Sabtu, 30 April 2011

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Woken Furies: A Takeshi Kovacs Novel, by Richard K. Morgan

Richard K. Morgan has received widespread praise for his astounding twenty-fifth-century novels featuring Takeshi Kovacs, and has established a growing legion of fans. Mixing classic noir sensibilities with a searing futuristic vision of an age when death is nearly meaningless, Morgan returns to his saga of betrayal, mystery, and revenge, as Takeshi Kovacs, in one fatal moment, joins forces with a mysterious woman who may have the power to shatter Harlan’s World forever.

Once a gang member, then a marine, then a galaxy-hopping Envoy trained to wreak slaughter and suppression across the stars, a bleeding, wounded Kovacs was chilling out in a New Hokkaido bar when some so-called holy men descended on a slim beauty with tangled, hyperwired hair. An act of quixotic chivalry later and Kovacs was in deep: mixed up with a woman with two names, many powers, and one explosive history.

In a world where the real and virtual are one and the same and the dead can come back to life, the damsel in distress may be none other than the infamous Quellcrist Falconer, the vaporized symbol of a freedom now gone from Harlan’s World. Kovacs can deal with the madness of AI. He can do his part in a battle against biomachines gone wild, search for a three-centuries-old missing weapons system, and live with a blood feud with the yakuza, and even with the betrayal of people he once trusted. But when his relationship with “the” Falconer brings him an enemy specially designed to destroy him, he knows it’s time to be afraid.

After all, the guy sent to kill him is himself: but younger, stronger, and straight out of hell.

Wild, provocative, and riveting, Woken Furies is a full-bore science fiction spectacular of the highest order–from one of the most original and spellbinding storytellers at work today.


From the Hardcover edition.

  • Sales Rank: #101505 in Books
  • Brand: Morgan, Richard K.
  • Published on: 2007-05-29
  • Released on: 2007-05-29
  • Original language: English
  • Number of items: 1
  • Dimensions: 9.30" h x 1.01" w x 6.10" l, 1.04 pounds
  • Binding: Paperback
  • 480 pages

From Publishers Weekly
In Morgan's powerful third cyberpunk noir SF novel to feature Takeshi Kovacs, whose consciousness is transferred from one ultra–combat-ready body to another in the service of various unscrupulous powers, the interstellar mercenary returns home to Harlan's World, thoroughly pissed and dangerous. Despite his justified cynicism, he finds himself trying to protect a young woman who may house the soul of a martyred revolutionary from centuries earlier. He also must fight a hired killer who's a younger version of himself. To succeed, he has to sift through his past to see which allies and memories he can trust. Morgan has become even more nervy since winning the Philip K. Dick Award for his confident first novel, Altered Carbon (2003). This book develops a baroque, appallingly complicated setting, full of opportunities for revelation and betrayal. Both violence and sex are troweled on thickly but appropriately; they have significant consequences for these people who are trying—in circumstances even more desperate than our own—to discover who they really are and who they might have a chance to become.
Copyright © Reed Business Information, a division of Reed Elsevier Inc. All rights reserved.

From Booklist
*Starred Review* Following Altered Carbon (2003) and Broken Angels (2004), Morgan's anxiously awaited third Takeshi Kovacs novel makes a terrific addition to an award-winning series. This time Morgan takes a giant leap into the cyberpunk future that William Gibson begin exploring 20 years ago. Unlike Gibson, however, Morgan combines the cyberpunk style with a fast-paced, first-person narrative that is as evocative of classic hard-boiled detective fiction as it is of cutting-edge science fiction. His protagonist, Kovacs, a futuristic version of a ronin ("for hire") samurai, is back on his home planet, Harlan's World. The ruling Harlan family awakens Kovacs from digital storage into a newly constructed body and launches him on a mission that weaves a dangerous course through labyrinthine politics and murderous hardware. But Kovacs also has his own agenda. Vengeance and a quest for a long-lost love continually put his loyalties into conflict with his powerful and ruthless new employers, in a future where death may or may not be forever. Highly recommended for followers of the series, cyberpunk devotees, and hard-boiled detective fans not averse to a little genre-bending. Elliott Swanson
Copyright © American Library Association. All rights reserved

