The Creation And Destruction Of Value

Harold James examines the vulnerability and fragility of processes of globalization, both historically and in the present. This book applies lessons from past breakdowns of globalizationÑabove all in the Great DepressionÑto show how financial crises provoke backlashes against global integration: against the mobility of capital or goods, but also against flows of migration. By a parallel examination of the financial panics of 1929 and 1931 as well as that of 2008, he shows how banking and monetary collapses suddenly and radically alter the rules of engagement for every other type of economic activity. Increased calls for state action in countercyclical fiscal policy bring demands for trade protection. In the open economy of the twenty-first century, such calls are only viable in very large statesÑprobably only in the United States and China. By contrast, in smaller countries demand trickles out of the national container, creating jobs in other countries. The international community is thus paralyzed, and international institutions are challenged by conflicts of interest. The book shows the looming psychological and material consequences of an interconnected world for people and the institutions they create.

How do objects that are worth little to nothing become valuable? Who is behind the creation of value, and which types of people find value and comfort in transient, durable, and rubbish objects? When his highly influential Rubbish Theory, first published in 1979, Michael Thompson launched the discipline of waste studies. It remains the most comprehensive analysis on the culture of waste to date. Thompson argues that there are two mutually exclusive cultural categories that are socially imposed on the world of objects: a transient category and a durable category. However, he identifies a region of flexibility, wherein a transient object that declines in value and life span can linger in a valueless and timeless limbo of rubbish, until it is discovered by a creative individual and transferred into something deemed durable. He links stability and change on one hand, with materiality on the other, providing a rich analysis of social and cultural dynamics. His instrumental theory of rubbish draws on case studies and anthropological fieldwork to highlight the ever-changing subtleties of object value and our complex relationship to waste. Bringing Rubbish Theory back into print, this updated edition includes a new introduction, preface, foreword, and afterword, thoroughly exploring how Thompson's key theories have affected our world in the four decades since it was first published and placing it in a contemporary context that shines light on the continued relevance of the book today

Harold James examines the vulnerability and fragility of processes of globalization, both historically and in the present. This book applies lessons from past breakdowns of globalization—above all in the Great Depression—to show how financial crises provoke backlashes against global integration: against the mobility of capital or goods, but also against flows of migration. By a parallel examination of the financial panics of 1929 and 1931 as well as that of 2008, he shows how banking and monetary collapses suddenly and radically alter the rules of engagement for every other type of economic activity. Increased calls for state action in countercyclical fiscal policy bring demands for trade protection. In the open economy of the twenty-first century, such calls are only viable in very large states—probably only in the United States and China. By contrast, in smaller countries demand trickles out of the national container, creating jobs in other countries. The international community is thus paralyzed, and international institutions are challenged by conflicts of interest. The book shows the looming psychological and material consequences of an interconnected world for people and the institutions they create.

Waste is a key category for understanding cultural value. It is not just the 'bad stuff' we dispose of; it is material we constantly struggle to redeem. Cultures seem to spend as much energy reclassifying negativity as they do on establishing the negative itself. The huge tertiary sector devoted to waste management converts garbage into money, while ecological movements continue to stress human values and 'the natural.' But the problems waste poses are never simply economic or environmental. The international contributors to this collection ask us to pause and consider the complex ways in which value is created and destroyed. Their diverse approaches of ethics, philosophy, cultural studies, and politics are at the forefront of a new field of 'ecohumanites.'

'Castastrophe Theory, ' a recent development with applications in the natural sciences, suggests fresh ways in which we can look at society and the problems of change and stability. Using examples ranging from popular art, property and education to pigsin New Guinea, t he author shows how we might look afresh at society's changing assessments of valu

This book assists the better understanding of value co-creation and co-destruction in tourism development by bringing together different perspectives and disciplines. It provides some examples of how value can be co-created or co-destroyed within the context of tourism. Tourism is susceptible to uncertainty and incidents that can directly impact the supply and demand of its discretionary products and services. Consensus has been reached among practitioners and academics that consumer experience is more important than ever for enterprises as well as destinations, as the sector has become globalized, reached maturity and become highly competitive. Still, the pathway to success (or failure) lies within the overall satisfaction of visitors and tourists, which heavily depends on perceived value; a concept that can be co-created or co-destroyed by the very interaction between all social actors and stakeholders involved. Value creation or destruction is critical not just for traditional supply and demand, but also for an array of actors across value and distribution chains (including, for example, staff and intermediaries across the networks). The book will be of great value to scholars, students and policymakers interested in tourism studies and practices and service management, as well as professionals in the field of tourism management. The chapters were originally published as a special issue of the journal, Tourism Planning & Development.

In a business climate marked by escalating global competition and industry disruption, successful mergers and acquisitions are increasingly vital to the growth and profitability of many corporations. If history is any guide, 60 to 70 per cent of new mergers will fail – and will destroy shareholder value. To date, analyses of the M&A failure rate tend to focus on individual causes – e.g., culture clashes, valuation methods, or CEO overconfidence – rather than examining the problem holistically. The Value Killers is the first book based on a holistic analysis of successful and unsuccessful transactions. Based on research, interviews with top executives, and case studies, this book identifies the key causes of failures and successes and offers prescriptions to increase the odds that future transactions will deliver all the anticipated synergies. The Value Killers offers practical advice in the form of 5 Golden Rules. These rules will help managers and boards to ensure that target companies are properly valued; potential synergies and risks are identified in advance; checks and balances are installed to make sure that the pros and cons of the transaction are rationally and objectively evaluated; mechanisms are created that will trigger termination of bad deals; and obstacles to successful post-merger integrations are assessed (and solutions developed) before the deal closes. Each chapter includes questions for executives considering future M&As to allow them to see whether they are on the right track or not.

Who really creates wealth in our world? And how do we decide the value of what they do? At the heart of today's financial and economic crisis is a problem hiding in plain sight. In modern capitalism, value-extraction - the siphoning off of profits, from shareholders' dividends to bankers' bonuses - is rewarded more highly than value-creation: the productive process that drives a healthy economy and society. We misidentify takers as makers, and have lost sight of what value really means. Once a central plank of economic thought, this concept of value - what it is, why it matters to us - is simply no longer discussed. Yet, argues Mariana Mazzucato in this penetrating and passionate new book, if we are to reform capitalism - to radically transform an increasingly sick system rather than continue feeding it - we urgently need to rethink where wealth comes from. Who is creating it, who is extracting it, and who is destroying it? Answers to these questions are key if we want to replace the current parasitic system with a type of capitalism that is more sustainable, more symbiotic: that works for us all. The Value of Everything will reignite a long-needed debate about the kind of world we really want to live in.