomes of all this deception. (Source)

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60
The Industrial Revolution marks the most fundamental transformation of human life in the history of the world. It occurred, inevitably and temporarily, in the form of a capitalist economy and society, and it was also, perhaps, inevitable that it should occur in the form of a single "liberal" world economy, depending for a time on a single leading pioneer country. That country was Britain , and as such it stands alone in history. In his book E. J. Hobsbawm described and accounts for Britain's rise as the world's first industrial power, its decline from its temporary dominance, its rather... more

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61

Civilization

The West and the Rest

Western civilization’s rise to global dominance is the single most important historical phenomenon of the past five centuries

How did the West overtake its Eastern rivals? And has the zenith of Western power now passed? Acclaimed historian Niall Ferguson argues that beginning in the fifteenth century, the West developed six powerful new concepts, or “killer applications”—competition, science, the rule of law, modern medicine, consumerism, and the work ethic—that the Rest lacked, allowing it to surge past all other competitors.


Yet now, Ferguson shows how the Rest...
more

Rupert MurdochCan't wait to start reading Niall Ferguson's new book, Civilization, The West and the Rest. Bet lots to think about. (Source)

Dambisa MoyoWhat I found interesting and what I like about this book is the fact that Niall takes a very broad look at the East-West theme. When people are looking at this issue of East versus West, or West versus the Rest, they tend to focus either on politics (which is very important and we’ll talk about that when we discuss Richard McGregor’s book on the Chinese Communist Party) or on economics. But there... (Source)

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62
A Nobel Prize-winning economist tells the remarkable story of how the world has grown healthier, wealthier, but also more unequal over the past two and half centuries

The world is a better place than it used to be. People are healthier, wealthier, and live longer. Yet the escapes from destitution by so many has left gaping inequalities between people and nations. In The Great Escape, Nobel Prize-winning economist Angus Deaton--one of the foremost experts on economic development and on poverty--tells the remarkable story of how, beginning 250 years ago, some parts of...
more
Recommended by Bill Gates, David Pilling, and 2 others.

Bill GatesIf you want to learn about why human welfare overall has gone up so much over time, you should read [this book]. (Source)

David PillingThere are two strands to this book. Funnily enough, it has some overlap with the Hans Rosling book Factfulness because The Great Escape is actually the escape from poverty. The title comes from the movie of the same name, where some people escape from a German prisoner of war camp. His question is: is that good? They are now better off than the poor buggers left behind. So, with the inequality... (Source)

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63
In 1900 international trade reached unprecedented levels and the world's economies were more open to one another than ever before. Then as now, many people considered globalization to be inevitable and irreversible. Yet the entire edifice collapsed in a few months in 1914.



Globalization is a choice, not a fact. It is a result of policy decisions and the politics that shape them. Jeffry A. Frieden's insightful history explores the golden age of globalization during the early years of the century, its swift collapse in the crises of 1914-45, the divisions of the Cold War...
more
Recommended by Dani Rodrik, and 1 others.

Dani RodrikWhat’s very useful about it is that it underscores that economic globalisation is not inevitable (Source)

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64
In a world of supercomputers, genetic engineering, and fiber optics, technological creativity is ever more the key to economic success. But why are some nations more creative than others, and why do some highly innovative societies--such as ancient China, or Britain in the industrial revolution--pass into stagnation?
Beginning with a fascinating, concise history of technological progress, Mokyr sets the background for his analysis by tracing the major inventions and innovations that have transformed society since ancient Greece and Rome. What emerges from this survey is often...
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65

Dirty Little Secrets About Black History

Its Heroes & Other Troublemakers

MEET THE HERO

Ben Barata. Sukses dengan kariernya dan berkehidupan mapan, tapi masih merasakan kekosongan dalam hidupnya. Dan dia yakin kekosongan itu hanya bisa diisi oleh Jana, cewek yang menghilang tanpa jejak setelah hatinya dia injak-injak bertahun-tahun yang lalu. Dia bertekad untuk bertekuk lutut meminta maaf dan mendapatkan kesempatan kedua dengan Jana... Namun, bagaimana dia bisa melakukannya tanpa membuat Jana mengambil langkah seribu ketika melihatnya?

MEET THE HEROINE

Jana Oetomo. Ibu dari sepasang anak kembar yang bandelnya setengah...
more

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66
A lively, original, and challenging history of stock market speculation from the 17th century to present day.

