Please find below, in chronological order, books written by Gavekal partners or analysts. Scroll down to place your order which will be delivered to you by regular post. All prices include shipping and all proceeds from the book sales go to the Gavekal Endowment. If by any chance you have not received your order within 15 working days, please do not hesitate to contact us.

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China's Asian Dream: Empire Building along the New Silk Road
Written by Tom Miller
Edition: Zed Books

 

"China", Napoleon once remarked, "is a sleeping lion. Let her sleep, for when she wakes she will shake the world." In 2014, President Xi Jinping triumphantly declared that the lion had awoken. Under his leadership, China is pursuing a dream to restore its historical position as the dominant power in Asia.

From the Mekong River Basin to the Central Asian steppe, China is flexing its economic muscles for strategic ends. By setting up new regional financial institutions, Beijing is challenging the post-World War II order established under the watchful eye of Washington. And by funding and building roads, railways, ports and power lines-a New Silk Road across Eurasia and through the South China Sea and Indian Ocean-China aims to draw its neighbors ever tighter into its embrace.

Combining a geopolitical overview with on-the-ground reportage from a dozen countries, China's Asian Dream offers a fresh perspective on the rise of China and what it means for the future of Asia.

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Stagnation or Bust?
Written by Charles Gave
Edition: Gavekal Books

 

Knut Wicksell was a late nineteenth century Swedish economist who late in his career elucidated some wonderfully simple insights about the basic rates of interest that impact entrepreneurs, savers and borrowers in a market-based economy. His framework effectively undresses any economic cycle to its bare essentials. Given the distortions in monetary policy in the US, Europe and Japan since the acute phase of the 2008 financial crisis, Wicksell's insights are relevant for those seeking to understand how this economic cycle ends and the investment consequences which flow from the denouement. For Wicksell, the "natural rate of interest" was the rate that causes savings and investment to broadly balance. It corresponds over the long term to an "equilibrium level", like the purchasing power parity exchange rate between two currencies. His other key measure was the "market rate of interest" which corresponds to companies' long term borrowing cost. As Wicksell saw it, economic cycles tend to be driven by the spread between these two fundamental rates of interest. When the market rate is too low compared to the natural rate, the cost of capital is too cheap. The result will be capital misallocation, leading eventually to a decline...
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China's Economy: What Everyone Needs to Know
Written by Arthur R. Kroeber
Edition: Oxford University Press

 

China's Economy: What Everyone Needs to Know is a concise, comprehensive introduction to the most astonishing economic growth story of the last three decades. In the 1980s China was an impoverished backwater, struggling to escape the political turmoil and economic mismanagement of the Mao era. Today it is the world's second biggest economy, the largest manufacturing and trading nation, the consumer of half the world's steel and coal, the biggest source of international tourists, and one of the most influential investors in developing countries from southeast Asia to Africa to Latin America. China is a country of contradictions. Its growth has lifted 700 million people out of poverty. It has also created a monumental environmental mess, with smog-blanketed cities and carbon emissions that are a leading cause of climate change. Multinational companies make billions of dollars in profits in China each year, but traders around the world shudder at every gyration of the country's unruly stock markets. Most surprising of all, its capitalist economy is governed by an authoritarian Communist Party that shows no sign of loosening its grip. How did China manage to grow so fast for so long? Can it keep growing and still solve its...
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The Case For Chinese Equities
Written by Joe Studwell
Edition: Gavekal Books

 

For years, China's economy has boomed while its equity markets have languished. Now the opposite is occurring: economic growth is ever more sluggish, while the stock market surges. Is the buoyant stock market a temporary aberration, "irrational exuberance", or a sign of profound change in China's financial system? Joe Studwell argues that China's experience echoes that of the other major East Asian economies: Japan, South Korea and Taiwan. Each of those countries went through a high-growth period characterized by intensive investment and by severe repression of financial markets. Financial repression was the tool governments used to ensure that national saving was channeled into the investments favored by the state's development strategy: infrastructure, basic industries and export oriented manufacturing. During this period equity-market returns stayed low even though economic growth was rapid. Eventually, each of these countries made the transition to more efficiency-driven growth. As they did so, financial markets were freed up and stock-market booms ensued, even as economic growth slowed to more sustainable levels. Today China is in the midst of a similar transition. The capital-intensive growth of the past is giving...
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Too Different For Comfort - Printed Copy
Written by Louis-Vincent Gave
Edition: GaveKal Books

 

