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Writing in the June 1965 issue of theEconomic Journal, Harry G. Johnson begins with a sentence seemingly calibrated to the scale of the book he set himself to review: "The long-awaited monetary history of the United States by Friedman and Schwartz is in every sense of the term a monumental scholarly achievement--monumental in its sheer bulk, monumental in the definitiveness of its treatment of innumerable issues, large and small . . . monumental, above all, in the theoretical and statistical effort and ingenuity that have been brought to bear on the solution of complex and subtle economic issues."

Friedman and Schwartz marshaled massive historical data and sharp analytics to support the claim that monetary policy--steady control of the money supply--matters profoundly in the management of the nation's economy, especially in navigating serious economic fluctuations. In their influential chapter 7, The Great Contraction--which Princeton published in 1965 as a separate paperback--they address the central economic event of the century, the Depression. According to Hugh Rockoff, writing in January 1965: "If Great Depressions could be prevented through timely actions by the monetary authority (or by a monetary rule), as Friedman and Schwartz had contended, then the case for market economies was measurably stronger."

Milton Friedman won the Nobel Prize in Economics in 1976 for work related to A Monetary History as well as to his other Princeton University Press book, A Theory of the Consumption Function (1957).

• Sales Rank: #577551 in eBooks
• Published on: 2008-09-02
• Released on: 2008-09-02
• Format: Kindle eBook

Review
A monumental scholarly accomplishment. . . . [sets] a new standard for the writing of monetary history.

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0 of 0 people found the following review helpful.
Five Stars
By Amazon Customer
Excellent

0 of 0 people found the following review helpful.
Five Stars
By Patricia Clementi
Great!!! A true work of art!

0 of 0 people found the following review helpful.
For economists
By Rex Dart, Eskimo Spy
This book (and Golden Fetters) are two seminal works that, had they been read by the top economists in the nation when the Too Big to Fail catastrophe hit, might have found ways to avoid it sooner.

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[N209.Ebook] Download Basic Electricity (Dover Books on Electrical Engineering), by Bureau of Naval Personnel

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This expanded and revised U.S. Navy training course text provides thorough coverage of the basic theory of electricity and its applications. It is unquestionably the best book of its kind for either broad or more limited studies of electrical fundamentals.
It is divided into 21 chapters and an extensive section of appendixes. Chapters cover safety, fundamental concepts of electricity, batteries, series direct-current circuits, network analysis of direct-current circuits, electrical conductors and wiring techniques, electromagnetism and magnetic circuits, introduction to alternating-current electricity, inductance, capacitance, inductive and capacitive reactance, fundamental alternating-current circuit theory, direct-current generators, direct current motor magnetic amplifiers, and synchros and servomechanisms. Appendixes acquaint lay readers with common terms, abbreviations, component color-code, full load currents of motors, and cable types; they also supply trig functions, square and square roots, basic formulas, and laws of exponents.
Thus the reader is supplied with a complete basic coverage of all important aspects of electricity. And, drawing on its ample funds, the Navy was able to fill this text with dozens of illustrations so that the book becomes almost a multimedia teaching process.
This is an excellent text for classroom use or for home study. Students will also find it a valuable supplement to courses in which theory is emphasized while little attention is paid to application; it will also supplement a course in which this situation is reversed. In addition, Basic Electricity serves the lay reader who simply wants a knowledge of fundamental concepts of electricity or wishes to study more advanced concepts and applications. 1969 edition.

• Sales Rank: #45420 in Books
• Published on: 1970-06-01
• Released on: 1970-06-01
• Original language: English
• Number of items: 1
• Dimensions: 9.20" h x 1.06" w x 6.54" l, 1.49 pounds
• Binding: Paperback
• 490 pages

Features

• ISBN13: 9780486209739
• Notes: 100% Satisfaction Guarantee. Tracking provided on most orders. Buy with Confidence! Millions of books sold!

