Accounting Books

When I first bought this book, I expected yet another book on maximizing your wealth, to the exclusion of any other consideration. But I was intrigued by the book's claims that it was written specifically for women, so I bought it.

This book understands that many of my goals and values are qualitative and are not specifically tied to my net asset value. But it also realizes that income and wealth can directly affect my ability to do the things I do find important, whether it is allowing me to contribute to my favorite charity, taking that much needed trip to Paris every other year or making sure I have the flexibility a few years from now to choose a different career.

I liked the practical step by step approach, the fact that it addressed all aspects of wealth management from judicious use of debt to saving and investing to understanding your spending to maximizing your employment income and opportunities. As someone no longer in her twenties, I also appreciated that for once their was a book with a practical guide to getting started that was geared toward starting at any age.

Much like the periodic reviews it advocates, I am going to put this book on my calendar and return to it once a year to make sure my life goals and my financial goals are still aligned.

I highly recommend this for women of any age who want to gain a healthy perspective on money and wealth.

When I first bought this book, I expected yet another book on maximizing your wealth, to the exclusion of any other consideration. But I was intrigued by the book's claims that it was written specifically for women, so I bought it.

This book understands that many of my goals and values are qualitative and are not specifically tied to my net asset value. But it also realizes that income and wealth can directly affect my ability to do the things I do find important, whether it is allowing me to contribute to my favorite charity, taking that much needed trip to Paris every other year or making sure I have the flexibility a few years from now to choose a different career.

I liked the practical step by step approach, the fact that it addressed all aspects of wealth management from judicious use of debt to saving and investing to understanding your spending to maximizing your employment income and opportunities. As someone no longer in her twenties, I also appreciated that for once their was a book with a practical guide to getting started that was geared toward starting at any age.

Much like the periodic reviews it advocates, I am going to put this book on my calendar and return to it once a year to make sure my life goals and my financial goals are still aligned.

I highly recommend this for women of any age who want to gain a healthy perspective on money and wealth.

When I sat down with this book, I thought that I would read the first couple of pages for the night. However, this book hit so many personal aspects of my life that I was into four chapters before I put the book down.

Not only does it illustrate what women are faced with in this day and age, but it shows that each one of us are different and yet, we are all trying to accomplish one goal. This book is making me come to terms with money management issues that I have been ignoring for some time. But, it also lets me know that I am not alone.

I like the step by step approach that the author has taken to help us look at ourselves and to help us set realistic goals for ourselves.

This book is a must for all women, whether you are trying to make it on your own or you are trying to get out of the shadows of your spouse. You are not alone. Read it and enjoy some truly remarkable ideas for a better tomorrow.

When I first bought this book, I expected yet another book on maximizing your wealth, to the exclusion of any other consideration. But I was intrigued by the book's claims that it was written specifically for women, so I bought it.

This book understands that many of my goals and values are qualitative and are not specifically tied to my net asset value. But it also realizes that income and wealth can directly affect my ability to do the things I do find important, whether it is allowing me to contribute to my favorite charity, taking that much needed trip to Paris every other year or making sure I have the flexibility a few years from now to choose a different career.

I liked the practical step by step approach, the fact that it addressed all aspects of wealth management from judicious use of debt to saving and investing to understanding your spending to maximizing your employment income and opportunities. As someone no longer in her twenties, I also appreciated that for once their was a book with a practical guide to getting started that was geared toward starting at any age.

Much like the periodic reviews it advocates, I am going to put this book on my calendar and return to it once a year to make sure my life goals and my financial goals are still aligned.

I highly recommend this for women of any age who want to gain a healthy perspective on money and wealth.

A solid, fluid look at experimental economics! In these turbulent times on Wall Street (and really in markets around the world) this proves to be a great source of how we've come to this point, but more importantly, where we can go from here.

Miller provides in-depth insight into past financial market events and by doing so sheds light on what might happen today on several fronts. Three examples: His discussion of the 1998 Long-Term Capital Management debacle is relevant for understanding current risks in hedge funds. His analysis of 1980s portfolio insurance should add to concerns about the proliferation of capital guaranteed notes. His take on market circuit breakers, which he describes as regulatory folly, raises the question of what would happen today if these were triggered.