When Lord Salisbury was asked by Queen Victoria to consider a reform, he famously replied: "Change? Your majesty, aren't things bad enough as they are?" Of course, it is in the nature of conservatives to look askance at change. But sometimes, change is thrust upon us; and in that regard, turn of the century periods tend to be particularly traumatic. Think of a man who fell asleep for 30 years in 1790. Our sloth would have woken up to a very different world in 1820 (France was no longer the dominant European power, Britain was rapidly expanding her global reach, Spain had become a has-been, the United States was experimenting with a new form of government…). The same is even truer for the man who fell asleep in 1890 and rose in 1920 to witness the end of the Austro-Hungarian, Chinese, Russian and Ottoman empires, the establishment of the USSR, the rise of Japan, the dominance of the United States. And the same is true today: someone who fell asleep in 1990 would likely be surprised to hear that Pentagon officials are now more worried about China than the Soviet Union (which of course no longer exists); that Europe is going cap in hand to ask for loans from China, India and Brazil; that Iran may, after all, end up exercising... Comment
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Too Different For Comfort - Free Ebook
Written by Louis-Vincent Gave
Edition: GaveKal Books

 

Please click on the icon to get a free ebook of Too Different For Comfort [2.44 MB Too Different For Comfort - Free Ebook]. As you do, please consider making a voluntary donation, either to the Gavekal Endowment through this website (in multiples of US$20). Or alternatively, by donating directly to one of the three charities to which the Gavekal Endowment contributes: Room to Read, the Nepal Youth Foundation, or PathFinders. Comment
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How Asia Works: Success and Failure In the World's Most Dynamic Region
Written by Joe Studwell
Edition: Profile Books

 

In the 1980s and 1990s many in the West came to believe in the myth of an East-Asian economic miracle. Japan was going to dominate, then China. Countries were called "tigers" or "mini-dragons," and were seen as not just development prodigies, but as a unified bloc, culturally and economically similar, and inexorably on the rise. Joe Studwell has spent two decades as a reporter in the region, and The Financial Times said he "should be named chief myth-buster for Asian business." In How Asia Works, Studwell distills his extensive research into the economies of nine countries - Japan, South Korea, Taiwan, Indonesia, Malaysia, Thailand, the Philippines, Vietnam, and China - into an accessible, readable narrative that debunks Western misconceptions, shows what really happened in Asia and why, and for once makes clear why some countries have boomed while others have languished. Studwell's in-depth analysis focuses on three main areas: land policy, manufacturing, and finance. Land reform has been essential to the success of Asian economies, giving a kick start to development by utilizing a large workforce and providing capital for growth. With manufacturing, industrial development alone is not sufficient, Studwell argues. Instead,...
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China's Urban Billion: The Story Behind the Biggest Migration In Human History
Written by Tom Miller
Edition: Zed Books

 

By 2030, China's cities will be home to 1 billion people one in every eight people on earth. What kind of lives will China's urban billion lead? And what will China's cities be like?

Over the past thirty years, China's urban population expanded by 500 million people, and is on track to swell by a further 300 million by 2030. Hundreds of millions of these new urban residents are rural migrants, who lead second-class lives without access to urban benefits. Even those lucky citizens who live in modern tower blocks must put up with clogged roads, polluted skies and cityscapes of unremitting ugliness. The rapid expansion of urban China is astonishing, but new policies are urgently needed to create healthier cities.

Combining on-the-ground reportage and up-to-date research, this pivotal book explains why China has failed to reap many of the economic and social benefits of urbanization, and suggests how these problems can be resolved. If its leaders get urbanization right, China will surpass the United States and cement its position as the world's largest economy. But if they get it wrong, China could spend the next twenty years languishing in middle-income torpor, its cities pockmarked by giant slums.

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Capitalism 4.0: The Birth Of a New Economy In the Aftermath Of Crisis
Written by Anatole Kaletsky
Edition: PublicAffairs

 

The world did not end. Despite all the forebodings of disaster in the 2007-09 financial crisis, the riots, soup kitchens, and bankruptcies did not materialise–and no one any longer expects the global capitalist system to "collapse", whatever that emotive word may mean. Yet the capitalist system's survival does not imply that the pre-crisis faith in the wisdom of financial markets and the efficiency of free enterprise will ever again be what it was before the bankruptcy of Lehman Brothers on 15 September 2008. What, then, will replace the global capitalism that crumbled in the autumn of 2008? The answer is–global capitalism, but of a new kind. The traumatic events of 2007-09 have neither destroyed nor diminished the fundamental human urges that have always powered the capitalist system–ambition, initiative, individualism, the competitive spirit, etc. But these natural human qualities are already being redirected to create a new version of the capitalist that will ultimately be more successful and productive than the one that collapsed in 2008. Rather than blaming greedy bankers, incompetent regulators or gullible homeowners, the meltdown in the global financial system needs to be put into historical and ideological...
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L'Etat est Mort, Vive l'Etat - Printed Copy
Written by Charles Gave
Edition: Francois Bourin Editeur