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32 of 32 people found the following review helpful.
Get the other Electronics books too !
By Ronco
I'm an ex submariner and a former 1st class Electronics technician. I went through both ET "A" and ET "B" school at the Naval training center at the Great Lakes base in Illinois. If you want to study and learn Electronics there are 3 books you need...this one Basic electricity ( you need to master this before you study the next 2 books which are "Basic electronics" ( this is virtually the identical material used in the Navy's 38 week ET "A" School and then the "Advanced electronics "book ( this one is the ET "B" school curriculum) I believe all 3 are available here at Amazon. The Navy did an incredibly good job with this material as it's core of their electronics schools which by the way, were taught by civilian electrical engineers from the staff of the university of Chicago's electrical engineering dept.
If you can master the material in these books you could easily stand toe to toe with any Electronics engineering college graduate anywhere

41 of 43 people found the following review helpful.
From an Enlisted Sailor who knows
By Tim Fredericksen Jr
This book is a fantastic reference guide to those interested in the field of Electricity. I found it extremely useful, both as a guideline for choosing my rating in the Navy's Nuclear Power Program, and as a basic reference guide in application. It is well thought out, and, laid out in a logical straight forward matter. This book, coupled with some basic knowledge of electricity, will give you a broad theoretical background in this fundamental subject.

0 of 0 people found the following review helpful.
Good quality.
By Bruce
Accurate description. Fair price.
Prompt delivery. Good quality.

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[C441.Ebook] PDF Ebook Mom or Dad's House?: A Workbook to Help Kids Cope with Divorce (Helping Kids Heal Series), by Erainna Winnett

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Mom or Dad’s House is a workbook to help kids whose parents are going through a divorce. Through therapeutic art and writing exercises, kids can get their feelings out, learn how to deal with those feelings in appropriate ways, and build their self-esteem. Designed for kids aged six to 12, this workbook is meant to be used as a counseling tool to foster healthy coping strategies and a positive self-image as kids adjust to their new family situation.

Ages 7-12, Softcover, 40 pages

Other titles available in the Helping Kids Heal Series
Saying Goodbye: Memory Book
Memories of You: Pet Memory Book
Beyond Being Bullied: A Resiliency Workbook for Kids Who Have Been Bullied
Outsmart Test Anxiety: A Workbook to Help Kids Conquer Test Anxiety
Better Days: A Workbook to Help Kids Better Understand and Accept Retention
A Brighter Tomorrow: A Workbook to Help Kids Cope with Traumatic Events
Chill Out: A Workbook to Help Kids Learn to Control Their Anger
Broken Promises: When Parents Don’t Keep Their Word
Cyber Savvy: A Workbook for Kids Who Have Been a Target of Cyberbullying
Twice the Love: A Workbook for Kids in Blended Families
Somebodyness: A Workbook to Help Kids Improve Their Self-Confidence

Each workbook in the Helping Kids Heal Series allows children to process their pain through art therapy, self-reflection, and self-awareness activities.

• Sales Rank: #1038419 in Books
• Published on: 2014-06-10
• Original language: English
• Number of items: 1
• Dimensions: 11.00" h x .9" w x 8.50" l, .26 pounds
• Binding: Paperback
• 38 pages

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0 of 0 people found the following review helpful.
Great resource! I use it with several students who ...
By A. Raygo
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Five Stars
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Very easy to read and follow with my clients.

0 of 1 people found the following review helpful.
Good workbook
By Shangika
Great resource for children.

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[H752.Ebook] PDF Ebook Frankenstein: Or the Modern Prometheus, by Mary Shelley

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The world’s most famous work of horror fiction: a devastating exploration of the limits of human creativity

Mary Shelley's timeless gothic novel presents the epic battle between man and monster at its greatest literary pitch. In trying to create life, the young student Victor Frankenstein unleashes forces beyond his control, setting into motion a long and tragic chain of events that brings Victor to the very brink of madness. How he tries to destroy his creation, as it destroys everything Victor loves, is a powerful story of love, friendship, scientific hubris, and horror.�Based on the third edition of 1831, this Penguin Classics edition, with an introduction and notes by Maurice Hindle, contains all the revisions Mary Shelley made to her story, as well as her 1831 introduction and Percy Bysshe Shelley’s preface to the first edition. It also includes as appendices a select collation of the texts of 1818 and 1831 together with "A Fragment" by Lord Byron and Dr John Polidori’s "The Vampyre: A Tale."

For more than seventy years, Penguin has been the leading publisher of classic literature in the English-speaking world. With more than 1,700 titles, Penguin Classics represents a global bookshelf of the best works throughout history and across genres and disciplines. Readers trust the series to provide authoritative texts enhanced by introductions and notes by distinguished scholars and contemporary authors, as well as up-to-date translations by award-winning translators.

