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"There is an embarrassment of riches in field guides, but truly novel approaches are rare. Sharon Chester's "Wildlife Guide to Chile" is one of the few books that stand out by virtue of their content, organization, and comprehensiveness. In a single, portable volume, Chester presents nearly every natural gem that Chile has to offer--richly illustrated, tersely described, and, in many cases, presented for the very first time in any field guide. Naturalists everywhere will recognize Chester's dedication to this project; travelers to Chile will simply gush with appreciation. "--Edward S. Brinkley, editor-in-chief of the journal "North American Birds"
To do solid academic research, college students need to look beyond the computer search engine. This short, practical book introduces students to the important components of the information-seeking process. The Elements of Library Researchgives students a foundation for success in any research assignment, from a freshman paper to a senior thesis. Unlike guides that describe the research process but do not explain its logic, this book focuses entirely on basic concepts, strategies, tools, and tactics for research--in both electronic and print formats. Drawing on decades of experience with undergraduates, reference librarian Mary George arms students with the critical thinking skills and procedures they need to approach any academic project with confidence. Ways to turn a topic into a research question Techniques for effective online searches How to evaluate primary and secondary sources When and how to confer with reference librarians and faculty How to avoid plagiarism Glossary of key terms, from Boolean search to peer review Checklists, timelines, and hints for successful research projects
Southern Asia is a vast and ecologically diverse region that extends from the deserts of Afghanistan to the rainforests of Thailand, and is home to a marvelously rich palm flora. Palms of Southern Asiais the only complete field guide to the 43 genera and 352 species of palms and rattans that occur in Afghanistan, Bangladesh, Bhutan, Cambodia, China, India, Japan, Laos, Myanmar, Nepal, Pakistan, Sri Lanka, Taiwan, Thailand, and Vietnam. This attractive guide's handsome illustrations and succinct, authoritative, and jargon-free text make identification easy. Each species account includes the correct scientific and common names, and fully describes morphology, habitat, and uses. Featuring a distribution map for most species and 256 full-color photographs, this is also the only field guide to cover the extremely diverse palm flora of Vietnam, and the first to offer a taxonomic overview of the rattan species of Southern Asia. Palms of Southern Asiais a book of major importance for botanists and an invaluable aid for naturalists and conservationists, and it's the perfect field guide for ecotourists traveling in the region. Covers all 352 naturally occurring palms in Southern Asia Features full-color photographs of 256 species, many never before illustrated Includes a distribution map for most species Provides the first taxonomic overview of the rattans of Southern Asia
This volume studies the dynamics of iterated holomorphic mappings from a Riemann surface to itself, concentrating on the classical case of rational maps of the Riemann sphere. This subject is large and rapidly growing. These lectures are intended to introduce some key ideas in the field, and to form a basis for further study. The reader is assumed to be familiar with the rudiments of complex variable theory and of two-dimensional differential geometry, as well as some basic topics from topology. This third edition contains a number of minor additions and improvements: A historical survey has been added, the definition of Latt#xC3;#xA9;s map has been made more inclusive, and the #xC3;0calle-Voronin theory of parabolic points is described. The r#xC3;#xA9;sidu it#xC3;#xA9;ratif is studied, and the material on two complex variables has been expanded. Recent results on effective computability have been added, and the references have been expanded and updated. Written in his usual brilliant style, the author makes difficult mathematics look easy. This book is a very accessible source for much of what has been accomplished in the field.
