The Prize: The Epic Quest for Oil, Money and Power

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Daniel Yergin's first prize-winning book, Shattered Peace, was a history of the Cold War. Afterwards the young academic star joined the energy project of the Harvard Business School and wrote the best-seller Energy Future. Following on from there, The Prize, winner of the 1992 Pulitzer Prize for nonfiction, is a comprehensive history of one of the commodities that powers the world--oil. Founded in the 19th century, the oil industry began producing kerosene for lamps and progressed to gasoline. Huge personal fortunes arose from it, and whole nations sprung out of the power politics of the oil wells. Yergin's fascinating account sweeps from early robber barons like John D. Rockefeller, to the oil crisis of the 1970s, through to the Gulf War.

Book Description

Pulitzer Prize Winner -- and Now an Epic PBS Series

The Prize recounts the panoramic history of oil -- and the struggle for wealth 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 this 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.

The cast extends from wildcatters and rogues to oil tycoons, and from Winston Churchill and Ibn Saud to George Bush and Saddam Hussein. The definitive work on the subject of oil and a major contribution to understanding our century, The Prize is a book of extraordinary breadth, riveting excitement -- and great importance.

Customer Reviews:

First to cover the topic, but still a facile book.......2007-09-17

Yergen gets kudos for being the first to cover this topic, but his account (perhaps because it's now outdated) is facile and pro-oil company. Every time the oil companies are thwarted he seems to blame straw men for it: tree huggers, the people that hounded poor misunderstood Tricky Dick Nixon, the Saudi sheiks (best friends of Bush, Cheney, et al). He never turns his gaze on the corruption of the oil companies themselves. We hit peak oil in the U.S. in the 1960s. The oil companies suppressed any attempts since then to find alternative fuels. Now we are up the creek, so to speak, with the Oil Men running the Show. Some "Prize". I'd say it's the booby prize. The best overview of our current fix is Lawrence Wright's The Looming Tower.

The Age of Oil.......2007-07-04

We are living in the Age of oil.

World and human civilization have experienced different "ages" such as the Bronze Age, Iron Age, and Gilded Age, and so on. The 20th and 21st Centuries are indeed, the "Oil Age." We are living in it. This book is one of the most informative and relevant books published in recent years, In my opinion. This work by Daniel Yergin was and still is prescient today, in 2007. "The Prize" tells the story of where we are today, and how we got here. It also latently foresees where we're going in the future. The book doesn't tell us - we just know. We're human. This book is so comprehensive and has so much information only a small portion of it can be noted. Below relates to WWII, and former Iranian leader Dr. Mohammed Mossadegh.

"The Prize" proceeds chronologically. And within the chapters there are numerous mini-subtitles for sub-chapters that connect the big picture. The bibliography and index are excellent and can be used to tie in different figures and historical occurrences. The 'history of oil' is actually the history of the world: humankind, business, innovations, globalization, war, and geo-political power-plays. The very survival of a nation-state is based upon oil.

"The Prize" begins with tiny puddles of black, sticky, goo, in Pennsylvania in the mid 1800s. Locals collected this goo and realized its many uses. In 1859 oil was struck. Almost immediately, the wealth and power amassed from possession and control of oil was realized. The initial trust acts in the U.S. are related to the oil industry, in which Barons quickly gained gargantuan amounts of wealth and political power.

Enter WWII:

The Japanese attacked Pearl Harbor because of oil. Japanese conquests throughout South-East Asia and the Pacific were motivated not only by the quest for dominance but for securing oil and keeping their oil (fuel) supply lines open. Without supply lines of oil, the war machine would completely break down, as it later did (Chapter 8).

The Americans sacrificed a lot, but Japan in large part lost WWII because of its lack of fuel for planes, ships, and ground forces. Domestically, the Japanese economy collapsed because of its inability to import oil. The Kamikazes were brought into existence after the Battle of Leyte Gulf, Philippines, in 1944. Lack of oil meant lack of fighter plane fuel. Fuel supplies became so low they actually stopped training Japanese pilots at all. Pilots were ordered to "follow the leader" to the attack site because they didn't even have navigation training.

There was even an "Oil Czar" In the U.S. during World War II in PAW, the Petroleum Administration for War. The Oil Czar was Harold Ickes.

In the European Theater's Eastern Front Germany invaded Russia with Operation Barbarossa mostly to get the oil in the Caucuses (In addition to "lebensraum" and "untermensch" beliefs). In addition, a needed land-route to Iron Ore in Scandinavia via the Baltic SSR Republics was a factor. Hitler also began making synthetic oil because without enough of it Germany's war machine, domestic economy, and arms production were doomed. These synthetic oil factories were top targets in Allied bombing missions.

Oil and the Cold War World:

The Soviets dominated Eastern Europe and exerted its influence after WWII for 45 years because the Allies ran out of gasoline. When the British 3rd Army and U.S. 1st Army were advancing eastward toward Berlin chasing demoralized, retreating, and broken German troops in disarray. But because of the lack of gasoline for the Allied Armies, a million people ended up losing their lives and war was prolonged because the Germans were able to retreat and re-organize (page 388).

If someone says "it's not about the oil" today in 2007, tell them to read this book. Oil encompasses almost all things in our daily lives, whether we are are conscious of it, or not.

Oil, Military, and Economic Interests:

Democratically elected governments are overthrown by foreign governments because of oil. In 1953 Dr. Mohammed Mossadegh was democratically elected in Iran. He was an anti-communist. He didn't like the 93% to 7% profit sharing split with a British Oil company operating inside Iran. He changed it to 50-50. The CIA sponsored a coup to overthrow him. Americans were repeatedly told by the U.S. media that Mossadegh was a communist and communist sympathizer, although factually untrue. The American public believed this propaganda, according to poll results. Gullible? Mossadegh was ousted and the Shah was placed in power. Democracy has never been supported in the Middle East and it isn't now by the U.S. government. Also see the Carter Doctrine of 1980.

Most of us as individual consumers literally need oil to function. Dependence upon oil is for the continuation of the nation-state, its military machines, and domestic economy. More critical today, is that nation-states need a *sufficient* supply of it.

This is a positive book. It's a history book.

We're in the heart of the "Oil Age."

Amaze.......2007-06-19

This book is the better form to say what means the oil in the world. The history is well clear end real. There are many important information and who is curious or needs to know the subject this is a perfect one.

It's interesting to know the past to forecast the future..........2007-06-14

I really appreciated Daniel YERGIN's book.
The history of oil is crucial to try to solve the huge demand for future oil. History tells us that oil is limitless in virgin deserts...