Is your investment in that new Internet stock a sign of stock market savvy or an act of peculiarly American speculative folly? How has the psychology of investing changed--and not changed--over the last five hundred years?

In Devil Take the Hindmost, Edward Chancellor traces the origins of the speculative spirit back to ancient Rome and chronicles its revival in the modern world: from the tulip scandal of 1630s Holland, to "stockjobbing" in...
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67

The Protestant Ethic and the Spirit of Capitalism

The Protestant ethic — a moral code stressing hard work, rigorous self-discipline, and the organization of one's life in the service of God — was made famous by sociologist and political economist Max Weber. In this brilliant study (his best-known and most controversial), he opposes the Marxist concept of dialectical materialism and its view that change takes place through "the struggle of opposites." Instead, he relates the rise of a capitalist economy to the Puritan determination to work out anxiety over salvation or damnation by performing good deeds — an effort that ultimately discouraged... more
Recommended by Liam Martin, Will Davies, and 2 others.

Liam MartinMax Weber Protestant Ethic, and Karl Marx's Capital had a huge impact on me. If you read Marx with a critical critique you can see that he's laid out a fantastic framework on how capitalism works, I do disagree with his core premise (capitalism being bad) so I took it as a great way to understand how I could operate inside of a capitalist economy. Weber on the other hand shows you exactly how to... (Source)

Will DaviesOne of the most famous and influential works of sociology ever written and one of the founding texts of economic sociology. I’ve always found it inspirational. (Source)

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68
Neoliberalism - the doctrine that market exchange is an ethic in itself, capable of acting as a guide for all human action - has become dominant in both thought and practice throughout much of the world since 1970 or so. Writing for a wide audience, David Harvey, author of The New Imperialism and The Condition of Postmodernity, here tells the political-economic story of where neoliberalization came from and how it proliferated on the world stage. Through critical engagement with this history, he constructs a framework, not only for analyzing the political and economic dangers that now... more

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69
During the seven hundred years before the Industrial Revolution, the stage was set for Europe's transformation from a backward agrarian society to a powerful industrialized society. An economic historian of international reputation, Carlo M. Cipolla explores the process that made this transformation possible. In so doing, he sheds light not only on the economic factors but on the culture surrounding them. less

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70
The winner of the National Book Award and now considered a classic, The House of Morgan is the most ambitious history ever written about an American banking dynasty. Acclaimed by The Wall Street Journal as "brilliantly researched and written," the book tells the rich, panoramic story of four generations of Morgans and the powerful, secretive firms they spawned. It is the definitive account of the rise of the modern financial world. A gripping history of banking and the booms and busts that shaped the world on both sides of the Atlantic, The House of Morgan traces the trajectory... more

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71

Economics

The User's Guide

In his bestselling 23 Things They Don't Tell You About Capitalism, Cambridge economist Ha-Joon Chang brilliantly debunked many of the predominant myths of neoclassical economics. Now, in an entertaining and accessible primer, he explains how the global economy actually works—in real-world terms. Writing with irreverent wit, a deep knowledge of history, and a disregard for conventional economic pieties, Chang offers insights that will never be found in the textbooks.

Unlike many economists, who present only one view of their discipline, Chang introduces a wide range of...
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Recommended by Ella Botting, and 1 others.

Ella BottingA simple but in depth guide to economics that isn’t patronising. Always good to know about money & financial systems once you start earning! (Source)

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A comprehensive account of how energy has shaped society throughout history, from pre-agricultural foraging societies through today's fossil fuel-driven civilization.

I wait for new Smil books the way some people wait for the next 'Star Wars' movie. In his latest book, Energy and Civilization: A History, he goes deep and broad to explain how innovations in humans' ability to turn energy into heat, light, and motion have been a driving force behind our cultural and economic progress over the past 10,000 years.
--Bill Gates, Gates Notes ,...
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Recommended by Bill Gates, Chris Goodall, and 2 others.

Bill GatesSmil is one of my favorite authors, and this is his masterpiece. He lays out how our need for energy has shaped human history—from the era of donkey-powered mills to today’s quest for renewable energy. It’s not the easiest book to read, but at the end you’ll feel smarter and better informed about how energy innovation alters the course of civilizations. (Source)

Chris GoodallThere isn’t a page you don’t learn something from. (Source)

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73
In this groundbreaking work, William Cronon gives us an environmental perspective on the history of nineteenth-century America. By exploring the ecological and economic changes that made Chicago America's most dynamic city and the Great West its hinterland, Mr. Cronon opens a new window onto our national past. This is the story of city and country becoming ever more tightly bound in a system so powerful that it reshaped the American landscape and transformed American culture. The world that emerged is our own.


