Praise of Folly (Penguin Classics)

Book Description

A satire on the pretensions of Erasmus's contemporaries in the Church and philosophy

Customer Reviews:

A modest disclaimer .......2005-01-12

"It is not wisdom to be always wise, and on the inward vision close the eyes" That is Santayana's wisdom. To play with it a bit ," It is not foolish always to be a fool, and on the outward shows and games of mankind make endless mockery. For who is the fool in the one place we are all to go?"
I remember reading this work in graduate school. A dutiful plodder wondering why I was not laughing out loud and being so amused. Rather I was falling asleep inside and finding the dull complaints of Erasmus a kind of spiritless exercise in predictable dumping on all things.
Alas, I am usually apologetic about not understanding works generations of mankind consider classics. But in this case I will make a modest disclaimer. This one is not in my eyes a great one, not even a very good one.
And now to another complaint. The great tolerant Erasmus who could see the folly of human greed and vanity and prejudice everywhere was himself quite vain and greed and prejudiced in regard to one very small minority of 'Europeans' who can claim to be the most persecuted people in the history of mankind. Why should I sing the praises of someone who hates me?
The bootsteps of Nazism march to the tune that Erasmus and Voltaire the two great ' liberators' of European mankind sing.
I have no praise for Erasmus folly and his wickedness in this.

A Modest Satire.......2004-05-28

Praise of Folly is what it was intended to be, a modest satire, not a masterwork. Erasmus was an interesting and accomplished man - one of the lights of his age. However, this work, written, basically, on a lark for his good friend, Thomas More, is a little difficult for the modern reader but is still, at times, quite humorous. Unlike the work of Jonathon Swift (many years later) there's little reason to read this unless you're a student of the period.

Perhaps there is hope for us all........2003-03-25

Granted this is pretty dry reading. Erasmus may not be the greatest writer. This does make for a turgid evening if one plans or desires to read it from cover to cover in one sitting. That said, Erasmus rode (if not found himself starting) the beginning wave of the great reformation. In his writings (which bear a not so slight foreshadowing to the great C.S. Lewis) Erasmus gives hope for all of us sinners in the guise of wit. An important addition to any library of classical literature.

Couldn't finish it!.......2003-02-22

Sorry, I tried several times to read this book. I hunted for passages that might interest me. Unfortunately, all I found was [the author] blowing his own horn. But then fantasy and science is about all that interests me. I'm sure someone with a historical bent would find this tale exhilarating.

This fool is too wise.......2003-01-23

To say the book has less than perfect unity in tone, as was written in the introduction, pg xv, is an understatement. The reader is never sure whether it is Folly or Erasmus who is talking. Perhaps for the goddess of Folly, contradictions and inconsistencies are the very follies desired - how are we mortals to tell?

And that is what we have here - all the inconsistencies, as, for example, mentioned in pages xiv-xv of the introduction again, that Erasmus wrote with the learned sophistry he denied schoolmen, philosophers, courtiers, theologians and monks. It's almost like Lao-Tzu and his Tao-Te Ching which includes the famous "The name that can be named is not the eternal name; the Tao that can be named is not the eternal Tao," only to have a later poet, Po Chi-Yi, quip about the 10,000 word effort to say what cannot be said in the first place. Yes, he did say at the end that 'I hate an audience that won't forget,' but that's not a courtesy he proffered to his opponents, of whom the criticism by Erasmus seems caviling, carping and nitpicking. He should have emulated his inpiration, Lucian with his 'philosophers for sale,' and made points simple like that here. It would be unfair, though tempting, to think that Erasmus took Quitillian to heart (pg. 81, 'what can't be refuted can often be parried in laughter') and disguised his voice in silly chaos for what has not been thought out cogently.

So, one is not quite sure whether wasting away a life in idleness, corruption or avarice as priests, bishops and monks are wont to do is the same kind of folly as the folly that comes from the innocence of the simple minded people or children, since Erasmus never quite made it crystal clear. Do we praise folly here but condemn it otherwise - without unity of tone and consistency of the vantage point of the writer, the whole thing just becomes a mess of confusion.