• Sales Rank: #36574 in Books
• Published on: 2003
• Released on: 2003-05-06
• Original language: English
• Number of items: 1
• Dimensions: 7.80" h x .80" w x 5.00" l, .55 pounds
• Binding: Paperback
• 352 pages

Amazon.com Review
Frankenstein, loved by many decades of readers and praised by such eminent literary critics as Harold Bloom, seems hardly to need a recommendation. If you haven't read it recently, though, you may not remember the sweeping force of the prose, the grotesque, surreal imagery, and the multilayered doppelg�nger themes of Mary Shelley's masterpiece. As fantasy writer Jane Yolen writes of this (the reviewer's favorite) edition, "The strong black and whites of the main text [illustrations] are dark and brooding, with unremitting shadows and stark contrasts. But the central conversation with the monster--who owes nothing to the overused movie image … but is rather the novel's charnel-house composite--is where [Barry] Moser's illustrations show their greatest power ... The viewer can all but smell the powerful stench of the monster's breath as its words spill out across the page. Strong book-making for one of the world's strongest and most remarkable books." Includes an illuminating afterword by Joyce Carol Oates.

From School Library Journal
Grade 9 Up-Full-color drawings, photographs, and reproductions with extended captions have been added to the unedited text of Shelley's novel, thus placing the work in the context of the era in which it was written. The artwork faithfully represents the text and makes this edition appealing to reluctant readers. Unfortunately, many of the captions provide tangential information that, although interesting, interrupts the flow of the story. However, readers will quickly learn that it is not necessary to read every caption and appreciate this volume for its many quality illustrations.
Michele Snyder, Chappaqua Public Library, NY
Copyright 1998 Reed Business Information, Inc.

From Booklist
Gr. 8^-12. Part of the Whole Story series, this is the full text of Mary Shelley's classic gothic story, which was first published in 1818 and has been a wild success ever since. Philippe Munch's illustrations have none of the power of Barry Moser's unforgettable woodcuts that evoke the loneliness of the grotesque outsider (in the Pennyroyal edition published by the University of California Press in 1984). The design here is crowded, and the type is small. However, the many period prints and maps in color and in black and white, with long, detailed captions, do provide the historical setting for the story, its geography, customs, and ideas. Teens enthralled by pop versions of the myth as well as science fiction fans will be interested in going back to the full version of what has been called the first science fiction novel and learning about the circumstances under which it was written by a woman, just 18 years old, 170 years ago. Hazel Rochman

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215 of 237 people found the following review helpful.
A moving, disturbing, depressing, but also touching tale
By Ian Fowler
Much like Bram Stoker's "Dracula", Mary Shelley's "Frankenstein" is a story we all think we know, but really don't. Very few films have consciously attempted to follow the novel too closely (which shouldn't detract from the excellent James Whale/Boris Karloff film, or its masterpiece-sequel, "The Bride of Frankenstein). Thus, everything popular culture "knows" about "Frankenstein" does not originate from literature, but from films. This is a shame, in a way, because the novel itself is, if not the progenitor, an early vessel of so many archetypes found science fiction and horror.

The basic plot remained intact when transferred to other media. Swiss medical student Victor Frankenstein discovers the secret of life (which he never reveals, lest someone repeat the mistake). He then puts together a body, essentially a man, from various corpses. He then becomes horrified by the creature he has built, and abandons. The creature, suffering a great deal of neglect and abuse, still manages to get a thorough education, and learns of his lineage. After murdering Victor's younger brother, and framing the family maid, the creature tells his (admittedly) sad tale to his "father", and then demands a mate. Victor, in a panic, agrees, then thinks better of it at the last moment, destroying the new bride. In retaliation, the creature murders all of Victor's loved ones (including his wife), and leads Victor on a merry chase across the world.

Most probably know that Mary Shelley wrote this book in response to a challenge issued by Lord Byron, during a vacation at Lake Geneva. (Along with this story came John Polidori's "The Vampyre", the first English vampire novel.) Most probably also know that Shelley went on to write other works of imaginative gothic fiction. Still, her modern reputation rests with this book.

As stated, numerous archetypes (themes, plot lines, characters) are present here. The basic fear of what evil technology may bring along with the good is a central theme, as is the warning against playing God. So is the implicit admonition to be responsible in all things, be it during innovation or being a parent. The creature is, for all intents and purposes, an android-everyone from Gort to C-3PO owe their existence to the Frankenstein monster. And the monster that slays all but one protagonist is a staple of horror, be it traditional monster movies, like "Alien", or more realistic slasher movies like "Halloween".