Review
Praise for Richard K. Morgan

Market Forces

“Morgan is one of science fiction’s bright young lights, a crisp stylist who demonstrates equal facility with action scenes and angst.”
–The New York Times Book Review

“Forces is turbo-injected with moral ambiguity, Wag the Dog political scenarios, and action sequences fit for a Bruckheimer movie.”
–Entertainment Weekly

Altered Carbon

“Compelling . . . immensely entertaining . . . full of duplicitous characters, murky motives, and a detective who’s as tough as he looks.”
–The Philadelphia Inquirer

“Gritty and vivid . . . Looks as if we have another interstellar hero on our hands.”
–USA Today

Broken Angels

“Clearly the work of a gifted, ambitious writer.”
–The Washington Post Book World

“A superior, satisfying cyberpunk noir adventure.”
–Publishers Weekly


From the Hardcover edition.

Most helpful customer reviews

110 of 116 people found the following review helpful.
Better than a Micky Nozawa experia flick
By John S. Ryan
I'd been waiting for quite a while to read this third entry in Richard K. Morgan's series of Takeshi Kovacs novels. It was worth the wait, and in some respects it may be the best of the series so far. Tak travels through some dark, dark territory here.

Don't be fooled (or put off) by the pace. Where _Altered Carbon_ was a rapid series of body blows, _Woken Furies_ is more like being dragged down very slowly by a very large weight. There's a lot going on here, but quite a bit of it is in the background and between the lines. If you don't get into Tak's head pretty early on, the novel may read like a travelogue.

Not that that's necessarily _bad_. Probably a lot of us were curious about Harlan's World, and we get to see quite a bit of it here. We also finally get to put faces (the faces of their current sleeves, anyway) with some familiar names from Tak's past. All of that will probably be interesting enough to entertain the casual reader.

But if that's all you get out of this novel, then you're missing the meat of it.

The surface-level plot opens with Tak on Harlan's World in a synthetic sleeve, trying to get back into his own body. He's also, as we gradually discover, on some sort of mission, the details of which we don't really learn until some 250 pages in. And not too far into the tale, we meet someone who just _might_ turn out to be Quellcrist Falconer . . . or maybe not. Furthermore, Tak is being pursued by a younger version of himself, decanted from a backup copy he didn't know existed. Things build toward a final revelation with implications far, far beyond Quellism and the local politics of Harlan's World.

The pace, though, is generally slow. Oh, things do happen (and people start dying horribly within the first twenty-odd pages), but a lot of the action is off-screen. We spend the bulk of the novel the way we spent most of _Star Trek: The Motion Picture_: Going Somewhere.

The really interesting stuff, and the real, behind-the-narrative content of the novel, is what happens to Tak. I'm not going to give you any more clues about this; I'm just going to warn you to listen with both ears as those titular furies awaken and the possibilities of redemption come and go. There's a lot of internal turmoil going on here, and Tak isn't necessarily going to tell you about it directly. Hell, despite his Envoy training, I'm not sure he's even fully aware of all of it himself.

Readers who keep wanting recycled versions of _Altered Carbon_ will continue to be disappointed, as they were with _Broken Angels_; Morgan clearly isn't going to keep rewriting the same book for us. Now, me, I think that's a good thing.

0 of 0 people found the following review helpful.
Great series
By Eric
If you ever wanted a post-cyberpunk trans-humanist setting that would make you think, this is the one. This is real science fiction.

0 of 0 people found the following review helpful.
An entertaining read.
By Ron Ellison
Great book. Unfortunately the first book in the series, is far better. Read it anyway, "Altered Carbon"is a hard act to follow.