While the book reviews a large and varied body of academic research, focusing heavily on the experimental economics that the author subscribes to, it offers practical conclusions that anybody interested in finance will find worthwhile. As a financial journalist, I found it very useful.

However, because it covers a lot of ground, readers may want to pick and choose what they want to read from the index. The chapter and section headings, while entertaining, are not good guides for this purpose.

But that's not my only reason for thinking this a great book.

Ross M. Miller makes three large claims here. I think he makes good on the first two. I'm not so sure about the third, but even there he makes a case that needs to be made.

First, he explains that one branch of economics has become an experimental science.

Second, he says that this variant of economics has produced important results - theorems disclosing how markets might best be structured or restructured, and how the privatization of now-public goods might be accomplished, in ways that could produce enormous productivity gains.

He more pessimistically claims though, thirdly, that these theorems probably won't produce such gains, because in doing so they would hurt politically powerful interests.

The idea of "experimental economics" is simple enough: a college professor need only ask his students to co-operate in a simple auction-based game, so that he (and they) can observe the process by which prices come into existence under simplified conditions. Once a body of observations has developed, he and other experimenters can vary the rules and conditions of the game and observe the effect the changes have upon the trading strategies of the players and the game outcomes.

It was at Harvard University, in the 1940s, that such experiments got their start, in the classroom of Professor Edward Chamberlain. In the decades since, a body of observations has developed that in some respects supports neoclassical economic theory, but that in one crucial respect calls for its modification. Neoclassical theory needs to be modified to account for the possibility of irrational price bubbles. What is of greater policy importance, though, is that post-Chamberlainian experiments have given us a good idea of how markets can be structured to prevent bubble formation.

About 1975, when Ross Miller and I were grad students in economics, there was a consensus "economic view of the world." Economists who had to deal with the real world -- policy makers and development types -- didn't really believe it, but the mainstream did. Not only believed it, but took it for granted.

That's not true today. The consensus is fragmenting. If you want to understand the underpinnings of this intellectual shift, read Ross's book. It's written clearly, even excitingly, with well-chosen examples. And it is written by a real economist, who's trying to understand what's right and what's wrong about how we think about the economic world.

Moore takes on the prosperity gospel/ Prayer of Jabez cult. He also addresses the fear mongering used to sell books and tapes with the Y2K "crisis" being a prime example. Moore says that clergy would typically define stewardship as giving 10% to ministry (although overall giving is more like 2%.) Moore takes no position on the doctrine of tithing but is more interested in how the other 90-98% of money is allocated. He advocates ethical investing in socially conscious mutual funds and saving in banks that serve under served communities. He mentions Shorebank in this regard. I learned from the book and will try to implement some of his approach.

It was a real treat to find Faithful Finances 101 recently.

I was a Baptist pastor for 17 years and am now an Investment Representative with Edward Jones. It is difficult to find responsible, wholistic, and positive investment advice from a Christian perspective.

I appreciate the clear and precise critique of popular economic and investment perspectives prevalent among many Christians today. It was especially helpful that Moore was willing to name those with whom he disagrees. Unfortunately, there is often no other way to encapsulate a differing viewpoint than to name the teacher of that viewpoint (for example, Larry Burkett). I know this can be perceived negatively, but it seems to me that when a person is so distinctly identified with a particular point of view, the use of the name speaks much more to the teaching than the person. The critique was far from personal and dealt constructively with ideas that are often presented as the "Christian" point of view.

I suspect Moore has received some criticism for his differing viewpoint and the method he used. Hopefully, his approach will be seen as a constructive and challenging voice in what it means to live as a responsible Christian steward. I certainly saw it as helpful. It is troubling that these days thoughtful debate is often taboo. Perhaps we will come to a place in the future where differing voices are seen as different facets of the diamond rather than heretical thoughts.

