New Books in Finance

Photis Lysandrou, "Dollar Dominance: Why It Rules the Global Economy and How to Challenge It" (Policy Press, 2025)

Wed, 13 May 2026 08:00:00 -0000

In a world shaken by crises, why does the dollar continue to dominate? In Dollar Dominance: Why It Rules the Global Economy and How to Challenge It (Policy Press, 2025) Photis Lysandrou explores the interaction between global instability and the enduring strength of the dollar. Drawing on examples from the 2008 Great Financial Crisis to the COVID-19 pandemic and Russia's invasion of Ukraine, the author reveals how uncertainty and instability in global trade, production and politics drives investors towards the safety of the dollar, reinforcing its dominance over other currencies. With clear and insightful analysis, Lysandrou reveals the true global financial foundations of dollar dominance, and lays out what it would take for other currencies such as the Euro to challenge its position

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Paul Blustein, "King Dollar: The Past and Future of the World's Dominant Currency" (Yale UP, 2025)

Thu, 30 Apr 2026 08:00:00 -0000

The U.S. dollar is the world’s most important currency. Trade is priced in dollars, the world’s central banks keep U.S. dollars in reserve, some places–including my home of Hong Kong, peg their currencies to the dollar. But what explains the U.S. dollar’s success? And why have some challengers, like the Japanese yen or the Chinese yuan, failed to gain traction?

Paul Blustein, author of King Dollar: The Past and Future of the World's Dominant Currency, joins us on the show today; the book was released last year, and is now in paperback. In his book, Paul talks about how the U.S. dollar got to where it is today and punctures some of the myths surrounding dollar dominance–like the idea that the “petrodollar” made a difference.

Paul is a senior associate with the Economics Program and Scholl Chair in International Business at the Center for Strategic and International Studies (CSIS). He is also the author of several critically acclaimed books about global economic affairs. A graduate of the University of Wisconsin and Oxford University, where he was a Rhodes Scholar, he spent much of his career as a reporter at the Washington Post and Wall Street Journal.

A programming note: we recorded this interview on April 4th, about a month after the U.S. first launched its strikes on Iran.

You can find more reviews, excerpts, interviews, and essays at The Asian Review of Books. Follow on Twitter at @BookReviewsAsia.

Nicholas Gordon is an editor for a global magazine, and a reviewer for the Asian Review of Books. He can be found on Twitter at @nickrigordon.

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Trevor Jackson, "The Insatiable Machine: How Capitalism Conquered the World" (Norton, 2026)

Tue, 28 Apr 2026 08:00:00 -0000

How did an economic system that was the result of largely uncoordinated and unplanned individual decisions come to dominate our modern world? This is the core question that my guest, Berkeley economic historian Trevor Jackson, tries to answer in his new book, The Insatiable Machine: How Capitalism Conquered the World (Norton, 2026). Jackson begins with the origins of the global monetary system in the fifteenth century and ends in the early twentieth century, when capitalism faced its most serious challenges from communism and socialism. While wage labor and financial instruments like loans and stocks feel unremarkable today, he reminds us that “it wasn’t always this way.” Capitalism is not natural, timeless, or inevitable.

Trevor Jackson is an economic historian at the University of California, Berkeley. He previous book, Impunity and Capitalism: The Afterlives of European Financial Crises, 1690–1830, was published by Cambridge University Press in 2022.

Steven P. Rodriguez is a scholarly publishing professional and historian.

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Karen Hao, "Empire of AI: Inside the Race for Total Domination" (Allan Lane, 2025)

Mon, 27 Apr 2026 08:00:00 -0000

Hello! Thanks for reaching out. I'm glad you're here! Do you have any questions or thoughts about the recent discussion with Karen Hao on AI and its societal impacts?Hello! Thanks for reaching out. I'm glad you're here! Do you have any questions or thoughts about the recent discussion with Karen Hao on AI and its societal impacts?

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What's Global about Sven Beckert's Capitalism (Paul Kramer, JP)

Thu, 02 Apr 2026 08:00:00 -0000

John is joined by the brilliant and affable Paul Kramer of Vanderbilt (The Blood of Government) to discuss Capitalism: A Global History (Penguin, 2025) by Sven Beckert, Laird Bell Professor of History at Harvard University. With Christine A. Desan (Recall This Book adores her) he is the co-director of the Program on the Study of Capitalism at Harvard University. This builds on his marvelous previous work about the global cotton trade.

John wants to know about the importance of the state as money-maker and underpinner of markets. Paul asks about the key historical ruptures; the conversation goes back a millennium to traders in Aden and in China. Together Paul and Sven speculate on the role violence plays inside the “free” market that capitalist exchange established and now somewhat remarkably sustains. The singular turning-point of the late 19th century (which Sven decided to present in three interwoven chapters) comes in for sustained attention.

Mentioned in the Episode

Christine Desan, Making Money: Coin, Currency, and the Coming of Capitalism (2014)
Ursula Le Guin “We live in capitalism, its power seems inescapable — but then, so did the divine right of kings.” (National Book Foundation Medal speech 2014)
Ferdinand Braudel Afterthoughts on Material Civilization and Capitalism (1979)
Eric Williams, Capitalism and Slavery (1944)
Listen and Read here.

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Eric Ries, "Incorruptible" (Authors Equity, 2026)

Wed, 01 Apr 2026 08:00:00 -0000

Eric Ries shares how financial 'gravity' pulls great companies away from their founders' purpose, and his solutions in his new book Incorruptible (Authors Equity, 2026)

Join us for a uniquely provocative conversation between our host, Richard Lucas, and renowned entrepreneur and "Lean Startup" author Eric Ries on his new book, Incorruptible. Moving beyond the surface-level summary, Richard intentionally focuses on the book's deep ethical and moral core, giving Ries the space to clarify and elaborate on his most challenging ideas.1

This is not your typical book tour stop. Richard dives into what he finds "particularly interesting," exploring why founders must prioritize building an enterprise "worth protecting" from the start—a business whose mission is protected by structural guardrails. Richard highlights memorable quotes from Eric's book, including:1

"Not every form of making money is equally good."1

"The more golden the goose, the stronger the temptation to butcher it."1

Ries explains that without these defenses, a universal, systemic force he calls "financial gravity" will inevitably pull the organization toward short-term profit maximization over "human flourishing". He argues that waiting until a business is successful to put in guardrails is "too late" because success attracts predators. Taking the principled path, though harder, Ries believes, unlocks "almost unbelievable superpowers". The discussion drills down into practical, yet philosophical questions: Can any system resist a corrupt leader? Richard challenges Ries on the possibility of an ethical defense military technology company (like those defending Ukraine), leading Ries to clarify that technology is neutral; the danger lies in who controls it. They also explore the failure of modern management practices, discussing how reliance on metrics like average hold time can create "false proxies" that actively make customer service worse. Finally, Ries advocates for a powerful solution for corporate governance: a universal director's oath, similar to the Hippocratic Oath, to bind corporate leadership to a commitment to the mission.1

Tune in to hear Ries’s candid reflections, including his personal belief that integrity is not merely ethical, but a competitive advantage—the true foundation for economic success, while emphasizing the first step for every founder and entrepreneur: "First, create something worth protecting

Links & References

Incorruptible: Why Good Companies Go Bad…and How Great Companies Stay Great
Book release date is May 26 in the US, May 28 worldwide Amazon listing
Website: here
Seth Godin on false metrics
Frankenstein, Incorporated by I Maurice Wormser

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J. S. Nelson, "Business Ethics: What Everyone Needs to Know" (Oxford UP, 2021)

Tue, 24 Mar 2026 08:00:00 -0000

The book places special emphasis on the relationship between corporations, managers, and shareholders. Drawing on Lynn Stout’s influential work on corporate governance, the authors challenge the common belief that corporate law requires managers to maximize shareholder value at all times. In reality, corporate directors and managers are expected to exercise business judgment that balances long-term corporate health, stakeholder relationships, and legal responsibilities.

Shareholders play a critical role in corporate governance, but the authors emphasize that corporations are not simply machines for immediate shareholder profit. Instead, corporations are long-lived institutions that rely on cooperation among shareholders, employees, customers, communities, and regulators. Ethical management therefore requires maintaining trust across this broader network.

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Orsi Husz, "Bankminded: Banks As Intimate Agents of Everyday Life in Welfare State Sweden" (Palgrave MacMillan, 2025)

Sun, 22 Mar 2026 08:00:00 -0000

In today’s world, it is almost impossible to go through the day without interacting with a bank—whether through a salary payment, a debit card, a credit card, or a digital ID used to access public services online. Yet this intimate relationship between households and banks is relatively recent.

In this episode of the New Books Network, I speak with Orsi Husz, Professor at Uppsala University, about her book Bankminded: Banks as Intimate Agents of Everyday Life in Welfare State Sweden. The book traces how, from the late 1950s onwards, banks gradually became embedded in the everyday routines of ordinary people. Through wage accounts, credit cards, financial advice, and identity documents, financial institutions reshaped how households handled money—and how they thought about finance itself.

Drawing on rich archival research, Husz shows that this transformation was not simply a story of technology or markets. It involved cultural shifts around class, gender, morality, and identity, as well as the surprising role of the welfare state in expanding everyday banking. The result was what she calls the “bankification” of everyday life—a process that laid the groundwork for the financialised world we inhabit today.

If you are interested in the history of banking, the culture of finance, or how modern financial habits emerged, this conversation offers a fascinating perspective on a transformation that most of us now take for granted.

You can download the book for free (Open Access) here

Listen to the episode to learn how banks became an intimate part of everyday life.

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Jeremy Sosabowski: Community Leader and Entrepreneur

Wed, 04 Mar 2026 09:00:00 -0000

In this episode, Jeremy Sosabowski, CEO and co‑founder of AlgoDynamix, reveals how his company is reinventing market forecasting through behavioral analytics rather than traditional fundamentals or news. By decoding real‑time transactional order flow, AlgoDynamix predicts price movements (hours or days in advance) based on what traders are actually doing — a fresh, practical edge for smaller hedge funds, family offices and HNWI (High Net Worth Individuals) seeking ultimate actionable trading insights.

Jeremy shares how the company continues to expand and refine its business model and how they have built a scalable platform capable of handling complex, multi‑asset portfolios. He also dives into Cambridge’s vibrant entrepreneurial ecosystem, highlighting how networking, community engagement, and thematic WhatsApp groups have created unexpected opportunities and collaborations.

The episode is packed with insights for innovators, investors, and curious listeners. If you want to hear how behavioral science meets financial returns — and how an entrepreneur builds momentum through community — this conversation is absolutely worth your time.

Links:

CUE Cambridge University Entrepreneurs
AlgoDyamix
Jeremy Sosabowski Linkedin
Richard Lucas TEDxTarnow on “Opportunity Readiness”
Jeremy Sosabowski at CAMentrepreneurs Open Coffee Cambridge
OptiSynx clock project

About Jeremy Sosabowski CEO, AlgoDynamix:

Dr. Jeremy Sosabowski is Co-founder & CEO at AlgoDynamix, an AI-based financial price forecasting analytics company. Their products are used by asset managers, including CTAs, hedge funds, and family offices.

Jeremy has over a decade of business and technology commercialisation experience. His previous roles include CTO at an instrumentation company (technology acquired) and data analyst within the online transaction space. His 'IP portfolio' includes several granted patents and more than 10 peer-reviewed publications.

Jeremy has undergraduate and postgraduate degrees in engineering and signal processing including an Engineering Ph.D. from the University of Cambridge.

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Elliot Dolan-Evans, "Making War Safe for Capitalism: The World Bank, IMF, and the Conflict in Ukraine" (Bristol UP, 2025)

Sat, 28 Feb 2026 09:00:00 -0000

Making War Safe for Capitalism: The World Bank, IMF, and the Conflict in Ukraine (Bristol UP, 2025) by Dr. Elliot Dolan-Evans examines the impact of World Bank and International Monetary Fund (IMF) economic restructuring programmes during active conflicts.

Using a critical political economy perspective, the book explores how these restructuring efforts affect vulnerable communities’ survival amid violence. Chapters provide a detailed case study of Ukraine during the War in Donbas, analysing the controversial reforms in agriculture, gas and pension sectors. The resulting analysis offers valuable insights into how these reforms have influenced Ukraine’s political economy and the survival of conflict-affected populations since the 2022 Russian invasion.

This interview was conducted by Dr. Miranda Melcher whose book focuses on post-conflict military integration, understanding treaty negotiation and implementation in civil war contexts, with qualitative analysis of the Angolan and Mozambican civil wars. You can find Miranda’s interviews on New Books with Miranda Melcher, wherever you get your podcasts.

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Paolo Zannoni, "Money and Promises: Seven Deals That Changed the World" (Columbia Business School, 2024)

Tue, 24 Feb 2026 09:00:00 -0000

In Money and Promises: Seven Deals That Changed the World, the distinguished banker, executive, and historian Paolo Zannoni examines the complex relationship between states and banks that has changed the world. Drawing on in-depth archival research, he explores seven case studies: the republic of Pisa, seventeenth-century Venice, the early years of the Bank of England, imperial Spain, the Kingdom of Naples, the nascent United States during the American Revolution, and Bolshevik Russia in 1917 through 1923. Zannoni also tells the story of how the Continental Congress established the first public bank in North America, exploring the roles of Thomas Jefferson, Benjamin Franklin, and Alexander Hamilton. Spanning many countries, political systems, and historical eras, this book shows that at the heart of these institutions is an intricate exchange of debts and promises.

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Donald Chew, "The Making of Modern Corporate Finance: A History of the Ideas and How They Help Build the Wealth of Nations" (Columbia Business School Publishing, 2025)

Wed, 18 Feb 2026 09:00:00 -0000

In The Making of Modern Corporate Finance: A History of the Ideas and How They Help Build the Wealth of Nations (Columbia Business School Publishing, 2025) Donald Chew profiles key figures in the development of modern corporate finance while emphasizing their counterintuitive lessons for shareholders, companies, and countries. He deals with such questions as: Why did the stagflation of the 1970s prove so painful and protracted? What explains the U.S. stock market’s forty-year run of 12 percent average annual returns? Why is Japan still mired in a decades-long recession? What accounts for the resilience of U.S. stock markets in the wake of COVID and the Fed’s interest rate hikes? Chew argues that answers to these questions lie ideas formulated and tested by finance scholars―notably, an efficient stock market in which prices reflect the long-run values of public companies and a market for corporate control that exerts pressure on management.

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Peter S. Goodman, "Davos Man: How the Billionaire Class Devoured Democracy" (Custom House, 2022)

Mon, 09 Feb 2026 09:00:00 -0000

Drawing on decades of experience covering the global economy, New York Times' journalist Peter S. Goodman profiles five representative Davos Men-members of the billionaire class-chronicling how their shocking exploitation of the global pandemic has hastened a fifty-year trend of wealth centralization. Alongside this reporting, Goodman delivers textured portraits of those caught in Davos Man's wake, including a former steelworker in the American Midwest, a Bangladeshi migrant in Qatar, a Seattle doctor on the front lines of the fight against COVID, blue-collar workers in the tenements of Buenos Aires, an African immigrant in Sweden, a textile manufacturer in Italy, an Amazon warehouse employee in New York City, and more in his book, Davos Man: How the Billionaires Devoured the World (Custom House, 2022).

Peter S. Goodman is the global economic correspondent for The New York Times, based in New York.

Caleb Zakarin is the Assistant Editor of the New Books Network (Twitter: @caleb_zakarin).

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Gregory T. Chin and Kevin P. Gallagher, "China and the Global Economic Order" (Cambridge UP, 2025)

Mon, 02 Feb 2026 09:00:00 -0000

China and the Global Economic Order (Cambridge University Press, 2026) examines China's evolving relations with the Bretton Woods institutions (BWIs), specifically the International Monetary Fund and the World Bank Group from the 1980s through 2025. Using a combination of new qualitative findings and quantitative datasets, the authors observe that China has taken an evolving approach to the BWIs in order to achieve its multiple agendas, acting largely as a 'rule-taker' during its first two decades as a member, but, over time, also becoming a 'rule-shaker' inside the BWIs, and ultimately a new 'rule-maker' outside of the BWIs. The analysis highlights China's exercise of 'two-way countervailing power' with one foot inside the BWIs, and another outside, and pushing for changes in both directions. China's interventions have resulted in BWs reforms and the gradual transformation of the global order, while also generating counter-reactions especially from the United States.

Gregory Chin is an Associate Professor of Political Economy in the Department of Politics, and Faculty of Graduate Studies at York University (Canada), with a focus on the political economy of international money and development finance, China, Asia, the BRICS, and global governance.

Nomeh Anthony Kanayo, Ph.D. Candidate in International Relations at Florida International University, with research interest in Africa's diaspora relations, African-China relations, great power rivalry and IR theories.

Check out my new article https://doi.org/10.1016/j.sciaf.2025.e02699

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Robert Yee, "The City's Defense: The Bank of England and the Remaking of Economic Governance, 1914-1939" (Cambridge UP, 2025)

Fri, 30 Jan 2026 09:00:00 -0000

In The City's Defense: The Bank of England and the Remaking of Economic Governance, 1914-1939, Robert Yee examines how the City of London maintained its status as an international financial center. He traces the role of the Bank of England in restructuring the domestic, imperial, European, and international monetary systems in the aftermath of the First World War

Responding to mass unemployment and volatile exchange rates, the Bank expanded its reach into areas outside the traditional scope of central banking, including industrial policy and foreign affairs. It designed a system of economic governance that reinforced the preeminence of sterling as a reserve currency. Drawing on a range of archival evidence from national governments, private corporations, and international organizations, Yee reevaluates our understanding of Britain's impact on the global economic order.

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Nick Romeo, "The Alternative: How to Build a Just Economy" (PublicAffairs, 2024)

Sat, 24 Jan 2026 09:00:00 -0000

Winners Take All meets Nickel and Dimed: a provocative debunking of accepted wisdom, providing the pathway to a sustainable, survivable economy.

Confronted by the terrifying trends of the early twenty-first century - widening inequality, environmental destruction, and the immiseration of millions of workers around the world - many economists and business leaders still preach dogmas that lack evidence and create political catastrophe: Private markets are always more efficient than public ones; investment capital flows efficiently to necessary projects; massive inequality is the unavoidable side effect of economic growth; people are selfish and will only behave well with the right incentives.

But a growing number of people - academic economists, business owners, policy entrepreneurs, and ordinary people - are rejecting these myths and reshaping economies around the world to reflect ethical and social values. Though they differ in approach, all share a vision of the economy as a place of moral action and accountability. Journalist Nick Romeo has spent years covering the world's most innovative economic and policy ideas for The New Yorker. In The Alternative: How to Build a Just Economy (PublicAffairs, 2024), Romeo takes us on an extraordinary journey through the unforgettable stories and successes of people working to build economies that are more equal, just, and livable.

Stephen Pimpare is a Senior Fellow at the Carsey School of Public Policy at the University of New Hampshire.

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Harold James, "Seven Crashes: The Economic Crises That Shaped Globalization" (Yale UP, 2023)

Sun, 11 Jan 2026 09:00:00 -0000

In Seven Crashes: The Economic Crises That Shaped Globalization (Yale UP, 2023), distinguished economic historian Harold James offers a fresh perspective on the past two centuries of globalization and the pivotal moments that shaped it. James analyzes seven major economic crises that occurred over this period, including the late 1840s, the simultaneous stock market shocks of 1873, the First World War years, the Great Depression era, the 1970s, the Global Financial Crisis of 2007-2008, and most recently the Covid-19 crisis. Through his insightful analysis, he illustrates how some of these crises contributed to increased cross-border integration of labor, goods, and capital markets, while others resulted in significant deglobalization.

James classifies the crises into two categories: those caused by shortages and those driven by demand. He explains how shortages have led to greater globalization as markets expanded and producers innovated to increase supply, as evidenced by events such as the First World War and the oil shocks of the 1970s. In contrast, demand-driven crises, such as those that caused the Great Depression and the Global Financial Crisis of 2007-2008, have typically led to international trade contraction and decreased globalization, often accompanied by widespread skepticism of governments.

To support his findings, James examines the writings of key observers who shaped our understanding of each crisis, including Karl Marx in 1848, Stanley Jevons, Léon Walras, and Carl Menger in the 1870s, German Treasury Secretary Karl Helfferich in the First World War, John Maynard Keynes in the Great Depression, Milton Friedman and Friedrich Hayek in the 1970s, Ben Bernanke in 2008, and Larry Summers and Raj Chetty in 2020.

Overall, James' work provides an insightful and thought-provoking analysis of the relationship between economic crises and globalization over the past two centuries, and sheds light on the potential trajectory of future economic developments.

Javier Mejia is an economist at Stanford University who specializes in the intersection of social networks and economic history. His research interests also include entrepreneurship and political economy, with a particular focus on Latin America and the Middle East. He holds a Ph.D. in Economics from Los Andes University. Mejia has previously been a Postdoctoral Associate and Lecturer at New York University-Abu Dhabi and a Visiting Scholar at the University of Bordeaux. He is also a frequent contributor to various news outlets, currently serving as an op-ed columnist for Forbes Magazine.

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David Morris, "Stealing The Future: Sam Bankman-Fried, Elite Fraud, and the Cult of Techno-Utopia" (Watkins Media, 2025)

Mon, 05 Jan 2026 09:00:00 -0000

Stealing the Future is the first book to tell the true and full story of Sam Bankman-Fried and his historic crimes. It chronicles the $11 billion FTX fraud with the detail and nuance of a financial fraud expert and cryptocurrency insider – but unlike any book before it, it also traces the ideas that enabled the crime. “Effective Altruism” and related tendencies, such as longtermism and transhumanism, remain dangerously influential in today’s Silicon Valley. Despite Bankman-Fried’s pose as a cuddly liberal philanthropist, they are now center stage in the global rise of the far right, and also lie at the heart of OpenAI, the tech darling that took FTX’s place as the face of the future.

In this interview, Morris explains how some of the key thought processes that drive today's techno-billionaires and how we can spot the next fraudsters in our midst.

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Julia Elyachar, "On the Semicivilized: Coloniality, Finance, and Embodied Sovereignty in Cairo" (Duke UP, 2025)

Sun, 04 Jan 2026 09:00:00 -0000

On the Semicivilized: Coloniality, Finance, and Embodied Sovereignty in Cairo (Duke University Press, 2025) by Julia Elyachar is a sweeping analysis of the coloniality that shaped—and blocked—sovereign futures for those dubbed barbarian and semicivilized in the former Ottoman Empire. Drawing on thirty years of ethnographic research in Cairo, family archives from Palestine and Egypt, and research on Ottoman debt and finance to rethink catastrophe and potentiality in Cairo and the world today, Elyachar theorizes a global condition of the “semicivilized” marked by nonsovereign futures, crippling debts, and the constant specter of violence exercised by those who call themselves civilized. Originally used to describe the Ottoman Empire, whose perceived “civilizational differences” rendered it incompatible with a Western-dominated global order, semicivilized came to denote lands where unitary territorial sovereignty was stymied at the end of WWI. Elyachar’s theorizing offers a new analytic vocabulary for thinking beyond territoriality, postcolonialism, and the “civilized"/"primitive” divide. Looking at the world from the perspective of the semicivilized, Elyachar argues, allows us to shift attention to embodied infrastructures, collective lives, and practices of moving and acting in common that bypass lingering assumptions of territorialism and unitary sovereign rule.
Julia Elyachar is Associate Professor of Anthropology at Princeton University.

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Sven Beckert, "Capitalism: A Global History" (Allen Lane, 2025)

Thu, 25 Dec 2025 09:00:00 -0000

No other phenomenon has shaped human history as decisively as capitalism. It structures how we live and work, how we think about ourselves and others, how we organize our politics. Sven Beckert, author of the Bancroft Prize–winning Empire of Cotton, places the story of capitalism within the largest conceivable geographical and historical framework, tracing its history during the past millennium and across the world. An epic achievement, his book takes us into merchant businesses in Aden and car factories in Turin, onto the terrifyingly violent sugar plantations in Barbados, and within the world of women workers in textile factories in today’s Cambodia.

Capitalism, argues Beckert, was born global. Emerging from trading communities across Asia, Africa, and Europe, capitalism’s radical recasting of economic life rooted itself only gradually. But then it burst onto the world scene, as a powerful alliance between European states and merchants propelled them, and their economic logic, across the oceans. This, Beckert shows, was modern capitalism’s big bang, and one of its epicenters was the slave labor camps of the Caribbean. This system, with its hierarchies that haunt us still, provided the liftoff for the radical transformations of the Industrial Revolution. Fueled by vast productivity increases along with coal and oil, capitalism pulled down old ways of life to crown itself the defining force of the modern world. This epic drama, shaped by state-backed institutions and imperial expansion, corresponded at no point to an idealized dream of free markets.

Drawing on archives on six continents, Capitalism locates important modes of agency, resistance, innovation, and ruthless coercion everywhere in the world, opening the aperture from heads of state to rural cultivators. Beckert shows that despite the dependence on expansion, there always have been, and are still, areas of human life that the capitalist revolution has yet to reach.

By chronicling capitalism’s global history, Beckert exposes the reality of the system that now seems simply “natural.” It is said that people can more easily imagine the end of the world than the end of capitalism. If there is one ultimate lesson in this extraordinary book, it’s how to leave that behind. Though cloaked in a false timelessness and universality, capitalism is, in reality, a recent human invention. Sven Beckert doesn’t merely tote up capitalism’s debits and credits. He shows us how to look through and beyond it to imagine a different and larger world.

Soumyadeep Guha is a fourth-year PhD student in the History Department at Binghamton University, New York. He is interested in historical research focusing on themes such as Agrarian/Environmental History, History of Science and Tech, Global History, and their intersections. His prospective dissertation questions are on the pre-history of the ‘Green Revolution’ in Eastern India.

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Sven Beckert, "Capitalism: A Global History" (Allen Lane, 2025)

Thu, 25 Dec 2025 09:00:00 -0000

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Maddalena Alvi, "The European Art Market and the First World War: Art, Capital, and the Decline of the Collecting Class, 1910–1925" (Cambridge UP, 2025)

Wed, 17 Dec 2025 09:00:00 -0000

The outbreak of the First World War shattered the established European art market. Amidst fighting, looting, confiscations, expropriation fears and political and economic upheaval, an integrated marketplace shaped by upper-class patrons broke down entirely. In its place, Maddalena Alvi argues, can be found the origins of a recognizably modern market of nationalized spheres driven by capitalist investment and speculation, yet open to wider social strata. Delving into auction records, memoirs, newspaper articles, financial and legal documents in six languages, Alvi explores these cultural and socio-economic developments across the British, French, and German markets, as well as trade spheres such as Russia and Scandinavia. 1914 marked the end of the European art market and cemented the connection between art and finance.

The European Art Market and the First World War: Art, Capital, and the Decline of the Collecting Class, 1910–1925 (Cambridge University Press, 2025)

Maddalena Alvi holds a PhD in History from the University of Cambridge, an MSc in Economic and Social History from the University of Oxford, and an MLitt in Art History from the University of Glasgow.

Priya S. Gandhi is a writer and strategist based in New York City.

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Megan Tobias Neely, "Hedged Out: Inequality and Insecurity on Wall Street" (U California Press, 2022)

Tue, 16 Dec 2025 09:00:00 -0000

In Hedged Out: Inequality and Insecurity on Wall Street (U California Press, 2022) Megan Tobias Neely, a former hedge fund worker takes an ethnographic approach to hedge funds. Manager? A greedy fraudster, a visionary entrepreneur, a wolf of Wall Street? She gives readers an insider perspective on the phenomenon. Facing an unpredictable and risky stock market, hedge fund workers work long hours and build tight-knit networks with people who look and behave like them. Neely shows how the system of elite power and privilege sustains and builds over time as the beneficiaries concentrate their resources.

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Mike Bird, "The Land Trap: A New History of the World's Oldest Asset" (Penguin, 2025)

Sun, 14 Dec 2025 09:00:00 -0000

In The Land Trap (Portfolio / Penguin), Mike Bird—Wall Street editor at The Economist—reveals how this ancient asset still exerts outsize influence over the modern world. From the speculative land grabs of colonial America to China's real estate crisis today, Bird shows how fortunes are built—and destroyed—on the bedrock of land. Tracing three centuries of history, Bird explores how land quietly became the linchpin of the global banking system, driving everything from soaring housing prices to rising geopolitical tensions. As governments wrestle with inequality and land grows ever scarcer, The Land Trap offers a powerful new framework for understanding the hidden force behind today's most urgent challenges. This is the book for anyone who wants to see beyond markets and money to the real game being played on a foundation as old as civilization itself. Timely, provocative, and essential, The Land Trap will change how you see the ground beneath your feet.

Reed Schwartz (@reedschwartzsf) holds an MPhil in Intellectual History from the University of Cambridge.

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Isabelle Guérin et. al., "The Indebted Woman: Kinship, Sexuality, and Capitalism" (Stanford UP, 2023)

Sat, 29 Nov 2025 09:00:00 -0000

In The Indebted Woman: Kinship, Sexuality, and Capitalism (Stanford UP, 2023), the authors Isabelle Guérin, Santosh Kumar and G. Venkatasubramanian conceptualise how gender, debt, and capitalism are related. For over ten years, the researchers have been working in the Indian countryside of east-central Tamil Nadu, observing a credit market that specifically targets Dalit women. The book highlights not only the ways how credit is distributed, but also how it is repaid. Combining in-depth ethnography with statistical surveys and financial diaries advanced the understanding of how Dalit women deal with debt, exposing the ways in which capitalism shapes womanhood. The authors' nuanced attention to body, identity, caste, and class provides a comprehensive theory of the sexual division of debt for the first time.

Isabelle Guérin is Senior Research Fellow at the French Institute of Research for Sustainable Development, and Associate at the French Institute of Pondicherry. Santosh Kumar is a part-time researcher and founder and head of the Mithralaya School of music, dance, and arts. G. Venkatasubramanian has been a sociologist and Research Fellow at the French Institute of Pondicherry for the past thirty-five years.

Sarah Vogelsanger is a researcher on social justice, gender, art and migration, based in London.

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Richard S. Ruback and Royce Yudkoff, "HBR Guide to Buying a Small Business: Think Big, Buy Small, Own Your Own Company" (HBR Press, 2017)

Mon, 24 Nov 2025 09:00:00 -0000

Are you looking for an alternative to a career path at a big firm? Does founding your own start-up seem too risky? There is a radical third path open to you: You can buy a small business and run it as CEO. Purchasing a small company offers significant financial rewards--as well as personal and professional fulfillment. Leading a firm means you can be your own boss, put your executive skills to work, fashion a company environment that meets your own needs, and profit directly from your success.

But finding the right business to buy and closing the deal isn't always easy. In the HBR Guide to Buying a Small Business: Think Big, Buy Small, Own Your Own Company (Harvard Business Review Press, 2017), Harvard Business School professors Richard Ruback and Royce Yudkoff help you:

Determine if this path is right for you
Raise capital for your acquisition
Find and evaluate the right prospects
Avoid the pitfalls that could derail your search
Understand why a "dull" business might be the best investment
Negotiate a potential deal with the seller
Avoid deals that fall through at the last minute

Arm yourself with the advice you need to succeed on the job, with the most trusted brand in business. Packed with how-to essentials from leading experts, the HBR Guides provide smart answers to your most pressing work challenges.

Listen to the Think Big, Buy Small podcast.

Richard S. Ruback is the Willard Prescott Smith Professor of Corporate Finance at Harvard Business School.

Royce Yudkoff is a Professor of Management Practice at Harvard Business School. Yudkoff cofounded and served for over 20 years as Managing Partner of ABRY Partners, a leading private equity investment firm.

Caleb Zakarin is editor of the New Books Network.

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Ivan Franceschini et al., "Scam: Inside Southeast Asia's Cybercrime Compounds" (Verso Books, 2025)

Thu, 20 Nov 2025 09:00:00 -0000

“If I had been enslaved for a year or two, I might not be able to believe in humanity any more.” “I am a victim of modern slavery.”

These chilling words come from a Taiwanese female lured by a fake job offer, only to be sold into a scam compound in Cambodia. She is not alone. She is one of thousands deceived into this industry—people who left home hoping for a better life, only to find themselves trapped in a living nightmare.

Scam: Inside Southeast Asia's Cybercrime Compounds (Verso Books, 2025) arrives at a critical moment, shedding light on one of the world’s fastest-growing criminal economies: Southeast Asia’s online scam industry. Running the gamut from the notorious “pig butchering” romance scams to elaborate online extortion and investment frauds, this system has transformed parts of the region into global hubs of cybercrime.

Meticulously researched and grounded in years of fieldwork, Scam offers an unflinching look into the prison-like compounds that have mushroomed across multiple countries. Within these walled complexes, victims are often coerced into becoming perpetrators—trapped in what the authors describe as “compound capitalism,” a chilling hybrid of enslavement and exploitation.

Scam traces how small-scale online gambling rings evolved into an international “scamdemic,” accelerated by the disruptions of COVID-19. It examines the “victim–offender trap”, a moral and psychological paradox that makes empathy difficult for outsiders. The result is a deeply human investigation into how modern slavery adapts to digital capitalism.

The authors uncover the operations of scam compounds across Southeast Asia. In my interview with Ling and Ivan, what stood out was not only their depth of knowledge but their compassion. They used their skills to build trust with victims, gather evidence, and, in some cases, help orchestrate rescues. Their work is both rigorous and profoundly humane, illuminating a crisis that grows more complex each day.

Though many of those involved—both perpetrators and victims—are ethnically Chinese, the networks now span continents. The scam compounds are a global phenomenon, built on economic desperation, weak governance, and digital interconnectivity.

Scam is more than an exposé. It is a call to action and a vital first step toward understanding a new form of global exploitation—where modern technology and ancient cruelty combine to create a system that enslaves the vulnerable and profits from despair.

Ling Li is pursuing a PhD at Ca’ Foscari University of Venice with a focus on the role of technology in enabling modern slavery and human trafficking in East and Southeast Asia. In the past few years, she has been providing support to survivors of scam compounds in Southeast Asia, interacting with local and international civil society organisations to bring them relief and help with repatriation.

Ivan Franceschini is a lecturer at the Asia Institute, University of Melbourne. His current research focuses on ethnic Chinese transnational crime, especially in the field of online fraud. He co-founded the Made in China Journal and The People’s Map of Global China/ Global China Pulse. His books include Proletarian China (2022), Global China as Method (2022), and Afterlives of Chinese Communism (2019). He also co-directed the documentaries Dreamwork China (2011) and Boramey (2021).

Mark Bo is a researcher who has been based in East and Southeast Asia for 2 decades. He has worked globally with local civil society partners to monitor and advocate for improved environmental and social practices in development projects and utilises his background in corporate and financial mapping to investigate stakeholders involved in Asia’s online gambling, fraud, and money laundering industries.

Bing Wang receives her PhD at the University of Leeds in 2020. Her research interests include the exploration of overseas Chinese cultural identity and critical heritage studies. She is also a freelance translator.

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Richard H. Thaler and Alex Imas, "The Winner's Curse: Behavioral Economics Anomalies, Then and Now" (Simon and Schuster, 2025)

Sat, 15 Nov 2025 09:00:00 -0000

Alex Imas is the Roger L. and Rachel M. Goetz Professor of Behavioral Science, Economics and Applied AI and a Vasilou Faculty Scholar at the University of Chicago Booth School of Business, where he has taught Negotiations and Behavioral Economics. He is a Faculty Affiliate of the Center for Applied AI and the Human Capital & Economic Opportunity, an NBER Faculty Research Associate, and a CESifo Research Network Fellow. He is also an Associate Editor at the Journal of the European Economic Association and on the editorial board of Psychological Science.

Alex studies behavioral economics with a focus on how people understand and mentally represent the choices they are facing. His research explores topics related to how people learn and make choices in settings with risk and uncertainty. He also studies the economics of artificial intelligence and discrimination. Alex’s work utilizes a variety of methods, including controlled laboratory experiments, field experiments, analysis of observational data and theoretical modeling.

Alex Imas is the recipient of the 2023 Alfred P. Sloan Research Fellowship, the Review of Financial Studies Rising Scholar Award, the New Investigator Award from the Behavioral Science and Policy Association, the Hillel Einhorn New Investigator Award from the Society of Judgment and Decision Making, the Distinguished CESifo Affiliate Award, and the NSF Graduate Research Fellowship. He is the co-author, with Richard Thaler, of The Winner’s Curse: Behavioral Economics Anomalies, Then and Now (Simon and Schuster, 2025). He is an Associate Editor at the Journal of the European Economic Association and on the editorial board of Psychological Science.

Alex was born in Bender, Moldova. Previously, he was the William S. Dietrich II Assistant Professor of Behavioral Economics at Carnegie Mellon University, where he taught Behavioral Economics and Human Judgment and Decision Making. He did his PhD in economics at the University of California, San Diego and earned a BA from Northwestern University. Prior to graduate school, Imas helped found a startup and co-authored several patents as part of its intellectual property strategy.

Teaching materials for The Winner’s Curse can be found here.

Interviewer Peter Lorentzen is an Associate Professor of Economics at the University of San Francisco, where he leads the Master’s Program in International and Development Economics at the University of San Francisco. He is also a nonresident scholar at the UCSD 21st Century China Center and an alumnus of the Public Intellectuals Program of the National Committee on US-China Relations. His research focuses on the economics of information, incentives, and institutions, primarily as applied to the development and governance of China. He created the unique Master’s of Science in Applied Economics at the University of San Francisco, which teaches the conceptual frameworks and practical data analytics skills needed to succeed in the digital economy.

Guest interviewer Robizon Khubulashvili is an Assistant Professor of Economics at the University of San Francisco. His research is at the intersection of theoretical, behavioral, and experimental microeconomics. A common question in his research is, how can we use a user's revealed preferences to improve the performance of online platforms? Robizon has studied this question in two settings: when monetary incentives are missing (an online gaming platform) and when monetary incentives are present (an online gambling platform). His work suggests that heterogeneity among users is an essential consideration in designing better online platforms; that is, a policy benefiting one type of user might harm the other.

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Hilary Allen, "Fintech Dystopia: A Summer Beach Read about Silicon Valley Ruining Things" (2025)

Tue, 11 Nov 2025 09:00:00 -0000

Silicon Valley wants to disrupt finance, and it might just succeed. In FinTech Dystopia, professor Hilary Allen offers an accessible, irreverent, and occasionally furious account of how tech elites are quietly taking over the financial system and making it worse in the process.

Drawing on more than a decade of research and hundreds of conversations with policymakers, journalists, and regulators, Allen explains how fintech and crypto have failed to deliver on their promises and why so much of Silicon Valley’s power comes from manipulating the law rather than from real innovation. She also explores how the spread of tech-driven finance connects to the biggest issues of our time, from inequality to political influence.

Written as a serial for readers outside the academic or policy worlds, FinTech Dystopia invites you to grab a drink, settle in, and learn how Silicon Valley is reshaping money, power, and the everyday economy and what we can do about it.

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How Government Made the U.S. into a Manufacturing Powerhouse

Mon, 10 Nov 2025 09:00:00 -0000

Peoples & Things host, Lee Vinsel, talks with Colleen Dunlavy, Emeritus Professor of History at University of Wisconsin-Madison, about her recent book, Small, Medium, Large: How Government Made the U.S. Into a Manufacturing Powerhouse. Small, Medium, Large examines the crucial role that the U.S. federal government played in rationalizing and diffusing industrial production standards, which over time greatly increased economies of scale and reduced the cost of both industrial and consumer goods.

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Joseph Stiglitz, "The Origins of Inequality" (Oxford UP, 2025)

Mon, 10 Nov 2025 09:00:00 -0000

Joseph E. Stiglitz has had a remarkable career. He is a brilliant academic, capped by sharing the Nobel Memorial Prize in Economics and the Nobel Peace Prize, and honorary degrees from Harvard, Cambridge, Oxford and more than fifty other universities, and elected not only to the National Academy of Sciences and the American Academy of Arts and Letters but the Royal Society and the British Academy; a public servant, who served as Chair of President Clinton's Council of Economic Advisors and Chief Economist and Senior Vice President of the World Bank, headed international commissions for the UN and France, and was awarded the French Legion of Honor and Australia's Sydney Peace Prize; a public intellectual whose numerous books on vital topics have been best sellers.
What brought him to economics were his concerns about the inequality and discrimination he saw growing up. Wanting to understand what drives it and what can be done about it has been his lifelong passion. This book gathers together and extends to new frontiers this lifelong work, drawing upon the challenges and insights of each of these phases of his career.
In a still very widely cited paper written fifty years ago, Stiglitz set forth the fundamental framework for analyzing intergenerational transfer of wealth and advantage, which plays a central role in persistent inequality. That and subsequent work, developed most fully here for the first time, described today's inequality as a result of centrifugal forces increasing inequality and centripetal forces reducing it. In recent decades, the centrifugal forces have strengthened, the centripetal forces weakened. His general theory provides a framework for understanding the marked growth in inequality in recent decades, and for devising policies to reduce it.
A central message is that ever-increasing inequality is not inevitable. Inequality is, in a fundamental sense, a choice. Stiglitz explains that inequality does not largely arise from differences in savings rates between capitalists and others, though that may play a role (as Piketty, Marx, and Kaldor suggest); but rather, it originates importantly from the rules of the game, which have weakened the bargaining power of workers as they have increased the market power of corporations. He also explains how monetary authorities have contributed to increasing wealth inequality, and how, unless something is done about it, likely changes in technology such as AI and robotization will make matters worse. He describes policies that can simultaneously reduce inequality and improve economic performance.

Joseph E. Stiglitz is an American economist and a professor at Columbia University.

Morteza Hajizadeh is a Ph.D. graduate in English from the University of Auckland in New Zealand. His research interests are Cultural Studies; Critical Theory; Environmental History; Medieval (Intellectual) History; Gothic Studies; 18th and 19th Century British Literature. YouTube channel. Twitter.

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Stuart Hart, "Beyond Shareholder Primacy: Remaking Capitalism for a Sustainable Future" (Stanford Business Books, 2024)

Wed, 22 Oct 2025 08:00:00 -0000

In Beyond Shareholder Primacy: Remaking Capitalism for a Sustainable Future (Stanford Business Books, 2024) Hart argues that the current Milton Friedman–style "shareholder primacy capitalism," as taught in business schools and embraced around the world, has become dangerous for society, the climate, and the planet. Moreover, he maintains, it's economically unnecessary. Yet there are many reasons for hope―from the history of capitalism itself. Hart holds that capitalism has reformed itself twice before and is poised for a third major reformation. Retelling the origin story of capitalism from the fifteenth century to the present, he argues that a radically sustainable, just capitalism is possible, and even likely.

Hart goes on to describe what it will take to move beyond capitalism's present worship of "shareholder primacy," including corporate transformations to re-embed purpose and reforms to major economic institutions. A key requirement is eliminating the "externalities" (or collateral damage) of the current version of shareholder capitalism.

Sustainable capitalism has to explicitly incorporate the needs of society and the planet, include a financial system that allows leaders to prioritize the planet, reorganize business schools around sustainable management thinking, and enable corporations not just to stop ignoring the damage they cause, but actually begin to create positive impact.

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Christopher F. Jones, "The Invention of Infinite Growth: How Economists Forgot About the Natural World" (Simon and Schuster, 2025)

Fri, 17 Oct 2025 08:00:00 -0000

Most economists believe that growth is the surest path to better lives. This has proven to be one of humanity’s most powerful and dangerous ideas. It shapes policy across the globe, but it fatally undermines the natural ecosystems necessary to sustain human life. How did we get here and what might be next?
In The Invention of Infinite Growth: How Economists Forgot About the Natural World (Simon and Schuster, 2025), environmental historian Christopher F. Jones takes us through two hundred and fifty years of economic thinking to examine the ideal of growth, its powerful influence, and the crippling burdens many decisions made in its name have placed on us all. Jones argues that the pursuit of growth has never reflected its costs, because economists downplay environmental degradation. What’s worse, skyrocketing inequality and diminishing improvements in most people’s well-being mean growth too often delivers too little for too many. Jones urges economists to engage more broadly with other ways of thinking, as well as with citizens and governments to recognize and slow infinite growth’s impact on the real world.

Both accessible and eye-opening, The Invention of Infinite Growth offers hope for the future. Humans have not always believed that economic growth could or should continue, and so it is possible for us to change course. We can still create new ideas about how to promote environmental sustainability, human welfare, and even responsible growth, without killing the planet and ourselves.

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Joe Wiggins, "The Intelligent Fund Investor: Practical Steps for Better Results in Active and Passive Funds" (Harriman House, 2022)

Thu, 16 Oct 2025 08:00:00 -0000

Investing in funds is not straightforward. We are faced with a countless range of options and constantly distracted by meaningless noise and turbulent markets. To make matters worse, our flawed beliefs and behavioural biases lead to repeated and costly mistakes, such as a damaging obsession with past performance and a dangerous attraction to thematic funds.

There is a solution―a more intelligent way to invest in funds.

In The Intelligent Fund Investor: Practical Steps for Better Results in Active and Passive Funds (Harriman House, 2022), experienced portfolio manager and behavioural finance expert Joe Wiggins brings simplicity and clarity to fund investing. Each chapter of this fascinating and highly readable book focuses on a vital element of investing in funds―exploring how and why investors can get it badly wrong, and providing direct, actionable steps for better results.

Joe reveals: why we should avoid investing with star managers; how to decide between active and passive funds; why we should beware of smooth performance and captivating stories; why risk is far more than just volatility; the importance of a long time horizon; and much, much more.

Using a combination of stories, empirical evidence and experience, Joe gives all fund investors―active and passive―what they need to reassess their beliefs, understand their biases, and make better investment decisions.

John Emrich has worked for decades years in corporate finance, business valuation and fund management. He has a podcast about the investment space called Kick the Dogma.

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Ethan A. Everett, "The Investment Philosophers: Financial Lessons from the Great Thinkers" (Columbia Business School, 2025)

Mon, 13 Oct 2025 08:00:00 -0000

What do Warren Buffett and Friedrich Nietzsche have in common? Why does Baruch Spinoza’s understanding of irrational emotions help explain financial markets? How did Voltaire’s success in a bond lottery arbitrage shape his writing? Can David Hume teach an investor when to buck the consensus and when to heed it?
Exploring these questions and many others, Ethan A. Everett reveals the surprising lessons we can learn about investing from major philosophers. Demystifying ideas and texts that can often seem intimidating or irrelevant, he shows how philosophical concepts can be fruitfully applied to financial markets. Everett shares how philosophers’ insights have informed his development as an investor, and he considers how great investors have embodied philosophical wisdom in their own endeavors.
Ranging from the birth of modern securities markets in seventeenth-century Amsterdam to recent trends like meme stocks, this book shows why a philosophical perspective can prove invaluable to challenging common assumptions in finance. Thinkers like Spinoza or Baudrillard are sometimes envisioned as disembodied minds constructing opaque, self-enclosed theoretical systems, but Everett elegantly concretizes their teachings, brings them to bear on our lived experience of the world, and shows how they can help us better appreciate the joys and vicissitudes of the market.

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Allen B. Downey, "Probably Overthinking It: How to Use Data to Answer Questions, Avoid Statistical Traps, and Make Better Decisions" (U Chicago Press, 2023)

Fri, 10 Oct 2025 08:00:00 -0000

Statistics are everywhere: in news reports, at the doctor's office, and in every sort of forecast, from the stock market to the weather. Blogger, teacher, and computer scientist Allen B. Downey knows well that people have an innate ability both to understand statistics and to be fooled by them. As he makes clear in this accessible introduction to statistical thinking, the stakes are big. Simple misunderstandings have led to incorrect medical prognoses, underestimated the likelihood of large earthquakes, hindered social justice efforts, and resulted in dubious policy decisions. There are right and wrong ways to look at numbers, and Downey will help you see which are which.

Probably Overthinking It: How to Use Data to Answer Questions, Avoid Statistical Traps, and Make Better Decisions (University of Chicago Press, 2023) uses real data to delve into real examples with real consequences, drawing on cases from health campaigns, political movements, chess rankings, and more. He lays out common pitfalls--like the base rate fallacy, length-biased sampling, and Simpson's paradox--and shines a light on what we learn when we interpret data correctly, and what goes wrong when we don't. Using data visualizations instead of equations, he builds understanding from the basics to help you recognize errors, whether in your own thinking or in media reports. Even if you have never studied statistics--or if you have and forgot everything you learned--this book will offer new insight into the methods and measurements that help us understand the world.

Allen B. Downey is a curriculum designer at the online learning company Brilliant and professor emeritus of computer science at Olin College.

Gregory McNiff is a Managing Director in the New York office of the Blueshirt Group, an IR firm focused on technology. Greg holds an MBA from the University of Chicago Booth School of Business, an M. Litt. in Shakespeare Studies from the University of St. Andrews and a B.A. in Classical Languages from Columbia University.

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Michael Glass, "Cracked Foundations: Debt and Inequality in Suburban America" (U Pennsylvania Press, 2025)

Tue, 07 Oct 2025 08:00:00 -0000

How debt and speculation financed the suburban American dream and led to today’s inequalities

In the popular imagination, the suburbs are synonymous with the “American Dream” of upward mobility and economic security. After World War II, white families rushed into newly built suburbs, where they accumulated wealth through homeownership and enjoyed access to superior public schools. In this revelatory new account of postwar suburbanization, historian Michael R. Glass exposes the myth of uniform suburban prosperity. Focusing on the archetypal suburbs of Long Island, Cracked Foundations: Debt and Inequality in Suburban America (U Pennsylvania Press, 2025) uncovers a hidden landscape of debt and speculation.