Customer Reviews:

Renascence Man.......2005-08-29

Robert Adams' translation is great and helps feature Erasmus wit and wisdom with modern usage, with plenty of footnote explanation of period literature. Erasmus' satirical writing is amusing and insightful of the political and social thinking of his time. Amazing to read how little has changed intellectually over 500 years.

"Great Guide to Enter the Mind and Times of Erasmus".......2001-05-22

This edition has "some" of Erasmus' most influential works; namely, "The Praise of Folly", the political "Complaint for Peace", "Forewords to the Latin New Testament", "Julius Excluded from Heaven", the "Colloquis", and excerpts from his finest letters. These works are selected more to understand the humanistic side of Erasmus rather than the scholarly doctrinaire who labored for the peace of christendom. With these selections - entailed by fotenotes, the editor's prefaces, and critcical commentaries - this edition will invariably enhance a more intimate impression of the mind of Erasmus at the dawn of the reformation.

Understanding Erasmus.......2000-03-25

I managed to stumble across Erasmus while reading William Manchester's "A World Lit Only By Fire", and was beyond intrigued by such a character as described that I had never even heard about. Of course, Erasmus had been mentioned in my presence often, but never in a direct context. So I pick up this book, hoping to find out what the deal was and what I was missing.

My entire view of the middle ages changed practically overnight. Do not miss the fact, people: Erasmus was THE deal. Erasmus makes Luther look like a limp little hothead. Erasmus is Jim Carrey to Voltaire's Carrot Top. Erasmus drows the candle of Aristophanes with a roaring torch. The ultimate critic, the ultimate wit, and the ultimate reason in an age of insanity. Without this fantastic book I may have passed a second 18 years without Erasmus as an inspiration. The pure genius and subtlety of truly the most underappreciated scholar of all time is laid out glowingly. Why did I waste my time with "Mandrake" and "Candide" when "In Praise of Folly" does the same job a thousand times better? Why on earth do we pay attention to Martin Luther, the most incompetant and ridiculous "reformer" of all time, when Erasmus was doing everything twice as good at exactly the same time?

Book Description

Witty, influential work by one of the greatest scholars of the Renaissance satirizes the shortcomings of the upper classes and religious institutions. Required reading for humanities classes, this literary gem is ripe with vignettes and caricatures — with Folly, a metaphor for stupidity, the centerpiece. Unabridged republication of the John Wilson translation.

Customer Reviews:

Erasmus.......2005-09-02

Desiderius Erasmus was surely the most logical and objective viewer of Europe's plight in the early 16th century. He was a reformer without being an extremist, and a Catholic without being a slave to superstition or conservatism, truly the quintessential intellectual.

One of the best books of Literary Renaissance.......2003-12-29

In Praise of Folly (Encomiun Moriae in Latin) was written in 1509 by the Dutchman Erasmus of Rotterdam when he was guest to his English famous friend Thomas More,or Morus if you prefer, the author of the celebrated book Utopia. Given internal religious strife in Europe, and England was in no exception mood, these were pretty much dangerous times and many heads rolled and were to roll, More"s included, due to the persecution by Henry VIII. Whatever was to be said about the nettlesome religious matter had to be done with extrema caution in order to avoid the perilous verdicts of the Holy Tribunal.

Along with Thomas More, Desiderius Erasmus was one of the most important representatives of the Renaissance literary movement in northern Europe and what was casually presented by Erasmus as a booklet inspired by a casual play of words with the surname More (which is almost equal to Moriae, madness in Greek), was in fact an attempt to salvage what should be rescued of the Classical Greek Antiquity in Erasmus' opinionated argument and incorporated in the Christian thought of the time. Beneath an almost non-descript façade was an issue of utmost significance to the evolution of the so-called Natural Sciences, that were to benefit from advances of recent discoveries in Physics, Chemistry and later on Biology, but which were hindered to evolve by the so-called aristotelian taint inherited by the Scholastic medieveal tradition so dear to the traditionalist Catholic Church, a task difficult in itself but which Erasmus easily outdone with a satyrical style that offended no one, preserving all the respect to the Church hierarchy and its dogmas and, most importantly, the figure of Jesus Christ.

