Hubbard builds his text upon the idea that students must develop an economic understanding for organizing concepts and facts, evaluate current and historical events using economic analysis, and use economic principles and tools to predict future outcomes and changes in the economic system. Hubbard's modern approach employs economic principles to illustrate the evolution and conduct of financial markets and institutions, drawing a full picture of the relationship between economic performance and the international developments within these markets and institutions. The Fifth Edition provides a timely perspective on key issues--corporate accounting scandals, development in the international financial system, the post 911 recession, and more--using relevant new data and up-to-the-minute real-world applications, while presenting it all in a clear, concise style.