Glass shows how suburbanites were not guaranteed decent housing and high-quality education but instead had to obtain these necessities in the marketplace using home mortgages and municipal bonds. These debt instruments created financial strains for families, distributed resources unevenly across suburbs, and codified racial segregation. Most important, debt transformed housing and education into commodities, turning homes and schools into engines of capital accumulation. The resulting pressures made life increasingly precarious, even for those privileged suburbanites who resided in all-white communities. For people of color denied the same privileges, suburbs became places where predatory loans extracted wealth and credit rating agencies punished children in the poorest school districts. Long Islanders challenged these inequalities over several decades, demanding affordable housing, school desegregation, tax equity, and school-funding equalization. Yet the unequal circumstances created by the mortgages and bonds remain very much in place, even today.

Cracked Foundations not only transforms our understanding of housing, education, and inequality but also highlights how contemporary issues like the affordable housing crisis and school segregation have their origins in the postwar golden age of capitalism.

Guest: Michael Glass (he/him) is a political and urban historian of the twentieth-century United States, with research and teaching interests in racism, capitalism, and inequality. Michael is an Assistant Professor of History at Boston College.

Host: Jenna Pittman (she/her), a Ph.D. student in the Department of History at Duke University. She studies modern European history, political economy, and Germany from 1945-1990.

Scholars@Duke: here

Linktree: here

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Richard Duncan, "The Money Revolution: How to Finance the Next American Century" (John Wiley & Sons, 2022)

Mon, 06 Oct 2025 08:00:00 -0000

In The Money Revolution: How to Finance the Next American Century, economist and bestselling author Richard Duncan lays out a farsighted strategy to maximize the United States' unmatched financial and technological potential. In compelling fashion, the author shows that the United States can and should invest in the industries and technologies of the future on an unprecedented scale in order to ignite a new technological revolution that would cement the country’s geopolitical preeminence, greatly enhance human wellbeing, and create unimaginable wealth. This book also features a history of the Federal Reserve.

Richard Duncan has served as Global Head of Investment Strategy at ABN AMRO Asset Management in London, worked as a financial sector specialist for the World Bank in Washington, D.C., and headed equity research departments for James Capel Securities and Salomon Brothers in Bangkok, Thailand. He is now the publisher of Macro Watch, a video-newsletter that analyzes the forces driving the global economy in the 21st Century.

Caleb Zakarin is the Assistant Editor of the New Books Network.

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Calvin Schermerhorn, "The Plunder of Black America: How the Racial Wealth Gap Was Made" (Yale UP, 2025)

Sun, 21 Sep 2025 08:00:00 -0000

Dr. J Calvin Schermerhorn is a professor of history in the School of Historical, Philosophical, and Religious Studies at Arizona State University. His books include The Business of Slavery and the Rise of American Capitalism, 1815–1860, and Unrequited Toil: A History of United States Slavery. He lives in Tempe, AZ.

The long history of the racial wealth gap in America told through the stories of seven Black families who struggled to build wealth over multiple generations
Wealth is central to the American pursuit of happiness and is an overriding measure of well-being. Yet wealth is conspicuously absent from African American households. Why do some 3.5 million Black American families have zero or negative wealth?
In The Plunder of Black America: How the Racial Wealth Gap Was Made (Yale UP, 2025) historian Calvin Schermerhorn traces four hundred years of Black dispossession and decapitalization—what Frederick Douglass called plunder—through the stories of families who have strived to earn and keep the fruits of their toils. Their struggles reveal that the ever-evolving strategies to strip Black income and wealth have been critical to sustaining a structure of racialized disadvantage. These accounts also tell of the quiet heroism of those who worked to overcome obstacles and defy the plunder.
From the story of Anthony and Mary Johnson, abducted from Angola and brought to Virginia in 1619, to the enslaved Black workers dispossessed by the Custis-Washington family, to Venture Smith (born Broteer Furro), who purchased his freedom, to three generations of a family enslaved in the South who moved north after Emancipation, to the Tulsa massacre and the subprime lending crisis, Schermerhorn shows that we cannot reckon with today’s racial wealth inequality without understanding its unrelenting role in American history.

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Susan Erikson, "Investable! When Pandemic Risk Meets Speculative Finance" (MIT Press, 2025)

Sat, 20 Sep 2025 08:00:00 -0000

Investable! When Pandemic Risk Meets Speculative Finance (MIT Press, 2025) by Dr. Susan Erikson presents a critical and sobering look at how international bankers and investors turn pandemics into investment opportunities, and what we stand to lose when we rely on “innovative finance.”

In a world increasingly defined by crisis, bankers and investors behind the scenes turn catastrophes like pandemics into financial securities that can be bought and sold. Offering new insights into how the excesses of capitalism shape pandemic preparedness, Investable! is an ethnography of World Bank bonds designed to solve a big-ticket global health problem by getting international investors to gamble on future crises. In this first book-length treatment of pandemic bonds, award-winning medical anthropologist Dr. Erikson explains how we got here and asks who should hold the responsibility for the terrible things that happen to people, at a time when pandemics are turned into casinos.
Dr. Erikson, who traveled over 300,000 miles conducting research for the book, takes readers from the red clay roads of West Africa to the concrete sidewalks of New York City and London’s financial districts, telling the stories of the people, the special interests, and the logics of pandemic bonds. Original, insightful, and extremely timely, Dr. Erikson's lively interdisciplinary exploration tells readers in powerful, vibrant prose about the pitfalls of contemporary global health finance “solutions.” Written for a smart general audience concerned about capitalism’s effect on human health, Investable! will appeal to financiers; politicians; economists; people working in global development, health care, and international affairs; and anyone who wants to better understand how capitalism affects how we care for one another in times of crisis.

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Victoria Bateman, "Economica: A Global History of Women, Wealth and Power" (Seal Press, 2025)

Sat, 20 Sep 2025 08:00:00 -0000

How many female entrepreneurs, economic revolutionaries, merchants, and industrialists can you name? You would be forgiven for thinking that, until very recently, there were none at all.

But what about Phryne, the richest woman in ancient Athens, who offered to pay to rebuild the walls of Thebes after the city was razed by Alexander the Great? Or what about Priscilla Wakefield, the writer who set up the first English bank for women and children? And, just as important, what about the everyday women who, paid only a pittance, labored for the profit of others?

From the most successful women of their day to those who struggled to make ends meet, Economica: A Global History of Women, Wealth, and Power (Seal Press, 2025) by Dr. Victoria Bateman takes you on a journey that begins in the Stone Age and ends in the twenty-first century, spanning the world’s historic centers of prosperity: Egypt, Mesopotamia, Peru, the Indus Valley, the Roman Empire, the Islamic Empire, China, Europe, and the United States. By shining a light on the women whose contributions to the economy have been hidden for far too long, Economica is more than a history of women—it is a more accurate economic history of us all.

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Dan Davies, "The Unaccountability Machine: Why Big Systems Make Terrible Decisions—and How the World Lost Its Mind" (U of Chicago Press, 2025)

Sat, 30 Aug 2025 08:00:00 -0000

For this episode of Liminal Library, I interviewed Dan Davies about The Unaccountability Machine: Why Big Systems Make Terrible Decisions—and How the World Lost Its Mind (U Chicago Press, 2025). Davies examines how we've systematically engineered responsibility out of our institutions, creating a world where major decisions happen without clear human accountability.

Davies draws on Stafford Beer's cybernetics to explain how modern organizations function as systems with their own patterns and responses. As he puts it, "the system is not conscious and so does not have incentives, but it has consistent patterns of response to stimuli." This isn't about individual moral failures – it's about the industrialization of decision-making itself. We've moved from Harry Truman's "The Buck Stops Here" to complex processes and standardized criteria that diffuse responsibility across multiple layers. When things go wrong – financial crises, environmental failures, social breakdowns – no single person can be held accountable because no single person actually made the decision.

Davies traces this transformation through three revolutions: the managerial revolution that shifted control from owners to professional administrators, the cybernetic revolution that offered tools to understand these systems but never fully materialized, and the neoliberal revolution that reshaped society while ignoring that increasingly, systems rather than people make the decisions affecting our lives. These accountability machines, as Davies calls them, operate according to their own logic and constraints. Understanding them is essential for grasping why institutional failures seem both inevitable and impossible to prevent within our current frameworks.

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Peter Conti-Brown and Sean H. Vanatta, "Private Finance, Public Power: A History of Bank Supervision in America" (Princeton UP, 2025)

Fri, 29 Aug 2025 08:00:00 -0000

What does it mean to supervise a bank? And why does it matter who holds that power? In this episode, Sean H. Vanatta joins us to explore the hidden machinery behind American finance, as told in his new book Private Finance, Public Power: A History of Bank Supervision in America (Princeton UP, 2025), co-authored with Peter Conti-Brown.

Spanning nearly 150 years, the book traces the evolution of bank supervision from a patchwork of state-level oversight to a complex, layered system involving federal agencies, private actors, and political discretion. Sean takes us from the wildcat banks of the 1830s to the rise of the Federal Reserve, through crises, reforms, and the quiet work of bank examiners who shaped the rules behind the scenes.

We discuss why supervision differs from regulation, how discretion has become central to managing financial risk, and what the collapse of Silicon Valley Bank in 2023 reveals about the enduring tension between private profit and public responsibility. Along the way, Sean shares stories of forgotten institutions, colourful characters, and the surprising role of gender and civil rights in shaping financial oversight.

Whether you're a policymaker, historian, or simply curious about how money and power interact, this conversation offers a fresh perspective on the institutions that quietly govern our financial lives. Tune in for a rich and engaging journey through the history and current state of banking politics.
The interview on "Plastic Capitalism" is available here

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Angela C. Tozer, "The Debt of a Nation: Land and the Financing of the Canadian Settler State, 1820-73" (U of British Columbia Press, 2025)

Fri, 22 Aug 2025 08:00:00 -0000

You’ve got to speculate to accumulate. We apply that notion to individuals in pursuit of wealth, but what about countries? The Debt of a Nation: Land and the Financing of the Canadian Settler State, 1820–73 (U of British Columbia Press, 2025) is the first comprehensive history of Canada’s nineteenth-century public debt. Beginning in the 1820s, loans gave British North American settler governments access to unprecedented amounts of capital at low interest rates. The credit for such loans derived from colonial appropriation of Indigenous territories, and this process essentially created a market value for stolen land.

Dr. Angela Tozer explores the role of public debt financing in the consolidation of the Canadian settler state: Upper Canada’s first public debt, issued as securities on the London Stock Exchange; the unique government land tenure of Prince Edward Island and attendant impact on Mi’kmaw homelands; and the purchase of Rupert’s Land via a loan. She analyzes how an economic system centred on credit and debt relied on two factors: settlers had to become the risk bearers – though not necessarily the beneficiaries – of loans, and colonial governments had to have the power to appropriate Indigenous territories in order to appear creditworthy.

This history of the intimate relationship between public debt and colonization underscores the importance of the appropriation of Indigenous lands to global markets.

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Shennette Garrett-Scott, "Banking on Freedom: Black Women in U.S. Finance Before the New Deal" (Columbia UP, 2019)

Wed, 20 Aug 2025 08:00:00 -0000

Think running an insurance company or a bank is hard? Try doing it as an African-American woman in the Jim Crow South. Shennette Garrett-Scott's new book, Banking on Freedom: Black Women in U.S. Finance Before the New Deal (Columbia University Press, 2019) tells the fascinating story of just such an endeavor, first the Independent Order of St. Luke, and then the St. Luke Penny Savings Bank, founded in Richmond in 1903. Along the way, she tells the tale of force-of-nature strong women, particularly Maggie Lena Walker, who wouldn't take no for an answer as she built up a culture of business and entrepreneurship against incredibly long odds and never-ending efforts by regulators and competitors to thwart her efforts. It makes for gripping reading.

Daniel Peris is Senior Vice President at Federated Investors in Pittsburgh. Trained as a historian of modern Russia, he is the author most recently of Getting Back to Business: Why Modern Portfolio Theory Fails Investors. You can follow him on Twitter @Back2BizBook or at http://www.strategicdividendinvestor.com

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Bench Ansfield, "Born in Flames: The Business of Arson and the Remaking of the American City" (Norton, 2025)

Wed, 20 Aug 2025 08:00:00 -0000

“Ladies and gentlemen, the Bronx is burning!” That legendary and apocryphal phrase, allegedly uttered by announcers during the 1977 World Series as flames rose above Yankee Stadium, seemed to encapsulate an entire era in this nation’s urban history. Across that decade, a wave of arson coursed through American cities, destroying entire neighborhoods home to poor communities of color. Yet as historian Bench Ansfield demonstrates in Born in Flames: The Business of Arson and the Remaking of the American City (Norton, 2025), the vast majority of the fires were not set by residents, as is commonly assumed, but by landlords looking to collect insurance payouts. Driven by perverse incentives—new government-sponsored insurance combined with tanking property values—landlords hired “torches,” mostly Black and Brown youth, to set fires in the buildings, sometimes with people still living in them. Tens of thousands of families lost their homes to these blazes, yet for much of the 1970s, tenant vandalism and welfare fraud stood as the prevailing explanations for the arson wave, effectively indemnifying landlords.

Ansfield’s book, based on a decade of research, introduces the term “brownlining” for the destructive insurance practices imposed on poor communities of color under the guise of racial redress. Ansfield shows that as the FIRE industries—finance, insurance, and real estate— eclipsed manufacturing in the 1970s, they began profoundly reshaping Black and Brown neighborhoods, seeing them as easy sources of profit. At every step, Ansfield charts the tenant-led resistance movements that sprung up in the Bronx and elsewhere, as well as the explosion of popular culture around the fires, from iconic movies like The Towering Inferno to hit songs such as “Disco Inferno.” Ultimately, they show how similarly pernicious dynamics around insurance and race are still at play in our own era, especially in regions most at risk of climate shocks.

Bench Ansfield is Assistant Professor of History at Temple University. They hold a PhD in American Studies from Yale University and won the Allan Nevins Prize for the best dissertation in American history from the Society of American Historians. They live in Philadelpha, Pennsylvania. Bluesky. Website.

Brian Hamilton is chair of the Department of History and Social Science at Deerfield Academy. Twitter. Website.

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Mary Bridges on US Bankers Abroad and the Making of a Global Superpower

Mon, 18 Aug 2025 08:00:00 -0000

Peoples & Things host, Lee Vinsel, talks with Mary Bridges, Ernest May Fellow in History and Policy at the Belfer Center for Science and International Affairs at Harvard University’s Kennedy School of Government, about her book, Dollars and Dominion: US Bankers and the Making of a Superpower. Dollars and Dominion takes an infrastructural view of banking institutions and examines how US banks, almost by accident, became a durable part of the global financial system in the first half of the 20th century, supporting the global dominance of the US dollar after World War II. Vinsel and Bridges also discuss the benefits and limitations of using infrastructure as a framework of analysis and the next projects Bridges is working on. Lee wrote a new essay for the Peoples & Things newsletter, “Disinvestment and Decline in Infrastructure Studies,” inspired by a key moment in the discussion.

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Vijay Selvam, "Principles of Bitcoin: Technology, Economics, Politics, and Philosophy" (Columbia UP, 2025)

Mon, 11 Aug 2025 08:00:00 -0000

Principles of Bitcoin presents a holistic, first-principles-based framework for understanding one of the most misunderstood inventions of our time. By stripping away the hype, jargon, and superficial analysis that often surrounds the crypto industry, this book uncovers the true ingenuity behind Satoshi Nakamoto’s creation—and its profound implications for the future of money, governance, and individual freedom.

Vijay Selvam analyzes the technology, economics, politics, and philosophy of Bitcoin, making the case that only through this holistic understanding can we gain an appreciation of its true meaning and significance. Readers are invited to consider Bitcoin as a tool for individual empowerment, a catalyst for economic autonomy, and a challenge to traditional monetary systems. Selvam demonstrates why Bitcoin stands alone in the digital asset space as a path-dependent once-in-history invention that cannot be replicated.

Principles of Bitcoin is an invaluable resource for professionals in the financial world seeking a rigorous and accessible understanding of Bitcoin. Students, curious thinkers, and all who find the technology daunting will also benefit from its clear, foundational approach. Equipping readers with the tools to grasp the many facets of Bitcoin, this book is an ideal guide to exploring its role in shaping a more decentralized, transparent, and equitable future.

Vijay Selvam is a corporate lawyer and financial services expert with nearly twenty years of experience across the United States, United Kingdom, and Asia. He spent more than a decade at Goldman Sachs and has also held leadership roles in the digital assets industry, advising on the evolving regulatory landscape. Selvam is a graduate of Harvard Law School, Oxford University, and Cardiff University.

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Paul Vigna, "The Almightier: How Money Became God, Greed Became Virtue, and Debt Became Sin" (St. Martin's Press, 2025)

Sat, 02 Aug 2025 08:00:00 -0000

The pursuit of wealth is considered an essential function of human nature, and greed is an unspoken civic virtue. Many of us revere billionaires and Wall Street rain-makers, then complain about “the system” being rigged, and wonder why the country doesn’t seem to work for the little guy anymore. Some blame the Deep State for income inequality and corruption, and others blame capitalism, but the truth is that these issues have much deeper roots: our devotion to money is a manmade invention that has transformed over thousands of years to replace religion as the foundation of our society, and it is tearing civilization apart.

In The Almightier, journalist Paul Vigna uncovers the forgotten history of money, tracing the uneasy and often accidental alliance between wealth and religion as it developed from ancient city-states to today’s secular world, where religious devotion has receded and greed has stepped in to fill the void. Through engaging anecdotes, original research, and fresh perspectives on the causes of the many challenges we face today, Vigna makes a compelling argument that money has no power apart from the power we give it.

Paul Vigna is an author, journalist, editor and speaker, with a particular focus on capital markets and cryptocurrencies. He is the author of Guts: The Anatomy of The Walking Dead and coauthor of The Age of Cryptocurrency and The Truth Machine. For 25 years, he was a reporter and editor for Dow Jones Newswires and the Wall Street Journal, pioneering coverage of the cryptocurrency sector. He has appeared on CNN, CNBC, MSNBC, Fox, and PBS.

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Mark R. Rank, "Poorly Understood: What America Gets Wrong about Poverty" (Oxford UP, 2021)

Sat, 26 Jul 2025 08:00:00 -0000

Few topics have as many myths, stereotypes, and misperceptions surrounding them as that of poverty in America. The poor have been badly misunderstood since the beginnings of the country, with the rhetoric only ratcheting up in recent times. Our current era of fake news, alternative facts, and media partisanship has led to a breeding ground for all types of myths and misinformation to gain traction and legitimacy.

Poorly Understood: What America Gets Wrong about Poverty (Oxford UP, 2021) is the first book to systematically address and confront many of the most widespread myths pertaining to poverty. Mark Robert Rank, Lawrence M. Eppard, and Heather E. Bullock powerfully demonstrate that the realities of poverty are much different than the myths; indeed in many ways they are more disturbing. The idealized image of American society is one of abundant opportunities, with hard work being rewarded by economic prosperity. But what if this picture is wrong? What if poverty is an experience that touches the majority of Americans? What if hard work does not necessarily lead to economic well-being? What if the reasons for poverty are largely beyond the control of individuals? And if all of the evidence necessary to disprove these myths has been readily available for years, why do they remain so stubbornly pervasive? These are much more disturbing realities to consider because they call into question the very core of America's identity.

Armed with the latest research, Poorly Understood not only challenges the myths of poverty and inequality, but it explains why these myths continue to exist, providing an innovative blueprint for how the nation can move forward to effectively alleviate American poverty.

Stephen Pimpare is director of the Public Service & Nonprofit Leadership program and Faculty Fellow at the Carsey School of Public Policy at the University of New Hampshire.

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Aditi Sahasrabuddhe, "Bankers' Trust: How Social Relations Avert Global Financial Collapse" (Cornell UP, 2025)

Mon, 14 Jul 2025 08:00:00 -0000

Central bank cooperation during global financial crises has been anything but consistent. While some crises are arrested with extensive cooperation, others are left to spiral. Going beyond explanations based on state power, interests, or resources, in Bankers' Trust: How Social Relations Avert Global Financial Collapse (Cornell University Press, 2025) Dr. Aditi Sahasrabuddhe argues that central bank cooperation—or the lack thereof—often boils down to ties of trust, familiarity, and goodwill between bank leaders. These personal relations influence the likelihood of access to ad hoc, bilateral arrangements with more favorable terms.

Drawing on archival evidence and elite interviews, Sahasrabuddhe uncovers just how critical interpersonal trust between central bankers has been in managing global financial crises. She tracks the emergence of such relationships in the interwar 1920s, how they helped prop up the Bretton Woods system in the 1960s, and how they prevented the 2008 global financial crisis from turning into another Great Depression. When traditional signals of credibility fell short during these periods of crisis and uncertainty, established ties of trust between central bank leaders mediated risk calculations, alleviated concerns, and helped innovate less costly solutions.

Dr. Sahasrabuddhe challenges the idea that central banking is purely apolitical and technocratic. She pinpoints the unique transnational power central bank leaders hold as unelected figures who nonetheless play key roles in managing states' economies. By calling attention to the influence personal relationships can have on whether countries sink or swim during crises, Bankers' Trust asks us to reconsider the transparency and democratic accountability of global financial governance today.

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Carl Rhodes, "Stinking Rich: The Four Myths of the Good Billionaire" (Policy Press, 2025)

Fri, 11 Jul 2025 08:00:00 -0000

Billionaires are an ultra-elite social class whose numbers are growing alongside their obscene wealth while others struggle, suffer or even die.

They represent a scourge of economic inequality, but how do they get away with it? A set of dangerous and deceptive inter-connected myths portrays them as a ‘force for good’:

-the ‘heroic billionaire’ asserts they are gallant protagonists of the American Dream gone global
-the ‘generous billionaire’ pretends that their philanthropic efforts and personal good deeds should be lauded for generosity and benevolence
-the ‘meritorious billionaire’ insists that extreme wealth is a worthy reward for individual hard work and talent
-the ‘vigilante billionaire’ claims to be able to solve the world’s biggest problems where bureaucrats and politicians have failed.

Each of these myths enables billionaire wealth and power to set us back to old-style feudalism and plutocracy.

Offering a trenchant critique, Stinking Rich: The Four Myths of the Good Billionaire (Policy Press, 2025)testifies to the growing international political will to take concrete actions in supporting economic justice and democratic equality.

Carl Rhodes is Professor of Organization Studies at the University of Technology Sydney. He researches the ethical and democratic dimensions of business and work. Carl regularly writes for the mainstream and independent press on issues related to ethics, politics and the economy.

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Brent Z. Kaup and Kelly F. Austin, "The Pathogens of Finance: How Capitalism Breeds Vector-Borne Disease" (U of California Press, 2025)

Fri, 04 Jul 2025 08:00:00 -0000

The Pathogens of Finance: How Capitalism Breeds Vector-Borne Disease (University of California Press, 2025) by Dr. Brent Z. Kaup & Dr. Kelly F. Austin is an exploration of how the rising power and profits of Wall Street underpin the contemporary increases in and inadequate responses to vector-borne disease. Over the past fifty years, insects have transmitted infectious diseases to humans with greater frequency and in more unexpected places. To examine this phenomenon, Dr. Kaup and Dr. Austin take readers to the exurban homes of northern Virginia; the burgeoning agricultural outposts of Mato Grosso, Brazil; and the smallholder coffee farms of the Bududa District of eastern Uganda. Through these case studies, the authors illuminate how the broader financialization of society is intimately intertwined with both the creation of landscapes more conducive to vector-borne disease and the failure to prevent and cure such diseases throughout the world.

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Paul Tucker, "Global Discord: Values and Power in a Fractured World Order" (Princeton UP, 2024)

Thu, 03 Jul 2025 08:00:00 -0000

How to sustain an international system of cooperation in the midst of geopolitical struggle? Can the international economic and legal system survive today’s fractured geopolitics? Democracies are facing a drawn-out contest with authoritarian states that is entangling much of public policy with global security issues. In Global Discord: Values and Power in a Fractured World Order (Princeton University Press, 2024), Paul Tucker lays out principles for a sustainable system of international cooperation, showing how democracies can deal with China and other illiberal states without sacrificing their deepest political values. Drawing on three decades as a central banker and regulator, Tucker applies these principles to the international monetary order, including the role of the U.S. dollar, trade and investment regimes, and the financial system. Combining history, economics, and political and legal philosophy, Tucker offers a new account of international relations. Rejecting intellectual traditions that go back to Hobbes, Kant, and Grotius, and deploying instead ideas from David Hume, Bernard Williams, and modern mechanism-design economists, Tucker describes a new kind of political realism that emphasizes power and interests without sidelining morality. Incentives must be aligned with values if institutions are to endure. The connecting tissue for a system of international cooperation, he writes, should be legitimacy, creating a world of concentric circles in which we cooperate more with those with whom we share the most and whom we fear the least.

Paul Tucker is a fellow at the Harvard Kennedy School and the author of Unelected Power (Princeton). He is a former central banker and regulator at the Bank of England, and a former director at Basel's Bank for International Settlements, where he chaired some of the groups designing reforms of the international financial system after the Global Financial Crisis.

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Paul R. Beckett, "An Anatomy of Tax Havens: Europe, the Caribbean and the United States of America" (de Gruyter, 2023)

Mon, 30 Jun 2025 08:00:00 -0000

Tax havens in offshore lands like Switzerland, the Cayman Islands and the Bahamas were once considered a rarity, the preserve of the super-rich. Today, they are big business available to the masses. Their goal? To avoid any form of accountability. Own nothing. Possess everything. Be answerable to no one. Where are these tax havens? What forms can they take? What future lies in store for them, and why should we care?

An Anatomy of Tax Havens: Europe, the Caribbean and the United States of America (de Gruyter, 2023) answers these questions, and more, in the first comparative study in one volume of European, Caribbean and United States tax havens.

It examines their simple origin to the extreme forms some take today, delving into the murky subculture that has deliberately made them impenetrably obscure. Uniquely, it combines detailed technical expertise (regulatory regimes, financial crime, legal and equitable structuring) with an analysis of their impact on domestic and global political, economic, environmental and social concerns.

An Anatomy of Tax Havens is a fascinating, informative read for a broad readership; from legal, accountancy and tax practitioners to compliance regulators, law enforcement agencies, and students and researchers interested in business studies, taxation, and crime.

Paul R. Beckett is a Lawyer and Academic, specializing in company, commercial and trust law; banking and fund management; cryptocurrencies and the blockchain. He practices on the Isle of Man.

Caleb Zakarin is editor of the New Books Network.

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Mark Blyth and Nicolò Fraccaroli, "Inflation: A Guide for Users and Losers" (W. W. Norton & Co, 2025)

Sat, 28 Jun 2025 08:00:00 -0000

Inflation is back, and its impact can be felt everywhere, from the grocery store to the mortgage market to the results of elections around the world. What's more, tariffs and trade wars threaten to accelerate inflation again. Yet the conventional wisdom about inflation is stuck in the past. Since the 1970s, there has only really been one playbook for fighting inflation: raise interest rates, thereby creating unemployment and a recession, which will lower prices. But this simple story hides a multitude of beliefs about why prices go up and how policymakers can wrestle them back down, beliefs that are often wrong, damaging, and have little empirical basis.

Leading political economists Mark Blyth and Nicolò Fraccaroli reveal why inflation really happens, challenge how we think about it, and argue for fresh approaches to combat it. With accessible and engaging commentary, and a good dose of humor, Blyth and Fraccaroli bring the complexities of economic policy and inflation indices down to earth.

Policymakers around the world may have pulled off a so-called "soft landing," but Inflation warns they must update their thinking. Now tariffs, climate shocks, demographic change, geopolitical tensions, and politicians promising to upend the global order are all combining to create a more inflationary future, making a new paradigm for understanding inflation urgently necessary. Astute, timely, and engaging, Inflation: A Guide for Users and Losers is a must-read for anyone seeking to understand the forces shaping our economy and politics.

Mark Blyth is a political economist whose research focuses upon how uncertainty and randomness impact complex systems, particularly economic systems, and why people continue to believe stupid economic ideas despite buckets of evidence to the contrary. He is the author of several books, including Great Transformations: Economic Ideas and Institutional Change in the Twentieth Century (Cambridge: Cambridge University Press 2002, Austerity: The History of a Dangerous Idea (Oxford University Press 2013, and The Future of the Euro (with Matthias Matthijs) (Oxford University Press 2015).

Sidney Michelini is a post-doctoral researcher working on Ecology, Climate, and Violence at the Peace Research Institute of Frankfurt (PRIF).

Book Recomendations:

The Passions and the Interests: Political Arguments for Capitalism before Its Triumph by Albert O. Hirschman

The Rhetoric of Reaction by Albert O. Hirschman

Disorder: Hard Times in the Twenty-First Century by Helen Thompson

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John H. Cochrane, Klaus Masuch, and Luis Garicano, "Crisis Cycle: Challenges, Evolution, and Future of the Euro" (Princeton UP, 2025)

Tue, 17 Jun 2025 08:00:00 -0000

Crisis Cycle: Challenges, Evolution, and Future of the Euro (Princeton UP, 2025)

John Cochrane

Luis Garicano

Klaus Masuch

PRINCETON UNIVERSITY PRESS, 2025

Launched 26 years ago, the euro was never expected to have an easy life but it wasn't supposed to be this hard. A three-year solvency crisis, a string of bailouts, and a rescue by the European Central Bank (ECB) was followed by threats of deflation, negative interest rates, massive purchases of government debt, a global pandemic, a European land war, and an inflation surge.

The euro area emerged from these tests but may not survive the next without reforms during this period of relative calm. In Crisis Cycle, economists John Cochrane, Luis Garicano, and Klaus Masuch call for critical reforms to rebuild the system's incentive structure and stop the ECB's unsought mission creep. "A beautiful ship was constructed," they write. "Out at sea, it ran into severe storms. Its captain and crew patched the holes as best they could. Now though it is time to return to the dry dock and fix the ship properly".

John Cochrane is a professor of economics at Stanford University, best-known for his work on asset prices and the fiscal theory of the price level. Luis Garicano is an economics professor at the London School of Economics and former vice-chair of the Renew group in the European Parliament. Klaus Masuch recently retired from the ECB, where he was head of the monetary policy strategy department and a negotiator for the "Troika" of official creditors during the sovereign-debt crisis.

To see the authors' own book recommendations, click here.

Tim Gwynn Jones is an economic and political-risk analyst at Medley Advisors, who also writes 242.news on Substack.

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Hali Lee, "The Big We" (Zando - Sweet July Books, 2025)

Sat, 24 May 2025 09:00:00 -0000

Hali Lee's The Big We (Zando, 2025) offers a compelling counterpoint to traditional billionaire-driven philanthropy (which she dubs "Big Phil"). Instead of logic models and donor-centric metrics, Lee champions giving circles—groups of everyday people who pool resources to support causes they value while building genuine community connections.

Drawing from her experiences founding the Asian Women Giving Circle and co-creating the Donors of Color Network, Lee showcases giving circles making tangible impact: Seiji's neighborhood-focused Radfund in Brooklyn, Lily's youth philanthropy group in Arizona, and Lisa's circle that's moved over $1 million to progressive state legislative candidates. These stories illustrate how small, collective actions can drive significant change while fostering belonging and joy.

The book's "Me to We to Big We" framework guides readers from personal reflection on values toward collective action and ultimately toward strengthening democracy itself. Lee argues that giving circles aren't merely funding mechanisms—they're antidotes to loneliness, laboratories for civic engagement, and bridges reconnecting us to cultural traditions of generosity. By democratizing philanthropy, these circles transform not just how we give, but how we relate to each other and engage as citizens in an increasingly fragmented society.

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Empire of Gain: Inside Trump’s Billion-Dollar Crypto Hustle

Fri, 23 May 2025 08:00:00 -0000

Hosts Nina dos Santos and Owen Bennett-Jones are joined by crypto journalist Matt Binder and longtime observer of U.S. politics and policy Edward Luce to explore the staggering wealth being generated by the Trump family’s crypto empire.

We also hear from Sergei Sergienko, a crypto entrepreneur who has made and lost hundreds of millions in the crypto markets. Sergei has also faced down gangsters who tried to extort his wealth—an attack that mirrors a recent spate of kidnappings and abductions of crypto players in Paris.

Join us for a modern tale of global grift that is changing how the American presidency can function and do deals on the world stage.

Guests

Matt Binder – Journalist and host of the Scam Economy podcast
Edward Luce – U.S. national editor and columnist at the Financial Times. His forthcoming biography of Zbigniew Brzezinski, Zbig: The Life of Zbig Brzezinski, America’s Great Power Prophet, will be published in May 2025 by Simon & Schuster (U.S.) and Bloomsbury (U.K.).
Sergei Sergienko – CEO at Chrono.tech; Australian entrepreneur and leading blockchain expert

Producer: Pearse Lynch
Executive Producer: Lucinda Knight

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Charles Hecker, "Zero Sum: The Arc of International Business in Russia" (Oxford UP, 2025)

Wed, 21 May 2025 08:00:00 -0000

Today I interviewed Charles Hecker about Zero Sum . The Arc of International Business in Russia (Oxford UP, 2025).

Hecker, a journalist and business consultant, speaks with dozens of Western business executives, bankers, and financiers who reaped immense profits for themselves and their companies in the Russian market, which suddenly opened to foreigners after decades of state planning and economic autarky.

These “riskophile” Westerners recall the early post-Soviet Russia as an unchartered territory where business “had a body count” and “violence was cheap, routine and almost casual”.

In the 2000s Russia, now stabilized by Putin, offered unparalleled opportunities for those who had learnt to navigate its murky, gray environment.

While some expressed concern over the unchallenged primacy of the supreme ruler presiding over arbitrary redistribution of property in favor of his cronies and the rapid consolidation of state ownership, the squeamish were far outnumbered by the opportunistic.

Following Russia’s large-scale invasion of Ukraine in February 2022 and the subsequent imposition of sweeping Western sanctions forced most Westerners to flee, often selling their companies for a fraction of their value and, in some cases, even giving it for free to their Russian partners.

Looking back some regret “looking the other way” at the rampant corruption and lawlessness, while others admit that enrichment in Russia was always destined to be short-lived.

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Nicholas Borst, "The Bird and the Cage: China’s Economic Contradictions" (Palgrave MacMillan, 2025)

Sat, 17 May 2025 08:00:00 -0000

The Chinese Communist Party’s complex and contradictory embrace of capitalism has played a pivotal role in shaping China’s economic reforms since the late 1970s. The Bird and the Cage: China's Economic Contradictions (Palgrave MacMillan, 2025) explores the persistent tensions between state control and market forces in China. It shows how these tensions provide a framework to understand Xi Jinping’s recent efforts to tighten control over the Chinese economy. It also evaluates the broader implications of these policies for China’s economic trajectory and its global trade relationships.

Nicholas Borst is vice president and director of China research at Seafarer Capital Partners, and a member of the seventh cohort of the Public Intellectuals Program of the National Committee on US-China Relations. Prior to joining Seafarer, he was a senior analyst at the Federal Reserve Bank of San Francisco covering financial and economic developments in Greater China. Previously, Mr. Borst was the China program manager and a research associate at the Peterson Institute for International Economics. He also worked as an analyst at the World Bank, reviewing Chinese overseas investment projects. He was the founder and editor of the Peterson Institute’s China Economic Watch blog, the co-founder of the Federal Reserve’s Pacific Exchanges blog and podcast, and the founder of Seafarer’s Prevailing Winds blog.

His research and commentary have been featured in the Financial Times, The Wall Street Journal, The Economist, Bloomberg, The Wire China, and South China Morning Post. He has testified before the U.S.-China Economic and Security Review Commission on two occasions.

Mr. Borst holds a B.A. in political science and international studies from the University of Arizona. He holds a certificate in Chinese studies from The Johns Hopkins University – Nanjing University Center and a master’s degree in international relations and economics from the Johns Hopkins University School of Advanced International Studies. He is a CFA charterholder and a member of the CFA Institute.

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Júlia Király, "Hungary and Other Emerging EU Countries in the Financial Storm: From Minor Troubles to Global Hurricane" (Springer, 2020)

Wed, 14 May 2025 08:00:00 -0000

Donald Trump is putting liberal democracy through its greatest test in 80 years.

None of it is original. His style of rule is straight from the democratic backsliders' playbook. To secure long-term power rather than short-term office, rulers must take over the institutions that check and balance majority rule and bend them to their will. Trump has tamed Congress and inserted his people into the Supreme Court, law enforcement, intelligence, and competition regulation but - to his great frustration - the Federal Reserve is holding out.

It was the same story in Hungary after Viktor Orbán returned to the premiership in 2010. Bound by EU law and the mandates of the governor and his deputies, Orbán had to wait three years to break the national bank. One of those deputy governors, Júlia Király, experienced state capture from the inside and resigned with a public protest at the loss of institutional independence.

Now an associate professor of finance and monetary economics at the International Business School in Budapest, she began her career under socialism at the statistics and planning offices. As deputy governor, she was part of the team that managed the Hungarian economy through the post-2007 financial crisis – an experience she chronicles in Hungary and Other Emerging EU Countries in the Financial Storm: From Minor Turbulences to a Global Hurricane (Springer, 2020).

Tim Gwynn Jones is an economic and political-risk analyst at Medley Advisors, who also writes and podcasts at www.242.news on Substack.

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Jerome Powell: “We don't think you're a straight shooter"

Sun, 04 May 2025 08:00:00 -0000

More than any one institution, the US Federal Reserve drives global capital markets with its decisions and communications. While its interest rates are set by a committee, for almost a century, the Fed’s philosophy and operational approach have been moulded by one person: the Chair of the Board of Governors.

In the first series of The Chair, Tim Gwynn Jones talked to authors of books about the Fed's foundational Chairs – Marriner Eccles, Bill Martin, Arthur Burns, and Paul Volcker. In this second series, he covers the people who chaired the Fed through the post-1990 period of financialisation, globalisation, and – perhaps today – deglobalisation.

This eighth and final episode covers the life and times of the current chair, Jerome ("Jay") Powell - the technocratic lawyer-turned-banker who managed the global economy through two unprecedented disasters: the Covid pandemic and Donald Trump’s protectionist trade policies. As the episodes about Martin, Burns, and Volcker all attest, Powell isn't the first chairman to face political blowback. But he is the first to be publicly denounced as “Mr Too Late” and a “major loser” by a president intent on removing him from office before his term ends in mid-2026.

To discuss Powell, Tim is joined by Nick Timiraos, author of Trillion Dollar Triage: How Jay Powell and the Fed Battled a President and a Pandemic and Prevented Economic Disaster (Little, Brown, 2022).

“If people think you're not going to act in the country's best interest, that's bad for the Fed,” he says. “The next time the Fed decides it needs to do something that actually is ‘exigent and unusual’, people will say: ‘Well, wait a minute, the last time you did this, we thought you were a toady for the Democrats or a toady for the Republicans. We don't think you're a straight shooter. We're not going to let you raise interest rates by 25 basis points. We're not going to give you money to backstop your purchases of corporate credit’. Those are the kind of medium and long term risks from a fight with the White House. I think, for Powell, the worst outcome is that people don't think you have an independent central bank anymore. Your monetary policy won't be credible. Why not just roll that thing into the Treasury Department if that's what you're going to do?”

Since 2017, Nick Timiraos has been the chief economics correspondent at The Wall Street Journal and has developed an unrivalled reputation as the "Fed whisperer".

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Janet Yellen: “She had a view that the world was on fire”

Sat, 03 May 2025 08:00:00 -0000

More than any other single institution, the US Federal Reserve drives global capital markets with its decisions and communications. While its interest rates are set by a committee, for almost a century, the Fed’s philosophy and operational approach have been moulded by one person: the Chair of the Board of Governors.

The third episode of the second series covers Janet Yellen – not only the first woman to become Fed Chair but the first person of either sex to lead the Fed, the Treasury, and the Council of Economic Advisors. To discuss Ben Bernanke’s successor, Tim is joined by Jon Hilsenrath, author of Yellen: The Trailblazing Economist Who Navigated an Era of Upheaval (Harper Collins, 2022).

“Bernanke was a consensus builder,” says Hilsenrath. “He wasn't the kind of guy who was going to push people on a personal level out of their comfort zones … Yellen was a bit of a bulldog there, but she was also a bulldog with the Fed staff. I mean, she had a view that the world was on fire and that they, you know, and that they had to be moving like people putting out a fire”.

In 2023, Hilsenrath left the Wall Street Journal after a 26-year career during which he developed a market reputation as a pre-eminent Fed-watcher. He’s still watching the Fed but now for his own advisory firm.

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Ben Bernanke: “Like being a paleontologist”

Fri, 02 May 2025 08:00:00 -0000

Episode two of the second series covers the life and crisis-era times of Ben Bernanke, the man who filled Alan Greenspan’s big shoes and ran the Fed from 2006 to 2014. A shy but world-renowned monetary economist and historian of the Great Depression, Bernanke was left holding the proverbial bomb when the financial system came close to collapse in 2008. To discuss Bernanke, Tim is joined by David Wessel, author of In FED We Trust: Ben Bernanke's War on the Great Panic (Crown, 2010).

“It wasn't obvious when he was appointed to the Fed in 2006 that having somebody who had spent their life studying the Great Depression would be well equipped to be Alan Greenspan's successor,” says Wessel. “I have sometimes said it was a like being a paleontologist. It's very nice that you know a lot about dinosaurs, but what use is that to us today until one day a Stegosaurus appears on the horizon. And it was remarkable good fortune for the country and the world that there was a guy who happened to have studied all the mistakes that the Fed made in the 1920s and the 1930s in a position to do something about it when a situation, not all that dissimilar, appears both to his surprise and to almost everybody else's”.

Wessel is two-time Pulitzer Prize winning journalist who now runs the Hutchins Center on Fiscal and Monetary Policy at the Brookings Institution. For 30 years, he worked at the Wall Street Journal - reporting mostly from Washington and covering economics and the Fed.

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Alan Greenspan: “The man who knew”

Thu, 01 May 2025 08:00:00 -0000

The first episode of the second series explores Alan Greenspan, the chairman who followed Paul Volcker and ran the Fed from 1987 until 2006. Once bestowed with “Maestro” status, Greenspan – who turns 100 in March 2026 – has seen his reputation deflate in the wake of the post-2008 financial crisis. To discuss the fallen Maestro, Tim is joined by Sebastian Mallaby, author of The Man Who Knew: The Life and Times of Alan Greenspan (Bloomsbury, 2016).

“Greenspan was the man who knew,” says Mallaby. “He was the man who knew that bubbles were extremely destructive, and yet he was not the man who acted against those bubbles. So, whilst he was great on inflation and on stabilising the price of eggs, he was not good on asset-price inflation or stabilising the price of nest eggs”.

A former journalist at The Economist and the Washington Post, Mallaby is the prize-winning author of The World's Banker – a portrait of the World Bank under James Wolfensohn – and More Money Than God: Hedge Funds and the Making of a New Elite. He is now the Paul A. Volcker senior fellow for international economics at the Council on Foreign Relations.

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Jack Copley, "Governing Financialization: The Tangled Politics of Financial Liberalization in Britain" (Oxford UP, 2022)

Wed, 30 Apr 2025 08:00:00 -0000

One of the most distinctive aspects of global capitalism in the last half century or so has been the increased role of the financial sector in the global economy, especially in the advanced industrial economies of the Global North. The profitability and market capitalization of firms in the financial sector have increased immensely, firms that originated in the real economy have diversified into financial activities, cross-border financial flows have limited the policy autonomy of national governments, and the value of financial assets has driven increasing global inequality. How did the financial sector come to occupy such an important position in the global economy?

My guest today, the political economist Jack Copley, addresses this question by going back to the archives to investigate why the British government implemented key reforms associated with financial liberalization during the 1970s and 1980s. In Governing Financialization: The Tangled Politics of Financial Liberalization in Britain (Oxford UP, 2022), he shows that financialization did not result from some grand ideologically-driven policy agenda, nor did it result from the actions of far-sighted omnipotent state managers automatically adjusting the course of the British economy in the face of increased manufacturing competition. Rather, he argues that financial liberalization in the UK resulted from policymakers attempting to muddle through from one crisis to the next by balancing competing imperatives to enhance the country’s competitive position in the global economy while maintaining social and political order domestically. Short-term efforts to put out economic fires drove financial liberalization, rather than grand ideological designs or automatic adjustment to changing circumstances.

Jack Copley is an assistant professor in international political economy at Durham University in the UK.

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Nat Dyer, "Ricardo’s Dream: How Economists Forgot the Real World and Led Us Astray" (Bristol UP, 2024)

Mon, 28 Apr 2025 08:00:00 -0000

From the workings of financial markets to our response to the ecological crisis, economic theory shapes the world. But where do these ideas come from?

Ricardo’s Dream: How Economists Forgot the Real World and Led Us Astray (Bristol University Press, 2024) tells the fascinating story of David Ricardo, Adam Smith’s only real rival as the ‘founder of economics’. The wealthiest stock trader of his day, Ricardo introduced the study of abstract models to economics. He also developed the theory of trade that underpinned globalization and hides, behind its mathematical facade, a history of power, empire, and slavery.

Brimming with fresh ideas and stories, Ricardo’s Dream shows how too many economists, from Ricardo’s day to our own, have turned away from observing the real world and led us astray.

Nat Dyer is a writer and researcher specialising in global political economy. He is a Fellow of the Schumacher Institute and the Royal Society of Arts. He has worked for Global Witness and for Promoting Economic Pluralism and his stories have been reported on by the BBC, the New York Times and Bloomberg

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Daryl Fairweather, "Hate the Game: Economic Cheat Codes for Life, Love, and Work" (U Chicago Press, 2025)

Sat, 12 Apr 2025 08:00:00 -0000

The secret insights of economics, translated for the rest of us. Should I buy or rent? Do I ask for a promotion? Should I tell people I’m pregnant? What salary do I deserve? Should I just quit this job? Common anxieties about life are often grounded in economics. In an increasingly win-lose society, these economic decisions—where to work, where to live, even how to live—have a way of feeling fixed and mistakes terminal. Daryl Fairweather is no stranger to these dynamics. As the first Black woman to receive an economics PhD from the famed University of Chicago, she saw firsthand how concepts of behavioral economics and game theory were deployed in the real world—and in her own life—to great effect.

Hate the Game: Economic Cheat Codes for Life, Love, and Work (U Chicago Press, 2025) combines Fairweather’s elite knowledge of these principles with her singular voice in describing how they can be harnessed. Her great talent, unique among economists, is her ability to articulate economic trends in a way that is not just informative, but also accounts for life’s other anxieties. In Hate the Game, Fairweather fixes her expertise and service on navigating the earliest economic inflection points of adult life: whether to go to college and for how long; partnering, having kids, both, or neither; getting, keeping, and changing jobs; and where to live and how to pay for it. She speaks in actionable terms about what the economy means for individual people, especially those who have the sneaking suspicion they’re losing out. Set against her own experiences and enriched with lessons from history, science, and pop culture, Fairweather instructs readers on how to use game theory and behavioral science to map out options and choose directions while offering readers a sense of control and agency in an economy where those things are increasingly rare.

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John Kay, "The Corporation in the 21st Century: Why (Almost) Everything We Are Told about Business Is Wrong" (Yale UP, 2025)

Wed, 09 Apr 2025 08:00:00 -0000

John Kay's The Corporation in the 21st Century: Why (Almost) Everything We Are Told about Business Is Wrong (Yale UP, 2025) is an accessible and entertaining reappraisal of what business is for and how it works.

Full of history and written in a compelling narrative style, this book describes a shift in the underlying assumptions of the relationship between capital & labor. Kay describes how and why we have come to "love the product" as we also "hate the producer".

Kay discusses areas of particular change such as the relationship between business & finance, the concept of the "hollow" corporation, what we mean when we say "growth", and the motivations and standards of industry leaders.

Old ideas of owning the means of production are redundant as workers are increasingly the means of production. Capital is now often a disconnected service contracted from a specialized supplier, and businesses are run by professional managers whose main skill is exerting authority.

Author recommended reading:

Good Strategy, Bad Strategy by Richard Rumelt

Hosted by Meghan Cochran

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Chris Skinner, "Intelligent Money: When Money Thinks for You" (Marshall Cavendish, 2024)

Tue, 25 Mar 2025 08:00:00 -0000

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Jeffrey Lee Funk on Unicorns, Hype, and Bubbles

Mon, 24 Mar 2025 08:00:00 -0000

Peoples & Things host, Lee Vinsel, talks with retired professor, consultant, Discovery Institute fellow, and a winner of the NTT DoCoMo Mobile Science Award, Jeffrey Lee Funk, about his recent book Unicorns, Hype, and Bubbles: A Guide to Spotting, Avoiding, and Exploiting Investment Bubbles in Tech (Harriman House, 2024). The book provides readers with fundamental tools for exploring technology markets and spotting financial bubbles, which have been recurring at a high rate in recent decades. In addition to talking through the basic perspectives the book provides, Vinsel and Funk also talk through examples of recent technology bubbles, including the likely current bubble centered on generative AI.

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The Library of Mistakes: A Conversation with Russell Napier

Mon, 10 Mar 2025 08:00:00 -0000

The Library of Mistakes is a library located in Edinburgh, Scotland dedicated to financial and economic history. Russell Napier, the founder and keeper of the library is a professor at The Edinburgh Business School and investment manager. In this wide-ranging discussion, Russell discusses his work as a practitioner and a scholar of financial crises. He also discusses how and why he started a library, in addition to his writing on financial history.

