Thoroughly revised to reflect the dramatic changes and consolidation of the financial markets, the seventh edition of this highly regarded book provides a clear and concise guide to a complex world that is often difficult to understand, even for those who work within it. With chapters covering markets related to money, foreign exchange, stocks, bonds, commodities, financial futures, options, and other derivatives, it explores why these markets exist, how they function, and who trades in them. There is also an overview of the factors that influence prices and rates. Economic history is littered with disasters that occurred because participants linked their firms with financial instruments they did not fully understand. Had they had this book, they might have avoided their mistakes. For anyone looking to understand the financial markets, there is no better guide.

Marc Levinson is a former finance and economics editor at The Economist. Previously, he was a senior editor at Newsweek and spent the last 10 years as an economist at JPMorgan Chase. He has extensively published on economic topics in journals such as the Harvard Business Review and Foreign Affairs, and he is currently a Senior Fellow for International Business at the Council on Foreign Relations in New York.