 

Retraites, deficits budgetaires, chomage, absence d'avenir pour leurs enfants, tous les problemes qui agitent les Francais en ce moment ont une source commune: l'Etat est sorti de ses missions pour se mettre a faire un peu n'importe quoi, et ce n'importe quoi a ete finance par la dette. Les recents problemes de la Grece ont montre que des pays peuvent se voir refuser l'acces aux marches financiers et a l'emprunt. Brutalement, le pays perd alors toute souverainete et doit, sebile a la main et corde au cou, mendier de quoi boucler ses fins de mois aupres des organisations internationales comme le FMI. L'alternative a ce qui serait un desastre inoui est de prendre les mesures qui s'imposent avant que le FMI ne s'installe a Paris. En ecrivant ce livre, mon but est d'aider chaque lecteur-citoyen a comprendre ce qui menace la stabilite economique et politique de notre "cher et vieux pays", pourquoi et comment nous en sommes arrives la. Il sera ainsi a meme de faire pression pour que les bonnes decisions soient prises. Car les solutions sont connues et ont deja ete appliquees ailleurs, en Suede, au Canada, en Nouvelle-Zelande, en Chine. Il faut simplement trouver le courage politique pour les appliquer. Nous avons tout au plus deux ans...
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L'Etat est Mort, Vive l'Etat - Free Ebook
Written by Charles Gave
Edition: Institut Des Libertes

 

Please click on the icon to get a free ebook of L'Etat est Mort, Vive l'Etat [11.73 MB Un Liberal Nomme Jesus - Free Ebook]. As you do, please consider making a voluntary donation, either to the Gavekal Endowment through this website (in multiples of US$20). Or alternatively, by donating directly to one of the three charities to which the Gavekal Endowment contributes: Room to Read, the Nepal Youth Foundation, or PathFinders.
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Liberal Mais Non Coupable - Free Ebook
Written by Charles Gave
Edition: Institut Des Libertes

 

Please click on the icon to get a free ebook of Liberal Mais Non Coupable [4.54 MB Un Liberal Nomme Jesus - Free Ebook]. As you do, please consider making a voluntary donation, either to the Gavekal Endowment through this website (in multiples of US$20). Or alternatively, by donating directly to one of the three charities to which the Gavekal Endowment contributes: Room to Read, the Nepal Youth Foundation, or PathFinders.
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A Roadmap For Troubling Times
Written by Louis-Vincent Gave and the GaveKal Team
Edition: GaveKal Research

 

At Gavekal, we have argued at length over recent years that one of the driving forces of the financial markets was the "financial revolution" which was quietly moving from the US and other Anglo-Saxon countries unto the rest of the world. Today, this financial revolution seems to be, at the very best, "put on hold". So what impact should that have on our investment decisions? Just as importantly, this very important change to the investment environment is not the only paradigm-shifting event that has occurred since we published Our Brave New World (now out of print but available for free for Download from our website) and The End Is Not Nigh . And in periods of drastic change, it is easy to focus on the negative and be overwhelmed by the general media’s natural tendency to spread doom and gloom. And undeniably, there are serious reasons to be concerned: The financial revolution has hit a serious road-bump and will likely detract more from growth than contribute to economic activity for the foreseeable future. We continue to see, through rising oil prices, an ever greater amount of wealth transferred from market players to non-market players (i.e.: oil money to Venezuela, Iran or Saudi Arabia; growth in Russian...
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JESUS: The Unknown Economist
Written by Charles Gave
Edition: GaveKal Research

 

The most difficult thing in the world when one lives one's whole life in one place is to go on seeing one's surroundings as for the first time. I happen to have spent a lot of tine throughout my life in Paris and I am repeatedly struck by the astounded admiration of first-time visitors. The experience is the same for texts we have head too many times. We no longer know how to hear, or even to listen to, the voice of Christ which has become a sort of comforting purr. Moreover, we can hardly tell the difference between the original voice and the commentaries which accompany it. Yet Jesus's words are supremely recognizable. They have a music, a logic, a gentle irony which belongs only to Him. Using His actual words is to free the jewels from their mount and let them adapt to a new setting. This is my aim with this book. To listen to Christ's words; and to listen to the message he has given us on how efficiently run our economic affairs. Let me be clear and to put it plainly: what the Fathers of the Church, theologians or biblical specialists have thought, or still think, about Christ's message in the economic sphere leaves me prodigiously indifferent. This is not a book about religion but one about economics in the light of...
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C'est une Revolte? Non, Sire, c'est une Revolution! - Printed Copy
Written by Charles Gave
Edition: Bourrin Editeurs