The Prize : The Epic Quest for Oil, Money & Power.......2007-06-12

Excellent, well chronicled book showing the inside of the oil world history. Amazon shipment was a slick execution which makes the book more valuable..This book is a must-have for oil and gas pros.

The Lost Science of Money: The Mythology of Money - The Story of Power

Average customer rating:

Regarding Thomas Greco's Review
Massive historical detail with a cogent message
If you only read one book about money this is the one.
The History of Money Redeemed
A good historical perspective but little science or solution

The Lost Science of Money: The Mythology of Money - The Story of Power
Stephen A. Zarlenga
Manufacturer: Amer Monetary Inst Charitable Trust
ProductGroup: Book
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ASIN: 1930748035

Customer Reviews:

Regarding Thomas Greco's Review.......2005-09-05

I believe that "The Lost Science of Money" is a very well written, serious, and thorough book. If you can't afford the cost based upon reviews then check it out of a library first, and judge for your self.

Please, note that Greco's review is by an author(Greco himself) who is sideways attempting to promote his own book ("Money") by pulling Down Zarlenga's book. Yes, Stephen Zarlenga does not delve deeply into alternative and community based currencies in these current times, but the basis for a solid understanding of monetary history and principles is fully accessible and clearly written, unlike Greco's exercise in muddling through without an outline.

Massive historical detail with a cogent message.......2004-11-18

This book provides a huge service to understanding one of the most central and powerful artifacts in human civilization: money. The brilliance of Zarlenga's treatment of this subject and what makes it stand out from others, is that while including massive historical detail and richness, he brings a cogent message about money that anyone (viz. the non-specialist) can walk away with. And it is, that money systems are designed by the intelligence of humans and established and empowered through a collective authority. Thus, the more all of society understands money and willingly participates in backing its authority, the greater the possibility that it will serve all people, and not private elites who may be tempted to structure its design in their favor. This single human innovation - money - has many alternative ways of being socially constructed and politically established as a means of exchange. Get the design right, and the quality of life for all people can be dramatically altered. The structural design of money will directly affect the degree to which individual market action will be morally and socially responsible. Getting the money system right can lead to the alignment of individual and collective action of people. This understanding that money is a human-specified tool (and not some mystical object that we all use but don't really know where it came from or how it works) is so important in birthing a new awareness around emergent economic and market behavior. To me, this kind of writing is a great examplar of how economics should be performed: taking a historical perspective to see what worked and what didn't work. The metaphysical clap-trap around money, as well as the professional economist's mathematical obfuscations are avoided. Seeing it for what it truly is - a designable artifact - is really the gift of this study. Highly recommended, and in my recent reading, complements Kevin Phillips', Wealth and Democracy.

If you only read one book about money this is the one........2004-11-13

Having read numerous books on the issues of money systems I can say without equivocation this is the best by far of any I have come across including many of the Austrian economics books and those by Rothbard. All of them have their perspectives but Zarlenga's work and conclusions are a synthesis from history, well documented, and ring true on deep gut level. He makes his case very well and there is no hype or misplaced emotion as there are in many works on the money issues. Taken as a history book alone I would give the book 5 stars. Too many people, including me, have been ignorant of the historical roots of money and Zarlenga helps us to learn the dramas, political games, and debasement of money systems through the ages. It is fascinating and shocking story. What is taking place in the world now, including the Federal Reserve and World Bank is a slight variation of the historical power struggles over the control of money that go back thousands of years. The most informative issues that come out of this work is the history of gold and silver as money and how they are fiat currencies just like any other proclaimed currency. The money powers, governments, and kings have at various times decreed gold to be money (fiat) as they stood to benefit from it. Yes, gold can't be created out of nothing but it is just as fiat as a dollar bill. As a defender of the gold standard I have to admit that my notions of the gold standard have been flipped upside down even though I have read many of the Mises Institutes books. I can't say that a commodity-based money may not be useful or that the connection between paper money and its basis in gold adds integrity to the system but I do believe now that the issues is not black and white, gold or paper money. What Zarlenga elegantly makes clear is that all money, short of direct barter of goods, has always been a creature of law, i.e. someone decrees it so. As such it is open to abuse and perversion. The book, Subtitled " The Mythology of Money, the Story of Power", does a great service in taking the mythology issues and presenting them in a factual and understandable way. What I like about this book is it is common sense, down to earth, expertly researched and presented in a way that avoids the curse of too much economics jargon and pseudo-science. Money is not particle physics and it is an issue that touches each and every one of us every day. Money has, and continues to shape culture and the direction of life. Leaving the control of money, which seems to me to function as a sort of cultural economic DNA, to a private and secretive group of world elites is a recipe for life out of balance on all levels. It invites exploitation and abuse and as history show there has been much of that concerning the control of money.

Regarding the comments from a prior reviewer of the book who was somewhat critical of the work I disagree with his comment that the book does not give specific solutions. I got the sense that the reviewer wanted economic equations and esoteric pogroms that he could espouse as a scientific look at money. Money, at its roots is no more scientific than sex. Sure, you can define sex with all the science in the world but the gist of it is personal and well known to all of us. People get heated up over the issue of sex and everyone has an opinion. Money is no exception and taking the understanding and control of money and wrapping it up in academic polemics is simply a way to convince us that we need accredited experts to help us. Try that with sex and see what happens. The kinds of solutions that are needed are social and political. Zarlengas effort was not to micro-manage the topic but to show us the lay of the land and give us the broader concepts and tools to regain the control of societies money. It belongs to all of us and is part and parcel to human life and commerce. Just as "We The People" are the foundation and source of the authority for our constitution, we should also be the foundation and final arbiter of our money system. There is little difference between a dictatorship of the societal political process or the societal money process. Concentrated in the hands of the few leads to perverse distortion and societal destruction.

In my 50 years or so of life I have only a handful of books that I think are must-reads and this is one of them. With three sons all out of college and in their twenties this is one of the books I am getting for each of them to read. It is that important. I give this book 5 stars. It is a tour de force of excellent research and common sense analysis.