Winner of the Chicago Tribune Heartland Prize
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Recommended by Edward Glaeser, and 1 others.

Edward GlaeserNature’s Metropolis tells the story of Chicago’s relationship with the great American hinterland. It certainly shaped my understanding of the role that cities played in the 19th century. William Cronon tells this story through a series of commodities, from the timber of the early forest that came down through Lake Michigan, to the corn of Iowa that produced the pigs that were slaughtered in... (Source)

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"A deep accounting of how America got to a point where a median white family has 13 times more wealth than the median black family."
--The Atlantic

"Extraordinary... Baradaran focuses on a part of the American story that's often ignored: the way African Americans were locked out of the financial engines that create wealth in America."
--Ezra Klein

When the Emancipation Proclamation was signed in 1863, the black community owned less than 1 percent of the total wealth in America. More than 150 years later, that number has barely budged. The Color of...
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A History of Economics

The Past as the Present

A book explaining the history of economics; including the powerful and vested interests which moulded the theories to their financial advantage; as a means of understanding modern economics. less

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76
2009 reprint of the 1852 second edition. Two volumes bound into one. Charles Mackay (1814-1889) was a Scottish poet, journalist, and song writer. He was born in Perth, Scotland. His mother died shortly after his birth and his father was by turns a naval officer and a foot soldier. He was educated at the Caledonian Asylum, London, and at Brussels, but spent much of his early life in France. Coming to London in 1834, he engaged in journalism, working for the Morning Chronicle from 1835-1844 and then became Editor of The Glasgow Argus. He moved to the Illustrated London News in 1848 becoming... more

Jonah LehrerA wonderful eclectic history of mass human irrationality, and a great history of financial bubbles. (Source)

Tom Joseph"Do you know who I am"- Trump cries a/b his status, Iran & Obama are panic b4 his bubble pops Mania's will end in panic as noted in a favorite book: Extraordinary Popular Delusions & the Madness of Crowds by Charles Mackay. Not a plug-written in 1841 Trumpmania is now Trumpanic https://t.co/WnVGJ8Hung (Source)

John GapperIt’s a very patchy book, but it leads off with three classic financial booms and busts – tulip mania in Holland, the Mississippi scheme in 18th century France, and the South Sea Bubble. MacKay was a journalist with a fine tabloid style, and he writes it all up very entertainingly. He gets the eyewitness quotes and he finds the human foibles. (Source)

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77

The History of Money

In his most widely appealing book yet, one of today's leading authors of popular anthropology looks at the intriguing history and peculiar nature of money, tracing our relationship with it from the time when primitive men exchanged cowrie shells to the imminent arrival of the all-purpose electronic cash card. 320 pp. Author tour. National radio publicity. 25,000 print.


From the Hardcover edition.
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THE WIDELY ACCLAIMED BESTSELLER THAT BOLDLY AND LUCIDLY PUTS OUR CURRENT ECONOMIC AND POLITICAL DILEMMAS INTO THE PERSPECTIVE OF WORLD HISTORY.

"A work of almost Toynbeean sweep... When a scholar as careful and learned as Mr. Kennedy is prompted by contemporary issues to reexamine the great processes of the past, the result can only be an enhancement of our historical understanding.... When the study is written as simply and attractively as this work is, its publication may have a great and beneficient impact. It is to be hoped that Mr. Kennedy's will have one, at a...
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79
A searing exposé of the most scandalous bank in the world, including its shadowy ties to Donald Trump’s business empire

On a rainy Sunday in 2014, a senior executive at Deutsche Bank was found hanging in his London apartment. Bill Broeksmit had helped build the 150-year-old financial institution into a global colossus, and his sudden death was a mystery, made more so by the bank’s efforts to deter investigation. Broeksmit, it turned out, was a man who knew too much.