Professor Russell Napier is the author of The Solid Ground investment report for institutional investors and co-founder of the investment research portal ERIC- a business he now co-owns with D.C. Thomson.

Caleb Zakarin is editor of the New Books Network.

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Kimberly Clausing, "Open: The Progressive Case for Free Trade, Immigration, and Global Capital" (Harvard UP, 2019)

Sat, 08 Mar 2025 09:00:00 -0000

Critics on the Left have long attacked open markets and free trade agreements for exploiting the poor and undermining labor, while those on the Right complain that they unjustly penalize workers back home. In Open: The Progressive Case for Free Trade, Immigration, and Global Capital (Harvard University Press, 2019), Kimberly Clausing takes on old and new skeptics in her compelling case that open economies are actually a force for good. Turning to the data to separate substance from spin, she shows how international trade makes countries richer, raises living standards, benefits consumers, and brings nations together. At a time when borders are closing and the safety of global supply chains is being thrown into question, she outlines a clear agenda to manage globalization more effectively, presenting strategies to equip workers for a modern economy and establish a better partnership between labor and the business community.

Kimberly Clausing holds the Eric M. Zolt Chair in Tax Law and Policy at the UCLA School of Law. During the first part of the Biden Administration, Clausing was the Deputy Assistant Secretary for Tax Analysis in the US Department of the Treasury, serving as the lead economist in the Office of Tax Policy. Prior to coming to UCLA, Clausing was the Thormund A. Miller and Walter Mintz Professor of Economics at Reed College. Professor Clausing is also a nonresident senior fellow at the Peterson Institute for International Economics, a member of the Council on Foreign Relations, and a research associate at the National Bureau of Economic Research. She has worked on economic policy research with the International Monetary Fund, the Hamilton Project, the Brookings Institution, the Tax Policy Center, and the Center for American Progress. She has testified before the House Ways and Means Committee, the Senate Committee on Finance, the Senate Committee on the Budget, and the Joint Economic Committee. Professor Clausing received her B.A. from Carleton College in 1991 and her Ph.D. from Harvard University in 1996, both in economics.

Other New Books Networks interviews on related themes include Yale economist Penny Goldberg, former Chief Economist of the World Bank, on The Unequal Effects of Globalization, Princeton economist Leah Boustan on how immigrants have contributed to and rapidly assimilated into US society, and University of Massachusetts economist Isabella Weber on China's process of integration into the world economy.

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Social Death by Debt: China's Lending Boom Reshapes Lives

Fri, 07 Mar 2025 09:00:00 -0000

China's household debt has exploded from 11% of GDP in 2006 to over 62% today—a profound transformation in a traditionally savings-focused society. How is this reshaping social relationships and daily life?

In this episode, Dr. Jiaqi Guo from the University of Turku reveals findings from her corpus analysis of China's largest debt support forum. Her research uncovers the practice of "contact bombing" (爆通讯录), where collectors harass debtors' entire social networks, causing what Chinese debtors call "social death" (社死).

With minimal institutional protection, desperate debtors are forming underground support networks and developing their own legal expertise. This cultural shift exposes a human dimension of China's economic growth that statistics alone cannot capture.

Dr. Jiaqi Guo is a University Lecturer in Chinese at the University of Turku, Finland.

This episode is hosted by Hanna Holttinen, University Teacher in Chinese language at the University of Turku, Finland.

The Nordic Asia Podcast is a collaboration sharing expertise on Asia across the Nordic region, brought to you by the following academic partners: Asia Centre, University of Tartu (Estonia), Asian studies, University of Helsinki (Finland), Centre for Asian Studies, Vytautas Magnus University (Lithuania), Centre for East Asian Studies, University of Turku (Finland) and Centre for East and South-East Asian Studies, Lund University (Sweden) and Norwegian Network for Asian Studies.

We aim to produce timely, topical and well-edited discussions of new research and developments about Asia.

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Maria Kaika and Luca Ruggiero, "Class Meets Land: The Embodied History of Land Financialization" (U California Press, 2024)

Thu, 06 Mar 2025 09:00:00 -0000

Class Meets Land: The Embodied History of Land Financialization (University of California Press, 2024) by Dr. Maria Kaika & Dr. Luca Ruggiero reveals something seemingly counterintuitive: that nineteenth-century class struggles over land are deeply implicated in the transition to twenty-first-century financial capitalism. Challenging our understanding of land financialization as a recent phenomenon propelled by high finance, Dr. Kaika and Dr. Ruggiero foreground 150 years of class struggle over land as a catalyst for assembling the global financial constellation. Narrating the close-knit histories of industrial land, industrial elites, and the working class, the authors offer a novel understanding of land financialization as a “lived” process: the outcome of a relentless, socially embodied historical unfolding, in which shifts in land’s material, economic, and symbolic roles impact both local everyday lives and global capital flows.

This interview was conducted by Dr. Miranda Melcher whose new book focuses on post-conflict military integration, understanding treaty negotiation and implementation in civil war contexts, with qualitative analysis of the Angolan and Mozambican civil wars.

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Melinda Cooper, "Counterrevolution: Extravagance and Austerity in Public Finance" (Zone Books, 2024)

Tue, 18 Feb 2025 09:00:00 -0000

At the close of the 1970s, government treasuries and central banks took a vow of perpetual self-restraint. To this day, fiscal authorities fret over soaring public debt burdens, while central bankers wring their hands at the slightest sign of rising wages. As the brief reprieve of coronavirus spending made clear, no departure from government austerity will be tolerated without a corresponding act of penance.

Yet we misunderstand the scope of neoliberal public finance if we assume austerity to be its sole setting. Beyond the zero-sum game of direct claims on state budgets lies a realm of indirect government spending that escapes the naked eye. Capital gains are multiply subsidized by a tax system that reserves its greatest rewards for financial asset holders. And for all its airs of haughty asceticism, the Federal Reserve has become adept at facilitating the inflation of asset values while ruthlessly suppressing wages. Neoliberalism is as extravagant as it is austere, and this paradox needs to be grasped if we are to challenge its core modus operandi.

In Counterrevolution: Extravagance and Austerity in Public Finance (Zone Books, 2024) Dr. Melinda Cooper examines the major schools of thought that have shaped neoliberal common sense around public finance. Focusing, in particular, on Virginia school public choice theory and supply-side economics, she shows how these currents produced distinct but ultimately complementary responses to the capitalist crisis of the 1970s. With its intellectual roots in the conservative Southern Democratic tradition, Virginia school public choice theory espoused an austere doctrine of budget balance. The supply-side movement, by contrast, advocated tax cuts without spending restraint and debt issuance without guilt, in an apparent repudiation of austerity. Yet, for all their differences, the two schools converged around the need to rein in the redistributive uses of public spending. Together, they drove a counterrevolution in public finance that deepened the divide between rich and poor and revived the fortunes of dynastic wealth.

Far-reaching as the neoliberal counterrevolution has been, Dr. Cooper still identifies a counterfactual history of unrealized possibilities in the capitalist crisis of the 1970s. She concludes by inviting us to rethink the concept of revolution and raises the question: Is another politics of extravagance possible?

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Paul Podolsky, "The Uncomfortable Truth About Money: How to Live with Uncertainty and Learn to Think for Yourself" (Harriman House, 2024)

Fri, 14 Feb 2025 09:00:00 -0000

We are all stuck in a money cage. Money isn’t the most important thing, but it is a thing and you can’t get away from it. Birth costs money and death costs money. So even if you hate talking about money, you need to know the basics, the same way you need to know how to cook yourself a simple meal. The problem with most money books is that they are not written by practitioners and avoid hard truths. Paul Podolsky’s The Uncomfortable Truth About Money: How to Live with Uncertainty and Learn to Think for Yourself (Harriman House, 2024) breaks down walls around financial knowledge.

What a weathered investor knows is that stocks are not always good for the long run. They know that being stingy helps accrue wealth. They know the big thing when you buy property has nothing to do with the property. They know the big thing is less what happens to the markets in a day than if the entire system holds together. And they know what to look for if it’s time to pull out. That’s what this book will teach you: a lifetime of money learnings distilled to a thin volume, like a basic cooking recipe you can follow.

Paul Podolsky writes about macro–politics and money. For many years, he was the strategist and equity partner at the largest hedge fund in the world. Previous to that, he worked as a reporter.

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Lionel Barber, "Gambling Man: The Wild Ride of Japan’s Masayoshi Son" (Atria, 2024)

Sat, 01 Feb 2025 09:00:00 -0000

As Wall Street swooned and boomed through the last decade, our livelihoods have—now more than ever—come to rely upon the good sense and risk appetites of a few standout investors. And amidst the BlackRocks, Vanguards, and Berkshire Hathaways stands arguably the most iconoclastic of them all: SoftBank’s Masayoshi Son.

In Gambling Man: The Wild Ride of Japan’s Masayoshi Son (Atria, 2024), the first Western biography of Son, the self-professed unicorn hunter, we go behind the scenes of the world’s most monied halls of power in New York, Tokyo, Silicon Valley, Saudi Arabia, and beyond to see how Son’s firm SoftBank has defied conventional wisdom and imposing odds to push global tech and commerce into the future.

From the dizzying highs of Uber, DoorDash, and Slack to the epic lows of WeWork and tech-infused dogwalking app Wag Son and SoftBank have been at the center of cutting-edge capitalism’s absolute peaks and valleys. In the process, Son, son of a pachinko kingpin who grew up in a slum in Japan, has been a hero, a villain, and even a meme-ified hero to the internet tech- and finance-bro set all at once.

Based on in-depth research and eye-opening interviews, Gambling Man is an unforgettable character study and alarming true story of twenty-first-century commerce that will stick with you long after you turn the final page.

Lionel Barber is the former editor of the Financial Times. As editor, he interviewed many of the world’s leaders in business and politics, including US Presidents Barack Obama and Donald Trump, Russian President Vladimir Putin, Chancellor Angela Merkel of Germany, and Indian Prime Minister Narendra Modi. Barber has co-written several books and has lectured widely on foreign policy, transatlantic relations, and economics.

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Joel Z. Garrod, "Royal Histories: The Transformation of the Royal Bank of Canada, 1864-2022" (U Toronto Press, 2025)

Sat, 01 Feb 2025 09:00:00 -0000

In this engaging interview, young scholar Dr, Joel Z. Garrod explains his book's main argument, with a personal touch. In Royal Histories: The Transformation of the Royal Bank of Canada, 1864-2022 (U Toronto Press, 2025), Garrod presents a historical analysis of the Royal Bank of Canada, illustrating how Canadian capitalism and the Canadian banking industry have transformed as they have consolidated nationally and expanded abroad. Emphasizing how national institutions and rules are increasingly becoming capabilities for transnational forms of capital accumulation, the book draws on extensive primary and secondary sources to document the transformation of the assemblage of territory, authority, and rights that have supported the bank’s activities over time. Linking the bank’s history to the policy regimes of the welfare state and neoliberalism, Garrod contends that our present period of globalization severely limits the extent to which nation-states can absorb capitalist crises or be a site of successful social reform. Connecting the Canadian experience to the wider transformation of global capitalism, Royal Histories illuminates the effects of globalization and the changing landscape of banking and finance.

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Richard Vague, "The Paradox of Debt: A New Path to Prosperity Without Crisis" (U Pennsylvania Press, 2023)

Fri, 31 Jan 2025 09:00:00 -0000

When we talk about debt and its impact on our economy, we almost always mean “government debt.” However, this is only a small part of the picture: individuals, private firms, and households owe trillions, and these private debts are vital to understanding the economy.

In The Paradox of Debt: A New Path to Prosperity Without Crisis (U Pennsylvania Press, 2023), Richard Vague examines the assets, liabilities, and incomes of the entire country, private and public sector, to reveal its net worth. His holistic analysis shows that the real factor that drives both financial crises and spiraling inequality—but also, paradoxically, economic growth—is ever rising private debt. The paradox is that while debt is essential and our economy relies on it, it also brings instability unless it is periodically deleveraged—and that is very hard to do. It can, however, be carefully managed, and Vague ends the book by showing how to do so in policy areas ranging from trade and housing to financial policy and student debt.

Underpinned by pioneering data analysis and the author’s lifetime of experience in the financial world, this book is essential for anyone who wants to understand the deep, underlying dynamics of the American economy.

Following a career that has spanned fields as varied as banking, energy, credit, and the arts, Richard Vague has recently served as Secretary of Banking and Securities for the Commonwealth of Pennsylvania. He is the author of numerous books, including An Illustrated Business History of the United States, also available from the University of Pennsylvania Press.

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Kim Pernell, "Visions of Financial Order: National Institutions and the Development of Banking Regulation" (Princeton UP, 2024)

Fri, 31 Jan 2025 09:00:00 -0000

The global financial crisis of the late 2000s was marked by the failure of regulators to rein in risk-taking by banks. And yet regulatory issues varied from country to country, with some national financial regulatory systems proving more effective than others.

In Visions of Financial Order: National Institutions and the Development of Banking Regulation (Princeton University Press, 2024), Dr. Kim Pernell traces the emergence of important national differences in financial regulation in the decades leading up to the crisis. To do so, she examines the cases of the United States, Canada, and Spain—three countries that subscribed to the same transnational regulatory framework (the Basel Capital Accord) but developed different regulatory policies in areas that would directly affect bank performance during the financial crisis.

In a broad historical analysis that extends from the rise of the first modern chartered banks in the 1780s through the major financial crises of the twentieth century and the Basel Capital Accord of 1988, Dr. Pernell shows how the different (and sometimes competing) principles of order embedded in each country’s regulatory and political institutions gave rise to distinctive visions of order and prosperity, which shaped subsequent financial regulatory design. Dr. Pernell argues that the different worldviews of national banking regulators reflected cultural beliefs about the ideal way to organize economic life to promote order, stability, and prosperity. Visions of Financial Order offers an innovative perspective on the persistent differences between regulatory institutions and the ways they shaped the unfolding of the 2008 global financial crisis.

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Alan Bollard, "Economists in the Cold War: How a Handful of Economists Fought the Battle of Ideas" (Oxford UP, 2023)

Sat, 25 Jan 2025 09:00:00 -0000

Economists in the Cold War: How a Handful of Economists Fought the Battle of Ideas (Oxford UP, 2023) is an account of the economic drivers and outcomes of the Cold War, told through the stories of seven international economists, who were all closely involved in theory and policy in the period 1945-73. For them, the Cold War was a battle of economic ideas, a fight between central planning and market allocation, exploring economic thinking derived from the battle between Marxist and Capitalist ideologies, a fundamental difference but with many intricacies.

The book recounts how economic theory advanced, how new economic tools were developed, and how policies were tested. Each chapter is based on the involvement of one of the selected economists. It was a challenging but dangerous time in economics: a time of economic recovery post-war, with industrial rebuilding, economic growth, and rising incomes. But it was also a time of ideological warfare, nuclear rivalry, military expansion, and personal conflict.

The narrative is approximately chronological, ranging from the Potsdam Conference in Germany to the Pinochet Coup in Chile. The selected economists include an American, a Pole, a Hungarian, a German, a British, a Japanese, and an Argentinian, all very different economists, but with interconnections among them. Each chapter also features a dissenting economist who held a contrasting view, and recounts the subsequent economic arguments that played out.

Alan Bollard is a Professor of Economics at Victoria University of Wellington, New Zealand. He formerly managed APEC, the largest regional economic integration organization in the world, and was previously the New Zealand Reserve Bank Governor, Secretary of the New Zealand Treasury, and Chairman of the New Zealand Commerce Commission. Professor Bollard is the author of Crisis: One Central Bank Governor and the Global Financial Crisis (Auckland University Press, 2013) and A Few Hares to Chase: The Life and Economics of Bill Philips (Oxford University Press, 2016).

Morteza Hajizadeh is a Ph.D. graduate in English from the University of Auckland in New Zealand. His research interests are Cultural Studies; Critical Theory; Environmental History; Medieval (Intellectual) History; Gothic Studies; 18th and 19th Century British Literature. YouTube channel. Twitter.

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Rumu Sarkar, "International Development Law: Rule of Law, Human Rights & Global Finance" (Springer, 2020)

Sat, 25 Jan 2025 09:00:00 -0000

International Development Law: Rule of Law, Human Rights & Global Finance (Springer, 2020) describes how international development works, its shortcomings, its theoretical and practical foundations, along with prescriptions for the future. It provides the reader with new perspectives on the origins of global poverty, identifies legal impediments to sustainable economic growth, and provides a better understanding of the challenges faced by the international community in resolving global poverty issues. The text is structured into two basic parts: the first part deals with the theoretical and philosophic foundations of the subject, and the second part sets forth issues relating to the international financial architecture, namely, international borrowing practices, privatization, and emerging economies.

In particular, the book provides new, innovative analysis on corruption as an impediment to sustainable development. The three interlocking facets of corruption are examined: transnational organized crime, Islamic-based international terrorism, and corruption within emerging economies and the international banking system. Thus fresh new analysis adds depth and clarity to a field that heretofore has been scattered and superficial. Finally, the “right to development” within the international human rights discourse is critically reviewed, particularly in light of new jurisprudence emerging from the African context.This book offers a fresh, new and balanced legal perspective on the development process. The text has been rigorously researched and has many practical facets based on the author’s professional experience within the international development field. It is an invaluable research and teaching tool since it takes a multidisciplinary approach to putting complex issues, legal trends and political questions into a clear, new perspective that is highly analytical as well as accessible to the reader. The author's elegant legal prose is both powerful and persuasive.

Rumu Sarkar is Adjunct Law Professor at Case Western Reserve University School of Law.

Caleb Zakarin is editor at the New Books Network.

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Duncan Mavin, "Meltdown: Scandal, Sleaze and the Collapse of Credit Suisse" (Pegasus Books, 2024)

Sun, 19 Jan 2025 09:00:00 -0000

Meltdown: Scandal, Sleaze and the Collapse of Credit Suisse (Pegasus Books, 2024) is a great business history book. It meticulously chronicles the story of a large and once revered Swiss Bank, Credit Suisse, from its foundation in 1856 until how a series of scandals, driven by a culture of greed and entitlement among its bankers, led to the bank´s ultimate collapses in March 2023. The narrative also explores the bank's international expansion, particularly its partnership with First Boston in the United States.

Meltdown is not just a history of Credit Suisse but a broader investigation into the systemic issues of greed, lies, and ambition that plague the financial industry. It raises critical questions about the future of big banks in a world where transparency and accountability are increasingly demanded.

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Edward Jones Corredera, "Odious Debt: Bankruptcy, International Law, and the Making of Latin America" (Oxford UP, 2024)

Fri, 10 Jan 2025 09:00:00 -0000

What are fallen tyrants owed? What makes debt illegitimate? And when is bankruptcy moral? Drawing on new archival sources, this book shows how Latin American nations have wrestled with the morality of indebtedness and insolvency since their foundation, and outlines how their history can shed new light on contemporary global dilemmas.

With a focus on the early modern Spanish Empire and modern Mexico, Colombia, and Argentina, and based on archival research carried out across seven countries, Odious Debt: Bankruptcy, International Law, and the Making of Latin America (Oxford University Press, 2024) by Dr. Edward Jones Corredera studies 400 years of history and unearths overlooked congressional debates and understudied thinkers. The book shows how discussions on the morality of debt and default played a structuring role in the construction and codification of national constitutions, identities, and international legal norms in Latin America.

This new history of the moral economy of the Hispanic World from the 1520s to the 1920s illuminates contemporary issues in international law and international relations. Latin American jurists developed a global critique of economics and international law that continues to generate pressing questions about debt, bankruptcy, reparations, and the pursuit of a moral global economy.

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Austin Dean, "China and the End of Global Silver, 1873–1937" (Cornell UP, 2020)

Sun, 05 Jan 2025 09:00:00 -0000

In the late nineteenth century, as much of the world adopted some variant of the gold standard, China remained the most populous country still using silver. Yet China had no unified national currency; there was not one monetary standard but many. Silver coins circulated alongside chunks of silver and every transaction became an "encounter of wits." China and the End of Global Silver, 1873–1937 (Cornell UP, 2020) focuses on how officials, policy makers, bankers, merchants, academics, and journalists in China and around the world answered a simple question: how should China change its monetary system? Far from a narrow, technical issue, Chinese monetary reform is a dramatic story full of political revolutions, economic depressions, chance, and contingency. As different governments in China attempted to create a unified monetary standard in the late nineteenth and early twentieth century, the United States, England, and Japan tried to shape the direction of Chinese monetary reform for their own benefit.

Austin Dean argues convincingly that the Silver Era in world history ended owing to the interaction of imperial competition in East Asia and the state-building projects of different governments in China. When the Nationalist government of China went off the silver standard in 1935, it marked a key moment not just in Chinese history but in world history.

Austin Dean is Assistant Professor of History at the University of Nevada, Las Vegas. His work has appeared in Modern China and the Journal of American-East Asian Relations. He is on twitter @thelicentiate.

Ghassan Moazzin is an Assistant Professor at the Hong Kong Institute for the Humanities and Social Sciences and the Department of History at the University of Hong Kong. He works on the economic and business history of 19th and 20th century China, with a particular focus on the history of foreign banking, international finance and electricity in modern China. His first book, tentatively titled Foreign Banks and Global Finance in Modern China: Banking on the Chinese Frontier, 1870–1919, is forthcoming with Cambridge University Press.

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Leah Downey, "Our Money: Monetary Policy as If Democracy Matters" (Princeton UP, 2024)

Wed, 25 Dec 2024 09:00:00 -0000

How the creation of money and monetary policy can be more democratic.

The power to create money is foundational to the state. In the United States, that power has been largely delegated to private banks governed by an independent central bank. Putting monetary policy in the hands of a set of insulated, nonelected experts has fueled the popular rejection of expertise as well as a widespread dissatisfaction with democratically elected officials.

In Our Money: Monetary Policy as If Democracy Matters (Princeton UP, 2024), Leah Downey makes a principled case against central bank independence (CBI) by both challenging the economic theory behind it and developing a democratic rationale for sustaining the power of the legislature to determine who can create money and on what terms. How states govern money creation has an impact on the capacity of the people and their elected officials to steer policy over time. In a healthy democracy, Downey argues, the balance of power over money creation matters.

Downey applies and develops democratic theory through an exploration of monetary policy. In so doing, she develops a novel theory of independent agencies in the context of democratic government, arguing that states can employ expertise without being ruled by experts. Downey argues that it is through iterative governance, the legislature knowing and regularly showing its power over policy, that the people can retain their democratic power to guide policy in the modern state. As for contemporary macroeconomic arguments in defense of central bank independence, Downey suggests that the purported economic benefits do not outweigh the democratic costs.

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Melissa B. Jacoby, "Unjust Debts: How Our Bankruptcy System Makes America More Unequal" (New Press, 2024)

Fri, 13 Dec 2024 09:00:00 -0000

In theory, bankruptcy in America exists to cancel or restructure debts for people and companies that have way too many--a safety valve designed to provide a mechanism for restarting lives and businesses when things go wrong financially. In this brilliant and paradigm-shifting book, legal scholar Melissa B. Jacoby shows how bankruptcy has also become an escape hatch for powerful individuals, corporations, and governments, contributing in unseen and poorly understood ways to race, gender, and class inequality in America. When cities go bankrupt, for example, police unions enjoy added leverage while police brutality victims are denied a seat at the negotiating table; the system is more forgiving of civil rights abuses than of the parking tickets disproportionately distributed in African American neighborhoods. Across a broad range of crucial issues, Unjust Debts: How Our Bankruptcy System Makes America More Unequal (New Press, 2024) reveals the hidden mechanisms by which bankruptcy impacts everything from sexual harassment to health care, police violence to employment discrimination, and the opioid crisis to gun violence. In the tradition of Matthew Desmond's groundbreaking Evicted, Unjust Debts is a riveting and original work of accessible scholarship with huge implications for ordinary people and will set the terms of debate for this vital subject.

Melissa B. Jacoby is the Graham Kenan Professor of Law at the University of North Carolina at Chapel Hill.

Caleb Zakarin is editor at the New Books Network.

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Benjamin J. Shestakofsky on How Venture Capital Shapes Work, Innovation, and Inequality

Mon, 09 Dec 2024 09:00:00 -0000

Peoples & Things host, Lee Vinsel, talks to Benjamin Shestakofsky about his book, Behind the Startup: How Venture Capital Shapes Work, Innovation, and Inequality (U California Press, 2024). Shestakofsky is Assistant Professor of Sociology at the University of Pennsylvania, where he is affiliated with AI at Wharton and the Center on Digital Culture and Society. His research centers on how digital technologies are affecting work and employment, organizations, and economic exchange.

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Ken Wilcox, "The China Business Conundrum: Ensure That "Win-Win" Doesn't Mean Western Companies Lose Twice" (John Wiley & Sons, 2024)

Sun, 01 Dec 2024 09:00:00 -0000

The China Business Conundrum: Ensure That "Win-Win" Doesn't Mean Western Companies Lose Twice (Wiley, 2024) describes former CEO of Silicon Valley Bank (SVB) Ken Wilcox's firsthand challenges he encountered in four years “on the ground” trying to establish a joint venture between SVB and the Chinese government to fund local innovation design―and the Chinese Communist Party (CCP) efforts to systematically sabotage the project and steal SVB's business model. This book provides actionable advice drawn from meticulous notes Wilcox took from interviews with people from all walks of Chinese life, including Party and non-Party members, the business elite, and domestic workers.

Describing a China he found fascinating and maddeningly complex, this book explores topics including:

Difficulties in transplanting SVB's model to China, from misunderstandings about titles and responsibilities to pitched battles over toilet design
Ethics and practices widely adopted by Chinese businesses today and why China must be met with realistic expectations
Wilcox's own honest missteps and the painfully learned lessons that came afterwards

Engrossing, enlightening, and entertaining, The China Business Conundrum: Ensure That "Win-Win" Doesn't Mean Western Companies Lose Twice is an essential cautionary tale and guidebook for anyone seeking to do business in or with China, and an essential first-person account for academics trying to understand China’s unique political economy and development trajectory.

Ken Wilcox was the CEO of Silicon Valley Bank (SVB) from 2001 to 2011, then the CEO of SVB’s joint venture with Shanghai Pudong Development Bank (SPDB-SVB) in Shanghai until 2015, followed by four years as its Vice Chairman. He currently serves on the boards of the Asia Society of Northern California, the Asian Art Museum, and UC San Diego’s 21st Century China Center, as well as Columbia Lake Partners, a European venture-debt fund. He is on the Board of Advisors of the Fudan University School of Management in Shanghai and teaches as an Adjunct Professor at U.C. Berkeley.

Ken holds a PhD in German from Ohio State University and an MBA from Harvard Business School. He is a former member of the board of directors of the Federal Reserve Bank of San Francisco. He has given numerous speeches in both English and Chinese, published a variety of articles in the banking press, and recently wrote the management book “Leading Through Culture: How Real Leaders Create Cultures That Motivate People to Achieve Great Things” (Waterside Productions, 2020) and its accompanying workbook, “How About You?” (Waterside Productions, 2023). The father of two sons, he lives in San Francisco with his wife, Ruth, and several antique cars.

For more of Ken’s insights, follow his substack.

Interviewer Peter Lorentzen is an Associate Professor of Economics at the University of San Francisco, a nonresident scholar at the UCSD 21st Century China Center, an alumnus of the Public Intellectuals Program of the National Committee on US-China Relations, and is currently a visiting scholar at the Stanford Center on China’s Economy and Institutions. His research focuses on the economics of information, incentives, and institutions, primarily as applied to the development and governance of China. He created the unique Master’s of Science in Applied Economics at the University of San Francisco, which teaches the conceptual frameworks and practical data analytics skills needed to succeed in the digital economy.

Lorentzen’s other NBN interviews relating to China’s tech sector include From Click to Boom, on the political economy of e-commerce in China, Trafficking Data, on how Chinese and American firms exploit user data, The Tao of Alibaba, on Alibaba’s business model and organizational culture, Surveillance State, on China’s digital surveillance, Prototype Nation, on the culture and politics of China’s innovation economy.

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The Secret Life of Central Bankers

Sun, 24 Nov 2024 09:00:00 -0000

This is the final episode of Cited’s most recent season, Use & Abuse of Economic Expertise, a season that tells stories of the political and scholarly battles behind the economic ideas that shape our world. For a full list of credits, and for the rest of the episodes, visit the series page. They will back with a new season focussed on environmental politics in early 2025, so make sure you are subscribed to the podcast (Apple, Spotify, manual RSS).

The MAGA movement scores big wins by taking cheap shots at experts. Now, some worry that Donald Trump could try to oust Federal Reserve Chairman Jerome Powell. The typical centrist position is to defend the supposedly impartial, apolitical expertise of such figures. Yet, we know that is not exactly right either. Is there a better way to imagine a better bank?

In our first segment, we speak with Frances Coppala, author of The Case for People's Quantitative Easing. It’s something of a case study in Fed politics, revealing how their decisions post-Global Financial Crisis served the rich, and not working people.

Yet, saying that these experts are political does not mean we have to be hyper-partisan reactionary hacks. Instead, democratizing the bank could offer a better way forward. That's according to Annelise Riles, a professor of law and of anthropology, and author of the book Financial Citizenship: Experts, Publics, and the Politics of Central Banking. Riles is also host the Foreign Policy podcast Everyday Ambassador, which its new second season out now. What would democratizing the Fed look like, and would that really counter the powerful financial interests that have so thoroughly captured the institution?

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Nick Bernards, "Fictions of Financialization: Rethinking Speculation, Exploitation and Twenty-First Century Capitalism" (Pluto Press, 2024)

Mon, 18 Nov 2024 09:00:00 -0000

Since the global financial crisis that began in 2008, the role of the financial sector in contemporary capitalism has come under increasing scrutiny. In the global North, the expansion of the financial sector over the last 40 years has paralleled a decline in manufacturing employment and an increase in personal indebtedness, giving rise to the perception that speculation and usury have come to replace production as the engine of economic growth. In the global South, financial liberalization has exacerbated long-standing patterns of boom-and-bust cycles, and the growth of the financial sector has caused anxieties that speculative investments in natural resource extraction, urban real estate, and rural farm land are dispossessing and displacing people rather than improving human development. Overall, the growth of the financial sector has created the perception that we’re entering a new phase in capitalism’s history in which speculation and rent-seeking have displaced production as the engines of economic growth.

My guest today, the political economist Nick Bernards, challenges this narrative. In his new book, Fictions of Financialization: Rethinking Speculation, Exploitation and Twenty-First Century Capitalism (Pluto Press, 2024), Bernards argues that we need to re-center labor in narratives about the expansion of finance, that speculation and the subsumption of nature are always central to capitalism, and that major private-sector financial institutions have actually been reluctant to invest in major development projects in the global south. The main problem with the growth of finance is that it makes more exploitation, displacement, and environmental damage – in short, more capitalism – possible.

Nick Bernards is Associate Professor of Global Sustainable Development at the University of Warwick. He is the author of A Critical History of Poverty Finance (Pluto, 2022) and The Global Governance of Precarity (Routledge, 2018).

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Mara Kardas-Nelson, "We Are Not Able to Live in the Sky: The Seductive Promise of Microfinance" (Metropolitan Books, 2024)

Tue, 05 Nov 2024 09:00:00 -0000

In this deeply researched and compelling narrative, journalist Mara Kardas-Nelson examines the complex history and impact of microfinance - the practice of giving small loans to poor people, particularly women, that was once hailed as a revolutionary solution to global poverty. Through intimate portraits of borrowers in Sierra Leone and extensive interviews with key figures in the microfinance movement, Kardas-Nelson reveals how an idea that began with noble intentions became a multi-billion dollar industry with sometimes devastating consequences for the very people it aimed to help.

We Are Not Able to Live in the Sky: The Seductive Promise of Microfinance (Metropolitan Books, 2024) weaves together two parallel narratives: the stories of women in Sierra Leone struggling with high-interest microloans while trying to support their families, and the history of how microfinance evolved from a small experiment into a global phenomenon championed by the likes of Hillary Clinton and Muhammad Yunus. Through careful reporting and historical analysis, Kardas-Nelson explores how problematic ideologies about poverty, entrepreneurship, and individual responsibility shaped the development of microfinance programs, often overlooking local economic realities and existing informal lending practices.

What makes this book particularly valuable is how it challenges conventional narratives about microfinance without dismissing the real needs that drive people to seek these loans. Through detailed portraits of women in Sierra Leone, Kardas-Nelson shows how borrowers navigate a complex web of debt, social obligations, and economic pressures. The author raises important questions about whether encouraging poor people to take on high-interest debt is truly the best way to address poverty, while also examining alternative approaches like direct cash transfers and comprehensive social services.

This timely investigation offers crucial insights for anyone interested in international development, poverty alleviation, and the often unintended consequences of well-meaning interventions in the lives of the world's poor. Through meticulous reporting and thoughtful analysis, Kardas-Nelson challenges readers to think more critically about how we approach poverty alleviation and what truly constitutes meaningful economic development.

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Justene Hill Edwards, "Savings and Trust: The Rise and Betrayal of the Freedman's Bank" (Norton, 2024)

Sun, 03 Nov 2024 09:00:00 -0000

In Savings and Trust: The Rise and Betrayal of the Freedman's Bank (W. W. Norton, 2024), Justene Hill Edwards exposes how the rise and tragic failure of the Freedman’s Bank has shaped economic inequality in America. In the years immediately after the Civil War, tens of thousands of former slaves deposited millions of dollars into the Freedman’s Bank. African Americans envisioned this new bank as a launching pad for economic growth and self-determination. But only nine years after it opened, their trust was betrayed and the Freedman’s Bank collapsed.

Fully informed by new archival findings, historian Justene Hill Edwards unearths a major turning point in American history in this comprehensive account of the Freedman’s Bank and its depositors. She illuminates the hope with which the bank was first envisioned and demonstrates the significant setback that the sabotage of the bank caused in the fight for economic autonomy. Hill Edwards argues for a new interpretation of its tragic failure: the bank’s white financiers drove the bank into the ground, not Fredrick Douglass, its final president, or its Black depositors and cashiers. A page-turning story filled with both well-known figures like Abraham Lincoln, Frederick Douglass, Jay and Henry Cooke, and General O. O. Howard, and less well-known figures like Dr. Charles B. Purvis, John Mercer Langston, Congressman Robert Smalls, and Ellen Baptiste Lubin. Savings and Trust is necessary reading for those seeking to understand the roots of racial economic inequality in America.

Justene Hill Edwards is an associate professor of history at the University of Virginia and the author of both Unfree Markets and a forthcoming Norton Short on the history of inequality in America. She lives in Charlottesville, Virginia. Twitter. Website.

Brian Hamilton is chair of the Department of History and Social Science at Deerfield Academy. Twitter. Website.

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Adam Hanieh, "Crude Capitalism: Oil, Corporate Power, and the Making of the World Market" (Verso, 2024)

Sat, 02 Nov 2024 08:00:00 -0000

Oil is everywhere. It’s in our cars, it’s in the fertilizer used to grow our food, and it’s in the plastics used to produce and transport our consumer goods, to name just a few prominent uses. How did oil come to occupy its central position in the world economy? How did corporate power shape the uptake, pricing, and distribution of oil and petrochemicals? And how have changes in oil markets affected broader trends in the global economy? In Crude Capitalism: Oil, Corporate Power, and the Making of the World Market (Verso, 2024), my guest Adam Hanieh tackles all of these questions by tracing the history and diverse geographies of oil. His narratives weaves together links between oil, geopolitics, high finance, the evolution of corporate organization, and the environment.

Adam Hanieh is Professor of Political Economy and Global Development at the University of Exeter in the UK. He is currently a Distinguished Visiting Professor at Tsinghua University in Beijing. He is previous books are Lineages of Revolt (2013) and Money, Markets, and Monarchies: The Gulf Cooperation Council and the political economy of the contemporary Middle East (2020).

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From Rubinomics to Bidenomics: On the Democratic Party’s Shifting Trade & Industrial Policy

Fri, 01 Nov 2024 08:00:00 -0000

This is episode two Cited Podcast’s new season, the Use & Abuse of Economic Expertise. This season tells stories of the political and scholarly battles behind the economic ideas that shape our world. For a full list of credits, and for the rest of the episodes, visit the series page.

This episode looks at shifting landscape of economic thinking within the Democratic Party. First, historian Lily Geismer, author of Left Behind: The Democrats’ Failed Attempt to Solve Inequality, tells us the story of how the Democrats became captured by the Clintonian ‘Third Way.’ The Third Way argued that economic policy should move away from the sunset industries, like the unionized industrial labour that typically made the Democratic base, and move towards the sunrise industries of tech and finance.

Then, the Biden team came to see this thinking as precipitating the rise of Trumpism. So free-wheeling trade and industrial policy is out, and the Clinton-era neoliberal consensus just is not a consensus anymore–some even claim neoliberalism is dead. Bidenomics replaced it, whatever that is. Yet, Bidenomics was a political dud, and now it looks like it might be on the way out. Where is the US’ economic policy thinking going on November 5th, and beyond? We try to figure that out, with the help of political economist Mark Blyth, author of the forthcoming Inflation: A Guide for Users and Losers.

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Dariusz Wojcik et al., "Atlas of Finance: Mapping the Global Story of Money" (Yale UP, 2024)

Thu, 31 Oct 2024 08:00:00 -0000

From the emergence of money in the ancient world to today’s interconnected landscape of high-frequency trading and cryptocurrency, the story of finance has always taken place on an international stage. Finance is one of the most globalized and networked of human activities, and one of the most important social technologies ever invented.

Atlas of Finance: Mapping the Global Story of Money (Yale University Press, 2024) by Dr. Dariusz Wójcik is the first visually based book dedicated to finance and uses graphics and maps to bring the complex and abstract world of finance down to earth, showing how geography is fundamental for understanding finance, and vice versa. It illuminates the people—including Adam Smith, Karl Marx, and John Maynard Keynes—who have shaped our thinking about global finance; brings to life the ways that place-specific histories, laws, regulations, and institutions influence finance; shows how finance relates to innovation, globalization, and environmental change; and details how finance plays a key part in drawing the landscape of uneven development, inequality, and instability.

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Eric Helleiner, "The Neomercantilists: A Global Intellectual History" (Cornell UP, 2021)

Tue, 29 Oct 2024 08:00:00 -0000

At a time when critiques of free trade policies are gaining currency, The Neomercantilists: A Global Intellectual History (Cornell UP, 2021) helps make sense of the protectionist turn, providing the first intellectual history of the genealogy of neomercantilism. Eric Helleiner identifies many pioneers of this ideology between the late eighteenth and early twentieth centuries who backed strategic protectionism and other forms of government economic activism to promote state wealth and power. They included not just the famous Friedrich List, but also numerous lesser-known thinkers, many of whom came from outside of the West.

Helleiner's novel emphasis on neomercantilism's diverse origins challenges traditional Western-centric understandings of its history. It illuminates neglected local intellectual traditions and international flows of ideas that gave rise to distinctive varieties of the ideology around the globe, including in Latin America, the Caribbean, Africa, and Asia. This rich history left enduring intellectual legacies, including in the two dominant powers of the contemporary world economy: China and the United States.

The result is an exceptional study of a set of profoundly influential economic ideas. While rooted in the past, it sheds light on the present moment. The Neomercantilists shows how we might construct more global approaches to the study of international political economy and intellectual history, devoting attention to thinkers from across the world, and to the cross-border circulation of thought.

Eric Helleiner is an author and professor of political science and the Faculty of Arts Chair in International Political Economy at the University of Waterloo.

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Mark W. Geiger, "Floor Rules: Insider Culture in Financial Markets" (Yale UP, 2024)

Tue, 29 Oct 2024 08:00:00 -0000

Are financial markets lawless and irrational? It may seem that way from the outside, but for market insiders there are multiples sets of rules that they break at their peril.

Official rules set by law or by the exchanges exist alongside unofficial rules, or floor rules. Between these, it is the floor rules -- the norms followed by other insiders -- that matter most. Breaking an official rule might lead to a fine or even jail. Breaking floor rules can lead to being ostracized from markets as well as social and financial ruin.

In Floor Rules: Insider Culture in Financial Markets (Yale UP, 2024), Mark W. Geiger tells compelling stories of market disturbances in which insider rules played a key role. He examines the norms, customs, values, and operating modes of insiders at the center of financial markets that trade money, stocks, bonds, futures, and other financial derivatives. These core insiders are a relatively small group who govern the markets.

The book tells the riveting story of Benjamin Hutchinson, who made national news for his dramatic 1888 wheat market corner in Chicago, in which he outsmarted four powerful traders who had joined to force him out of the market, survived a life-threatening physical assault on the trading floor, and almost brought down the Chicago wheat market.

It also unpacks the LIBOR scandal of 2008 in which bankers in major international firms manipulated interbank loan rates to inflate their own profits at the expense of investors and at tremendous risk to the industry.

Geiger analyzes the cultural history of market trading, describes the role of insiders, and suggests where this peculiar, ingrown culture is heading in an era of technological change.

The book releases on October 29, the 95th anniversary of the Black Tuesday crash of 1929, the beginning of the Great Depression.

Related resources:

Mark Geiger's personal website and portfolio of generative AI artwork

Author recommended reading:

Den of Thieves by James B. Stewart
Phishing for Phools: The Economics of Manipulation and Deception by George A. Akerlof and Robert J. Shiller

Hosted by Meghan Cochran

NOTE: Kluge Fellow at the Library of Congress should have been pronounced with a hard "g" as in kloo-ghee.

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Simon Kuznets and the Invention of the Economy

Sun, 27 Oct 2024 08:00:00 -0000

Economics sometimes feels like a physics–so sturdy, so objective, and so immutable. Yet, behind every clean number or eye-popping graph, there is usually a rather messy story, a story shaped by values, interests, ideologies, and petty bureaucratic politics. In Cited Podcast’s new mini-series, the Use and Abuse of Economic Expertise, we tell the hidden stories of the economic ideas that shape our world. For future episodes of our series, and a full list of credits, visit our series page.

On episode one, we begin at the beginning: the invention of the modern economy, or at least the idea of the economy. It starts with one measure: the GDP, or gross domestic product. It’s a measure that comes to define what we mean by ‘the economy.’ Before GDP, we did not really speak in those terms. Cited producer Alec Opperman talks to sociologist Dan Hirshman, who brings the story of the man who pioneered the GDP, Simon Kuznets. Yet, the GDP was not the measure the Kuznets hoped it would be. It’s a story that reveals the surprisingly contentious politics of counting things up.

Plus, what about alternatives to GDP? The Genuine Progress Indicator, the Human Development Index, the Green GDP, and so on. These measures are said to be more progressive, as they often capture things we value (like, care work for instance), and subtracting out things we could use less off (like, environmental degradation). Scholars and policy wonks have been raging about these types of measures for decades, but they have not taken off. Why? Economic historian Dirk Philipsen, author of The Little Big Number: How GDP Came to Rule the World and What to Do About It (Princeton UP, 2017), talks to Alec about why a good number alone is never enough to change the world.

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Andrew deWaard, "Derivative Media: How Wall Street Devours Culture" (U California Press, 2024)

Sun, 27 Oct 2024 08:00:00 -0000

Sequels, reboots, franchises, and songs that remake old songs—does it feel like everything new in popular culture is just derivative of something old? Contrary to popular belief, the reason is not audiences or marketing, but Wall Street. In this book, Andrew deWaard shows how the financial sector is dismantling the creative capacity of cultural industries by upwardly redistributing wealth, consolidating corporate media, harming creative labor, and restricting our collective media culture. Moreover, financialization is transforming the very character of our mediascapes for branded transactions. Our media are increasingly shaped by the profit-extraction techniques of hedge funds, asset managers, venture capitalists, private equity firms, and derivatives traders. Illustrated with examples drawn from popular culture, Derivative Media: How Wall Street Devours Culture (University of California Press, 2024) offers readers the critical financial literacy necessary to understand the destructive financialization of film, television, and popular music—and provides a plan to reverse this dire threat to culture.

A free digital version of this title is available here.

Andrew deWaard is Assistant Professor of Media and Popular Culture at the University of California, San Diego, and coauthor of The Cinema of Steven Soderbergh: Indie Sex, Corporate Lies, and Digital Videotape.

Peter C. Kunze is assistant professor of communication at Tulane University.

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Matilde Masso, "Contested Money: Towards a New Social Contract" (Routledge, 2023)

Fri, 25 Oct 2024 08:00:00 -0000

Discussing money is always accompanied by controversy as well as enchantment. Debating what money is and how it performs its main functions in the contemporary economy is fundamental to understanding the social consequences of money transformation associated with the digital revolution. This book explores the links between the current and prospective properties of money, its production, and its relationship to the concepts of value, the common good, and innovation.

Contested Money: Towards a New Social Contract (Routledge, 2023) opens a debate on the role that money could play in a different paradigm based on a renewed conception of monetary properties and functions that are capable of having a positive impact on social and individual welfare. Massó outlines the fundamentals of this monetary model, which would operate as a parallel currency, where the processes of monetary and value creation are connected in a new deal between the citizen and the state, grounded on an approach of reciprocal rights and responsibilities.

This book will appeal to scholars, students, and, more broadly, readers interested in a contemporary understanding of what money is, how it is being transformed, and the role that it can play in redefining the twenty-first-century social contract.

Matilde Massó is an Associate Professor of Sociology in the Department of Sociology and Communication Sciences at the University of A Coruña (UDC). Her main research interests focus on the transformations of money, the role of culture and emotions in economic processes, and how technological innovation is shaping a new conception of the economy concerning theories of justice. She has extensive experience leading research projects in economic sociology, particularly in financialization studies, the sociology of money, and financial innovation. Her recent publications include Contested Money (Routledge, 2024) and Why Money Matters? (Journal of Economic Issues, 2023). Additionally, she was awarded a Marie Curie IF Action in 2016.

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Tevi Troy, "The Power and the Money: The Epic Clashes Between Commanders in Chief and Titans of Industry" (Regnery History, 2024)

Wed, 16 Oct 2024 08:00:00 -0000

When U.S. presidents clash with corporate titans, what tips the balance of power?

In The Power and the Money: The Epic Clashes Between Commanders in Chief and Titans of Industry (Regnery History, 2024), acclaimed presidential historian Tevi Troy takes readers on a riveting journey through the biggest battles between CEOs and the nation's commander in chief. He unearths the untold stories - both political and personal - that have shaped America.

Troy shows how the vast reach of the federal government become a critical fact of life for every business, entrepreneur, and innovator. Today, companies find themselves navigating a competitive landscape defined by stringent regulations, so top CEOs and key business leaders must influence the legislative and regulatory system. As public affairs teams and government relations experts put forward strategies to survive Washington, CEOs have become the most important warrior on the frontlines. The Power and the Money shows how some of the nation's most important CEOs forged (and fumbled) relationships with the president.

Troy also shows how the most powerful man in the world depends on CEOs. CEOs provide assistance in the form of personnel, policy insights, and campaign cash, but they also become essential foils for presidents, serving as both allies and convenient enemies.

The Power and the Money reveals an intricate web of power, where CEOs need presidents, and presidents need CEOs. Troy shows how each must step carefully - or risk unpredictable costs and collateral damage. From heavyweights John D. Rockefeller and Mark Zuckerberg to Katherine Graham, Elon Musk, and more, Troy takes readers inside the friendships and the conflicts that shook the American economy and re-shaped America.

Drawing on his experiences as bestselling historian and former senior White House aide, Troy offers unique insights and details that shed light on the growing, intertwining behemoths of government and big business - and what it means for the future of our nation.

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Christian Velasco, "Commercial Banking in Kenya: A History from Colonisation to Digital Age" (Routledge, 2024)

Tue, 15 Oct 2024 08:00:00 -0000

Commercial Banking in Kenya: A History from Colonisation to Digital Age (Routledge, 2024) investigates the impact of commercial banks in Kenya right through from their origins, to their role during the colonial period, the process of adaptation following independence, and up to their responses to new challenges and economic policies in the twenty-first century. The British colonisation of East Africa required the development of diverse political, social and economic institutions to advance and exercise control over the territories and their populations. Multinational commercial banks were among the first institutions, with the National Bank of India, Standard Bank of South Africa and Barclays Bank DCO all setting up business in Kenya, whilst continuing to maintain close relationships with the UK and other colonial actors. This book assesses the impact of commercial banks during the last years of colonial domination and the tools they used to adapt in the first decades of independence. The book concludes by considering how the colonial banking system has influenced the development of modern financial institutions in Kenya in the twenty-first century. This book argues that commercial banks are fundamental to understanding African colonies, and the foundations over which the financial system of contemporary Africa was constructed. It will be of interest to researchers of banking, economic history, the colonial period, and African studies.

Christian Velasco was born in Mexico City and studied History at the National Autonomous University of Mexico (UNAM), where he specialized in economic history. In 2013, he was awarded a master's degree at the London School of Economics, with a comparative study of banking in Ghana and Botswana. The University of Warwick awarded him a PhD in 2019, working under the supervision of David Anderson and Daniel Branch, with a dissertation titled The Kenyan Banking System: From Colonial Expansion to Independence Uncertainty, 1950–1970. He is currently full-time academic staff at the Centro de Investigación y Docencia Económica (CIDE) in Mexico City.

Other publications discussed during the interview are:

Rouse, M. , Bátiz-Lazo, B., and Carbo-Valverde, S. (2023) ‘M-Pesa and the role of the entrepreneurial state in a cashless technology to deliver an inclusive financial sector’, Essays in Economic and Business History, 41, pp. 109-133.

