FT Book of the Year

When scholars write the history of the world twenty years from now, and they come to the chapter Y2K to March 2004, what will they say was the most crucial development? The attacks on the World Trade Center on 9/11 and the Iraq war? Or the convergence of technology and events that allowed India, China, and so many other countries to become part of the global supply chain for services and manufacturing, creating an explosion of wealth in the middle classes of the world's two biggest nations, giving them a huge new stake in the success of globalisation? And with this flattening of the globe, which requires us to run faster in order to stay in one place, has the world got too small and too fast for human beings and their political systems to adjust in a stable manner?In this brilliant new book, the award-winning New York Times columnist Thomas Friedman demystifies the brave new world for readers, allowing them to make sense of the often bewildering global scene unfolding before their eyes. With his inimitable ability to translate complex foreign policy and economic issues, Friedman explains how the flattening of the world happened at the dawn of the 21st century; what it means to countries, companies, communities and individuals; and how governments and societies can, and must, adapt.

In a world of Google Glass and big data, smart algorithms and Siri, we know that artificial intelligence is getting smarter every day. Though all these nifty devices and programs might make our lives easier, they're also well on their way to making "good" jobs obsolete. A computer winning Jeopardy might seem like a trivial, if impressive, feat, but the same technology is making paralegals redundant as it undertakes electronic discovery, and is soon to do the same for radiologists. And that, no doubt, will only be the beginning.In Silicon Valley the phrase "disruptive technology" is tossed around on a casual basis. No one doubts that technology has the power to devastate entire industries and upend various sectors of the job market. But Rise of the Robots asks a bigger question: Can accelerating technology disrupt our entire economic system to the point where a fundamental restructuring is required? Companies like Facebook and YouTube may only need a handful of employees to achieve enormous valuations, but what will be the fate of those of us not lucky or smart enough to have gotten into the great shift from human labor to computation?The more Pollyannaish, or just simply uninformed, might imagine that this industrial revolution will unfold like the last: even as some jobs are eliminated, more will be created to deal with the new devices of a new era. In Rise of the Robots, Martin Ford argues that is absolutely not the case. Increasingly, machines will be able to take care of themselves, and fewer jobs will be necessary. The effects of this transition could be shattering. Unless we begin to radically reassess the fundamentals of how our economy works, we could have both an enormous population of the unemployed—the truck drivers, warehouse workers, cooks, lawyers, doctors, teachers, programmers, and many, many more, whose labors have been rendered superfluous by automated and intelligent machines—and a general economy that, bereft of consumers, implodes under the weight of its own contradictions. We are at an inflection point—do we continue to listen to those who argue that nothing fundamental has changed, and take a bad bet on a miserable future, or do we begin to discuss what we must do to ensure all of us, and not just the few, benefit from the awesome power of artificial intelligence? The time to choose is now.Rise of the Robots is both an exploration of this new technology and a call to arms to address its implications. Ford has seen the future, and he knows that for some of us, the rise of the robots will be very frightening indeed.

We used to think of failure as the opposite of success. Now, we’re often torn between two “failure cultures”: one that says to avoid failure at all costs, the other that says fail fast, fail often. The trouble is that both approaches lack the crucial distinctions to help us separate good failure from bad. As a result, we miss the opportunity to fail well.After decades of award-winning research, Amy Edmondson is here to upend our understanding of failure and make it work for us. In Right Kind of Wrong, Edmondson provides the framework to think, discuss, and practice failure wisely. Outlining the three archetypes of failure—simple, complex, and intelligent—Amy showcases how to minimize unproductive failure while maximizing what we gain from flubs of all stripes. She illustrates how we and our organizations can embrace our human fallibility, learn exactly when failure is our friend, and prevent most of it when it is not. This is the key to pursuing smart risks and preventing avoidable harm.With vivid, real-life stories from business, pop culture, history, and more, Edmondson gives us specifically tailored practices, skills, and mindsets to help us replace shame and blame with curiosity, vulnerability, and personal growth. You’ll never look at failure the same way again.A revolutionary guide that will transform your relationship with failure, from the pioneering researcher of psychological safety and award-winning Harvard Business School professor Amy Edmondson.