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Minggu, 24 April 2011

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Wind and Dreams, by Linda North

In 1901, Rose McLeod accompanies her father to Cairo, Egypt to acquire ancient Egyptian relics for their antiquities business back home in Baltimore. A notorious slaver, known for procuring concubines for harems, abducts Rose. She is rescued, only to find that she is now the captive of a beautiful woman claiming to be the pharaoh of a kingdom hidden deep in the Sahara.

Merytneit, the Chosen of Neit, believes Rose is a gift from her Goddess. Rose is not accepting any of this. She’s a “freeborn American woman.” During the journey across the desert to the Valley of Wind and Dreams, Rose joins Meryt’s three companions as a reluctant member of Meryt’s household. Rose is shocked when she discovers the women are not just Meryt’s companions. “Harem. This is a harem. Rose prayed Meryt didn’t think of her as the latest acquisition.”

Cultures clash, danger intrudes, and passions flame. Nothing is chance as Meryt and Rose play out their destinies as decreed by the ancient Egyptian Gods.

  • Sales Rank: #392707 in eBooks
  • Published on: 2013-06-04
  • Released on: 2013-06-04
  • Format: Kindle eBook

Most helpful customer reviews

9 of 10 people found the following review helpful.
Hands Down: the Best Historical Speculative Fiction Novel
By Thinker
Hands down the best historical speculative fiction novel that I have read thus far. When I opened Wind and Dreams, I was immediately reminded of works akin Mary Renault and Marion Zimmer Bradley -- that fantasy mythos blended with the astonishing attention to historical detail. Linda's writing, simultaneously phenomenal, provocative, and thoughtful to culture, grabs the reader in with the first sentence and captivates her from beginning to end. If I were to categorize this novel further, I would add the possibility of Steampunk with its attributes of Victorian Age sensibilities beside the Egyptology phase in archaeology. Of course, the characters personalities, the realism that Linda creates in emotion, conversation, and the dream-real dichotomous thread all add to the beauty of this book. Linda's writing is fantastic. I cannot say that I enjoyed Wind and Dreams more than I did her book, Deep Merge, since they are completely different genres, to my mind. Still speculative, still with incredible attention to detail and wonderful character development, but they follow paths so differently, that they are incomparable. I thoroughly enjoyed this book.

11 of 13 people found the following review helpful.
Great story...original, adventurous, sexy, hard to put down!
By Loves Books
If you're bored of the same lesbian romance story lines that we tend to see book after book then this is the book for you!! Completely original storyline, full of intrigue. The characters are interesting and the relationships believable. Just one warning...there is a glossary at the beginning of the book noting Egyptian words that will be used in the story...don't let this deter you (I almost did), in fact you can skip forward and still thoroughly enjoy the ride the story takes you on. This book was a breath of fresh air, a wonderful escape from the tired corporate/rich/play girl/back and forth storylines. You won't be disappointed, in fact you may be supposed by he much you enjoy it...I was! I hope to see more from this author!

8 of 9 people found the following review helpful.
Travel back in time for a cool adventure!
By Kindle Customer
I'm going to be totally honest and tell you - I read this cover to cover very quickly. I'm also going to tell you - I would LOVE me some harem girls! The premise is awesome - The scenes with the Gods of Egypt blew me away. I'm a fan of Linda North now for sure.
This is NOT a politically correct book if you're a die-hard feminist - but it's FANTASY - and believe me - I'm still being honest here - I want some "companions."
Take a step back in time - release your judgments - and have a GOOD time. It's the reason I READ - for adventure!
Great job Ms. North :)

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Rabu, 20 April 2011

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Accidents in North American Mountaineering 2015From American Alpine Club

Published annually since 1948, Accidents in North American Mountaineering reports on the year's most significant and educational climbing accidents. In each case, we analyze what went wrong, helping climbers prevent or survive similar situations in the future.

This year's Know the Ropes section aims to prevent accidents related to rock climbing protection by teaching the best practices for sport and traditional climbing.

