Economiccs Essay Example | Topics and Well Written Essays - 250 words

Economiccs - Essay Example This means that if resources will be allocated to take care of the young children from disadvantaged environments, the benefits will not only be for the children but for the whole society as well. This can be analyzed through data about the education and the human skills as major factors to determine productivity. Education as a public good when made available to all children can decrease the inequity in the society as it reduces academic and societal difficulties in the future. And through education, skills could be acquired. These skills could help achieve productivity both in the workplace and in the society. Children who were able to go to school will learn and acquire skills that they can use for jobs in the future. In the long run, unemployment and problems brought by it like crimes can be reduced. This is because returns of such investments cannot be realized directly during the present time. The changing trends in the labor markets can also contribute to the inefficiencies th at are present in the economy. The emergence of new technologies has raised the demand for highly skilled workers who are qualified to use them (Heckman and Masterov, 7).

Weaknesses Of The Eurozone Economics Essay

Weaknesses Of The Eurozone Economics Essay Robert Mundell described the Bretton Woods System as Hamlet without the Prince due to the lack of a unified currency in the form of a monetary union expressed as Bancor or Unitas. Given the experience of EMU, does this analysis still hold theoretically and/or empirically? Discuss. Introduction of EMU In 1999, the European Central Bank (ECB) launched the single currency (euro) together with the foundation of the Economic and Monetary Union (EMU). The EMU is based on the existence of the euro as a common currency. The ECB supervises the implementation of a common monetary policy. At the beginning of 2002, euro replaced the national currencies of 12 member countries for all transactions. Sweden, Denmark, and the United Kingdom joined European Union (EU) but did not join the euro. In 2004, there were ten new member countries joined the EU, five of them joined the euro. The prior monetary unions are unsuccessful as they rested on the value of metals (i.e. gold or silver). The money printed should be determined by the silver of gold stored, therefore the Metallism monetary system is a stable system since silver and gold are scarce resources. The EMU rests on the euro or chartalism, as fiat money which is issued by a central national bank. The credit level of the issuing body is important to determine the value and stability of the fiat money. The stability of the country in terms of economic and political will in turn determine the credit level. However, when the treasury is unable to finance the deficit, fiat monies can become unstable due to the temptation of the inflationary tax or seigniorage. In order to achieve and sustain the stability, the EMU needs an economic union and a monetary union. Economic union is achieved by complying with the Stability and Growth Pact (SGP). The goal of SGP is to maintain fiscal stability through implementation of specific fiscal requirements among member states of EMU. The strength of the Eurozone rests completely on the credibility of the requirements set when the EMU was being implemented and the ECB was established. However, if member states are not respect or follow the set requirements, the credibility level of Eurozone will be affected and as a result negatively affect the euro. Mundells Theories The original idea of a common currency in Europe was derived from the theory of Robert Mundell on the areas of optimal currency. In his paper A plan for a European Currency in 1973, Mundell clarified the gains of European countries if they adopt a common currency. The works of Mundell have been classified into two categories by Ronald McKinnon (2004). Mundell I In 1961, Mundell published his paper entitled A Theory of Optimal Currency Areas which is rooted in Keynesian ideas. The theory of Optimum Currency Areas (OCAs) studies how countries with a monetary union and common currency adjust, if these countries are affected by asymmetric economic shocks. Mundell point out that adjustments are based on whether wages are rigid, labour mobility is limited, income transfers are difficult, and differences exist in the labour market and growth rates. Mundell claimed that when countries are in a monetary union and use a common currency, they cannot absorb asymmetric shocks properly unless, among other circumstances, labour mobility is unlimited. Mundell II In Mundells article Uncommon arguments for common currencies which published in 1973, an alternative theory is illustrated. Mundell emphasised the common currency assures an automatic and equal sharing of the risk of the fluctuation, a common currency has advantages in overcoming economic shocks. Mundell II argues that it is easier for member countries to stay inside a monetary union than outside it since the private insurance would assist against asymmetric shocks. More specifically, it will be easier for member countries to borrow in the capital markets of the monetary union when hitting by a negative shock, as a result it will be easier for member countries to smooth consumption. In addition, the exchange rate would be a source in arising asymmetric disturbances; especially capital mobility of financial market is very high. The criticism of Mundell II becomes more obvious in