This book emphasizes that the Spanish empire remained the third most important European state in terms of fiscal income and naval power, and first in size of territorial empire, particularly because of its colonies in Spanish America. The Spanish crown was involved in four wars with Great Britain and two wars with France during the decades 1760-1810. Colonial Mexico financed most of these wars by remitting silver in the form of taxes and loans. The expenditures of the imperial wars were so great that they eventually caused the bankruptcy of both the Spanish American colonies and of the monarchy itself.

"My goal is to show the reader that the Soviet political and economic system was unstable by its very nature. It was just a question of when and how it would collapse...." —From the Introduction to Collapse of an Empire The Soviet Union was an empire in many senses of the word—a vast mix of far-flung regions and accidental citizens by way of conquest or annexation. Typical of such empires, it was built on shaky foundations. That instability made its demise inevitable, asserts Yegor Gaidar, former prime minister of Russia and architect of the "shock therapy" economic reforms of the 1990s. Yet a growing desire to return to the glory days of empire is pushing today's Russia backward into many of the same traps that made the Soviet Union untenable. In this important new book, Gaidar clearly illustrates why Russian nostalgia for empire is dangerous and ill-fated: "Dreams of returning to another era are illusory. Attempts to do so will lead to defeat." Gaidar uses world history, the Soviet experience, and economic analysis to demonstrate why swimming against this tide of history would be a huge mistake. The USSR sowed the seeds of its own economic destruction, and Gaidar worries that Russia is repeating some of those mistakes. Once again, for example, the nation is putting too many eggs into one basket, leaving the nation vulnerable to fluctuations in the energy market. The Soviets had used revenues from energy sales to prop up struggling sectors such as agriculture, which was so thoroughly ravaged by hyperindustrialization that the Soviet Union became a net importer of food. When oil prices dropped in the 1980s, that revenue stream diminished, and dependent sectors suffered heavily. Although strategies requiring austerity or sacrifice can be politically difficult, Russia needs to prepare for such downturns and restrain spending during prosperous times. Collapse of an Empire shows why it is imperative to fix the roof before it starts to rain, and why so

As readers of classic Russian literature know, the nineteenth century was a time of pervasive financial anxiety. With incomes erratic and banks inadequate, Russians of all social castes were deeply enmeshed in networks of credit and debt. The necessity of borrowing and lending shaped perceptions of material and moral worth, as well as notions of social respectability and personal responsibility. Credit and debt were defining features of imperial Russia’s culture of property ownership. Sergei Antonov recreates this vanished world of borrowers, bankrupts, lenders, and loan sharks in imperial Russia from the reign of Nicholas I to the period of great social and political reforms of the 1860s. Poring over a trove of previously unexamined records, Antonov gleans insights into the experiences of ordinary Russians, rich and poor, and shows how Russia’s informal but sprawling credit system helped cement connections among property owners across socioeconomic lines. Individuals of varying rank and wealth commonly borrowed from one another. Without a firm legal basis for formalizing debt relationships, obtaining a loan often hinged on subjective perceptions of trustworthiness and reputation. Even after joint-stock banks appeared in Russia in the 1860s, credit continued to operate through vast networks linked by word of mouth, as well as ties of kinship and community. Disputes over debt were common, and Bankrupts and Usurers of Imperial Russia offers close readings of legal cases to argue that Russian courts—usually thought to be underdeveloped in this era—provided an effective forum for defining and protecting private property interests.

The author of the bestselling Blowback Trilogy reflects on America's waning power in a masterful collection of essays In his prophetic book Blowback, published before 9/11, Chalmers Johnson warned that our secret operations in Iraq and elsewhere around the globe would exact a price at home. Now, in a brilliant series of essays written over the last three years, Johnson measures that price and the resulting dangers America faces. Our reliance on Pentagon economics, a global empire of bases, and war without end is, he declares, nothing short of "a suicide option." Dismantling the Empire explores the subjects for which Johnson is now famous, from the origins of blowback to Barack Obama's Afghanistan conundrum, including our inept spies, our bad behavior in other countries, our ill-fought wars, and our capitulation to a military that has taken ever more control of the federal budget. There is, he proposes, only one way out: President Obama must begin to dismantle the empire before the Pentagon dismantles the American Dream. If we do not learn from the fates of past empires, he suggests, our decline and fall are foreordained. This is Johnson at his best: delivering both a warning and an urgent prescription for a remedy.

