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

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9780465023264: The Cash Nexus: Money and Power in the Modern World, 1700-2000

Conventional wisdom has long claimed that economic change is the prime mover of political change, whether in the age of industry or Internet. But is it? Ferguson thinks it is high time we re-examined the link-the nexus, in Thomas Carlyle's phrase-between economics and politics. His central argument is that the conflicting impulses of sex, violence, and power are together more powerful than money. Among Ferguson's startling claims are: Nothing has done more to transform the world economy than war, yet wars themselves do not have primarily economic causes. The present age of economic globalization is coinciding-paradoxically-with political and military fragmentation. Financial crises are frequently caused by unforeseen political events rather than economic fluctuations. The relationship between prosperity and government popularity is largely illusory. Since political and economic liberalization are not self-perpetuating, the so-called triumph of democracy worldwide may be short-lived. A bold synthesis of political history and modern economic theory, Cash Nexus will transform the landscape of modern history and draw challenging conclusions about the prospects of both capitalism and democracy.

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About the Author:

Niall Ferguson is Fellow and Tutor in Modern History at Jesus College, Oxford. He is the author of Paper and Iron, The House of Rothschilds, and The Pity of War ). He writes regularly for the Times Literary Supplement, and lives in Oxford.

From Publishers Weekly:

In a work that neatly marries the subjects of his previous books, Ferguson, who made his name with controversial popular histories of World War I (Pity of War, 1999) and the Rothschild banking empire (House of Rothschild, 1998), continues to challenge conventional wisdom. Here, he argues that the enormous expense of war, which forces governments into fiscal innovation, is the primary agent of financial change and its political repercussions, which sometimes include starting new wars. In Ferguson's view, political crises defined broadly to include those spurred by religion, law and culture cause both wars and financial disasters; the ensuing political outcomes determine the long-term economic fallout. Economic events, on the other hand, affect politics in indirect and unpredictable ways. Emphasizing the nuances and exceptions to his argument, he marshals economic statistics to support it, though he does not discuss alternative explanations for financial change. Despite frequent, jarring digressions into the minutiae of 1980s British politics and in praise of Thatcherism, the book is lucidly argued. But for a history that focuses so much on war, it includes little discussion of the military. Most controversially, Ferguson challenges the orthodox assumption that the world is headed toward a peaceful, prosperous and democratic global future. Economic success does not always lead to stability, he argues, and economic freedom is neither necessary for economic growth nor sufficient for political freedom. Nor, he warns, will economic globalization necessarily lead to greater economic or political cooperation. (Mar.) Forecast: This book will be more talked about than read, though it will attract serious readers. Like Ferguson's The Pity of War, its merits should outlive the controversy over its predictions.
Copyright 2001 Reed Business Information, Inc.

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Book Description INGRAM PUBLISHER SERVICES US, United States, 2002. Paperback. Book Condition: New. Reprint. Language: English . Brand New Book. Conventional wisdom has long claimed that economic change is the prime mover of political change, whether in the age of industry or Internet. But is it? Ferguson thinks it is high time we re-examined the link-the nexus, in Thomas Carlyle s phrase-between economics and politics. His central argument is that the conflicting impulses of sex, violence, and power are together more powerful than money. Among Ferguson s startling claims are: * Nothing has done more to transform the world economy than war, yet wars themselves do not have primarily economic causes. * The present age of economic globalization is coinciding-paradoxically-with political and military fragmentation. * Financial crises are frequently caused by unforeseen political events rather than economic fluctuations. * The relationship between prosperity and government popularity is largely illusory. * Since political and economic liberalization are not self-perpetuating, the so-called triumph of democracy worldwide may be short-lived. * A bold synthesis of political history and modern economic theory, Cash Nexus will transform the landscape of modern history and draw challenging conclusions about the prospects of both capitalism and democracy. Bookseller Inventory # AAS9780465023264

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Book Description INGRAM PUBLISHER SERVICES US, United States, 2002. Paperback. Book Condition: New. Reprint. Language: English . Brand New Book. Conventional wisdom has long claimed that economic change is the prime mover of political change, whether in the age of industry or Internet. But is it? Ferguson thinks it is high time we re-examined the link-the nexus, in Thomas Carlyle s phrase-between economics and politics. His central argument is that the conflicting impulses of sex, violence, and power are together more powerful than money. Among Ferguson s startling claims are: * Nothing has done more to transform the world economy than war, yet wars themselves do not have primarily economic causes. * The present age of economic globalization is coinciding-paradoxically-with political and military fragmentation. * Financial crises are frequently caused by unforeseen political events rather than economic fluctuations. * The relationship between prosperity and government popularity is largely illusory. * Since political and economic liberalization are not self-perpetuating, the so-called triumph of democracy worldwide may be short-lived. * A bold synthesis of political history and modern economic theory, Cash Nexus will transform the landscape of modern history and draw challenging conclusions about the prospects of both capitalism and democracy. Bookseller Inventory # AAS9780465023264

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