 

Nous sommes entres, depuis un certain temps deja, dans la troisieme grande revolution technologique que l'humanite ait connue. Apres etre passes de la cueillette et du nomadisme a l'agriculture puis a l'ere industrielle, nous entrons dans l'economie de la connaissance. Cette revolution aura des consequences incommensurables sur la societe et l'organisation du monde: disparition du modele social francais; affrontement direct entre le modele individualiste anglo-saxon et le modele communautariste religieux islamique; faillite de l'euro, la derniere tentative de superstructure monetaire totalement archaique; fin de la plus-value industrielle au profit de la plus-value intellectuelle, etc. Mais les "princes" qui nous gouvernent refusent d'affronter cette realite. Par meconnaissance ou par malhonnetete, ils "vendent" encore au bon peuple une societe deja morte. Ils n'ont qu'un seul objectif: que le peuple continue de payer pour cette illusion. Et qu'une seule peur: que le "tiers-etat" moderne se revolte comme en 89. Pourtant, qu'ils le veuillent ou non, la revolution a commence! Charles Gave pose son regard d'economiste et de financier international sur notre epoque: ses analyses sont violentes, precises, argumentees et pleines...
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C'est une Revolte? Non, Sire, c'est une Revolution! - Free Ebook
Written by Charles Gave
Edition: Institut Des Libertes

 

Please click on the icon to get a free ebook of C’est une Revolte? Non, Sire, c’est une Revolution! [4.57 MB Un Liberal Nomme Jesus - Free Ebook]. As you do, please consider making a voluntary donation, either to the Gavekal Endowment through this website (in multiples of US$20). Or alternatively, by donating directly to one of the three charities to which the Gavekal Endowment contributes: Room to Read, the Nepal Youth Foundation, or PathFinders.
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The End Is Not Nigh
Written by Louis-Vincent Gave, Charles Gave, Anatole Kaletsky & Steven Vannelli
Edition: GaveKal Research

 

Today's global financial system is characterized by a curious mixture of freedom and manipulations. Between the two main currencies of the world, the US$ and the Euro, we have a free float. But between the dollar and a lot of other currencies, especially in Asia, we have a dirty float, or fixed exchange rates, the goal being to maintain the exchange rate at an abnormally low parity to the dollar. To make matter worse, a lot of those countries (especially China and India) have decided to make their currency inconvertible. This would not matter if these currencies were small and irrelevant, but they are increasingly less so by the day. This state of affairs leads to profound price, and volume, distortions, some well understood (i.e.: the RMB is undervalued and can only go up) and some not as well understood. It also triggers a number of important questions. Namely: What distortions does the intervention of non-market players in the Asian foreign exchange markets engender? Are the distortions abating? Or accelerating? How long can those distortions last? If/when the adjustment comes, what assets will be most at risk? Of all these questions, the last one is probably the most important. As we never tire of...
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Our Brave New World - Printed Copy
Written by Anatole Kaletsky, Charles Gave, Louis-Vincent Gave
Edition: GaveKal Research

 

In recent years, we have seen companies become far more efficient in the way they use their resources, whether capital or labour.

This important change is not only having micro consequences but also has big macro implications, including a fall in the volatility of our economic cycle, a higher tolerance for debt, higher prices for assets...

In Our Brave New World, we explain some of the important changes our world has gone through in recent years and try to draw some investment implications.

This 130 page book was published in September 2005.

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Our Brave New World - Free Ebook
Written by Anatole Kaletsky, Charles Gave, Louis-Vincent Gave
Edition: GaveKal Research

 

Please click on the icon to get a free ebook of Our Brave New World [2.49 MB Our Brave New World - Free Ebook]. As you do, please consider making a voluntary donation, either to the Gavekal Endowment through this website (in multiples of US$20). Or alternatively, by donating directly to one of the three charities to which the Gavekal Endowment contributes: Room to Read, the Nepal Youth Foundation, or PathFinders.
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Our Brave New World - Korean Version
Written by Anatole Kaletsky, Charles Gave, Louis-Vincent Gave
Edition: GaveKal Research

 

Korean Version of Our Brave New World .
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Un Liberal Nomme Jesus - Printed Copy
Written by Charles Gave
Edition: Bourrin Editeurs