Danger Zones analyzes accidents on the Nose of El Capitan for the past 41 years, helping climbers plan safer ascents of big-wall climbs.

Three Essentials stories provide crucial information on frostbite, head injuries, and rappelling mistakes.

  • Sales Rank: #585242 in eBooks
  • Published on: 2015-08-12
  • Released on: 2015-08-12
  • Format: Kindle eBook

Most helpful customer reviews

1 of 1 people found the following review helpful.
When someone asks me what book to read to learn ...
By pookey
When someone asks me what book to read to learn about climbing, this series is what I point them to. How to Climb Rock and Freedom of the Hills teach the What. This teaches the Why. Climbing punishes mistakes harshly. I read this every year as a visceral reminder of that fact.

0 of 0 people found the following review helpful.
Mountains are beautiful yet deadly.
By Karishmananda
Mountains are one of the most beautiful creations of God. Just think of how many have painted them, studied them, and explored them. Certainly the most celebrated historical icons of all time and should always be respected as such. To me, altitude has always intrigued man as well as volcanic activity in books and videos I've read as well as my personal encounters for a mountainous area is very beautiful. Yet, I implore you in one simple sentence — Respect them, so you may live.

0 of 0 people found the following review helpful.
A must read for anyone who climbs. Comes out ...
By Amazon Customer
A must read for anyone who climbs. Comes out new every year. Brings home the inherent dangers associated with mountaineering and climbing.

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Can You Hear SHEET MUSIC SSAFrom Boosey & Hawkes - Jim Papoulis is donating his composer royalties to the Foundation For Small Voices, a

Can You Hear from Sounds of a Better World Series: BH Sounds of a Better World Publisher: Boosey & Hawkes SSA Composer: Jim Papoulis Arranger: Francisco Núñez Jim Papoulis is donating his composer royalties to the Foundation For Small Voices, a non-profit organization dedicated to bringing awareness and funding to programs supporting the empowerment of children throughout the world by fostering their creativity through music and role models. Inventory #HL 48004978 UPC: 073999493375 Publisher Code: M051473007 Width: 6.75" Length: 10.5" 12 pages

  • Sales Rank: #10409550 in Books
  • Published on: 2010-01-01
  • Binding: Sheet music

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Kamis, 07 April 2011

[C338.Ebook] Download PDF Java Methods A&AB, AP Edition, by Maria Litvin and Gary Litvin

Download PDF Java Methods A&AB, AP Edition, by Maria Litvin and Gary Litvin

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Java Methods A&AB, AP Edition, by Maria Litvin and Gary Litvin



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Java Methods A&AB, AP Edition, by Maria Litvin and Gary Litvin

Once again, the Litvins bring you a textbook that expertly covers the subject, is fun to read, and works for students with different learning styles. In one volume, this edition covers both introductory Java/OOP A-level material and AB-level topics (data structures and algorithms). The book follows Java 5.0 and incorporates many other changes, big and small, to reflect the current priorities of the AP CS program. This edition offers an early focus on object-oriented programming and design and an expanded discussion of the Java collections framework. What has not changed is the authors' respect for students, clear explanation of concepts, common sense about practical software development issues, and realistic and fun case studies and labs. By choosing this book, you have joined the many thousands of students who have mastered computer science fundamentals and received high grades on AP CS exams using the Litvins’ C++ and Java books.

  • Sales Rank: #415271 in Books
  • Brand: Brand: Skylight Publishing
  • Published on: 2006-03-15
  • Original language: English
  • Number of items: 1
  • Dimensions: 10.00" h x 8.00" w x 1.50" l,
  • Binding: Textbook Binding
  • 688 pages
Features
  • Used Book in Good Condition

Review
Java Methods is a text you should consider for your classroom... an excellent text for teaching and learning Java. -- AP Central, June 15, 2006

Overall, I found it to be an excellent, exciting textbook for my AP CS classes. Roger Frank, Ponderosa HS, Colorado -- ap-compsci listserve 04/23/06

