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The Truth About Markets
Their Genius, Their Limits, Their Follies
John Kay
‘Profound … a landmark work’ Will Hutton
1 ‘Ambitious and brilliantly executed … accessible
and witty … John Kay exposes the flaws of the
American business model’ The Times
At the end of the 1990s accounting scandals
rocked corporations, the stock market bubble
burst and the American business model –
unfettered self-interest, privatization and low
tax – faced a storm of protest. But what are
the alternatives? Leading economic
commentator John Kay unravels the truth
about markets, from Wall Street to
Switzerland, from Russia to Mumbai,
examining why some nations are rich and
some poor, why ‘one-size-fits-all’ globalization
hurts developing countries, and why markets
can work – but only in a humane social and
cultural context. His answers offer a radical
new blueprint for the future.
May 2004 • 0140296727
496 pages • £8.99
20:21 Vision
The Lessons of the 20th Century for the 21st
Bill Emmott
NOW UPDATED WITH NEW MATERIAL
‘20:21 Vision will set the agenda for the next
decade’ Daily Telegraph
The world changed fundamentally at the
beginning of the twenty-first century as
terrorism, war and financial collapse shook
the West out of its complacency. So what
happens now?
In this brilliant enquiry into politics, economics,
war and peace, Bill Emmott, editor of The
Economist and the world-renowned
commentator who predicted the meltdown of
Japan’s economy, shows that only by looking
back at the turbulent twentieth century can we
confront the future. Provocative, incisive and
utterly prescient, 20:21 Vision is essential
reading for anyone who wants to know how
we got here – and where we’re going.
January 2004 • 0140298037
336 pages • £7.99
Globalization and Its
Discontents
Joseph Stiglitz
‘A massively important political as well as
economic document … we should listen to
him urgently’ Will Hutton, Guardian
‘Compelling … This book is everyone’s
guide to the misgovernment of globalization’
J. K. Galbraith
As Chief Economist at the World Bank, Nobel
Prize-winner Joseph Stiglitz had an insider’s
view into the management of globalization.
Now he speaks out against it: how the IMF
and WTO preach fair trade yet impose crippling
economic policies on developing nations; how
free market ‘shock therapy’ made millions in
East Asia and Russia worse off than they were
before; and how the West has driven the global
agenda to further its own financial interests.
Stiglitz also offers real – though tough –
solutions, solutions that involve a substantial
shift in the balance of influence between the
developed and developing world.
April 2003 • 014101038X
288 pages • £7.99
The Cash Nexus
Money and Power in the Modern World
1700–2000
Niall Ferguson
‘Niall Ferguson is probably the most brilliant
2
of the up-and-coming generation of British
historians’ Frank McLynn, Independent
Modern history shows that a nation’s
success depends on the way it manages
its money. In times of war, finance has
been just as crucial to victory as firepower.
But where do money and politics meet?
Starting in 1700, Niall Ferguson offers a bold
and dazzling analysis of the evolution of
today’s economic and political landscape.
2002 • 0140293337
576 pages • £10.99
 www.penguin.co.uk/academic
The Penguin History of
Economics
Roger E. Backhouse
In this new and authoritative history, Roger
Backhouse takes the story of economics from
3 the Greeks to the dawn of the twenty-first
century. In addition to placing well-known
figures – including Adam Smith, Malthus, Marx
and Keynes – in their historical settings,
Backhouse brings into his story many important
topics that are often neglected. These include
the importance of Islam in the Middle Ages;
science, politics and economics in seventeenth-
century England; the rise of economics in the
USA; inter-war debates over socialism versus
the market; the impact of the Second World
War; and the late-twentieth-century proliferation
of fields within economics.
2002 • 0140260420
368 pages • £8.99
Making a Living in the
Middle Ages
The People of Britain
850 –1520
Christopher Dyer
‘Exemplary … Making a Living in the Middle
Ages deserves to have a long shelf life’
John Hatcher, The Times Literary Supplement
In this masterly survey, Christopher Dyer
provides a vivid new perspective on British
social and economic history from the invasion
of the Vikings to the Reformation. Dyer
illustrates how economic change arose not
just from the dictates of the rich and powerful,
but from social processes and the decisions of
thousands of ordinary people.
July 2003 • 0140259511
416 pages • £9.99
The Money Machine
How the City Works
Philip Coggan
FIFTH EDITION
‘Philip Coggan gives a marvellously clear
account of the City and all the modern
financial developments’ Business Review
In this excellent guide, now completely revised
and updated for this new edition, a leading
financial journalist cuts through the myths and
scandals that make the news to explain the nuts
and bolts of the financial system. How are the
big deals made? What radical changes will the
Euro bring about? Which are the institutions that
really matter? What causes the pound to rise or
interest rates to fall? Philip Coggan provides clear
and concise answers to many such questions;
he also shows why they are of central concern
for us all.