The History of Money Redeemed.......2004-11-02

After a decade-plus of intensive research in the monetary arena, Stephen Zarlenga has authored a book titled "The Lost Science of Money." It is a truly monumental work that, I believe, reconstitutes the history of money, and the essence of its nature, in a way that does not, and might not ever, otherwise exist. It documents this crucial, but long neglected field of study, in a manner that does justice to the finest standards of scholarship, while at the same time rendering in a subject that in lesser hands might produce a tedious tome, a lively narrative that is accessible to the interested layman. It is a good read; a page-turner even. It paints a sensitive and intelligent historical panorama that transcends the gaudier narrations of wars, rulers and empires commonly proffered by more orthodox historians. To state that it constitutes an urgently needed service to the human race is more understatement than hype. It provides the intellectual basis for comprehending the monetary undercurrent that has shaped and driven civilization. It is simply not possible to realize who we are, how we got here, and the options for the future without an understanding of what is delineated in this epic work.

A good historical perspective but little science or solution.......2004-09-26

- A Book Review by Thomas H. Greco, Jr.
The Lost Science of Money: The Mythology of Money - the Story of Power by Stephen Zarlenga
(The American Monetary Institute, PO Box 601, Valatie, NY, 2002. Hardcover, 724 pages. ISBN 1-930748-03-5)

Zarlenga's book attempts to do two things, first, to describe the dimensions of the "money problem" by tracing its roots, not only in economics and finance, but also in ethics, religion, and politics; and second, to prescribe, in broad outline at least, a solution. In the first instance it is mostly successful, but in the second, it falls far short.

This massive treatise (more than 700 pages) recounts the history of money from early times, providing an interesting historical overview based on a wide variety of sources. It is a scholarly, well researched, and insightful account of the evolution of money, banking, and finance, in which the author argues that "a main arena of human struggle is over the monetary control of societies..," and shows how the money power has historically rivaled that of governments. All that is well and good; the story of money IS the story of power, and the author tells it well. It is, indeed unfortunate that few people today realize the important political implications that are inherent in the control over money and banking, or that such control has typically been in the hands of elite private interests. This well researched history goes a long way toward clearing away the fog that has enshrouded that bastion of privilege.

The title promises to tell us about "the lost science of money," but there is little in it that would qualify as scientific. The author's subtitle, "The Mythology of Money - The Story of Power," would have been far more appropriate as a title. While I can appreciate the author for the major contribution he has made to our understanding of the evolution of money, banking, and centralized power, I must also say that the conclusions he draws and his proposed reforms are less than helpful.

It is not until the very last chapter that we see anything of proposed solutions. That is just as well, for his reform proposals are ill considered and anything but original, directing us into another blind alley of centralized control.

In a mere 28 pages, he manages to dismiss every other approach to a solution which he has ever heard of, then propose that the money monopoly be reestablished under new management. He gives short shrift to the whole alternative exchange movement - mutual credit clearing associations, LETS, and community currencies, and, does not even mention the commercial "barter" industry, thus revealing that he has not yet educated himself about the essential nature of the exchange process, contemporary methods, and the possibilities offered by voluntary, popular, and private approaches.

His critique of the "free money" movement covers less than a single page. If Zarlenga has any knowledge at all of the free money and free banking theories, it is not apparent. Likewise, his critique of the local currency movement is similarly uninformed. Again, in less than a page he dismisses it as worse than irrelevant, seeing it as a distraction from the "real" work of reform (the centralist, government-oriented approach).

His approach is both reformist and centralist, and shows no appreciation for the role of scale in making the system dysfunctional in the first place. Nor does he offer any strategy for achieving the massive reform he proposes. Having described so carefully the corrupting effects that result from centralizing the money power, it is curious that the author asks us to accept it when under the control of politicians and bureaucrats. Does he not see that the political and financial elites are in cahoots, and indeed are the same people.

Well, no one volume can hope to be competent in addressing all aspects of a problem, so we should appreciate this book for what it is rather than condemn it for what it isn't. Despite it's shortcomings, this is an important book. In sum, it is an admirable contribution to our understanding of power dynamics in today's world, and the singular importance of the democratization of the monetary power to enabling lives of dignity, freedom, and fulfillment for all.
# # #

Skadden: Power, Money, and the Rise of a Legal Empire

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A must for legal libraries
Doodle Joe
Lincoln Caplan is a phenomenal legal historian.

Skadden: Power, Money, and the Rise of a Legal Empire
Lincoln Caplan
Manufacturer: Farrar Straus Giroux
ProductGroup: Book
Binding: Paperback

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Customer Reviews:

A must for legal libraries.......2005-08-09

Skadden is an excellent history of both the rise of the modern law firms as well as one of those firms which epitomized that movement. Lincoln Caplan uses an indepth analysis of the practice, politics and people of Skadden Arps to analyze how and why law firms, which had traditionally been small parterships have since grown into businesses as large and competitive as many of the corporations they represent. The story is very well written and insightful and it is obvious that Caplan did extensive research both inside the firm and in legal libraries. I would highly recommend this book to anyone interested in legal history and it is a good insider's guide to people who do not have experience in a law firm, but are considering working in one or are simply curious what goes in them.

Doodle Joe.......2002-05-15

There's usually something important to be learned by the absent minded habits of the great and powerful. This book includes one about Joe Flom: He likes to fill the margins of his notes with tightly wound, intricate geometric patters that are uniquely his own design. The author doesn't read much more into it, but there's no reason we readers can't. According the author, Mr. Flom can also be a little brusque in private.

For law students in particular, this book is a good dose of reality if they are wondering what it's really like to work in a big firm. Interesting critique of the usefulness of this book: I recently asked a Skadden associate (not in their NY office) how he liked this book, and he had not read it. He had to look it up on the firm's website to determine what I was talking about. So this book can help the non-Skadden population understand the Skadden firm perhaps better than the firm understands itself. That would be the ultimate tribute to the author, and a Delphic oracle to Skadden's leadership.

Since reading this, I cannot help thinking of Joe Flom whenever I'm trapped in some boring meeting, or sidelined in court, waiting for my case to be called. "Can I doodle as well as him?" I ask myself. Then the case is called, or the meeting accelerates, and--poof!--the evanescent reminder of old Joe Flom disappears along with it.

Lincoln Caplan is a phenomenal legal historian........1998-12-29

Mr. Caplan has gracefully provided readers with an exquisite portrait of the life and times of a twentieth century law firm. Compelling and balanced, the book joyfully tracks the highs and lows of a group of "young turks" who have defined what it means to be a lawyer in corporate America. I am grateful to Mr. Caplan for the time he put into this project, as it gives tremendous insight to law students as to how a law firm operates and what the culture of a law firm embodies. This book is worth reading, worth printing and well worth recommending. Caplan's Tenth Justice, his recording of the Office of Solicitor General is brilliant as well. Joe Flom and Sheila Birnbaum and the rest of the Skadden crew can rest easy as the bard who records their triumphs and tribulations does so with zest and intelligence.