The book is in fact a small one but the reader is much rewarded by the richness of its content, where the author takes him by his hands and strolls with him trough ancient Greek and Roman mithology in a verbose prose at the same time easy, vigorous and stimulating, where one is impressed by the author's astounding erudiction, as if he was a northern true inheritor of the Tuscan Dante Aligheri (the Divine Comedy) in this purpose. This is certainly one of the best literary works of late Renaissance and I hope you enjoy it as much as I did.

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MORIAE ENCOMIUM; OR, THE PRAISE OF FOLLY

Manufacturer: Heritage Press
ProductGroup: Book
Binding: Hardcover
ASIN: B000B797NS

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In praise of folly;: With illustrations after Hans Holbein, together with a life of Erasmus and his epistle addressed to Sir Thomas More
Desiderius Erasmus
Manufacturer: Peter Smith
ProductGroup: Book
Binding: Hardcover

Holbein, Hans | ( G-I ) | Artists, A-Z | Arts & Photography | Subjects | Books
ASIN: B0007EIT3Y

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The Praise of Folly
Desiderius Erasmus of Rotterdam
Manufacturer: Walter J. Black
ProductGroup: Book
Binding: Hardcover
ASIN: B000H96Y5Y

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THE COLLOQUIES OF DESIDERIUS ERASMUS CONCERNING MEN MANNERS AND THINGS. 3 VOLUME SET,; AND IN PRAISE OF FOLLY. MATCHING VOLUMES
DESIDERIUS ERASMUS
Manufacturer: GIBBINGS
ProductGroup: Book
Binding: Hardcover
ASIN: B000SEXJHY

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Ecstacy and the Praise of Folly
M. A. Screech
Manufacturer: Duckworth Publishing
ProductGroup: Book
Binding: Hardcover

Literary Theory | History & Criticism | United States | World Literature | Literature & Fiction | Subjects | Books
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ASIN: 0715610449

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Ecstasy and the Praise of Folly
M. A. Screech
Manufacturer: Duckworth Pub
ProductGroup: Book
Binding: Hardcover

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ASIN: 0715613618

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Erasmus in praise of folly,
Desiderius Erasmus
Manufacturer: Reeves & Turner
ProductGroup: Book
Binding: Unknown Binding

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ASIN: B00085CDFC

Book Description

Bankruptcy in America, in stark contrast to its status in most other countries, typically signifies not a debtor's last gasp but an opportunity to catch one's breath and recoup. Why has the nation's legal system evolved to allow both corporate and individual debtors greater control over their fate than imaginable elsewhere? Masterfully probing the political dynamics behind this question, David Skeel here provides the first complete account of the remarkable journey American bankruptcy law has taken from its beginnings in 1800, when Congress lifted the country's first bankruptcy code right out of English law, to the present day.

Skeel shows that the confluence of three forces that emerged over many years--an organized creditor lobby, pro-debtor ideological currents, and an increasingly powerful bankruptcy bar--explains the distinctive contours of American bankruptcy law. Their interplay, he argues in clear, inviting prose, has seen efforts to legislate bankruptcy become a compelling battle royale between bankers and lawyers--one in which the bankers recently seem to have gained the upper hand. Skeel demonstrates, for example, that a fiercely divided bankruptcy commission and the 1994 Republican takeover of Congress have yielded the recent, ideologically charged battles over consumer bankruptcy.

The uniqueness of American bankruptcy has often been noted, but it has never been explained. As different as twenty-first century America is from the horse-and-buggy era origins of our bankruptcy laws, Skeel shows that the same political factors continue to shape our unique response to financial distress.