terms of political context. If financial markets in a monetary union provide insurance to reduce asymmetric shocks, the need to integrate national budgets for political means becomes weaker. Hence the motive to form a political union is even weaker. However, the Mundell II point out that if there is no budgetary union, it would be optimistic to say that private financial markets would provide insurance against asymmetric shocks. The financial markets will only provide insurance to those who possess high assets stock in the financial markets. Since wealth is not equally distributed, the private provision of insurance will overwhelmingly support the wealthy and keep the poor relatively uninsured. In addition, the Mundell II theory ignored the possibility that countries may involve in a position of a bad equilibrium. If there are not adequate instruments to lead the economy out of the bad equilibrium, countries would get caught in the bad equilibrium after a negative shock. It is a major problem for the future of EMU if there is no adequate instrument in a monetary union. This is reinforced by the fact that different member countries of EMU continue to work in different directions due to the absence of a political union. Weaknesses of the Eurozone In the last ten years, the euro has demonstrated that there are many efficiency gains by adopting a common currency (i.e. reduced transaction costs of exchanging currencies, eliminated exchange rate uncertainty, and increased transparency in prices), particularly if the currency becomes not only an international currency but also a global currency. However, maintaining various standards requires difficult adjustments and constant surveillance of every single member state in Eurozone. As the economic crisis has hit the world, certain Eurozone Member States Greece, Portugal and Spain are being seriously affected. The Greek tragedy is making the EU realize that highly indebted countries can put the EMU at risk and that measures must be taken without delay. Institutional Weakness Article 102.a of the Maastricht Treaty establishes that member states and the community should conduct their economic policies with a view to contributing to the achievement of the objectives of the Community. In order to guide Article 102.a, Article 103 highlights that the correct implementation of economic policies is a matter of common, stating that Member States [are to] coordinate them within the Council, in accordance with the provisions of Article 102a. Article 103 also highlights that it is important to avoid excessive deficits of each government. There is an obvious institutional weakness in terms of monetary policies. The Maastricht Treaty had defined the objectives of the ECB which is price stability. ECB has defined an inflation rate below 2% as the objective of price stability. In addition, in terms of unemployment, the rest of society is not convinced and will not easily accept the attempt of the ECB to release itself from any responsibility for unemployment. However, t he delegation of the responsibility of unemployment to the governments of each member country creates a political problem. The purposes of SGP contain that member countries should avoid excessive debt and deficits and each member country should maintain fiscal stability. There are two important two Council Regulations in SGP (i.e. Regulations 1466/97 and 1467/97). These two regulations require member countries of the EU must comply with to help contribute to the overall climate of stability and financial prudence underpinning the success of the EMU. The Council Regulation 1466/97 set out the details of stability programs (i.e. submission and monitoring regulations) and convergence programs. The ultimate purpose of the multilateral surveillance by the Council is to prevent, at an early stage, the occurrence of excessive general government deficits and to promote the surveillance and coordination of economic policies. The purpose of regulation 1467/97 is to clarify the excessive deficit procedure to deter excessive government deficits (European Navigator 1997, 2). However, the SGP is not sustainable due to the lack of accountability of the EU commission. Hence, the national governments are bound to win when conflict arises. The problem will exist as long as national governments continue to possess the sovereignty over spending and taxation. Political integration De Grauwe (2006) acknowledged that the EMU is a remarkable accomplishment, but the absence of a political union is a major weakness in the Eurozone governance. Grauwes view is consistent with the findings of Nitsch on the political integration. He conclude that political integration is not rapidly followed by economic integration (Nitsch and Wolf 1). Grauwe point out in his article that national governments holding most economic policies decision creates asymmetric shocks. The asymmetric shocks truly affect the sustainability of the monetary union. For example, member countries of the Eurozone have different competitive positions due to the uncoordinated policies of each member country in relation to national wage. Italy, Ireland, Portugal, Greece and Spain were in constant financial and economic turmoil before the adoption of the euro. The turmoil situation disappeared due to the economic booming of the past years. These five countries have barely met the requirements of monetary and economic stability and are becoming increasingly difficult to maintain the stability. For the past years, these countries are not only suffering from