The Big Picture: Money and Power in Hollywood

Average customer rating:

An authoritative, mesmerising read
a good book about recent changes in the industry
The New Hollywood Chicken/Egg Theory Exposed
Interesting book, but a lot of redundant information
Hollywood in the spotlight

The Big Picture: Money and Power in Hollywood
Edward Jay Epstein
Manufacturer: Random House Trade Paperbacks
ProductGroup: Book
Binding: Paperback

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Book Description

In this unprecedented, all-encompassing, and thoroughly entertaining account of the movie business, acclaimed writer Edward Jay Epstein reveals the real magic behind moviemaking: how the studios make their money.
Epstein shows that in Hollywood, the only art that matters is the art of the deal: Major films turn huge profits not from the movies themselves but through myriad other enterprises, from video-game spin-offs and soundtracks to fast-food tie-ins, and even theme-park rides. The studios may compete for stars and Oscars, but their corporate parents view wth one another in less glamorous markets such as cable, home video, and pay-TV.
Money, though, is only a small part of the Hollywood story; the social and political milieus–power, prestige, and status–tell the rest. Alongside its remarkable financial revelations and incisive profiles of the pioneers who helped build Hollywood, The Big Picture is filled with eye-opening insider stories. If you are interested in Hollywood today and the complex and fascinating way it has evolved in order to survive, you haven’t seen the big picture until you’ve read The Big Picture.

Customer Reviews:

An authoritative, mesmerising read.......2007-05-01

If you want to understand how Hollywood became what it is today then this book ticks all the boxes: it tracks Hollywood from its beginnings in the early-20th century and the early part of the book focusses on the development of the big six media corporations in the world and who runs them and why TV and DVD are now far more important to the bottom line than straight theatrical release.

Some of the real examples of Hollywood's incredible loss-making ability are startling: one studio's 'greatest success' actually lost over US$60m, and you learn that the drivers of money and power are not the strong but actually it all boils down to children: what they want and don't want fuels the whole industry.

Fascinating stuff and very easy to read...five stars, no questions asked.

a good book about recent changes in the industry.......2006-09-26

Edward Jay Epstein's book provides an excellent overview of how business has changed in Hollywood since the 1970s. The book will give the reader a chance to think about how the industry moderates its relentless pursuit of money occasionally in order to pursue loftier goals. The book is particular strong in identifying key industry leaders, such as Lew Wasserman, who were able to respond quickly to changing circumstances and to rebuild the studio system in a new form after the rise of television. For a more complete history of the studio system, see Douglas Gomery's recently published book. But this one is a good read and it does a good job of recounting the recent history of the industry.

The New Hollywood Chicken/Egg Theory Exposed.......2005-11-16

Hollywood quality controlled by the bottom line? Gee, what an original concept. The question is, does Tinseltown point its checkbook any which way new media outlet winds blow or does it take a moral philosophical stance in a chaotic evil-is-hip era defined by a fantasy video game role playing culture of death?

Do most films today suck because they're only made for kids? And should it not matter because they're an easy target audience? That's a cop out. In the days of old Hollywood, moguls created demand across a wide demographic spectrum. Only advances in home media in the past 30 years have disaffected the issue of quality.

Epstein's new age filmic disorder tome basically applies cold harsh statistical reality to a cultural traffic accident and doesn't make a reasonable value judgment on what's happening. He's too busy dotting his is and crossing his ts with stat data to care. His beef is to say that's the way it is. Tough cookies.

As such, stating the facts and stressing the obvious is not rocket science when the largest demographic of Americans in 40 somethings are left out in the cold in ageist exclusion. Mature adults would rather stay at home because suits have decided only kids are worth making movies for. So they fear good filmmaking.

Any entertainment consumer with a clue is staying away in droves because the current generation of talent have no brains, style, taste or creativity for anything except that which will appeal to the lowest common denominator. And when the dream machine's quality control chicken is its egg, apathy becomes its own vice.

So don't blame the the demise of Americana on the rise of home video. Instead, blame the missing vision and low IQ of modern media decision makers and end users. Generations X and Y rule the roost. At the end of the alphabet, only Z is left. Does this signal our end days? Take in the latest 50 Cent flick to decide.

If we live in a world where movies and music contain no more important civil messages and merely serve as escapist pastime and we experience societal downfall as a result, soon there will be no bottom line to speak of. A show business peddling dreck to kids while good will falls to ruin doesn't deserve to survive.

The only useful thing this book has to say is that corporate entities make most of their profits in direct home DVD sales. So if you're making a movie, bypass bohemian green lighters who set the substandards and go straight to digital video. Not only is quality old hat these days. Film itself is an endangered species.

Interesting book, but a lot of redundant information.......2005-11-15

This is a good book about the evolution and the workings of the modern Hollywood system. (For summaries, see the other reviews.) I enjoyed the first third of the book a lot, but then it became more and more repetitive. A lot of the information contained in Part 4 ("The Economic Logic of Hollywood"), Part 5 ("Social Logic"), and Part 6 ("Political Logic") had been already presented in the preceeding parts. For example, I don't know how many times Epstein mentions the 29 million USD Arnold Schwarzenegger received for "Terminator 3" - it sure seems like a million times. In the end, you get the impression that the author had access to more detailed information about a limited number of movies (T3, Gone in 60 seconds) and then used them as examples for each and every point he is trying to make. All in all, some serios editing would have turned this really good book into an excellent one.

Hollywood in the spotlight.......2005-11-09

There's no business like show business, goes the old adage. But we now need a clarifier; which show business? The old show business of the 1940s-1950s of the big-budget epics starring the big name stars, or the new show business of DVD's, toys, stand-alone soundtracks, digital piracy, multi-national crews and casts and computer animation...

This book examines the evolution of the Hollywood business throughout the 20th century and into the early 21st century. Unlike other books of the same topic, this one looks at the major players, both individuals and companies, and covers a lot of the technological changes such as the advent of talkies, color movies, VHS, DVD, and the Internet. The book also deals with a lot of the legal / political issues, such as free-agency of actors and actresses, unions and guilds within the industry, copyright laws and intellectual property, and interconnected web that links TV, video, toy sales, franchise names, and company logos together.

The author shows how changes in technology and laws have changed the Hollywood business by changing relations between movie companies and their employees, between directors and the actors and actresses, and between moviegoers and moviemakers. The role of advertising is examined to see how it has changed over the decades from posters and previews of previous decades, to the TV spots, toys in food boxes, pre-screenings, and guest-show appearances of today. The book also shows how changes in Hollywood have affected the movie industry in other countries, and vice versa.