Velasco, C. (2022), "The African Savers and the Post Office Savings Bank in Colonial Kenya (1910–1954)," The Journal of Imperial and Commonwealth History, DOI: 10.1080/03086534.2021.2020426

Willis, J. & Velasco, C. (2024), "Saving, Inheritance and Future-Making in 1940s Kenya," Past & Present, https://doi.org/10.1093/pastj/gtae013

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Ciara Torres-Spelliscy, "Corporatocracy: How to Protect Democracy from Dark Money and Corrupt Politicians" (NYU Press, 2024)

Mon, 07 Oct 2024 08:00:00 -0000

What threatens American democracy and the rule of law? In her new book, Corporatocracy: How to Protect Democracy from Dark Money and Corrupt Politicians (NYU Press, 2024),

legal scholar and campaign spending expert Ciara Torres-Spelliscy argues that the USA’s privately-funded campaign finance system – combined with corporate greed and antidemocratic strains in the modern Republican Party – endangers American democracy. As she sees it, unseen political actors and untraceable dark money influence our elections, while anti-democratic rhetoric threatens a tilt towards authoritarianism.

Drawing on key Supreme Court cases such as Citizens United, Professor Torres-Spelliscy explores how corporations have undermined democratic norms, practices, and laws. From bankrolling regressive politicians to funding ghost candidates with dark money, the book exposes how corporations subvert the will of the American people – yet courts struggle to hold corporate interests and corrupt politicians accountable. If American democracy is going to survive in the long term, then the deep pockets of the largest corporations cannot be allowed to join focus with the anti-democratic fringe. Professor Torres-Spelliscy fears a repeat of the January 6th insurrection – but with expansive corporate sponsorship.

Professor Torres Spelliscy outlines the ways in which Corporate forces might be held accountable by the courts, their shareholders, and citizens themselves. Along with other reforms, she proposes a democracy litmus test that requires loyalty to democracy in politics and the economy.

The end of the podcast features her insights on how oil interests crypto “techno bros” have invested in the outcome of the November 2024 election.

Ciara Torres-Spelliscy is a Professor of Law at Stetson Law. She is also a Brennan Center Fellow at NYU Law School who has testified before Congress as an expert on campaign finance and has helped draft Supreme Court briefs. Previously, she authored Corporate Citizen (Carolina 2016) and Political Brands (Elgar 2019). She has recently written about public financing and the Eric Adams indictments and crypto spending in the 2024 election.

Mentioned in the podcast:

Judd Legum's work on corporate PACs in his Substack, Popular Information
Photo with Barack Obama for which Jho Low paid $20 million can be seen here
Example of 2022 media attempts to identify “sedition caucus” and election deniers for voters

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Mary Bridges, "Dollars and Dominion: US Bankers and the Making of a Superpower" (Princeton UP, 2024)

Tue, 01 Oct 2024 08:00:00 -0000

There was nothing inevitable or natural about the rise of US finance capitalism in the early twentieth century.

In Dollars and Dominion: US Bankers and the Making of a Superpower, Mary Bridges shows how US foreign banking began as a side hustle of Gilded Age tycoons and evolved into a more staid, bureaucratized network for bolstering US influence overseas. The early waves of US bankers built a network of international branch banks that relied on the power of the US government, copied the example of British foreign bankers, and built new alliances with local elites.

Overseas bank branches provided sites for experimentation in how to fuse US political will with local innovations and on-the-ground improvisation. In the process, branch bankers constructed a flexible and durable new infrastructure that supported the growth of US power abroad.

Using details from ledger entries and other sources, Bridges shows how these branch bankers divided their local communities into groups of “us” and "them," either as potential clients or local populations. In doing so, they constructed a new architecture of US trade finance that relied on long-standing inequalities and hierarchies of privilege. Thus, ideas developed by wealthy white men became part of the enduring fabric of financial infrastructure. She also shows how bank branches could accommodate these hierarchies to make room for new ideas about serving local markets, in response to financial pressures of the 1920s and after the Great Depression cut off other avenues of growth.

Bridges also tells the story of how US bankers created a market based on a new financial asset enabled by the Federal Reserve System called bankers' acceptance and began to collect vast amounts of foreign credit information.

Related resources:

Bankers and Empire: How Wall Street Colonized the Caribbean by Peter James Hudson
Infrastructure Is Remaking Geopolitics: How Power Flows from the Systems That Connect the World by Mary Bridges

Author recommended reading:

Plastic Capitalism: Banks, Credit Cards, and the End of Financial Control by Sean H. Vanatta
The War Below: Lithium, Copper, and the Global Battle to Power Our Lives by Ernest Scheyder

Hosted by Meghan Cochran

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Ian Williams, "Vampire State: The Rise and Fall of the Chinese Economy (Birlinn, 2024)

Fri, 27 Sep 2024 08:00:00 -0000

State capitalism. Socialism with Chinese characteristics. A socialist market economy. There have been numerous descriptions of the Chinese economy. However, none seems to capture the predatory, at times surreal, nature of the economy of the world’s most populous nation – nor the often bruising and mind-bending experience of doing business with the Middle Kingdom.

Ian Williams, a long-standing reporter on China, has a new argument in Vampire State: The Rise and Fall of the Chinese Economy (Birlinn, 2024).

Rules and agreements mean little. Markets are distorted, statistics fabricated, foreign industrial secrets and technology systematically stolen. Companies and entrepreneurs, at home and abroad, are bullied – often with the collusion of the victims themselves. The Party is in every boardroom and lab, with businesses thriving or dying at its will.

All this is part of realising President Xi Jinping’s ambition of China becoming the world’s pre-eminent economic, technological and military power.

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Andrew W. Kahrl, "The Black Tax: 150 Years of Theft, Exploitation, and Dispossession in America" (U Chicago Press, 2024)

Wed, 25 Sep 2024 08:00:00 -0000

In The Black Tax: 150 Years of Theft, Exploitation, and Dispossession in America (U Chicago Press, 2024), Andrew W. Kahrl uncovers the history of inequitable and predatory tax laws in the United States. He examines the structural traps within America’s tax system that have forced Black Americans to pay more for less despite being taxpayers with fewer resources compared to white taxpayers. Kahrl exposes these practices, From Reconstruction up to the present, Kahrl exposes these practices to describe how discrimination continues to take new forms, even as people continue to fight for their rights, their assets, and their power.

Dr. N’Kosi Oates is a curator. He earned his Ph.D. in Africana Studies at Brown University. Find him on Twitter at DrNKosiOates.

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Ilias Alami and Adam D. Dixon, "The Spectre of State Capitalism" (Oxford UP, 2024)

Sun, 22 Sep 2024 08:00:00 -0000

After close to three decades of the hegemony of free market ideas, the state has made a big comeback as an economic actor since the 2008 financial crisis. China’s state-owned companies and international financial institutions have made headlines for their growing influence in the world economy. State-backed investment vehicles based in the Gulf states have made high-profile investments in global real estate markets and professional sports, while their state-owned firms have become world leaders in the logistics and natural resource sectors. Governments around the world – including in the heartlands of advanced capitalism – have promoted the interests of ‘national champion’ companies in strategic economic sectors, bailed out financial institutions by taking toxic assets off of their balance sheets, and implemented industrial policies with the aim of moving into the most profitable segments of global value chains.

What accounts for this renewed prominence of states in global capitalism? Does the increased activism of states mark the end of neoliberal hegemony? And how do contemporary state-led economic initiatives compare to the heyday of Keynesian and developmentalist policy agendas in the decades immediately following World War II?

The book that we are discussing today, The Spectre of State Capitalism (Oxford UP, 2024) by Ilias Alami and Adam Dixon, marks the culmination of a highly productive research project that the authors have led on the compulsions and constraints that shape the ‘new’ state capitalism. The book aims to challenge narratives that pathologize state capitalism as an authoritarian deviation from the ‘normal’ course of free market capitalism while also showing how new forms of state activism depart from earlier models of state-led development.

Ilias Alami is a University assistant professor in the political economy of development at Cambrdige University. His previous book is Money Power and Financial Capital in Emerging Markets (2019). Adam Dixon holds the Adam Smith Chair in Sustainable Capitalism at Heriot Watt University’s Ediburgh Business School. He is the author of several books, most recently Sovereign Wealth Funds: Between States and Markets (2022).

This book is available open access here.

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Meg Rithmire, "Precarious Ties: Business and the State in Authoritarian Asia" (Oxford UP, 2023)

Sat, 14 Sep 2024 08:00:00 -0000

Developing Asia has been the site of some of the last century's fastest growing economies as well as some of the world's most durable authoritarian regimes. Many accounts of rapid growth alongside monopolies on political power have focused on crony relationships between the state and business. But these relationships have not always been smooth, as anti-corruption campaigns, financial and banking crises, and dramatic bouts of liberalization and crackdown demonstrate. Why do partnerships between political and business elites fall apart over time? And why do some partnerships produce stable growth and others produce crisis or stagnation?

In Precarious Ties: Business and the State in Authoritarian Asia (Oxford UP, 2023) (Oxford, 2023), Meg Rithmire offers a novel account of the relationships between business and political elites in three authoritarian regimes in developing Asia: Indonesia under Suharto's New Order, Malaysia under the Barisan Nasional, and China under the Chinese Communist Party. All three regimes enjoyed periods of high growth and supposed alliances between autocrats and capitalists. Over time, however, the relationships between capitalists and political elites changed, and economic outcomes diverged. While state-business ties in Indonesia and China created dangerous dynamics like capital flight, fraud, and financial crisis, Malaysia's state-business ties contributed to economic stagnation.

To understand these developments, Rithmire, a professor at Harvard Business School, presents two conceptual models of state-business relations that explain their genesis and why variation occurs over time. She shows that mutual alignment occurs when an authoritarian regime organizes its institutions, or even its informal practices, to induce capitalists to invest in growth and development. Mutual endangerment, on the other hand, obtains when economic and political elites are entangled in corrupt dealings and invested in perpetuating each other's dominance. The loss of power on one side would bring about the demise of the other. Rithmire contends that the main factors explaining why one pattern dominates over the other are trust between business and political elites, determined during regime formation, and the dynamics of financial liberalization. Empirically rich and sweeping in scope, Precarious Ties offers lessons for all nations in which the state and the private sector are deeply entwined.

Host Peter Lorentzen is an Associate Professor in the Department of Economics at the University of San Francisco. His research examines the political economy of governance and development in China.

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Malcolm Macleod, "The Practice of Philanthropy: A Guide for Foundation Boards and Staff" (Barlow Publishing, 2024)

Sun, 08 Sep 2024 08:00:00 -0000

In The Practice of Philanthropy: A Guide for Foundation Boards and Staff (Barlow Publishing, 2024), author Malcolm Macleod addresses the unique challenges of running a foundation, offering practical insights and wisdom from his years of experience in the field. The book explores key elements necessary for creating meaningful impact, including building strong relationships with non-profits, maximizing the potential of a governing board, and effectively managing an endowment. Macleod skillfully weaves in powerful stories of impact, serving as a reminder of the importance of this work, making the book a comprehensive resource for foundation leaders seeking to elevate their influence.

This essential guide not only presents the core principles of grant-making but also provides practical strategies for applying them to create more effective grants. Readers of The Practice of Philanthropy will learn how to master the practice of philanthropy, from recruiting and engaging an exceptional board to achieving superior investment returns and making impactful grants. Additionally, the book offers an insider’s view of how foundations operate and provides actionable advice on running them in a way that maximizes the influence and effectiveness of the grants they distribute.

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Manuela Moschella, "Unexpected Revolutionaries: How Central Banks Made and Unmade Economic Orthodoxy" (Cornell UP, 2024)

Sun, 01 Sep 2024 08:00:00 -0000

In Unexpected Revolutionaries: How Central Banks Made and Unmade Economic Orthodoxy (Cornell University Press, 2024), Dr. Manuela Moschella investigates the institutional transformation of central banks from the 1970s to the present.

Central banks are typically regarded as conservative, politically neutral institutions that uphold conventional macroeconomic wisdom. Yet in the wake of the 2008 global financial crisis and the 2020 COVID-19 crisis, central banks have upended observer expectations by implementing largely unknown and unconventional monetary policies. Far from abiding by well-established policy playbooks, central banks now engage in practices such as providing liquidity support for a wide range of financial institutions and quantitative easing. They have even stretched the remit of monetary policy into issues such as inequality and climate change.

Dr. Moschella argues that the political nature of central banks lies at the heart of these transformations. While formally independent, central banks need political support to justify their policies and powers, and to obtain it, they carefully manage their reputation among their audience selected officials, market actors, and citizens. Challenged by reputational threats brought about by twenty-first-century recessionary and deflationary forces, central banks such as the Federal Reserve System and the European Central Bank strategically deviated from orthodox monetary policies to preempt or manage political backlash and to regain public trust. Central banks thus evolved into a new role only in coordination with fiscal authorities and on the back of public contestation.

Eye-opening and insightful, Unexpected Revolutionaries is necessary reading for discussions on the future of the neoliberal macroeconomic regime, the democratic oversight of monetary policymaking, and the role that central banks canor cannotplay in our domestic economies.

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Robert McCorquodale, "Business and Human Rights" (Oxford UP, 2024)

Thu, 22 Aug 2024 08:00:00 -0000

Business and Human Rights Law is a rapidly growing area of law, which has dramatically transformed many parts of international law. In this new volume in the Elements series, Robert McCorquodale explores how the responsibility for human rights abuses has transitioned from a purely state obligation to also being the responsibility of businesses. Business responsibility for human rights impacts have become subject both to legislation and to court decisions whenever their activities lead to human rights abuses anywhere in the world.

Business and Human Rights (Oxford UP, 2024) shows the importance of the UN Guiding Principles on Business and Human Rights in these developments, and examines their influence on international, regional, and national law. It also analyses the changes on state obligations to protect human rights, on the corporate responsibility for human rights abuses, and on effective access to remedies for those adversely affected by business activities. Each of these shifts has consequences on core tenets of international law, such as sovereignty and jurisdiction, and has implications for crafting new international law in areas such as climate change and technology.

Robert is a member of the United Nations Working Group on Business and Human Rights, and brings his decades of experience in scholarship and legal practice in business and human rights law, as well as his extensive engagement with businesses, governments, civil society, and international organisations, to bear on his understanding and analysis of this increasingly important field.

Alex Batesmith is a Lecturer in Legal Profession in the School of Law at the University of Leeds, and a former barrister and UN war crimes prosecutor, with teaching and research interests in international criminal law, cause lawyering and the legal profession, and law and emotion. His University of Leeds profile page can be found here. Twitter: @batesmith. LinkedIn

His recent publications include:

“Cambodia and the progressivist ‘imaginary’: The limitations of international(ised) criminal tribunals as mechanisms for implementing human rights” in Louisa Ashley and Nicolette Butler (eds), The Incoherence of Human Rights in International Law: Absence, Emergence and Limitations (Routledge, 2024 ISBN13: 978-1-032638-03-4)
“‘Poetic Justice Products’: International Justice, Victim Counter-Aesthetics, and the Spectre of the Show Trial” in Christine Schwöbel-Patel and Rob Knox (eds) Aesthetics and Counter-Aesthetics of International Justice (Counterpress, 2024 ISBN 978-1-910761-17-5)
"Lawyers who want to make the world a better place – Scheingold and Sarat’s Something to Believe In: Politics, Professionalism, and Cause Lawyering" in D. Newman (ed.) Leading Works on the Legal Profession (Routledge, July 2023), ISBN 978-1-032182-80-3)
“International Prosecutors as Cause Lawyers" (2021) Journal of International Criminal Justice 19(4) 803-830 (ISSN 1478-1387)

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Oliver Volckart, "The Silver Empire: How Germany Created Its First Common Currency" (Oxford UP, 2024)

Wed, 21 Aug 2024 08:00:00 -0000

The problems that gave rise to the widespread desire to introduce a common currency were myriad. While trade was able to cope with-and even to benefit from-the parallel circulation of many different types of coin, it nevertheless harmed both the common people and the political authorities. The authorities in particular suffered from neighbours who used their comparatively good money as raw material to mint poor imitations. Debasing their own coinage provided an, at best, short-term solution. Over the medium and long term, it drove the members of the Empire into rounds of competitive debasements, until they realised that a common currency was the only answer that addressed the core of the problem.

In The Silver Empire: How Germany Created Its First Common Currency (Oxford University Press, 2024) Dr. Oliver Volckart examines the conditions that shaped the monetary outlook of the member states of the Empire, paying particular attention to the uneven access to silver and gold. Following closely the negotiations that prepared the common currency, he is able to illuminate the interest groups that were formed, what their agendas and ulterior motives were, how alliances were forged, and how it was eventually possible to obtain majority agreement on what a common currency should look like: a silver-based currency that was introduced in 1559-66.

In fact, in contrast to what historians once believed, the common currency they achieved turns out to have functioned not significantly worse than other currencies of the time: it had similar problems and similar advantages as the money issued by more centralised governments.

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Angela Geck, "The Power to Persuade: Strategic Arguing at the World Trade Organization" (U Toronto Press, 2024)

Tue, 20 Aug 2024 08:00:00 -0000

The Power to Persuade: Strategic Arguing at the World Trade Organization (University of Toronto Press, 2024) by Dr. Angela Geck provides an innovative and eye-opening analysis of strategic arguing as a means of power in global politics. Based on an empirical case study of arguing processes in the World Trade Organization (WTO), the book shows how discursive contexts, institutional norms and procedures, and unequal human resources condition who has the power to persuade.

While accounts of arguing in international relations are typically based on a notion of arguing as a power-free mode of interaction oriented towards understanding, Dr. Geck shows how such an approach precludes the question of persuasive power. Drawing on in-depth interviews with Geneva diplomats and a document-based analysis of the negotiations on two Doha Round issues, the book examines the practices governing strategic arguing in the WTO and uncovers two sources of persuasive power: firstly, prevalent discourses and connected regime norms empower some actors over others; secondly, their ability to debate is conditioned by exclusionary procedures and unequal human resources.

Offering a grounded theory of strategic arguing in trade politics, The Power to Persuade presents a novel analysis of the relationship between arguing and power.

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Gregory Makoff, "Default: The Landmark Court Battle over Argentina's $100 Billion Debt Restructuring" (Georgetown UP, 2024)

Tue, 20 Aug 2024 08:00:00 -0000

The dramatic inside story of the most important case in the history of sovereign debt law Unlike individuals or corporations that become insolvent, nations do not have access to bankruptcy protection from their creditors. When a country defaults on its debt, the international financial system is ill equipped to manage the crisis. Decisions by key individuals—from national leaders to those at the International Monetary Fund, from holdout creditors to judges—determine the fate of an entire national economy. A prime example is Argentina’s 2001 default on $100 billion in bonds, which stands out for its messy outcomes and outsized impact on sovereign debt markets, sovereign debt law, and IMF policy.

Default: The Landmark Court Battle over Argentina's $100 Billion Debt Restructuring (Georgetown UP, 2024) is the riveting story of Argentina’s sovereign debt drama, which reveals the obscure inner workings of sovereign debt restructuring. This detailed case study describes the intense fight over the role of the IMF in Argentina’s 2005 debt restructuring and the ensuing bitter decade of litigation with holdout creditors, demonstrating that outcomes for sovereign debt are determined by a complex interplay between financial markets, governments, the IMF, the press, and the courts. This cautionary tale lays bare the institutional, political, and legal pressures that come into play when a country cannot repay its debts. It offers a deeper understanding of how global financial capitalism functions for those who work in or study debt markets, international finance, international relations, and international law.

Gregory Makoff, PhD, is a senior fellow at the Harvard Kennedy School and a senior fellow at the Centre for International Governance Innovation and an expert on sovereign debt management. A former banker specializing in debt advice, liability management, and derivatives, he has also advised the US Department of the Treasury.

Caleb Zakarin is editor at the New Books Network.

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Zvi Schreiber, "Money, Going Out of Style: The Story of Money and the Mystery of Its Decline" (2021)

Thu, 15 Aug 2024 08:00:00 -0000

What is money? Why are trillions of dollars, euros, pounds, and yen being printed, but not spent, and what does this reveal about the state of our society?

Money, as we know it, was born in 1971 when currencies unlinked from gold. During its adolescence, money was hyperactive, causing rampant inflation. Three decades of mature growth followed. But as it reaches the age of fifty, money is changing again, and facing a figurative mid-life crisis.

Zvi Schreiber's book Money, Going Out of Style: The Story of Money and the Mystery of Its Decline (2021) first offers the reader a clear understanding of economics and the role of money, by following a fictional island tribe as they develop money and an ever more sophisticated economy. The book never forgets that money is secondary to the real economy of goods, services, and tools.

Armed with this deeper appreciation of money and economics, the book returns to the present day to examine money's midlife crisis: the effect of rising inequality, the puzzle of near-zero interest rates, and how this is causing money to go out of style.

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Leslie Ramos, "Philanthropy in the Arts: A Game of Give and Take" (Lund Humphries, 2023)

Sun, 11 Aug 2024 08:00:00 -0000

In an era where the financial stability of many arts organizations is increasingly precarious, arts philanthropy stands at a critical juncture. The recent COVID-19 pandemic of 2020-21 laid bare the vulnerabilities in existing funding structures, highlighting just how fragile these lifelines can be. Coupled with a surge in social initiatives that demand attention and resources, the way the arts are funded is undergoing scrutiny and transformation.

A new wave of philanthropists—individuals with fresh motivations and evolving priorities—has emerged. These next-gen donors continue the legacy of their predecessors, while actively reshaping it, bringing forth new perspectives and expectations. Their influence is profound but necessitates a balance of caution and optimism as the arts sector navigates this changing landscape.

This is where Philanthropy in the Arts: A Game of Give and Take (Lund Humphries, 2023) steps in, offering a sprawling yet incisive exploration of philanthropy in the arts. The book examines the interests and behaviors of donors and recipients, suggesting ways in which their practices can be better intertwined. Through open and wide-ranging discussions, it explores the intricacies of giving and receiving in the arts, shedding light on the unique challenges and opportunities that define this relationship.

For collectors, philanthropists, and patrons, this book is more than just analysis—it’s a handy guide that equips them with the knowledge to navigate the peculiarities of arts philanthropy. For art market and museum professionals, it provides insights into the evolving dynamics of donor relationships, helping them adapt to the rapidly changing environment. Amidst the increasing financial instability of numerous arts organizations, arts philanthropy finds itself at a critical juncture.

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Paul Volcker: “The only number that works is zero”

Fri, 09 Aug 2024 08:00:00 -0000

More than any other global institution, the US Federal Reserve’s decisions and communications drive capital markets and alter financial conditions everywhere from Seattle to Seoul. While its interest rate are set by an expert committee, for almost a century, the Fed’s core philosophy and operational approach have been moulded by one person: the Chair of the Board of Governors.

In this podcast series, Tim Gwynn Jones - a veteran central bank "watcher" - talks to authors of books about the Fed's most influential Chairs, starting with Marriner Eccles, Bill Martin, Arthur Burns, and Paul Volcker.

In the fourth and final episode of this series, he talks to William Silber – author of Volcker: The Triumph of Persistence (Bloomsbury, 2012). A giant (literally) of 20th-century policymaking, Volcker chaired the Fed from 1979 to 1987, implementing monetarist shock therapy, driving up the fed funds rate from 11% to 20% to crush inflation expectations, and pulling inflation down from nearly 15% in early 1980 to below 3% three years later.

“For Volcker, the most important denigrating fact of inflation was … that it undermines trust in government,” says Silber. “When we give the government the right to print money … we trust that the government will not debase the currency … When you think about inflation in that context, there is no number – two, four, six. Any number is bad. The only number that works is zero .. If you asked Volcker – and I asked him – what's the right number, he said zero”.

From 1990 until his retirement in 2019, Bill Silber was professor of economics at the Stern School of Business, New York University. His award-winning book is built on more than 100 hours of interviews with Volcker. The author of seven other books, Silber’s latest – The Power of Nothing to Lose: The Hail Mary Effect in Politics, War, and Business – will be published in paperback in September 2024.

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Arthur Burns: “The smartest guy in the room”

Thu, 08 Aug 2024 08:00:00 -0000

In this third episode, he talks to Wyatt Wells – author of Economist in an Uncertain World – Arthur F. Burns and The Federal Reserve, 1970–1978 (Columbia University Press, 1994). Burns has had a bad press - so bad that Chris Hughes, one of Facebook's founders, was moved to rehabilitate him. Leading the Fed from 1970 to 1978 when inflation averaged 9%, Burns was an accomplished business-cycle economist but also a politically partisan Chair intensely loyal to Richard Nixon and Gerald Ford. Going far beyond his remit as a central banker, Burns oversaw government efforts to control prices and wages as an alternative to monetary policy.

“If you couple an incomes policy with a tight fiscal and monetary policy, it can work. The problem is that it often becomes an excuse for not doing that,” says Wells. “Burns found himself trapped in this position where he felt he couldn't raise interest rates without wrecking the controls programme and possibly his own career – his own position at the Fed. It's clear in ‘73, he knows interest rates need to go up. They're trying to raise them but he's got these political concessions and he's doing this sort of dance, trying to square the circle … And of course: ‘I'm the smartest guy in the room. Therefore, I should play a key role in this effort to balance everything’. I think there are very few Federal Reserve chairmen who have elbowed their way into other areas in the way that Burns did. Maybe none”.

An economic historian, Wyatt Wells has been Professor of History at Auburn University, Montgomery, since 1997.

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Jacob Soll, "Free Market: The History of an Idea" (Basic Books, 2022)

Thu, 08 Aug 2024 08:00:00 -0000

After two government bailouts of the American economy in less than twenty years, free market thought is due for serious reappraisal. Free Market: The History of an Idea (Basic Books, 2022) shows how the idea became so powerful, why it succeeded, and why it has failed so spectacularly. In 1990, the G7 Countries enjoyed 70 percent of world GDP. In the face of the collapse of the Soviet Union, it was supposed to be a story of the success of free markets. However, in the past thirty years, that number has dropped by half, and Asia has emerged as a major motor of world economic growth. Today, state-run China is the second biggest economy on earth, and tiny Singapore, with its state-owned companies, has become a new model of wealth creation. In other words, Milton Friedman's free market dogma, that only private companies can create wealth and that states hamper it, has not proved very clearly to be untrue.

This book shows how we got to the current crisis of free market thought, and suggests how we can find our way out. Contrary to popular free market narratives, early market theorists believed that states had an important role in building and maintaining free markets. But in the eighteenth century, some free-market thinkers began insisting only pure free markets, without state intervention, could work. A tradition of free-market ideological brittleness emerged, and it has led orthodox free market economics to some spectacular failures. It is a paradox that an economic theory rooted in the idea of competition, adaptation and evolution, has refused to follow its own precepts. This book shows that we need to go back to the origins of free market thought in order to understand its dynamism, as well as its inherent weaknesses, and to develop new economic concepts to face the staggering challenges of the twenty-first century.

Jacob Soll is an American university professor and professor of philosophy, history and accounting at the University of Southern California. Soll's work examines the mechanics of politics, statecraft and economics by dissecting the various elements of how modern states and political systems succeed and fail.

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The GiveWell Method

Wed, 07 Aug 2024 08:00:00 -0000

In this episode, Caleb Zakarin and Uri Bram dive into the world of effective charitable giving through the lens of GiveWell, an organization known for its rigorous evaluation of charities. Uri explains how GiveWell identifies and recommends high-impact charities, discussing the data-driven criteria and ethical considerations behind their assessments. The conversation highlights real-world examples of how smart giving can lead to substantial, measurable benefits. Whether you're a seasoned donor or new to philanthropy, this episode offers valuable insights into making your contributions truly count.

Please consider donating with GiveWell.

Work at GiveWell. A great job for academics considering an alternative path.

Uri Bram is head of communications at GiveWell and CEO of The Browser.

Caleb Zakarin is editor at the New Books Network.

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Bill Martin: “Truman looked at him and said: ‘Traitor’”

Wed, 07 Aug 2024 08:00:00 -0000

In this second episode, he interviews Robert Bremner – author of Chairman of the Fed: William McChesney Martin Jr. and the Creation of the Modern American Financial System (Yale University Press, 2004). Bill Martin still holds the record for the longest chairmanship at the Fed – holding the office from 1951 to 1970. A Democrat, he was first nominated by President Harry Truman and reappointed (more or less willingly) by Eisenhower, Kennedy, Johnson, and Nixon. He dismantled government wartime controls over interest rates, battled to save the postwar currency-management regime, democratised the Fed, and fought successive presidents to keep its independence.

These conflicts started early, says Bremner. “Martin told this story about walking down Wall Street and passing the president going the other way and Martin said: ‘Good morning, Mr. President, great to see you’. And Truman looked at him and said: ‘Traitor’. Basically Truman wanted to continue low interest

rates certainly until he left office and for as long as possible”.

After a career in finance at the World Bank and in the mutual-fund industry, Bob Bremner is now a director of the Westminster Ingleside Foundation.

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Marriner Eccles: Reform “may not have happened in 1935 if Eccles hadn't been there”

Tue, 06 Aug 2024 08:00:00 -0000

In this first episode, he interviews Mark Nelson - author of Jumping the Abyss: Marriner S. Eccles and the New Deal, 1933-1940 (University of Utah Press, 2017). Eccles chaired the Fed from 1934 to 1948, turned it into a Washington power centre, and centralised policymaking with the Board of Governors.

The US might have been better served if Eccles and his nemesis Henry Morgenthau, the Treasury Secretary from 1934-1945, had swapped roles, says Nelson. "That's true except for the fact that Eccles did do something very important at the Fed and that is the Banking Act of 1935, which really changed the Fed in an enormously important way and Morgenthau would not have done that ... I think it would have happened at some point. You could make the argument, though, that it may not have happened in 1935 if Eccles hadn't been there because Eccles took the job at the Fed on the understanding that these changes would be made”.

An actor-turned-historian, Mark Nelson was educated at Pepperdine University and Claremont Graduate University and today teaches at Greenville Technical College, South Carolina. His next book will be Race and Recovery: James F. Byrnes and the New Deal.

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Katherine Hempstead, "Uncovered: The Story of Insurance in America" (Oxford UP, 2023)

Mon, 05 Aug 2024 08:00:00 -0000

Historically, the insurance industry in America has been fragmented. As a result, there have been debates and conflicts over the proper roles of federal and state governments, business, and the responsibilities of individuals. Who should cover the risks of loss? And to what extent should risk be shared and by whom?

In Uncovered: The Story of Insurance in America (Oxford UP, 2023), Katherine Hempstead answers these questions by exploring the history of the insurance business and its regulation in the United States from the 1870s through the twentieth century. Specifically, she focuses on the friction between the public demand for insurance and the private imperatives of insurers. Tracing the history of the industry from the early days of life, fire, and casualty insurance to the development of state regulation in the late nineteenth century, Hempstead examines the role that insurers initially played in the largely voluntary social safety net and how this changed over time. After the Great Depression, the federal government assumed a greater role in the provision of insurance, while insurers enthusiastically pursued the growing business of employee benefits. As the twentieth century progressed, insurers and government have become interdependent, with insurers participating in publicly funded markets. As Hempstead shows, periodic crises in life, fire, health, auto, and liability insurance highlighted gaps between the coverage that insurers were willing to provide and what the public demanded.

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Jan Eeckhout, "The Profit Paradox: How Thriving Firms Threaten the Future of Work" (Princeton UP, 2021)

Mon, 29 Jul 2024 08:00:00 -0000

It is a truth universally acknowledged that as a society we want successful, profitable companies because, as Jan Eeckhout says in The Profit Paradox: How Thriving Firms Threaten the Future of Work (Princeton UP, 2021), “we tend to accept that when firms do well, the economy does well”, even when that's not true.

The rising tide, in some cases, does not lift all boats. Even when a few strong players have outsized gains, the rest of the market can suffer. These trends have a ripple effect over time that effectively separate economic winners, who keep an increasingly large share of benefits, from economic losers who struggle to compete, let alone maintain the standard of living achieved by their parents.

In this book, Jan Eeckhout documents how a small number of large firms have been able to gain tremendous market power through a variety of mechanisms such as price manipulation, outsourcing, and leveraging new technical innovations. None of these are inherently wrong, but when used by powerful companies to reduce or eliminate potential competition, they lead to inefficient markets that weaken society.

It is a case of excessive success, as companies narrowly focus on defending and increasing their profits without significant consideration for the externalities or unintended consequences of these market failures.

Eeckhout presents an optimistic outlook of how we can retain the extensive advantages of economic growth while reversing some of these more dangerous trends. His recommendations for the future include leveraging what we've learned from prior generations who faced similar challenges, and building on the incredible technical innovations that have characterized the last few decades, including recent breakthroughs in artificial intelligence.

Recommended reading: The Wisdom of Crowds by James Surowiecki.

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Lucia Hulsether, "Capitalist Humanitarianism" (Duke UP, 2023)

Sun, 21 Jul 2024 08:00:00 -0000

The struggle against neoliberal order has gained momentum over the last five decades – to the point that economic elites have not only adapted to the Left's critiques but incorporated them for capitalist expansion. Venture funds expose their ties to slavery and pledge to invest in racial equity. Banks pitch microloans as a path to indigenous self-determination. Fair-trade brands narrate consumption as an act of feminist solidarity with women artisans in the global South.

In Capitalist Humanitarianism (Duke UP, 2023), Lucia Hulsether examines these projects and the contexts of their emergence. Blending historical and ethnographic styles, and traversing intimate and global scales, Hulsether tracks how neoliberal self-critique creates new institutional hegemonies that, in turn, reproduce racial and neocolonial dispossession. From the archives of Christian fair traders to luxury social entrepreneurship conferences, from US finance offices to Guatemalan towns flooded with their loan products, from service economy desperation to the internal contradictions of social movements, Hulsether argues that capitalist humanitarian projects are fueled as much by a profit motive as by a hope that racial capitalism can redeem the losses that accumulate in its wake.

Lucia Hulsether is Assistant Professor of Religious Studies at Skidmore College.

This episode’s host, Jacob Barrett, is currently a PhD student in the Department of Religious Studies at the University of North Carolina at Chapel Hill in the Religion and Culture track. For more information, visit his website thereluctantamericanist.com

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David J. Hand, "Dark Data: Why What You Don't Know Matters" (Princeton UP, 2020)

Mon, 08 Jul 2024 08:00:00 -0000

There is no shortage of books on the growing impact of data collection and analysis on our societies, our cultures, and our everyday lives. David Hand's new book Dark Data: Why What You Don't Know Matters (Princeton University Press, 2020) is unique in this genre for its focus on those data that aren't collected or don't get analyzed. More than an introduction to missingness and how to account for it, this book proposes that the whole of data analysis can benefit from a "dark data" perspective—that is, careful consideration of not only what is seen but what is unseen. David assembles wide-ranging examples, from the histories of science and finance to his own research and consultancy, to show how this perspective can shed new light on concepts as classical as random sampling and survey design and as cutting-edge as machine learning and the measurement of honesty. I expect the book to inspire the same enjoyment and reflection in general readers as it is sure to in statisticians and other data analysts.

Suggested companion work: Caroline Criado Perez, Invisible Women: Data Bias in a World Designed for Men.

Cory Brunson (he/him) is a Research Assistant Professor at the Laboratory for Systems Medicine at the University of Florida.

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Daniel Susskind, "Growth: A History and a Reckoning" (Harvard UP, 2024)

Wed, 03 Jul 2024 08:00:00 -0000

Daniel Susskind examines the brief and powerful history of economic growth and puts it into perspective with human prosperity in Growth: A History and a Reckoning (Harvard UP, 2024).

Susskind acknowledges the tremendous benefits of economic growth, which he credits with freeing billions of people from poverty and allowing us to live longer and healthier lives. He also recognizes the real and substantial costs of our relentless pursuit of growth at the expense of other considerations and moral challenges.

Responding to the degrowth movement, Susskind counters the assumption that simply reducing growth will lead to better outcomes.

In particular, Susskind points out that our key measure of growth, GDP, is one imperfect metric that is neither intended nor effective as a proxy for well-being. He recommends a more balanced "dashboard" approach that includes GDP along with other success measures.

Reducing our myopic focus on GDP does not mean less growth. Susskind presents an alternate approach, arguing that we should continue to pursue growth through the creative application of new ideas that allow us to use our finite natural resources more effectively and efficiently.

Ideas, he points out, are not a scarce asset but an infinite one; by shifting to focus on new ways of thinking and working Susskind shows how we can continue to pursue the benefits of growth while mitigating the high costs.

Book referenced:

GDP: A Brief but Affectionate History by Diane Coyle

Michael Sonenscher, "Capitalism: The Story Behind the Word" (Princeton UP, 2022)

Sun, 30 Jun 2024 08:00:00 -0000

What exactly is capitalism? How has the meaning of capitalism changed over time? And what’s at stake in our understanding or misunderstanding of it? In Capitalism: The Story Behind the Word (Princeton UP, 2022), Michael Sonenscher examines the history behind the concept and pieces together the range of subjects bound up with the word. Sonenscher shows that many of our received ideas fail to pick up the work that the idea of capitalism is doing for us, without us even realizing it.

“Capitalism” was first coined in France in the early nineteenth century. It began as a fusion of two distinct sets of ideas. The first involved thinking about public debt and war finance. The second involved thinking about the division of labour. Sonenscher shows that thinking about the first has changed radically over time. Funding welfare has been added to funding warfare, bringing many new questions in its wake. Thinking about the second set of ideas has offered far less room for manoeuvre. The division of labour is still the division of labour and the debates and discussions that it once generated have now been largely forgotten. By exploring what lay behind the earlier distinction before it collapsed and was eroded by the passage of time, Sonenscher shows why the present range of received ideas limits our political options and the types of reform we might wish for.

Michael Sonenscher is a fellow of King's College, University of Cambridge. His books include Sans-Culottes and Before the Deluge (both Princeton UP).

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Nicolas Véron, "Europe's Banking Union at Ten: Unfinished Yet Transformative" (Bruegel, 2024)

Fri, 28 Jun 2024 08:00:00 -0000

In 2012, to stave off the collapse of their currency union, Europe’s leaders sought to end the so-called “doom loop” between the solvency of their governments and their banking systems. Two years later, a banking union was born.

Created as a crisis response, like the postwar coal and steel community, this ten-year-old union is another step in Europe’s long integrationist road. Yet – as Nicolas Véron points out in Europe’s Banking Union At Ten: Unfinished Yet Transformative (Bruegel, 2024) - the effort to "break the vicious circle between banks and sovereigns remains fragile and incomplete".

Together with Jean Pisani-Ferry, Nicolas Véron is a co-founder of the Bruegel public-policy think tank in Brussels and a scholar at the Peterson Institute for International Economics (PIIE) in Washington. A specialist in financial systems and regulatory reform, he is an alumnus of the École Polytechnique and the École nationale supérieure des mines in Paris and - until 2000 - was a French civil servant. He has written and co-written many papers on banking supervision, crisis management, and Eurozone policy governance.

*The author's book recommendations were Central Banking Before 1800: A Rehabilitation by Ulrich Bindseil (OUP, 2020) and 7500 Euros: Pastiches politico-littéraires by David Spector (Wombat, 2022).

Tim Gwynn Jones is an economic and political-risk analyst at Medley Advisors, who also writes the twenty4two newsletter on Substack.

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Amy Schiller, "The Price of Humanity: How Philanthropy Went Wrong—And How to Fix It" (Melville House, 2023)

Thu, 27 Jun 2024 08:00:00 -0000

Amy Schiller, who spent a number of years working in both political and major gift fundraising, has a new book detailing some of the fundamental problems currently afflicting American philanthropy and how to correct some of these problems. Schiller, a political theorist currently at Dartmouth College’s Society of Fellows, brings two important perspectives to her research in The Price of Humanity: How Philanthropy Went Wrong—And How to Fix It (Melville House, 2023)—combining her experience in the philanthropic world with her training and expertise in political theory, especially democratic theory. The Price of Humanity also provides the reader with a vital history of philanthropy and giving, especially in the West, and how thinking about the role of supporting others as part of the common good has shifted over the course of more than two millennia. Schiller makes an important point about how St. Augustine, in his teachings on donations and giving, shifted the framing and understanding of giving from a community-based common good to a global approach to donating, tying the act of giving to individual salvation. This approach not only highlighted suffering and need and stratified those who give from those who are in need, but it also disconnected the philanthropic experience from the immediate community while objectifying those who are in poverty or generally in need.

The Price of Humanity doesn’t dwell in the past but provides this important lens that continues to apply to our contemporary thinking about giving. This more disconnected approach is also overlaid, in our current environment, with the demand that non-profits and philanthropies product quantifiable goods: how many cases of malaria have been eradicated, how much food has been provided to those experiencing scarcity, how are the dollars donated spent and by whom and in what ways? Thus, in so many ways, philanthropic organizations have to report out their successes in the same ways that private corporations need to detail their fiscal health to their boards of directors and shareholders. All of these approaches tend to disconnect the act of giving from the world in which we live, according to Schiller, and this disconnection makes the reason for giving much more attenuated, distancing us from each other, our communities, and the real role of the common good. Instead of linking individuals together in our shared love for one another and humanity as a whole—which is actually what the word philanthropy means in the original Greek—we live in a philanthropic world that separates and isolates. The Price of Humanity spotlights different approaches to giving, with discussions of the Gates Foundation, Effective Altruism, Robber Barons and the Gilded Age, and other forms of the business of giving. Schiller also focuses on modern examples of philanthropy as the common good, which brings it into the realm of democratic theory, as a means to provide the flourishing of humanity, not merely fulfilling the desperate needs of individuals. This is a fascinating and valuable interrogation of the idea of giving to others, and how we need to reconsider our thinking about the act of giving itself and the role that this act plays in our community and in our democracy.

Lilly J. Goren is a professor of political science at Carroll University in Waukesha, WI. She is co-host of the New Books in Political Science channel at the New Books Network. She is co-editor of The Politics of the Marvel Cinematic Universe (University Press of Kansas, 2022), as well as co-editor of the award winning book, Women and the White House: Gender, Popular Culture, and Presidential Politics (University Press of Kentucky, 2012). She can be reached @gorenlj.bsky.social

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Emily Zackin and Chloe N. Thurston, "The Political Development of American Debt Relief" (U Chicago Press, 2024)

Tue, 25 Jun 2024 08:00:00 -0000

A political history of the rise and fall of American debt relief. Americans have a long history with debt. They also have a long history of mobilizing for debt relief. Throughout the nineteenth century, indebted citizens demanded government protection from their financial burdens, challenging readings of the Constitution that exalted property rights at the expense of the vulnerable. Their appeals shaped the country’s periodic experiments with state debt relief and federal bankruptcy law, constituting a pre-industrial safety net. Yet, the twentieth century saw the erosion of debtor politics and the eventual retrenchment of bankruptcy protections. The Political Development of American Debt Relief (U Chicago Press, 2024) traces how geographic, sectoral, and racial politics shaped debtor activism over time, enhancing our understanding of state-building, constitutionalism, and social policy.

Emily Zackin is Associate Professor in the Department of Political Science at Johns Hopkins University. Her first book was Looking for Rights in All the Wrong Places: Why State Constitutions Contain America’s Positive Rights (Princeton UP, 2013).

Chloe Thurston is Associate Professor in the Department of Political Science at Northwestern University. Her first book was At the Boundaries of Homeownership: Credit, Discrimination and the American State (Cambridge UP, 2018).

Host Ursula Hackett is Reader in Politics at Royal Holloway, University of London. Her first book was America's Voucher Politics: How Elites Learned to Hide the State (Cambridge UP, 2020).

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Oscar Sanchez-Sibony, "The Soviet Union and the Construction of the Global Market: Energy and the Ascent of Finance in Cold War Europe, 1964–1971" (Cambridge UP, 2023)

Sat, 22 Jun 2024 08:00:00 -0000

In The Soviet Union and the Construction of the Global Market. Energy and the Ascent of Finance in Cold War Europe, 1964–1971 (Cambridge University Press, 2023), Oscar Sanchez-Sibony reveals the origins of our current era in the dissolution of the institutions that governed the architecture of energy and finance during the Bretton Woods era. He shows how, in the second half of the 1960s, the Soviet Union sought to dismantle the compartmentalized nature of Bretton Woods in order to escape its material ostracism and pave a path to global finance and exchange that the United States had vetoed during the 1950s and 1960s. Through the construction of a set of pipelines that helped Europe's energy regime change from coal to oil and gas, the Soviet Union succeeded in developing market relations and a relationship with Western capital as durable as the pipelines themselves. He shows how a history of the development of capitalism needs to integrate the socialist world in bringing about the new form of capitalism that regiments our lives today.

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Rhodri Davies, "What Is Philanthropy For?" (Bristol UP, 2023)

Wed, 19 Jun 2024 08:00:00 -0000

In recent years, philanthropy, the use of private assets for the public good, has come under renewed scrutiny. Do elite philanthropists wield too much power? Is big-money philanthropy unaccountable and therefore anti-democratic? And what about so-called "tainted donations" and "dark money" funding pseudo-philanthropic political projects? The COVID-19 pandemic has amplified many of these criticisms, leading some to conclude that philanthropy needs to be fundamentally reshaped to play a positive role in our future.

In What is Philanthropy For? (Bristol University Press, 2023), Rhodri Davies examines why it's important to ask what philanthropy is for, as it has shaped our world for centuries. Considering the alternatives, including charity, justice, taxation, the state, democracy, and the market, he explores the pressing questions that philanthropy must tackle to be equal to the challenges of the 21st century.

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Qian Wei, "The Governance of Philanthropic Foundations in Authoritarian China" (Routledge, 2022)

Tue, 18 Jun 2024 08:00:00 -0000

Chinese philanthropic foundations navigate a uniquely challenging terrain shaped by authoritarian governance. The Governance of Philanthropic Foundations in Authoritarian China: A Power Perspective (Routledge, 2022) examines these complexities, delivering a novel multilevel analysis of the power dynamics that underpin the governance of nonprofit organizations within an authoritarian context.

Chinese philanthropic foundations, with their distinct democratic culture, grapple with a unique set of challenges. The government’s evolving methods of control often lead to stringent regulations that limit the foundations’ autonomy. Foundations that heavily rely on individual donations are particularly vulnerable to these pressures, potentially transforming into conduits of authoritarianism rather than champions of democratic values.

This book offers a comprehensive and, at times, bleak picture of the conditions under which Chinese foundations operate, offering critical insights into the future trajectory of the nonprofit sector in China.

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Kathleen Day, "Broken Bargain: Bankers, Bailouts, and the Struggle to Tame Wall Street" (Yale UP, 2019)

Mon, 10 Jun 2024 08:00:00 -0000

Think that today's debates about the role of the Federal Reserve Bank, financial regulation, "too big to fail", etc. are new? Think again. Who should control banks, who should regulate banks, what should banks even do--these questions have been debated since the founding of the Republic. Replace CNBC's David Faber with Alexander Hamilton, and Joe Kernan with Thomas Jefferson (or James Madison) and the arguments about banking, moral hazard, and regulation would be largely the same, though the attire would be quite different.

Kathleen Day's new book Broken Bargain: Bankers, Bailouts, and the Struggle to Tame Wall Street (Yale University Press, 2019) provides a detailed two-century history of the give and take between government authority and financial institutions (and the individuals caught between them). The challenges over time have changed--the absence of a single currency in the early 19th century, insufficient credit in the late 19th century, the roaring and patently stupid 1920s, and then the whole range of financial innovations in the postwar period--but the key issues recur over and over again. Day sides in the end with the need for consistent regulation from impartial and empowered bureaucrats, but alas, the last two centuries have shown that they are hard to come by. Not everyone will agree with her take on banks and regulation, but there can be no doubt about the underlying "capitalism is messy" theme running through our history and this book.

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Financial Institutions and Enslavement

Sat, 08 Jun 2024 08:00:00 -0000

In this special episode, we talk to two authors about the role of financial institutions in enslavement. Sharon Ann Murphy, associate professor of history, argues in Banking on Slavery Financing Southern Expansion in the Antebellum United States (University of Chicago Press, 2023) that Southern banks’ willingness to use enslaved people as loan collateral led to the exponential growth of Southern enslavement during the 1820-30s. In filmmaker, producer, and author David Montero’s book, The Stolen Wealth of Slavery: A Case for Reparations (Hatchette Book Group, 2024), he follows Wall Street bankers and large Northern banks were critical to the financing of slavery and, in turn, who massed incredible wealth from enslavement.

Dr. N’Kosi Oates is a curator and assistant professor. He earned his Ph.D. in Africana Studies at Brown University. Find him on Twitter at DrNKosiOates.

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Using History to Better Finance and Build Social Wealth

Thu, 06 Jun 2024 08:00:00 -0000

Esoteric and frequently disinterested in the public good, financial institutions can be hard to navigate for those seeking to advance social welfare. My Episode 10 guest Paul Katz of the Jain Family Institute is trying to change that by building innovative tools to help visionary leaders in Brazil grow social wealth. During our lively exchange, Paul helped me understand how much history fits into his efforts and his organization's vision. We talked about Paul's discovery of his superpowers derived from a PhD in history, the importance of being a well-rounded researcher, and how it's often difficult to separate neatly quant from qual. We also discussed the significance of networking and wondered why historians routinely undervalue their expertise, thereby undercutting their chances of success in non-academic domains. Ultimately, our conversation is about the surprising ways to use history for the public good, contribute to organizational effectiveness, and explore new horizons for professional growth.