In Dark Towers, award-winning journalist David Enrich reveals the truth about Deutsche Bank...
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Aunt Crabby Calls BullshitEvery Trump financial thread pulled results in scandal The @maddow Show last night was GREAT!! I pre-ordered the book on Trump and Deutsche Bank immediately! https://t.co/H03Y0bjCDc (Source)

Charles P. PierceI’m reading the Deutsche Bank book that @maddow is talking about now. It’s an amazing saga. (Source)

Yashar Ali2. "Dark Towers," is a deeply reported book and reveals a lot about the criminality at Deutsche. The pacing and writing are excellent and I found myself pouring through the book and never getting bored. A must-read! Kudos to @davidenrich https://t.co/0B3hN2BEqm https://t.co/jV32q3oyLt (Source)

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Was the fall of Rome a great catastrophe that cast the West into darkness for centuries to come? Or, as scholars argue today, was there no crisis at all, but simply a peaceful blending of barbarians into Roman culture, an essentially positive transformation?

In The Fall of Rome, eminent historian Bryan Ward-Perkins argues that the "peaceful" theory of Rome's "transformation" is badly in error. Indeed, he sees the fall of Rome as a time of horror and dislocation that destroyed a great civilization, throwing the inhabitants of the West back to a standard of living typical of...
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Don't have time to read the top Economic History books of all time? Read Shortform summaries.

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81

Development as Freedom

By the winner of the 1998 Nobel Prize in Economics, an essential and paradigm-altering framework for understanding economic development—for both rich and poor—in the twenty-first century.

Freedom, Sen argues, is both the end and most efficient means of sustaining economic life and the key to securing the general welfare of the world's entire population. Releasing the idea of individual freedom from association with any particular historical, intellectual, political, or religious tradition, Sen clearly demonstrates its current applicability and possibilities. In the new global...
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Chosen by Pankaj Mishra as one of the Best Books of the Summer

Neoliberals hate the state. Or do they? In the first intellectual history of neoliberal globalism, Quinn Slobodian follows a group of thinkers from the ashes of the Habsburg Empire to the creation of the World Trade Organization to show that neoliberalism emerged less to shrink government and abolish regulations than to redeploy them at a global level.

Slobodian begins in Austria in the 1920s. Empires were dissolving and nationalism, socialism, and democratic self-determination threatened the stability...
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Recommended by Diane Coyle, Joe Weisenthal, and 2 others.

Diane CoyleThis book is about the philosophical origins of neoliberalism in 1930s Vienna and logical positivism and how it spread globally, particularly into Anglo-Saxon and American universities, and also about the way it underpinned the philosophy of globalization that we have seen take over the world since the 1980s. It’s really interesting to understand that the ideas that we think of as ‘natural’... (Source)

Joe WeisenthalIf anyone's looking for a last-week-of-summer beach read, this book by @zeithistoriker on how we got here is great. https://t.co/YZ6VtRevUc HT: @MattZeitlin for the rec. (Source)

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The Great Divergence brings new insight to one of the classic questions of history: Why did sustained industrial growth begin in Northwest Europe, despite surprising similarities between advanced areas of Europe and East Asia? As Ken Pomeranz shows, as recently as 1750, parallels between these two parts of the world were very high in life expectancy, consumption, product and factor markets, and the strategies of households. Perhaps most surprisingly, Pomeranz demonstrates that the Chinese and Japanese cores were no worse off ecologically than Western Europe. Core areas throughout the... more
Recommended by Kent Deng, and 1 others.

Kent DengProfessor Kenneth Pomeranz’s book is more or less a synthesis of Jones and Wong. What he achieves in the book is to show the reader that Europe (Western) and Asia (China) departed from each other in terms of quality of life (everyday consumption) only after 1750. Before that date, Europe was not superior to Asia in those terms. (Source)

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Throughout time, from ancient Rome to modern Britain, the great empires built and maintained their domination through force of arms and political power. But not the United States. America has dominated the world in a new, peaceful, and pervasive way -- through the continued creation of staggering wealth. In this authoritative, engrossing history, John Steele Gordon captures as never before the true source of our nation's global influence: wealth and the capacity to create more of it.

This P.S. edition features an extra 16 pages of insights into the book, including author...
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“Do we really need yet another book about the financial crisis? Yes, we do—because this one is different….A must-read for anyone who wants to understand the mess we’re in.”
—Paul Krugman, New York Times Book Review

 

“Fox makes business history thrilling.”
St. Louis Post-Dispatch

 

A lively history of ideas, The Myth of the Rational Market by former Time Magazine economics columnist Justin Fox, describes with insight and wit the rise and fall of the world’s most influential investing idea: the efficient...
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Recommended by Barry Ritholtz, and 1 others.