excessive deficits and debts, but also economic unbalances (i.e. excessive current account deficits). The current account positions are becoming worse due to, among other reasons, their extremely uncompetitive trade position. As a consequence, they are beginning to blame the euro. The problem that these countries are facing originates from the fact that monetary union amplifies fiscal imbalances. Opting for devaluation of a competitive currency is not an option and the only other alternative stems from forcing differentials of bond yield reduced. In 2005 there were almost no yield differentials between the German Bund and the yields of those countries with excessive current-account deficits. In 2009, however, yield spreads has increased government default risks measured by a sudden increase in the demand for credit default swaps. Hence, the current economic crisis has demonstrated that currency risk is replaced by default risk in a monetary union. There are two reasons for this situation: 1) the sovereign debt of each member country is issued under the control of each Ministry of Finance, 2) there is no European Ministry of Finance. The Germans has proposed the creation of a European Monetary Fund, the French league has proposed the creation of a European Debt Agency which required that the Lisbon Treaty were amended or that a new treaty were negotiated. Many people blamed this situation due to the lack of a common bond market which would help to put all members together. Some people reject the suggestion based on the fact that a common bond market would lower borrowing costs for weaker countries and increase costs for stronger countries such as Germany. In addition, the common bond market would obtain the budget rights from each governments which would not be able to make national budgets by themselves. Exit clause For years some countries have not respect or followed the requirements listed in the Maastricht Treaty and are now facing extremely difficult economic situations. It is obvious in the current crisis that there is no political homogeneity among member countries from a political point of view. As a result, each member country has implemented its own particular economic model and how to conduct its own economic model. In addition, Greece, Spain, and Portugal do not truly realise that their economic models are embedded in a globalised economy and these countries need to implement a set of painful structural reforms to keep them competitive. From the economic point of view, the countries in trouble have two major common reasons. The reasons are the lack of respect for the requirements and the lack of appropriate implementation of the structural reforms required under an economic recession. Currently there are debates on what should or should not be done with these countries. However, there are not room to manoeuvre this situation under the current legal framework. Expulsion of these countries from the Eurozone is not a good choice as it would definitely hurt the image of the EU and its member countries. Many scholars, economists propose that voluntary withdrawal from only the Eurozone while staying in the EU to would be the most beneficial option. The legal framework the Treaty of Lisbon, does not provide the necessary methods to deal with problems of withdrawal, expulsion from Eurozone nor any other similar problem that might arrive soon. First, the Treaty of Lisbon has the no-bailout clause to prevent a budgetary problem in one country spilling over the EU as a whole. The no-bailout clause prohibits member countries from rescuing other countries or from accepting the debts of other countries. However, the Article 122 of Lisbon Treaty states that any member country seriously threatened with severe difficulties caused by natural disasters or exceptional occurrences beyond its control can receive financial assistance from other members. The question is whether a member countrys current debt crisis could qualify as an exceptional occurrence and not a man-made issue. This clause was inserted to strengthen unity and commitment of Eurozone. But the reality is that some countries are possessing extremely high level debts and defici ts far exceeding the requirements. Therefore, there are not many methods for to assist these financial troubled countries under the current circumstances. The Articles 4(2), 118, and 123(4) explicitly indicates that the process for adoption of the Euro is irreversible. Participation of the EMU becomes a legal obligation due to the irrevocability of the agreement and the monetary union process. Thus, the exit option of leaving EMU while staying in the EU is impossible. The exit option is only allowed to exit the EU and EMU altogether. In addition, there is no clear mechanism by which members could expel a fellow country. The expulsion could only be possible if the treaty were amended and provided that all member countries respond favourably to this amendment. Conclusion The EU and the Eurozone are suffering not only a financial crisis, but also a totally lack of appropriate structural reforms. The proper functioning of the EMU depends on the compliance with requirement provided in monetary and fiscal policies. Some member countries need to adopt urgently a number of structural reforms to promote economic growth of its own country and to stable euro as part of the EMU. Most importantly, the EMU should take this crisis as an opportunity to create a restructuring mechanism to strengthen and reform the economic, political foundations of the euro project.