We plug anything we can into the internet. We can control our entire lives, the economy, and the grid via remote web controls. But over the past decade, as this transformation took place, we never paused to think that we were also creating the world’s largest attack surface. And the same nation that maintains the greatest cyber advantage on Earth could also be among its most vulnerable.Filled with spies, hackers, arms dealers and a few unsung heroes, This Is How They Tell Me the World Ends is an astonishing and gripping feat of journalism. Drawing on years of reporting and hundreds of interviews, Nicole Perlroth lifts the curtain on a market in shadow, revealing the urgent threat faced by us all if we cannot bring the global cyber arms race to heel.EndorsementsWinner of the FT and McKinsey Business Book of the Year Award 2021The instant New York Times bestsellerFinancial Times and The Times Book of the Year"A terrifying exposé" — The Times"Part John le Carré... Spellbinding" — The New Yorker

When Markets Collide is a timely alert to the fundamental changes taking place in today's global economic and financial systems—and a call to action for investors who may fall victim to misinterpreting important signals. While some have tended to view asset class mispricings as mere "noise," this compelling book shows why they are important signals of opportunities and risks that will shape the market for years to come. One of today's most respected names in finance, Mohamed El-Erian puts recent events in their proper context, giving you the tools that can help you interpret the markets, benefit from global economic change, and navigate the risks.The world economy is in the midst of a series of hand-offs. Global growth is now being heavily influenced by nations that previously had little or no systemic influence. Former debtor nations are building unforeseen wealth and, thus, enjoying unprecedented influence and facing unusual challenges. And new derivative products have changed the behavior of many market segments and players. Yet, despite all these changes, the system's infrastructure is yet to be upgraded to reflect the realities of today's and tomorrow's world. El-Erian investigates the underlying drivers of global change to shed light on how you should:Think about the new opportunities and risks.Construct an appropriately diversified and internationalized portfolio.Protect your portfolio against new sources of systemic risk.Consider the impact of central banks and financial policies around the world.Offering up predictions of future developments, El-Erian directs his focus to help you capitalize on the new financial landscape while limiting exposure to new risk configurations.When Markets Collide is a unique resource for investors and policy makers around the world. In addition to providing a thorough analysis and clear perspective of recent events, it lays down a detailed map for navigating your way through an otherwise perplexing new economic landscape.EndorsementsSelected as a 2008 Best Business Book of the Year by The Economist.Winner of the 2008 Financial Times and Goldman Sachs Business Book of the Year Award."One of the smartest investors on the planet." — Money magazine"This book is an essential read for those who wish to understand the modern world of investing." — Alan Greenspan

The full inside story of the breathtaking rise and shocking collapse of a multibillion-dollar startup, by the prize-winning journalist who first broke the story and pursued it to the end in the face of pressure and threats from the CEO and her lawyers.In 2014, Theranos founder and CEO Elizabeth Holmes was widely seen as the female Steve Jobs: a brilliant Stanford dropout whose startup "unicorn" promised to revolutionize the medical industry with a machine that would make blood tests significantly faster and easier. Backed by investors such as Larry Ellison and Tim Draper, Theranos sold shares in a fundraising round that valued the company at $9 billion, putting Holmes's worth at an estimated $4.7 billion. There was just one problem: The technology didn't work.For years, Holmes had been misleading investors, FDA officials, and her own employees. When Carreyrou, working at The Wall Street Journal, got a tip from a former Theranos employee and started asking questions, both Carreyrou and the Journal were threatened with lawsuits. Undaunted, the newspaper ran the first of dozens of Theranos articles in late 2015. By early 2017, the company's value was zero and Holmes faced potential legal action from the government and her investors. Here is the riveting story of the biggest corporate fraud since Enron, a disturbing cautionary tale set amid the bold promises and gold-rush frenzy of Silicon Valley.

From an economist who warned of the global financial crisis, a new warning about the continuing peril to the world economy. Raghuram Rajan was one of the few economists who warned of the global financial crisis before it hit. Now, as the world struggles to recover, it's tempting to blame what happened on just a few greedy bankers who took irrational risks and left the rest of us to foot the bill. In Fault Lines, Rajan argues that serious flaws in the economy are also to blame, and warns that a potentially more devastating crisis awaits us if they aren't fixed.Rajan shows how the individual choices that collectively brought about the economic meltdown—made by bankers, government officials, and ordinary homeowners—were rational responses to a flawed global financial order in which the incentives to take on risk are incredibly out of step with the dangers those risks pose. He traces the deepening fault lines in a world overly dependent on the indebted American consumer to power global economic growth and stave off global downturns. He exposes a system where America's growing inequality and thin social safety net create tremendous political pressure to encourage easy credit and keep job creation robust, no matter the consequences to the economy's long-term health; and where the U.S. financial sector, with its skewed incentives, is the critical but unstable link between an overstimulated America and an underconsuming world.In Fault Lines, Rajan demonstrates how unequal access to education and health care in the United States puts us all in deeper financial peril, even as the economic choices of countries like Germany, Japan, and China place an undue burden on America to get its policies right. He outlines the hard choices we need to make to ensure a more stable world economy and restore lasting prosperity.