 

"La seule forme de pensee economique qui soit conforme aux Evangiles, c'est le liberalisme!" Sur cette conviction forte et politiquement incorrecte Charles Gave nous livre un pamphlet court et decapant ou il analyse le texte des Evangiles en economiste qui a fait du liberalisme son credo. "Venons-en a l'essentiel, c'est-a-dire a la question que nous posons, et qui est la suivante: si les Evangiles sont le fondement meme de notre civilisation, si vraiment ils sont de tous temps et de tous les lieux, alors, ils doivent avoir quelque chose a nous dire aujourd'hui sur ce qui est moral en economie! Ils ont peut-etre ete trop lus et commentes par des religieux, des moralistes, des philosophes et pas assez par des economistes et des financiers", affirme Charles Gave. Ecrit avec fougue et mordant, Un liberal nomme Jesus, n'est ni un livre de theologie ni meme un livre religieux. C'est l'essai d'un economiste qui croit que l'honneur du liberalisme a toujours ete de proteger les libertes civiques et economiques contre l'empietement constant du pouvoir politique. Currently Out Of Stock. Please order at www.amazon.fr or Download from our website. English Version is available at JESUS: The Unknown Economist...
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Un Liberal Nomme Jesus - Free Ebook
Written by Charles Gave
Edition: Institut Des Libertes

 

Please click on the icon to get a free ebook of Un Liberal Nomme Jesus [1.08 MB Un Liberal Nomme Jesus - Free Ebook]. As you do, please consider making a voluntary donation, either to the Gavekal Endowment through this website (in multiples of US$20). Or alternatively, by donating directly to one of the three charities to which the Gavekal Endowment contributes: Room to Read, the Nepal Youth Foundation, or PathFinders.
USD 20.00
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What Investors Should Know About the US Current Account Deficit - Free Ebook
Written by Charles Gave, Louis-Vincent Gave
Edition: Gavekal Books

 

The US current account deficit's main role was to provide liquidity to the rest of the world, especially in times of crisis.

Please click on the icon to get a free ebook of What Investors Should Know About the US Current Account Deficit [592 KB What Investors Should Know About the US Current Account Deficit - Free Ebook]. As you do, please consider making a voluntary donation, either to the Gavekal Endowment through this website (in multiples of US$20). Or alternatively, by donating directly to one of the three charities to which the Gavekal Endowment contributes: Room to Read, the Nepal Youth Foundation, or PathFinders.

USD 20.00
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Asian Godfathers
Written by Joe Studwell
Edition: Profile Books

 

The economies of Hong Kong and south-east Asia are dominated by only forty or fifty families. Their interests range from banking to property, from shipping to sugar, from gambling to lumber. At their peak, eight of the world’s two dozen richest families were south-east Asian, yet they are largely unknown outside the region. A complex mythology surrounds them, one which informs Asian views on culture, entrepreneurialism and economics. In this explosive account, Joe Studwell finds that the facts are even more remarkable than the myths, as he lifts the lid on a world of hypocrisy, power and enormous wealth. Through the hidden lives of some mysterious and fascinating men, Studwell explores the broader economic and political issues facing a region of 500 million people: how the Asian tycoons took such a strong hold over their local economies, how they survived the Asian financial crisis that began in 1997, and what their endurance teaches us about the real state of the countries they live in. Joe Studwell has been a contributing writer to The Economist and was based in Beijing with The Economist Intelligence Unit. He is the founder of The China Economic Quarterly. Book Review can be viewed here [103KB... Comment
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Simple Economic Concepts For Financial Markets
Written by Charles Gave, Anatole Kaletsky, Louis-Vincent Gave
Edition: GaveKal Research

 

Since launching Gavekal in late 1998, we have written a fair amount, and on a wide array of topics. In this book, published in November 2004, we compile what we believe to be our best writings and arrange them by alphabetical order. In over 500 pages, we review what we believe are some of the important economic rules investors should know.

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Des Lions Menes Par Des Anes
Written by Charles Gave
Edition: Robert Laffont

 

Des Lions Menes par des Anes fut ecrit pendant l'ete 2002. Dans ce pamphlet, Charles prend a partie la technocratie Francaise et la Banque Centrale Europeene qui ne cessent de mettre des obstacles sur le chemin de l'entrepreneur francais.

Charles wrote this book, in French, in the summer of 2002. It was published by Robert Laffont. Des Lions Menes Par Des Anes tries to relate the hardships faced by the French entrepreneur in the current political and economic system. The pamphlet was a sleeper best-seller, selling just under 20,000 copies over a year in France.

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