Love it or hate it, celebrity is one of the dominant features of modern life--and one of the least understood. Fred Inglis sets out to correct this problem in this entertaining and enlightening social history of modern celebrity, from eighteenth-century London to today's Hollywood. Vividly written and brimming with fascinating stories of figures whose lives mark important moments in the history of celebrity, this book explains how fame has changed over the past two-and-a-half centuries. Starting with the first modern celebrities in mid-eighteenth-century London, including Samuel Johnson and the Prince Regent, the book traces the changing nature of celebrity and celebrities through the age of the Romantic hero, the European fin de siecle, and the Gilded Age in New York and Chicago. In the twentieth century, the book covers the Jazz Age, the rise of political celebrities such as Mussolini, Hitler, and Stalin, and the democratization of celebrity in the postwar decades, as actors, rock stars, and sports heroes became the leading celebrities. Arguing that celebrity is a mirror reflecting some of the worst as well as some of the best aspects of modern history itself, Inglis considers how the lives of the rich and famous provide not only entertainment but also social cohesion and, like morality plays, examples of what--and what not--to do. This book will interest anyone who is curious about the history that lies behind one of the great preoccupations of our lives.
Americans have always put the past to political ends. The Union laid claim to the Revolution--so did the Confederacy. Civil rights leaders said they were the true sons of liberty--so did Southern segregationists. This book tells the story of the centuries-long struggle over the meaning of the nation's founding, including the battle waged by the Tea Party, Glenn Beck, Sarah Palin, and evangelical Christians to "take back America." Jill Lepore, Harvard historian and New Yorker staff writer, offers a wry and bemused look at American history according to the far right, from the "rant heard round the world," which launched the Tea Party, to the Texas School Board's adoption of a social-studies curriculum that teaches that the United States was established as a Christian nation. Along the way, she provides rare insight into the eighteenth-century struggle for independence--the real one, that is. Lepore traces the roots of the far right's reactionary history to the bicentennial in the 1970s, when no one could agree on what story a divided nation should tell about its unruly beginnings. Behind the Tea Party's Revolution, she argues, lies a nostalgic and even heartbreaking yearning for an imagined past--a time less troubled by ambiguity, strife, and uncertainty--a yearning for an America that never was. The Whites of Their Eyes reveals that the far right has embraced a narrative about America's founding that is not only a fable but is also, finally, a variety of fundamentalism--anti-intellectual, anti-historical, and dangerously anti-pluralist.
Seeds of Amazonian Plantsis the first field guide to treat the extraordinary diversity of seeds and diaspores of plants commonly encountered in the Amazon and other lowland moist forests of the American tropics. This stunningly illustrated guide features an easy-to-use whole-plant approach to seed identification that provides detailed descriptions not only of the seeds but also of the habit, trunk, bark, leaves, infructescence, and fruit of Amazonian plants, as well as information about the known uses and distribution of each genus. Presenting these descriptions together with 750 full-color photos and a unique identification key, this premier field guide enables users to identify seeds of 544 genera and 131 families of plants. The most comprehensive field guide to Amazonian seedsFeatures 750 full-color photos that make identification easyCovers 544 genera and 131 families of Amazonian plantsDescribes seeds, habit, trunk, bark, leaves, infructescence, and fruitIncludes unique seed identification keyCompact, portable, and beautifully illustrated--the ideal field guide
Fraud in science is not as easy to identify as one might think. When accusations of scientific misconduct occur, truth can often be elusive, and the cause of a scientist's ethical misstep isn't always clear. On Fact and Fraud looks at actual cases in which fraud was committed or alleged, explaining what constitutes scientific misconduct and what doesn't, and providing readers with the ethical foundations needed to discern and avoid fraud wherever it may arise. In David Goodstein's varied experience--as a physicist and educator, and as vice provost at Caltech, a job in which he was responsible for investigating all allegations of scientific misconduct--a deceptively simple question has come up time and again: what constitutes fraud in science? Here, Goodstein takes us on a tour of real controversies from the front lines of science and helps readers determine for themselves whether or not fraud occurred. Cases include, among others, those of Robert A. Millikan, whose historic measurement of the electron's charge has been maligned by accusations of fraud; Martin Fleischmann and Stanley Pons and their "discovery" of cold fusion; Victor Ninov and the supposed discovery of element 118; Jan Hendrik Sch#xF6;n from Bell Labs and his work in semiconductors; and J. Georg Bednorz and Karl Muller's discovery of high-temperature superconductivity, a seemingly impossible accomplishment that turned out to be real. On Fact and Fraud provides a user's guide to identifying, avoiding, and preventing fraud in science, along the way offering valuable insights into how modern science is practiced.