Barry RitholtzYes, so everything was working fine. The original concept – which started under Carter but was accelerated under Reagan – was that government has gotten too unwieldy. Regulation is too costly, too time-consuming and there’s too much red tape. There is a legitimate argument that bureaucracies tend to feed on themselves, and you have to constantly hack back at some of the vines and undergrowth. But... (Source)

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Selected as a Financial Times Best Book of 2013
Governments today in both Europe and the United States have succeeded in casting government spending as reckless wastefulness that has made the economy worse. In contrast, they have advanced a policy of draconian budget cuts--austerity--to solve the financial crisis. We are told that we have all lived beyond our means and now need to tighten our belts. This view conveniently forgets where all that debt came from. Not from an orgy of government spending, but as the direct result of bailing out, recapitalizing, and adding liquidity to the...
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A sharply critical new look at Franklin D. Roosevelt's presidency reveals government policies that hindered economic recovery from the Great Depression---and that are still hurting America today. less

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A monumental history of the nineteenth century, "The Transformation of the World" offers a panoramic and multifaceted portrait of a world in transition. Jurgen Osterhammel, an eminent scholar who has been called the Braudel of the nineteenth century, moves beyond conventional Eurocentric and chronological accounts of the era, presenting instead a truly global history of breathtaking scope and towering erudition. He examines the powerful and complex forces that drove global change during the "long nineteenth century," taking readers from New York to New Delhi, from the Latin American...
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Examining a series of El Niño-induced droughts and the famines that they spawned around the globe in the last third of the nineteenth century, Mike Davis discloses the intimate, baleful relationship between imperial arrogance and natural incident that combined to produce some of the worst tragedies in human history and to sow the seeds of underdevelopment in what later became known as the Third World. less
Recommended by Khurshid Alam, and 1 others.

Khurshid AlamThis is a very interesting book – it contains some very good storytelling about the late Victorian famines in Africa, India, China, Brazil and elsewhere. It could almost be described as a narration of human suffering. It also contains many rare photographs depicting the famines. (Source)

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90
Why stable banking systems are so rare

Why are banking systems unstable in so many countries--but not in others? The United States has had twelve systemic banking crises since 1840, while Canada has had none. The banking systems of Mexico and Brazil have not only been crisis prone but have provided miniscule amounts of credit to business enterprises and households.

Analyzing the political and banking history of the United Kingdom, the United States, Canada, Mexico, and Brazil through several centuries, Fragile by Design demonstrates that chronic banking...
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Don't have time to read the top Economic History books of all time? Read Shortform summaries.

Shortform summaries help you learn 10x faster by:

  • Being comprehensive: you learn the most important points in the book
  • Cutting out the fluff: you focus your time on what's important to know
  • Interactive exercises: apply the book's ideas to your own life with our educators' guidance.
91
To say that history's greatest economic experiment--Soviet communism--was also its greatest economic failure is to say what many consider obvious. Here, in a startling reinterpretation, Robert Allen argues that the USSR was one of the most successful developing economies of the twentieth century. He reaches this provocative conclusion by recalculating national consumption and using economic, demographic, and computer simulation models to address the what if questions central to Soviet history. Moreover, by comparing Soviet performance not only with advanced but with less developed countries,... more

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92
Based on author Sebastian Mallaby's unprecedented access to the industry, including three hundred hours of interviews, More Money Than God tells the inside story of hedge funds, from their origins in the 1960s and 1970s to their role in the financial crisis of 2007-2009.

Wealthy, powerful, and potentially dangerous, hedge fund moguls have become the It Boys of twenty-first ­century capitalism. Ken Griffin of Citadel started out trading convertible bonds from his dorm room at Harvard. Julian Robertson staffed his hedge fund with college athletes half his age, then he flew them to...
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Recommended by Deepak Shenoy, and 1 others.

Deepak Shenoy@gauravsabnis @abhijitkadle @mohitsatyanand @tanayingale I fourth that recommendation. That is a brilliant book. (Source)

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93
An epic, multigenerational story of two rival dynasties who flourished in Shanghai and Hong Kong as twentieth-century China surged into the modern era, from the Pulitzer Prize-winning journalist

Shanghai, 1936. The Cathay Hotel, located on the city's famous waterfront, is one of the most glamorous in the world. Built by Victor Sassoon--billionaire playboy and scion of the Sassoon dynasty--the hotel hosts a who's who of global celebrities: Noel Coward has written a draft of Private Lives in his suite and Charlie Chaplin has entertained his wife-to-be. And a few miles...
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94
Hardly a week passes without some high-profile court case that features intellectual property at its center. But how did the belief that one could own an idea come about? And how did that belief change the way humankind lives and works?