But, as I noted at the beginning of this review, certain of these elements have been lost in most interpretations. The creature is actually intelligent, and well-spoken, quite different from the inarticulate grunts or slow, half-sentences of the movies. Further, while the films have made lightening a staple of the creatures creation, Shelley never really explains the process. Finally, one of the staples of the films is the explanation for the creatures "evil" nature. Often, the problem lies with the brain used, which almost invariably is a criminal brain, or is damaged before implantation. In the book, the creature is really a child that's horribly neglected, but with the strength and intelligence to strike back: id without superego, and without restraints.

Thus, "Frankenstein" will be a new experience for readers who know the source exclusively from the films. Unlike "Dracula", there aren't any moments where a reader might look up and suddenly realize how quiet it is in the house, or how dark it's gotten outside. In that regard, "Frankenstein" has not aged particularly well. Throughout, however, it is a moving, disturbing, depressing, but also a touching and beautiful tale. Those qualities have withstood the test of time. While it is not always a rollicking adventure, it is a rewarding read.

10 of 10 people found the following review helpful.
This is NOT the 1818 edition!!!
By Sarah Nichols
This book claims to be the 1818 original text, but it is NOT. THIS IS THE 1831 EDITION! I specifically needed the 1818 edition for my literature class, and the 1831 edition is substantially different. The overall theme/tone is different (the original emphasizes free will, while the later edition emphasizes the role of fate). There are many other small changes- in the 1831 edition Ernest becomes a soldier, while in the original he is a farmer; in the 1831 edition Elizabeth is an orphan adopted by Victor's family, while in the original she is his blood cousin; in the 1831 edition (unlike the original), Henry Clerval has to defy his father in order to go to college. I became suspicious that I had the wrong edition during class, and then looked up these differences and confirmed that THIS BOOK IS THE 1831 EDITION! If you need a particular edition for a class, be warned that this book is falsely advertised.

94 of 104 people found the following review helpful.
Kindle edition is the 1831 edition, not 1818
By MsE0
I got the free Kindle edition from the link on the page for the Norton Critical Edition of the 1818 text. Mary Shelley made many significant edits to the book for the 1831 edition. I assumed it was the same edition because the link was from the same page. I didn't realize it was different until I went to write my assigned essay and went online to search for page numbers for the passages I wanted to quote. Many of the quotes I wanted to use don't even appear in the original version. This is a very important distinction, and I wish it had been labeled correctly so I would not have had to waste so much time looking for online versions of the correct text in order to replace the quotes I could not use from the later version. This edition is fine if you just want to read the book, but if you're reading it for school, you have more than likely been assigned the 1818 version, which is very different. The Kindle edition is also lacking in any kind of Kindle formatting, making it a hassle to find locations in the book.

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• Published on: 2014-05-14
• Binding: Paperback
• 356 pages

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Time to change the sheets!

It s time to identify the sheets of bondage holding you back in life, tear them off, and exchange them for the pure love of God.

The No More Sheets Challenge is an essential tool and companion piece to the ground-breaking and empowering book, No More Sheets.

Many believers today are bound by the "sheets" of their past - drug addiction, emotional bondage, sexual issues, abuse, and other life-shattering troubles. Dr. Juanita Bynum provides an easy-to-follow guide for believers struggling to live in God's perfect will. Through devotions, meditation, and journaling, you are led through a process to cast off the sheets that are entangling you and lead a fuller, more productive life serving the King of kings.

You are encouraged to:
* Dig in and interact with each lesson.
* Enter the daily entries prayerfully and with a heart open to God.
* Seriously consider what you are reading.
* Confront yourself with the truths you discover.
* Engage each question thoughtfully.
* Answer honestly and without the weight of shame or condemnation.

This journal is a 40-day journey to find your identity. By the time you complete Day 40, you will have met the person you lost so long ago. You will have become reacquainted with who you really are and you are going to like who you see!

• Sales Rank: #915507 in Books
• Brand: Destiny Image Publishers
• Published on: 2011-05-01
• Original language: English
• Number of items: 1
• Dimensions: 9.00" h x .58" w x 7.00" l, .90 pounds
• Binding: Paperback
• 255 pages

About the Author
Juanita Bynum is a nationally-acclaimed prophetess, bestselling author, actress, recording artist, and motivational speaker. Her ministry is based in Norcross, Georgia, where she ministers to people from all walks of life.