In today's unpredictable and chaotic world, we look to science to provide certainty and answers--and often blame it when things go wrong. The Blind Spot reveals why our faith in scientific certainty is a dangerous illusion, and how only by embracing science's inherent ambiguities and paradoxes can we truly appreciate its beauty and harness its potential. Crackling with insights into our most perplexing contemporary dilemmas, from climate change to the global financial meltdown, this book challenges our most sacredly held beliefs about science, technology, and progress. At the same time, it shows how the secret to better science can be found where we least expect it--in the uncertain, the ambiguous, and the inevitably unpredictable. William Byers explains why the subjective element in scientific inquiry is in fact what makes it so dynamic, and deftly balances the need for certainty and rigor in science with the equally important need for creativity, freedom, and downright wonder. Drawing on an array of fascinating examples--from Wall Street's overreliance on algorithms to provide certainty in uncertain markets, to undecidable problems in mathematics and computer science, to Georg Cantor's paradoxical but true assertion about infinity--Byers demonstrates how we can and must learn from the existence of blind spots in our scientific and mathematical understanding. The Blind Spot offers an entirely new way of thinking about science, one that highlights its strengths and limitations, its unrealized promise, and, above all, its unavoidable ambiguity. It also points to a more sophisticated approach to the most intractable problems of our time.
From the 1950s until his death in 1994, Menachem Mendel Schneerson--revered by his followers worldwide simply as the Rebbe--built the Lubavitcher movement from a relatively small sect within Hasidic Judaism into the powerful force in Jewish life that it is today. Swept away by his expectation that the Messiah was coming, he came to believe that he could deny death and change history. Samuel Heilman and Menachem Friedman paint an unforgettable portrait of Schneerson, showing how he reinvented himself from an aspiring French-trained electrical engineer into a charismatic leader who believed that he and his Lubavitcher Hasidic emissaries could transform the world. They reveal how his messianic convictions ripened and how he attempted to bring the ancient idea of a day of redemption onto the modern world's agenda. Heilman and Friedman also trace what happened after the Rebbe's death, by which time many of his followers had come to think of him as the Messiah himself. The Rebbe tracks Schneerson's remarkable life from his birth in Russia, to his student days in Berlin and Paris, to his rise to global renown in New York, where he developed and preached his powerful spiritual message from the group's gothic mansion in Crown Heights, Brooklyn. This compelling book demonstrates how Schneerson's embrace of traditionalism and American-style modernity made him uniquely suited to his messianic mission.
How is consciousness possible? What biological purpose does it serve? And why do we value it so highly? In Soul Dust, the psychologist Nicholas Humphrey, a leading figure in consciousness research, proposes a startling new theory. Consciousness, he argues, is nothing less than a magical-mystery show that we stage for ourselves inside our own heads. This self-made show lights up the world for us and makes us feel special and transcendent. Thus consciousness paves the way for spirituality, and allows us, as human beings, to reap the rewards, and anxieties, of living in what Humphrey calls the "soul niche." Tightly argued, intellectually gripping, and a joy to read, Soul Dust provides answers to the deepest questions. It shows how the problem of consciousness merges with questions that obsess us all--how life should be lived and the fear of death. Resting firmly on neuroscience and evolutionary theory, and drawing a wealth of insights from philosophy and literature, Soul Dust is an uncompromising yet life-affirming work--one that never loses sight of the majesty and wonder of consciousness.
