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In the past decade of rapid change in the world economy, Randy
Charles Epping's Beginner’s Guide to the World Economy has
been the most reliable tool for keeping track of what's happening.
The third edition updates the information in previous editions and
explains many new concepts.
What is the new economy? What is globalization? Is the euro the
final seal on European Union? How is e-commerce transforming our
world beyond economics? What is virtual money, and does it have
real value? How do social concerns and societal ills (drugs,
poverty, AIDS, endangered natural resources) play a part in the
rapidly changing world economy. What are multinationals, and do
they signal the end of nationalism? These and many other pertinent
issues are concisely addressed in the most accessible primer for
those who want to be economically literate (and who doesn't?).
Mediocre presentationReviewed by Nicholas Sterling, 2009-11-15
This book does a decent job of briefly explaining a number of
concepts relating to the world economy. The author clearly believes
in capitalism and free trade (as I do, when it is done correctly),
but doesn't cheerlead it the way that "A World of Wealth" does.
Still, there is little trace of an important caveat with regard to
capitalism, that the free market is an ideal concept that works
only to the extent that certain conditions hold. Those conditions
seldom if ever hold absolutely, and to the extent that they do not,
capitalism can fail, sometimes miserably. Government can make
adjustments here, e.g. by taxing carbon to make the price of fuel
consumption include the cost to the environment. You don't really
get this from the book; capitalism is presented as being more
foolproof than it actually is.
The book is organized into two sections:
- 71 questions and their answers
- a glossary
Reading the first part of this book is like reading a FAQ. A good
FAQ can be a wonderful thing, but it's generally an adjunct to
other documentation, a place to get quick answers to questions once
you understand the main concepts. With this book, one moment you're
reading the answer to the question "Why are companies referred to
as Ltd., Inc., GMBH, or S.A.?" and the next you are reading the
answer to the question "What is Equity?" It feels random,
disjointed.
As for the main concepts, well, some basics about money, trade,
trade surpluses, quotas, tariffs, equity, stock index, and gnp are
covered. But I guess he's just assuming that you understand such
basic economic concepts as supply and demand and how they relate to
price. How you could have come to know basic economic concepts and
still need to have the notions of trade, currencies, and exchange
rates explained to you is hard for me to understand.
Also, the book dives into what seem to me like somewhat
out-of-the-way details, like the differences in bankruptcy between
various countries. I think it would have been better to maintain
focus on the primary concepts, even if that made the book
shorter.
Also, the book is devoid of any charts; there are times when a
picture speaks a thousand words, but not in this book. I suspect
that publishers fear that if they put a couple of charts or a
mathematical formula in a book that will lose half their
buyers.
But I think the biggest problem for me was the FAQ format. If that
works for you, then you might like this book more than I did. There
is some good info in it.
Great ReadReviewed by H. Karanja, 2008-09-07
I highly recommend this book. Has an indepth look at world economy from a vantage point. Great read.
Very Helpful BookReviewed by C. Smith, 2007-10-10
As an International Relations major in college, without much of a prior economic background, this book was a life-saver in understanding some of the dynamics of International Economics, theories, events, and the like. After reading this book for just a few hours, I could proudly define everything from hedge funds to globalization, which allowed me greater understanding of events on the news or in scholarly economic or political literature. Why take a an actual economics class, when this book offers just enough insight to make you a much more economically-informed citizen? Even if economics, global or not, isn't your forte?
Understanding at your finger tips.Reviewed by Carlos J. Torres, 2007-09-12
If you want to understand the current issues about the World Economy, this is the book to buy. It does not cover the economic theory; there are other books for that. This one is easy and fun to read; especially when you hear the term in the news and understand them.
Best first book if you are curious about World EconomyReviewed by R. Raj, 2007-06-07
This is an excellent book for a novice/beginner, who is trying to understand the basics and scope of the World Economy in plain english.