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Carola Binder, "Shock Values: Prices and Inflation in American Democracy" (U Chicago Press, 2024)

Mon, 27 May 2024 08:00:00 -0000

A sweeping history of the United States’ economy and politics, in Shock Values: Prices and Inflation in American Democracy (U Chicago Press, 2024), Carola Binder reveals how the American state has been shaped by a massive, ever-evolving effort to insulate its economy from the real and perceived dangers of price fluctuations. Carola Binder narrates how the pains of rising and falling prices have brought lasting changes for every generation of Americans. And with each brush with price instability, the United States has been reinvented—not as a more perfect union, but as a reflection of its most recent failures.

Shock Values tells the untold story of prices and price stabilization in the United States. Expansive and enlightening, Binder recounts the interest-group politics, legal battles, and economic ideas that have shaped a nation from the dawn of the republic to the present.

Carola Binder is Associate Professor and Chair of Economics at Haverford College. Twitter.

Brian Hamilton is chair of the Department of History and Social Science at Deerfield Academy. Twitter. Website.

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Peter Ireland (Boston College Econ Prof) on Monetary Policy, Monetarism and New Keynesian Models

Fri, 24 May 2024 08:00:00 -0000

Peter Ireland (Boston College Economics Professor) joins the podcast to discuss his career as a monetary economist, his views on the history of monetarism, New Keynesian models, and the Shadow Open Market Committee which Peter sits on and celebrates its 50th anniversary.

Jon Hartley is an economics researcher with interests in international macroeconomics, finance, and labor economics and is currently an economics PhD student at Stanford University. He is also currently a Research Fellow at the Foundation for Research on Equal Opportunity, a Senior Fellow at the Macdonald-Laurier Institute, and a research associate at the Hoover Institution.

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Joseph E. Stiglitz, "The Road to Freedom: Economics and the Good Society" (Norton, 2024)

Mon, 20 May 2024 08:00:00 -0000

In his latest book, The Road to Freedom: Economics and the Good Society (W. W. Norton, 2024), Nobel laureate Joseph E. Stiglitz rethinks the nature of freedom and its relationship to capitalism.

While many agree that freedom is good and we want more of it, we don’t agree about what it is, whose freedom we’re talking about, or what outcomes we desire.

Stiglitz asks the question: whose freedom are we talking about, and what happens when one person’s freedom means a loss of freedom for someone else?

Narratives of neoliberalism have been accepted as gospel despite decades of research showing that less regulation and more trust in the 'hidden hand' of free market economics do not produce greater prosperity or freedom for most individuals.

Stiglitz examines how unregulated markets reduce economic opportunities for majorities by prioritizing the freedom of corporations and wealthy individuals over that of individuals, resulting in the siphoning wealth from the many to ensure the freedom of the few, from property and intellectual rights to education and opportunity.

The Road to Freedom re-evaluates of what constitutes a good society and provides a roadmap to achieve it.

Recommended reading: The Groves of Academe by Mary McCarthy

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Rajrishi Singhal, "Slip, Stitch and Stumble: The Untold Story of Financial Reforms in India" (Viking, 2024)

Thu, 16 May 2024 08:00:00 -0000

India’s stock markets are booming. One calculation from Bloomberg puts India as the world’s fourth-largest equity market, overtaking Hong Kong, as domestic and foreign investors pile into the Indian stock exchange.

But getting to the point where India’s stock markets—and its financial system more broadly—could work effectively took a long time. As Rajrishi Singhal tells it in Slip, Stitch and Stumble: The Untold Story of Financial Reforms in India (Viking, 2024), India’s financial system suffered from antiquated procedures, cartels and a confused paper trail that left the door for abuse wide open.

In this interview, Rajrishi and I talk about India’s financial sector, its earlier dysfunction, how it was fixed—and scammers like Harshad Mehta, “The Big Bull.”

Rajrishi Singhal has been a senior journalist, banker and public policy analyst. He was executive editor at the Economic Times, consulting editor with Mint, research and strategy head at a private sector bank and senior fellow for geoeconomic studies at a Mumbai-based think tank.

You can find more reviews, excerpts, interviews, and essays at The Asian Review of Books. Follow on Twitter at @BookReviewsAsia.

Nicholas Gordon is an editor for a global magazine, and a reviewer for the Asian Review of Books. He can be found on Twitter at@nickrigordon.

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Liliana Doganova, "Discounting the Future: The Ascendancy of a Political Technology" (Princeton UP, 2024)

Tue, 14 May 2024 08:00:00 -0000

Forest fires, droughts, and rising sea levels beg a nagging question: have we lost our capacity to act on the future? Dr. Liliana Doganova’s book Discounting the Future: The Ascendancy of a Political Technology (Princeton University Press, 2024) sheds new light on this anxious query. It argues that our relationship to the future has been trapped in the gears of a device called discounting. While its incidence remains little known, discounting has long been entrenched in market and policy practices, shaping the ways firms and governments look to the future and make decisions accordingly. Thus, a sociological account of discounting formulas has become urgent.

Discounting means valuing things through the flows of costs and benefits that they are likely to generate in the future, with these future flows being literally dis-counted as they are translated in the present. How have we come to think of the future, and of valuation, in such terms? Building on original empirical research in the historical sociology of discounting, Dr. Doganova takes us to some of the sites and moments in which discounting took shape and gained momentum: valuation of European forests in the eighteenth and nineteenth centuries; economic theories devised in the early 1900s; debates over business strategies in the postwar era; investor-state disputes over the nationalisation of natural resources; and drug development in the biopharmaceutical industry today. Weaving these threads together, the book pleads for an understanding of discounting as a political technology, and of the future as a contested domain.

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Amy Schiller, "The Price of Humanity: How Philanthropy Went Wrong—And How to Fix It" (Melville House, 2023)

Mon, 13 May 2024 08:00:00 -0000

Amy Schiller's The Price of Humanity: How Philanthropy Went Wrong—And How to Fix It (Melville House, 2023) makes an attempt to rescue philanthropy from its progressive decline into vanity projects that drive wealth inequality, so that it may support human flourishing as originally intended. The word “philanthropy” today makes people think big money—Bill and Melinda Gates, Warren Buffet, and Andrew Carnegie come to mind. The scope of suffering in the world seems to demand an industry of giving, and yet for all the billions that are dispensed, the wealthy never seem to lose any of their money and nothing seems to change.

Journalist, academic and consultant Schiller shows how we get out of this stalemate by evaluating the history of philanthropy from the ideas of St. Augustine to the work of Lebron James. She argues philanthropy’s contemporary tendency to maintain obscene inequality and reduce every cause to dehumanizing technocratic terms is unacceptable, while maintaining an optimism about the soul and potential of philanthropy in principle. For philanthropy to get back to its literal roots—the love of humanity—Schiller argues that philanthropy can no longer be premised around basic survival. Public institutions must assume that burden so that philanthropy can shift its focus to initiatives that allow us to flourish into happier, more fulfilled human beings. Philanthropy has to get out of the business of saving lives if we are to save humanity.

Amy Schiller is a postdoctoral fellow at Dartmouth College in the Society of Fellows. Twitter. Website.

Brian Hamilton is chair of the Department of History and Social Science at Deerfield Academy. Twitter. Website. Anna Dyjach is a senior at Deerfield.

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Francesca Trivellato, "The Promise and Peril of Credit: What a Forgotten Legend about Jews and Finance Tells Us about the Making of European Commercial Society" (Princeton UP, 2019)

Sun, 05 May 2024 08:00:00 -0000

In 1647, the French author Étienne Cleirac asserted in his book Les us, et coustumes de la mer that the credit instruments known as bills of exchange had been invented by Jews. In The Promise and Peril of Credit: What a Forgotten Legend about Jews and Finance Tells Us about the Making of European Commercial Society (Princeton University Press, 2019), Francesca Trivellato draws upon the economic, cultural, intellectual, and business history of the period to trace the origin of this myth and what its usage in early modern Europe reveals about contemporary views of both commerce and Judaism. Trivellato begins by explaining the development of bills of exchange in the Middle Ages as a means of transferring funds across long distances, ones which helped the expansion of international trade. Though used by both Christians and Jews, concerns about crypto-Judaism among converted Christians in the town of Bordeaux where Cleirac lived may have been key to his belief in their association with the bills. From Cheirac’s book the myth then spread throughout much of western and central Europe during the 18th and 19th centuries, where it was used both to support anti-Semitic views and as examples by philo-Semitic writers such as Montesquieu of the superior commercial ability of Jews.

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Michael De Groot, "Disruption: The Global Economic Shocks of the 1970s and the End of the Cold War" (Cornell UP, 2024)

Sun, 28 Apr 2024 08:00:00 -0000

In Disruption: The Global Economic Shocks of the 1970s and the End of the Cold War (Cornell University Press, 2024), Dr. Michael De Groot argues that the global economic upheaval of the 1970s was decisive in ending the Cold War. Both the West and the Soviet bloc struggled with the slowdown of economic growth; chaos in the international monetary system; inflation; shocks in the commodities markets; and the emergence of offshore financial markets. The superpowers had previously disseminated resources to their allies to enhance their own national security, but the disappearance of postwar conditions during the 1970s forced Washington and Moscow to choose between promoting their own economic interests and supporting their partners in Europe and Asia.

Dr. de Groot shows that new unexpected macroeconomic imbalances in global capitalism sustained the West during the following decade. Rather than a creditor nation and net exporter, as it had been during the postwar period, the United States became a net importer of capital and goods during the 1980s that helped fund public spending, stimulated economic activity, and lubricated the private sector. The United States could now live beyond its means and continue waging the Cold War, and its allies benefited from access to the booming US market and the strengthened US military umbrella. As Disruption demonstrates, a new symbiotic economic architecture powered the West, but the Eastern European regimes increasingly became a burden to the Soviet Union. They were drowning in debt, and the Kremlin no longer had the resources to rescue them.

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Michael J. Graetz, "The Power to Destroy: How the Antitax Movement Hijacked America" (Princeton UP, 2024)

Tue, 23 Apr 2024 08:00:00 -0000

The anti-tax movement is "the most important overlooked social and political movement of the last half century", according to our guest Michael J. Graetz.

In his book The Power to Destroy: How the Antitax Movement Hijacked America (Princeton UP, 2024), Graetz chronicles the movement from a fringe theory promoted by zealous outsiders using false economic claims and thinly veiled racist rhetoric to a highly organized mainstream lobbying force, funded by billionaires, that dominates and distorts politics.

Building on vague and disproven theories about "supply side" economics, the movement has undermined long-held beliefs that taxes are a reasonable price to pay for civil society, sound infrastructure, national security, and shared prosperity.

Leaders have attacked the IRS, protected tax loopholes, and pushed aggressively for tax cuts from Ronald Reagan to Donald Trump. Also known as "trickle-down" or "voodoo" economics, these theories falsely claim that tax cuts will pay for themselves, when in fact they have led to the need for increased debt, including massive foreign debt, to pay for critical national investments.

The antitax movement has expanded to include anti-government ideas and now, as told by Graetz, threatens the nation’s social safety net, increases inequality, saps American financial strength, and undermines the status of the US dollar.

In 1819, Chief Justice John Marshall declared that the power to tax entails “the power to destroy.” In this book Graetz argues that it is the antitax movement itself that wields this destructive power.

Suggested reading: Cloud Cuckoo Land, by Anthony Doerr

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John Tolan, "England's Jews: Finance, Violence, and the Crown in the Thirteenth Century" (U Pennsylvania Press, 2023)

Mon, 22 Apr 2024 08:00:00 -0000

In 1290, Jews were expelled from England and subsequently largely expunged from English historical memory. Yet for two centuries they occupied important roles in mediaeval English society. England’s Jews revisits this neglected chapter of English history—one whose remembrance is more important than ever today, as antisemitism and other forms of racism are on the rise.

In England's Jews: Finance, Violence, and the Crown in the Thirteenth Century (University of Pennsylvania Press, 2023), Dr. John Tolan tells the story of the thousands of Jews who lived in mediaeval England. Protected by the Crown and granted the exclusive right to loan money with interest, Jews financed building projects, provided loans to students, and bought and rented out housing. Historical texts show that they shared meals and beer, celebrated at weddings, and sometimes even ended up in bed with Christians.

Yet Church authorities feared the consequences of Jewish contact with Christians and tried to limit it, though to little avail. Royal protection also proved to be a double-edged sword: when revolts broke out against the unpopular king Henry III, some of the rebels, in debt to Jewish creditors, killed Jews and destroyed loan records. Vicious rumours circulated that Jews secretly plotted against Christians and crucified Christian children. All of these factors led Edward I to expel the Jews from England in 1290. Paradoxically, Dr. Tolan shows, thirteenth-century England was both the theatre of fruitful interreligious exchange and a crucible of European antisemitism.

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Guido Alfani, "As Gods Among Men: A History of the Rich in the West" (Princeton UP, 2023)

Fri, 19 Apr 2024 08:00:00 -0000

This provocative and interesting book has received considerable attention. Roaring reviews and interviews include The Financial Times (UK), The Telegraph (UK), Modem (Radio Switzerland Italian), Hufftington Post (Italy), El Diario (Spain), ABC (Australia), History Today (UK), The New Republic (USA), The New Yorker (USA), among others around the world.

During the interview, Alfani tells of the challenges of putting together. Also, how the book builds on prior research and his interests in diverse fields in social sciences. About the book:

How the rich and the super-rich throughout Western history accumulated their wealth, behaved (or misbehaved) and helped (or didn't help) their communities in times of crisis.

The rich have always fascinated, sometimes in problematic ways. Medieval thinkers feared that the super-rich would act 'as gods among men'; much more recently Thomas Piketty made wealth central to discussions of inequality. In this book, Guido Alfani offers a history of the rich and super-rich in the West, examining who they were, how they accumulated their wealth and what role they played in society. Covering the last thousand years, with frequent incursions into antiquity, and integrating recent research on economic inequality, Alfani finds--despite the different paths to wealth in different eras--fundamental continuities in the behaviour of the rich and public attitudes towards wealth across Western history. His account offers a novel perspective on current debates about wealth and income disparity.

Alfani argues that the position of the rich and super-rich in Western society has always been intrinsically fragile; their very presence has inspired social unease. In the Middle Ages, an excessive accumulation of wealth was considered sinful; the rich were expected not to appear to be wealthy. Eventually, the rich were deemed useful when they used their wealth to help their communities in times of crisis. Yet in the twenty-first century, Alfani points out, the rich and the super-rich--their wealth largely preserved through the Great Recession and COVID-19--have been exceptionally reluctant to contribute to the common good in times of crisis, rejecting even such stopgap measures as temporary tax increases. History suggests that this is a troubling development--for the rich, and for everyone else.

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Dani Rodrik (Harvard Kennedy School Economics Professor) on Industrial Policy, Globalization and His Career

Thu, 11 Apr 2024 08:00:00 -0000

Dani Rodrik (Harvard Kennedy School Economics Professor) joins the podcast to discuss his career, the best case for industrial policy, the labor market effects of globalization, and his vision of an ideal economic policy paradigm.

Rodrik is the Ford Foundation Professor of International Political Economy at Harvard's John F. Kennedy School of Government. He is co-director of the Reimagining the Economy Program at the Kennedy School and of the Economics for Inclusive Prosperity network. He was President of the International Economic Association during 2021-23 and helped found the IEA's Women in Leadership in Economics (IEA-WE) initiative. His most recent books are Combating Inequality: Rethinking Government's Role (2021, edited with Olivier Blanchard) and Straight Talk on Trade: Ideas for a Sane World Economy (2017).

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Sean Vanatta on Credit Cards

Mon, 08 Apr 2024 08:00:00 -0000

Peoples & Things host, Lee Vinsel, talks with historian and standup comedian, Sean Vanatta, lecturer in economic and social history at the University of Glasgow and senior fellow at the Wharton Initiative for Financial Policy and Regulation, about Vanatta’s cool new book, Plastic Capitalism: Banks, Credit Cards, and the End of Financial Control (Yale UP, 2024). Plastic Capitalism examines the fascinating history of the rise of the credit card business in the United States, uncovering a complex picture that includes banks, consumers, and federal and state governments. It involves complex interplays of movement and countermovement, ending in the relative dissolution of regulatory power. Vinsel also talks with Vanatta about his current and future projects.

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Teresa Ghilarducci, "Work, Retire, Repeat: The Uncertainty of Retirement in the New Economy" (U Chicago Press, 2024)

Sat, 30 Mar 2024 08:00:00 -0000

The issue of the future of Social Security, on which millions of Americans depend, produced great political theater at the State of the Union address. That highlighted a bigger problem of financing retirement as baby boomers seek to retire, often with limited resources. Many argue that the solution to the problem is for people to work longer.

In Work, Retire, Repeat: The Uncertainty of Retirement in the New Economy (U Chicago Press, 2024), Teresa Ghilarducci, a noted expert on retirement, argues that the "working longer" idea is wrong, unnecessary, and discriminates against people who work in lower wage occupations. Ghilarducci pushes for a national plan to finance retirement that would draw on contributions by both employers and employees to replace our privatized and ramshackle personal retirement system and make changes in the tax system that supports Social Security to give people a real choice whether to retire or continue to work in their later years.

This book tells the stories of people locked into jobs later in life not because they love to work but because they must work. She demonstrates how relatively low-cost changes in the way we manage, and finance retirement will enable people in their so-called "golden years" to choose how to spend their time. Ghilarducci has a good public platform, writes for Bloomberg and other outlets, and is passionate about her ideas and reaching as broad a public as possible. The book is for the growing number of people in the public and policy community who are worried about their retirement and engaged in the renewed debate about Social Security and Medicare.

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"Market pressure was growing by the day" with Charles Dallara

Tue, 19 Mar 2024 08:00:00 -0000

Charles Dallara, managing director of the Institute of International Finance from 1993–2013, talks about his crisis memoir: Euroshock: How the Largest Debt Restructuring in History Helped Save Greece and Preserve the Eurozone (Rodin Books, 2024). Dallara, who co-led a small team who negotiated a €100-billion write-off of Greek debt in 2011-12, discusses how it felt to be an American "interloper", crippling European indecision, and performative politicians.

Produced by Emin Fikić at davidstudio.

This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit twentyfourtwo.substack.com

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Mark J. Higgins, "Investing in U.S. Financial History: Understanding the Past to Forecast the Future" (Greenleaf, 2024)

Wed, 13 Mar 2024 08:00:00 -0000

Most people rely only on their life experience to make investment decisions. This causes them to overlook cyclical forces that repeatedly reshape economies and markets. Investing in U.S. Financial History: Understanding the Past to Forecast the Future (Greenleaf, 2024) fills this void by recounting the comprehensive financial history of the United States of America. It begins with Alexander Hamilton's financial programs in 1790 and ends with the Federal Reserve's battle with inflation in 2023.

Authored by Mark Higgins, an experienced investment advisor and financial historian, this book will help you:

- Understand key drivers of financial crises and the principles for managing them.

- Recognize warning signs of speculative manias that lead to asset bubbles.

- Understand why few investors outperform market indices and why index funds are preferable for most individuals and institutions.

- Identify the major threats to U.S. economic prosperity in the twenty-first century.

Investing in U.S. Financial History reveals that there is almost no financial event that is unprecedented. By understanding the fundamental drivers underpinning key economic events, you will internalize investment principles, avoid common pitfalls, and resist the temptation to panic amid market volatility.

Mark J. Higgins, CFA, CFP(R), has served for twelve years as a senior investment consultant advising institutional investors with more than $60 billion in assets.

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Steven D. Levitt (Freakonomics co-author and U Chicago Econ Prof) on His Career and Decision to Retire From Academic Economics

Wed, 13 Mar 2024 08:00:00 -0000

Steven D. Levitt (Freakonomics co-author and University of Chicago Economics Professor) joins the podcast to discuss his career, including being an early leader in applied microeconomics and how the Freakonomics media empire got started, along with his recent decision to retire from academic economics.

Transcript available here.

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Alan Bollard, "Economists at War: How a Handful of Economists Helped Win and Lose the World Wars" (Oxford UP, 2020)

Wed, 06 Mar 2024 09:00:00 -0000

Wartime is not just about military success. Economists at War: How a Handful of Economists Helped Win and Lose the World Wars (Oxford UP, 2020) tells a different story - about a group of remarkable economists who used their skills to help their countries fight their battles during the Chinese-Japanese War, Second World War, and the Cold War.

1935-55 was a time of conflict, confrontation, and destruction. It was also a time when the skills of economists were called upon to finance the military, to identify economic vulnerabilities, and to help reconstruction. Economists at War focuses on the achievements of seven finance ministers, advisors, and central bankers from Japan, China, Germany, the UK, the USSR, and the US. It is a story of good and bad economic thinking, good and bad policy, and good and bad moral positions. The economists suffered threats, imprisonment, trial, and assassination. They all believed in the power of economics to make a difference, and their contributions had a significant impact on political outcomes and military ends.

Economists at War shows the history of this turbulent period through a unique lens. It details the tension between civilian resources and military requirements; the desperate attempts to control economies wracked with inflation, depression, political argument, and fighting; and the clever schemes used to evade sanctions, develop barter trade, and use economic espionage. Politicians and generals cannot win wars if they do not have the resources. This book tells the human stories behind the economics of wartime.

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Gerald Epstein, "Busting the Bankers' Club: Finance for the Rest of Us" (U California Press, 2024)

Wed, 28 Feb 2024 09:00:00 -0000

Bankers brought the global economic system to its knees in 2007 and nearly did the same in 2020. Both times, the US government bailed out the banks and left them in control. How can we end this cycle of trillion-dollar bailouts and make finance work for the rest of us? Busting the Bankers' Club confronts the powerful people and institutions that benefit from our broken financial system—and the struggle to create an alternative.

Drawing from decades of research on the history, economics, and politics of banking, economist Gerald Epstein shows that any meaningful reform will require breaking up this club of politicians, economists, lawyers, and CEOs who sustain the status quo. Thankfully, there are thousands of activists, experts, and public officials who are working to do just that. Clear-eyed and hopeful, Busting the Bankers' Club: Finance for the Rest of Us (U California Press, 2024) centers the individuals and groups fighting for a financial system that will better serve the needs of the marginalized and support important transitions to a greener, fairer economy.

Busting the Bankers’ Club is an eye-opening account of the failures of our financial system, the sources of its staying power, and the path to meaningful economic reform from Professor Gerald Epstein, Founding Codirector of the Political Economy Research Institute at the University of Massachusetts Amherst.

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Yanis Varoufakis, "Technofeudalism: What Killed Capitalism" (Melville House, 2023)

Mon, 26 Feb 2024 09:00:00 -0000

In Technofeudalism: What Killed Capitalism (Melville House, 2023), Yanis Varoufakis argues that capitalism is dead and a new economic era has begun.

Insane sums of money that were supposed to re-float our economies in the wake of the financial crisis and the pandemic have ended up supercharging big tech's hold over every aspect of the economy. Capitalism's twin pillars - markets and profit - have been replaced with big tech's platforms and rents. Meanwhile, with every click and scroll, we labour like serfs to increase its power. Welcome to technofeudalism.

Drawing on stories from Greek Myth and pop culture, from Homer to Mad Men, Varoufakis explains this revolutionary transformation: how it enslaves our minds, how it rewrites the rules of global power and ultimately what it will take overthrow it.

Louisa Hann attained a PhD in English and American studies from the University of Manchester in 2021, specialising in the political economy of HIV/AIDS theatres.

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Katharina Pistor, "The Code of Capital: How the Law Creates Wealth and Inequality" (Princeton UP, 2019)

Thu, 22 Feb 2024 09:00:00 -0000

"Most lawyers, most actors, most soldiers and sailors, most athletes, most doctors, and most diplomats feel a certain solidarity in the face of outsiders, and, in spite of other differences, they share fragments of a common ethic in their working life, and a kind of moral complicity."

– Stuart Hampshire, Justice is Conflict.

There are many more examples of professional solidarity, however fragmented and tentative, sharing the link of a common ethic that helps make systems, and the analysis of them, possible in the larger political economy. Writing from a law professor’s vantage point, Katharina Pistor, in her new book, The Code of Capital: How the Law Creates Wealth and Inequality (Princeton University Press, 2019) explains how even though law is a social good it has been harnessed as a private commodity over time that creates private wealth, and plays a significant role in the increasing disparity of financial outcomes.

As she points out in this interview, and her chapter ‘Masters of the Code’, it is ‘critical to have lawyers in the room’, and they clearly have the lead role in her well-researched and nuanced thesis centered on the decentralized institution of private law. Professor Pistor builds on Rudden’s ‘feudal calculus’ providing the long view of legal systems in maintaining and creating wealth and draws on historical analogies including the enclosure movements as she interweaves her analysis of capital asset creation with a broader critique of professional and institutional agency. Polanyi and Piketty figure into Pistor’s analysis among many others, as does the help of the state’s coercive backing as she draws on the breadth of her own governance research and analysis of the collapsed socialist regimes in the 1990s, and a research pivot toward western market economies following the 2008 Global Financial Crisis.

Professor Pistor is a comparative scholar with a keen interdisciplinary eye for the relationship between law, values, and markets, dovetailing larger concepts with detailed descriptions of the coding of ‘stocks, bonds, ideas, and even expectations—assets that exist only in law.’ All of which informs her inquiry into why some legal systems have been more accommodating to capital’s coding cravings and others less so, as she describes the process by which capital is created. She moves beyond legal realism’s less granular critiques, and as reviewers such as Samuel Moyn have suggested – this book ‘deserves to be the essential text of any movement today that concerns itself with law and political economy’.

Katharina Pistor is the Edwin B. Parker Professor of Comparative Law, and the Director of the Center on Global Legal Transformation at Columbia Law School.

Keith Krueger lectures at the SHU-UTS Business School in Shanghai.

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Neil Lee, "Innovation for the Masses: How to Share the Benefits of the High-Tech Economy" (U California Press, 2024)

Wed, 21 Feb 2024 09:00:00 -0000

How can we build a more equal economy? In Innovation for the Masses: How to Share the Benefits of the High-Tech Economy (U California Press, 2024), Neil Lee, a Professor of Economic Geography at the London School of Economics, explores the question of how societies have fostered and supported innovation. The book challenges conventional assumptions that innovative economies must be unequal. Drawing on 4 detailed, and critical, case studies- Switzerland, Austria, Taiwan and Sweden, the book shows how Europe has good models of innovation; how the state matters; and how innovation and shared prosperity policies are mutually reinforcing. Accessible and clearly written, the book will be essential reading across social sciences and public policy, as well as anyone wanting a blueprint for equitable economic development,

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Lawrence Glickman, "Free Enterprise: An American History" (Yale UP, 2019)

Sun, 18 Feb 2024 09:00:00 -0000

“Free enterprise” is an everyday phrase that connotes an American common sense. It appears everywhere from political speeches to pop culture. And it is so central to the idea of the United States that some even labeled Christopher Columbus and the Pilgrims free enterprisers. In his new book, Free Enterprise: An American History (Yale University Press, 2019), Lawrence Glickman analyses that phrase’s historical meaning and shows how it became common sense.

Glickman, a historian and the Stephen and Evalyn Milman Professor in American Studies at Cornell University, traces the phrase from its many 19th-century meanings, of which abolitionists wielded a dominant one (consider the word free), to its conservative reformulation in the 1920s and 30s. He shows how “free enterprise” became the rallying cry of the business community from the 1930s to the Powell Memo in the early 70s. This book is a whirlwind tour of a keyword that has had immense rhetorical power in modern American history and that scholars have yet to critically examine. Glickman’s book provides a compelling example of how historians can study the historical construction of common sense and is a welcome contribution to intellectual history, political history, and the history of capitalism.

Dexter Fergie is a PhD student of US and global history at Northwestern University. He is currently researching the 20th-century geopolitical history of information and communications networks. He can be reached by email at dexter.fergie@u.northwestern.edu or on Twitter @DexterFergie.

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Tobias Straumann, "1931: Debt, Crisis, and the Rise of Hitler" (Oxford UP, 2019)

Sat, 17 Feb 2024 09:00:00 -0000

What can we learn from the financial crisis that brought Hitler to power? How did diplomatic deadlock fuel the rise of authoritarianism? Tobias Straumann shares vital insights with 1931: Debt, Crisis, and the Rise of Hitler (Oxford University Press, 2019). Through his fast-paced narrative, Straumann reveals how inflexible treaties created an inescapable debt trap that spawned Nazism. Caught between investor confidence and domestic political pressure, unrealistic agreements left decision makers little room for maneuver when crisis struck. 1931 reminds us of hard lessons relevant to designing resilient agreements today.

Tobias Straumann is a Senior Lecturer at the University of Zurich and teaches economic history both to historians and economists. His research interests span numerous contributions to contemporary European business, monetary, and financial history. 1931 is his fourth book.

Ryan Stackhouse is a historian of Europe specializing in modern Germany and political policing under dictatorship. His book exploring Gestapo enforcement practices toward different social groups is nearing completion under the working title A Discriminating Terror. He also cohosts the Third Reich History Podcast and can be reached at john.ryan.stackhouse@gmail.com or @Staxomatix.

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William Gale, "Fiscal Therapy: Curing America's Debt Addiction and Investing in the Future" (Oxford UP, 2019)

Mon, 12 Feb 2024 09:00:00 -0000

The US government is laboring under an enormous debt burden, one that will impact the living standards of future generations of Americans by limiting investment in people and infrastructure. In his new book, Fiscal Therapy: Curing America's Debt Addiction and Investing in the Future (Oxford University Press, 2019), Brookings Institution senior scholar William Gale tackles the challenge head on, addressing what needs to happen to healthcare spending, Social Security, individual taxes, and corporate taxes, in order to make the numbers add up. It makes for sober reading, and the longer we wait, the worse the situation becomes. And the key challenge may not even be fiscal, but political, as the disagreements in Washington over the debt are as deep as the debt is large. Gale ends by making a few simple, inside-Washington suggestions as to how he thinks the political impasse can be broken.

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Nick Romeo, "The Alternative: How to Build a Just Economy" (PublicAffairs, 2024)

Wed, 07 Feb 2024 09:00:00 -0000

Winners Take All meets Nickel and Dimed: a provocative debunking of accepted wisdom, providing the pathway to a sustainable, survivable economy.

Stephen Pimpare is a Senior Fellow at the Carsey School of Public Policy at the University of New Hampshire.

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Chrystin Ondersma, "Dignity Not Debt: An Abolitionist Approach to Economic Justice" (U California Press, 2024)

Sat, 03 Feb 2024 09:00:00 -0000

American households have a debt problem. The problem is not, as often claimed, that Americans recklessly take on too much debt. The problem is that US debt policies have no basis in reality. Weaving together the histories and trends of US debt policy with her own family story, Chrystin Ondersma debunks the myths that have long governed debt policy, like the belief that debt leads to prosperity or the claim that bad debt is the result of bad choices, both of which nest in the overarching myth of a free market unhindered by government interference and accessible to all.

In Dignity Not Debt: An Abolitionist Approach to Economic Justice (U California Press, 2024), Ondersma offers a compelling, flexible, and reality-based taxonomy rooted in the internationally recognized principle of human dignity. Ondersma's new categories of debt--grounded in abolitionist principles--revolutionize how policymakers are able to think about debt, which will in turn revolutionize the American debt landscape itself.

Stephen Pimpare is a Senior Fellow at the Carsey School of Public Policy at the University of New Hampshire.

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Larry Summers (Harvard Economics Professor) on His Career In Academic Economics, Government, University Leadership and Corporate America

Fri, 02 Feb 2024 09:00:00 -0000

Larry Summers, Harvard economics professor and 71st US Secretary of the Treasury, joins the podcast for an in-depth discussion of his career at the highest levels of academic economics, economic policy, university leadership, and corporate America.

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Bruce Wardhaugh, "Competition Law in Crisis: The Antitrust Response to Economic Shocks" (Cambridge UP, 2022)

Fri, 26 Jan 2024 09:00:00 -0000

In recent years, government agencies around the world have been forced to consider the role of competition law and policy in addressing various crises, including the COVID-19 pandemic and the 2008 financial collapse. There is no easy formula that a competition agency can apply to determine the appropriate response to a crisis; indeed, there is substantial debate about the issue. One common criticism of competition law and policy is that usually it is too inflexible to deal with a crisis, prohibiting an adequate response to economic and industrial shocks.

Bruce Wardhaugh's Competition Law in Crisis: The Antitrust Response to Economic Shocks (Cambridge UP, 2022) challenges this notion by examining competition responses to crises past and present. With an analysis that spans the response of UK and EU competition authorities to the economic and commercial fallout of the 2008 financial crisis, the COVID-19 pandemic, and potential responses to the climate crisis, Professor Wardhaugh argues that relaxing competition law is precisely the wrong response. The rigidity of competition rules in the UK and EU has both normative and positive implications for not just the methodology used in competition analysis, but also the role of competition law within the legal order of both jurisdictions.

Mark Niefer is a lawyer and economist who has served the Antitrust Division of the U.S. Department of Justice in a variety of key roles over the last 25+ years. He presently is an International Advisor at the Antitrust Division, focused on digital market issues; he also is an Adjunct Professor of Law at Antonin Scalia Law School - George Mason University, where he teaches an advanced antitrust seminar on mergers.

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Cornelia Woll, "Corporate Crime and Punishment: The Politics of Negotiated Justice in Global Markets" (Princeton UP, 2023)

Tue, 23 Jan 2024 09:00:00 -0000

Over the past decade, many of the world’s biggest companies have found themselves embroiled in legal disputes over corruption, fraud, environmental damage, tax evasion, or sanction violations. Corporations including Volkswagen, BP, and Credit Suisse have paid record-breaking fines. Many critics of globalisation and corporate impunity cheer this turn toward accountability. Others, however, question American dominance in legal battles that seem to impose domestic legal norms beyond national boundaries.

In Corporate Crime and Punishment: The Politics of Negotiated Justice in Global Markets (Princeton University Press, 2023), Dr. Cornelia Woll examines the politics of American corporate criminal law’s extraterritorial reach. As governments abroad seek to respond to US law enforcement actions against their companies, they turn to flexible legal instruments that allow prosecutors to settle a case rather than bring it to court. With her analysis of the international and domestic politics of law enforcement targeting big business, Woll traces the rise of what she calls “negotiated corporate justice” in global markets.

Woll charts the path to this shift through case studies of geopolitical tensions and accusations of “economic lawfare,” pitting the United States against the European Union, China, and Japan. She then examines the reactions to the new legal landscape, describing institutional changes in the common law countries of the United Kingdom and Canada and the civil law countries of France, Brazil, and Germany. Through an insightful interdisciplinary analysis of how the prosecution of corporate crime has evolved in the twenty-first century, Dr. Woll demonstrates the profound transformation of the relationship between states and private actors in world markets, showing that law is part of economic statecraft in the connected global economy.

This interview was conducted by Dr. Miranda Melcher whose forthcoming book focuses on post-conflict military integration, understanding treaty negotiation and implementation in civil war contexts, with qualitative analysis of the Angolan and Mozambican civil wars.

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Daniel Peris, "The Ownership Dividend: The Coming Paradigm Shift in the U.S. Stock Market" (Routledge, 2024)

Tue, 23 Jan 2024 09:00:00 -0000

We are on the verge of a major paradigm shift for investors in the U.S. stock market. Dividend-focused stock investing has been receding in popularity for more than three decades in the U.S.; once the dominant investment style, it is now a boutique approach. That is about to change.

Daniel Peris' book The Ownership Dividend: The Coming Paradigm Shift in the U.S. Stock Market (Routledge, 2024) explains how and why the stock market drifted away from a mostly cash-based returns system to one almost completely driven by near-term share price movements. It details why the exceptional forces behind that shift―notably the 40-year drop in interest rates and the rise of buybacks―are now substantially exhausted. As a result, the U.S. market is poised for a return to the more typical business-like relationships observed in the private sector and in other mature markets around the world. While many market participants have profited from and become used to the way things have been in recent decades, savvy individual investors, financial advisors, and even institutional portfolio managers will want to position themselves to benefit from the reversion to cash-based investment relationships in the years ahead.

This is a must-read book for financial advisors, institutional consultants, as well as engaged individual investors.

Daniel Peris is Senior Vice President at Federated Hermes in Pittsburgh. He can be reached at DanielxPeris@gmail.com or via Twitter @HistoryInvestor. His "History and Investing" blog and "Keep Calm & Carry On Investing" podcast are here.

John Emrich has worked for decades in corporate finance, investment management, and corporate strategy. He is an independent director on 9 mutual fund boards. Mr. Emrich has a podcast about the investment advisory industry called Kick the Dogma. Email: john@ktdpod.com. LinkedIn.

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John Quiggin, "Economics in Two Lessons: Why Markets Work So Well, and Why They Can Fail So Badly" (Princeton UP, 2019)

Wed, 10 Jan 2024 09:00:00 -0000

Trying to follow the key macroeconomic debates that are swirling around DC, CNBC, the WSJ and the NYT? If you are but don't want to go back to graduate school or re-open your college macroeconomics textbook, John Quiggin has a solution. His Economics in Two Lessons: Why Markets Work So Well, and Why They Can Fail So Badly (Princeton University Press, 2019) achieves several goals. First, it frames the current debates, providing a concise, well-written history of macroeconomics and the key twists and turns in economic policy that have brought us to our current state of (general) disagreement on economic policy. Second, he structures his view of macroeconomics as a rebuttal to a 1946 book by Henry Hazlitt in 1946 called Economics in One Lesson. Seventy years later, Quiggin counters Hazlitt's view that markets are "correct," in that their prices accurately reflect opportunity costs for buyers and sellers. Quiggin's second lesson highlights the externalities and factors that distort those opportunity costs and lead to suboptimal outcomes such as extended unemployment, excessive income inequality, and the seemingly intractable problem (from an economics perspective) of pollution. In the final portion of his book, Quiggin argues what policies he thinks would make markets work better by generating a more accurate understanding of opportunity costs. To some, his prescriptions will look like the program of the Left. The great irony is that his goal is to make markets function better, not rid us of them. Whether you agree with his prescriptions are not, this is a very interesting book and a great way for non-economists to get up to speed on current debates and policy issues without having to do a single test for statistical significance or worry about heteroscedasticity.

Daniel Peris is Senior Vice President at Federated Investors in Pittsburgh. Trained as a historian of modern Russia, he is the author most recently of Getting Back to Business: Why Modern Portfolio Theory Fails Investors. You can follow him on Twitter @Back2BizBook or at http://www.strategicdividendinvestor.com

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Gerald Epstein, “What's Wrong with Modern Money Theory? A Policy Critique” (Palgrave Macmillan, 2019)

Tue, 09 Jan 2024 09:00:00 -0000

Since the last-but-one financial crisis abated and governments responded to better times by clawing back their stimulus packages, a once-obscure economic philosophy has been gaining a growing following on the left. But, following the extraordinary policy response to the COVID-19 pandemic, even some conservative commentators and policy makers are showing an interest in Modern Monetary Theory or MMT.

Not so fast, warns Gerald Epstein in his What's Wrong with Modern Money Theory? A Policy Critique (Palgrave Macmillan, 2019). While this progressive economist welcomes any resistance to austerian economics and the policy rethink that the new theory is triggering, he warns against MMT's seductive appeal and its significant practical shortcomings.

Gerald Epstein co-directs the Political Economy Research Institute (PERI) at the University of Massachusetts, Amherst.

Tim Jones is an economic and political-risk analyst at Medley Global Advisors (FT Group) in London.

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Applying Historical Perspectives to Finance (with Daniel Peris)

Thu, 04 Jan 2024 09:00:00 -0000

Before becoming a financial analyst and then a portfolio manager in New York, Daniel Peris worked as a tenure-track professor of Soviet history. I sat down with Dan and talked about his painful but ultimately successful 1990s transition from academia to finance. We chatted about how historical methods and perspectives shaped Dan's unique approach to investing, a style that he has been popularizing in his books and online blogs. Dan talked about the skills he acquired during his training as a historian that helped him succeed in finance. We talked about weighing professional risk in academia and in finance, about doubts that accompanied Dan's journey from one industry to another, his forthcoming book The Ownership Dividend (2024), and what history grads can do to broaden their career prospects.

Peris is also the author of The Strategic Dividend Investor (2011) and Getting Back to Business: Why Modern Portfolio Theory Fails Investors and How You Can Bring Common Sense to Your Portfolio (2018). His blog "History and Investing" is here.

Patryk Babiracki is a historian, researcher and writer; professor & MA student advisor at the University of Texas at Arlington. PhD from Johns Hopkins. Promoter of #AppliedHistory: using historical concepts, frameworks, and methodologies to solve real-world organizational problems.

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Richard Vague, "A Brief History of Doom: Two Hundred Years of Financial Crises" (U Pennsylvania Press, 2019)

Tue, 02 Jan 2024 09:00:00 -0000

Richard Vague really really cares about private-sector debt. And he thinks you should too. In A Brief History of Doom: Two Hundred Years of Financial Crises (University of Pennsylvania Press, 2019), Vague sees the rise and fall of private sector debt as the key factor explaining the cycle of economic crises experienced by developed and major developing economies over the past two centuries. The early stages of a lending cycle look and feel good. Everyone is happy, the lenders think they are smart, the borrowers feel they have everything under control. Then the lenders and borrowers take it to another level, and then another, and then it collapses, time and time again. Where are now? The good news is that debt/GDP levels aren't too bad, but in certain sectors of the economy and certain countries, they are flashing red, brightly. Read the book to find which sectors and countries. Vague makes his data available to researchers here.

Daniel Peris is Senior Vice President at Federated Investors in Pittsburgh. Trained as a historian of modern Russia, he is the author most recently of Getting Back to Business: Why Modern Portfolio Theory Fails Investors. You can follow him on Twitter@Back2BizBook or at http://www.strategicdividendinvestor.com

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James O'Toole, "The Enlightened Capitalists: Cautionary Tales of Business Pioneers Who Tried to Do Well by Doing Good" (HarperBusiness, 2019)

Mon, 01 Jan 2024 09:00:00 -0000

Is the University of Chicago-blessed, "greed is good" near-term profits approach to business wearing out its welcome?

James O'Toole's The Enlightened Capitalists: Cautionary Tales of Business Pioneers Who Tried to Do Well by Doing Good(HarperBusiness, 2019) is a welcome addition to the current debate about what is the right balance between the near-term profit motive and long-term social goals in running a business.

O'Toole, an emeritus professor of business ethics at USC, argues that entrepreneurs have and can be financially successful and still treat their employees, partners, and customers with respect. He provides two dozen case studies of founders and leaders, ranging from Milton Hershey to Robert Wood Johnson to Herb Kelleher, who tried to do more than just make a quick buck. These pioneers believed that if they practiced a form of ethical capitalism, the profits would roll in. And they did.

The challenge that O'Toole recognizes from the outset is that the culture these founders created rarely survived their own tenures at the top, and that the unrelenting pressure of the market ultimately wears down even the most well-intentioned business leader. In the end, he concludes that large publicly traded corporations face the greatest pressures, while smaller, private or trust-held businesses have an easier time of creating and sustaining a positive culture.

The Enlightened Capitalists is a must read for every aspiring business leader and investor, even those who are convinced that they are on the "right" side of the debate. The judgments can shift rapidly. Even a spectacularly successful New Economy company that had for years as its motto "Don't be evil" (since replaced with "Do the right thing") can quickly end up being vilified in the media and charged by regulators for its monopoly-like behavior. As Kermit might say, it's not easy being good (or green.)

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Annie McClanahan, "Dead Pledges: Debt, Crisis, and Twenty-First Century Culture" (Stanford UP, 2016)

Thu, 28 Dec 2023 09:00:00 -0000

When teaching a public course called “The Age of Debt” this winter break, I had the strange realization that one of the the most successful readings in that course, the one which most clearly explained the 2008 crisis and the financialized economy, was written by an English professor. It was Annie McClanahan’s Dead Pledges: Debt, Crisis, and Twenty-First Century Culture (Stanford University Press, 2016). The book is a masterful exploration of the cultural politics of the financial crisis and a powerful mediation on how to make sense of an era of unrepayable debts. As a review in the LA Review of Books notes, McClanahan has resurrected and repurposed the rich tradition of Marxist literary criticism which brought us Raymond Williams, analyzing post-crisis literature, photography, and cinema as cultural texts registering “a new ‘crisis subjectivity’ in the wake of the mortgage meltdown’s shattering revelations.” Dead Pledges is a must read. For whom? Well, anyone living in the 21st century, concerned about insurmountable debts, thinking of how culture and the economy transect each other, and striving for a radical politics fit for the mortgaged times in which we live.

Aparna Gopalan is a Ph.D. student in Social Anthropology at Harvard University. Her research focuses on how managing surplus populations and tapping into fortunes at the “bottom-of-the-pyramid” are twin-logics that undergird poverty alleviation projects in rural Rajasthan.

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Christine Abely, "The Russia Sanctions: The Economic Response to Russia's Invasion of Ukraine" (Cambridge UP, 2024)

Thu, 21 Dec 2023 09:00:00 -0000

February 2024 will mark the tenth anniversary of Russia’s seizure of Ukrainian territory in Crimea and the Donbas and two years since its full-scale invasion.

While military assistance from Ukraine’s allies has been gradual and cautious, retaliatory sanctions have been impressive. "The sanctions imposed against Russia beginning in late winter 2022 were sweeping, historic and rolled out with stunning rapidity,” writes Christine Abely in The Russia Sanctions: The Economic Response to Russia's Invasion of Ukraine (Cambridge University Press, 2023).

Yet, until now at least, most Russians have been insulated from their effects. As the war reaches an attritional stalemate and Putin waits for NATO's resolve to fracture, the sanctions and their lagged effects are taking on critical importance.

Christine Abely is an assistant professor at New England Law in Boston. Previously, she taught at Boston University School of Law after a career at Massachusetts law firms specialising in business litigation, and international trade and sanctions law. While she has published papers on sanctions, food and sports law, The Russia Sanctions is her first book.

*The authors' book recommendations are Backfire: How Sanctions Reshape the World Against US Interests by Agathe Demarais (Columbia University Press, 2022) and The Box: How the Shipping Container Made the World Smaller and the World Economy Bigger by Marc Levinson (Princeton University Press, second edition 2016).

Tim Gwynn Jones is an economic and political-risk analyst at Medley Advisors, who also writes the twenty4two newsletter on Substack and hosts the In The Room podcast series.

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The Future of Global Economic Governance: A Discussion with Jamie Martin

Sat, 16 Dec 2023 09:00:00 -0000

With increasing talk of de-dollarization and the Gulf attempts to get more influence in the IMF it’s a good time to talk about the world’s international financial institutions – and their role globalization and its future. Listen to Owen Bennett-Jones in conversation with Jamie Martin author of The Meddlers: Sovereignty, Empire, and the Birth of Global Economic Governance (Harvard UP, 2022).

Owen Bennett-Jones is a freelance journalist and writer. A former BBC correspondent and presenter he has been a resident foreign correspondent in Bucharest, Geneva, Islamabad, Hanoi and Beirut. He is recently wrote a history of the Bhutto dynasty which was published by Yale University Press.

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Paul Crosthwaite et al., "Invested: How Three Centuries of Stock Market Advice Reshaped Our Money, Markets, and Minds" (U Chicago Press, 2022)

Sun, 10 Dec 2023 09:00:00 -0000

Who hasn’t wished for a surefire formula for riches and a ticket to the good life? For three centuries, investment advisers of all kinds, legit and otherwise, have guaranteed that they alone can illuminate the golden pathway to prosperity—despite strong evidence to the contrary. In fact, too often, they are singing a siren song of devastation. And yet we keep listening.

Invested: Invested: How Three Centuries of Stock Market Advice Reshaped Our Money, Markets, and Minds (U Chicago Press, 2022) tells the story of how the genre of investment advice developed and grew in the United Kingdom and the United States, from its origins in the eighteenth century through today, as it saturates our world. The authors analyze centuries of books, TV shows, blogs, and more, all promising techniques for amateur investors to master the ways of the market: from Thomas Mortimer’s pathbreaking 1761 work, Every Man His Own Broker, through the Gilded Age explosion of sensationalist investment manuals, the early twentieth-century emergence of a vernacular financial science, and the more recent convergence of self-help and personal finance. Invested asks why, in the absence of evidence that such advice reliably works, guides to the stock market have remained perennially popular. The authors argue that the appeal of popular investment advice lies in its promise to level the playing field, giving outsiders the privileged information of insiders. As Invested persuasively shows, the fantasies sold by these writings are damaging and deceptive, peddling unrealistic visions of easy profits and the certainty of success, while trying to hide the fact that there is no formula for avoiding life’s economic uncertainties and calamities.

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The Enlightened Donor: How to Give Charity Wisely

Wed, 22 Nov 2023 09:00:00 -0000

Motivated by compassion and hope, and the shared desire to make the world a better place, the immense amount of charitable giving stands as a testament to the humanity's collective generosity. From aiding those in need to supporting noble causes in art and science, culture and religion, the act of giving has the power to transform lives and shape a brighter future.

But amidst the goodwill, there lies a shadowy underbelly that seeks to exploit our altruistic impulses. The landscape of charitable giving is not without its challenges, as scams and deceit work to dilute the noble intentions of well-meaning donors.

We sit down with philanthropy consultant and advocate for responsible giving, Arnie Draiman, to learn how to be better and more effective givers. With his keen eye honed through years of experience, Draiman unveils the intricacies of donating wisely while illuminating the potential pitfalls that challenge even the most benevolent intentions.