Customer Reviews:

A thorough, well-written history of US bankruptcy law.......2002-04-11

Mr. Skeel's book is an excellent description of the meandering history of bankruptcy legislation in the United States, linked to the conflicting reactions bankruptcy legislation has always provoked (debtors are expected to pay; but those who for, reasons beyond their control, become unable to do it, are morally entitled to relief and to a fresh start). The book's introductory chapter explains well the basic legal concepts underlying subsequent chapters and makes the book quite accesible to non-specialists. Besides factual information about legislative changes since the beginning of the XIX century - I found particularly interesting Chapter 2, on how judges created de facto a regimen akin to modern Chapter 11 to deal with bankrupt railroads-, the book frames some of those changes in terms of "public choice" theory. For instance, I found interesting Mr. Skeel's view that the conflicting preferences of the various political groups represented in Congress led to a pattern of cyclical majorities among three alternatives (i.e. a)no bankruptcy law b)strict, "complete" pro-creditor bankruptcy code, and c)lenient, "voluntary-only" pro-debtor bankruptcy legislation) which might explain the instability of US bankruptcy law up to 1898. Chapter 4, on legislative changes introduced in the 30s in the backlash against the previous excesses in Wall Street, sheds significant light on some outstanding and recently-discussed differences between US and British bond legislation (e.g. the prohibition in the US, under the 1939 Trust Indenture Act, of many "collective action clauses" allowing bondholders to accept by majority -as oppposed to unanimity- changes in the terms of the bonds). Some short passages of the book -e.g., those explaining changes in the internal pecking order within the legal professions- will appeal primarily to US practitioners and academics, not so much to a wider audience. The book covers lots of ground and is highly recommendable as written. But if Mr. Skeel were willing to expand its scope, it is easy to think of additional areas which he might usefully explore, at least briefly, in future editions (e.g.lessons from Enron's debacle; recent international debates on "collective action clauses" or even Chapter 11-like "Sovereign Debt Restructuring Mechanism" to deal with the bankruptcy of sovereign borrowers; a more detailed description of Thomas Jackson's characterization of bankruptcy as a "prisoner's dilemma" for creditors;or, finally, to highlight the relatively lenient US bankruptcy law, some passing reference to the traditional, British-style debtors' gaol so well described by Dickens and other authors).

Power Failure: The Inside Story of the Collapse of Enron

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Enron......Sad in a way
A Stockbrokers perspective
Exceptional Story of the Enron Tragedy
The most important reason for this book is to make the layman aware of just what a travesty the Enron scandal was.....
Chaser for "The Smartest Guys in the Room" - kind of Enron lite

Power Failure: The Inside Story of the Collapse of Enron
Mimi Swartz , and Sherron Watkins
Manufacturer: Doubleday
ProductGroup: Book
Binding: Hardcover

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ASIN: 0385507879
Release Date: 2003-03-25

Amazon.com

Something strange happened to the Enron Corporation in the early 1990s: It went from a company that traded in tangible goods to one that dealt in pure abstractions, with shoddy accounting practices, astonishing compensation packages, and smoke and mirrors to obfuscate this new reality.

Company auditors, Sherron Watkins among them, warned top Enron execs from CEO Kenneth Lay on down that the company's increasing reliance on cooked books and phony reports "will implode in a wave of accounting scandals." As anyone who played the stock market or watched Enron suits do the perp walk on the evening news a couple of years ago will remember, that's exactly what happened. Texas Monthly editor Swarz and Watkins team up to offer this account, rich in anecdote and numbers alike, of what went wrong and who made it so. Though even-handed throughout, they serve up plenty of righteous scorn for the corporate leaders who enriched themselves as the company disintegrated, and for the name-brand politicians who abetted them.

Though Osama bin Laden's pawns barely dented the U.S. economy, observes Alex Berenson in The Number, Lay and his lieutenants brought it to its knees. Swartz's and Watkins's eye-opening account will rekindle new indignation over unpunished crimes and well-rewarded hubris, and it ought to be required reading in business schools henceforth. --Gregory McNamee

Book Description

“They’re still trying to hide the weenie,” thought Sherron Watkins as she read a newspaper clipping about Enron two weeks before Christmas, 2001. . . It quoted [CFO] Jeff McMahon addressing the company’s creditors and cautioning them against a rash judgment. “Don’t assume that there is a smoking gun.”
Sherron knew Enron well enough to know that the company was in extreme spin mode…

Power Failure is the electrifying behind-the-scenes story of the collapse of Enron, the high-flying gas and energy company touted as the poster child of the New Economy that, in its hubris, had aspired to be “The World’s Leading Company,” and had briefly been the seventh largest corporation in America.