The Caribbean Essay -- Caribbean Islands Culture Essays

The Caribbean The inhabited islands clustered in the Caribbean Sea are an interesting study in cultural and social identity. Colonized by european powers from the Fifteenth Century, the Caribbean islands have become mixtures of cultures from Europe, Africa, and India, as well as from the original inhabitants of the islands. As a result, describing and defining the Caribbean is a much more difficult task than it appears on the surface. The norms and ideas of identity and history that exist on one island are vastly different than those that exist on a near neighbor, despite similarities in geography and history. To better understand the differences and similarities between Caribbean islands and the people who inhabit them, a look at the works of three individuals can be of assistance. The first, Sidney Mintz, was a knowledgeable historian and well respected authority on the Caribbean. His article, titled, â€Å"The Caribbean as a Socio-cultural Area,† is based upon his efforts to create a rigid taxonomy of the Caribbean’s past and how that past affected the present. The second author, Antonio Benitez-Rojo, attempts to do the same thing as Mintz, albeit in a more modern and open-minded way, by breaking down the ideas of what makes the Caribbean the Caribbean. Benitez-Rojo uses the idea of â€Å"rhythms† to describe the connection and ideas of community that, to him, make up the idea of â€Å"the Caribbean.† The final author is not a historian or literary critic like the previous two, but she does offer perhaps the most revealing look at what life is like on a Carib bean island out of the three. Michelle Cliff is a writer from Jamaica and in her two works, Abeng and â€Å"If I Could Write This in Fire, I Would Write This in Fire,† she explores the de... ...lf.(Abeng p.158) On the other hand, the black residents of the island feel that any presence of â€Å"whiteness† is a negative aspect as well. Clare’s friend Zoe asks her mother why Clare wouldn’t let her try on her new bathing suit, and Zoe’s mother responds, â€Å"de buckra people, dem is fe dem alone,† meaning that white people (although Clare is only partly white) can only fraternize with other white people. This division based on color is the main issue of the book, and one that is extremely relevant in Jamaica even today. All of these pieces of writing try to define what makes the Caribbean, in all of its variations, the Caribbean. The mixing of different cultures and races over the past three four hundred years has created a geographical area that, despite looking similar from a general view, is actually extremely diverse and different when looked at from close-up. The Caribbean Essay -- Caribbean Islands Culture Essays The Caribbean The inhabited islands clustered in the Caribbean Sea are an interesting study in cultural and social identity. Colonized by european powers from the Fifteenth Century, the Caribbean islands have become mixtures of cultures from Europe, Africa, and India, as well as from the original inhabitants of the islands. As a result, describing and defining the Caribbean is a much more difficult task than it appears on the surface. The norms and ideas of identity and history that exist on one island are vastly different than those that exist on a near neighbor, despite similarities in geography and history. To better understand the differences and similarities between Caribbean islands and the people who inhabit them, a look at the works of three individuals can be of assistance. The first, Sidney Mintz, was a knowledgeable historian and well respected authority on the Caribbean. His article, titled, â€Å"The Caribbean as a Socio-cultural Area,† is based upon his efforts to create a rigid taxonomy of the Caribbean’s past and how that past affected the present. The second author, Antonio Benitez-Rojo, attempts to do the same thing as Mintz, albeit in a more modern and open-minded way, by breaking down the ideas of what makes the Caribbean the Caribbean. Benitez-Rojo uses the idea of â€Å"rhythms† to describe the connection and ideas of community that, to him, make up the idea of â€Å"the Caribbean.† The final author is not a historian or literary critic like the previous two, but she does offer perhaps the most revealing look at what life is like on a Carib bean island out of the three. Michelle Cliff is a writer from Jamaica and in her two works, Abeng and â€Å"If I Could Write This in Fire, I Would Write This in Fire,† she explores the de... ...lf.(Abeng p.158) On the other hand, the black residents of the island feel that any presence of â€Å"whiteness† is a negative aspect as well. Clare’s friend Zoe asks her mother why Clare wouldn’t let her try on her new bathing suit, and Zoe’s mother responds, â€Å"de buckra people, dem is fe dem alone,† meaning that white people (although Clare is only partly white) can only fraternize with other white people. This division based on color is the main issue of the book, and one that is extremely relevant in Jamaica even today. All of these pieces of writing try to define what makes the Caribbean, in all of its variations, the Caribbean. The mixing of different cultures and races over the past three four hundred years has created a geographical area that, despite looking similar from a general view, is actually extremely diverse and different when looked at from close-up.

