February 2, 2009
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.
Starred review from February 15, 2009
Business consultant Epping ("A Beginner's Guide to the World Economy") provides help for the economically perplexed in this careful explanation of the workings of our modern economy and hundreds of terms, such as subprime debt, CDO, IMF, money supply, and discount rate. To supplement his text, he includes a 60- page glossary. Remarkably, he is able to explain the global economy in language that most readers will find both understandable and interesting. Epping shows a bias for free trade and open borders, but his explanations are generally evenhanded. His topically organized chapters cover vital issues like the current credit crisis, globalization, immigration, and the environment. The chapter examining economic systems, including China's hybrid of entrepreneurial capitalism and communism, is especially insightful. Along with Mark Zandi's "Financial Shock", which offers a more focused examination of how the current credit crisis began, this remarkably accessible and up-to-date work on our turbulent economy is highly recommended for all libraries.Lawrence Maxted, Gannon Univ. Lib., Erie, PA
Copyright 2009 Library Journal, LLC Used with permission.
April 15, 2009
The economic upheaval of 2008 has left many investors and ordinary citizens stunned and confused, as it seems like none of the normal rules apply in this fast-paced world of electronic trading and instant information. We hear many terms thrown at us, but few understand their meaning or why they have any relevance to our own financial health. Epping, author of A Beginners Guide to the World Economy (1992), has created this beginners guide to fundamental economic terms and concepts to help the average person understand and navigate the rapidly changing twenty-first-century economy. Oft-heard but confusing terms such as credit default swap and collateralized debt obligation are defined in concise, easy-to-understand language to help readers make sense of the information overload coming via media sources like CNBC and the Internet. There is no guarantee that this guide will make you a better investor, but today more than ever it is essential that more citizens become economically literate, and this is a great place to start.(Reprinted with permission of Booklist, copyright 2009, American Library Association.)