Arnie Draiman heads The Draiman Consulting Group, which serves individual donors and philanthropists, family foundations, charity funds – anyone interested in giving his or her money away wisely. The Group takes personal responsibility for doing the necessary due diligence and for maintaining constant contact with recipients.

Renee Garfinkel, Ph.D. is a psychologist, writer, Middle East television commentator and host of The New Books Network’s Van Leer Jerusalem Series on Ideas. Write her at reneeg@vanleer.org.il. She's on Twitter @embracingwisdom. She blogs here.

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Konstantinos Retsikas, "A Synthesis of Time: Zakat, Islamic Micro-finance and the Question of the Future in 21st-Century Indonesia" (Palgrave Macmillan, 2020)

Fri, 17 Nov 2023 09:00:00 -0000

In A Synthesis of Time: Zakat, Islamic Micro-finance and the Question of the Future in 21st-Century Indonesia (Palgrave Macmillan, 2020), Konstantinos Retsikas has anthropological investigation into the different forms the economy assumes, and the different purposes it serves, when conceived from the perspective of Islamic micro-finance as a field of everyday practice. The book is based on long-term ethnographic research in Java, Indonesia, with Islamic foundations active in managing zakat and other charitable funds, for purposes of poverty alleviation. Specifically, the book explores the social foundations of contemporary Islamic practices that strive to encompass the economic within an expanded domain of divine worship and elucidates the effects such encompassment has on time, its fissure and synthesis.

In order to elaborate on the question of time, the book looks beyond anthropology and Islamic studies, engaging attentively, critically and productively with the post-structuralist work of G. Deleuze, M. Foucault and J. Derrida, three of the most important figures of the temporal turn in contemporary continental philosophy. Through doing so, the book impressively untangles the complex relationship between Islamic economics, divine worship, and time.

Konstantinos Retsikas is Reader in the Department of Anthropology and Sociology at SOAS, University of London, UK. His work focuses on temporality and personhood, and he has written extensively on issues of embodiment, place making, violence, and religion. He is also the author of Becoming: An Anthropological Approach to Understandings of the Person in Java (2012).

Yadong Li is a PhD student in anthropology at Tulane University. He conducts ethnography among ufologists in China. His research interests lie at the intersection of the anthropology of the paranormal, hope studies, and post-structural philosophy. More details about his scholarship and research interests can be found here.

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Brendan J. Doherty, "Fundraiser in Chief: Presidents and the Politics of Campaign Cash" (UP of Kansas, 2023)

Mon, 13 Nov 2023 09:00:00 -0000

Political Scientist Brendan Doherty has a new book that dives into the ways that presidents have raised money for themselves, their parties, and other elected officials over the past six decades. Doherty is an expert on campaign fundraising, especially by presidents, and Fundraiser in Chief: Presidents and the Politics of Campaign Cash (UP of Kansas, 2023) continues the research he has been doing in this area within political science. The overarching thesis of Doherty’s work in Fundraiser in Chief is examining the intersection between campaigning and governing, especially when it comes to the president him(her)self. Doherty’s chief claim in the book is that presidential fundraising, which is usually studied and explored in direct connection with presidential campaigns, should be more fully integrated into the other dynamics and components of how a president governs and uses his/her time. In an effort to examine the time spent fundraising, not just at public events, but also in private venues and closed events, Doherty compiled an extensive data set that includes information for every president from Jimmy Carter to Donald Trump. (Doherty has continued to add to the data set to include President Joe Biden, but the research analyzed in the book concludes with the 2020 election cycle and Donald Trump’s presidency.)

This is a fascinating examination of fundraising, particularly as the laws and regulations have continued to change and shift over the decades. As Doherty notes, every time there is a shift, presidents pursue different options in order to fundraise for themselves, for their parties, and for other elected officials. And since fundraising is a constant undertaking, not just ramped up during election cycles, it needs to be considered alongside other dimensions of presidential governance, like speechmaking/rhetoric, congressional relations, foreign and domestic travel, and the other ways that presidents spend their scarcest resource, their time. The fundraising world that President Jimmy Carter entered, following the establishment of new laws, regulations, and restrictions on campaign fundraising after Watergate, is much different than the world in which former President Trump and President Biden are now operating as the 2024 election cycle moves forward. Presidents must make strategic choices around fundraising, and this also shapes the ways that individuals govern from the Oval Office, the way they work with members of their parties, and the way that they work with other elected officials. Fundraiser in Chief: Presidents and the Politics of Campaign Cash is an important contribution to the scholarship on the American presidency, especially in our understanding of how governing and fundraising and campaigning all integrate into each other.

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Akram Benjamin, "Cotton, Finance and Business Networks in a Globalised World: The Case of Egypt During the First half of the Twentieth Century" (2019)

Wed, 08 Nov 2023 09:00:00 -0000

Firms and entrepreneurs were key drivers of the globalisation of the late nineteenth and early twentieth centuries. This thesis investigates commodity networks, foreign banking and business networks, as three manifestations of the first global economy, in Egypt. The country was integrated into the world economy by exporting cotton, importing foreign capital, and hosting a large foreign community.

The thesis shows that the Egyptian cotton network was sophisticated as market participants were spatially dispersed. The network was instrumentally coordinated by foreign banks that provided the crucial functions of intermediating the flows of cotton, finance, and information. Departing from the literature that portrays foreign banks in developing countries as manifestations of imperialism and exploitation of host countries, the thesis demonstrates that the history of these banks in Egypt does not conform to this rhetoric. The case of the Ionian Bank reveals that foreign banks in Egypt were businesses that sought profits and faced many risks and challenges. Some risks were uncontrollable and negatively affected banks’ performance, which was shaped by trade-off between opportunity and risk appetite. The analysis of the interlocking directorates of the Egyptian corporate and elite networks demonstrates that these networks, predominantly controlled by local foreigners, served as a basis for coordinating and maintaining collective interests. The structure of the elite network presumably fostered entrepreneurial activities that were funded by foreign capital. The analysis documents the gradual rise of indigenous entrepreneurs at the expense of local foreigners.

The study demonstrates how Egypt’s integration into the first modern globalisation was facilitated by foreign firms and entrepreneurs. It points out the need to revise the historiography of foreign capital and foreigners in Egypt during this period. In addition, the thesis contributes to the limited business history scholarship on the Middle East and furthers our understanding of the complex nature of globalisation.

"Cotton, Finance and Business Networks in a Globalised World: The Case of Egypt During the First half of the Twentieth Century" (2019) was the winner fo the Coleman Prize in 2020. It is available open access here.

Akram Benjamin is a postdoctoral researcher at the ERC-funded project "Global Correspondent Banking, 1870-2000" at the University of Oxford. After starting his profesional life as a banker in his native country, Benjamin then took on academia in the UK. He has benefited from a Joint Japan World Bank Scholarship Program and besides a PhD holds a Chartered Financial Analyst (CFA) certification.

Bernardo Batiz-Lazo is currently straddling between Newcastle and Mexico City. You can find him on twitter on issues related to business history of banking, fintech, payments and other musings. Not always in that order. @BatizLazo.

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Writing the History of Money and Monetary Policy

Wed, 08 Nov 2023 09:00:00 -0000

What do the histories of currency and monetary policy tell us about societies at large, political structures, and cultures? Ekaterina Pravilova and Rebecca Spang tackle these questions, respectively, in two important books that examine the history of the Russian ruble from the time of Catherine the Great through the Soviet period, and the history of money during the time of time of the French Revolution. Their conversation delves not only into the past, but into the economic theories and assumptions that underlay the present. Pravilova is the author of The Ruble: A Political History (Oxford UP, 2023). Spang is the author of Stuff and Money in the Time of the French Revolution (Harvard UP, 2017).

Stephen V. Bittner is Special Topics Editor at Kritika: Explorations in Russian and Eurasian History and Professor of History at Sonoma State University.

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Zeke Faux, "Number Go Up: Inside Crypto's Wild Rise and Staggering Fall" (Currency, 2023)

Sat, 04 Nov 2023 18:06:00 -0000

In 2021 cryptocurrency went mainstream. Giant investment funds were buying it, celebrities like Tom Brady endorsed it, and TV ads hailed it as the future of money. Hardly anyone knew how it worked—but why bother with the particulars when everyone was making a fortune from Dogecoin, Shiba Inu, or some other bizarrely named “digital asset”? As he observed this frenzy, investigative reporter Zeke Faux had a nagging question: Was it all just a confidence game of epic proportions? What started as curiosity—with a dash of FOMO—would morph into a two-year, globe-spanning quest to understand the wizards behind the world’s new financial machinery. Faux’s investigation would lead him to a schlubby, frizzy-haired twenty-nine-year-old named Sam Bankman-Fried (SBF for short) and a host of other crypto scammers, utopians, and overnight billionaires. Faux follows the trail to a luxury resort in the Bahamas, where SBF boldly declares that he will use his crypto fortune to save the world. Faux talks his way onto the yacht of a former child actor turned crypto impresario and gains access to “ApeFest,” an elite party headlined by Snoop Dogg, by purchasing a $20,000 image of a cartoon monkey. In El Salvador, Faux learns what happens when a country wagers its treasury on Bitcoin, and in the Philippines, he stumbles upon a Pokémon knockoff mobile game touted by boosters as a cure for poverty. And in an astonishing development, a spam text leads Faux to Cambodia, where he uncovers a crypto-powered human-trafficking ring. When the bubble suddenly bursts in 2022, Faux brings readers inside SBF’s penthouse as the fallen crypto king faces his imminent arrest. Fueled by the absurd details and authoritative reporting that earned Zeke Faux the accolade “our great poet of crime” (Money Stuff columnist Matt Levine), Number Go Up: Inside Crypto's Wild Rise and Staggering Fall (Crown, 2023) is the essential chronicle, by turns harrowing and uproarious, of a $3 trillion financial delusion.

Zeke Faux is an investigative reporter for Bloomberg Businessweek and Bloomberg News.

Caleb Zakarin is the Assistant Editor of the New Books Network.

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Antitrust Policy, The Chicago School Consumer Welfare Standard and The Rise of the New Brandeisians

Sat, 04 Nov 2023 08:00:00 -0000

Luke Froeb joins the podcast to talk about his career in economics, what it's like to be the chief economist at the FTC and DOJ antitrust division, how these agencies make decisions about merger cases, the history of the Chicago School consumer welfare standard and the types of analytical tools and modeling that underlies the approach, along with the rise of the New Brandeisians and their failures thus far.

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Ian Jones, "Using the Past: Authenticity, Reliability, and the Role of Archives in Barclays PLC's Use of the Past Strategies" (U Liverpool, 2021)

Tue, 17 Oct 2023 08:00:00 -0000

Recent scholarship in organisation studies has begun to address how organisations perceive and use their history. However, how organisations preserve and access their history, and how this affects how they are able to use their history is less researched. This thesis investigates how Barclays Group Archives (BGA) contribute to Barclays PLC delivering its strategic objectives. It asks, how does BGA, as a specific unit of the organisation, facilitate the delivery of Barclays PLC's strategic objectives? The researcher was embedded in the archives, enabling the gathering of observational data on how BGA operate as well as a unique level of access to archival organisational records. These were used to target and gain access to Barclays PLC employees to conduct interviews to ascertain how they used BGA's resources and what benefits they felt BGA brought.

Using interviews, observation, and other qualitative research methods, Ian Jones introduces archival science theory to the study of how organisations can benefit from using their history, introducing the archival science ideas of authenticity, reliability, usability, and integrity to inform the research on organisational memory and use of the past strategies. The thesis focuses on the period between 2012 and 2015, a time when Barclays PLC made extensive use of their past in an attempt to manage and recover from the various scandals. It argues that BGA, and the archivists in particular, are integral to Barclays PLC's use of the past strategies, enabling Barclays PLC to bolster their claims to be returning to a historically 'authentic' corporate culture that would inform the organisation's strategies and behaviour going forward. Additionally, the archivists themselves act as the link between the information in the archives that forms part of Barclays PLC's organisational memory, enabling users to utilise this information and transforming the static memory held into the archives into dynamic memory that is then utilised by employees. The thesis highlights the importance of how organisations access the historical information that they use to inform their historical narratives, and the importance of the individuals that act as the link between those who are using the past in some way, and the repositories of historical information. The research findings presented in this thesis will be of interest to organisation studies scholars interested in how managers use history as well as to researchers who study corporate archives.

Winner of the Coleman Prize in 2022, this research tells of the potential uses of the past as a source of competitive advantage as well as document the relationship between the Corporate Archives and Head Office in a mayor, long-lived British bank.

This thesis is available open access here.

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Jana Randow and Alessandro Speciale, "Mario Draghi, the Craftsman: The True Story of the Man Who Saved the Euro" (Rizzoli, 2019)

Sat, 14 Oct 2023 08:00:00 -0000

"Within our mandate, the [European Central Bank] is ready to do whatever it takes to preserve the euro. And believe me, it will be enough". With those three words delivered in London on 26 July 2012, Mario Draghi - the ECB's president from 2011-2019 - stopped a contagious collapse of Europe's common currency after just one decade.

Jana Randow and Alessandro Speciale write in Mario Draghi: The True Story of the Man Who Saved the Euro (Rizzoli, 2019): “So simple a phrase, delivered at the right time in front of the right audience, it will hang on as a warning to investors when Draghi is long gone that central bankers in Europe are ready to defend their currency against speculative attacks brought on by people not quite aware of their resolve".

Draghi, who went on to see Italy through the Covid pandemic as its prime minister from 2021-2022, has acquired mythical status. Who is he? What are the skills that allowed him to succeed where others may have failed? How did he manage the ECB's governing council in comparison to his French predecessor and successor?

Books from inside the ECB by Massimo Rostagno and Pedro Gustavo Teixeira have covered the policy-making history of the Draghi years but, so far, only Randow and Speciale have written a fly-on-the-wall account to match Bob Woodward's and David Wessel's books on the Federal Reserve. Jana Randow is Bloomberg’s senior European economics correspondent based in Frankfurt and Alessandro Speciale now heads Bloomberg's Zurich bureau after doing the same in Rome and working with Jana as ECB correspondent from 2013 until mid-2019.

*Jana's book recommendations are Rebel Radio: The Story of El Salvador's Radio Venceremos by José Ignacio López Vigil (Curbstone Press, 1995 - translated by Mark Fried) and Fabian, Die Geschichte eines Moralisten by Erich Kästner - first published in 1931 and translated by Cyrus Brooks as Going to the Dogs: The Story of a Moralist (NYRB Classics, 2013).

*Alessandro's book recommendations are The Magician by Colm Tóibín (Viking, 2021) and Magnificent Rebels: The First Romantics and the Invention of the Self by Andrea Wulf (John Murray, 2022).

Tim Gwynn Jones is an economic and political-risk analyst at Medley Advisors, who also writes the twenty4two newsletter on Substack and hosts the In The Room podcast series.

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Quantitative Investing, Inflation and the Macroeconomy

Wed, 11 Oct 2023 14:45:17 -0000

Jon Hartley interviewed Rob Arnott, founder and chairman of Research Affiliates, at the Economic Club of Miami on December 3, 2022. Topics discussed include the recent rise of inflation, macroeconomics, capital market returns, value versus growth stocks, factor timing, and index investing among many other topics.

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GSEs, Financial Regulation, Fiscal Policy and Monetary Policy

Mon, 09 Oct 2023 20:35:28 -0000

Mark Calabria (Former FHFA Director and Cato Senior Advisor) joins the podcast to discuss his tenure as director of the FHFA (Federal Housing Finance Agency), his legacy of creating a capital rule for the GSEs which remains in place, financial regulation in wake of the global financial crisis, as well as fiscal and monetary policy amid the recent surge in inflation following the COVID-19 pandemic.

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Rachel O'Dwyer, "Tokens: The Future of Money in the Age of the Platform" (Verso, 2023)

Sun, 08 Oct 2023 08:00:00 -0000

Platform capitalism is coming for the money in your pocket. Wherever you look, money is being re-placed by tokens. Digital platforms are issuing new kinds of money-like things: phone credit, shares, gift vouchers, game tokens, customer data--the list goes on. But what does it mean when online platforms become the new banks? What new types of control and discrimination emerge when money is tied to specific apps or actions, politics or identities?

Tokens opens up this new and expanding world. Exploring the history of extra-monetary economies, Rachel O'Dwyer shows that private and grassroots tokens have always haunted the real economy. But as the large tech platforms issue new money-like instruments, tokens are suddenly everywhere. Amazon's Turk workers are getting paid in gift cards. Online streamers trade in wishlists. Foreign remittances are sent via phone credit. Bitcoin, gift cards, NFTs, customer data, and game tokens are the new money in an evolving economy. It is a development challenging the balance of power between online empires and the state. Tokens may offer a flexible even subversive route to compensation. But for the platforms themselves they can be a means of amassing frightening new powers. An essential read for anyone concerned with digital money, inequality, and the future of the economy.

Long-listed by the Financial Times' Best Business Books of 2023 even before publication, Rochel O'Dower's Tokens: The Future of Money in the Age of the Platform (Verso, 2023) tackles the proliferation of alternatives to central bank-issued money through an enagaging and easy-to-access narrative.

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IMF Central Bank Technical Assistance and the International Monetary System

Tue, 03 Oct 2023 20:02:33 -0000

Milton Friedman student and University of Chicago-trained monetary economist Warren Coats (Johns Hopkins fellow, former IMF economist and central bank advisor to over 20 countries) speaks about his beginnings as an economist as PhD student of Milton Friedman's at the University of Chicago, his 30 year career at the IMF leading central bank technical assistance developing currencies and monetary policy in countries ranging from post-USSR Eastern Europe, post-conflict Bosnia and Kosovo in the 1990s as well as Afghanistan and Iraq in the 2000s following regime change. We also discuss the future of SDRs and the US dollar as a reserve currency in the International Monetary System along with Warren's experience as chief of the IMF SDR division.

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Luke Messac, "Your Money Or Your Life: Debt Collection in American Medicine" (Oxford UP, 2023)

Sun, 17 Sep 2023 08:00:00 -0000

A riveting exposé of medical debt collection in America -- and the profound financial and physical costs eroding patient trust in medicine For the crime of falling sick without wealth, Americans today face lawsuits, wage garnishment, home foreclosure, and even jail time. Yet who really profits from aggressive medical debt collection? And how does this predatory system affect patients and doctors responsible for their care?

Your Money Or Your Life: Debt Collection in American Medicine (Oxford UP, 2023) reveals how medical debt collection became a multibillion-dollar industry and how everyday Americans are made to pay the price. Emergency physician and historian Luke Messac weaves patient stories into a history of law, finance, and medicine to show how debt and debt collection are destroying the foundational trust between doctors and patients at the heart of American healthcare. The fight to stop aggressive collection tactics has brought together people from all corners of the political spectrum. But if we want to better protect the sick from financial ruin, we have to understand how we got here. With wit and clarity, Your Money or Your Life asks us all to rethink the purpose of our modern healthcare system and consider whom it truly serves.

Stephen Pimpare is a Senior Fellow at the Carsey School of Public Policy at the University of New Hampshire.

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A Better Way to Buy Books

Tue, 12 Sep 2023 08:00:00 -0000

Bookshop.org is an online book retailer that donates more than 80% of its profits to independent bookstores. Launched in 2020, Bookshop.org has already raised more than $27,000,000. In this interview, Andy Hunter, founder and CEO discusses his journey to creating one of the most revolutionary new organizations in the book world. Bookshop has found a way to retain the convenience of online book shopping while also supporting independent bookstores that are the backbones of many local communities.

Andy Hunter is CEO and Founder of Bookshop.org. He also co-created Literary Hub.

Caleb Zakarin is the Assistant Editor of the New Books Network.

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The Future of Underground/Sea Cables: A Discussion with Henry Farrell

Sat, 12 Aug 2023 08:00:00 -0000

How much of US power is underground? We hear a lot about the US military assets used on land, on the sea, and in the air - but not much about what’s going on underground and on the sea bed. It turns out what goes on down there is a significant source of US power – which has been documented by Henry Farrell in his co-authored book (with Abraham Newman), Underground Empire: How America Weaponized the World Economy (Henry Holt, 2023). Listen to him describe it all with Owen Bennett-Jones.

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Keren Winterford et al., "Reframing Aid: A Strengths-Based Approach for International Development" (Practical Action, 2023)

Thu, 10 Aug 2023 08:00:00 -0000

The practice of international development continues to change as more is understood about what works. A shift from a deficit or problem-solving approach to a strengths-based approach is a significant reframing for international development. A strengths-based approach aims to reveal assets, strengths or what is working within an individual, group, community or organization, then uses these strengths as a way to achieve change and preferred futures. Reframing Aid: A Strengths-Based Approach for International Development (Practical Action, 2023) by Dr. Keren Winterford, Deborah Rhodes, and Christopher Dureau sets out the thinking, practical action and evidence-base to inform a sector-wide transformation. For many, this is a radical or even revolutionary shift, but for others, the writing is already on the wall.

The authors set out the strong theoretical and practical basis of a strengths-based approach; explore insight through the lens on power, culture and psychology; and provide examples of how the approach is already applied in practice within the project cycle, monitoring and evaluation, dominant current approaches and sectors of international development.

The theory and rich descriptions of how a strengths-based approach works, will give development workers, governments, researchers, policy makers and donors in the global north and south the confidence to continue or try new this approach to creating change. These fresh perspectives offer a much-needed alternative to the deficit-based/problem solving paradigm that dominates, but is no longer relevant to shared global efforts for social justice and environmental sustainability.

This interview was conducted by Dr. Miranda Melcher whose doctoral work focused on post-conflict military integration, understanding treaty negotiation and implementation in civil war contexts, with qualitative analysis of the Angolan and Mozambican civil wars.

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Philip Roscoe, "How to Build a Stock Exchange: The Past, Present and Future of Finance" (Bristol UP, 2023)

Mon, 07 Aug 2023 08:00:00 -0000

Why does the financial sector matter? In How to Build a Stock Exchange: The Past, Present and Future of Finance (Bristol UP, 2023), Philip Roscoe, a Professor of Management at the University of St Andrews, explores the history of the London Stock Exchange as part of a broader examination of the role of finance in the modern world. Richly detailed, including personal reflections as well as interviews and historical analysis, the book covers the technologies, personalities, and key events that have made London, and the financial industry, globally powerful today. The book is essential reading across the social sciences and humanities, and you can hear Philip’s podcast series that accompanies the book here.

Dave O'Brien is Professor of Cultural and Creative Industries, at the University of Sheffield.

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Mike Rothschild, "Jewish Space Lasers: The Rothschilds and 200 Years of Conspiracy Theories" (Melville House, 2023)

Sun, 06 Aug 2023 08:00:00 -0000

In Jewish Space Lasers: The Rothschilds and 200 Years of Conspiracy Theories (Melville House, 2023), Mike Rothschild delves into the history of the conspiracy industry around the Rothschild family—from the "pamphlet wars" of Paris in the 1840s to the dankest pits of the internet today. Journalist and conspiracy theory expert Mike Rothschild, who isn't related to the family, sorts out myth from reality to find the truth about these conspiracy theories and their spreaders. Who were the Rothschilds? Who are they today? Do they really own $500 trillion and every central bank, in addition to “controlling the British money supply?” Is any of this actually true? And why, even as their wealth and influence have waned, do they continue to drive conspiracies and hoaxes?

Mike Rothschild is a journalist and conspiracy theory expert. He has written two previous books, including The Storm is Upon Us: How QAnon Became a Movement, Cult, and Conspiracy Theory of Everything. Rothschild has been interviewed by CNN, MSNBC, NPR, the BBC, the Washington Post, and the New York Times among many others to discuss conspiracy theories and has testified to Congress on the threat of election disinformation.

Schneur Zalman Newfield is an Associate Professor of Sociology and Jewish Studies at Hunter College, City University of New York, and the author of Degrees of Separation: Identity Formation While Leaving Ultra-Orthodox Judaism (Temple University Press, 2020).

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Ryan C. Smith, "The Real Oil Shock: How Oil Transformed Money, Debt, and Finance" (Palgrave MacMillan, 2022)

Sun, 06 Aug 2023 08:00:00 -0000

The rise of the global financial industry is treated by many economists as a critical component of the rise of neoliberalism. What few address is the role of the 1973 OPEC Oil Embargo and the 1979 Oil Shock in making modern financialization possible.

Ryan C. Smith's book The Real Oil Shock: How Oil Transformed Money, Debt, and Finance (Palgrave MacMillan, 2022) demonstrates how the dramatic transfer of wealth from the industrialized, capitalist world to OPEC’s members triggered by the Oil Embargo and the Oil Shock created a vast pool of liquid capital. Oil prices inflation, as a result of Embargo and Shock, also triggered a balance of payments crisis that created unprecedented global demand for credit. Processing this capital and mitigating the inflationary pressures which followed the 1973 Shock encouraged the development of more liquid, internationally mobile instruments that made financialization possible and ushered in the effective privatization of money creation. This transformation of the creation of money, the rise of a new global debt cycle, and petrocapital-fuelled changes to financial practices laid the foundations of modern finance and the neoliberal world order as we know them.

Ryan C. Smith is an economic researcher specializing in business news, economic news, and finance. He earned his Ph.D. in Economic and Social History from the University of Glasgow.

Filippo De Chirico studies History and Politics of Energy at Roma Tre University (Italy).

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Nicholas Lemann, "Transaction Man: The Rise of the Deal and the Decline of the American Dream" (FSG, 2019)

Wed, 02 Aug 2023 08:00:00 -0000

Nicholas Lemann is a staff writer at the New Yorker and a professor of journalism at Columbia. He is the author of four books, the most recent of which is Transaction Man: The Rise of the Deal and the Decline of the American Dream (FSG, 2019). Lemann spoke at the Institute about Transaction Man in 2019.

Over the last generation, the United States has undergone seismic changes. Stable institutions have given way to frictionless transactions, which are celebrated no matter what collateral damage they generate. The concentration of great wealth has coincided with the fraying of social ties and the rise of inequality. How did all this come about?

In Transaction Man, Nicholas Lemann explains the United States'--and the world's--great transformation by examining three remarkable individuals who epitomized and helped create their eras. Adolf Berle, Franklin Delano Roosevelt's chief theorist of the economy, imagined a society dominated by large corporations, which a newly powerful federal government had forced to become benign and stable institutions, contributing to the public good by offering stable employment and generous pensions. By the 1970s, the corporations' large stockholders grew restive under this regime, and their chief theoretician, Harvard Business School's Michael Jensen, insisted that firms should maximize shareholder value, whatever the consequences. Today, Silicon Valley titans such as the LinkedIn cofounder and venture capitalist Reid Hoffman hope "networks" can reknit our social fabric.

Lemann interweaves these fresh and vivid profiles with a history of the Morgan Stanley investment bank from the 1930s through the financial crisis of 2008, while also tracking the rise and fall of a working-class Chicago neighborhood and the family-run car dealerships at its heart. Incisive and sweeping, Transaction Man is the definitive account of the reengineering of America and the enormous impact it has had on us all.

Since 1977, the New York Institute for the Humanities has brought together distinguished scholars, writers, artists, and publishing professionals to foster crucial discussions around the public humanities. For more information and to support the NYIH, visit nyihumanities.org.

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The WEF is Actually Bad, But Not Like That

Fri, 28 Jul 2023 08:00:00 -0000

The World Economic Forum has become the bugbear of the right-wing in Canada, and beyond. Conspiracies swirl about how this shadowy, globalist cabal wants us to live in pods, eat bugs, and “own nothing, but be happy.”

These may be mere conspiracy theory and faux populism, but there are many things wrong with the WEF.

On this episode, we examine the shifting political discourse surrounding our global financial elites. How can the left operate in this ideologically confusing moment?

First, we take it back to the heyday of the 90s global justice movement and revisit the Battle in Seattle. Reactionary forces were pushing an anti-globalization line against the WTO. However, the real politics there were different: it was built on global justice and global solidarity.

Then, we go to Davos and look for left-leaning protesters organizing against the WEF. Each year, there is a planned protest hike, quite far from the actual WEF site, because Swiss authorities push demonstrates away. Yet, the WEF also invites individual activists in. We learn about that push and pull.

Finally, filmmaker and documentarian Joel Bakan is well-known for his hit documentary The Corporation, which was released in 2003–not long after the Battle in Seattle. Today, he tells us the politics are completely different: corporate leaders, including those at WEF, tell us they’re actually the good guys. His new follow-up film The New Corporation: The Unfortunately Necessary Sequel says that this new warm-and-fuzzy branding makes the corporation even more dangerous.

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Richard N. Langlois, "The Corporation and the Twentieth Century: The History of American Business Enterprise" (Princeton UP, 2023)

Thu, 27 Jul 2023 08:00:00 -0000

The twentieth century was the managerial century in the United States. An organizational transformation, from entrepreneurial to managerial capitalism, brought forth what became a dominant narrative: that administrative coordination by trained professional managers is essential to the efficient running of organizations both public and private. And yet if managerialism was the apotheosis of administrative efficiency, why did both its practice and the accompanying narrative lie in ruins by the end of the century?

In The Corporation and the Twentieth Century: The History of American Business Enterprise (Princeton UP, 2023), Richard Langlois offers an alternative version: a comprehensive and nuanced reframing and reassessment of the economic, institutional, and intellectual history of the managerial era.

Langlois argues that managerialism rose to prominence not because of its inherent superiority but because of its contingent value in a young and rapidly developing American economy. The structures of managerialism solidified their dominance only because the century's great catastrophes of war, depression, and war again superseded markets, scrambled relative prices, and weakened market-supporting institutions. By the end of the twentieth century, Langlois writes, these market-supporting institutions had reemerged to shift advantage toward entrepreneurial and market-driven modes of organization.

This magisterial new account of the rise and fall of managerialism holds significant implications for contemporary debates about industrial and antitrust policies and the role of the corporation in the twenty-first century.

Richard Langlois was born and raised in northeastern Connecticut and educated at Williams, Yale, and Stanford. He received his Ph.D. in 1981 from the Department of Engineering-Economic Systems at Stanford. His primary work has been in the economics of organization, where he has long been pushing the theory of dynamic transaction costs and the theory of modular systems, as well as in economic and business history. His 1992 history of the microcomputer industry won the Newcomen Award as the best paper in the Business History Review. Previous books include Firms, Markets, and Economic Change: a Dynamic Theory of Business Institutions (Routledge, 1995, with Paul L. Robertson) and The Dynamics of Industrial Capitalism: Schumpeter, Chandler, and the New Economy (The Graz Schumpeter Lectures, Routledge 2007), which won the Schumpeter Prize of the International Joseph A. Schumpeter Society.

In this podcast, he discussed the main themes in his most recent book and how it sits within overall discussions about the large corporation, his views on institutions and the nature of American-led capitalism in the 20th century. This is possible through a reinterpretation of a large body of economic and business history rather than archival or other primary source material.

As mentioned during the podcast:

-Chandler, A. (1990) Scale and Scope.

-Coase, R. (1937) The Nature of the Firm.

-Langlois, R. (2003) The Vanishing Hand.

-Langlois, R. (2004). The Dynamics of Industrial Capitalism (Graz Lectures).

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Thomas Piketty on Capitalism and Inequality (Adaner Usmani, JP)

Thu, 20 Jul 2023 08:00:00 -0000

Is Thomas Piketty the world’s most famous economic historian ? A superstar enemy of plutocratic capitalism who wrote a pathbreaking bestseller, Capital in the 21st Century? Or simply a debonair and generous French intellectual happy to talk redistributive justice? Join this 2020 conversation with John and Adaner Usmani (star of RTB’s episode 44: Racism as idea, Racism as Power Relation) to find out.

Why did we invite him? John thinks nobody is better than Piketty at mapping and explaining the nature and origin of the glaring and growing inequality that everywhere defines wealth distribution in the 21st century—both between societies and within them. His recent magnum opus, Capital and Ideology. ask what sorts of stories societies (and individuals within those societies) tell themselves so as to tolerate such inequality—and the poverty and misery it produces. Or even to see that inequality as part of the natural order of things.

Why did he accept our invitation? A mystery, but who are we to look a gift economist in the mouth?

Mentioned in the Episode

Philip Larkin, “Why aren’t they screaming?” (from the poem “The Old Fools”)

Bonus: Here is John’s question about his favorite writer, the one Adaner teased him for not asking:

“Mr. Piketty, you are interested in hinge points where people cease being captivated by one ideology and begin seeing differently (might one also say, begin being captivated by another ideology?) In 2014, Ursula le Guin said:

‘We live in capitalism. Its power seems inescapable. So did the divine right of kings. Any human power can be resisted and changed by human beings. Resistance and change often begin in art, and very often in our art, the art of words.‘

Can I ask how that resonates with your argument about the rapid changeability of economic paradigms–and moral paradigms for justifying inequality–in Capital and Ideology? “

Read transcript here

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Emily Flitter, "The White Wall: How Big Finance Bankrupts Black America" (Atria/One Signal Publishers, 2022)

Tue, 11 Jul 2023 08:00:00 -0000

In 2018, Emily Flitter received a tip that Morgan Stanley had fired a Black employee without cause. Flitter had been searching for a way to investigate the deep-rooted racism in the American financial industry, and that one tip lit the sparkplug for a three-year journey through the shocking yet normalized corruption in our financial institutions.

Examining local insurance agencies and corporate titans like JPMorgan Chase, BlackRock, and Wells Fargo and reveals the practices that have kept the racial wealth gap practically as wide as it was during the Jim Crow era. Flitter exposes hiring and layoff policies designed to keep Black employees from advancing to high levels; racial profiling of customers in internal emails between bank tellers; major insurers refusing to pay Black policyholders’ claims; and the systematic denial of funding to Black entrepreneurs. She also gives a voice to victims, from single mothers to professional athletes to employees themselves: people who were scammed, lied to, and defrauded by the systems they trusted with their money, and silenced when they attempted to speak out and seek reform.

Flitter connects the dots between data, history, legal scholarship, and powerful personal stories to provide a “must-read wake-up call” (Valerie Red-Horse Mohl, president of KNOWN Holdings) about what it means to bank while Black. As America continues to confront systemic racism and pave a path forward, The White Wall: How Big Finance Bankrupts Black America (Atria/One Signal Publishers, 2022) is an essential examination of one of its most caustic contributors.

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Chris Desan on Making Money (Recall This Buck)

Wed, 05 Jul 2023 08:00:00 -0000

Our Recall this Buck series, back in 2020 and 2021, explored the history of money, ranging from the earliest forms of labor IOUs to the modern world of bitcoin and electronically distributed value. We began by focusing on the rise of capitalism, the Bank of England, and how an explosion of liquidity changed everything.

We were lucky to do so, just before the Pandemic struck, with Christine Desan of Harvard Law School, who recently published Making Money: Coin, Currency, and the Coming of Capitalism (Oxford University Press, 2014). She is also managing editor of JustMoney.org, a website that explores money as a critical site of governance. Desan’s research explores money as a legal and political project. Her approach opens economic orthodoxy to question by widening the focus on money as an instrument, to examine the institutions and agreements through which resources are mobilized and tracked, by means of money. In doing so, she shows that particular forms of money, and the markets within which they circulate, are neither natural or inevitable.

Christine Desan, “Making Money“
Ursula Le Guin The Earthsea Novels (money hard to come by, but kinda cute)
Samuel Delany, the Neveryon series (money part of the evils of naming, slavery, labor appropriation)
Jane Austen “Pride and Prejudice“
Richard Rhodes, “Energy“
John Plotz, “Is Realism Failing?” (on liberal guilt and patrimonial fiction)
William Cobbett, “Rural Rides” (1830; London as wen)
E. P. Thompson, “The Moral Economy of the English Crowd in the Eighteenth Century” (notional “just price” of bread)
Peter Brown, “Through the Eye of a Needle: Wealth, the Fall of Rome, and the Making of Christianity in the West, 350-550 AD”
Chris Vanden Bossche, “Reform Acts“
“Sanditon” on PBS (and the original unfinished Austen novel)
Still from “Sanditon”
Margot Finn, “Character of Credit“
Thomas Piketty, “Capital in the 21st Century“
L. Frank Baum, “The Wonderful Wizard of Oz” (1900)
Leo Tolstoy “The Forged Coupon” (orig.1904)
Robert Louis Stevenson, “The Bottle Imp” (1891)
Frank Norris, “The Octopus” (1901)
D. W. Griffith, “A Corner in Wheat” (1909)

Read the episode here.

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Algy Hall, "Four Ways to Beat the Market: A Practical Guide to Stock-Screening Strategies to Help You Pick Winning Shares" (Harriman House, 2023)

Wed, 28 Jun 2023 08:00:00 -0000

Investors in stocks are faced with two major problems: How to find and interpret the most useful data from company accounts. How to whittle down the list of thousands of public companies into a smaller pool of candidates for further research.

In Four Ways to Beat the Market: A Practical Guide to Stock-Screening Strategies to Help You Pick Winning Shares (Harriman House, 2023), experienced financial journalist Algy Hall provides the solution to both problems and helps investors in their quest to pick winning shares. The answer lies in stock screens. Over a decade, the four stock screens described here outperformed the market by 270% to 336%. These stock screens are ridiculously powerful – but staggeringly simple. Algy starts with four strategies for equity investing: Quality, Value, Income and Momentum.

He shows how to construct four stock screens and use data from company accounts, including common accounting ratios, to filter stocks on the criteria that each of these strategies is looking for. And once the shortlist of screened stocks is produced, Algy explains how to use that shortlist as a basis for further analysis and research, before making an investment.

Along the way, Algy also reveals the logical and empirical basis behind Quality, Value, Income and Momentum strategies, to help investors understand why they work and give them the confidence that they will continue to work in the future. Many other hints, tricks and tactics for investors are revealed, to help investors spot the best stocks and avoid the duds.

With Algy Hall as your guide, discover the surprising ideas and stories that lie behind these strategies, while building the necessary know-how to improve your investment returns.

John Emrich has worked for decades years in corporate finance, business valuation and fund management. He has a podcast about the investment space called Kick the Dogma.

john@ktdpod.com

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John M. Jennings, "The Uncertainty Solution: How to Invest with Confidence in the Face of the Unknown" (Greenleaf Book Group, 2023)

Wed, 21 Jun 2023 08:00:00 -0000

This is not a typical investment book. It is an experiential guide on cultivating the mindset and behavior necessary to weather inherently uncertain and unpredictable markets. It doesn't just tell you how to invest but how to think better about investing. Referencing studies on psychology, decision making, and investment behavior, Jennings provides a no-nonsense analysis of the financial markets and a road map to navigating its inevitable twists and turns.

Jennings uses mental models to create a latticework of wisdom that will help you evaluate investment advice and learn better behavior in the face of uncertainty. To name a few: ignore expert predictions, be wary of stories, and try to invest like a dead person.

An engaging dive into investing psychology and best practices, The Uncertainty Solution: How to Invest with Confidence in the Face of the Unknown (Greenleaf Book Group, 2023) is an authoritative, accessible guide for both lay investors and professionals inundated with financial news and data. Read this book to improve your thinking about investing, practice better investment behavior, and ultimately, have more money.

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The Future of Venture Capitalists: A Discussion with Sebastian Mallaby

Tue, 20 Jun 2023 08:00:00 -0000

By providing capital to back the ideas and efforts of others, venture capitalists can make absurd amounts of money. But there is another way of looking at it – venture capitalists take huge risks and produce great benefits. Many of the companies we rely on today began with a punt by a venture capitalist. Sebastian Mallaby discusses venture capitalists with Owen Bennett Jones. Mallaby is the author of The Power Law: Venture Capital and the Making of the New Future (Penguin, 2022) among other books.

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Allan E. S. Lumba, "Monetary Authorities: Capitalism and Decolonization in the American Colonial Philippines" (Duke UP, 2022)

Thu, 15 Jun 2023 08:00:00 -0000

Monetary Authorities: Capitalism and Decolonization in the American Colonial Philippines (Duke UP, 2022) investigates the ways in which racial and class hierarchies shaped the monetary policy and banking systems in the Philippines. Combining historical research and normative arguments calling for unconditional decolonization, Allan E. S. Lumba advances a powerful account of how the logics and practices of racial capitalism advanced the United States’ ‘counter-decolonization’ efforts in the Philippines.

In this podcast, Lumba shares the book’s back story, his theoretical inspirations that informed his core arguments, and the importance of understanding the global capitalist order from the perspective of postcolonial nations.

Allan E. S. Lumba is a Global American Studies postdoctoral fellow at Harvard University's Charles Warren Center and visiting faculty in the Department of History. He has also served as resident fellow at the Newberry Library in Chicago and University of Michigan's Bentley Library. His teaching experience and interests spans across myriad fields, including: Southeast Asian history, Asian American and Ethnic studies, U.S. in the World, and Comparative World history.

The open access edition of this book is available here.

Like this interview? You may also be interested in:

Martin Edwards, The IMF, the WTO & the Politics of Economic Surveillance (Routledge 2018)
Jakob Feinig, Moral Economies of Money: Politics and the Monetary Constitution of Society (Stanford University Press 2022)

Nicole Curato is a Professor of Sociology in the Centre for Deliberative Democracy and Global Governance at the University of Canberra. She co-hosts the New Books in Southeast Asia Studies channel.

This episode was created in collaboration with Erron C. Medina of the Development Studies Program of Ateneo De Manila University and Nicole Anne Revita.

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Anne L. Murphy, "Virtuous Bankers: A Day in the Life of the Eighteenth-Century Bank of England" (Princeton UP, 2023)

Thu, 08 Jun 2023 08:00:00 -0000

The eighteenth-century Bank of England was an institution that operated for the benefit of its shareholders--and yet came to be considered, as Adam Smith described it, "a great engine of state." In Virtuous Bankers: A Day in the Life of the Eighteenth-Century Bank of England (Princeton UP, 2023), Anne Murphy explores how this private organization became the guardian of the public credit upon which Britain's economic and geopolitical power was based. Drawing on the voluminous and detailed minute books of a Committee of Inspection that examined the Bank's workings in 1783-84, Murphy frames her account as "a day in the life" of the Bank of England, looking at a day's worth of banking activities that ranged from the issuing of bank notes to the management of public funds.

Murphy discusses the bank as a domestic environment, a working environment, and a space to be protected against theft, fire, and revolt. She offers new insights into the skills of the Bank's clerks and the ways in which their work was organized, and she positions the Bank as part of the physical and cultural landscape of the City: an aggressive property developer, a vulnerable institution seeking to secure its buildings, and an enterprise necessarily accessible to the public. She considers the aesthetics of its headquarters--one of London's finest buildings--and the messages of creditworthiness embedded in that architecture and in the very visible actions of the Bank's clerks. Murphy's uniquely intimate account shows how the eighteenth-century Bank was able to deliver a set of services that were essential to the state and commanded the confidence of the public.

Anne L. Murphy is Professor of History and Executive Dean of the Faculty of Humanities and Social Sciences. She joined the University of Portsmouth in March 2021. Prior to this she worked at the University of Hertfordshire and the University of Exeter. Previously she spent twelve years working in the City trading interest rate and foreign exchange derivatives.

Her research focuses on early modern financial markets and publications include articles in Past and Present, Economic History Review, History, Financial History Review and Women's History Review. Her previous monographs are The Origins of English Financial Markets: investment and speculation before the South Sea Bubble (2010) and The Worlds of the Jeake Family of Rye, 1640-1736 (2018).

References:

-Previous NBN podcasts on money, namely Lawrence H. White and Dror Goldberg.

-Books by Amy Froide's Silent Partners: Women as Public Investors during Britain's Financial Revolution, 1690-1750 and Daniel Abramson's Building the Bank of England: Money, Architecture, Society 1694-1942.

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Perry Mehrling, "Money and Empire: Charles P. Kindleberger and the Dollar System" (Cambridge UP, 2022)

Fri, 02 Jun 2023 08:00:00 -0000

Charles Kindleberger ranks as one of the twentieth century's best known and most influential international economists. This book traces the evolution of his thinking in the context of a 'key-currency' approach to the rise of the dollar system, here revealed as the indispensable framework for global economic development since World War II. Unlike most of his colleagues, Kindleberger was deeply interested in history, and his economics brimmed with real people and institutional details. His research at the New York Fed and BIS during the Great Depression, his wartime intelligence work, and his role in administering the Marshall Plan gave him deep insight into how the international financial system really operated.

A biography of both the dollar and a man, Money and Empire (Cambridge University Press, 2022) also the story of the development of ideas about how money works. It throws revealing light on the underlying economic forces and political obstacles shaping our globalized world.

Perry Mehrling is Professor of International Political Economy at Boston University.

Caleb Zakarin is the Assistant Editor of the New Books Network.

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William J. Bernstein, "The Delusions of Crowds: Why People Go Mad in Groups" (Grove Press, 2021)

Mon, 29 May 2023 04:00:00 -0000

What do financial bubbles and religious millenarianism have in common? They both involve collective delusion. When Charles Mackey wrote a book on the Madness of Crowds in the 19th century, he could not have imagined that religious and financial bubbles will continue to reappear, but as Willam Bernstein points out, the world has not gotten any saner.

William Bernstein is an investment manager and the author of a number of books including, The Delusions Of Crowds: Why People Go Mad in Groups and The Birth of Plenty: How the Prosperity of the Modern World was Created. And before his work in finance, he spent more than 30 years practicing medicine.

William and Greg discuss the difference between intelligence and rationality, how human nature is rooted in imitation and mimicry, and the end of the world.

Gregory LaBlanc is a lifelong educator with degrees in History, PPE, Business, and Law, Greg currently teaches at Berkeley, Stanford, and HEC Paris. He has taught in multiple disciplines, from Engineering to Economics, from Biology to Business, from Psychology to Philosophy. He is the host of the unSILOed podcast. unSILOed is produced by University FM.

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Lawrence H. White, "Better Money: Gold, Fiat, or Bitcoin?" (Cambridge UP, 2023)

Sun, 28 May 2023 08:00:00 -0000

The recent rise of dollar, pound, and euro inflation rates has rekindled the debate over potential alternative monies, particularly gold and Bitcoin. Though Bitcoin has been much discussed in recent years, a basic understanding of how it and gold would work as monetary standards is rare. Accessibly written by a pioneering economist, Better Money explains and evaluates gold, fiat, and Bitcoin standards without hype. White uses simple supply-and-demand analysis to explain how these standards work, evaluating their relative merits and explaining their response to shocks, allowing for informed comparisons between them. This book addresses common misunderstandings of the gold standard and Bitcoin, using historical evidence to review the history of money with emphasis on the contest between market and government provision. Known for his work on alternative monetary institutions, White offers a reasoned discussion of which standard is most likely to provide a better money.

In Better Money: Gold, Fiat, or Bitcoin? (Cambridge UP, 2023), Lawrence H. White offers a summary of previous work while explaining differences and similarities of the gold standard and how crypto currencies work in an authoritative yet non technical way with a non-specialist audience in mind. His main idea is to explore alternatives to fiat money in a digital world.

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Adrian R. Bazbauers and Susan Engel, "The Global Architecture of Multilateral Development Banks: A System of Debt or Development?" (Routledge, 2023)

Wed, 24 May 2023 08:00:00 -0000

Adrian Bazbauers and Susan Engel’s 2021 book The Global Architecture of Multilateral Development Banks: A System of Debt or Development? (Routledge, 2023) explores the evolution of the 30 functioning multilateral development banks (MDBs). MDBs have their roots in the growing system of international finance and multilateral cooperation, with the first recognizable MDB being proposed by Latin America in financial cooperation with the US in the late 1930s. That Inter-American Bank did not eventuate but was a precursor to the World Bank being negotiated at Bretton Woods in 1944. Since then, a complex network of regional, sub-regional, and specialized development banks has progressively emerged across the globe, including two significant recent entrants established by China and the BRICS.

MDBs arrange loans, credits, and guarantees for investment in member states, generally with the stated aim of fostering economic growth. They operate in both the Global North and South, though there are more MDBs focusing on emerging and developing states. While the World Bank and some of the larger regional banks have been scrutinized, little attention has been paid to the smaller banks or the overall system. This book provides the first study of all 30 MDBs and it evaluates their interrelationships. It analyses the emergence of the MDBs in relation to geopolitics, development paradigms and debt. It includes sections on each of the banks as well as on how MDBs have approached the key sectors of infrastructure, human development, and climate.

This book will be of particular interest to researchers of development finance, global governance, and international political economy.

Dr. Susan Engel is an Associate Professor in Politics and International Studies and co-Director of the Future of Rights Centre. Her research interests focus on the impact of neoliberalism on development and international political economy.

Dr Adrian Robert Bazbauers is a Senior Lecturer in International Public Sector Management, and Undergraduate Coordinator, in the School of Business at UNSW, Canberra.

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Truth, Fiction, and Student Loan Forgiveness: A Conversation with Beth Akers

Mon, 22 May 2023 08:00:00 -0000

With the Biden Administration's student loan relief coming down the pike, Annika sits down with Dr. Beth Akers, a Senior Fellow at the American Enterprise Institute who specializes in higher education finance. Beth discusses the issue of student debt, and what the Biden relief plan will and will not achieve.

You can find more information about Dr. Akers and her recent writing and appearances here.

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Inflation, Past and Present: A Conversation with Tyler Goodspeed

Fri, 19 May 2023 08:00:00 -0000

We all know that things are a little more expensive when we head to the grocery store. But what does inflation actually mean? How did we get to where we are, and what happens next? What does history have to say about our current economic situation?

Annika sits down with Tyler Goodspeed of the Hoover Institution. Dr. Goodspeed served in the White House as Acting Chairman of the Council of Economic Advisers from 2020-2021, and was formerly on the Faculty of Economics at the University of Oxford, where he specialized in financial history.