They amassed unimaginable fortunes and would stop at nothing to make a deal, until their titanic egos started to jeopardize everything. This is the astonishing story of Lazard Frères, the world’s most elite and legendary investment bank – and the men who reigned over it all.For over 150 years Lazard Frères had stood apart from other Wall Street firms by offering ultra-wealthy clients the wisdom of its ‘Great Men’: from Felix Rohatyn, the escapee from Nazi-occupied France turned financial genius, to Michel David-Weill, the inscrutable French billionaire ‘Sun King’; from Steve Rattner, the boy wonder from Long Island who clashed violently with the old guard, to larger-than-life CEO Bruce Wasserstein, ‘Bid-Em-Up Bruce’, who broke with the bank’s traditions and made himself billions in the process.In The Last Tycoons, William Cohan, himself a former high-level Wall Street banker, takes us into their mysterious and secretive world, telling a story of ruthless ambition, whispered advice, explosive feuds, glamorous mistresses, decadent excesses and unimaginable wealth.

You may be surprised to learn that microchips are the new oil—the scarce resource on which the modern world depends. Today, military, economic, and geopolitical power are built on a foundation of computer chips. Virtually everything—from missiles to microwaves, smartphones to the stock market—runs on chips. Until recently, America designed and built the fastest chips and maintained its lead as the #1 superpower. Now, America's edge is slipping, undermined by competitors in Taiwan, Korea, Europe, and, above all, China. Today, as Chip War reveals, China, which spends more money each year importing chips than it spends importing oil, is pouring billions into a chip-building initiative to catch up to the US. At stake is America's military superiority and economic prosperity.Economic historian Chris Miller explains how the semiconductor came to play a critical role in modern life and how the U.S. became dominant in chip design and manufacturing and applied this technology to military systems. America's victory in the Cold War and its global military dominance stem from its ability to harness computing power more effectively than any other power. But here, too, China is catching up, with its chip-building ambitions and military modernization going hand in hand. America has let key components of the chip-building process slip out of its grasp, contributing not only to a worldwide chip shortage but also to a new Cold War with a superpower adversary that is desperate to bridge the gap.Illuminating, timely, and fascinating, Chip War shows that, to make sense of the current state of politics, economics, and technology, we must first understand the vital role played by chips.An epic account of the decades-long battle to control what has emerged as the world's most critical resource—microchip technology—with the United States and China increasingly in conflict.

Sebastian Mallaby's magisterial biography of Alan Greenspan, the product of over five years of research based on untrammeled access to his subject and his closest professional and personal intimates, brings into vivid focus the mysterious point where the government and the economy meet. To understand Greenspan's story is to see the economic and political landscape of the last 30 years—and the presidency from Reagan to George W. Bush—in a whole new light. As the most influential economic statesman of his age, Greenspan spent a lifetime grappling with a momentous shift: the transformation of finance from the fixed and regulated system of the post-war era to the free-for-all of the past quarter century. The story of Greenspan is also the story of the making of modern finance, for good and for ill.Greenspan's life is a quintessential American success story: raised by a single mother in the Jewish émigré community of Washington Heights, he was a math prodigy who found a niche as a stats-crunching consultant. A master at explaining the economic weather to captains of industry, he translated that skill into advising Richard Nixon in his 1968 campaign. This led to a perch on the White House Council of Economic Advisers, and then to a dazzling array of business and government roles, from which the path to the Fed was relatively clear. A fire-breathing libertarian and disciple of Ayn Rand in his youth who once called the Fed's creation a historic mistake, Mallaby shows how Greenspan reinvented himself as a pragmatist once in power. In his analysis, and in his core mission of keeping inflation in check, he was a maestro indeed, and hailed as such. At his retirement in 2006, he was lauded as the age's necessary man, the veritable God in the machine, the global economy's avatar. His memoirs sold for record sums to publishers around the world.But then came 2008. Mallaby's story lands with both feet on the great crash which did so much to damage Alan Greenspan's reputation. Mallaby argues that the conventional wisdom is off base: Greenspan wasn't a naïve ideologue who believed greater regulation was unnecessary. He had pressed for greater regulation of some key areas of finance over the years, and had gotten nowhere. To argue that he didn't know the risks in irrational markets is to miss the point. He knew more than almost anyone; the question is why he didn't act, and whether anyone else could or would have. A close reading of Greenspan's life provides fascinating answers to these questions, answers whose lessons we would do well to heed. Because perhaps Mallaby's greatest lesson is that economic statesmanship, like political statesmanship, is the art of the possible. The Man Who Knew is a searching reckoning with what exactly comprised the art, and the possible, in the career of Alan Greenspan.The definitive biography of the most important economic statesman of our time