The world's leading economies are facing not just one but many crises. The financial meltdown may not be over, climate change threatens major global disruption, economic inequality has reached extremes not seen for a century, and government and business are widely distrusted. At the same time, many people regret the consumerism and social corrosion of modern life. What these crises have in common, Diane Coyle argues, is a reckless disregard for the future--especially in the way the economy is run. How can we achieve the financial growth we need today without sacrificing a decent future for our children, our societies, and our planet? How can we realize what Coyle calls "the economics of enough"? Running the economy for tomorrow as well as today will require a wide range of policy changes. The top priority must be ensuring that we get a true picture of long-term economic prospects, with the development of official statistics on national wealth in its broadest sense, including natural and human resources. Saving and investment will need to be encouraged over current consumption. Above all, governments will need to engage citizens in a process of debate about the difficult choices that lie ahead and rebuild a shared commitment to the future of our societies. Creating a sustainable economy--having enough to be happy without cheating the future--won't be easy. But The Economics of Enough starts a profoundly important conversation about how we can begin--and the first steps we need to take.
In the wake of the global financial crisis that began in 2007, faith in the rationality of markets has lost ground to a new faith in their irrationality. The problem, Roman Frydman and Michael Goldberg argue, is that both the rational and behavioral theories of the market rest on the same fatal assumption--that markets act mechanically and economic change is fully predictable. In Beyond Mechanical Markets, Frydman and Goldberg show how the failure to abandon this assumption hinders our understanding of how markets work, why price swings help allocate capital to worthy companies, and what role government can and can't play. The financial crisis, Frydman and Goldberg argue, was made more likely, if not inevitable, by contemporary economic theory, yet its core tenets remain unchanged today. In response, the authors show how imperfect knowledge economics, an approach they pioneered, provides a better understanding of markets and the financial crisis. Frydman and Goldberg deliver a withering critique of the widely accepted view that the boom in equity prices that ended in 2007 was a bubble fueled by herd psychology. They argue, instead, that price swings are driven by individuals' ever-imperfect interpretations of the significance of economic fundamentals for future prices and risk. Because swings are at the heart of a dynamic economy, reforms should aim only to curb their excesses. Showing why we are being dangerously led astray by thinking of markets as predictably rational or irrational, Beyond Mechanical Markets presents a powerful challenge to conventional economic wisdom that we can't afford to ignore.
Poet, novelist, playwright, and chess enthusiast, Raymond Roussel (1877-1933) was one of the French belle #xE9;poque's most compelling literary figures. During his lifetime, Roussel's work was vociferously championed by the surrealists, but never achieved the widespread acclaim for which he yearned. New Impressions of Africais undoubtedly Roussel's most extraordinary work. Since its publication in 1932, this weird and wonderful poem has slowly gained cult status, and its admirers have included Salvador Dal#xEC;--who dubbed it the most "ungraspably poetic" work of the era--Andr#xE9; Breton, Jean Cocteau, Marcel Duchamp, Michel Foucault, Kenneth Koch, and John Ashbery. Roussel began writingNew Impressions of Africain 1915 while serving in the French Army during the First World War and it took him seventeen years to complete. "It is hard to believe the immense amount of time composition of this kind of verse requires," he later commented. Mysterious, unnerving, hilarious, haunting, both rigorously logical and dizzyingly sublime, it is truly one of the hidden masterpieces of twentieth-century modernism. This bilingual edition ofNew Impressions of Africapresents the original French text and the English poet Mark Ford's lucid, idiomatic translation on facing pages. It also includes an introduction outlining the poem's peculiar structure and evolution, notes explaining its literary and historical references, and the fifty-nine illustrations anonymously commissioned by Roussel, via a detective agency, from Henri-A. Zo.