For some reason, so many people forget how consistently wrong some of these negative Christians perspectives have been through the years. I suppose anything could happen in the future--as the old saying goes, "even a broken clock is right twice a day." But there is biblical wisdom that speaks to a different reality consistent with the investment market--one that is full of long term hope and possibility. The chapter on the 'Creativity of the Patriarchs' sent my mind thinking of the multitude of biblical examples concerning the responsible creation of wealth and stewardship in the world. Abraham diversified. Jeremiah bought on the worst day of the market. Solomon expanded boundaries. Nehemiah built an incredible organization and navigated challenging circumstances through creative leadership. Paul was an entrepreneurial businessman while doing ministry. Jesus taught that responsible investing is tantamount to kingdom living, and showed that self giving is the ultimate investment. There are many more but time does not permit.

We live in an incredibly challenging environment to live as responsible stewards in the world. There seems to be an exceedingly thin slice somewhere between negative Christian voices and a hostile, unethical world where Moore's wholistic Christian voice for responsible stewardship can navigate.

I have read many books on finances that you would find on the shelves of Christian bookstores. Some are biblical and give good advice. Many feed greed and fear motives and do little to help people integrate financial concepts into their daily lives. Gary's book does an excellent job at two things:

1. Accurately describing a biblical worldview of money. As he so often points out in this book, Christians have been told to give 10% to their local church. But few have been trained how to be a good steward of all the money, talent, time and health that God blesses us with.

2. Challenging conventional ideas in the "Christian" media that feed on fears- Y2K for example- or greeds- the give/ to get mentality that many unbiblical ministers promote. Gary does a terrific job of presenting a balanced and passionate way to live and think about money that is honoring to Christ.

I consider it sad when many in the church recommend books such as Rich Dad/ Poor Dad- a worldview that is not even remotely biblical. I would love to see every concerned Christian read, meditate on, and implement the ideas that Gary presents in this book. Every disciple of Christ that is interested in growing in the understanding of stewardship should buy and read this book.

Ashley Hodge, CFP
Dallas, Texas

Thinking evangelical Christians should find this book helpful. So would any other thinking person. Gary Moore brings his personal experiences, profound wisdom, and deep spirituality together to strip away the smoke and mirrors that all too often confuse people both spiritually and financially. He never promises riches. He does provide a firm, spiritually-oriented foundation that should help most people do very constructive things for others and themselves with their financial resources.

Some of what he has to say is the insight he has gained as a financial advisor and student of theology. Some is time-honored common sense. Sadly, as he reveals, too often religious and other leaders have advocated other paths, and the results may have been painful for those who took their advice.
Virtually anyone, from the wealthiest to those with very modest incomes, can find something in this volume which will be helpful and not difficult to follow. Moore empowers by giving the reader possibilities into what he or she may personally do to be a responsible steward, and his approaches literally work around the world. If you want to strengthen or renew your hope in your faith, yourself, and your world then "Faithful Finances 101" is an excellent place to start.

This is the best book of its kind, and, as we all know, there are thousands of books on finance and money matters available. It has Suze Ormond beat hands down. This book is informative, amusing, and well written. It deals with a topic that can at times be dry, but because of the breezy style and frequent use of personal anecdotes and quotes from other well-known financial people, this book is a fast read. One of its great features is that each chapter deals with a separate and specific topic, so that one can read the chapters out of order as one's interest dictates, or skip chapters altogether that are not of particular interest. Another excellent feature not found in other books of this kind is the workbook which allows you to assess your level of understanding. In conclusion, this woman really knows her stuff. I thought I knew a lot about money, but I knew a lot more after reading this book.

Lorayne's financial advice parallels that of Warren Buffet! She is adament about gaining control of your personal finances and suggests simple yet extremely effective ways to accomplish this. Her stories are as comical as witty, and to imagine this city gal off in the midst of the bucolic backwoods is as comedic a senario as on could imagine. Although I have never met her, Lorayne's vivacious personality pours out through every page and her motivation and love of finances becomes very infectious. It is my civic duty and fiduciary responsibility to implore you to take charge of your finances by leanding her an ear! Get one hell of a financial workout with her! If you seek financial freedom-this is the information that will send you sprinting to the bank, laughing all the way!