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3 of 3 people found the following review helpful.
Learn Who You Are - For the Christian Man or Woman
By Robert A. Burns
First I will say that I just love the writings of Juanita Bynum.
This book is a spiritual growth guide for every Christian. The author states 'My prayer is that, by the time you complete Day 40, you will have met the person you lost so long ago. You will have become acquiainted with who you really are and you are going to like who you are.' This says it all! Amen!
Each of the 40 days include Bible verses,Today's Devotion,Challenge The Sheets, and Meditation.
You will learn what it mean to 'Challenge The Sheets.'
It is an excellent, and life changing book. You will love the 40 day journey.

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Downloaded with ease
By Amazon Customer
Great product content, but am unable to highlight or notate as with all the other Kindle Content I have purchased prior.

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Vito Tanzi offers a truly comprehensive treatment available of the economic role of the state in the twentieth and twenty-first centuries from a historical and world perspective. The book addresses the fundamental question of what governments should do, or have attempted to do, in economic activities in past and recent periods. It also speculates on what they are likely or may be forced to do in future years. Although other recent titles in economics deal with normative theories, public choice theories, welfare state analysis, social protection, and the like, no other book has the same breadth or depth specifically on the state's viable economic role. The author occupies a unique position in global public finance, having served for nearly three decades as a leading fiscal administrator for the International Monetary Fund, financial adviser to 80 countries, and active economic theorist. The investigation assembles a large set of statistical information that should prove useful to policy-makers and scholars in the perennial discussion of government's optimal economic roles. It will become an essential reference work on the analytical borders between the market and the state, and on what a reasonable "exit strategy" from the current fiscal crises should be.

• Sales Rank: #1529270 in Books
• Brand: Brand: Cambridge University Press
• Published on: 2011-05-16
• Original language: English
• Number of items: 1
• Dimensions: 8.98" h x 1.02" w x 5.98" l, 1.43 pounds
• Binding: Hardcover
• 390 pages

Features

• Used Book in Good Condition

Review
"Vito Tanzi is one of the very top leading experts on fiscal policy and public policy, and this a must-read for anyone interested in how governments work in reality and how they should work in an ideal world." - Alberto Alesina, Harvard University

"This highly accessible book is the summa of Vito Tanzi's unique experience as an academic, senior international official, and policy maker. Everyone will find this book informative and thought-provoking. As an EU policy maker and public finance practitioner, I found it highly challenging and very useful." - Marco Buti, European Commission

"Economists have a one-sided impression of Vito Tanzi: a rigorous fiscal economist, a sophisticated analyst. Now from the book we enjoy the other side of his character: a witty man with a warm sense of humor, an open-eyed observer, and a well-articulated writer." - J�nos Kornai, Harvard University and Collegium Budapest, Hungary

"Any scholar interested in public economics and in the study of the role of government and any policy maker concerned with public policies will learn a great deal from this excellent book." - Paola Profeta, Bocconi University Milan, Italy

"An outstanding analysis and a modern vision by a distinguished scholar about the new role of government in the present economic situation. It shows how markets may be made to work efficiently, avoiding financial and economic crisis, while providing economic recovery and stable economic growth." - Franco Reviglio, University of Turin, Italy

"In this book, Vito Tanzi marshals his vast reservoir of experience in fiscal matters and deep familiarity with modern economic thinking to produce a magisterial treatment of the economic role of the state - past, present, and future. It is packed with insights that will reward both the casual student of public policy and the wizened veteran of the academic and political battles over tax and expenditure policy. Be prepared for conclusions that will startle, such as Tanzi's view that the growing complexity of state interventions may be the gravest threat to the market economy and democracy." - Joel Slemrod, University of Michigan

"Mr. Tanzi is one of the world's most highly regarded economists, and for good reason." - Richard W. Rahn, The Cato Institute; The Institute for Global Economic Growth; Newsmax.com

"If every member of Congress and Washington policymaker[s] would read the [book] by Mr. Tanzi...and act upon their recommendations, our fiscal and entitlement mess would soon be part of a dark past." - The Washington Times