Antidote for the Iron Law of Oligarchy Essay

In every diseases there will always a doctors to help us to cure it. In every illness it has always a medicine to manage the pain. But if we connect it to our society today, maybe it doesn’t have medicine or doctors that cure this kind of illnesses. This kind of attitude maybe we cannot erase to our society. This attitude maybe we can connect to the iron law of oligarchy. What is the iron law of oligarchy? â€Å"The iron law of oligarchy is a political theory, first developed by the German syndicalist sociologist Robert Michels. It states that all forms of organization, regardless of how democratic or autocratic they may be at the start, will eventually and inevitably develop into oligarchies. The reasons for this are the technical indispensability of leadership, the tendency of the leaders to organize themselves and to consolidate their interests; the gratitude of the led towards the leaders, and the general immobility and passivity of the masses.† – From Wikipedia In connection to the definition of iron law of oligarchy, our government is considered as the democratic government. Where in it have presidents that are given a rule in every department and bureaus. Where in this rule are all obey by all the department and bureaus. Another characteristic of our government as a democratic country is that it let people to choose their own leaders. But these actions are not enough to tell that we have our own freedom, but these actions give other people reasons to abuse their powers. Instead of serving us, they use their positions to do the things that they want. What are the reasons why they do those things? What are the things that we need to do so that their actions are change? Here the things that we need to do. If the iron law of oligarchy is the rule of few people or the elite people, we can reverse it so that we can make it the rule of many people. Where in all the rules are all consult to us before they implement it. Another thing is, when it giving us the right information. Sometimes our government is not giving the exact information that we need to know about what happen to our government. And lastly, no oligarchy without material and power perks and bureaucracy. Part of the changes is a constant flow of reliable information among the people. Bureaucracy’s weakness is related to its inability to keep secrets and control the information flows. It is weakened as it loses the power to the flow of the information among us.

History 1920’s Essay

America went through many social changes with the American Revolution and industrial revolution. During the 1920’s, the face of America began to change more into an urban society. Many differences between the rural and urban sides of America emerged. Historians consider the tensions of the 1920s as a backlash against the rising urban America, which turns out true. Rural people believed that the city lacked morals. The urban city dwellers lashed back saying that rural residents did not understand the technology of modern times. In the 1920s, for the first time in American history, more people lived in cities rather than the countryside. People living in the more rural parts of America saw the urban lifestyle as a threat to traditionally shared value. The cities, a haven for political corruption and distraction, had much more alcohol and prostitution problems than their countryside counterparts did. With the rise of Hollywood and films, people found an escape from their routine life and went to see movies that portrayed what it really meant to live the American dream. However, the rural side of the country stuck to the old ways of agriculture life as the struggle between old and new still went on. With the rise in media also came an increase of cultural battles. The media brought about a revolution of morals since many urban Americas saw the changes in media and lifestyle as liberation from the old countryside Victorian past. Granted, the rural Americans did not see it this way. They felt that American had begun to change in sinful ways and that the ethicality of America had begun to decay. Many people in the countryside also resented the amount of immigrants coming into America. As a result, the Klu Klux Klan revived and revolted against the immigrants, Blacks, Catholics, Jews, and any modern or progressive movement. Located mostly in the rural parts of America, the Klu Klux Klan greatly showed their discontent with the modern American lifestyle. The South showed their animosity towards the foreigners and Blacks through discrimination and racism. However, none of this stopped the urban rise of America that the country would soon have to accept.