2002 • 0141009306
224 pages • £8.99
The Death of Gentlemanly
Capitalism
Philip Augar
‘The definitive study of the impact of Big Bang’
Independent
4
In 1986, Big Bang revolutionized the City of
London and with it the cosy world of the
gentlemanly capitalists. Deregulation was their
opportunity to create British investment banks
that could compete – and win – in the global
market. Yet barely fourteen years later, the UK’s
last major financial player was in foreign hands.
How did this happen?
As one of the City’s top brokers during this
crucial period, Philip Augar is uniquely placed to
provide the answer. Combining ruthless analysis
of events with fascinating detail about the
personalities involved, he provides an
authoritative account of ‘one of the most abject
surrenders in business history’.
2001 • 0140286683
398 pages • £8.99
 www.penguin.co.uk/academic
The Return of
Depression
Economics
Paul Krugman
‘Essential reading’ Economist
5 Evan Davis
In the late 1990s, seven
economies experienced slumps
eerily reminiscent of the Great
Depression. And almost no-one
had predicted these
developments. Perhaps, argues
Paul Krugman in this dazzling
polemic, that is because we are
trapped by a cosy free-market
orthodoxy which cannot accept
that ‘bad things happen to good
economies’. Yet if we truly hope
to confront the immense
challenges that lie ahead, we
need to start facing up to reality
right now.
2000 • 0140286853
208 pages • £8.99
The Penguin
Dictionary of
Economics
Graham Bannock,
R. E. Baxter and
SEVENTH EDITION
This wide-ranging and
accessible dictionary explains a
host of economic terms, with full
cross-referencing. Revised and
updated for its seventh edition,
The Penguin Dictionary of
Economics is detailed, practical
and international in scope.
September 2003 • 0141010754
416 pages • £8.99
Capital Volume 1
Karl Marx
Translated by Ben Fowkes, with an
introduction by Ernest Mandel
NEW EDITION
Capital is an incisive critique of private
property and the social relations it
generates. Living in exile in England,
where this work was largely written, Marx
drew on a wide-ranging knowledge of its
society to support his analysis and
generate fresh insights. Capital rapidly
acquired readership among the leaders
of social democratic parties, particularly
in Russia and Germany, and ultimately
throughout the world, to become a work
described by Marx’s friend and
collaborator Friedrich Engels as ‘the
Bible of the Working Class’.
In his introduction, Ernest Mandel
illuminates a revolutionary theory whose
impact has grown ever more marked
since the turbulent events of the
twentieth century.
February 2004 • 0140445684
1152 pages • £18.99
The Wealth of
Nations
Books I – III
Adam Smith
Edited with an introduction and
notes by Andrew Skinner
NEW EDITION
Books I–III of the Wealth of
Nations examine the ‘division of
labour’ as the key to economic
growth, by ensuring the
interdependence of individuals
within society. They also cover the
origins of money, the importance
of wages, profit, rent and stocks.
This edition contains an analytical
introduction offering an in-depth
discussion of Smith as an
economist and social scientist, as
well as a preface, further reading
and explanatory notes.
September 2003 • 0140432086
576 pages • £8.99
The Wealth of
Nations
Books IV and V
Adam Smith
Edited with an introduction and
notes by Andrew Skinner
NEW EDITION
Volume IV of The Wealth of Nations
is an incisive examination of the
mercantile system, in particular
Britain’s colonial relationship with
America. In Volume V, Smith
develops the case for a restricted
state role, advocating a part
private, part public system of
finance for education, transport,
justice and defence.
Andrew Skinner’s introduction
compares Smith’s work with that of
economists such as Quesnay and
Turgot, places The Wealth of
Nations in its historical context and
discusses the originality and
continuing importance of its ideas.
January 2004 • 0140436154
672 pages • £8.99
Utilitarianism and
Other Essays
John Stuart Mill and
Jeremy Bentham
Edited with an introduction by
Alan Ryan
NEW EDITION 6
The works by Bentham and Mill
collected in this volume show
the creation and development of
a system of ethics that has had
an enduring influence on moral
philosophy and legislative policy.
Setting the central texts in their
historical and biographical
context, Alan Ryan’s anthology
provides the perfect introduction
to an enormously significant
philosophical movement.
February 2004 • 0140432728
352 pages • £8.99