The 21st Century Economy: A Beginner's Guide » (Original)

Randy Charles Epping, based in Zurich, Switzerland and São Paulo, Brazil, has worked in International Finance for over 25 years, holding management positions in European and American investment banks in London, Geneva, and Zurich. He has a master's degree in International Relations from Yale University, in addition to degrees from the University of Notre Dame and the University of Paris-La Sorbonne. He is currently the manager of IFS Project Management AG, a Switzerland-based international consulting company. He is also the president of the Central Europe Foundation, which provides assistance to students and economic organizations in Central and Eastern Europe. In addition to several other books on the world economy, he has written a novel, Trust, a financial thriller based in Zurich and Budapest. Mr. Epping holds dual U.S. and Swiss citizenship and is fluent in six languages: English, French, German, Italian, Portuguese, and Spanish.

A comprehensive guide to understanding today's global economy from the author of the bestselling A Beginner's Guide to the World Economy.

While reporting on today's world, business and mainstream media alike use terms and mention trends that even the savviest consumer may find baffling. In his latest book, Randy Charles Epping uses compelling narratives and insightful analogies to clearly and concisely explain the rapidly changing way business is done in the twenty-first century, without a single chart or graph.

Epping defines key ideas and commonly used words and phrases like:

• Carbon footprint
• WTO
• Economy of scale
• NAFTA
• Outsourcing

Epping also illustrates how central banks help navigate global crises and drive the global economy, discusses the benefits of Green Economics, shows how trade wars can be avoided, and explains the virtual economy, where multimillion dollar transactions take place in the blink of an eye.

Complete with 89 easy-to-master tools for surviving and thriving in the new global marketplace and an extensive glossary, The 21st Century Economy—A Beginner's Guide is essential reading for anyone interested in understanding the complex economy of the world in which we live.

Publishers Weekly

Epping (A Beginner's Guide to the World Economy) offers a comprehensive guide to the global economy, arguing that economic literacy is a survival imperative in a fusion economy, where what happens in one corner of the globe can have unprecedented impact on the rest of the world. He gives a thorough and easy-to-understand explanation of the rudiments of global finance and provides readers with the tools to be able to make sense of future economic events. Sidebars scattered throughout the book go deeper into such terms and concepts as subprime mortgages, mortgage-backed securities and the difference between budget deficit and trade deficit. Epping also explores macroeconomics, the virtual economy, private equity and public good-and even how to eliminate poverty. A refreshing look at the present economic situation, minus the often confusing graphs, charts and jargon typical in works of this type, this book provides a solid understanding of economic basics, giving readers the much-needed tools they need to stay on top of future developments. (Mar.)

Copyright © Reed Business Information, a division of Reed Elsevier Inc. All rights reserved.

Introduction ix

Maps xiii

1 What Is the Fusion Economy? 3

2 What Is Macroeconomics? 12

3 Central Banks and Global Crises-Who Really Controls the Global Economy? 20

4 Free Trade or Isolationism-How Can Trade Wars Be Avoided in the 21st Century? 43

5 Money, Money, Money-How Do Currencies Work in the New Global Economy? 63

6 Rage Against the Machine-Why the Big Fuss over Globalization? 78

7 What Is the Virtual Economy? 87

8 Getting Our Share-How Do We Invest in the New Global Economy? 99

9 Winners and Losers-How Do We Compare Investments in the 21st-Century Economy? 126

10 Private Equity and Public Good-Who Really Controls the Companies of the World? 132

11 Corporate Governance and Corporate Greed-How Are Businesses Managed in the 21st-Century Economy? 143

12 Hedge Funds and Derivative Traders-The Wild Cards of the New Global Economy? 154

13 Income Gaps and Development-What Can Be Done to Eliminate Poverty in the 21st Century? 166

14 Drugs, Slavery, and Shady Deals-The Illegal Economy of the 21st Century 181

15 What Is the Best Economic System for the 21st Century? 198

16 Outsourcing and Immigration-How Have Demographics Transformed the World Economy? 205

17 What Is the Green Economy? 214

18 Health, Development, and Global Pandemics-How Has Public Health Become a Major Factor in the Global Economy? 229

Epilogue 239

Glossary 243