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Brett Christophers, "Our Lives in Their Portfolios: Why Asset Managers Own the World" (Verso, 2023)

Tue, 25 Apr 2023 08:00:00 -0000

Banks have taken a backseat since the global financial crisis over a decade ago. Today, our new financial masters are asset managers, like Blackstone and BlackRock. And they don't just own financial assets. The roads we drive on; the pipes that supply our drinking water; the farmland that provides our food; energy systems for electricity and heat; hospitals, schools, and even the homes in which many of us live-all now swell asset managers' bulging investment portfolios.

As the owners of more and more of the basic building blocks of everyday life, asset managers shape the lives of each and every one of us in profound and disturbing ways. In Our Lives in Their Portfolios: Why Asset Managers Own the World (Verso, 2023), Brett Christophers peels back the veil on "asset manager society." Asset managers, he shows, are unlike traditional owners of housing and other essential infrastructure. Buying and selling these life-supporting assets at a dizzying pace, the crux of their business model is not long-term investment and careful custodianship but making quick profits for themselves and the investors that back them.

In asset manager society, the natural and built environments that sustain us become one more vehicle for siphoning money from the many to the few.

Brett Christophers is a professor in the Department of Human Geography and the Institute for Housing and Urban Research at Uppsala University in Sweden. His previous books include The New Enclosure: The Appropriation of Public Land in Neoliberal Britain (2019) and Rentier Capitalism: Who Owns the Economy, and Who Pays for It? (2020).

Brian Hamilton is chair of the Department of History and Social Science at Deerfield Academy. Twitter. Website.

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Quinn Slobodian, "Crack-Up Capitalism: Market Radicals and the Dream of a World Without Democracy" (Metropolitan, 2023)

Mon, 17 Apr 2023 08:00:00 -0000

Look at a map of the world and you'll see a colorful checkerboard of nation-states. But this is not where power actually resides. Over the last decade, globalization has shattered the map into different legal spaces: free ports, tax havens, special economic zones. With the new spaces, ultracapitalists have started to believe that it is possible to escape the bonds of democratic government and oversight altogether.

Crack-Up Capitalism: Market Radicals and the Dream of a World Without Democracy (Metropolitan Books, 2023) follows the most notorious radical libertarians--from Milton Friedman to Peter Thiel--around the globe as they search for the perfect space for capitalism. Historian Quinn Slobodian leads us from Hong Kong in the 1970s to South Africa in the late days of apartheid, from the neo-Confederate South to the former frontier of the American West, from the medieval City of London to the gold vaults of right-wing billionaires, and finally into the world's oceans and war zones, charting the relentless quest for a blank slate where market competition is unfettered by democracy.

A masterful work of economic and intellectual history, Crack-Up Capitalism offers both a new way of looking at the world and a new vision of coming threats. Full of rich details and provocative analysis, Crack-Up Capitalism offers an alarming view of a possible future.

Quinn Slobodian is a professor of the history of ideas at Wellesley College.

Caleb Zakarin is the Assistant Editor of the New Books Network.

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Charles Read, "Calming the Storms: The Carry Trade, the Banking School and British Financial Crises Since 1825" (Palgrave MacMillan, 2023)

Mon, 17 Apr 2023 08:00:00 -0000

Calming the Storms: The Carry Trade, the Banking School and British Financial Crises Since 1825 (Palgrave Macmillan, 2023) by Dr. Charles Read exposes, for the first time in modern scholarship, the role that the rise of the Carry Trade played in British financial crises between 1825 and 1866, how in reaction the Bank of England improved its management of monetary policy after 1866 and how those lessons have been forgotten since the 1970s.

Britain is one of the few major capitalist economies in the world to have avoided policy-induced systemic financial crises for more than 100 years of its history—between 1866 and 1973. Beforehand, it suffered a series of serious banking panics, in 1825, 1837, 1847, 1857-58 and 1866. Since the 1970s banking instability has returned again, with the global financial crisis of 2007-09 hitting Britain hard.

Economists and policymakers have asked what can be learnt from Britain’s experience of the disappearance and reappearance of crises to help efforts to prevent future ones. This book answers that question with a major reassessment of Britain’s financial history over the past two centuries. It does so by applying the long-neglected ideas of the British Banking School to explain how crises can occur because of the Carry Trade. This book is essential reading for economists and historians of modern Britain, practitioners and policymakers, as well as anyone who is affected by financial crises and their consequences.

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Harold James, "Seven Crashes: The Economic Crises That Shaped Globalization" (Yale UP, 2023)

Sat, 15 Apr 2023 08:00:00 -0000

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Dror Goldberg, "Easy Money: American Puritans and the Invention of Modern Currency" (U Chicago Press, 2023)

Sun, 09 Apr 2023 08:00:00 -0000

Economists endlessly debate the nature of legal tender monetary systems--coins and bills issued by a government or other authority. Yet the origins of these currencies have received little attention.

Dror Goldberg tells the story of modern money in North America through the Massachusetts colony during the seventeenth century. As the young settlement transitioned to self-governance and its economy grew, the need to formalize a smooth exchange emerged. Printing local money followed.

Easy Money: American Puritans and the Invention of Modern Currency (U Chicago Press, 2023) illustrates how colonists invented contemporary currency by shifting its foundation from intrinsically valuable goods--such as silver--to the taxation of the state. Goldberg traces how this structure grew into a worldwide system in which, monetarily, we are all Massachusetts. Weaving economics, law, and American history, Easy Money is a new touchstone in the story of monetary systems.

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James J. Park, "The Valuation Treadmill: How Securities Fraud Threatens the Integrity of Public Companies" (Cambridge UP, 2022)

Fri, 07 Apr 2023 08:00:00 -0000

Public companies now face constant pressure to meet investor expectations. A company must continually deliver strong short-term performance every quarter to maintain its stock price. This valuation treadmill creates incentives for corporations to deceive investors. Published more than twenty years after the passage of Sarbanes-Oxley, which requires all public companies to invest in measures to ensure the accuracy of their disclosures, The Valuation Treadmill: How Securities Fraud Threatens the Integrity of Public Companies (Cambridge University Press, 2022) shows how securities fraud became a major regulatory concern. Drawing on case studies of paradigmatic securities enforcement actions involving Xerox, Penn Central, Apple, Enron, Citigroup, and General Electric, the book argues that corporate securities fraud emerged as investors increasingly valued companies based on their future performance. Corporations now have an incentive to issue unrealistically optimistic disclosure to convince markets that their success will continue. Securities regulation must do more to protect the integrity of public companies from the pressure of the valuation treadmill.

James J. Park is Professor of Law at UCLA School of Law.

Caleb Zakarin is the Assistant Editor of the New Books Network.

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Alan Blinder, "A Monetary and Fiscal History of the United States, 1961-2021" (Princeton UP, 2022)

Thu, 06 Apr 2023 08:00:00 -0000

Spanning twelve presidents, from John F. Kennedy to Joe Biden, and eight Federal Reserve chairs, from William McChesney Martin to Jerome Powell, this is an insider's story of macroeconomic policy. Focusing on the most significant developments and long-term changes, Alan Blinder traces the highs and lows of monetary and fiscal policy, which have cooperated and clashed through many recessions and several long booms over the past six decades. From the fiscal policy of Kennedy's New Frontier to Biden's responses to the pandemic, the book takes readers through the stagflation of the 1970s, the conquest of inflation under Jimmy Carter and Paul Volcker, the rise of Reaganomics, and the bubbles of the 2000s before bringing the story up through recent events, including the financial crisis, the Great Recession, and monetary policy during COVID-19. A lively and concise narrative, A Monetary and Fiscal History of the United States, 1961-2021 (Princeton University Press, 2022) is filled with vital lessons for anyone who wants to better understand where the economy has been and where it might be headed.

Alan S. Blinder is the Gordon S. Rentschler Memorial Professor of Economics and Public Affairs at Princeton University, a former vice chair of the Federal Reserve Board, and a former member of the President's Council of Economic Advisers.

Caleb Zakarin is the Assistant Editor of the New Books Network.

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Robert L. Hetzel, "Does the FOMC Have a Viable Strategy for Controlling Inflation?" (2023)

Sat, 25 Mar 2023 08:00:00 -0000

Robert L. Hetzel presented a paper at the Dallas Fed conference on February 9th, 2023 titled, “Does the Federal Open Market Committee Have a Viable Strategy for Controlling Inflation?” The Federal Open Market Committee or FOMC sets monetary policy for the United States with the objectives of price stability and full employment. In mid-2021, inflation began to rise, reaching its highest level in 40 years. In response, the FOMC raised interest rates and hinted at broader policy shifts. In his paper, Robert makes sense of the current challenges facing monetary policy and considers the best routes for the FOMC to take to avoid a hard landing.

Robert L. Hetzel is a visiting scholar at the Federal Reserve Bank of Chicago and a senior affiliated scholar at the Mercatus Center at George Mason University.

Caleb Zakarin is the Assistant Editor of the New Books Network.

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Weijian Shan, "Money Machine: A Trailblazing American Venture in China" (Wiley, 2023)

Thu, 23 Mar 2023 08:00:00 -0000

In 2010, Ping An took over Shenzhen Development Bank, ending an experiment that had never been tried before, and not been tried since: a foreign company owning and managing a Chinese bank. Newbridge Capital, a private equity firm, shocked the financial world when it agreed to take over the bank five years earlier–and successfully made it a pioneer.

Weijian Shan, then a partner in Newbridge Capital, writes about the whole escapade in his third book Money Machine: A Trailblazing American Venture in China (Wiley: 2023), from when the deal first started, through its many reforms, to Newbridge’s final exit.

In this interview, Shan and I talk about the trailblazing deal to take over Shenzhen Development Bank, how important that was in the story of China’s development–and whether private equity gets a bad rap.

Weijian Shan is co-founder and executive chairman of PAG, a leading private equity firm in Asia. Prior to his career in private equity, Shan was, at different times, a managing director at JP Morgan and a professor at the Wharton School of the University of Pennsylvania. He is also the author of Out of the Gobi: My Story of China and America (Wiley: 2019) and Money Games: The Inside Story of How American Dealmakers Saved Korea’s Most Iconic Bank (Wiley: 2020).

You can find more reviews, excerpts, interviews, and essays at The Asian Review of Books.. Follow on Twitter at @BookReviewsAsia.

Nicholas Gordon is an associate editor for a global magazine, and a reviewer for the Asian Review of Books. He can be found on Twitter at @nickrigordon.

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Leon Wansleben, "The Rise of Central Banks: State Power in Financial Capitalism" (Harvard UP, 2023)

Thu, 23 Mar 2023 08:00:00 -0000

While central banks have gained remarkable influence over the past fifty years, promising more stability, global finance has gone from crisis to crisis. How do we explain this development? Drawing on original sources ignored in previous research, The Rise of Central Banks: State Power in Financial Capitalism (Harvard University Press, 2023) offers a groundbreaking account of the origins and consequences of central banks' increasing clout over economic policy.

Many commentators argue that ideas drove change, indicating a shift in the 1970s from Keynesianism to monetarism, concerned with controlling inflation. Others point to the stagflation crises, which put capitalists and workers at loggerheads. Capitalists won, the story goes, then pushed deregulation and disinflation by redistributing power from elected governments to markets and central banks. Both approaches are helpful, but they share a weakness. Abstracting from the evolving practices of central banking, they provide inaccurate accounts of recent policy changes and fail to explain how we arrived at the current era of easy money and excessive finance.

By comparing developments in the United States, the United Kingdom, Germany, and Switzerland, Leon Wansleben finds that central bankers' own policy innovations were an important ingredient of change. These innovations allowed central bankers to use privileged relationships with expanding financial markets to govern the economy. But by relying on markets, central banks fostered excessive credit growth and cultivated an unsustainable version of capitalism. Through extensive archival work and numerous interviews, Wansleben sheds new light on the agency of bureaucrats and calls upon society and elected leaders to direct these actors' efforts to more progressive goals.

Caleb Zakarin is the Assistant Editor of the New Books Network.

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From China's Lost Generation to American Private Equity Professor

Sun, 19 Mar 2023 08:00:00 -0000

Having lived through both China’s Great Leap Forward during primary school, then the Cultural Revolution and the closing of schools for ten years, Beijing-born Weijian Shan, instead of a secondary school education spent six hard years in the Gobi Desert with the Army Construction Corps.

Remarkably, the young Shan made it to a PhD program at UC Berkeley where he met his academic advisor, then Professor Janet Yellen, later U.S. Treasury Secretary. (Somewhat ironically now attending to the insolvencies of Silicon Valley Bank and Signature Bank). Shan goes on to become a Wharton School business professor before moving into investment banking and private equity investing making financial business history with the successful takeover and turnaround of failed banks in South Korea and China.

Both generous with his time and patient with my questions, Dr. Shan is currently the CEO at PAG, a private equity firm managing assets of some $50 billion. We discussed the books in chronological order with a few tangents that Shan used to both clarify and instruct such as:

his 2006 public debate with World Bank economists about Chinese profitability;
why his generation truly is a ‘Lost Generation’;
his career and transitions including, among other things, the connection between recent financial crises and the basics of sound financial banking systems;
lessons from and advice for business negotiation;
the importance of leadership, and his two keys to an ‘ownership’ mentality.

All within the context of his well-written and interesting narratives providing personal accounts of life during the Cultural Revolution period in China, as well as historic overseas private equity bank deals as described by the publisher, Wiley and Sons, adapted below:

Out of the Gobi: My Story of China and America draws a vivid picture of the raw human energy and the will to succeed against all odds. Shan, a former hard laborer who is now one of Asia's best-known financiers, is thoughtful, observant, eloquent, and brutally honest, making him well-positioned to tell the story of a life that is a microcosm of modern China, and of how, improbably, that life became intertwined with America. This powerful and personal perspective on China and America will inform Americans' view of China, humanizing the country, while providing a rare view of America from the prism of a keen foreign observer who lived the American dream. (2019)
Money Games: The Inside Story of How American Dealmakers Saved Korea’s Most Iconic Bank is a riveting tale of one of the most successful buyout deals ever: the acquisition and turnaround of what used to be Korea's largest bank by the Asian arm of an American firm, Newbridge Capital. Full of intrigue and suspense, this insider's account is told by the chief architect of the deal itself, the celebrated author and private equity investor Weijian Shan. With billions of dollars at stake, and the nation's economic future on the line, Newbridge Capital sought to become the first foreign firm in history to take control of one of Korea's most beloved financial institutions. (2020)
In Money Machine: A Trailblazing American Venture in China, Weijian Shan delivers a compelling account of one of the most significant deals in private equity history: the first and only foreign acquisition of control of a Chinese national bank. Money Machine is the fascinating inside story of the transaction as told by the man who led it, from the intrigues of dealmaking to the complex and uncharted process of securing control by a foreign investor of a Chinese nationwide financial institution, a feat that had never before been attempted, nor has it been repeated. (2023)

Keith Krueger teaches at the Sydney Business School at Shanghai University - can be reached at keith.krueger1@uts.edu.au or keithNBn@gmail.com.

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Michael Schiltz, "Accounting for the Fall of Silver: Hedging Currency Risk in Long-Distance Trade with Asia, 1870-1913" (Oxford UP, 2020)

Mon, 20 Feb 2023 09:00:00 -0000

The second half of the nineteenth century is correctly known to have culminated in the emergence of the gold standard as the first truly international monetary regime. The processes leading up to this remarkable feat are, however, far less documented or understood. Economic historians have only recently started digging into the causes behind the 'fall of silver' that preceded the scramble for gold. It is nowadays clear that its effects were felt worldwide. Not in the least, silver depreciation severely affected East-West trade. It was, among other factors, behind the bankruptcy of several powerful institutions as the Oriental Bank Corporation. Yet at the same time, it cemented the position of other banks, some of which exist until this very day (HSBC, Standard Chartered). What did these banks know that others did not?

In Accounting for the Fall of Silver: Hedging Currency Risk in Long-Distance Trade with Asia, 1870-1913 (Oxford UP, 2020), Michael Schiltz explains that the 1870s and 1880s witnessed furious experiments with new financial products and, equally important, strategies for hedging exchange rate risk. Drawing on archives that have never been used before, the book throws new light on an important episode of nineteenth century world history. At the same time, it illuminates lesser known aspects of the first gold standard period. It draws attention to the existence of 'carry trades' between European money markets and the lesser liquid Asian periphery; and describes the creation of financial contracts with the sole aim of enabling commodity finance among Asian mercantile centers.

Michael Schiltz is associate professor at Hokkaido University. His has published widely on the financial history of modern Japan, including his first book The Money Doctors from Japan – Finance, Imperialism, and the Building of the ‘Yen Bloc’ (Harvard University Press, 2012).

Ghassan Moazzin is an Assistant Professor at the Hong Kong Institute for the Humanities and Social Sciences and the Department of History at the University of Hong Kong. He works on the economic and business history of 19th and 20th century China, with a particular focus on the history of foreign banking, international finance and electricity in modern China. His first book, Foreign Banks and Global Finance in Modern China: Banking on the Chinese Frontier, 1870–1919, was published by Cambridge University Press in 2022.

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Geoffrey Jones, "Deeply Responsible Business A Global History of Values-Driven Leadership" (Harvard University Press, 2023)

Sat, 18 Feb 2023 09:00:00 -0000

In this episode, I interview Professor Geoffrey Jones about his new book Deeply Responsible Business: A Global History of Values-Driven Leadership (Harvard University Press, 2023). For an extraordinary introduction to the content of the book, please visit deeplyreponsible.com .

Professor Christopher Marquis, author of Better Business: How the B Corp Movement Is Remaking Capitalism (Yale University Press, 2020) also joined our conversation.

Deeply Responsible Business is a global history of deeply responsible business leaders. It offers an invaluable historical perspective, going back to the Quaker capitalism of George Cadbury and the worker solidarity of Edward Filene. Through a series of in-depth profiles of business leaders and their companies, it carries us from India to Japan and from the turmoil of the nineteenth century to the latest developments in impact investing and the B-corps. Geoffrey Jones profiles business leaders from around the world who combined profits with social purpose to confront inequality, inner-city blight, and ecological degradation, while navigating restrictive laws and authoritarian regimes.

He found that these leaders were motivated by bedrock values and sometimes—but not always—driven by faith. They chose to operate in socially productive fields, interacted with humility with stakeholders, and felt a duty to support their communities. While far from perfect—some combined visionary practices with vital flaws—each one showed that profit and purpose could be reconciled. Many of their businesses were highly successful—though financial success was not their only metric of achievement.

As companies seek to coopt ethically sensitized consumers, Jones gives us a new perspective to tackle tough questions. Inspired by these passionate and pragmatic business leaders, he envisions a future in which companies and entrepreneurs can play a key role in healing our communities and protecting the natural world.

Interview by Paula de la Cruz-Fernández, Ph.D.

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Victor Roy, "Capitalizing a Cure: How Finance Controls the Price and Value of Medicines" (U California Press, 2023)

Fri, 17 Feb 2023 09:00:00 -0000

Capitalizing a Cure: How Finance Controls the Price and Value of Medicines (U California Press, 2023) takes readers into the struggle over a medical breakthrough to investigate the power of finance over business, biomedicine, and public health. When curative treatments for hepatitis C launched in 2013, sticker shock over their prices intensified the global debate over access to new medicines. Weaving historical research with insights from political economy and science and technology studies, Victor Roy demystifies an oft-missed dynamic in this debate: the reach of financialized capitalism into how medicines are made, priced, and valued.

Roy’s account moves between public and private labs, Wall Street and corporate board rooms, and public health meetings and health centers to trace the ways in which curative medicines became financial assets dominated by strategies of speculation and extraction at the expense of access and care. Provocative and sobering, this book illuminates the harmful impact of allowing financial markets to determine who heals and who suffers and points to the necessary work of building more equitable futures.

Rachel Pagones is an acupuncturist, educator, and author based in Cambridge, England.

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The History of Student Loans in the United States

Tue, 14 Feb 2023 09:00:00 -0000

Elizabeth Tandy Shermer, an associate professor of history at Loyola University Chicago, talks about her book, Indentured Students: How Government-Guaranteed Loans Left Generations Drowning in Debt, with Peoples & Things host, Lee Vinsel. Indentured Students examines the long history of student loans in the United States, including important turning points in the 1960s. Shermer argues that elected officials have preferred student loans as an answer to an important social problem, the perceived-need for college education, over more structural solutions. Shermer and Vinsel also talk about what this legacy of debt means today as well as what recent public discussions about student debt might portend for the future.

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Rowan Dorin, "No Return: Jews, Christian Usurers, and the Spread of Mass Expulsion in Medieval Europe" (Princeton UP, 2023)

Sun, 05 Feb 2023 09:00:00 -0000

Beginning in the twelfth century, Jewish moneylenders increasingly found themselves in the crosshairs of European authorities, who denounced the evils of usury as they expelled Jews from their lands. Yet Jews were not alone in supplying coin and credit to needy borrowers. Across much of Western Europe, foreign Christians likewise engaged in professional moneylending, and they too faced repeated threats of expulsion from the communities in which they settled. No Return: Jews, Christian Usurers, and the Spread of Mass Expulsion in Medieval Europe (Princeton University Press, 2023) examines how mass expulsion became a pervasive feature of European law and politics—with tragic consequences that have reverberated down to the present.

Drawing on unpublished archival evidence ranging from fiscal ledgers and legal opinions to sermons and student notebooks, Dr. Rowan Dorin traces how an association between usury and expulsion entrenched itself in Latin Christendom from the twelfth century onward. Showing how ideas and practices of expulsion were imitated and repurposed in different contexts, he offers a provocative reconsideration of the dynamics of persecution in late medieval society.

Uncovering the protean and contagious nature of expulsion, No Return is a panoramic work of history that offers new perspectives on Jewish-Christian relations, the circulation of norms and ideas in the age before print, and the intersection of law, religion, and economic life in premodern Europe.

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Truth, Fiction, and Student Loan Forgiveness: A Conversation with Beth Akers

Thu, 02 Feb 2023 09:00:00 -0000

You can find more information about Dr. Akers and her recent writing and appearances here.

Annika Nordquist is the Communications Coordinator of Princeton University’s James Madison Program in American Ideals and Institutions and host of the Program’s podcast, Madison’s Notes.

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Ajay Agrawal et al., "Power and Prediction: The Disruptive Economics of Artificial Intelligence" (HBR Press, 2022)

Tue, 24 Jan 2023 09:00:00 -0000

Disruption resulting from the proliferation of AI is coming. The authors of the bestselling Prediction Machines describe what you can do to prepare. Banking and finance, pharmaceuticals, automotive, medical technology, retail. Artificial intelligence (AI) has made its way into many industries around the world. But the truth is, it has just begun its odyssey toward cheaper, better, and faster predictions to drive strategic business decisions--powering and accelerating business. When prediction is taken to the max, industries transform. The disruption that comes with such transformation is yet to be felt--but it is coming. How do businesses prepare?

In Prediction Machines, eminent economists Ajay Agrawal, Joshua Gans, and Avi Goldfarb explained the simple yet game-changing economics of AI. Now, in Power and Prediction: The Disruptive Economics of Artificial Intelligence (HBR Press, 2022), they go further to reveal AI as a prediction technology directly impacting decision-making and to teach businesses how to identify disruptive opportunities and threats resulting from AI. Their exhaustive study of new developments in artificial intelligence and the past history of how technologies have disrupted industries highlights the striking phase we are now in: after witnessing the power of this new technology and before its widespread adoption--what they call "the Between Times." While there continue to be important opportunities for businesses, there are also threats of disruption. As prediction machines improve, old ways of doing things will be upended. Also, the process by which AI filters into the many systems involved in application is very uneven. That process will have winners and losers. How can businesses leverage, or protect, their positions? Filled with illuminating insights, rich examples, and practical advice, Power and Prediction is the must-read guide for any business leader or policy maker on how to make the coming AI disruptions work for you rather than against you.

Interviewee Avi Goldfarb is the Rotman Chair in Artificial Intelligence and Healthcare and a professor of marketing at the Rotman School of Management, University of Toronto. Avi is also Chief Data Scientist at the Creative Destruction Lab and the CDL Rapid Screening Consortium, a faculty affiliate at the Vector Institute and the Schwartz-Reisman Institute for Technology and Society, and a Research Associate at the National Bureau of Economic Research. Avi’s research focuses on the opportunities and challenges of the digital economy.

He has published academic articles in marketing, statistics, law, management, medicine, political science, refugee studies, physics, computing, and economics. Avi is a former Senior Editor at Marketing Science. His work on online advertising won the INFORMS Society of Marketing Science Long Term Impact Award. He testified before the U.S. Senate Judiciary Committee on competition and privacy in digital advertising. His work has been referenced in White House reports, European Commission documents, the New York Times, the Economist, and elsewhere.

Peter Lorentzen is economics professor at the University of San Francisco. He heads USF's Applied Economics Master's program, which focuses on the digital economy. His research is mainly on China's political economy.

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Liran Einav et al., "Risky Business: Why Insurance Markets Fail and What to Do About It" (Yale UP, 2023)

Sat, 21 Jan 2023 09:00:00 -0000

Why is dental insurance so crummy? Why is pet insurance so expensive? Why does your auto insurer ask for your credit score? The answer to these questions lies in understanding how insurance works. Unlike the market for other goods and services—for instance, a grocer who doesn’t care who buys the store’s broccoli or carrots—insurance providers are more careful in choosing their customers, because some are more expensive than others.

In Risky Business: Why Insurance Markets Fail and What to Do About It (Yale UP, 2023), Liran Einav, Amy Finkelstein, and Ray Fisman explore such issues as why insurers want to know so much about us and whether we should let them obtain this information; why insurance entrepreneurs often fail (and some tricks that may help them succeed); and whether we’d be better off with government-mandated health insurance instead of letting businesses, customers, and markets decide who gets coverage and at what price. With insurance at the center of divisive debates about privacy, equity, and the appropriate role of government, this book offers clear explanations for some of the critical business and policy issues you’ve often wondered about, as well as for others you haven’t yet considered.

John Emrich has worked for decades years in corporate finance, business valuation and fund management. He has a podcast about the investment space called Kick the Dogma.

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Automating Finance

Thu, 19 Jan 2023 09:00:00 -0000

Sociologist Juan Pablo Pardo-Guerra, a professor at University of California San Diego, talks about his book Automating Finance: Infrastructures, Engineers, and the Making of Electronic Markets with Peoples & Things host Lee Vinsel. The book traces the long, largely anonymous, and in some senses boring history of how experts applied computers to financial systems since the 1970s, creating a digital infrastructure of the trading world. The conversation also touches on Pardo-Guerra’s more recent work on how systems of quantitative metrics have been applied to the management of universities and what might be done about it.

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Illiquidity + Opacity = Insolvency: A Discussion with Gary Stern, Former President of the Minneapolis Fed

Thu, 22 Dec 2022 05:00:00 -0000

What's going on in private markets? As interest rates have gone up, public markets have been marked down much more severely than assets in the private market. Will the chickens come home to roost? And, if so, when?

Gary Stern was president and chief executive officer of the Federal Reserve Bank of Minneapolis from March 1985 to September 2009. Stern, a native of Wisconsin, joined the Federal Reserve Bank of Minneapolis in January 1982 as senior vice president and director of research. Before joining the Minneapolis Fed, Stern was a partner in a New York-based economic consulting firm. Stern's prior experience includes seven years at the Federal Reserve Bank of New York. Stern serves on the board of directors of FINRA, The Dolan Company, The Depository Trust and Clearing Corporation, Ambac Assurance Corporation, and the Council for Economic Education (CEE), where he served for a time as acting President and Chief Executive Officer. Stern is co-author of Too Big to Fail: The Hazards of Bank Bailouts, published by The Brookings Institution (2004). Stern holds an A.B. in economics from Washington University, St. Louis, and a Ph.D. in economics from Rice University, Houston.

Robert Kowit began a career in investing in 1972, working in International Fixed Income and Foreign Exchange as a Senior Vice President at White Weld, Kidder Peabody, and as a Director of Midland Montagu. Moving to the buy-side in 1990, he was Senior Vice President and Head of International Fixed Income at John Hancock and then at Federated Investors until his retirement. He currently participates on committees of the International Chamber of Commerce and the International Trade and Forfaiting Association on ways to attract more financial investors to trade finance assets.

Robert is a contributor to the IMF World Bank Handbook, “Developing Government Bond Markets" and key speaker at the IMF World Bank Annual General Meeting. He is also lead author of the peer-reviewed paper, “Trade Finance as a Financial Asset: Risks and Risk Management For Non-Bank Investors” and most recently a contributor to Trade Wars Are Class Wars.

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Clara E. Mattei, "The Capital Order: How Economists Invented Austerity and Paved the Way to Fascism" (U Chicago Press, 2022)

Mon, 19 Dec 2022 09:00:00 -0000

A groundbreaking examination of austerity’s dark intellectual origins. For more than a century, governments facing financial crisis have resorted to the economic policies of austerity—cuts to wages, fiscal spending, and public benefits—as a path to solvency. While these policies have been successful in appeasing creditors, they’ve had devastating effects on social and economic welfare in countries all over the world. Today, as austerity remains a favored policy among troubled states, an important question remains: What if solvency was never really the goal?

In The Capital Order: How Economists Invented Austerity and Paved the Way to Fascism (University of Chicago Press, 2022), political economist Clara E. Mattei explores the intellectual origins of austerity to uncover its originating motives: the protection of capital—and indeed capitalism—in times of social upheaval from below. Mattei traces modern austerity to its origins in interwar Britain and Italy, revealing how the threat of working-class power in the years after World War I animated a set of top-down economic policies that elevated owners, smothered workers, and imposed a rigid economic hierarchy across their societies. Where these policies “succeeded,” relatively speaking, was in their enrichment of certain parties, including employers and foreign-trade interests, who accumulated power and capital at the expense of labor. Here, Mattei argues, is where the true value of austerity can be observed: its insulation of entrenched privilege and its elimination of all alternatives to capitalism. Drawing on newly uncovered archival material from Britain and Italy, much of it translated for the first time, The Capital Order offers a damning and essential new account of the rise of austerity—and of modern economics—at the levers of contemporary political power.

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Quentin Bruneau, "States and the Masters of Capital: Sovereign Lending, Old and New" (Columbia UP, 2022)

Sun, 18 Dec 2022 09:00:00 -0000

Today, states' ability to borrow private capital depends on stringent evaluations of their creditworthiness. While many presume that this has long been the case, Quentin Bruneau argues that it is a surprisingly recent phenomenon--the outcome of a pivotal shift in the social composition of financial markets. Investigating the financiers involved in lending capital to sovereigns over the past two centuries, Bruneau identifies profound changes in their identities, goals, and forms of knowledge.

In States and the Masters of Capital (Columbia University Press, 2022), he shows how an old world made up of merchant banking families pursuing both profit and status gradually gave way to a new one dominated by large companies, such as joint stock banks and credit rating agencies, exclusively pursuing profit. Lacking the web of personal ties to sovereigns across the world that their established rivals possessed, these financial institutions began relying on a different form of knowledge created to describe and compare states through quantifiable data: statistics. Over the course of this epochal shift, which only came to an end a few decades ago, financial markets thus reconceptualized states. Instead of a set of individuals to be known in person, they became numbers on a page. Raising new questions about the history of sovereign lending, this book illuminates the nature of the relationship between states and financial markets today--and suggests that it may be on the cusp of another major transformation.

Quentin Bruneau is an Assistant Professor in the Department of Politics at the New School for Social Research and Eugene Lang College.

Caleb Zakarin is the Assistant Editor of the New Books Network (Twitter: @caleb_zakarin).

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Walt Bogdanich and Michael Forsythe, "When McKinsey Comes to Town: The Hidden Influence of the World's Most Powerful Consulting Firm" (Doubleday, 2022)

Fri, 16 Dec 2022 09:00:00 -0000

An explosive, deeply reported exposé of McKinsey & Company, When McKinsey Comes to Town: The Hidden Influence of the World's Most Powerful Consulting Firm (Doubleday, 2022) by Walt Bogdanich and Michael Forsythe (Doubleday, 2022) highlights the often drastic impact of the most prestigious consulting company in the world. McKinsey's vaunted statement of values asserts that its role is to make the world a better place, but what does it actually do? Often McKinsey's advice boils down to major cost-cutting, including layoffs and maintenance reductions, to drive up short-term profits, thereby boosting a company's stock price and the wealth of its executives who hire it, at the expense of workers and safety measures. McKinsey also collects millions of dollars advising government agencies. Bogdanich and Forsythe have penetrated the veil of secrecy surrounding McKinsey by conducting hundreds of interviews, obtaining thousands of revelatory documents, and following the money. When McKinsey Comes to Town is a landmark work of investigative reporting.

Daniel Peris is Senior Vice President at Federated Hermes in Pittsburgh. He can be reached at DanielxPeris@gmail.com or via Twitter @HistoryInvestor. His History and Investing blog and Keep Calm & Carry On Investing podcast are here.

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Daniel Gross. "A Banker's Journey: How Edmond J. Safra Built a Global Financial Empire" (Radius Book Group, 2022)

Wed, 14 Dec 2022 09:00:00 -0000

Who was Edmond J. Safra? "The greatest banker of his generation," in the estimation of a former World Bank President. The founder of four massive financial institutions on three continents, and a proud child of Beirut's Jewish quarter. An innovative avatar of financial globalization, and a faithful heir to a tradition of old-world banking. The leading champion and protector of the Sephardic diaspora.

In A Banker's Journey: How Edmond J. Safra Built a Global Financial Empire (Radius Book Group, 2022), financial journalist and historian Daniel Gross, who, like Safra, traces his heritage to Aleppo, Syria, reconstructs the public life of an intensely private man. With exclusive access to Safra's personal archives, Gross tracks the banker's remarkable journey from Beirut to Milan, São Paulo, Geneva, and New York--to the pinnacle of global finance.Edmond Safra was fifteen in 1947, when his father sent him to establish a presence in Milan, Italy. Fluent in six languages, and with an eye for value, managing risk, and personal potential, Safra was in perpetual motion until his tragic death in 1999. The modern, global financial empire he built was based on timeless principles: a banker must protect his depositors and avoid excessive leverage and risk. In an age of busts and bailouts, Safra posted remarkable returns while rarely suffering a credit loss. From a young age, Safra assumed the mantle of leadership in the Syrian-Lebanese Jewish community, providing personal aid, supporting the communities that formed in exile, and championing Sephardic religious and educational efforts in Israel and around the world. Edmond J. Safra's life of achievement in the twentieth century offers enduring lessons for those seeking to make their way in the twenty-first century. He inspired generations to make the world a better place.

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The Future of AI in Work: A Discussion with Daniel Susskind

Fri, 09 Dec 2022 09:00:00 -0000

What exactly can artificial intelligence do? It’s an issue some of the professions are grappling with – on the face of it, law is an area that rests on fine human judgment – but in fact many of tasks it involves can be performed by AI and if that is true for law then presumably it is also true for many other areas too. Daniel Susskind of Oxford University discusses his book The Future of the Professions: How Technology Will Transform the World of Human Experts (Oxford UP, 2022),

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Robert L. Hetzel, "The Federal Reserve: A New History" (U Chicago Press, 2022)

Thu, 08 Dec 2022 09:00:00 -0000

In The Federal Reserve: A New History (University of Chicago Press, 2022), Robert Hetzel draws on a 43-year career as an economist in the central bank to trace the influence of the Fed on the American economy. Hetzel compares periods in which the Fed stabilized the economy and periods in which it destabilized the economy. He draws lessons about what monetary rule is stabilizing. Recast through this lens and enriched with archival materials, Hetzel's sweeping history offers a new understanding of the bank's watershed moments since 1913. They include critical accounts of the Great Depression, the Great Inflation, and the Great Recession. The Federal Reserve: A New History arrives as a critical history for a critical moment. It promises to recast our understanding of the central bank in its second century.

Robert L. Hetzel is a visiting scholar at the Federal Reserve Bank of Chicago and a senior affiliated scholar at the Mercatus Center at George Mason University.

Caleb Zakarin is the Assistant Editor of the New Books Network (Twitter: @caleb_zakarin).

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Elizabeth Tandy Shermer, "Indentured Students: How Government-Guaranteed Loans Left Generations Drowning in College Debt" (Harvard UP, 2021)

Sun, 04 Dec 2022 09:00:00 -0000

It didn't always take thirty years to pay off the cost of a bachelor's degree.

In Indentured Students: How Government-Guaranteed Loans Left Generations Drowning in College Debt (Harvard UP, 2021), Elizabeth Tandy Shermer untangles the history that brought us here and discovers that the story of skyrocketing college debt is not merely one of good intentions gone wrong. In fact, the federal student loan program was never supposed to make college affordable.

The earliest federal proposals for college affordability sought to replace tuition with taxpayer funding of institutions. But Southern whites feared that lower costs would undermine segregation, Catholic colleges objected to state support of secular institutions, professors worried that federal dollars would come with regulations hindering academic freedom, and elite-university presidents recoiled at the idea of mass higher education. Cold War congressional fights eventually made access more important than affordability. Rather than freeing colleges from their dependence on tuition, the government created a loan instrument that made college accessible in the short term but even costlier in the long term by charging an interest penalty only to needy students. In the mid-1960s, as bankers wavered over the prospect of uncollected debt, Congress backstopped the loans, provoking runaway inflation in college tuition and resulting in immense lender profits.

Today 45 million Americans owe more than $1.5 trillion in college debt, with the burdens falling disproportionately on borrowers of color, particularly women. Reformers, meanwhile, have been frustrated by colleges and lenders too rich and powerful to contain. Indentured Students makes clear that these are not unforeseen consequences. The federal student loan system is working as designed.

Elizabeth Tandy Shermer has written about labor, politics, and education for the Washington Post, HuffPost, and Dissent. Author of Sunbelt Capitalism: Phoenix and the Transformation of American Politics, she is Associate Professor of History at Loyola University Chicago.

Tom Discenna is Professor of Communication at Oakland University whose work examines issues of academic labor and communicative labor more broadly.

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Paul Belleflamme and Martin Peitz, "The Economics of Platforms: Concepts and Strategy" (Cambridge UP, 2021)

Wed, 30 Nov 2022 09:00:00 -0000

Digital platforms controlled by Alibaba, Alphabet, Amazon, Facebook, Netflix, Tencent and Uber have transformed not only the ways we do business, but also the very nature of people's everyday lives. It is of vital importance that we understand the economic principles governing how these platforms operate. Paul Belleflamme and Martin Peitz's book The Economics of Platforms: Concepts and Strategy (Cambridge UP, 2021) explains the driving forces behind any platform business with a focus on network effects. The authors use short case studies and real-world applications to explain key concepts such as how platforms manage network effects and which price and non-price strategies they choose. This self-contained text is the first to offer a systematic and formalized account of what platforms are and how they operate, concisely incorporating path-breaking insights in economics over the last twenty years.

Martin Peitz is professor of economics at the University of Mannheim (since 2007), a director of the Mannheim Centre for Competition and Innovation – MaCCI (since 2009). He has been member of the economic advisory group on competition policy (EAGCP) at the European Commission (2013–2016), an academic director of the Centre on Regulation in Europe, CERRE (2012–2016) and head of the Department of Economics (2010–2013). Martin has widely published in leading economics journals. He also frequently trains and advises government agencies in Europe and abroad on competition and regulation issues.

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Trevor Jackson, "Impunity and Capitalism: The Afterlives of European Financial Crises, 1690-1830" (Cambridge UP, 2022)

Wed, 30 Nov 2022 09:00:00 -0000

Whose fault are financial crises, and who is responsible for stopping them, or repairing the damage? Impunity and Capitalism: The Afterlives of European Financial Crises, 1690-1830 (Cambridge University Press, 2022) develops a new approach to the history of capitalism and inequality by using the concept of impunity to show how financial crises stopped being crimes and became natural disasters.

Dr. Trevor Jackson examines the legal regulation of capital markets in a period of unprecedented expansion in the complexity of finance ranging from the bankruptcy of Europe's richest man in 1709, to the world's first stock market crash in 1720, to the first Latin American debt crisis in 1825. He shows how, after each crisis, popular anger and improvised policy responses resulted in efforts to create a more just financial capitalism but succeeded only in changing who could act with impunity, and how. Henceforth financial crises came to seem normal and legitimate, caused by impersonal international markets, with the costs borne by domestic populations and nobody in particular at fault.

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Tim Walker and Lucian Morris, "The Handbook of Banking Technology" (John Wiley & Sons, 2021)

Mon, 28 Nov 2022 09:00:00 -0000

In The Handbook of Banking Technology (John Wiley & Sons, 2021), Walker and Morris provide a first comprehensive view of the systems that support a bank. During the interview, they bring out the interactions of these components and how the themes they touch on in the book come together. Years of first-hand experience combined with detailed research come together to explain the intricacies of the technological architecture of modern banking. Quite often the authors provide a long-term perspective of how these applications develop in order to provide a better understanding of how we got to where we are.

The other podcast mentioned in this interview is James Bessen "The New Goliaths".

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Louise Ashley, "Highly Discriminating: Why the City Isn't Fair and Diversity Doesn't Work" (Bristol UP, 2022)

Thu, 17 Nov 2022 09:00:00 -0000

Can we make the finance industry fair? In Highly Discriminating: Why the City Isn’t Fair and Diversity Doesn’t Work (Bristol UP, 2022), Louise Ashley, Associate Professor and IHSS Fellow at Queen Mary University of London’s School of Business and Management, explores the history and practice of social mobility into one of Britain’s key professions. The book offers a history of the City and its evolution from a closed world of gentlemen to a seemingly open meritocracy. At the same time, the book destroys the myth of merit, demonstrating how where people went to school, the place they did a degree, who they know, and how they present themselves still determine who is a success. Offering a critique of the City’s superficial attempts to increase its class, race, and gender diversity, the book is essential reading across the social sciences, as well as for anyone wishing to understand how inequalities continue in contemporary society.

Dave O'Brien is Professor of Cultural and Creative Industries, at the University of Sheffield.

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Ghassan Moazzin, "Foreign Banks and Global Finance in Modern China" (Cambridge UP, 2022)

Mon, 07 Nov 2022 09:00:00 -0000

Using previously unexplored and meticulously analyzed sources from China and to a lesser extent Japan, combined with those of Germany and the UK, Ghassan Moazzin provides a refreshing look at a number of levels: the workings of multinational banks, international networks of bankers, the interactions of Chinese and German empires with other state actors.

In Foreign Banks and Global Finance in Modern China: Banking on the Chinese Frontier, 1870-1919 (Cambridge UP, 2022), Moazzin introduces the novel concept of a "frontier bank" while building a case study around the Deutsch-Asiatische Bank (DAB). He aims to answer questions as to what is the role that individual actors such as the DAB play in early 20th century China?, What technological and business advancements build around multinational banks?, To what extent does our knowledge and understanding of capitalism is enabled by looking at local sources at end of the Chinese empire?

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Bruce G. Carruthers, "The Economy of Promises: Trust, Power, and Credit in America" (Princeton UP, 2022)

Wed, 02 Nov 2022 08:00:00 -0000

A comprehensive and illuminating account of the history of credit in America, The Economy of Promises: Trust, Power & Credit in America (Princeton UP, 2022) by Northwestern University Professor Bruce Carruthers is a far-reaching study of credit in nineteenth- and twentieth-century America. Synthesizing and surveying economic and social history, Bruce Carruthers examines how issues of trust stitched together the modern U.S. economy. In the case of credit, that trust involves a commitment by debtors to repay money they have borrowed from lenders. Each promise poses a fundamental question: why does the lender trust the borrower? The book tracks the dramatic shift from personal qualitative judgments to the impersonal quantitative measurements of credit scores and ratings, which make lending and economic activity on a much greater scale possible. It discusses how lending is shaped by the shadow of failure, and the possibility that borrowers will break their promises and fail to repay their debts. It reveals how credit markets have been shaped by public policy, regulatory changes, and various political factors. Bringing to life the complicated and abstract terrain of human interaction we call the economy, The Economy of Promises is an important study of the tangle of indebtedness that, for better or worse, shapes and defines American lives.

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Max H. Bazerman, "Complicit: How We Enable the Unethical and How to Stop" (Princeton UP, 2022)

Tue, 01 Nov 2022 08:00:00 -0000

It is easy to condemn obvious wrongdoers such as Elizabeth Holmes, Adam Neumann, Harvey Weinstein, and the Sackler family. But we rarely think about the many people who supported their unethical or criminal behavior. In each case there was a supporting cast of complicitors: business partners, employees, investors, news organizations, and others. And, whether we're aware of it or not, almost all of us have been complicit in the unethical behavior of others. In Complicit: How We Enable the Unethical and How to Stop (Princeton UP, 2022), Harvard Business School professor Max Bazerman confronts our complicity head-on and offers strategies for recognizing and avoiding the psychological and other traps that lead us to ignore, condone, or actively support wrongdoing in our businesses, organizations, communities, politics, and more.

Complicit tells compelling stories of those who enabled the Theranos and WeWork scandals, the opioid crisis, the sexual abuse that led to the #MeToo movement, and the January 6th U.S. Capitol attack. The book describes seven different behavioral profiles that can lead to complicity in wrongdoing, ranging from true partners to those who unknowingly benefit from systemic privilege, including white privilege, and it tells the story of Bazerman's own brushes with complicity. Complicit also offers concrete and detailed solutions, describing how individuals, leaders, and organizations can more effectively prevent complicity.

By challenging the notion that a few bad apples are responsible for society's ills, Complicit implicates us all--and offers a path to creating a more ethical world.

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Ashley Sweetman, "Cyber and the City: Securing London’s Banks in the Computer Age" (Springer, 2022)

Tue, 01 Nov 2022 08:00:00 -0000

Dr. Ashley Sweetman works in cyber security for a London-based global bank and holds a PhD from the Department of War Studies at King’s College London. While studying for his PhD he spent a short time as Researcher-in-Residence at No. 10 Downing Street while working for The Strand Group in the Policy Institute at King's. Before this, Ashley studied History at Queen Mary, University of London. Ashley is a proud Welshman and was brought up in Neath, South Wales. He currently lives in North London.

In his first book Cyber and the City: Securing London's Banks in the Computer Age (Springer, 2022), Sweetman provides evidence that cyber security is a long-lived phenomenon. Banks started to worry about it early in the adoption of computers in the late 1950s. The UK has a particular feature where banks rapidly agree on the measures to be taken, making the overall system more resilient.

Sweetman uses a wealth of archival material and introduces de concepts of proportionality and the confidentiality-integrity-availability triumvirate to explain and interconnect the evolution and articulation of security in bank networks.

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The Future of Money Laundering: A Discussion with Oliver Bullough

Tue, 01 Nov 2022 08:00:00 -0000

How can you hide and spend billions of dollars? Many people hoping to do that go to London which is today considered the money laundering capital of the world. It’s the place where the world’s most corrupt individuals can park their money safely. How does that work? Where else does it happen and can anything be done about it? Owen Bennett Jones discusses the business of cleaning up dirty money with a journalist and author who has covered kleptocrats and their ill gotten gains for years, Oliver Bullough. He is the author of Butler to the World: How Britain Helps the World's Worst People Launder Money, Commit Crimes, and Get Away with Anything (St. Martin's Press, 2022).

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Jakob Feinig, "Moral Economies of Money: Politics and the Monetary Constitution of Society" (Stanford UP, 2022)

Mon, 17 Oct 2022 08:00:00 -0000

In this podcast Jakob Feinig introduces his ideas about how and when people's practices and institutions shape money and money creation. He provided deep insight into historical episodes to support his view. Towards the end, he comments on the challenges of digital currencies. Feinig is the author of Moral Economies of Money: Politics and the Monetary Constitution of Society (Stanford UP, 2022).

Ideas discussed in the podcast that you might want to pursue further or clarify: Chartalism and Modern Monetary Theory. Here are some thinkers who explore similar ideas: Rohan Grey, Geoffrey Ingham, Lana Swartz, E. P. Thompson and Viviana Zelizer.

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Kimberly Kay Hoang, "Spiderweb Capitalism: How Global Elites Exploit Frontier Markets" (Princeton UP, 2022)

Mon, 17 Oct 2022 08:00:00 -0000

In 2015, the anonymous leak of the Panama Papers brought to light millions of financial and legal documents exposing how the superrich hide their money using complex webs of offshore vehicles. Spiderweb Capitalism: How Global Elites Exploit Frontier Markets (Princeton UP, 2022) takes you inside this shadow economy, uncovering the mechanics behind the invisible, mundane networks of lawyers, accountants, company secretaries, and fixers who facilitate the illicit movement of wealth across borders and around the globe.

Kimberly Kay Hoang traveled more than 350,000 miles and conducted hundreds of in-depth interviews with private wealth managers, fund managers, entrepreneurs, C-suite executives, bankers, auditors, and other financial professionals. She traces the flow of capital from offshore funds in places like the Cayman Islands, Samoa, and Panama to special-purpose vehicles and holding companies in Singapore and Hong Kong, and how it finds its way into risky markets onshore in Vietnam and Myanmar. Hoang reveals the strategies behind spiderweb capitalism and examines the moral dilemmas of making money in legal, financial, and political gray zones.

Dazzlingly written, Spiderweb Capitalism sheds critical light on how global elites capitalize on risky frontier markets, and deepens our understanding of the paradoxical ways in which global economic growth is sustained through states where the line separating the legal from the corrupt is not always clear.