This is the best book of its kind, and, as we all know, there are thousands of books on finance and money matters available. It has Suze Ormond beat hands down. This book is informative, amusing, and well written. It deals with a topic that can at times be dry, but because of the breezy style and frequent use of personal anecdotes and quotes from other well-known financial people, this book is a fast read. One of its great features is that each chapter deals with a separate and specific topic, so that one can read the chapters out of order as one's interest dictates, or skip chapters altogether that are not of particular interest. Another excellent feature not found in other books of this kind is the workbook which allows you to assess your level of understanding. In conclusion, this woman really knows her stuff. I thought I knew a lot about money, but I knew a lot more after reading this book.

I found this book very informative and helpful. It is well written and keeps you interested. It is not just a bunch of boring financial dribble. I would have given it 5 stars but there were some sections in the book that did not apply at all to me so I skipped a few chapters. Overall a good book especially for those who want to head a certain direction financially but just don't quite know how.

You get what you pay for is a commonly repeated proverb because it is so commonly true. Co-authored by Karen Berman and Joe Knight, "Financial Intelligence for IT Professionals: What You Really Need to Mow About the Numbers" is an informed and informative guide to understanding that Information Technology (IT) requires an infusion of capital to get the best use out of it. With basic information on understanding IT-related statements and balances, estimates and their effects, challenging data, investments, and so much more. Highly recommended reading and a welcome addition to personal, professional, community, and academic library Business reference collections, "Financial Intelligence for IT Professionals" is essential reading for anyone wanting to get the most out of their IT dollar investment.

Financial Intelligence for IT Professionals seeks the elusive sweet spot between being approachable on the one hand and substantive on the other. If you are looking for the bible of corporate finance or an alternative to an MBA, you'll probably be disappointed. If, on the other hand, you or your employees would benefit from a clearly written and well organized introduction into corporate finances, you really can't go wrong. Berman and Knight do an excellent job covering the basics, including income statements, balance sheets, cash flows, ratios, and measures of investment/project performance. The examples provided are simple enough to illustrate the concepts without feeling dumbed down. I was particularly impressed with the clear manner in which the concept of cash flow was presented, as, in my experience, the difference between income and cash is a topic often misunderstood by folks without financial training. In addition to the concepts listed above, the authors make it a point to highlight how financials can be influenced, intentionally or not, by the assumptions and actions of executives and accountants.

Here is where we run into my first (very small) criticism. While I appreciate the discussion of some of the `gray areas' that can be found in accounting and finance, I think the focus on fraudulent behavior is a little out of balance. Certainly there have been several great scandals over the last few years to provide fodder, but in my experience most financial executives make honest judgments to the best of their abilities, usually under tremendous pressure. My second tiny criticism is that the author's suggest a number of times that an IT leader equipped with financial knowledge can more intelligently challenge the assumptions of controllers, CFOs, etc. In my organization, this is encouraged and, frankly, expected of top level managers. In other organizations, however, questioning the CFO might get you a short trip to the unemployment office. Readers will need to use some judgment here...

The book concludes with a brief discussion of the value of employee financial knowledge to the performance of the company. The case is well stated, and the author's passion for the empowering impact of financial intelligence seems genuine. I am fortunate to work for an employee owned company that really emphasizes financial understanding for all employee-owners, but I also know from prior experience that my company is the exception, not the rule.

Bottom Line: This is a book whose impact on your organization will grow with the number of people who read it. So buy a few, and share them with anyone who in interested. That's what I'm going to do.

With all the talk of aligning IT with the business, financial intelligence is probably the most overlooked or avoided part of an IT manager's toolkit. This book is well written and actually fun to read. It should give you an advantage in your career. Buy it now.

Like most IT professionals, I try not to get deeply involved in accounting stuff. While it's the scoreboard for how well the business is doing, all the terminology and techniques used to get the final score seem confusing and arcane. But with the book Financial Intelligence for IT Professionals: What You Really Need to Know About the Numbers by Karen Berman, Joe Knight, and John Case, it's now actually possible to me to understand much of what's going on in an annual report. If I had only had this when I was working at Enron...