About the Author
An economist of international renown, Vito Tanzi served for 20 years as Director of the Fiscal Affairs Department of the International Monetary Fund in Washington, DC with which he was affiliated for nearly three decades. He also taught at George Washington and American Universities. Dr Tanzi is the author of 14 books, including Public Spending in the 20th Century: A Global Perspective (Cambridge University Press, 2000, with Ludger Schuknecht) and Inflation and the Personal Income Tax (Cambridge University Press, 1980) and he has edited 11 other titles with contributions. A former Undersecretary for Economics and Finance of the Italian Government, he was President of the International Institute of Public Finance (IIPF) from 1990 to 1994 and is the IIPF's Honorary President. Dr Tanzi is known for the Tanzi effect, or Olivera-Tanzi effect, which refers to the diminished real value of tax revenues in periods of high inflation due to collection lags. He has served as a consultant to the World Bank, the United Nations, the European Commission, the European Central Bank, the Organization of American States, the Inter-American Development Bank and the Stanford Research Institute. Dr Tanzi received his doctorate in economics from Harvard University in 1967. He holds five honorary degrees.

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8 of 8 people found the following review helpful.
A discussion of the dynamic role of the state both in history and in theory
By A. Menon
Given the backdrop of structural change that seems required in the global economy this book is well timed in presenting a discussion of the role of the state, both from a historical perspective as well as a theoretical perspective. The author having previously worked in the Italian government as well as being an academic is very well suited to discuss both practical and theoretical aspects of political economy. The book starts with a brief introduction and then is split into 4 main sections including a historical review of the state, theoretical issues, practical analysis and ends with a perspective on the future.

The author begins with an analysis of the history of the state. He includes an analysis of economic theorists in particular Adam Smith and his views on common misconceptions. The author analyzes the pattern of government spending and its evolution. In particular how the growth of the state coincided with the growth of the need for state services and resource management (for example world war I). He discusses the catalysts of economic change that created a need for a modern state that was distinctly different from the historical one touching upon the industrial revolution and the great depression. The author also discusses the changes in spending patterns of the state and the growth of the request for social safety that coincided with the democratization of the government.

The author then discusses the theory of political economy. This discusses what the potential roles for government are. It briefly discusses monopolistic states (where the state is used as a vehicle for self promotion of those empowered), individualistic states (where the state exists to serve as a voice for the individual), paternalistic states in the vein of Plato's republic, and communal states where the community is more than the sum of its parts (where protecting culture becomes a goal for example). The author continues on to discuss the social contract and its role in how government operates. He discusses Northern Europe idea generated in the 50s about determining economic efficiency via social welfare functions and output sensitivities to input costs. The author finishes the section discussing the tools at a governments disposal, in particular spending and taxing power and regulatory power.

Getting into the actual outcomes of state intervention, the author continues using the Northern European methodology to examine policy effectiveness. It is found to have diminishing returns. Social protection is analyzed and again Northern europe is analzyed in case study, in particular, Sweden. One gets strong evidence of the disincentives to productivity growth based on high levels of taxation and the diminishing returns to social spending. At the same time, the sensitivies of both of these are a function of cultural homogeneity and perceptions of free rider problems.

The author ends the book with his perspectives on the future and how the role of government should change to the changing world we live in. The author is a skeptic of a large paternalistic state and believes that the governments roles are to regulate markets and let private competition be the source of growth rather than governments fill the role of markets with failures. Given the externalities of many markets the author does not believe prices act as signals in many modern day industries and information asymmetries need to be fixed by the state. Government versus Markets is a good overview of a subject which will no doubt be a major topic of discussion in the coming decades. On the one hand, the welfare state seems to have become unsustainable and requires deep structural change to provide the populations that reside within them the opportunities that they deserve but at the same time small government reduces the voice of the community in an increasingly globalized world. The book is worth reading though often the writing is unclear. I think the content is interesting but the drawbacks are it can be difficult to read and some things seem to run on. All in all, the subject is of extreme importance, the writing could be perfected.

7 of 7 people found the following review helpful.
Which Viable Role for Governments in a Globalizing Economy?
By Serge J. Van Steenkiste
Vito Tanzi provides a balanced overview of the evolving economic role that the government has played in a democratic country with a market economy. This examination is particularly timely in the current economic environment. Mr. Tanzi focuses most of his attention on developed countries.

The growth of the tax burden of major countries and the level of public spending expressed as a percentage of GDP, has been steep, especially since 1913 (pp. 9; 12; 63; 305). For example, the general government expenditures of the U.S. were equal to 36.6% of the GDP in 2007 (i.e., before the current great recession) vs. 7.5% in 1913 (p. 9). This growth was fueled by a sharp increase in the size of governments, which found its origin in factors such as particular events (wars, Great Depression), changes in the structure of the economies, the universal suffrage, and urbanization (pp. 65-68; 77; 85-89; 93-94; 229; 305).

