A Beginner's Guide to the World Economy

by Randy Charles Epping

In a time of rapid change in the world economy, this fascinating, concise, and user-friendly primer is the most reliable tool for keeping track of what's happening. 

What is the new economy? What is globalization? Is the euro the final seal on European Union? How is e-commerce transforming our world beyond economics? What is virtual money, and does it have real value? How do social concerns and societal ills (drugs, poverty, AIDS, endangered natural resources) play a part in the rapidly changing world economy? What are multinationals, and do they signal the end of nationalism? These and many other pertinent issues are addressed in an enlightening and entertaining handbook for those who want to be economically literate (and who doesn't?).

Genres: Economics, Nonfiction, Finance

256 pages, Paperback

First published January 1, 1995

Reviews

[Cortney · Rating 3 out of 5]

My master's degree was in international management studies, so there wasn't a lot of new information in this for me. I'm currently reading through my bookshelves so I can continue to purge books, and this was on my to-read list. I was reading it to see if it truly would be a good overview of world economy principles, the kind of book I could recommend to a friend who wants a good place to start. This book was written in 2000, but there is revised edition for updates. All in all, still very relevant. It's basically an expanded dictionary, with one and a half to three pages on average devoted to an overview of each economic concept. I think this would make it very accessible to those who don't have a very high comfort level with this kind of information. However, it is definitely, absolutely beginner's level, so this should be a start, not a complete education in these concepts. This might be a good book to give to an older teen, for example.

I also really liked how he stayed away from a political bias in his explanations. Political agendas are often wrapped up in "economic" books, which then proceed to have very little to do with real economic principles and everything to do with partisan politics.

[Iab Bingham · Rating 5 out of 5]

In the book world economy it talks about everyday people that are confronted with complex economic concepts, such as trade wars, stock options, black markets, G7/G8, income gaps between rich and poor–and many of us may be at a loss to understand it all. Unfortunately, faced with the the complexity of the world economy, many people are turning against it. And I’m not just referring to protesters in Seattle or Davos, calling for an end to the "World globalization”. That many consumers in rich countries to North America and Europe are now refusing to buy foreign products–either out of loyalty to local businesses or because they think it is "immoral" that people in Third World countries are paid as little as a dollar an hour. Epping defines key ideas and commonly used words and phrases like carbon footprint, WTO, economy of scale, NAFTA, and outsourcing. He 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 multi-million dollar transactions take place in the blink of an eye! So do i recommend this book? Yes, to people who are interested in learning about the problems that america and other countries have dealt with, and/or are still facing as a second or third world country.

[Sheena · Rating 5 out of 5]

Great read!

Informative, easy-to-read, bite sized pieces of beginner friendly material. Well composed as 82 questions and elaborated answers. Easy to go back to at a later time for reference

[Zhelana · Rating 5 out of 5]

This book was great for what it was, which is one of those books with 100 short chapters that don't really relate to one another so it's hard to get the bigger picture or remember what you read from week to week. That said it really is the best example of this kind of book I've ever experienced. Randy Charles Epping talks about everything from what is the economy to why do we need immigration to what can we do to stop modern slavery each in about 2 pages, only occasionally referring back to another chapter. I feel like I really learned a lot from this book, and it never got bogged down into heavy economic theory that often feels like a chore. Instead it read like someone giving you the highlights of their profession - the juicy little bits that are really interesting to hear about instead of what they actually do from day to day. I'd give this a strong recommendation.

[Christopher · Rating 4 out of 5]

I've recently been reading some beginner's books on international economics and, so far, this is the best one that I've read as it largely succeeds where the other ones fail: it makes economic concepts and terms accessible to the lay reader by breaking down each one into its individual parts and explaining it in an easily understandable fashion. Also, where the other books tried to explain things in the form of a story or "natural history," this is more of a small appendix, where the reader can just choose a topic he doesn't understand and read about it. It does suffer from a lack of structure though. The book starts off with some basic terms, but then branches out in difficult ways that don't seem to flow together coherently at times. If Mr. Epping had taken the time to group chapters into topical sections, the structural problems would've been solved. Also, this book is about 12 years old now and many of the sections are rather dated because of it, especially in light of the financial crisis of 2008 and the Eurozone's current struggles to remain intact. Still, this is a good place for people to start if they are interested in learning about the world economy.

[So Hakim · Rating 4 out of 5]

Fun, if a bit nuggety, book introducing concepts in world economy. As the author himself said:

This book is meant to be fun and accessible. It was fun to write and it should never stop being fun to read. No graphs or equations are used, and statistics are always accompanied by examples to give meaning to the numbers. A Beginner's Guide to the World Economy, as the name implies, covers only the basics. The complicated economic theories and principles will be left to
others.

(Introduction, p. xvi)

The early chapters are pretty basic; if you already like reading through economics news, the benefit is minimal. The middle chapters raise the technicalities somewhat, discussing more exotic terminologies ("leverage bonds", "equity funds", etc). Last chapters explain the concept and history behind regional economics we now have (e.g. NAFTA, EEU), plus discussion about Third World poverty.

Easy to read and easy to digest, at least for me, whose field has nothing to do with economics (I studied engineering).

[Michael · Rating 3 out of 5]

If you have zero knowledge of global economics, this guide might be something to get your brain in the door. At least you'll have some knowledge before you open your next economics book and not be so lost.

I got the book because it was a closeout and half-price. I didnt learn much as Economics is a hobby of mine. The tone of the content is friendly and conversational and easy to absorb.

Will the book change the way you see the world? Perhaps, especially if you've never read any magazine, ever, like Fortune, Forbes, or any good newspaper. Those could alter your perception of the world, too, as any additional knowledge from reputable sources might.

I saw one review: "Neoliberal Trash" Is this the same book everyone else read? Ignore that review.

[Anthony Faber · Rating 5 out of 5]

The author is definitely a cheerleader for globalization and doesn't spend much time on the bad parts but it's a good, short basic primer on what world trade is all about. I'd recommend it to my 9 1/2 year old nieces if they wanted to understand trade, but most of the adults I know know all this stuff already.

[Jack · Rating 5 out of 5]

This book covers everything and it really doesn't matter that it's a bit older now, the world economy hasn't changed dramatically in its structure or parts since it was written. It answered every question I had and many I hadn't thought of. Definitely will make you a more informed global citizen and maybe a better consumer.

[Kadi · Rating 4 out of 5]

This book gives basic definitions and insight to major economic tools many use on a daily basis. It’s a good reference as well as a good way to understand the facts about our worlds economy.

[Rafael · Rating 3 out of 5]

A good introductory book to basic economic principles. All the main points are broken up into short, concise, approx. page long sections. Easy reading and good for short bursts.

[Neil · Rating 4 out of 5]

Useful and informative. Feel like I understand the world of money a bit better now, but I don't imagine it'll make me richer.

[Tommy Powell · Rating 5 out of 5]

A very good, and very simple, introduction to the terminology and basic ideas which are tossed about in news stories about the World Economy.

[A · Rating 4 out of 5]

Good entry level read

[Heather Lippe · Rating 3 out of 5]

For not having any clue about the world economy, this book was a great stepping stone. I feel like I have a clue now. It is an easy read.

[Laurel · Rating 2 out of 5]

Neoliberal trash! (Daniel)