Written by prizewinning journalist Mimi Swartz, and substantially based on the never-before-published revelations of former Enron vice-president Sherron Watkins, as well as hundreds of other interviews, Power Failure shows the human face beyond the greed, arrogance, and raw ambition that fueled the company’s meteoric rise in the late 1990s. At the dawn of the new century, Ken Lay’s and Jeff Skilling's faces graced the covers of business magazines, and Enron’s money oiled the political machinery behind George W. Bush’s election campaign. But as Wall Street analysts sang Enron’s praises, and its stock spiraled dizzyingly into the stratosphere, the company’s leaders were madly scrambling to manufacture illusory profits, hide its ballooning debt, and bully Wall Street into buying its fictional accounting and off-balance-sheet investment vehicles. The story of Enron’s fall is a morality tale writ large, performed on a stage with an unforgettable array of props and side plots, from parking lots overflowing with Boxsters and BMWs to hot-house office affairs and executive tantrums.

Among the cast of characters Mimi Swartz and Sherron Watkins observe with shrewd Texas eyes and an insider’s perspective are: CEO Ken Lay, Enron’s “outside face,” who was more interested in playing diplomat and paving the road to a political career than in managing Enron’s high-testosterone, anything-goes culture; Jeff Skilling, the mastermind behind Enron’s mercenary trading culture, who transformed himself from a nerdy executive into the personification of millennial cool; Rebecca Mark, the savvy and seductive head of Enron’s international division, who was Skilling’s sole rival to take over the company; and Andy Fastow, whose childish pranks early in his career gave way to something far more destructive. Desperate to be a player in Enron’s deal-making, trader-oriented culture, Fastow transformed Enron’s finance department into a “profit center,” creating a honeycomb of financial entities to bolster Enron’s “profits,” while diverting tens of millions of dollars into his own pockets

An unprecedented chronicle of Enron’s shocking collapse, Power Failure should take its place alongside the classics of previous decades – Barbarians at the Gate and Liar’s Poker – as one of the cautionary tales of our times.

Customer Reviews:

Enron......Sad in a way.......2007-03-29

This book is a great account of what happened. When Enron collapsed, I was in my young teens so I really didn't pay much attention to it. However now seeing I'm in college as a business major I think it is an essential book that should be read by all business majors. It teaches what can go wrong when the wrong moves are put in place. Enron I think did everything possible to cripple itself with out seeing it until it was too late. The book takes off as rocket that a company is about to make it big. It takes from the early stages a company to a giant that falls to shambles.
The company employees the wrong people to the wrong positions. Andy Fastow I feel is the biggest crook outside of Skilling. Ken lay I feel was a good man who truly wanted to see the company prevail but with his blindness did not see the fore coming danger. Fastow reported to Skilling and Skilling just signed off on deals with out looking at them. If he would have seen what Fastow was doing with money from the company, chances are these deals would have never made it. However, with the wavering of the ethic code was just wrong. No company should ever break their code of ethics. If they do get out ASAP. Chances are it will lead to bigger breaks and will cause bigger problems and respect will go down the tubes.
This book is worth the cost and it will teach you what Enron did wrong. They should have just stayed in the Nat gas business and slowly dabble in other businesses instead of jumping into businesses without expertise. Go out and buy the book you should be pleased the way it is put together.

A Stockbrokers perspective.......2007-02-26

This book offered an unseen perspective into details about ENRON's dealings and people which should illuminate both old and new views about corporate governance, accounting policies, regulatory climate and unseen involvement by parties which contributed to the collaspe of ENRON.

Exceptional Story of the Enron Tragedy.......2006-11-10

With the recent sentencing of Jeffery Skilling, Mimi Swartz's work takes a complicated story of deciet and betrayal and explains the details in a concise and succint manner. A must read for all business leaders. A great read.