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4 of 5 people found the following review helpful.
AP Student's experience
By A. Wheeler
This was an excellent book for going over the basics of the topics covered for the AP test and the questions' difficulty ranged from the fairly prosaic to challenging and the projects could be involving, however, it seemed to pall in comparison to Barron's AP review book when it came to depth and all the intricate technicalities/special-cases governing the Java language which the AP test partially dwells upon for its subset. This book seems to sugarcoat the topics of AB without going into much depth which I found somewhat dismaying when it came to effectively and efficiently studying for the AP test. Otherwise, it gives an effective overview of the individual topics and leaves a basic understanding of the concepts of introductory computer science: for depth and technicalities including java-level implementation(particularly hash tables), I'd look elsewhere.

(I Originally used this but found myself attracted to the more densely-packed information in Barron's AP after about 3 weeks of study in this. I was a student self-studying for the exam and needed a textbook to study the material as no instructor accessible to me taught it. Eventually, I earned a 5, though I credit that more towards Barron's than this.)

5 of 5 people found the following review helpful.
You won't find a better textbook
By Angie Esswein
You won't find a better texbook to teach high school computer science. Who uses "Foo Fighters" in an example or talks about throwing away extra coffee cups to explain an inefficiency of the immutability of strings?

This book has every quality I could possibly want to teach either Intro or AP Computer Science in high school. The authors have beautifully achieved a difficult task: to write with an accessible and fun style while keeping the content complete and rigorous enough to prepare students to earn a 5 on the AP exam. The book sets students up for success by exposing them to many concepts in early chapters on object-oriented programming, but not expecting mastery until the detailed chapters on the same topics that come later. The exposure is supported with skeleton code so that students can feel confident about completing projects. When re-visiting a topic later in the book, students are well-prepared to write complex programs from scratch.

There is an abundance of paper and pencil exercises so that students think through their process before jumping to the keyboard. These exercises are particularly prevalent in the chapter on algorithms. (Finally an author that gives this topic at the heart of computer science its deserving coverage!) The exercises and programs are divided into sections of the book making it easy to break down a chapter into teaching days. The code in the PowerPoint slides are laid out and explained so well that you could practically display them without explanation as your only source for lessons. The test questions are varied in style (multiple choice, true/false, and free response) and written in tried-and-true MS Word format. The programming projects are so much fun that I hurt with envy wanting to be a student myself again. A few notable project titles include Dance Studio, Chomp Game, and Instant Messenger.

Reward yourself and your students by purchasing this book.

4 of 4 people found the following review helpful.
A Great Textbook for Java!
By Amazon Customer
I use this textbook for my Java programming class. The explanations are quite readable, the exercises are interesting and relevant, and the book is overall one of the strongest offerings available. I highly recommend this book.

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[W535.Ebook] Ebook Saving Capitalism from the Capitalists: Unleashing the Power of Financial Markets to Create Wealth and Spread Opportunity, by Raghuram G.

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Saving Capitalism from the Capitalists: Unleashing the Power of Financial Markets to Create Wealth and Spread Opportunity, by Raghuram G.

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Saving Capitalism from the Capitalists: Unleashing the Power of Financial Markets to Create Wealth and Spread Opportunity, by Raghuram G.

Saving Capitalism from the Capitalists is a groundbreaking book that will radically change our understanding of the capitalist system, particularly the role of financial markets. They are the catalyst for inspiring human ingenuity and spreading prosperity. The perception of many, especially in the wake of never-ending corporate scandals, is that financial markets are parasitic institutions that feed off the blood, sweat, and tears of the rest of us. The reality is far different.

This book breaks free of traditional ideological arguments of the Right and Left and points to a new way of understanding and spreading the extraordinary wealth-generating capabilities of capitalism.