Overall, a well balanced and comprehensive book on the movie-making history.

Hit Men: Power Brokers and Fast Money Inside the Music Business

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Want to discourage a loved one from going into the music industry?
The Dirty Truth About an Equally Dirty Business
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The Real Story
Great insider's look at the dark underside of the music biz!

Hit Men: Power Brokers and Fast Money Inside the Music Business
Fredric Dannen
Manufacturer: Vintage
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Binding: Paperback

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ASIN: 0679730613
Release Date: 1991-07-02

Amazon.com

A nauseatingly honest and therefore controversial expose of the base beings that inhabit the higher levels of the music industry. Filled with horror stories that will confirm your worst suspicions about the toxicity of what my friends and I call "Planet CD Wood."

Book Description

Hit Men is the shocking, highly controversial expose of the venality, greed, and corruption of many of the assorted kingpins and hustlers who rule over the music industry. "A sobering, blunt, and unusually well-observed depiction of the sometimes sordid inner workings of the music business."--Billboard. 4 pages of photographs.

Customer Reviews:

Want to discourage a loved one from going into the music industry?.......2007-09-28

OK, here's the deal... Are you thinking of getting into the music business? Trying to get your band signed? Becoming a songwriter? This book will discourage you beyond description, so read at you own risk. However it will allow you to go into the business of music with your eyes wide open. A good history lesson of the deal makers that launched rock and roll, R & B, pop, disco, etc. All happening before the digital age. Do you have a kid that wants to be the next American Idol? Want to discourage them? Get them this book!

I read it a while ago and have used the knowledge to my benefit. Though I haven't made a fortune writing music, I have managed to keep my songs mine and make vacation money.

The Dirty Truth About an Equally Dirty Business.......2007-06-08

Mr. Dannen has written a book that could have been written by any one of two dozen people. However, the others would have incriminated themselves, or wound up in a Nevada corn field with a bullet in their heads!!

Naming names and identifying specific dates, Mr. Dannen tells the majority of the truth about how things really work behind the scenes to make a song a "HIT". From the early days of "legal payoffs" to the "payola" scandals of the late 50s and early 60s, to the line item "marketing" expenses that major labels right off every day to cover the payments made to the corporate radio stations.

This book helps identify why great music never makes it to "Top 40" or CHR (Contemporary Hit Radio). Why great artists are left in the dark while "Casper Milktoast" acts seem to get played 12 times during drive time!!!

If you want to read a fact-filled book about how the music business and hit radio have created such an insestuous relationship, then buy this book. It is full of thrills, fear, anger, humor, big names and bigger deals. You'll love it.

MICROCOSM OF AMERICA?.......2006-08-07

This book shook the music world when it was first released, which was when I first read it. I just recently picked it up and read it again, and it was still an equally mind-blowing experience.
What was with those guys? Why did they feel the need to rip off every artist to the maximum possible extent? Couldn't they still have been just as powerful, just as legendary, and very nearly as wealthy, if they'd paid the artists the few pennies per record or airplay that would have been their rightful compensation for creating the music that rocked the world and brought billions of international dollars into American coffers?
Whatever happened to Dennis Waitley and his "win-win" scenarios? You don't hear much about him any more. Perhaps his concepts were too anathematic to the American mindset. Whatever happened to the concepts of "noblesse oblige," and "from those who have received much, much is expected"? Whatever happened to "a rising tide lifts all boats"? Whatever happened to the Magna Carta, the Renaissance, the American Revolution, the French Revolution, and all the other movements that raised the world to the dizzying heights it once achieved?
I guess they've been replaced by that all-American concept, "whoever dies with the most toys wins."
As we watch the rich get richer and the poor get poorer, and rising fuel prices cause the American dream to recede into the sunset while our beloved representative republic slips back toward medieval fuedalism; as we watch American corporations, once looted from without by corporate raiders, now being looted from within by greedy and/or incompetent executives with golden parachutes while their stockholders, employees and retirees have their lives decimated, we can at least hope that what we do here will stand forever as an example to the rest of the world of how NOT to live.
Osama bin Laden, in his famous "letter to America," called us the worst civilization the world has ever seen, wallowing in decadence and depravity and calling it the height of individual freedom. Could he have been right?
This book gives the reader a valuable opportunity to take a close-up look at one of the foundation pillars of our economy and our culture, and witness the process by which America is rotting from within.

The Real Story.......2005-05-30

Having worked in the music buisness for 25+ years, I must agree with most that is written in this great book. As crazy as it was, it was a great buisness to be in if you love music.I highly recommend getting this book & holding on for one crazy ride!

Great insider's look at the dark underside of the music biz!.......2004-11-18

This is a very eye-opening book, about how money and drugs changes hands to determine which new artists get played on the radio and who doesn't. There's really no other book out there that covers this topic. Written by an industry insider.

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

Average customer rating:

War as Investment
Niall Ferguson, in his element
a mixed book
Understretch or Overstretch?
Highly Recommended!

The Cash Nexus: Money and Power in the Modern World, 1700-2000
Niall Ferguson
Manufacturer: Basic Books
ProductGroup: Book
Binding: Hardcover

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ASIN: 0465023258
Release Date: 2001-03-06

Book Description

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

Customer Reviews:

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Financier: The Biography of André Meyer: A Story of Money, Power, and the Reshaping of American Business

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A must read for anybody interested in IB
Fantastic Story about Lazard
Good book that details the the "Old Boys" Network
You should buy this book if:
Great read with facinating mix of famous characters

Financier: The Biography of André Meyer: A Story of Money, Power, and the Reshaping of American Business
Cary Reich
Manufacturer: Wiley
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ASIN: 0471247413

Book Description

"A first-rate biography of an extraordinary man." --Andrew Tobias.
David Rockefeller once deemed André Meyer "the most creative financial genius of our time in the investment banking world." André Meyer was also known as "The Picasso of Banking" and "The Incomparable Investor," but probably his most notable achievement was his ability to completely and single-handedly revitalize American business after World War II. Cary Reich presents an illuminating portrait of this ferociously energetic, charming, and ruthless businessman who was a trusted advisor of the Kennedys and an intimate of William Paley and Katherine Graham. Reich goes into detail about Meyer's immigration from Nazi-occupied France, his prowess on the Monopoly board of business, and some of Meyer's lasting business legacies--now household names--including Avis and Holiday Inn.
* Includes a new foreword by Cary Reich.
Cary Reich (New York, New York) is the former executive editor of Institutional Investor. His most recent book, The Life of Nelson A. Rockefeller, was a finalist for the National Book Award. Mr. Reich is the recipient of numerous journalism awards, including the Overseas Press Award and the John Hancock Award for Excellence in Business and Financial Journalism.