The most important reason for this book is to make the layman aware of just what a travesty the Enron scandal was............2006-10-18

The greatest reason to read this book is to get an appreciation for the scale of the collapse that was Enron. Also, you will get a description of what life was like at Enron on a personal level from an insider's view, as well as their view on what it had to do with the Company's downfall. Yes - this is one person's account, but there's enough factual information to back them up on the important points.

There are many books that are more technically oriented and probably less biased. Unfortunately, for this layman, they don't make very good bedtime reading.

Chaser for "The Smartest Guys in the Room" - kind of Enron lite.......2006-08-09

I recommend reading these 2 books together because TSGITR gets really dense in places, making for draining reading, but since the story is too incredible to put down, Power Failure takes it to a lighter level. I do think Power Failure hones in more on Andy Fastow, as co-writer Sherron Watkins worked directly with him, and the photograph of his little art project is downright chilling (you'll see what I'm referring to). Power Failure still has some great meat to chew on however; the proximity that Sherron Watkins had to the main players, particularly Lay and Fastow, lends itself to the amazing characterizations of these guys on paper. The two books follow a similar chronology and highlights, so it is interesting to compare the slight variations of the same episodes. Even though Sherron Watkins makes the most of her edge, being a primary player in the saga, the tip of my hat goes to TSGITR's writers for their downright nasty investigative reporting.

Cross-Border Insolvency Proceedings And Security Rights: A Comparison of Dutch and German Law, the EC Insolvency Regulation and the UNCITRAL Model Law ... Insolvency (Law of Business and Finance)

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Cross-Border Insolvency Proceedings And Security Rights: A Comparison of Dutch and German Law, the EC Insolvency Regulation and the UNCITRAL Model Law ... Insolvency (Law of Business and Finance)
Paul Michael Veder
Manufacturer: Kluwer Law International
ProductGroup: Book
Binding: Hardcover

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ASIN: 9041123989

Conflicts of Interest: Corporate Governance and Financial Markets

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Conflicts of Interest: Corporate Governance and Financial Markets

Manufacturer: Kluwer Law International
ProductGroup: Book
Binding: Hardcover

Corporate Finance | Finance | Business & Investing | Subjects | Books

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ASIN: 9041125787
Release Date: 2007-02-05

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Financial Collateral Arrangements
Thomas Keijser
Manufacturer: Kluwer Law International
ProductGroup: Book
Binding: Hardcover

Business Law | Reference | Business & Investing | Subjects | Books

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ASIN: 9041125566

Legal Aspects of Globalisation - Conflicts of Laws, Internet, Capital Markets and Insolvency

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Legal Aspects of Globalisation - Conflicts of Laws, Internet, Capital Markets and Insolvency

Manufacturer: Kluwer Law International
ProductGroup: Book
Binding: Hardcover

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ASIN: 9041113320

Book Description

The phenomenon of increased interconnectedness of the world's societies, generally referred to as `globalisation', is not only changing our everyday life, it also influences the legal framework we are living in. The challenges brought about by this process are especially great in fields of law which are by their very nature international such as Private International Law, the Law of Capital Markets, International Insolvency Law or the Law of the Internet: can, for example, established conflict-of-law rules survive in a globalised world? What options exist for regulating capital markets in the era of globalisation? Are national laws on international insolvencies prepared for the increasing number of cross-border insolvency proceedings or does the UNCITRAL Model Law on Cross-Border Insolvency show the way? How can national or international legislators react to the new forms of torts and copyright infringements via the World Wide Web? These are some of the questions which eminent scholars from Japan and Germany try to answer in this volume. All essays are based on contributions to a symposium which took place in Fukuoka, Japan, on 28--29 March, 1999. The book will be a source of inspiration for everybody who deals with the legal aspects of the global changes which the world's leading economies face at the border to the new millennium.