  • Sales Rank: #764887 in Books
  • Brand: Brand: Princeton University Press
  • Published on: 2004-09-12
  • Original language: English
  • Number of items: 1
  • Dimensions: 9.00" h x 6.00" w x 1.00" l, 1.20 pounds
  • Binding: Paperback
  • 392 pages
Features
  • Used Book in Good Condition

From Publishers Weekly
Rajan and Zingales take the Chicago school of economic theory in a new direction with an erudite, comprehensive defense of the free market system, steering a course between conservative isolationists and liberal antiglobalizationists. Only unfettered markets, rather than protectionism, they argue, can provide an environment supporting competition, innovation and economic growth. When businesses suffer losses or fail completely, it means competition is successfully weeding out the incapable-and the authors have nothing but harsh words for governmental attempts to prop up sagging industries through subsidies or tariffs on foreign competitors. They're honest in acknowledging that their "tough break" approach to failure offers little consolation to downsized laborers, but gamely suggest the economically "distressed" should recognize their options and look beyond obfuscating corporate rhetoric about "saving jobs." The book draws strong historical parallels between the half-century market clampdown following the Great Depression, when the public recoiled at the consequences of unmanaged economic risk, and the pessimism fostered by recent high-profile failures and corporate excesses. Because the authors view political support for the free market system as always tenuous, they offer suggestions on how to combat antimarket sentiments by promoting a stronger international market, which would reduce the ability of economic "incumbents" to persuade governments to suppress competition while offering workers some protection against the risks of failure. They argue their case well (though general readers may find some of the more academic passages tough going) and provide a clear new definition for the terms of the free market debate.
Copyright 2003 Reed Business Information, Inc.

From Booklist
The authors, both professors of finance at the University of Chicago's graduate school of business, take an in-depth look at the advantages and shortcomings of free financial systems in a historical context. They argue that although free markets are often reviled, especially during economic downturns, the inherent risks involved and the propensity for some individuals and corporations to corrupt the system can be overcome somewhat. When markets are suppressed, as happened after the Great Depression, competition is stifled, and trade tariffs that are intended to benefit individual nations ultimately harm worldwide economic health. What role, then, should governments play in overseeing financial markets? Historically, so the authors show, respect for individual property rights is the essential first step, and when property is available to the widest classes of people who can actively manage it, the groundwork for free financial trading is laid. For advanced financial systems such as that found in the U.S., the authors propose a balanced approach of government participation, including both measures to provide incentives for free markets and insurance for safety during times of crisis. David Siegfried
Copyright © American Library Association. All rights reserved

Review
Raghuram Rajan, Winner of the Deutsche Bank Prize in Financial Economics 2013, The Center for Financial Studies

"Raghuram G. Rajan and Luigi Zingales . . . argue persuasively that free markets 'cannot flourish without the very visible hand of government.'"--Alan Murray, Wall Street Journal

"Saving Capitalism from the Capitalists will dismay both titans of industry and their foes across the barricades. . . . It's written for the rest of us."--Peter Coy, Business Week

"[O]ne of the most powerful defenses of the free market ever written."--Bruce Bartlett, National Review Online

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2 of 2 people found the following review helpful.
but warned that businessmen did not like competition and will try to undermine it at every ...
By Herbert Gintis
In the Wealth of Nations, Adam Smith defended the new world order of market competition, but warned that businessmen did not like competition and will try to undermine it at every turn. They will do this by collusion, acquiring competitors, and asking the government to give them a monopoly position (rent-seeking). The authors relentlessly repeat Smith's theme and bring it up to date. The most important thing they do in this book is explain what a healthy financial system does for the economy (mainly keeping the cost of financing innovation and competition low), and explaining why so many countries have severely underdeveloped financial systems (the capitalist powers that be and their government cronies don't want competition, so they hate modern financial institutions).

The authors are accused by many reviewers of begin laissez-faire right-wing ideologues, but it is the reviewers who cannot get beyond left versus right. I recommend this book highly.