Contents:
Part 1 - The Art of Finance (And Why It Matters To IT): You Can't Always Trust the Numbers; Spotting Assumptions, Estimates, and Biases; Why Increase Your Financial Intelligence?
Part 1 Toolbox: Getting what you want; The players and what they do
Part 2 - The (Many) Peculiarities of the Income Statement: Profit Is an Estimate; Cracking the Code of the Income Statement; Revenue - The Issue Is Recognition; Costs and Expenses - No Hard-and-Fast Rules; The Many Forms of Profit
Part 2 Toolbox: Variance; Percent calculations; Line of sight
Part 3 - The Balance Sheet Reveals The Most: Understanding Balance Sheet Basics; Assets - More Estimates and Assumptions (Except for Cash); On the Other Side - Liabilities and Equity; Why the Balance Sheet Matters; The Income Statement Affects the Balance Sheet
Part 3 Toolbox: Employees as assets; Expenses versus capital expenditures
Part 4 - Cash is King: Cash Is a Reality Check; Profit <> Cash (and You Need Both); The Language of Cash Flow; How Cash Connects with Everything; Why Cash Matters
Part 4 Toolbox - Free cash flow
Part 5 - Learning What The Numbers Are Really Telling You: The Power of Ratios; Profitability Ratios - The Higher the Better (Mostly); Leverage Ratios - The Balancing Act; Liquidity Ratios - Can We Pay Our Bills?; Efficiency Ratios - Making the Most of Your Assets
Part 5 Toolbox - Ratios for the business; Ratios for IT; Leading versus lagging indicators; Percent-of-sales analysis; Ratio relationships
Part 6 - How to Calculate (And Really Understand) Return On Investment: The Building Blocks of ROI; Figuring ROI - The Nitty-Gritty
Part 6 Toolbox: ROI of an IT Project
Part 7 - Applied Financial Intelligence - Working Capital Management: The Magic of Managing the Balance Sheet; Your Balance Sheet Levers; Homing In on Cash Conversion
Part 7 Toolbox: Understanding accounts-receiving aging
Part 8 - Creating a Financially Intelligent IT Department (and Organization): Financial Literacy, Transparency, and Corporate Performance; Financial Literacy Strategies
Part 8 Toolbox: Understanding Sarbanes-Oxley
Appendix A - Sample Financials; Appendix B - Exercises to Build Your Financial Intelligence - Income Statement, Balance Sheet, Cash Flow Statement, Ratios; Appendix C - Kimberly-Clark and FedEx Financial Statements; Notes; Acknowledgments; Index; About the Authors

I think what makes this book so successful is that it doesn't try to turn you (the IT person) into an accountant. The authors use down-to-earth language and explanations to allow you to get a handle on basic accounting concepts and how they play out on financial reports. For instance, it's a reasonable assumption to think that if you showed a million dollar profit, that you should be swimming in cash. Or at least that's how I used to think. But cash and profits are two entirely different things, and it's entirely possible to show a profit yet be financially strapped and unable to pay your employees. Also, accounting rules are not the cut-and-dried calculations you might think they are. I learned that simple decisions, like what to treat as a capital expenditure and how fast to depreciate something, have a fair amount of latitude built in. Depending on how the company chooses, a particular scenario could be seen as either a money-losing or profit-earning venture. All this proves that you really do need to know what's going on in order to get a true feeling for how the company's balance sheet is doing.

In many ways, this would be a great book regardless of what profession you happen to be in. The authors tie it back to IT in this particular case, so that you can figure out how certain numbers might affect your success or determine your direction. Knowing that cash flow is tight in the first quarter means that you might not want to pitch that particular system upgrade in January. If the numbers show that your receivables are running at 45 days, a smart IT manager might want to focus on system enhancements that would improve that number. Even being able to use the correct financial terms when you're meeting with the CFO will do wonders for getting your needs considered in a more realistic fashion.

I'd recommend this book for just about any person who wants to better understand how the company they work for is performing financially. And if you're an IT person who has some budget responsibility, this should move into the "must read" category.