Financial Management Principles Essay Example

Financial Management Principles Essay Example Financial Management Principles Essay Financial Management Principles Essay Financial Management Principles The time value of money is concept showing a given amount of money is worth more in the present than what the same amount would at after a given duration. This is made possible by the interest earning capacity of money. If one were given the option whether to receive a hundred dollars right now or have to wait a couple of years to receive the same amount, the most reasonable option would of course be the first option. The reason being that one would do a lot with the money now than when one was given after a couple of years. Currently numerous investment options that would take would result in the hundred dollars earning interest to a larger amount by the time the few years are past. For the given situation, the time value of money would come about in consideration on whether the capital invested and the expected income after a given amount of time would be equal if the same amount were invested in another project. : The concept of time value of money would help us as division managers to make the most prudent decisions on which projects to fund and which ones to neglect. There are those projects that seem enticing but when the time factor is put into consideration, it reveals the interest capital accrues over a given time is far much less. Given the above situation, it would be prudent to calculate the exact amount of profit the project is projected to generate. The profit generated is then compared with the capital and the interest accrued on the capital calculated. This interest on capital is calculated in consideration with other factors like taxation, market changes et al. if the interest in capital accrued is reasonable enough in that it is the equal to or above if the capital were invested elsewhere, and the option is then taken as a feasible option. Businesses reach a time when they need to expand hence the requirement of additional capital. The sources of this additional capital are mainly two. These are either to borrow money from the lending sources or sell a piece of the business entity as a form of stock or equity. Regardless of the option the manager opts for, he is going to incur debt and will result into paying interest on the debt incurred. The weighted average cost of capital is a formula used to know which of the options above is best of the business entity. It involves calculating the average for the two sources is weighted in accordance with the amount that the business entity utilizes in funding for its activities (Keane, 1996). The weighted average cost of capital is based on the formula that the weighted cost of capital is the equivalent of the addition of the proportion for the debt financing. This summation is later multiplied by the charge incurred in equity capital. This is then multiplied with the proportion of equity financing. The result will enable me as the division manager to identify the most feasible option. The option giving the lowest cost of capital will mean it is the best to run the business in profitability. The weighted average is a good way of identifying the most feasible source of additional income that will not have the business entity to incur unnecessary expenses in paying up interest on loans. The marginal cost in capital is the cost the business entity will incur when there is an accumulation of one dollar of capital. The amount of marginal cost incurred by a business varies according to the capital source selected by the manager. The marginal cost of capital enables me as the division manager to determine the cheapest way of raising capital while maximizing profit. This constraints my choice to those options whose marginal cost on capital is at least equal to the cost incurred by the business in raising the capital. In this sense, it would be unwise to source capital at a cost of say eight percent and invest it in a project that will earn the company an interest of less than eight percent. The basic idea is money borrowed ought to be invested in such a way that it is able to repay itself and the interest accrued (Gallagher, Andrew, 2008). References Gallagher, C. Andrew, K. ( 2008). Financial Management; Principles and Practice. New York, NY: Freeload Press, Inc. Keane, C. ( 1996). Financial Management Principles: National Information Technology Training Package Series. San Antonio, TX: Tertiary Press.