7 of 7 people found the following review helpful.
Saving Wall St. from Goldman Sachs -- but How?
By Paul McMahon
This book, written by two heavyweight University of Chicago financial economists, was published during our last financial market "crisis" in 2003. This was the time of the post internet equity bear market, the time of the Enron, Worldcom and Global Crossing scandals. The thesis is that free markets, for all their benefits particularly to the poor and powerless, rest on precarious political grounds. The impulse of elites to curtail the functioning of markets is strong and always a threat, particularly in times of crisis when the public loses confidence in markets' fundamental fairness. . The authors fret about the dark clouds of 2003; the clouds are certainly darker today. Moreover, they show that the threat to markets often comes from the "capitalists" themselves, established incumbents who seek to use the power of government to curtail the free functioning of market to protect their entrenched position

Seems uncontroversial as a thesis. The "rent seeking" impulse in modern democracies has been elaborated before. Nevertheless, this book makes some new and worthwhile contributions. The authors are professors of finance and thus skew much of their discussion to the operation of financial markets. They show in accessible terms the benefits to society of smoothly functioning financial markets, and how in particular they benefit new entrants and indirectly enforce competitiveness in product markets. Oftentimes even reputable economists will rationalize nations' desire to protect domestic financial markets even while advocating openness in product markets. Rajan and Zingales show that this is typically the result of some politically powerful vested interest in the country protecting its own position. Indeed, open financial markets are arguably even more potent in bringing the benefits of capitalism to the masses. The authors explode the myth of the financier as economic parasite, and show how through the spreading of risk, required returns are reduced and productive investment increased.

They introduce an intriguing and, to me at least, novel theory that private property will be more robust as an institution in circumstances where property is held by those who are the most efficient users of it. The better part of an entire chapter is devoted to an explication of the emergence of the "Squirearchy" in Tudor England, and how it, through the increasing strength of Parliament, was able to suppress the power of the Monarchy and its arbitrary control over property rights. The argument is the that redistribution of land previously expropriated from the Church into the hands of efficient gentleman farmers not only helped create a free market in land, but buttressed the institution of private property because more efficient holders of land had both the economic power and the interest to defend their property rights. Although the argument feels slightly ad hoc at times, the question of why and how strong property rights emerged in some societies and not in others is an important one, and the authors' thesis is plausible and worthy of consideration.

Thus England emerged first among western European countries in establishing secure property rights and circumscribed government, and from there led in industrialization and the development of financial markets. The authors emphasize the importance of financial markets in nurturing industrialization and the importance of keeping governments and vested interests from rigging the financial markets for the benefit of a privileged few. Here however is where the essential argument becomes ambivalent. Developed countries have an advantage over the developing world in that their financial markets are well-established and tolerably transparent: they have established a functioning financial "infrastructure". For developing economies to emulate this, they need to establish similarly strong institutions to protect property rights, enforce contracts, prevent and punish fraud, etc. The implication for the authors seems to be that many of the trappings of modern Western finance are part and parcel of this minimum institutional framework for the stable operation of markets. Financial regulation via, e.g., the SEC, the FDIC, the Federal Reserve system, forms the essential infrastructure for efficient financial markets. But most of this regulatory framework is of reasonably recent origin (the Fed from just before World War I, the rest from the Depression era), and it is not at all clear why the authors assume that none of it is the result of regulatory capture by the incumbents they worry about elsewhere.

The book describes the precariousness of a regime of mostly free markets and documents "the great reversal" of the 1930's and beyond when hostility to capitalism and free markets led to a backtracking on the longer historical trend of increasing freedom and expansion of markets. They document how deeply the development of financial markets were set back, and for how long - by many measures in much of West they still had not reached their pre-WW I level by 1980! And they show how many of the measures instituted, in Italy, in Japan and in the U.S., were bald sops to the established interests of incumbents and not, as advertised, public-interested reforms to protect the majority of the populous.