The Financial Management 101 book has been a good book of reference. When I need to be sure of what should be debited or credited, I used this book for reference. It also helps me to keep good business sense in perspective and in its rightful place. I also have the bookkeeping resource book as well.

This is a fantastic book - so much cheaper than spending the money for an accountant to explain all to you. The book is easy to read and understand even for a dummy like me just setting up a business. Just like her other book ("Bookkeeper's Boot Camp"), the case studies keep the information from being too dry and helps explain in layman's terms what each chapter is teaching. More books in this series please !!!

Financial Management 101: Get A Grip On Your Business Numbers by business columnist Angie Mohr (who is also a Chartered Accountant and a Certified Management Accountant) is an thoroughly "reader friendly" guidebook designed specifically for small business owners and managers, and which methodically teaches the reader all of the basics about balance sheets, income statements, monthly budget reports, ratio analysis, dealing with inventory problems, dealing with debt, and more. Financial Management 101 is an absolute "must-read" for any business owner new to the complexities of finance and needing to competently analyze financial data, measure business success, and have an accurate and on-going comprehension of their fiscal bottom line.

An excellent book from the new Numbers 101 series (see Bookkeepers' Boot Camp). The author shows you how to get the most profit from a small business as you possibly can by using simple financial management techniques -- something like what a person who has a degree in finance or business would know and use. But it's all spelled out in easy steps. It's sort of like hiring an MBA consultant for your small business, but for a lot less money!

I USED THIS BOOK FOR MY UNDERGRADUATE COURSE IN INTERNATIONAL FINANCE COURSE. IT HAS HELPED ME TO LIKE THE SUBJECT AND GET A FIRST CLASS GRADE ON THE SUBJECT. THANK YOU

This book is clearly written, it has many numerical examples and case studies and has a strong theoretical underpinning. I strongly recommend this book to students studying for Internatioanl Business and Finance at undergraduate and postgraduate programmes.

This book is clearly written, it has many numerical examples and case studies and has a strong theoretical underpinning. I strongly recommend this book to students studying for Internatioanl Business and Finance at undergraduate and postgraduate programmes.

One of the most interesting and helpful textbooks available on the market for studying International aspects of Financial Management and Business. This book is suitable for Business and Accounting students in their second and third year undergraduate studies as well as for post graduate students. Especially useful for students from Europe and the USA as it has many practical examples and case studies from European and US companies and markets. The book also reviews the findings of many current empirical and theoretical research studies published in top academic journals, thus provides a strong theoretical foundation for the subjects covered in the book. The book has three main sections: International Financial Markets; Internatioanl Risk Management and International Performance Evaluation and Control in Multinational Companies. A Highly recommended text book for anyone interested in studying International Business and Finance.

Before I read Greg Rogers book, I thought accountants were mere number crunchers and that the lion's share of the crunching would eventually be performed by a sophisticated software package-- or at least people in India. The happy truth (for accountants, anyway,) is that accounting is an inherently SUBJECTIVE (and, therefore, not highly-outsourcable discipline.) A less happy (and somewhat scary) truth is that I actually found Rogers' treatment of accounting fascinating. Yes, it may be that I need to get a life, but this book is a must-read for anyone who wants to excel in the environmental industry.

As a testament to the readability of the book, I will share a short anecdote. In preparation for a presentation that I was to give at a large accounting firm in New Jersey on behalf of my environmental consulting company(Hydrotechnology Consultants, Inc.), I asked my assistant to order Rogers' book on Amazon. She unwittingly requested shipping via media mail (a.k.a. snail mail.) As the date for the seminar approached, she assured me that the book was scheduled to arrive "any day." It was two days before the seminar and the book had apparently taken a detour to media mail hell. I told her that she needed to secure the book for me by the next day or invest in a warm hat and a pair of gloves-- because it tends to get rather cold in the unemployment line. In desperation, she called Greg Rogers and begged him to ship the book overnight. Greg took pity on her plight and shipped the book for morning delivery-- leaving me exactly one day to read the book, digest its contents and regurgitate it to an audience of accountants. To make a long story short, the presentation went off without a hitch. The accountants were highly impressed with my knowledge of environmental accounting, but seemed somewhat uncomfortable with my level of enthusiasm. Therefore, I offer this advice to Greg Rogers: place a label on the book cover which reads, "Caution: Contents May Shock and Awe!"

