Mad Money: When Markets Outgrow Governments | 
| Author: Susan Strange
Publisher: University of Michigan Press
Category: Book
List Price: $23.95
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Avg. Customer Rating:  4 reviews
Sales Rank: 215003
Media: Paperback
Number Of Items: 1
Pages: 220
Shipping Weight (lbs): 0.9
Dimensions (in): 9.1 x 6.1 x 0.7
ISBN: 0472066935
Dewey Decimal Number: 332
EAN: 9780472066933
ASIN: 0472066935
Publication Date: December 1, 1998
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Product Description
The world's financial system is crazier and even more out of control than it was ten years ago. Mad Money analyzes the erratic nature of change and innovation in financial business in recent years and discusses the weak points--political as well as economic and technical--of a system driven more by volatile markets than by governments.
The central issue is global finance; "mad money" is how Susan Strange characterizes the alternately rampant and depressed financial markets of recent years. She sets out here to diagnose the sources and nature of the problem of markets having outgrown governments and to examine its social and political ramifications. Opinionated and brilliantly argued, Mad Money will surely provoke controversy and generate many conversations.
Susan Strange's previous book, Casino Capitalism, established her as an authority on international finance and the basic structures of the international political economy. This sequel will reach not only scholars and students but a wider readership, including everyone worried by the yo-yoing of stock markets, the currency turmoil in Asia, and the general mismanagement of money by governments and international organizations such as the International Monetary Fund and the World Bank.
"In her patented provocative and compelling style, Susan Strange offers us an illuminating, often dark, image of the changing nature of international relations in the next century. Although a liberal at heart, her critical approach in this work challenges many of the central normative assumptions of an unfettered regulatory future of great prosperity and little conflict. This effort represents a cumulative statement of one of the senior scholars of our generation and cannot be ignored." --Simon Reich, University of Pittsburgh
"Chutzpah! That's what Susan Strange has long demonstrated in her research, teaching, and writing. Even those who see the world differently will respect what she has accomplished here." --Louis W. Pauly, University of Toronto
Susan Strange is Professor of International Political Economy, University of Warwick.
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| Customer Reviews:
Crime and no punishment June 2, 2008
3 out of 4 found this review helpful
This book is still remarkably very actual. It is a follow-up on Susan Strange's previous book `Casino Capitalism', which analyzed the financial situation in the 1970s and 1980s.
no international legislation
Susan Strange remarks astutely that there is still no international legislation to fight (and certainly not to solve) an eventual global financial crisis. More, she makes of the international bureaucracies (IMF, BIS, BIRD, OECD) cynically (not as profoundly as J. Stiglitz) a laughing stock.
Prophetically, she observes an explosion of the derivatives market, because banks have to take more and more risks to stay profitable.
For sure, the world needs sound international authorities. The nation States cannot `manage mad international money, yet its leaders are instinctively reluctant to entrust that job to unelected, unaccountable (and often arrogant and myopic) bureaucrats.'
Ultimately, the choice between Keynesianism and monetarism is a political one: `more equity and stability or maximization of wealth creation, quantity or quality of economic growth.'
Aid, drugs, tax havens
Aid for developing countries has minimal or no effect. As an example she cites Bangladesh: `after years of generous foreign grants the economic situation was worse than before. The political and social consequences had been highly corrupting.'
She pleaded for the legalization of drugs, but didn't understand that secret services use drugs money to finance illegal activities (Peter Dale Scott, Gary Webb).
Tax havens are not attacked, notwithstanding the fact that their only goal is `to minimize liability for corporate taxation and their use by heads of State to rob their own people.'
Crime pays
`Robber barons, pirates, thieves and confidence tricksters all ended up wanting to become pillars of society. They married their sons and daughters in the aristocracy. Three generations on and no one knew or cared about how they had got there.'
Susan Strange's book should have been a must read for all economists all over the world.
It is still essential literature for all those wanting to understand the world we live in.
Complexities of global economics deciphered October 12, 2000
6 out of 6 found this review helpful
The global economy, especially those aspects dealing with global finance, often appear to be intimidating in their complexity. Susan Strange decodes processes of finance and monetary policy and puts them in terms that just about anyone can understand. There is, in fact, nothing that complex about these processes at all. The metaphor of "casino capitalism" still holds...and they are playing with your money. One would do well to read this in combination with a book by George Soros. Comprehensive, but readable. A great book.
From korean reader February 19, 2000
3 out of 10 found this review helpful
Please me know if this book will be tranlsated into Korean, in a few year
Message from France February 4, 1999
2 out of 13 found this review helpful
I would like to know if that book is going to be translate in french. Thank you.
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