Award-winning reporter Sarah Frier reveals an inside, never-before-told, behind-the-scenes look at how Instagram defied the odds to become one of the most culturally defining apps of the decade.Since its creation in 2010, Instagram’s fun and simple interface has captured our collective imagination, swiftly becoming a way of life. In No Filter: The Inside Story of Instagram, technology reporter Sarah Frier explains how Instagram’s founders married art and technology to overcome skeptics and to hook the public on visual storytelling. Initially, Instagram attracted artisans, but then the platform exploded in popularity among the masses, creating an entire industry of digital influencers that’s now worth tens of billions of dollars.Eighteen months after Instagram’s launch and explosive growth, the founders—Kevin Systrom and Mike Krieger—made the gut-wrenching decision to sell the company to Facebook. For most companies, that would be the end of the story; but for Instagram, it was only the beginning. Instagram borrowed some lessons from Facebook and rejected others, until eventually its success stirred tension with Facebook’s CEO Mark Zuckerberg, just as Facebook became embroiled in a string of public crises. Frier unearths the details that led to the cofounders’ departure, bringing to light dramatic moments unknown to the public until now.At its heart, No Filter draws on unprecedented exclusive access—from the founders of Instagram, as well as employees, executives, and competitors; hedge fund billionaire Ray Dalio; Anna Wintour of Vogue; Kris Jenner of the Kardashian-Jenner empire; and a plethora of influencers, from fashionistas with millions of followers to owners of famous dogs worldwide—to show how Instagram has fundamentally changed the way we communicate, shop, eat, and travel. The book brings readers inside users’ strategies to craft their personal image and fame, explaining how the company’s product decisions have affected the structure of our society. From teenagers to the pope, No Filter tells the captivating story of how Instagram not only created a new industry but also changed our lives.

A Washington Post reporter’s intimate account of the fallout from the closing of a General Motors’ assembly plant in Janesville, Wisconsin — Paul Ryan’s hometown — and a larger story of the hollowing of the American middle class.This is the story of what happens to an industrial town in the American heartland when its factory shuts down—but it’s not the familiar tale. Most observers record the immediate shock of vanished jobs, but few stay around long enough to notice what happens next, when a community with a can-do spirit tries to pick itself up.Pulitzer Prize winner Amy Goldstein has spent years immersed in Janesville, Wisconsin, where the nation’s oldest operating General Motors plant shut down in the midst of the Great Recession, two days before Christmas of 2008. Now, with intelligence, sympathy, and insight into what connects and divides people in an era of economic upheaval, she makes one of America’s biggest political issues human. Her reporting takes the reader deep into the lives of autoworkers, educators, bankers, politicians, and job re-trainers to show why it’s so hard in the twenty-first century to recreate a healthy, prosperous working class.For this is not just a Janesville story or a Midwestern story. It’s an American story.

What are the grand dynamics that drive the accumulation and distribution of capital? Questions about the long-term evolution of inequality, the concentration of wealth, and the prospects for economic growth lie at the heart of political economy. But satisfactory answers have been hard to find for lack of adequate data and clear guiding theories. In Capital in the Twenty-First Century, Thomas Piketty analyzes a unique collection of data from twenty countries, ranging as far back as the eighteenth century, to uncover key economic and social patterns. His findings will transform debate and set the agenda for the next generation of thought about wealth and inequality.Piketty shows that modern economic growth and the diffusion of knowledge have allowed us to avoid inequalities on the apocalyptic scale predicted by Karl Marx. But we have not modified the deep structures of capital and inequality as much as we thought in the optimistic decades following World War II. The main driver of inequality—the tendency of returns on capital to exceed the rate of economic growth—today threatens to generate extreme inequalities that stir discontent and undermine democratic values. But economic trends are not acts of God. Political action has curbed dangerous inequalities in the past, Piketty says, and may do so again.