I have been an environmental lawyer for over 20 years and say without hestitation that this is the best single volume book on SEC and Environmental Disclosure that I have ever read. Other books explain how accounting principles operate but Greg Rogers not only easily dissects these complex concepts in a way that is easily understandable to lawyers without any financial or accounting background but also illustrates their application to environmental issues. You will feel like an expert after reading this book.

This books pulls together brilliantly the complexities of the multi-disciplinary challenges of reporting environmental liabilities after Sarbanes-Oxley and FIN 47.

All other books and papers I read are focused on one angle of the topic, looking at environmental liabilities in just one dimension. This book saves hours of study and research, all work is done for the reader. Quick read, logically structured.

Finally, someone got it right. This might be the most important book written about environmental management in years.

New accounting standards will feed environmental management into the teeth of Sarbanes-Oxley. Readers get all the information they need in a format that is accessible to a wide variety of professional disciplines.

It is a very useful book for the people who don't know anything about risk management and especially financial risk management in banks.

The author gives a brief history of the banking history, mainly in the USA and thus motivates the introduction of the several subsequent regulations put in place, and of the different methods os assesing risk and optimising capital allocation. The book excells in simple yet powerful risk management techniques for banks. I have recommended (and, in fact some times given away) this book both to my students and my colleagues in the asset management industry.

The book offers a perfectly simple approach to ALM in banking. I cannot imagine a more concise framework for this subject. The authors fully attain their objective of providing fun reading for a banking subject,something really out of this world.

Asset liability management can get rather complicated. The authors treat this subject in a very user friendly way that the layperson can understand, and the technician can get good guidance out of.

They cover all the basics really well. After studying this book, you will have a very good understanding of gap analysis, duration, shareholder value added, liquidity management, and other related subject.

Brenner goes beyond "textbook economics" to explain how economies evolve. Free from unrealistic models and econometric "conclusions", his analysis is factual and based on demographics, the flow and availability of capital, and accountability between stakeholders. The originality of his view is, alone, worth the experience of reading this wonderful book. Only if all economists had such an unbiased, original take on how markets and humans really work.

Reuven Brenner, an intense, dynamic, and iconoclast economist, has entered a very weighty two cents into the current thought on the world economy with this new book.

With multiple clear examples of politics and history, he shows the difference between America's open capital markets and most of the world's nations closed capital markets, and why America has been at the forefront of econonomic and capitalist development for more than 50 years.

His main argument: Citizens of any nation should have access to capital in order to embark on ventures that will produce profit. The most valuable resource any nation has are its talented citizens, by denying them access to the ability to be entrepreneurs, the nation is hurting itself and its growth. The answer: Let them access the resources they need, but hold both sides accountable. It won't keep an Enron from happening, but it will keep it from happening again, as is obvious with new accounting reforms.

Using examples from pre/post Communist Russia, Latin America, Islamic Fundamentalist states, and budding open capital markets, Brenner proves that any system that restricts access to capital is doomed to fail. Sure to open your mind and expose you to the true story of the global economy, The Force Of Finance is the penultimate book on how to turn a third world nation into a modern state that is living up to its potential.

Money, capital markets, brain drains, direct democracy, corruption, crime and gold are woven together with skill to produce a stunningly original picture of the world. The argument that society is shaped by the imperative of access to capital, and that when one channel is blocked another opens, is used to explain a wide variety of historical and current events. You can dam the force of finance to change the direction of the river, but sooner or later, one way or another, the water will get to the sea.

"The Force of Finance: Triumph of the Capital Markets" by Reuven Brenner, Stoddart Publishing Co. Limited, Toronto, 2002 and Texere Publishing London & New York, challenges unsupported conventional thinking in many areas including economics, finance, capital markets, prosperity, freedom and democracy.