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The Insolvency Laws of Canada
Susan M. Grundy
Manufacturer: Juris Publishing, Inc.
ProductGroup: Book
Binding: Hardcover

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ASIN: 1578232147

Product Description

International Insolvency has become recognized in recent years as critically important to the flow of international commerce and to the resolution of financial crises that threaten the system. Business failure is as important a part of commercial life as success, and the ability of those who supply credit to protect themselves in the event of insolvency affects not only the cost of credit but a lenders or suppliers willingness to supply it. Each volume in this new series has been written by one or more leading practitioners in the area, and has been edited by Howard S. Beltzer, Andrew P. DeNatale and Allan L. Gropper, who have had many years of experience as lawyers engaged actively in cross-border insolvencies. Each volume is designed to give the reader -- lawyers and non-lawyers alike -- ready access to a comprehensive but non-technical summary of the law of the particular nation. In order to makeeach volume easily accessible, each country is organized in the same manner. The first part consists of an Overview, setting forth a broad outline of the relevant law as well as the countrys general attitude toward insolvency. The second part describes the nations forms of business entities and types of obligations that will usually be at issue in insolvency proceedings. The third part deals with consequences of insolvency for businesses. These works are designed to present the law of international insolvency in a practical, non-technical manner that is accessible to lawyers and law students as well as the business community.

State Insolvency and Foreign Bondholders: Selected Case Histories of Governmental Foreign Bond Defaults and Debt Readjustments

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State Insolvency and Foreign Bondholders: Selected Case Histories of Governmental Foreign Bond Defaults and Debt Readjustments
William H. Wynne
Manufacturer: Beard Books
ProductGroup: Book
Binding: Paperback

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ASIN: 1587980460

Book Description

These case studies were prepared primarily to provide basic material for the analysis, presented in Volume I, of the problems and practices that have developed from the experiences of foreign bondholders with insolvent states.

The 1995 European Community Convention on Insolvency

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The 1995 European Community Convention on Insolvency
Miguel Virgos
Manufacturer: Kluwer Law International
ProductGroup: Book
Binding: Paperback

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ASIN: 9041110178

Book Description

After three decades of successive rounds of negotiations, the EC Convention on Insolvency Proceedings was finally signed on November 23, 1995. Several drafts were discussed and abandoned in the process. This book offers an introductory insight to the 1995 EC Insolvency Convention, beginning with the basic structure of the Insolvency Convention. The 1995 Insolvency Convention equalizes the rights of creditors in the EU on a cross-border perspective by means of a mandatory dividend-received deduction for creditors and a surplus-transfer in favor of the main proceedings. It ensures the equality and uniformity of rights and obligations arising out of the Convention, both for the Contracting States and the parties concerned. For this purpose, it confers on the Court of Justice of the European Communities (ECJ) jurisdiction to rule on the interpretation of its provisions. The Convention represents a major step forward in the international regulation of cross-border insolvencies. It provides a framework of well defined, enforceable rights which will enable a high degree of intra community cooperation. While not a cure-all, for the first time in many years, a European Community (EC) mechanism for a better and more efficient international cooperation is really at hand. The author provides a unique perspective: he was co-author of the explanatory report to the Convention. In this distinctive work, he offers his own personal views on the subject. This unmatched perspective, the comprehensiveness of the work s treatment, and the topicality of the Convention itself make this an important resource for academics and practitioners.

Aftermath of banking crises: Effects on real and monetary variables [An article from: Journal of International Money and Finance]

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Aftermath of banking crises: Effects on real and monetary variables [An article from: Journal of International Money and Finance]
P. Gupta
Manufacturer: Elsevier
ProductGroup: Book
Binding: Digital

Elsevier | By Publisher | e-Docs | Formats | Books
ASIN: B000RR1LAE

Book Description

This digital document is a journal article from Journal of International Money and Finance, published by Elsevier in 2005. The article is delivered in HTML format and is available in your Amazon.com Media Library immediately after purchase. You can view it with any web browser.

Description:
This paper models the effects of a banking crisis, and in particular distinguishes between a short-term crisis, such as a banking panic, and a longer-term crisis, such as a banking insolvency. Using an optimizing framework, it shows that depositors shift from deposits into cash in both types of crises, which results in an increase in the interest rates on deposits and loans, and a contraction in output and consumption. However, when the crisis is resolved in a finite time period, there is an intertemporal substitution of consumption, and consumption is postponed until the crisis is resolved. This in turn results in a further decline in the demand for money, availability of credit and output.

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