The goals of the government mentioned above cover three distinct functions:

1. Resource allocation. Think for example about the financing of large infrastructures or some essential administrative functions. No organized society can exist without this goal being satisfied to some extent, setting therefore a minimum role of the state and a minimum level of public spending. This government function has taken a back seat to the other two government functions since the second half of the 20th century. Unsurprisingly, the ongoing deterioration of the U.S. infrastructure has been happening during this period;
2. Redistribution of income. Much of the increase in public spending in the past half century finds its source in this function that progressively changed from redistributing income across income groups towards protecting (most or all) citizens against particular risks with economic consequences. This shift changed some government functions from selective to universal, making them very expensive. Think for example about health benefits for the U.S.;
3. Stabilization of the economy a.k.a. fiscal policy. Increases in spending, enacted during slowdown or recessionary periods, were not neutralized by reductions in spending during periods of recovery. Think for example about the evolution of U.S. spending since the National Bureau of Economic Research declared officially the end of the recession in June 2009 (pp. 63-64; 83; 88-89; 100-103; 116-123; 126; 136; 170; 253-254; 307; 331).

Mr. Tanzi observes that these three functions are no longer country specific. They have an increasingly important global component in today's world. Think for example about the protection of the environment, regulation of global financial markets, terrorism, or international migration (pp. 129-145; 308-311; 325-329). The author rightly calls governments to concentrate their activity on prevention rather on ex post repair or correction (pp. 184; 188; 220-221; 316). The U.S. Federal Reserve comes to mind in the run-up to the ongoing economic downturn (pp. 135; 139; 189; 216).

Mr. Tanzi also shows convincingly that higher public spending, beyond a given level, does not necessarily result in higher welfare as measured by the Human Development Index (pp. 232; 234). To boost their flagging economic performance, Scandinavian countries, which are held as examples of mature welfare states, implemented structural reforms and large cuts in public spending and in tax rates in the 1990s and 2000s while keeping the lowest Gini coefficients and the lowest poverty rates (pp. 27; 235; 267; 296).

To his credit, Mr. Tanzi explains clearly that the ultimate size of the welfare state depends on someone's values. Whoever gives more weight to equity and poverty reduction tends to focus on the positive outcomes of the welfare state and to minimize its costs. Whoever gives more weight to efficiency and the economic freedom of individuals, and less to equity, tends to focus more on the costs of the welfare state (pp. 11; 17-18; 206-207; 268; 305-306). There is indeed no optimal level of public spending because the needs of the population and groups able to organize politically are "infinite" (pp. 32; 306).

Developed economies have access to different instruments to provide social protection to their respective populations:

1. Publicly financed programs which consist of either cash transfers such as unemployment compensation and pension, or the provision of in-kind social services such as day care and training and assistance in finding jobs, to individuals and families. These programs are financed by either general taxes or specific contributions generally based on wages of workers in the official economy;
2. Tax expenditures used in place of direct pubic spending to reduce the cost of (supposedly) beneficial expenditures such as education, health, and housing for individuals who pay income taxes;
3. Various regulations imposed on workers and enterprises to encourage, or oblige them to buy, or provide some protection. Think for example about the provision of loans or loan guarantees to some categories;
4. Charity that can be stimulated or subsidized through the tax system (pp. 208-216; 252-254; 257-259; 262; 308).

The use of these various instruments depends on the cultural preferences of the citizens and policy makers and on the control that each government has on these policy instruments. Anglo-Saxon countries make more use of tax expenditures than public spending compared to some continental European countries, resulting in a reduced spending capacity of governments (pp. 97; 263). Therefore, Anglo-Saxon countries have to be more vigilant that social benefits go to the poorest social classes that get little or no benefits from tax expenditures (p. 263). Surprisingly, the U.S. makes much less use of income testing, resulting in social benefits seen more as entitlements than in other Anglo-Saxon countries such as Australia and Canada (pp. 260-261).

Finally, Mr. Tanzi emphasizes that the growing complexity in the conduct of economic and especially fiscal policy is likely to become the most significant issue in governmental operations in the future. If not checked, it will lead to "state capture" by the people with more resources or to a popular backlash that will challenge the market economy (pp. 330-332). In summary, Mr. Tanzi helps his audience better understand the state's viable economic role.

0 of 4 people found the following review helpful.
Five Stars
By Informed consumer
The book speaks for itself.

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