"Prosperity is the consequence of one thing and one only: matching talent with capital, and holding both sides accountable," as illustrated by the economic successes of 17th century Netherlands and the modern Asian Tigers. Brenner warns of the injury caused by public policies of confiscation and unproductive regulations, but reports, "for the moment, the U.S. alone has the fundamentals right."

Chapter 2 considers the relationship between capital markets and democracy and elaborates extensively about the 1997 observations of Arthur Schlesinger, Jr., "democracy requires capitalism, but capitalism does not require democracy." More simply stated capitalism thrives where democracy cannot. The legal recognition of private property, open capital markets and dispersion of political power augment both democracy and capitalism. More than any other single factor, "low taxes" bring "economic miracles."

Brenner calls macroeconomics the "twentieth-century pseudo-science" because it is built on the false Keynsian view that governments can or should manipulate economic outcomes.

In Chapter 4 Brenner points out that "voting rights were not much of an obstacle to governments intent on doing harm." Thus, Brenner reasons that democracy and capitalism are safer when politicians possess less, rather than more, power: "referenda significantly diminish the power of politicians and bureaucrats." Experimentation with political change and tools of citizen involvement was truncated and stalled by the Great Wars, the Depression, and the Cold War; but now the time is ripe for renewed interest in reforms, which should be cause for optimism.

Chapter 7, titled "Extracting Sunbeams out of Cucumbers," explores how "ideas that have no foundation gain scientific status." For decades economists have used the lighthouse analogy to advocate government intrusion. If government did not provide lighthouses, then there would be none. However, private-sector lighthouses existed for centuries. How could so many great minds get this fact wrong? Ronald Coarse published the historical correction in 1974, but the false analogy continues to appear in new textbooks. Students "arrive at the intended but utterly misleading conclusion. The frequently repeated idea thus passes for fact." "Students are not being taught science; instead, they are being taught obscure linguistic exercises masquerading as science." "Matching ideas to real-world events is the meaning of being scientific. It is unscientific to either ignore or reject discovered patterns." The non-science of the social sciences and humanities hide in a maze of obscure rhetoric designed to bar critical review by outsiders and to ridicule innovators as lacking understanding. "Aesop was right: Obscurity often brings safety." It is the conformist who survives. "Followers are taught to be blind." Chinese inventiveness ceased when state power increased; it always does.

That so many politicians and economist were attracted to Keynesian views is simply evidence that people respond to incentives. The opportunity for bigger and more intrusive government benefited both groups irrespective of whether the ideas had merit.

"Precedents are incorporated into behavior and institutions, and often outlive the circumstances that created them." "Prosperity requires people to abandon old industries and old ways of doing things, and bet on new ones and new ways."

"Backward-looking societies stay poor." "Stable currency does not guarantee prosperity" ... but "it is a necessary part." "Out-of-the way Iceland, Australia, and New Zealand are all prosperous and technologically up to date. They are not close to either big markets or principal sea routes. ... they have open capital markets."

"In the absence of democratized capital markets, "freedom" is an empty word." "With open markets the poor can move up." "Limiting access to capital markets is the means by which groups can stay in power." "Indeed, the democratization of financial markets and the adoption of the institutions of direct democracy are, the keys to lasting prosperity."

"The United States has its share of bad laws, outdated regulations, complex taxes, and controls inherited from the past, many of these are still unquestioned."

"... as a condition of receiving Western capital, countries should open up their financial markets." Brenner predicts, "If Putin carries out his promise to impose a 13 % flat tax ... Russia will soon prosper, attracting critical masses of talent and capital, reducing corruption, and leapfrogging over many other countries."

In short "The Force of Finance" offers a comprehensive vision for freedom not yet appreciated by many leaders. All peoples will benefit when economic and political freedoms are enlarged. The key is the opening of and access to financial markets and the dispersion of political power, which tends more to interfere with, rather than facilitate, open financial markets. The sooner people gain the courage to confront and change archaic regulatory and political institutions the sooner people will benefit from increased wealth and freedom.

"The Force of Finance" is recommended reading for those interested in deeper understanding of the interdependency of economic and democratic freedoms.