Henry Carter Hull

The open ocean-that vast expanse of international waters-spreads across three-fourths of the globe. It is a place of storms and danger, both natural and manmade. And, at a time when every last patch of land is claimed by one government or another, it is a place that remains radically free. With typically understated lyricism, William Langewiesche explores this ocean world and the enterprises, licit and illicit, that flourish in the privacy afforded...

Why businesses should never underestimate the power of place. Today's business leaders are so obsessed with all things global and virtual that they risk neglecting the critical impact of physical place. It's a paradox of the Internet age: now that it's possible for businesses to be everywhere at once, they need to focus on what it means to be one specific place at a time. The best global brands, from IBM to McDonald's, are by design also the...

In dealing with uncertainty, it makes sense to have an arsenal of different strategies. Explore five techniques for risk management that can be used in every sphere of life: producing information, diversifying, sharing risk, avoiding risk, and absorbing risk. Probe instructive examples of each..

Even in times of low inflation, no one knows when prices will take off again. Look into the causes of inflation, efforts to control it, and the surprising wisdom of promoting a small degree of inflation. Also examine the disaster of deflation, which is a generalized drop in prices..

Examine another outcome of asymmetric information: the moral hazard problem. This peril arose spectacularly in the 2008 financial crisis, with the widespread sale of bad loans to unwitting investors. But it also lurks in many small-scale transactions. Discover what you can do to combat it..

Use game theory to shed light on strategic interactions, which are competitive transactions involving people or organizations. Such interactions can range from negotiating the sale of a house to pricing products for maximum sales. As an example, analyze an intriguing competition between two potato chip brands..

Adverse selection occurs when the lack of information by one party leads to a distorted result. See how this situation surfaces in many different contexts, from used car sales to investment deals to Internet purchases. Learn to recognize the adverse selection trap, and know how to correct it..

Close by learning how to take the economic “stress test,” inspired by bank evaluations made in the wake of the 2008 financial crisis. This simple exercise helps you anticipate the most significant reversals you are likely to meet, helping you approach uncertainty with confidence and calm..

Gambling makes some people nervous, but it gives valuable insight into any type of risk-taking activity, including investing and entrepreneurship. Explore the role of games of skill and chance in the economy, and apply their lessons to activities such as banking and retirement planning..

Focus on a special case of moral hazard: the principal-agent problem, in which an agent is appointed to handle a matter beyond the expertise of the person doing the hiring (the principal). The agent may easily take unfair advantage of this situation, which covers everything from home repair to government contracting..