The eNotes Blog Top Ten Summer Readings for2013

Top Ten Summer Readings for2013 Ahhhh, summer! Finally, some time for a bit of pleasure reading. Got a gift certificate youve been hanging on to? (Ha. Mine are gone minutes after they hit my hands.) Or maybe you are just overwhelmed with choices and dont want to waste precious free time on something that isnt so great. Well, we at want to help you get the most out of your summer reading Here are ten suggestions offered by my very well-read friends who occasionally hang up their tweed jackets and loosen their professorial buns (no, not hair).   Here you will find a combination of new and older works, both fiction and non-fiction, serious and comedic.   So pick a few and let us know what YOU think! 1.   Mad Women: The Other Side of Life on Madison Avenue by Jane Maas Are you a fan of AMCs Mad Men and Peggy and Joan in particular? Curious about what life was really like on Madison Avenue in the 60s? Then you will enjoy Maass exploration of life in the ad game in the 1960s and beyond . 2.   Confessions of an Ex-Girlfriend by Lynda Curnyn A good beach read by a first time novelist. A friend says it is the only romance novel Ive ever finished. Suddenly single when her aspiring screenwriter boyfriend takes off for a hot job in L.A., bridal magazine editor Emma Carter is forced to reassess her appearance, her job, and her prospects-and take action. A diverse cast of engaging, occasionally offbeat characters, the hilarious sayings attributed to them, and a fast-paced style facilitated by Emmas pithy sound-bite confessions add to the fun in a lively Manhattan-set story that, while not a true romance, leaves the heroine happily pursuing her dreams and involved in a satisfying romantic relationship. This work may appeal to those who enjoy Bridget Jones-type books and like their stories urban, trendy, and slightly ambiguous. Curnyn is a fiction editor and lives in New York. This is her first novel. Library Journal 3. The Worst Hard Time by Timothy Egan As a Steinbeck scholar, this has been on my own list for a long time, and I was pleased to see that several friends highly recommend it as well. Egens gripping true story of living through the Dust Bowl is also a National Book Award winner. 4.   Wash by Margaret Wrinkle This novel was recommended by one of my closest friends so I will be popping this into my shopping cart soon. It sounds fascinating. The Atlanta Journal Constitution calls Wash Amazing . . . Never has a fictionalized window into the relationship between slave and master opened onto such believable territory . . . Wash unfolds like a dreamy, impressionistic landscape . 5.   Who I Am  by Pete Townshend Rock n roll bios seem to make the list every year and this summer is no exception. If youve ever fantasized about pummeling a guitar to bits on stagethis is the book for you. Rock out by the pool and learn the story of a man who. wanted The Who to be called The Hair. loved The Everly Brothers, but not that drawling dope Elvis. wanted to be a sculptor, a journalist, a dancer and a graphic designer. became a musician, composer, librettist, fiction writer, literary editor, sailor. smashed his first guitar onstage, in 1964, by accident. heard the voice of God on a vibrating bed in rural Illinois.. Whats not to love? 6.   Shadow of the Wind by Carlos Ruiz Zafon Another recommendation from a good friend (I am going to be so broke by the time this list is done). Barcelona, 1945: A city slowly heals in the aftermath of the Spanish Civil War, and Daniel, an antiquarian book dealer’s son who mourns the loss of his mother, finds solace in a mysterious book entitled The Shadow of the Wind, by one Julin Carax. But when he sets out to find the author’s other works, he makes a shocking discovery: someone has been systematically destroying every copy of every book Carax has written. In fact, Daniel may have the last of Carax’s books in existence. Soon Daniel’s seemingly innocent quest opens a door into one of Barcelona’s darkest secretsan epic story of murder, madness, and doomed love. 7.   Chanel Bonfire: A Memoir by Wendy Lawless Another friend suggests this, saying:    Chanel Bonfire is brilliant. Its a memoir by the witty, sharp daughter of a beautiful 1970s jet setter. The social climbing Mom has mental illness and alcoholism. Its actually quite funny, in a black humour sense. Highly recommend it. 8.   Devil in the White City: Murder, Madness, and Magic at the Fair That Changed America by Erik Larson This friend says, Devil in the White City is a fascinating intertwining of two contemporaneous true events: a serial murderer operating in Chicago and the lead-up to, running, and aftermath of the Chicago Worlds Fair. Its heavy on history and architecture, but I really liked it. 9.   Defending Jacob by William Landay What is it about legal thrillers and summer? Lots of people love them and a very literate friend suggests this one, so on the list it goes. Award-winning author William Landay has written the consummate novel of an embattled family in crisis- a suspenseful, character-driven mystery that is also a spellbinding tale of guilt, betrayal, and the terrifying speed at which our lives can spin out of control. 10.   Tales of the South Pacific by James A. Michener Every man I have ever known loves Michener.   Published in 2011, this volume is a collection of tales is set against the background of the South Pacific, the endless ocean, the coral specks called islands, the coconut palms, the reefs, the lagoons, the jungles, and the full moon rising against the volcanoes. Sounds like the perfect summer mental escape!