Democracy is struggling in America--by now this statement is almost cliche. But what if the country is no longer a democracy at all? In Democracy Incorporated, Sheldon Wolin considers the unthinkable: has America unwittingly morphed into a new and strange kind of political hybrid, one where economic and state powers are conjoined and virtually unbridled? Can the nation check its descent into what the author terms "inverted totalitarianism"? Wolin portrays a country where citizens are politically uninterested and submissive--and where elites are eager to keep them that way. At best the nation has become a "managed democracy" where the public is shepherded, not sovereign. At worst it is a place where corporate power no longer answers to state controls. Wolin makes clear that today's America is in no way morally or politically comparable to totalitarian states like Nazi Germany, yet he warns that unchecked economic power risks verging on total power and has its own unnerving pathologies. Wolin examines the myths and mythmaking that justify today's politics, the quest for an ever-expanding economy, and the perverse attractions of an endless war on terror. He argues passionately that democracy's best hope lies in citizens themselves learning anew to exercise power at the local level. Democracy Incorporated is one of the most worrying diagnoses of America's political ills to emerge in decades. It is sure to be a lightning rod for political debate for years to come. In a new preface, Wolin describes how the Obama administration, despite promises of change, has left the underlying dynamics of managed democracy intact.
Professional sports today have truly become a global force, a common language that anyone, regardless of their nationality, can understand. Yet sports also remain distinctly local, with regional teams and the fiercely loyal local fans that follow them. This book examines the twenty-first-century phenomenon of global sports, in which professional teams and their players have become agents of globalization while at the same time fostering deep-seated and antagonistic local allegiances and spawning new forms of cultural conflict and prejudice. Andrei Markovits and Lars Rensmann take readers into the exciting global sports scene, showing how soccer, football, baseball, basketball, and hockey have given rise to a collective identity among millions of predominantly male fans in the United States, Europe, and around the rest of the world. They trace how these global--and globalizing--sports emerged from local pastimes in America, Britain, and Canada over the course of the twentieth century, and how regionalism continues to exert its divisive influence in new and potentially explosive ways. Markovits and Rensmann explore the complex interplay between the global and the local in sports today, demonstrating how sports have opened new avenues for dialogue and shared interest internationally even as they reinforce old antagonisms and create new ones. Gaming the World reveals the pervasive influence of sports on our daily lives, making all of us citizens of an increasingly cosmopolitan world while affirming our local, regional, and national identities.
InBecause of Race, Mica Pollock tackles a long-standing and fraught debate over racial inequalities in America's schools. Which denials of opportunity experienced by students of color should be remedied? Pollock exposes raw, real-time arguments over what inequalities of opportunity based on race in our schools look like today--and what, if anything, various Americans should do about it. Pollock encountered these debates while working at the U. S. Department of Education's Office for Civil Rights in 1999-2001. For more than two years, she listened to hundreds of parents, advocates, educators, and federal employees talk about the educational treatment of children and youth in specific schools and districts. People debated how children were spoken to, disciplined, and ignored in both segregated and desegregated districts, and how children were afforded or denied basic resources and opportunities to learn. Pollock discusses four rebuttals that greeted demands for everyday justice for students of color inside schools and districts. She explores how debates over daily opportunity provision exposed conflicting analyses of opportunity denial and harm worth remedying. Because of Race lays bare our habits of argument and offers concrete suggestions for arguing more successfully toward equal opportunity.
How did the United States go from being a country that tries to rehabilitate street criminals and prevent white-collar crime to one that harshly punishes common lawbreakers while at the same time encouraging corporate crime through a massive deregulation of business? Why do street criminals get stiff prison sentences, a practice that has led to the disaster of mass incarceration, while white-collar criminals, who arguably harm more people, get slaps on the wrist--if they are prosecuted at all? In Who Are the Criminals?, one of America's leading criminologists provides new answers to these vitally important questions by telling how the politicization of crime in the twentieth century transformed and distorted crime policymaking and led Americans to fear street crime too much and corporate crime too little. John Hagan argues that the recent history of American criminal justice can be divided into two eras--the age of Roosevelt (roughly 1933 to 1973) and the age of Reagan (1974 to 2008). A focus on rehabilitation, corporate regulation, and the social roots of crime in the earlier period was dramatically reversed in the later era. In the age of Reagan, the focus shifted to the harsh treatment of street crimes, especially drug offenses, which disproportionately affected minorities and the poor and resulted in wholesale imprisonment. At the same time, a massive deregulation of business provided new opportunities, incentives, and even rationalizations for white-collar crime--and helped cause the 2008 financial crisis and subsequent recession. The time for moving beyond Reagan-era crime policies is long overdue, Hagan argues. The understanding of crime must be reshaped and we must reconsider the relative harms and punishments of street and corporate crimes.