Customer Reviews:

A must read for anybody interested in IB.......2007-07-25

Andre Meyer is the ephytome of the investment banker, like J.P. Morgan or Sidney Weinberg before and Felix Rohatyn around the same time, Andre Meyer embodied what many aspiring bankers use to idealize when picking that career. He was the master of Relational Banking, which is now reemerging as the way to go for top tier brokerage and banking houses. Although, not a husband or father role model the details about his personal life are very interesting to read too.

Fantastic Story about Lazard.......2006-03-14

This book should be required reading for all employees of Lazard. As an employee I found this book very informative and useful in understanding my firm culture and history. The book is well written, and full of interesting trivia about Lazard and Andre Meyer.

Good book that details the the "Old Boys" Network.......2004-07-02

Overall this book provided great historical details into the mind of one of Investment Bankings greatest personalities. Andre Meyer's networking skills were 90% responsible for his success with the remaining 10% being attributable to his sheer tenacity.

The book does drag in some spots, but the author definitely did his homework.

You should buy this book if:.......1999-08-30

1) If you've ever thought about going into the investment banking/ Venture Capital business 2) If you enjoy history - of any type 3) If you enjoy well-written books that are more than a dry summation of the "agreed upon" facts 4) if you want a book that is more interesting and has more plots and schemes than any detective/spy thriller

Great read with facinating mix of famous characters.......1999-03-18

A great read with a facinating mix of famous characters ranging from fiancial world to the political world from the 1940s to the 1970s. The book offers great gossip about New York society as well as the wheeling and dealings of the M&A world. Mr. Meyer is portrayed as a strong, determined and respected man who was certainly not saint but the author offers a truthful perspective. The book is a easy read, and focuses on Meyer's business and personal relationships rather than heavy finacial jargon. It's a great read, I couldn't put it down.

The Long Twentieth Century: Money, Power, and the Origins of Our Times

Average customer rating:

A cemetery of accumulations? Capitalism is a means, not an end
Arrighi Makes Sense of History
Contours of the 21st Century
Fascinating, challenging, erudite.
A must read

The Long Twentieth Century: Money, Power, and the Origins of Our Times
Giovanni Arrighi
Manufacturer: Verso
ProductGroup: Book
Binding: Paperback

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ASIN: 1859840159

Customer Reviews:

A cemetery of accumulations? Capitalism is a means, not an end.......2006-11-11

G. Arrighi's Twentieth Century is very long indeed. It begins in the fourteenth century.
The author wants to lay bare Braudel's third layer of economic power (the real home of the predators), which covers the self-sufficient economy (the 1st) and the market economy (the 2nd). The predators are those particular communities or governmental and business blocs who accumulate on a world scale an ever-increasing capitalist power.

The author sees 4 historical centers of global accumulation: 1. the Italian city States (Venice, Genoa); 2. the Seventeen Provinces (Holland); 3. Great-Britain; 4. US; 5. ?
Each of these global accumulations is characterized by three capitalist cycles: 1. financial expansion; 2. consolidation and accumulation; 3. renewed financial expansion and emergence of competition.

His analysis is profound and detailed. However, the author doesn't take enough crucial demographic and political factors or decisions into consideration.
There is a phenomenal difference between the first two and the third and fourth accumulation. The 3rd one caused a demographic explosion which is still going on. Its success for the human species is truly exceptional (E. Hobsbawm).
The fall of the British empire was at least accelerated by two world wars which were declared by foreign countries and which left Great-Britain bankrupt (Keynes, Skidelsky).
The basic of the US empire is the dollar (W.G. Tarpley). The fall of the dollar in 1971 was countered by a political decision to inflate the oil prize (W. Engdahl), whereby the dollar recaptured its lost central place in international finance and US banks and oil corporations were catapulted at the zenith of world power (the real predators).

This book is already partly out-of-date. It ends with the Japanese formidable but already extinct expansion, not with the lurking Chinese one (a truly perfect combination of State and capital).
Do we see actually the final capitalist crisis, so many times claimed by pure Marxists? Absolutely not. Engel (not Engels)'s law is still highly in force with a nearly unlimited supply of cheap labor at the disposal of all transnational corporations.
Adam Smith's (and Marx's) law of the tendency of a falling rate of profit is an illusion, because in the long run capital chases earnings.
Finally, in our society, capitalism is not an end but a means to grab power and power means survival. Through history, the members of the ruling class live much longer than the ruled.

This book is a very worth-while read, although its analysis and vocabulary is nearly pure Marxist.

Arrighi Makes Sense of History.......2005-09-16

Giovanni Arrighi's "Long 20th Century" is a must-read for those who want to understand the global history and dynamics of power and capitalism, and especially the likelihood that in the next couple of decades, the U.S. will continue its current trend, and finally undergo a decisive loss of economic hegemony and power, quite likely to be replaced by China and other Asian economies. Whether such a shift will be accepted by the U.S. and its allies without a cataclysmic resort to military violence is very much in doubt--Arrighi demonstrates that the 3 major similar shifts in the past have been concomitant (both as cause and effect) with continental or global wars.

Arrighi's is a bird's-eye view of history from the 14th century onward, focusing on the repeated, cyclic tendency of leading capitalist groups/states/empires (hegemons) to be superceded by larger and more organized such groups. This has been due, roughly, to increasing nation/state competition for surplus capital that is largely not re-invested in trade and production by the existing hegemon. Such "finance" capital is sought most successfully by the hegemon that will overtake the existing one, but the competition in general has inevitably led to war, after which the superceding hegemon emerges as best positioned to lead the building of a larger world-capitalist system of trade and production.

Eventually, though, the cyclic process begins anew, though Arrighi doesn't claim that the "cycles" are closed loops--the means by which these new hegemons succeed involve technological, political, military, and organizational innnovations. Thus, Arrighi is a small-m marxist, retaining the best of, and building upon, but not limiting himself to, Marx's analysis, particularly regarding the tendency of capitalist re-investment of growing profits in production to eventually depress said profit-rates, as competition for limited markets drives them down. This has happened most significantly to 4 major hegemons: Genoese Italy's 14th century dispersed capitalist merchants, the Dutch nation/state, the British Empire, and finally the U.S. Any notion that U.S. power has ended such cyclic processes, and will "dominate" the world forever, is undermined by his argument--which only goes to 1994, yet is uncannily predictive (in general) of the effects of current events.