Amazon.com started off delivering books through the mail. But its visionary founder, Jeff Bezos, wasn't content with being a bookseller. He wanted Amazon to become the everything store, offering limitless selection and seductive convenience at disruptively low prices. To do so, he developed a corporate culture of relentless ambition and secrecy that's never been cracked. Until now. Brad Stone enjoyed unprecedented access to current and former Amazon employees and Bezos family members, giving readers the first in-depth, fly-on-the-wall account of life at Amazon. Compared to tech's other elite innovators—Jobs, Gates, Zuckerberg—Bezos is a private man. But he stands out for his restless pursuit of new markets, leading Amazon into risky new ventures like the Kindle and cloud computing, and transforming retail in the same way Henry Ford revolutionized manufacturing.The definitive story of Amazon.com, one of the most successful companies in the world, and of its driven, brilliant founder, Jeff Bezos. The Everything Store will be the revealing, definitive biography of the company that placed one of the first and largest bets on the Internet and forever changed the way we shop and read.

Why do the poor borrow to save? Why do they miss out on free life-saving immunizations, but pay for unnecessary drugs? In Poor Economics, Abhijit V. Banerjee and Esther Duflo, two practical visionaries working toward ending world poverty, answer these questions from the ground. The authors tell how the stress of living on less than 99 cents per day encourages the poor to make questionable decisions that feed—not fight—poverty. The result is a radical rethinking of the economics of poverty that offers a ringside view of the lives of the world’s poorest, and shows that creating a world without poverty begins with understanding the daily decisions facing the poor.Endorsements"Marvelous, rewarding." — The Wall Street Journal

Discover the shocking gender bias that affects our everyday lives.Imagine a world where your phone is too big for your hand, where your doctor prescribes a drug that is wrong for your body, where in a car accident you are 47% more likely to be seriously injured, where every week the countless hours of work you do are not recognised or valued.If any of this sounds familiar, chances are that you're a woman.Invisible Women shows us how, in a world largely built for and by men, we are systematically ignoring half the population. It exposes the gender data gap – a gap in our knowledge that is at the root of perpetual, systemic discrimination against women, and that has created a pervasive but invisible bias with a profound effect on women’s lives.From government policy and medical research, to technology, workplaces, urban planning and the media, Invisible Women reveals the biased data that excludes women.Award-winning campaigner and writer Caroline Criado Perez brings together for the first time an impressive range of case studies, stories and new research from across the world that illustrate the hidden ways in which women are forgotten, and the impact this has on their health and well-being. In making the case for change, this powerful and provocative book will make you see the world anew.

“ExxonMobil has met its match in Coll, an elegant writer and dogged reporter . . . extraordinary . . . monumental.” — The Washington Post“Fascinating . . . Private Empire is a book meticulously prepared as if for trial . . . a compelling and elucidatory work.” — BloombergFrom the Pulitzer Prize-winning and bestselling author of Ghost Wars and The Achilles Trap, a n extraordinary exposé of Big Oil. Includes a profile of current Secretary of State and former chairman and chief executive of ExxonMobil, Rex TillersonIn this, the first hard-hitting examination of ExxonMobil—the largest and most powerful private corporation in the United States—Steve Coll reveals the true extent of its power. Private Empire pulls back the curtain, tracking the corporation’s recent history and its central role on the world stage, beginning with the Exxon Valdez accident in 1989 and leading to the Deepwater Horizon oil spill in the Gulf of Mexico in 2010. The action spans the globe—featuring kidnapping cases, civil wars, and high-stakes struggles at the Kremlin—and the narrative is driven by larger-than-life characters, including corporate legend Lee “Iron Ass” Raymond, ExxonMobil’s chief executive until 2005, and current chairman and chief executive Rex Tillerson, President-elect Donald Trump's nomination for Secretary of State. A penetrating, news-breaking study, Private Empire is a defining portrait of Big Oil in American politics and foreign policy.