William Rosen, author of Justinian's Flea, seeks to answer these questions and more with The Most Powerful Idea in the World. A lively and passionate study of the engineering and scientific breakthroughs that led to the steam engine, this book argues that the very notion of intellectual property drove not only the invention of the...
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Recommended by Bill Gates, and 1 others.

Bill GatesI just finished reading The Most Powerful Idea in the World: A Story of Steam, Industry and Invention by William Rosen. It focuses on the Industrial Revolution basically from the Newcomen atmospheric engine in 1712 to the Stephen Rocket Locomotive in 1850. It does a great job of explaining how thousands of innovations were driven during this period by many elements coming together: increased... (Source)

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95
For more than half a century, the U.S. dollar has been not just America's currency but the world's. It is used globally by importers, exporters, investors, governments and central banks alike. Nearly three-quarters of all $100 bills circulate outside the United States. The dollar holdings of the Chinese government alone come to more than $1,000 per Chinese resident.

This dependence on dollars, by banks, corporations and governments around the world, is a source of strength for the United States. It is, as a critic of U.S. policies once put it, America's "exorbitant privilege."...
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96
A bold and searing investigation into the role of white women in the American slave economy

Bridging women’s history, the history of the South, and African American history, this book makes a bold argument about the role of white women in American slavery. Historian Stephanie E. Jones-Rogers draws on a variety of sources to show that slave‑owning women were sophisticated economic actors who directly engaged in and benefited from the South’s slave market. Because women typically inherited more slaves than land, enslaved people were often their primary source of wealth. Not only did...
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97
David Hackett Fischer, one of our most prominent historians, has garnered a reputation for making history come alive--even stories as familiar as Paul Revere's ride, or as complicated as the assimilation of British culture in North America.

Now, in The Great Wave, Fischer has done it again, marshaling an astonishing array of historical facts in lucid and compelling prose to outline a history of prices--"the history of change," as Fischer puts it--covering the dazzling sweep of Western history from the medieval glory of Chartres to the modern day.

Going far...
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98
"Eichengreen's purpose is to provide a brief history of the international monetary system. In this, he succeeds magnificently. Globalizing Capital will become a classic."--Douglas Irwin, University of ChicagoThe importance of the international monetary system is clearly evident in daily news stories about fluctuating currencies and in dramatic events such as the recent reversals in the Mexican economy. It has become increasingly apparent that one cannot understand the international economy without knowing how its monetary system operates. Now Barry Eichengreen presents a brief, lucid book... more

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"[A] magnificent history of money and finance."--New York Times Book Review

"Convincingly makes the case that finance is a change-maker of change-makers."--Financial Times

In the aftermath of recent financial crises, it's easy to see finance as a wrecking ball: something that destroys fortunes and jobs, and undermines governments and banks. In Money Changes Everything, leading financial historian William Goetzmann argues the exact opposite--that the development of finance has made the growth of civilizations possible. Goetzmann explains...
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Recommended by Tim Harford, Jonathan Tepper, and 2 others.

Tim HarfordThis book is about the history, often the ancient history, of all sorts of financial innovations. (Source)

Jonathan TepperThis is a great book for those interested in economic history. https://t.co/xK55Lb5IA8 (Source)

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100
This is the first comprehensive analysis of the economic transition from antiquity to the Middle Ages in over sixty years. It brings fresh evidence to bear on the fall of the Roman empire and the origins of the medieval economy. The book uses new material from recent excavations, and develops a new method for the study of hundreds of travelers to reconstitute the communications infrastructure that conveyed those travelers--ship sailings, overland routes--linking Europe to Africa and Asia, from the time of the later Roman empire to the reign of Charlemagne and beyond. less

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Don't have time to read the top Economic History books of all time? Read Shortform summaries.

Shortform summaries help you learn 10x faster by:

  • Being comprehensive: you learn the most important points in the book
  • Cutting out the fluff: you focus your time on what's important to know
  • Interactive exercises: apply the book's ideas to your own life with our educators' guidance.