The Larger agenda series,

Setting the American experience against a global backdrop in which one nation after another is tearing itself apart, Schlesinger emphasizes the question: What is it that holds nations together? The classic American image was of the "melting pot," in which differences of race, religion, and nationality were reduced, however unevenly, by common adherence to unifying civic principles. Today that image is challenged by an identity politics that magnifies differences and abandons goals of integration and assimilation. Must we surrender national identity to ethnic lobbies? Is hypersensitivity on the question of language handicapping minority children? Is the purpose of teaching history to make minorities feel good about themselves? Or is it rather to teach an accurate understanding of the world and to protect unifying ideals of tolerance, democracy, and human rights? Strident multiculturalism, Schlesinger contends, is an ill-judged and wrong-headed response to the real problem: the persistence, despite many gains, of racism in the white majority. In a world scarred by ethnic conflict, he writes, it is all the more urgent that the United States set an example of how a highly differentiated society holds itself together. In this new and enlarged edition, more timely than ever, Schlesinger updates the discussion, assesses recent developments, points to factors that promise to defeat the disuniting of America, points also to the dangers of strident monoculturalism on the right, and adds "Schlesinger's syllabus" - an annotated list of a baker's dozen of book essential for understanding the American experience.

How is it that, with all the financial know-how and experience of the wizards on Wall Street and elsewhere, the market still goes boom and bust? How come people are so willing to get caught up in the mania of speculation when history tells us that a collapse is almost sure to follow? In A Short History of Financial Euphoria, renowned economist John Kenneth Galbraith reviews, with insight and wit, the common features of the great speculative episodes of the last three centuries - the seventeenth-century craze in Western Europe for investing in an unusual commodity: the tulip; Britain's South Sea Bubble and the eighteenth century's fascination with the joint-stock company, now called the corporation; and, more recently, the discovery of leverage in the form of junk bonds. Along the way, Galbraith explains the newfangled types of debt that different generations have dreamt up, and he entertains with anecdotes about the ingenuity with which some of the more notorious charlatans have convinced people to invest in financial ciphers. Galbraith calls this book "a hymn of caution" for good reason. He warns that the time will come when the public hails yet another financial wizard. In that case, the reader will do well to remember the Galbraithian adage: "Financial genius is before the fall." The appearance of the next John Law, Robert Campeau, or Michael Milken may well be, after all, a harbinger of disaster.