The rise of China could be the most important political development of the twenty-first century. What will China look like in the future? What should it look like? And what will China's rise mean for the rest of world? This book, written by China's most influential foreign policy thinker, sets out a vision for the coming decades from China's point of view. In the West, Yan Xuetong is often regarded as a hawkish policy advisor and enemy of liberal internationalists. But a very different picture emerges from this book, as Yan examines the lessons of ancient Chinese political thought for the future of China and the development of a "Beijing consensus" in international relations. Yan, it becomes clear, is neither a communist who believes that economic might is the key to national power, nor a neoconservative who believes that China should rely on military might to get its way. Rather, Yan argues, political leadership is the key to national power, and morality is an essential part of political leadership. Economic and military might are important components of national power, but they are secondary to political leaders who act in accordance with moral norms, and the same holds true in determining the hierarchy of the global order. Providing new insights into the thinking of one of China's leading foreign policy figures, this book will be essential reading for anyone interested in China's rise or in international relations.
A man is changed into a flea and must bring his future parents together in order to become human again. A woman convinces a river god to cure her sick son, but the remedy has mixed consequences. A young man must choose whether to be close to his wife's soul or body. And two deaf mutes transcend their physical existence in the garden of dreams. Strange and fantastical, these fairy tales of BÃ©la BalÃ¡zs (1884-1949), Hungarian writer, film critic, and famous librettist ofBluebeard's Castle, reflect his profound interest in friendship, alienation, and Taoist philosophy. Translated and introduced by Jack Zipes, one of the world's leading authorities on fairy tales,The Cloak of Dreamsbrings together sixteen of BalÃ¡zs's unique and haunting stories. Written in 1921, these fairy tales were originally published with twenty images drawn in the Chinese style by painter Mariette Lydis, and this new edition includes a selection of Lydis's brilliant illustrations. Together, the tales and pictures accentuate the motifs and themes that run throughout BalÃ¡zs's work: wandering protagonists, mysterious woods and mountains, solitude, and magical transformation. His fairy tales express our deepest desires and the hope that, even in the midst of tragedy, we can transcend our difficulties and forge our own destinies. Unusual, wondrous fairy tales that examine the world's cruelties and twists of fate,The Cloak of Dreamswill entertain, startle, and intrigue.
Honeybees make decisions collectively--and democratically. Every year, faced with the life-or-death problem of choosing and traveling to a new home, honeybees stake everything on a process that includes collective fact-finding, vigorous debate, and consensus building. In fact, as world-renowned animal behaviorist Thomas Seeley reveals, these incredible insects have much to teach us when it comes to collective wisdom and effective decision making. A remarkable and richly illustrated account of scientific discovery, Honeybee Democracy brings together, for the first time, decades of Seeley's pioneering research to tell the amazing story of house hunting and democratic debate among the honeybees. In the late spring and early summer, as a bee colony becomes overcrowded, a third of the hive stays behind and rears a new queen, while a swarm of thousands departs with the old queen to produce a daughter colony. Seeley describes how these bees evaluate potential nest sites, advertise their discoveries to one another, engage in open deliberation, choose a final site, and navigate together--as a swirling cloud of bees--to their new home. Seeley investigates how evolution has honed the decision-making methods of honeybees over millions of years, and he considers similarities between the ways that bee swarms and primate brains process information. He concludes that what works well for bees can also work well for people: any decision-making group should consist of individuals with shared interests and mutual respect, a leader's influence should be minimized, debate should be relied upon, diverse solutions should be sought, and the majority should be counted on for a dependable resolution. An impressive exploration of animal behavior, Honeybee Democracy shows that decision-making groups, whether honeybee or human, can be smarter than even the smartest individuals in them.
