Global and domestic forces have set in motion a downturn that has destroyed the livelihood, wealth and optimism of Americans nationwide, creating confusion, anger and dismay. The torrent of financial and economic news has reached a crescendo and overwhelmed the average person’s ability to deal with the myriad of complicated and ambiguous explanations used to describe what is happening.

THE 21STCENTURY ECONOMY: A BEGINNER’S GUIDE (April 2009; Random House: A Vintage Books Original), written by Randy Charles Epping, provides a toolkit which clarifies and simplifies the immense river of economic information and helps define what it means for our daily lives – and our destiny. This easy-to-read essential primer spells out the terms and dynamics of this new world order – or disorder – so the average American can grasp the essential facts to stay current.

Since it is imperative that American consumers, investors and voters – not only politicians and CEOS – become literate about today’s interconnected global economy, Epping has provided, without charts or graphs, a straightforward solution with easy-to-understand tools to survive and even thrive. THE 21ST CENTURY ECONOMY is complete with essential definitions and examples for terms such as:

• Inflation, Deflation or Price Stability
   
• High Interest Rates or Low Interest Rates
   
• Easy credit or credit crunch
   
• Wealth destruction or wealth creation
   
• Bear Market or Bull
   
• Free Market Banks or Nationalization

“What happens in one part of the world can now have unforeseen consequences on the other side of the planet in the blink of an eye,” says Epping. He refers to this new reality as ‘Fusion Economics,’ and explains that “unlocking the secret of fusing hydrogen isotopes created the most powerful bomb ever, changing the balance of power around the globe. In the 21stcentury economy, world markets are merging and the resultant energy has created enormous growth, along with a global economic crisis.”
 

Reviews:

"Epping (A Beginner's Guide to the World Economy) offers a comprehensive guide to the global economy, arguing that economic literacy is a survival imperative in a fusion economy, where what happens in one corner of the globe can have unprecedented impact on the rest of the world. He gives a thorough and easy-to-understand explanation of the rudiments of global finance and provides readers with the tools to be able to make sense of future economic events. Sidebars scattered throughout the book go deeper into such terms and concepts as subprime mortgages, mortgage-backed securities and the difference between budget deficit and trade deficit. Epping also explores macroeconomics, the virtual economy, private equity and public good-and even how to eliminate poverty. A refreshing look at the present economic situation, minus the often confusing graphs, charts and jargon typical in works of this type, this book provides a solid understanding of economic basics, giving readers the much-needed tools they need to stay on top of future developments." (Mar.)

- Publishers Weekly

"Business consultant Epping (A Beginner's Guide to the World Economy) provides help for the economically perplexed in this careful explanation of the workings of our modern economy and hundreds of terms, such as subprime debt, CDO, IMF, money supply, and discount rate. To supplement his text, he includes a 60- page glossary. Remarkably, he is able to explain the global economy in language that most readers will find both understandable and interesting. Epping shows a bias for free trade and open borders, but his explanations are generally evenhanded. His topically organized chapters cover vital issues like the current credit crisis, globalization, immigration, and the environment. The chapter examining economic systems, including China's hybrid of entrepreneurial capitalism and communism, is especially insightful. Along with Mark Zandi's Financial Shock, which offers a more focused examination of how the current credit crisis began, this remarkably accessible and up-to-date work on our turbulent economy is highly recommended for all libraries."

- Lawrence Maxted, Library Journal

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