The brief summary above does not do justice to the book, which is fascinating in every detail, and truly comprehensive in its consideration of the history of world power and politics. The level of writing is high, but not incredibly dense--it does require close reading, but most educated and interested lay readers should find it amenable. It also has a great bibliography of similarly fascinating reading on related topics. Finally, Arrighi has many articles available online, of which several that I have read are just as cogent and valuable, including a couple recent ones in New Left Review that update his arguments from Long 20th Century to 2004.

Contours of the 21st Century.......2004-12-08

Giovanni Arrighi's text is the most under-rated as well as the most brilliant of all theoretical works on historical capitalism and its futures. Unlike the claims of recent scholars like Hardt and Negri, the text is NOT about one historical cycle succeeding another. Such a claim is one of the worst examples of intellectual misrepresentation that I have ever come across. Their own work ('Empire' and then 'Multitude') are vain and failed attempts to come to terms with Arrighi's work. As a student of Marx, Braudel, and Schumpeter, Arrighi knows better than most that no two systemic cycles are ever the same. Each one not only ruptures the world system, it also creates conditions for its own supersession, in what Arrighi, drawing upon Braudel, calls 'financial expansions', and what David Harvey following Arrighi, calls 'accumulation by dispossession'. By drawing insightful comparisons between four long systemic cycles starting with the medieval Genoese financial expansion, Arrighi demonstrates the novelty of the cycle underlying the long twentieth century as well as pointing to what lies ahead. This is an absolute must read for anyone interested in capitalism, the interstate system, the social movements (though here the text is somewhat deficient), and the possibility of a future different from the lackluster present. Arrighi's work is simultaneously historical and theoretical (theory after all comes from a deep grasp of historical currents). Although much misunderstood, misinterpreted, and misrepresented, and often appropriated without adequate acknowledgement, The Long Twentieth Century is destined to become the classic work of the 21st century. Ten years after it first came out, almost all of Arrighi's predictions are turning out to be accurate, so much so that his school of imitators is becoming as vast as his train of never-ending admirers. To those who like large meta-narratives that combine spatial dynamics with temporal rhythms - and there are only a few out there (Marx, Weber, Braudel, Schumpeter, Perry Anderson, Michael Mann, Immanuel Wallerstein, and Charles Tilly)- Arrighi's work will be the unsurpassable horizon of our times. Arrighi is a master-synthesizer. One of the challenges he raises is the question of synthesis itself. What is entailed in the act of synthesizing without distorting particulars, is the capacity to give each particular its due (as if that were ever possible!). Arrighi's deep compassion for the struggles to bring about a different global future guide much of his architecture. Unlike many who call themselves socialists, Arrighi carries none of their presumptuous and often ridiculous baggage. To read this text is like experiencing a breath of fresh air after so many sterile polemics on the Left. It is a tall order to go beyond the Long twentieth century. Future attempts will invariably find themselves repeating an insight already developed in some obscure page of the Long Twentieth Century. It is the challenge of the 21st to come up with something at least as good as the offering of the Calabrian maestro.

Fascinating, challenging, erudite........2003-07-23

I consider myself fairly well educated: I have a Ph.D. and I've thrived on books in this genre, such as _Europe and the People Without History_ and _The Colonizer's Model of the World_. But I find Arrighi's book a difficult one--a little beyond most readers, I should think.

There are three main reasons for this: a.) Arrighi fails to write for a larger audience and b.) fails to write as clearly as he could; and c.) Arrighi is assuming fluency in Braudel, Wallerstein, Abu-Lughod, and a host of other scholars who have tackled the rise of capitalist empires.

I think most Americans, who have a mediocre background in Marxist theory, world systems theory, class dynamics, and hegemony, might want to pass. Does the name Gramsci ring a bell? How about the basic premises of Lenin? Which way did you nod your head when I mentioned Abu-Lughod? If these notions aren't a part of your working knowledge, take a pass on this book. Try one of the two books I mentioned at the top. And if you *are* well-versed in Braudel, macro-economic theory, and critical discussions of imperialism, you might venture to read this difficult work. Arrighi has put together an ambitious, provocative work, a serious investigation into the power-economies of empires.

A must read.......2001-03-20

If you are a student of the international system or international relations this is a must read. It should be considered the second part in a five volume set. The first should be something about world systems theory by Wallerstein, a reader will do, then Fernand Braudel's Perspective of the World, followed by Hopkins and Wallertein's Age of Transition. For the final book I recommend Robert Gilpin's response to these works, The Challenge of Global Capitalism published in 2000.

The Power of Gold: The History of an Obsession

Average customer rating:

A Book as Shiny As its subject matter
The entirety of human history distilled into 448 pages and viewed through gold-tinted glasses
Excellent account of the role gold played in the Great Depression
Still Applicable for Today
Accuracy checks?

The Power of Gold: The History of an Obsession
Peter L. Bernstein
Manufacturer: Wiley
ProductGroup: Book
Binding: Hardcover

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ASIN: 0470091002

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In the first chapter of his book The Power of Gold, Peter Bernstein quotes the immortal words of King Ferdinand of Spain, who once declared: "Get gold, humanely if possible, but at all hazards--get gold." As ensuing chapters reveal, man's obsession with finding, keeping, selling, and evaluating gold has rarely been a humane adventure and has always been a hazardous one. Digging deeply into history's treasury of torrid tales and complicated deals, Bernstein examines gold's lure with an economist's passion for quantification, a historian's eye for detail, and a sociologist's feel for its consequence.

Useless as a metal for most practical purposes, gold originally held value as decoration and adornment for the wealthy ancients. Later, it was minted and used as coins by the Lydians in 635 B.C. That, Bernstein goes on to reveal, put gold on a path from the concrete to the abstract, from evidence of wealth to the standard behind wealth in other forms, and finally to the tenuous place it holds in today's virtual world of credit cards and computer chips. Along the way lie wild stories of lives destroyed, fortunes won and quickly lost, and values transformed: the massacre by the Spanish invader Pizarro, whose small band of men decimated the formidable army of Emperor Atahualpa, "the Inca," through more duplicity than military skill; the roller-coaster ride of the 1890s, when the rippling impact of the Baring Brothers bank crisis in Britain sent the isolated United States into an economic meltdown; and the surplus of the Gold Coast natives of Timbuktu, who willingly traded their gold for much-needed salt, ounce for ounce.