The point is well-taken, but the authors don't take it far enough. At one point they write:

"It is worth dwelling on this last point, for it goes counter to the belief that the securities legislation in the early 1930s, with its emphasis on disclosure and transparency, was entirely focused on laying the foundations for a vibrant, competitive financial system. It may have broadly done that, but particular interest groups also shaped the legislation for their own benefit. The legislation on securities issuance offers an example of how seemingly innocuous changes in laws can limit competition severely" [Emphasis added.]

Isn't the securities legislation of the 1930s the very financial infrastructure the authors cite elsewhere as essential to well-functioning financial markets? They repeatedly make the point: "a little government good, too much government bad". But nowhere do they attempt to distinguish the good from the excessive regulation, the stuff of smooth modern markets as distinct from the detritus of rent-seeking incumbent opportunists.

Alas, in the end, the book does not live up to its subtitle, for nowhere will the reader find the answer to how we can "unleash the power of financial markets to spread opportunity" while keeping the incumbents and their government enablers at bay. The last chapter offers the authors' suggestions, but it feels little different in character from the typical policy recommendations of mainstream economists. Ensure economic power is not concentrated for that gives incumbents more latitude to tilt the field their way. Build a social safety net so the general public will not turn against free markets during downturns. Keep borders open to trade in goods and capital. Educate the public on sound economics. The authors seem to forget themselves; how in the real world of self-interested political dealing do they think these high-minded ideas will be put into force?

The worries that the authors express in this book are valid and important. The "capitalists" of the title are meant to represent the vested interests of the status quo and the real world evidence of the politically connected writing the rules of the game to their own advantage under cover of "public interest" is overwhelming. The arguments Rajan and Zingales marshal in favor of openness, in particular in financial markets, are convincing and more relevant today than ever. However, in these days of bailouts of elite Wall Street firms and special handouts to politically favored unions, one wishes they had some useful recommendations on how exactly to save capitalism from the capitalists.

10 of 11 people found the following review helpful.
I wonder what the authors think now, after the meltdown?
By S. Kaphan
I learned of this book because it is referred to in the excellent How Markets Fail: The Logic of Economic Calamities by John Cassidy.

It was interesting to read this book in 2010, since it was written and published before the great meltdown of the past couple of years. The authors are big fans of the free market. They recognize that their conception of a free market does not exist in the real world and has probably never existed. It is an idealization. Yet unlike the idealization of pure socialism, which they recognize also never existed in the real world, they think that it is possible, in the real world, to achieve a pure free market system. This might have something to do with the water in Chicago where they are professors. It seems like most economists from there believe the same thing.

The idea of free market expounded in this book is not what one might think: they are not suggesting a "wild west" or "jungle" style of free market would work (and it seems the evidence is in that is *hasn't* done that great of a job lately...) but are suggesting one with a significant role for government in setting and enforcing rules of the road, and providing a safety net for those who are "dislocated" by the actions of globalization and "creative destruction." So at least they are realistic about the human cost of capitalism and the tendency of markets, when left completely on their own, to favor incumbents at the expense of competition and the rest of society. One of the more interesting themes explored in this book is the way in which incumbents can influence government policy in order to coopt reforms in times of great change, and also tend to form cynical alliances of convenience with those who are dislocated during those times (cf corporate support for tea party movement)

All in all, this is a very intelligently written and thoughtful book. Nevertheless, I do feel it has a lot more of that Chicago-flavored free market fundamentalism than I would have liked. Just when I was getting comfortable that the book was written from a relatively non-ideological point of view, they'd throw in some market worship for good measure. Of course market forces are powerful and they have to be taken into account and intelligently used by economic policy makers, but especially in light of the past couple of years, it seems naive to believe that markets solve all problems of allocation all by themselves. At least the authors recognize that markets are not inherently stable and require social and governmental institutions to function, and they do a great job of explaining some of the failure modes, however they seem slightly too smitten with markets as a panacea for my taste, and then there's that recurring belief that seems to keep cropping up that pure free markets are even possible, or would be desirable in all areas even if they were.

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