How did empires rule different peoples across vast expanses of space and time? And how did small numbers of imperial bureaucrats govern large numbers of subordinated peoples? Empires and Bureaucracy in World History seeks answers to these fundamental problems in imperial studies by exploring the power and limits of bureaucracy. The book is pioneering in bringing together historians of antiquity and the Middle Ages with scholars of post-medieval European empires, while a genuinely world-historical perspective is provided by chapters on China, the Incas and the Ottomans. The editors identify a paradox in how bureaucracy operated on the scale of empires and so help explain why some empires endured for centuries while, in the contemporary world, empires fail almost before they begin. By adopting a cross-chronological and world-historical approach, the book challenges the abiding association of bureaucratic rationality with 'modernity' and the so-called 'Rise of the West'.

Through the lens of the Asian Financial Crisis, this book documents how international organizations and national governments crafted legal responses, through corporate bankruptcy reforms, to the fragility of financial markets in East Asia and worldwide.

Bending the Law is a must read for bankruptcy practitioners, and for anyone else concerned about the use of bankruptcy law to deal with mass torts.

It was the most brutal corporate restructuring in Wall Street history. The 2015 bankruptcy brawl for the storied casino giant, Caesars Entertainment, pitted brilliant and ruthless private equity legends against the world's most relentless hedge fund wizards. In the tradition of Barbarians at the Gate and The Big Short comes the riveting, multi-dimensional poker game between private equity firms and distressed debt hedge funds that played out from the Vegas Strip to Manhattan boardrooms to Chicago courthouses and even, for a moment, the halls of the United States Congress. On one side: Apollo Global Management and TPG Capital. On the other: the likes of Elliott Management, Oaktree Capital, and Appaloosa Management. The Caesars bankruptcy put a twist on the old-fashioned casino heist. Through a $27 billion leveraged buyout and a dizzying string of financial engineering transactions, Apollo and TPG—in the midst of the post-Great Recession slump—had seemingly snatched every prime asset of the company from creditors, with the notable exception of Caesars Palace. But Caesars’ hedge fund lenders and bondholders had scooped up the company’s paper for nickels and dimes. And with their own armies of lawyers and bankers, they were ready to do everything necessary to take back what they believed was theirs—if they could just stop their own infighting. These modern financiers now dominate the scene in Corporate America as their fight-to-the-death mentality continues to shock workers, politicians, and broader society—and even each other. In The Caesars Palace Coup, financial journalists Max Frumes and Sujeet Indap illuminate the brutal tactics of distressed debt mavens—vultures, as they are condemned—in the sale and purchase of even the biggest companies in the world with billions of dollars hanging in the balance.

NEW YORK TIMES BESTSELLER • A NEW YORK TIMES NOTABLE BOOK OF THE YEAR • A grand, devastating portrait of three generations of the Sackler family, famed for their philanthropy, whose fortune was built by Valium and whose reputation was destroyed by OxyContin. From the prize-winning and bestselling author of Say Nothing. "A real-life version of the HBO series Succession with a lethal sting in its tail…a masterful work of narrative reportage.” – Laura Miller, Slate The history of the Sackler dynasty is rife with drama—baroque personal lives; bitter disputes over estates; fistfights in boardrooms; glittering art collections; Machiavellian courtroom maneuvers; and the calculated use of money to burnish reputations and crush the less powerful. The Sackler name has adorned the walls of many storied institutions—Harvard, the Metropolitan Museum of Art, Oxford, the Louvre. They are one of the richest families in the world, but the source of the family fortune was vague—until it emerged that the Sacklers were responsible for making and marketing a blockbuster painkiller that was the catalyst for the opioid crisis. Empire of Pain is the saga of three generations of a single family and the mark they would leave on the world, a tale that moves from the bustling streets of early twentieth-century Brooklyn to the seaside palaces of Greenwich, Connecticut, and Cap d’Antibes to the corridors of power in Washington, D.C. It follows the family’s early success with Valium to the much more potent OxyContin, marketed with a ruthless technique of co-opting doctors, influencing the FDA, downplaying the drug’s addictiveness. Empire of Pain chronicles the multiple investigations of the Sacklers and their company, and the scorched-earth legal tactics that the family has used to evade accountability. A masterpiece of narrative reporting, Empire of Pain is a ferociously compelling portrait of America’s second Gilded Age, a study of impunity among the super-elite and a relentless investigation of the naked greed that built one of the world’s great fortunes.

Pulitzer prize–winner Chris Hedges charts the dramatic and disturbing rise of a post-literate society that craves fantasy, ecstasy and illusion. Chris Hedges argues that we now live in two societies: One, the minority, functions in a print-based, literate world, that can cope with complexity and can separate illusion from truth. The other, a growing majority, is retreating from a reality-based world into one of false certainty and magic. In this “other society,” serious film and theatre, as well as newspapers and books, are being pushed to the margins. In the tradition of Christopher Lasch’s The Culture of Narcissism and Neil Postman’s Amusing Ourselves to Death, Hedges navigates this culture — attending WWF contests as well as Ivy League graduation ceremonies — exposing an age of terrifying decline and heightened self-delusion.