Bernstein is a great storyteller. His accounts of mythological, ancient, and recent history ooze with odd and entertaining details that bring each successive tale of obsession to life. If not for his skill, the sheer volume of events collected here--presented more anecdotally than systematically--would be overwhelming. In the end, though, it is Bernstein's fascination with the power of gold to entangle and entrap its possessors, and its ultimate ability to change the course of entire eras and civilizations, that makes his book as fascinating as it is informative. A dense but entertaining read. --S. Ketchum

Book Description

Incorporating myth, history and contemporary investigation, Bernstein tells the story of how human beings have become intoxicated, obsessed, enriched, impoverished, humbled and proud for the sake of gold. From the past to the future, Bernstein's portrayal of gold is intimately linked to the character of humankind.

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Customer Reviews:

A Book as Shiny As its subject matter.......2007-07-28

Peter Bernstein has done a very good job in highlighting Gold's historical perspective. In doing so, he has both directly and indirectly, provided a road map for the future of gold in our economic affairs. This is the kind of book that is both informative and thought provoking; thoughts that stay with you for a while. It is exactly this thought-lingering quality that it is the unmistakable mark of a good book.

The entirety of human history distilled into 448 pages and viewed through gold-tinted glasses.......2007-05-26

I remember sitting in a high-school history class one day in 1995; the discussion was mercantilism. "But why would countries fight wars over gold? What could they do with it?" I asked. The teacher didn't understand the question. "Gold has value," he said. "Why?" We went back and forth for several minutes, and he became frustrated that I couldn't comprehend the basic economics of the mercantilist age. With Peter Bernstein's book, I finally have the answer to my twelve-year-old question: Gold has value only because people think it does; it has no intrinsic value, it has limited use beyond sacrament and ornamentation, and yes, the fighting wars over the essentially worthless metal is one of the great idiocies in human history. Just ask the Africans who thought it ludicrous of whites to trade precious, life-sustaining salt, for the useless shiny metal that they had in abundance. My nine-month-old daughter is absolutely transfixed with my gold watch - this is the story of gold. But I digress... Bernstein's book traces "the history of the obsession" from its earliest days in pre-history, right up through the abolition of the U.S. gold standard. Gold is correctly blamed for both inflationary and deflationary panics and depressions, thus laying to waste the claim by goldbugs that gold guarantees price stability. But the truly miraculous thing about this text is that Bernstein takes what would seem like a very dry subject and makes it extremely lively. The entire course of human history is viewed through gold-tinted glasses, and it is quite a ride. Ironically, it is goldbugs who will probably not enjoy this book, because it will force them to face the harsh reality that gold has no more intrinsic worth than fiat money, but all fans of history without deeply held monetary-policy beliefs should love this historical tour de-force.

Excellent account of the role gold played in the Great Depression.......2007-03-28

Unemployment was at 15 percent but to stop the outflow of gold America raised interest rates and thus set the world up for the Great Depression. The author uses history to clearly explain why central bankers were "blinded" by gold and made such disastrous decisions. Gold now is no longer money and hopefully our central bankers have got their sight back. But if the current system of world money fails, gold the "ultimate hedge against chaos" is standing by at $662 a ounce (gold may not be money but it is certainly worth money). Ben S. Bernanke, the Chairman of the Federal Reserve has described the gold standard that took us into the Great Depression as "badly flawed" (does that mean a less flawed system is possible?). Unlike the author, Mr. Bernanke blames the system more than the operators of the system. The author's focus and description of the personalities making big decisions about gold makes this book a ten-times more fun read than the Fed Chairman's book, "Essays of the Great Depression" about gold (and other economic things). And I gave that book five stars so you know how I feel about this book.

Still Applicable for Today.......2006-12-19

I just finished the Power of Gold and found the book fascinating to read. As another reviewer stated this is the history of the world told from the perspective of money. And if you are talking about money you have to include gold. But allow me to add that money is not only about business but also about cultures, the growth of societies, changes of attitude, etc.

I came to understand that in the market place, whether it is a bizarre in the Middle East or the stock market money (including gold), is free to fluctuate, therefore, the whole concept of a stable currency probably requires additional thought.

The comments about WWI, Keynes, Norman, de Gaulle, Nixon, etc. were interesting because you saw these people from an historical perspective.

I found ths disucssions about the Great Depression very relavent to the current economic situation and the position that the Federal Reserve is taking. So even if it is history it is still applicable to today.

Accuracy checks?.......2006-11-17

I would have liked to rate this higher, but I came across 2 notable errors. On page 10, the author states that the Israelites had enough gold as slaves in Egypt to later melt for the golden calf. However, Exodus 12:35-36 states that the Egyptians gave them gold prior to them leaving Egypt.
Secondly, on pages 24-25, the author says that a 12 oz. troy pound (5,760 grains) is equal to a 16 oz. avoirdupois pound (7,000 grains) in weight. Not so. A troy pound is equal to 14.583 avoirdupois ounces, not 16.
Lastly, the author rather lightly treats the U.S. government's confiscation (no longer "legal tender") of citizen's gold coins in 1934 @ $20.67/oz. & then re-valuing gold at $35/oz., with private ownership restrictions finally lifted by 1975.

Lever of Empire: The International Gold Standard and the Crisis of Liberalism in Prewar Japan (Twentieth Century Japan: the Emergence of a World Power)

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Lever of Empire: The International Gold Standard and the Crisis of Liberalism in Prewar Japan (Twentieth Century Japan: the Emergence of a World Power)
Mark Metzler
Manufacturer: University of California Press
ProductGroup: Book
Binding: Hardcover

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ASIN: 0520244206

Book Description

This book, the first full account of Japan's financial history and the Japanese gold standard in the pivotal years before World War II, provides a new perspective on the global political dynamics of the era by placing Japan, rather than Europe, at the center of the story. Focusing on the fall of liberalism in Japan in late 1931 and the global politics of money that were at the center of the crisis, Mark Metzler asks why successive Japanese governments from 1920 to 1931 carried out policies that deliberately induced deflation and depression. His search for answers stretches from Edo to London to the ragged borderlands of the Japanese empire and from the eighteenth century to the 1950s, integrating political and monetary analysis to shed light on the complex dynamics of money, empire, and global hegemony. His detailed and broad ranging account illuminates a range of issues including Japan's involvement in the economic dynamics that shook interwar Europe, the character of U.S. isolationism, and the rise of fascism as an international phenomenon.

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