Political parties are the defining institutions of representative democracy and the darlings of political science. Their governing and electoral functions are among the chief concerns of the field. Yet most political theorists--including democratic theorists--ignore or disparage parties as grubby arenas of ambition, obstacles to meaningful political participation and deliberation. On the Side of the Angelsis a vigorous defense of the virtues of parties and partisanship, and their worth as a subject for political theory. Nancy Rosenblum's account moves between political theory and political science, and she uses resources from both fields to outline an appreciation of parties and the moral distinctiveness of partisanship. She draws from the history of political thought and identifies the main lines of opposition to parties, as well as the rare but significant moments of appreciation. Rosenblum then sets forth her own theoretical appreciation of parties and partisanship. She discusses the achievement of parties in regulating rivalries, channeling political energies, and creating the lines of division that make pluralist politics meaningful. She defends "partisan" as a political identity over the much-vaunted status of "independent," and she considers where contemporary democracies should draw the line in banning parties. On the Side of the Angelsoffers an ethics of partisanship that speaks to questions of centrism, extremism, and polarization in American party politics. By rescuing parties from their status as orphans of political philosophy, Rosenblum fills a significant void in political and democratic theory.
Introduction: What is global higher education--and why does it matter? -- The worldwide race for talent -- Branching out -- Wanted: world-class universities -- College rankings go global -- For-profits on the move -- Free trade in minds -- Afterword
Lessons Learnedgives unprecedented access to the university president's office, providing a unique set of reflections on the challenges involved in leading both research universities and liberal arts colleges. In this landmark book, William Bowen, former president of Princeton University and of the Andrew W. Mellon Foundation, and coauthor of the acclaimed best-sellerThe Shape of the River, takes readers behind closed faculty-room doors to discuss how today's colleges and universities serve their age-old missions. With extraordinary candor, clarity, and good humor, Bowen shares the sometimes-hard lessons he learned about working with trustees, faculty, and campus groups; building an effective administrative team; deciding when to speak out on big issues and when to insist on institutional restraint; managing dissent; cultivating alumni and raising funds; setting academic priorities; fostering inclusiveness; eventually deciding when and how to leave the president's office; and much more. Drawing on more than four decades of experience, Bowen demonstrates how his greatest lessons often arose from the missteps he made along the way, and how, when it comes to university governance, there are important general principles but often no single right answer. Full of compelling stories, insights, and practical wisdom,Lessons Learnedframes the questions that leaders of higher education will continue to confront at a complex moment in history.
Dealer banks--that is, large banks that deal in securities and derivatives, such as J. P. Morgan and Goldman Sachs--are of a size and complexity that sharply distinguish them from typical commercial banks. When they fail, as we saw in the global financial crisis, they pose significant risks to our financial system and the world economy. How Big Banks Fail, and What to Do about It examines how these banks collapse and how we can prevent the need to bail them out. In sharp, clinical detail, Darrell Duffie walks readers step-by-step through the mechanics of large-bank failures. He identifies where the cracks first appear when a dealer bank is weakened by severe trading losses, and demonstrates how the bank's relationships with its customers and business partners abruptly change when its solvency is threatened. As others seek to reduce their exposure to the dealer bank, the bank is forced to signal its strength by using up its slim stock of remaining liquid capital. Duffie shows how the key mechanisms in a dealer bank's collapse--such as Lehman Brothers' failure in 2008--derive from special institutional frameworks and regulations that influence the flight of short-term secured creditors, hedge-fund clients, derivatives counterparties, and most devastatingly, the loss of clearing and settlement services. How Big Banks Fail, and What to Do about Itreveals why today's regulatory and institutional frameworks for mitigating large-bank failures don't address the special risks to our financial system that are posed by dealer banks, and outlines the improvements in regulations and market institutions that are needed to address these systemic risks.
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