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Edward Chancellor, "The Price of Time: The Real Story of Interest" (Atlantic Monthly Press, 2022)

Thu, 06 Oct 2022 08:00:00 -0000

Edward Chancellor's just published history of interest rates could not be better timed. As the world adjusts to rising rates after decades of falling ones, Chancellor's historical and sometimes polemical account of rates kept too low for too long seems all too prescient. Chancellor's The Price of Time: The Real Story of Interest (Atlantic Monthly Press, 2022) is a surprisingly relevant and accessible tool, not only investors but also everyone touched by interest rates. That's all of us.

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Alex Williams and Jeremy Gilbert, "Hegemony Now: How Big Tech and Wall Street Won the World (And How We Win it Back)" (Verso, 2022)

Thu, 29 Sep 2022 08:00:00 -0000

Today power is in the hands of Wall Street and Silicon Valley. How do we understand this transformation in power? And what can we do about it?

We cannot change anything until we have a better understanding of how power works, who holds it, and why that matters. Through upgrading the concept of hegemony—understanding the importance of passive consent; the complexity of political interests; and the structural force of technology—Jeremy Gilbert and Alex Williams offer us an updated theory of power for the twenty-first century.

Alex Williams and Jeremy Gilbert book Hegemony Now: How Big Tech and Wall Street Won the World (And How We Win it Back) (Verso, 2022) explores how these forces came to control our world. The authors show how they have shaped the direction of politics and government as well as the neoliberal economy to benefit their own interests. However, this dominance is under threat. Following the 2008 financial crisis, a new order emerged in which the digital platform is the central new technology of both production and power. This offers new opportunities for counter hegemonic strategies to win back power. Hegemony Now outlines a dynamic socialist strategy for the twenty-first century.

Louisa Hann recently attained a PhD in English and American studies from the University of Manchester, specialising in the political economy of HIV/AIDS theatres. She has published work on the memorialisation of HIV/AIDS on the contemporary stage and the use of documentary theatre as a neoliberal harm reduction tool. She is currently working on a monograph based on her doctoral thesis. You can get in touch with her at louisahann92@gmail.com.

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Binyamin Appelbaum, "The Economists' Hour: False Prophets, Free Markets, and the Fracture of Society" (Little Brown, 2019)

Thu, 22 Sep 2022 19:00:00 -0000

Think economics is the "dismal science" with abstract formulas that have no impact on life as it is actually lived? Think again. In The Economists' Hour: False Prophets, Free Markets, and the Fracture of Society (Little Brown, 2019), Binyamin Appelbaum--former correspondent and now an editorial board member of the New York Times--brings to life how academic economists rose "from the basement" of banks and universities in the post-war period to have a direct impact on almost every aspect of our lives. The end of the draft, unemployment levels, inflation, deregulation, air transport, phone service, patent law, monopolies and anti-trust activity, even the value of human lives--all of these have been directly affected by the activity of economists who emerged on the scene after World War II. Appelbaum traces the transition from the first school of these economists--the Keynesians who advocated a bigger role for government in addressing economic and social problems--to the second school, the Chicago "market" crowd that held sway from the 1970s until the financial crisis or 2008-9. The latter school held that the market had the answer to problems in the economy and society and that government should stay out of the way. Regardless of which side of the debate you find yourself on, you will want to be familiar with the lives and ideas of the individuals who have had such an impact on your life.

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Jamie Martin, "The Meddlers: Sovereignty, Empire, and the Birth of Global Economic Governance" (Harvard UP, 2022)

Wed, 21 Sep 2022 08:00:00 -0000

The Meddlers: Sovereignty, Empire, and the Birth of Global Economic Governance (Harvard University Press, 2022) presents a pioneering history that traces the origins of global economic governance—and the political conflicts it generates—to the aftermath of World War I.

International economic institutions like the International Monetary Fund and World Bank exert incredible influence over the domestic policies of many states. These institutions date from the end of World War II and amassed power during the neoliberal era of the late twentieth century. But as Jamie Martin shows, if we want to understand their deeper origins and the ideas and dynamics that shaped their controversial powers, we must turn back to the explosive political struggles that attended the birth of global economic governance in the early twentieth century.

In The Meddlers, Dr. Jamie Martin tells the story of the first international institutions to govern the world economy, including the League of Nations and Bank for International Settlements, created after World War I. These institutions endowed civil servants, bankers, and colonial authorities from Europe and the United States with extraordinary powers: to enforce austerity, coordinate the policies of independent central banks, oversee development programs, and regulate commodity prices. In a highly unequal world, they faced a new political challenge: was it possible to reach into sovereign states and empires to intervene in domestic economic policies without generating a backlash?

Dr. Martin follows the intense political conflicts provoked by the earliest international efforts to govern capitalism—from Weimar Germany to the Balkans, Nationalist China to colonial Malaya, and the Chilean desert to Wall Street. The Meddlers shows how the fraught problems of sovereignty and democracy posed by institutions like the IMF are not unique to late twentieth-century globalization, but instead first emerged during an earlier period of imperial competition, world war, and economic crisis.

Jamie Martin is Assistant Professor of History and of Social Studies at Harvard University.

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Phillip B. Levine, "A Problem of Fit: How the Complexity of College Pricing Hurts Students—and Universities" (U Chicago Press, 2022)

Tue, 06 Sep 2022 08:00:00 -0000

According to A Problem of Fit: How the Complexity of College Pricing Hurts Students—and Universities (U Chicago Press, 2022) a college education doesn't come with a sticker price and perhaps, he argues, it should. Millions of Americans miss out on the economic benefits of a college education because of concerns around the costs. Financial aid systems offer limited help and produce uneven distributions. In the United States today, the systems meant to improve access to education have in fact added a new layer of deterrence. In A Problem of Fit Levine examines the role of financial aid systems in facilitating (and discouraging) access to college. If markets require prices in order to function optimally, then the American higher-education system--rife as it is with hidden and variable costs--amounts to a market failure. It's a problem of price transparency, not just affordability. Ensuring that students understand exactly what college will cost, including financial aid, could lift the lid on not only college attendance for more people, but for greater representation across demographics and institutions. As he illustrates, our conversations around affordability and free tuition miss a larger truth: that the opacity of our current college-financing systems is a primary driver of inequities in education and society. A Problem of Fit offers a bold, trenchant new argument for an educational reform that is well within rea

Phillip B. Levine is the Katharine Coman and A. Barton Hepburn Professor of Economics at Wellesley College, a research associate of the National Bureau of Economic Research, and a nonresident fellow at the Brookings Institution. He is the author, coauthor, or coeditor of five books devoted to statistics, the analysis of social policy, and its effect on individual behavior.

Tom Discenna is Professor of Communication at Oakland University whose work examines issues of academic labor and communicative labor more broadly.

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J. Bradford DeLong, "Slouching Towards Utopia: An Economic History of the Twentieth Century" (Basic Books, 2020)

Mon, 05 Sep 2022 08:00:00 -0000

From one of the world's leading economists, a grand narrative of the century that made us richer than ever, yet left us unsatisfied Before 1870, humanity lived in dire poverty, with a slow crawl of invention offset by a growing population. Then came a great shift: invention sprinted forward, doubling our technological capabilities each generation and utterly transforming the economy again and again. Our ancestors would have presumed we would have used such powers to build utopia. But it was not so. When 1870-2010 ended, the world instead saw global warming; economic depression, uncertainty, and inequality; and broad rejection of the status quo.

Brad DeLong's Slouching Towards Utopia: An Economic History of the Twentieth Century (Basic Books, 2022) tells the story of how this unprecedented explosion of material wealth occurred, how it transformed the globe--and why it failed to deliver us to utopia. Of remarkable breadth and ambition, it uncovers the last century to have been less a march of progress than a slouch in the right direction.

Javier Mejia is a Postdoctoral Research Fellow at the Political Science Department at Stanford University.

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Credit Unions, Deposit Insurance, Financial Regulation, and Digital Currencies

Wed, 31 Aug 2022 21:45:00 -0000

Kyle Hauptman (National Credit Union Administration Vice Chairman) speaks on his beginnings working in finance, as an economic policy advisor on the Mitt Romney Presidential campaign as well as in Congress before becoming Vice Chairman of the NCUA, one of the top U.S. financial regulators overseeing approximately 5,000 credit unions which count over 140 million members. Topics ranging from the history of credit unions, deposit insurance and financial regulation, along with how financial regulators are adapting to a world with cryptocurrency and digital assets, are discussed.

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Amy Edwards, "Are We Rich Yet?: The Rise of Mass Investment Culture in Contemporary Britain" (U California Press, 2022)

Wed, 31 Aug 2022 08:00:00 -0000

In this podcast, Amy Edwards, author of Are We Rich Yet?: The Rise of Mass Investment Culture in Contemporary Britain (U California Press, 2022), provides a fascinating journey into her own research and how she built a picture of a key moment of the 20th century. As a result, she brings together different strands of work such as cultural, business, economic and financial history. The book and podcast will be of interest to anyone old enough to remember the 1980s or whose current life has been shaped by that decade.

References to other works discussed in the podcast:

Allon, Fiona. 2014. "The Feminisation of Finance", Australian Feminist Studies, 29:79, 12-30, DOI: 10.1080/08164649.2014.901279

Chatelain, Marcia. 2020. Franchise: The Golden Arches in Black America. Liverlight. NBN Interview by Amanda Joyce here.

Effosse, Sabine. 2021. “Financial Empowerment for Married Women in France.” Quaderni Storici 166: 117-141. doi: 10.1408/101558

Martínez-Rodríguez, Susana (2022). “DIANA (1969-1978): The First Women´s Finance Magazine in Spain” Feminist Media Studies (early view). NBN Interview by Paula de la Cruz here.

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Howard Yaruss, "Understandable Economics: Because Understanding Our Economy Is Easier Than You Think and More Important Than You Know" (Prometheus Books, 2022)

Wed, 31 Aug 2022 08:00:00 -0000

Incomes are stagnating, middle-class jobs are disappearing, economic growth is slowing, and the meager gains are mostly going to those who are already wealthy. More Americans than ever are frustrated by the direction in which we are headed. Understandable Economics: Because Understanding Our Economy Is Easier Than You Think and More Important Than You Know (Prometheus, 2022) aims to replace this frustration with a practical understanding of our economy and empower readers to identify and advocate for a better approach to the problems we face.

In this entertaining and informative guide, author Howard Yaruss breaks down our economic system in a straightforward way, avoiding jargon, formulas, graphs, and other technical material so common in books on this subject. Instead, he creates a compelling and comprehensive picture of our economy using accessible analogies, real-world observations, and entertaining anecdotes. Understandable Economics will enable readers to answer questions such as:

Why is inequality soaring and what can we do about it?
Do tax cuts for the wealthy create jobs or just create more inequality?
Where does money come from, why does it have value, and who controls it?
What does the Fed do and how does it affect our lives?
Could alternative currencies like Bitcoin replace the dollar?
Is our national debt a threat?
Why do so many people believe free trade is good if it causes some people to lose jobs?
Why does the economy regularly turn down and how can we get it back on track?

... and many more.

Understandable Economics provides the context, tools and foundational knowledge readers need to thoroughly understand our economy, determine which policies would work best, and champion those policies effectively.

Howard Yaruss is an economist, professor, attorney, businessman, and activist who greatly enjoys explaining complex issues in a clear, interesting, and easily accessible way. He has taught a variety of economics and business courses, and currently teaches at New York University. Previously, he was executive vice president and general counsel of Radian Group, one of the largest guarantors of debt in the world. He has also served on the boards of organizations that advocate for safer streets, help the homeless, and support the arts. Yaruss graduated from Brown University, studied at the London School of Economics, and earned a law degree from the University of Pennsylvania. He lives in Manhattan and is a member of his local community board.

Daniel Moran earned his B.A. and M.A. in English from Rutgers University and his Ph.D. in History from Drew University. The author of Creating Flannery O’Connor: Her Critics, Her Publishers, Her Readers, he teaches research and writing at Rutgers and co-hosts the podcast Fifteen-Minute Film Fanatics (Twitter @15MinFilm).

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Becky O'Connor, "The ESG Investing Handbook: Insights and Developments in Environmental, Social and Governance Investment" (Harriman House, 2022)

Thu, 25 Aug 2022 08:00:00 -0000

As global governments and regulators set an agenda for net zero carbon emissions, the focus on Environmental, Social and Governance (ESG) criteria among investors, from pension scheme members to institutions, is on the rise.

The ESG Investing Handbook: Insights and Developments in Environmental, Social and Governance Investment (Harriman House, 2022) is an indispensable guide to the history, developments and latest thinking into the future of ESG investing from some of the most influential names in the business.

Featuring interviews with:

Lisa Beauvilain, Director, Impax Asset Management
Tony Burdon, CEO, Make My Money Matter
Mark Campanale, Founder & Executive Chairman, Carbon Tracker
Amy Clarke, Chief Impact Officer, Tribe Impact Capital
Keith Davies, Chief Risk & Compliance Officer, Federated Hermes Ltd
Bruce Davis, co-founder, Abundance Investment
Ingrid Holmes, Director, Green Finance Institute
Yan Swiderski, co-founder, Global Returns Project
Richard Wilson, CEO interactive investor
The Baillie Gifford Global Stewardship Team

Expert Editor, Becky O’Connor covers the big questions and key themes, such as the effectiveness of divestment versus engagement strategies for promoting positive change as well as difficult topics, such as greenwash.

John Emrich has worked for decades in corporate finance, business valuation and fund management. He has a podcast about the investment advisory industry called Kick the Dogma.

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Brett Scott, "Cloudmoney: Cash, Cards, Crypto, and the War for Our Wallets" (Harper Business, 2022)

Wed, 24 Aug 2022 08:00:00 -0000

In Cloudmoney: Cash, Cards, Crypto, and the War for Our Wallets (Harper Business, 2022), Brett Scott tells an urgent and revelatory story about how the fusion of Big Finance and Big Tech requires “cloudmoney”—digital money underpinned by the banking sector—to replace physical cash. He dives beneath the surface of the global financial system to uncover a long-established lobbying infrastructure: an alliance of partners waging a covert war on cash. He explains the technical, political, and cultural differences between our various forms of money and shows how the cash system has been under attack for decades, as banking and tech companies promote a cashless society under the banner of progress.

Cloudmoney takes us to the front lines of a war for our wallets that is also about our freedom, from marketing strategies against cash to the weaponization of COVID-19 to push fintech platforms, and from there to the rise of the cryptocurrency rebels and fringe groups pushing back. It asks the most pressing questions:

Who benefits from a cashless society and who gets left behind?
Is the end of cash the end of true privacy?
And is our cloudmoney future closer than we think it is?

Brett Scott is an economic anthropologist, financial activist, and former broker. In 2013 he published The Heretic’s Guide to Global Finance: Hacking the Future of Money, and since then has spoken at hundreds of events across the globe and has appeared across international media, including BBC World News and Sky News. He has written extensively on financial reform, digital finance, alternative currency, blockchain technology, and the cashless society for publications like the Guardian, New Scientist, Huffington Post, Wired, and CNN.com, and also publishes the Altered States of Monetary Consciousness newsletter. He has worked on financial reform campaigns and alternative currency systems with a wide range of groups and is a Senior Fellow of the Finance Innovation Lab (UK). He currently resides in Berlin.

Utsav Saksena is a Research Fellow at the National Institute of Public Finance and Policy (NIPFP), an autonomous institute under the Ministry of Finance, Government of India. He can be reached at utsavsaksena@protonmail.com. Note: opinions expressed in this podcast are purely personal and do not reflect the official position of NIPFP or the Ministry of Finance, Government of India.

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Samuel Evan Milner, "Robbing Peter to Pay Paul: Power, Profits, and Productivity in Modern America" (Yale UP, 2021)

Wed, 17 Aug 2022 08:00:00 -0000

Concentrated market power and the weakened sway of corporate stakeholders over management have emerged as leading concerns of American political economy.

In his book Robbing Peter to Pay Paul: Power, Profits, and Productivity in Modern America (Yale UP, 2021), economic historian Samuel Milner provides a context for contemporary efforts to resolve these anxieties by examining the contest to control the distribution of corporate income during the mid‑twentieth century.

During this “Golden Age of American Capitalism,” apprehension about the debilitating consequences of industrial concentration fueled efforts to ensure that management would share the fruits of progress with workers, consumers, and society as a whole (“stakeholders”). Focusing on wage and price determination in steel, automobiles, and electrical equipment, Milner reveals how the management of concentrated industries understood its ability to distribute income to its stakeholders as well as why economists, courts, and public policymakers struggled to curtail the exercise of that market power at its source. The book could not be timelier, given the recent rise of inflation, wage price pressure, and supply shocks, as well as renewed interest in labor organization and anti-trust legislation.

John Emrich has worked for decades in corporate finance, business valuation and fund management. He has a podcast about the investment advisory industry called Kick the Dogma.

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Eswar S. Prasad, "The Future of Money: How the Digital Revolution Is Transforming Currencies and Finance" (Harvard UP, 2021)

Tue, 16 Aug 2022 08:00:00 -0000

The Future of Money: How the Digital Revolution is Transforming Currencies and Finance (The Belknap Press of Harvard University Press, 2021) provides a cutting-edge look at how accelerating financial change, from the end of cash to the rise of cryptocurrencies, will transform economies for better and worse. We think we have seen financial innovation. We bank from laptops and buy coffee with the wave of a phone. But these are minor miracles compared with the dizzying experiments now underway around the globe, as businesses and governments alike embrace the possibilities of new financial technologies. As Eswar Prasad explains, the world of finance is at the threshold of major disruption that will affect corporations, bankers, states, and indeed all of us. The transformation of money will fundamentally rewrite how ordinary people live. Above all, Prasad foresees the end of physical cash. The driving force won't be phones or credit cards but rather central banks, spurred by the emergence of cryptocurrencies to develop their own, more stable digital currencies. Meanwhile, cryptocurrencies themselves will evolve unpredictably as global corporations like Facebook and Amazon join the game. The changes will be accompanied by snowballing innovations that are reshaping finance and have already begun to revolutionize how we invest, trade, insure, and manage risk. Prasad shows how these and other changes will redefine the very concept of money, unbundling its traditional functions as a unit of account, medium of exchange, and store of value. The promise lies in greater efficiency and flexibility, increased sensitivity to the needs of diverse consumers, and improved market access for the unbanked. The risk is instability, lack of accountability, and erosion of privacy. A lucid, visionary work, The Future of Money shows how to maximize the best and guard against the worst of what is to come.

Eswar Prasad is the Tolani Senior Professor of Trade Policy at Cornell University. He is also a Senior Fellow at the Brookings Institution, where he holds the New Century Chair in International Economics, and a Research Associate at the National Bureau of Economic Research. He was previously chief of the Financial Studies Division in the International Monetary Fund's Research Department and, before that, was the head of the IMF's China Division.

Caleb Zakarin is the Assistant Editor of the New Books Network (Twitter: @caleb_zakarin).

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Ann Garcia, "How to Pay for College: A Complete Financial Plan for Funding Your Child's Education" (Harriman House, 2022)

Wed, 10 Aug 2022 08:00:00 -0000

Providing your children with a good education is one of the best gifts you can give. But it’s not straightforward.

Education costs and student loan debt are skyrocketing. In some cases, college costs upwards of $300,000 for four years. And calculations for financial aid and merit awards are complex and opaque.

How do you find the best education options that fit your budget and are right for your child? And how do you save for your kids’ college without wrecking your own retirement, or putting your other goals completely out of reach?

Ann Garcia―known as The College Financial Lady―is a CERTIFIED FINANCIAL PLANNER™ and college finance expert, and is here to help.

In How to Pay for College, Ann shows you how to develop a financial plan for college that really works, including:

How to save and how much to save.
How to find good college choices that fit your budget.
How to get scholarships and tax benefits.
How to talk to your kids about the costs and benefits of going to college.

Plus invaluable information and inside tricks to help you crack the college financial challenge.

Detailed explanations of the key elements in planning for college―the FAFSA’s methodology, merit awards, 529 plans, AP credits, student loans, financial aid awards, budgeting, and more―are paired with worksheets and exercises to give you a full picture of your family’s college financial position.

This definitive guide gives you everything you need to give your children the best education possible, at a price you can all afford.

John Emrich has worked for decades years in corporate finance, business valuation and fund management. He has a podcast about the investment space called Kick the Dogma.

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Didac Queralt, "Pawned States: State Building in the Era of International Finance" (Princeton UP, 2022)

Thu, 28 Jul 2022 08:00:00 -0000

How foreign lending weakens emerging nations In the nineteenth century, many developing countries turned to the credit houses of Europe for sovereign loans to balance their books and weather major fiscal shocks such as war. This reliance on external public finance offered emerging nations endless opportunities to overcome barriers to growth, but it also enabled rulers to bypass critical stages in institution building and political development.

Pawned States: State Building in the Era of International Finance (Princeton University Press, 2022)' reveals how easy access to foreign lending at early stages of state building has led to chronic fiscal instability and weakened state capacity in the developing world. Drawing on a wealth of original data to document the rise of cheap overseas credit between 1816 and 1913, Didac Queralt shows how countries in the global periphery obtained these loans by agreeing to “extreme conditionality,” which empowered international investors to take control of local revenue sources in cases of default, and how foreclosure eroded a country’s tax base and caused lasting fiscal disequilibrium. Queralt goes on to combine quantitative analysis of tax performance between 1816 and 2005 with qualitative historical analysis in Latin America, Asia, Africa, and the Middle East, illustrating how overreliance on external capital by local leaders distorts their incentives to expand tax capacity, articulate power-sharing institutions, and strengthen bureaucratic apparatus. Panoramic in scope, Pawned States sheds needed light on how early and easy access to external finance pushes developing nations into trajectories characterized by fragile fiscal institutions and autocratic politics.

Javier Mejia is an economist teaching at Stanford University, whose work focuses on the intersection between social networks and economic history. His interests extend to topics on entrepreneurship and political economy with a geographical specialty in Latin America and the Middle East. He received a Ph.D. in Economics from Los Andes University. He has been a Postdoctoral Associate and Lecturer at New York University--Abu Dhabi and a Visiting Scholar at the University of Bordeaux. He is a regular contributor to different news outlets. Currently, he is Forbes Magazine op-ed columnist.

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Marc F. Bellemare, "Doing Economics: What You Should Have Learned in Grad School—But Didn’t" (MIT Press, 2022)

Thu, 21 Jul 2022 08:00:00 -0000

Graduate students and newly-minted economists often find that while their time in graduate school taught them a lot about great research of the past and the methods needed to do their own research, they didn't learn that much about the other aspects of the job. How do you submit a paper to a journal? How do you respond to reviewer comments? How do you write referee reports for other people? How do you present you findings in clear and compelling way, whether in a paper or in a talk? Academic advisors and other mentors can help fill the gap, but may not even realize they need to communicate things that they know implicitly. The existence of this hidden curriculum also perpetuates the insider bias and lack of diversity in economics, making it harder for the best ideas to rise to the top.

Marc Bellemare's new book Doing Economics: What You Should Have Learned in Grad School--But Didn't (MIT, 2022), helps fill the gap. This book is essential reading for economists and other quantitative social scientists trying to succeed in academia and adjacent fields. Graduate students and junior faculty should read it cover to cover. Senior faculty can also benefit from having a copy around to help make sure their own advice is comprehensive and up-to-date.

Author Marc Bellemare is the Distinguished McKnight University Professor, Distinguished University Teaching Professor, and Northrop Professor in the Department of Applied Economics at the University of Minnesota, where he also directs the Center for International Food and Agricultural Policy. He is also currently a co-editor of the American Journal of Agricultural Economics. He also blogs regularly and can be found on Twitter.

Host Peter Lorentzen is an Associate Professor in the Department of Economics at the University of San Francisco, where he leads a new Master's program in Applied Economics focused on the digital economy. His own research focus is the political economy of governance in China.

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Adrienne Buller, "The Value of a Whale: On the Illusions of Green Capitalism" (Manchester UP, 2022)

Tue, 05 Jul 2022 08:00:00 -0000

In this searing and insightful critique, Adrienne Buller examines the fatal biases that have shaped the response of our governing institutions to climate and environmental breakdown, and asks: are the 'solutions' being proposed really solutions? Tracing the intricate connections between financial power, economic injustice and ecological crisis, she exposes the myopic economism and market-centric thinking presently undermining a future where all life can flourish.

The Value of a Whale: On the Illusions of Green Capitalism (Manchester UP, 2022) examines what is wrong with mainstream climate and environmental governance, from carbon pricing and offset markets to 'green growth', the commodification of nature and the growing influence of the finance industry on environmental policy. In doing so, it exposes the self-defeating logic of a response to these challenges based on creating new opportunities for profit, and a refusal to grapple with the inequalities and injustices that have created them. Both honest and optimistic, The Value of a Whale asks us - in the face of crisis - what we really value.

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Does Financial Repression Work?

Tue, 28 Jun 2022 08:00:00 -0000

Michael Pettis is Professor of Finance at Peking University’s Guanghua School of Management. He started his career in banking in 1987 just in time for the tidal wave of emerging market defaults and the birth of the Brady Bond restructurings. He has been a trader, investment banker, and advisor to countries on capital markets strategies all while teaching at Columbia University.

Professor Pettis has authored four books (the most recently Trade Wars Are Class Wars (Yale University Press, 2021) with Matthew C. Klein), is a Senior Fellow at the Carnegie Endowment for International Peace, and is a frequent guest on BBC, NPR, Bloomberg Radio, and podcasts. He has written for the Financial Times, Wall Street Journal, and New York Times. A loose confederation of his former students is active in a variety of significant financial positions around the world and refer to themselves as

"The Pettis Group."

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Mark Koyama and Jared Rubin, "How the World Became Rich: The Historical Origins of Economic Growth" (Polity, 2022)

Thu, 09 Jun 2022 08:00:00 -0000

Most humans are significantly richer than their ancestors. Humanity gained nearly all of its wealth in the last two centuries. How did this come to pass?

In How the World Became Rich: The Historical Origins of Economic Growth (Polity, 2022), Mark Koyama and Jared Rubin dive into the many theories of why modern economic growth happened when and where it did. They discuss recently-advanced theories rooted in geography, politics, culture, demography, and colonialism. Pieces of each of these theories help explain key events on the path to modern riches. Why did the Industrial Revolution begin in 18th-century Britain? Why did some European countries, the USA, Canada, and Japan catch up in the 19th century? Why did it take until the late 20th and 21st centuries for other countries? Why have some still not caught up? Koyama and Rubin show that the past can provide a guide for how countries can escape poverty. There are certain prerequisites that all successful economies seem to have. But there is also no panacea. A society’s past and its institutions and culture play a key role in shaping how it may—or may not—develop.

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Robin Goldstein and Daniel Sumner, "Can Legal Weed Win?: The Blunt Realities of Cannabis Economics" (U California Press, 2022)

Tue, 07 Jun 2022 08:00:00 -0000

Cannabis "legalization" hasn't lived up to the hype. Across North America, investors are reeling, tax collections are below projections, and people are pointing fingers. On the business side, companies have shut down, farms have failed, workers have lost their jobs, and consumers face high prices. Why has legal weed failed to deliver on many of its promises? Can Legal Weed Win?: The Blunt Realities of Cannabis Economics (U California Press, 2022) takes on the euphoric claims with straight dope and a full dose of economic reality.

This book delivers the unadulterated facts about the new legal segment of one of the world's oldest industries. In witty, accessible prose, economists Robin Goldstein and Daniel Sumner take readers on a whirlwind tour of the economic past, present, and future of legal and illegal weed. Drawing upon reams of data and their own experience working with California cannabis regulators since 2016, Goldstein and Sumner explain why many cannabis businesses and some aspects of legalization fail to measure up, while others occasionally get it right. Their stories stretch from before America's first medical weed dispensaries opened in 1996 through the short-term boom in legal consumption that happened during COVID-19 lockdowns. Can Legal Weed Win? is packed with unexpected insights about how cannabis markets can thrive, how regulators get the laws right or wrong, and what might happen to legal and illegal markets going forward.

Robin Goldstein is an economist and author of The Wine Trials, a controversial exposé of wine snobbery that has become the world’s best-selling guide to cheap wine. Daniel Sumner is Frank H Buck, Jr. Distinguished Professor of Agriculture and Resource Economics at the University of California, Davis. Together they take readers on a tour of the economics of legal and illegal weed, showing where cannabis regulation has gone wrong and how it could do better.

John Emrich has worked for decades years in corporate finance, business valuation and fund management. He has a podcast about the investment space called Kick the Dogma.

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Pierre Penet and Juan Flores Zendejas, "Sovereign Debt Diplomacies: Rethinking Sovereign Debt from Colonial Empires to Hegemony" (Oxford UP. 2021)

Tue, 31 May 2022 08:00:00 -0000

Pierre Penet and Juan Flores Zendejas' book Sovereign Debt Diplomacies: Rethinking Sovereign Debt from Colonial Empires to Hegemony (Oxford UP. 2021) aims to revisit the meaning of sovereign debt in relation to colonial history and postcolonial developments. It offers three main contributions. The first contribution is historical. The volume historicizes a research field that has so far focused primarily on the post-1980 years. A focus on colonial debt from the 19th century building of colonial empires to the decolonization era in the 1960s-70s fills an important gap in recent debt historiographies. Economic historians have engaged with colonialism only reluctantly or en passant, giving credence to the idea that colonialism is not a development that deserves to be treated on its own. This has led to suboptimal developments in recent scholarship.

The second contribution adds a 'law and society' dimension to studies of debt. The analytical payoff of the exercise is to capture the current developments and functional limits of debt contracting and adjudication in relation to the long-term political and sociological dynamics of sovereignty. Finally, Sovereign Debt Diplomacies imports insights from, and contributes to the body of research currently developed in the Humanities under the label 'colonial and postcolonial studies'. The emphasis on 'history from below' and focus on 'subaltern agency' usefully complement the traditional elite-perspective on financial imperialism favored by the British school of empire history.

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Charlie Eaton, "Bankers in the Ivory Tower: The Troubling Rise of Financiers in US Higher Education" (U Chicago Press, 2022)

Tue, 31 May 2022 08:00:00 -0000

Elite colleges have long played a crucial role in maintaining social and class status in America while public universities have offered a major stepping-stone to new economic opportunities. However, as Charlie Eaton reveals in Bankers in the Ivory Tower: The Troubling Rise of Financiers in US Higher Education (U Chicago Press, 2022), finance has played a central role in the widening inequality in recent decades, both in American higher education and in American society at large.

With federal and state funding falling short, the US higher education system has become increasingly dependent on financial markets and the financiers that mediate them. Beginning in the 1980s, the government, colleges, students, and their families took on multiple new roles as financial investors, borrowers, and brokers. The turn to finance, however, has yielded wildly unequal results. At the top, ties to Wall Street help the most elite private schools achieve the greatest endowment growth through hedge fund investments and the support of wealthy donors. At the bottom, takeovers by private equity transform for-profit colleges into predatory organizations that leave disadvantaged students with massive loan debt and few educational benefits. And in the middle, public universities are squeezed between incentives to increase tuition and pressures to maintain access and affordability. Eaton chronicles these transformations, making clear for the first time just how tight the links are between powerful financiers and America's unequal system of higher education.

Charlie Eaton is an economic sociologist and Assistant Professor of Sociology at UC Merced. He studies the role of social ties, organizations, and politics in the interplay between financiers, other elites, and subordinate social groups. His work has been published in Socio-Economic Review, Politics & Society, The Review of Financial Studies, Socius, Sociology Compass, and PS: Political Science and Politics.

Tom Discenna is Professor of Communication at Oakland University whose work examines issues of academic labor and communicative labor more broadly.

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Larry E. Swedroe and Samuel C. Adams, "Your Essential Guide to Sustainable Investing" (Harriman House, 2022)

Thu, 28 Apr 2022 08:00:00 -0000

The investment industry is fast approaching a point where one-third of global assets under management are invested with a sustainable objective. But do sustainable investment products do what investors expect them to do? How can an investor tell if their investments are having the social impact they want? Does that impact come at a financial cost? And how can investors weave their way through the web of confusing acronyms, conflicting agency ratings, and the mass of fund offerings, confident that they can recognize and avoid corporate greenwashing?

Larry Swedroe and Sam Adams cut through the fog and bring clarity on all of this and more―providing investors with a firm plan for truly sustainable investing.

The authors first define sustainable investing, illuminating the differences between ESG, SRI and impact investing, and reveal who is currently investing sustainably and why. They then move on to a comprehensive review of the academic research. Finally, this book arms you with a practical guide to investing sustainably, including how to effectively choose your asset allocation strategy, and select the managers and funds through which your money can create the change you want to see in the world.

Your Essential Guide to Sustainable Investing (Harriman House, 2022) is the definitive go-to resource investors have been waiting for.

John Emrich has worked for decades years in corporate finance, business valuation and fund management. He has a podcast about the investment space called Kick the Dogma.

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Mark Sirower and Jeff Weirens, "The Synergy Solution: How Companies Win the Mergers and Acquisitions Game" (HBRP, 2022)

Thu, 28 Apr 2022 08:00:00 -0000

Today I talked to Mark L. Sirower about his book (co-authored with Jeff Weirens) The Synergy Solution: How Companies Win the Mergers and Acquisitions Game (HBP, 2022).

First impressions really do matter, and the M&A deals that receive a positive reaction on Announcement Day tend to outperform, over time, those deals where due diligence wasn’t practiced up front. Indeed, as this episode’s guest, Mark Sirower, notes, in two-thirds of cases a negative initial reception is a sign that the deal will never gain momentum. What leads to success? Among the key elements is focusing on the employee experience. Smart companies get “ahead of the pain” by acknowledging that workers have moved from the highest rung of Maslow’s Hierarchy of Needs (self-realization) to fearing for their material well-being, their security, i.e., the lowest, most basic rung of the ladder. In short, at a time of vast, globalized M&A deal-making, EQ has never been more important as companies navigate the emotional earthquake most employees are going to experience.

Mark L. Sirower is a leader in Deloitte’s M&A and Restructuring practice and was, previously, a global M&A leader at the Boston Consulting Group. He teaches M&A at the NYU Stern School of Business and has also authored The Synergy Trap.

Dan Hill, PhD, is the author of nine books and leads Sensory Logic, Inc. (https://www.sensorylogic.com). His new book is Blah, Blah, Blah: A Snarky Guide to Office Lingo. To check out his related “Dan Hill’s EQ Spotlight” blog, visit https://emotionswizard.com.

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Barry Eichengreen et al., "In Defense of Public Debt" (Oxford UP, 2021)

Tue, 26 Apr 2022 08:00:00 -0000

Public debts have exploded to levels unprecedented in modern history as governments responded to the Covid-19 pandemic and ensuing economic crisis. Their dramatic rise has prompted apocalyptic warnings about the dangers of heavy debts―about the drag they will place on economic growth and the burden they represent for future generations. In Defense of Public Debt (Oxford University Press, 2021) offers a sharp rejoinder to this view, marshaling the entire history of state-issued public debt to demonstrate its usefulness. Authors Barry Eichengreen, Asmaa El-Ganainy, Rui Esteves, and Kris James Mitchener argue that the ability of governments to issue debt has played a critical role in addressing emergencies―from wars and pandemics to economic and financial crises, as well as in funding essential public goods and services such as transportation, education, and healthcare. In these ways, the capacity to issue debt has been integral to state building and state survival. Transactions in public debt securities have also contributed to the development of private financial markets and, through this channel, to modern economic growth. None of this is to deny that debt problems, debt crises, and debt defaults occur. But these dramatic events, which attract much attention, are not the entire story. In Defense of Public Debt redresses the balance. The authors develop their arguments historically, recounting two millennia of public debt experience. They deploy a comprehensive database to identify the factors behind rising public debts and the circumstances under which high debts are successfully stabilized and brought down. Finally, they bring the story up to date, describing the role of public debt in managing the Covid-19 pandemic and recession, suggesting a way forward once governments―now more heavily indebted than before―finally emerge from the crisis.

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Mary Childs, "The Bond King: How One Man Made a Market, Built an Empire, and Lost It All" (Flatiron Books, 2021)

Wed, 20 Apr 2022 08:00:00 -0000

From the host of NPR's Planet Money, the deeply-investigated story of how one visionary, dogged investor changed American finance forever.

Before Bill Gross was known among investors as the Bond King, he was a gambler. In 1966, a fresh college grad, he went to Vegas armed with his net worth ($200) and a knack for counting cards. $10,000 and countless casino bans later, he was hooked: so he enrolled in business school.

The Bond King: How One Man Made a Market, Built an Empire, and Lost It All (Flatiron Books, 2021) is the story of how that whiz kid made American finance his casino. Over the course of decades, Bill Gross turned the sleepy bond market into a destabilized game of high risk, high reward; founded Pimco, one of today's most powerful, secretive, and cutthroat investment firms; helped to reshape our financial system in the aftermath of the Great Recession--to his own advantage; and gained legions of admirers, and enemies, along the way. Like every American antihero, his ambition would also be his undoing.

To understand the winners and losers of today's money game, journalist Mary Childs argues, is to understand the bond market--and to understand the bond market is to understand the Bond King.

John Emrich has worked for decades in corporate finance, business valuation and fund management. He has a podcast about the investment advisory industry called Kick the Dogma.

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Cindy Couyoumjian, "The Rise of Women and Wealth: Our Fight for Freedom, Equality, and Control of Our Financial Future" (Greenleaf, 2022)

Tue, 19 Apr 2022 08:00:00 -0000

Cindy Couyoumjian--founder of Cinergy Financial, with over thirty-six years of experience--is on a mission to empower women to stop being spectators and enter the financial arena; to stand up and assert their inalienable right to financial self-determination. Although today in the US, women are making gains in higher education, hold corporate positions, and are successful leaders, men still control most of the household wealth.

Yet women are powerful agents of change with boundless potential in the financial realm. In The Rise of Women and Wealth: Our Fight for Freedom, Equality, and Control of Our Financial Future (Greenleaf, 2022), Cindy shows that by confronting America's patriarchal past, women can become financially literate; reclaim the power and liberty that have been taken away; embrace a financial future filled with endless possibilities; strongly affirm, "Yes, I can."

Women everywhere must find the courage, strength, and inspiration to move forward by understanding the past. Cindy's message is a hopeful one, filled with intuitive truths about a brighter tomorrow for women and their financial power and freedom.

Cindy Couyoumjian is a Registered Representative offering securities and advisory services through Independent Financial Group LLC (IFG), a Registered Investment Adviser. Member FINRA/SIPC. Cinergy Financial and IFG are unaffiliated.

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Debt

Mon, 18 Apr 2022 08:00:00 -0000

Huzaifa Omair Siddiqi talks about the idea of debt, mainly with respect to the book by David Graeber on its history. This episode is dedicated to his memory.

Huzaifa is a doctoral candidate at the Department of English, Jawaharlal Nehru University, working on speculative materialism. He has written on several subjects including Graeber’s work.

The image is that of the Cone of Urukagina, which has the first recorded instance of the word ‘freedom’ (‘amargi’). In his book, Graeber talks about this record as one of several issued periodically by Sumerian kings to “declare all outstanding consumer debt null and void…, return all land to its original owners, and allow all debt-peons to return to their families”.

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Jonathan Beller, "The World Computer: Derivative Conditions of Racial Capitalism" (Duke UP, 2021)

Fri, 15 Apr 2022 08:00:00 -0000

In The World Computer: Derivative Conditions of Racial Capitalism (Duke UP, 2021) Jonathan Beller forcefully demonstrates that the history of commodification generates information itself. Out of the omnipresent calculus imposed by commodification, information emerges historically as a new money form. Investigating its subsequent financialization of daily life and colonization of semiotics, Beller situates the development of myriad systems for quantifying the value of people, objects, and affects as endemic to racial capitalism and computation. Built on oppression and genocide, capital and its technical result as computation manifest as racial formations, as do the machines and software of social mediation that feed racial capitalism and run on social difference. Algorithms, derived from for-profit management strategies, conscript all forms of expression-language, image, music, communication-into the calculus of capital such that even protest may turn a profit. Computational media function for the purpose of extraction rather than ameliorating global crises, and financialize every expressive act, converting each utterance into a wager. Repairing this ecology of exploitation, Beller contends, requires decolonizing information and money, and the scripting of futures wagered by the cultural legacies and claims of those in struggle.

Marci Mazzarotto is an Assistant Professor of Digital Communication at Georgian Court University in New Jersey. Her research interests center on the interdisciplinary intersection of academic theory and artistic practice with a focus on film and television studies.

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Tim Hwang, "Subprime Attention Crisis: Advertising and the Time Bomb at the Heart of the Internet" (FSG Originals, 2020)

Thu, 14 Apr 2022 08:00:00 -0000

In Subprime Attention Crisis: Advertising and the Time Bomb at the Heart of the Internet (FSG Originals, 2020), Tim Hwang investigates the way big tech financializes attention. In the process, he shows us how digital advertising--the beating heart of the internet--is at risk of collapsing, and that its potential demise bears an uncanny resemblance to the housing crisis of 2008.

From the unreliability of advertising numbers and the unregulated automation of advertising bidding wars to the simple fact that online ads mostly fail to work, Hwang demonstrates that while consumers' attention has never been more prized, the true value of that attention itself--much like subprime mortgages--is wildly misrepresented. And if online advertising goes belly-up, the internet--and its free services--will suddenly be accessible only to those who can afford it.

Tim Hwang is a writer, researcher, and currently the general counsel for Substack. He is the former director of the Harvard-MIT Ethics and Governance of AI Initiative and previously served as the global public policy lead for artificial intelligence and machine learning at Google.

Caleb Zakarin is the Assistant Editor of the New Books Network (Twitter: @caleb_zakarin).

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R. Douglas Arnold, "Fixing Social Security: The Politics of Reform in a Polarized Age" (Princeton UP, 2022)

Fri, 08 Apr 2022 08:00:00 -0000

Since its establishment, Social Security has become the financial linchpin of American retirement. Yet demographic trends—longer lifespans and declining birthrates—mean that this popular program now pays more in benefits than it collects in revenue. Without reforms, 83 million Americans will face an immediate benefit cut of 20 percent in 2034. How did we get here and what is the solution? In Fixing Social Security: The Politics of Reform in a Polarized Age (Princeton University Press, 2022), R. Douglas Arnold explores the historical role that Social Security has played in American politics, why Congress has done nothing to fix its insolvency problem for three decades, and what legislators can do to save it. What options do legislators have as the program nears the precipice? They can raise taxes, as they did in 1977, cut benefits, as they did in 1983, or reinvent the program, as they attempted in 2005. Unfortunately, every option would impose costs, and legislators are reluctant to act, fearing electoral retribution. Arnold investigates why politicians designed the system as they did and how between 1935 and 1983 they allocated—and reallocated—costs and benefits among workers, employers, and beneficiaries. He also examines public support for the program, and why Democratic and Republican representatives, once political allies in expanding Social Security, have become so deeply polarized about fixing it. As Social Security edges closer to crisis, Fixing Social Security offers a comprehensive analysis of the political fault lines and a fresh look at what can be done—before it is too late.

Stephen Pimpare is director of the Public Service & Nonprofit Leadership program and Faculty Fellow at the Carsey School of Public Policy at the University of New Hampshire.

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Haakon Gjerløw and Carl Henrik Knutsen, "One Road to Riches?: How State Building and Democratization Affect Economic Development" (Cambridge UP, 2021)

Wed, 06 Apr 2022 04:00:00 -0000

Building effective state institutions before introducing democracy is widely presumed to improve different development outcomes. Conversely, proponents of this "stateness-first" argument anticipate that democratization before state building yields poor development outcomes. In One Road to Riches?: How State Building and Democratization Affect Economic Development (Cambridge UP, 2021), we discuss several strong assumptions that (different versions of) this argument rests upon and critically evaluate the existing evidence base. In extension, we specify various observable implications. We then subject the "stateness-first" argument to multiple tests, focusing on economic growth as an outcome. First, we conduct historical case studies of two countries with different institutional sequencing histories, Denmark and Greece, and assess the "stateness-first" argument (e.g., by using a synthetic control approach). Thereafter, we draw on an extensive global sample of about 180 countries, measured across 1789-2019 and leverage panel regressions, pre-parametric matching, and sequence analysis to test a number of observable implications. Overall, we find little evidence to support the "stateness-first" argument.

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Robert Buderi, "Where Futures Converge: Kendall Square and the Making of a Global Innovation Hub" (MIT Press, 2022)

Tue, 05 Apr 2022 08:00:00 -0000

Kendall Square in Cambridge, Massachusetts, has been called “the most innovative square mile on the planet.” It's a life science hub, hosting Biogen, Moderna, Pfizer, Takeda, and others. It's a major tech center, with Google, Microsoft, IBM, Amazon, Facebook, and Apple all occupying big chunks of pricey office space. Kendall Square also boasts a dense concentration of startups, with leading venture capital firms conveniently located nearby. And of course, MIT is just down the block. In Where Futures Converge: Kendall Square and the Making of a Global Innovation Hub (MIT Press, 2022), Robert Buderi offers the first detailed account of the unique ecosystem that is Kendall Square, chronicling the endless cycles of change and reinvention that have driven its evolution.

Buderi, who himself has worked in Kendall Square for the past twenty years, tells fascinating stories of great innovators and their innovations that stretch back two centuries. Before biotech and artificial intelligence, there was railroad car innovation, the first long-distance telephone call, the Polaroid camera, MIT's once secret, now famous Radiation Laboratory, and much more. Buderi takes readers on a walking tour of the square and talks to dozens of innovators, entrepreneurs, urban planners, historians, and others. He considers Kendall Square's limitations—it's “gentrification gone rogue,” by one description, with little affordable housing, no pharmacy, and a scarce middle class—and its strengths: the “human collisions” that spur innovation.

What's next for Kendall Square? Buderi speculates about the next big innovative enterprises and outlines lessons for aspiring innovation districts. More important, he asks how Kendall Square can be both an innovation hub and a diversity, equity, and inclusion hub. There's a lot of work still to do.

Galina Limorenko is a doctoral candidate in Neuroscience with a focus on biochemistry and molecular biology of neurodegenerative diseases at EPFL in Switzerland.

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Jonathan Haskel and Stian Westlake, "Restarting the Future: How to Fix the Intangible Economy" (Princeton UP, 2022)

Tue, 05 Apr 2022 08:00:00 -0000

The past two decades have witnessed sluggish economic growth, mounting inequality, dysfunctional competition, and a host of other ills that have left people wondering what has happened to the future they were promised. Restarting the Future reveals how these problems arise from a failure to develop the institutions demanded by an economy now reliant on intangible capital such as ideas, relationships, brands, and knowledge.

In this groundbreaking and provocative book, Jonathan Haskel and Stian Westlake argue that the great economic disappointment of the century is the result of an incomplete transition from an economy based on physical capital, and show how the vital institutions that underpin our economy remain geared to an outmoded way of doing business. The growth of intangible investment has slowed significantly in recent years, making the world poorer, less fair, and more vulnerable to existential threats. Haskel and Westlake present exciting new ideas to help us catch up with the intangible revolution, offering a road map for how to finance businesses, improve our cities, fund more science and research, reform monetary policy, and reshape intellectual property rules for the better.

Drawing on Haskel and Westlake’s experience at the forefront of finance and economic policymaking, Restarting the Future: How to Fix the Intangible Economy (Princeton UP, 2022) sets out a host of radical but practical solutions that can lead us into the future.

John Emrich has worked for decades years in corporate finance, business valuation and fund management. He has a podcast about the finance/investment space called Kick the Dogma.

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Megan Tobias Neely, "Hedged Out: Inequality and Insecurity on Wall Street" (U of California Press, 2022)

Mon, 04 Apr 2022 09:00:00 -0000

Is the finance industry fair? In Hedged Out: Inequality and Insecurity on Wall Street (University of California Press, 2022) Megan Tobias Neely, an assistant professor in the Department of Organisation at Copenhagen Business School, explores this question by asking who is successful, and who is excluded, in hedge funds. Drawing on ethnography and interviews, the book sets out how elite, white, masculinity is the dominant demographic of the industry, along with the importance of patronage relationships in perpetuating inequalities. It also explores the narratives and justifications used to explain the persistence of exclusions, even in the context of an industry that is supposed to reward passion and talent. Closing with a powerful call to transform both the finance industry and the world, the book is essential reading across social science and business, as well as for anyone interested in understanding how inequality persists.

Dave O'Brien is Professor of Cultural and Creative Industries, at the University of Sheffield.

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Michael J. Graetz and Ian Shapiro, "The Wolf at the Door: The Menace of Economic Insecurity and How to Fight It" (Harvard UP, 2020)

Mon, 04 Apr 2022 08:00:00 -0000

This is an age of crisis. That much we can agree on. But a crisis of what? And how do we get out of it? Many on the right call for tax cuts and deregulation. Others on the left rage against the top 1 percent and demand wholesale economic change. Voices on both sides line up against globalization: restrict trade to protect jobs. In The Wolf at the Door: The Menace of Economic Insecurity and How to Fight It (Harvard UP, 2020), two leading political analysts argue that these views are badly mistaken.

Michael Graetz and Ian Shapiro focus on what really worries people: not what the rich are making but rather their own insecurity and that of people close to them. Americans are concerned about losing what they have, whether jobs, status, or safe communities. They fear the wolf at the door. The solution is not protectionism or class warfare but a return to the hard work of building coalitions around realistic goals and pursuing them doggedly through the political system. This, Graetz and Shapiro explain, is how earlier reformers achieved meaningful changes, from the abolition of the slave trade to civil rights legislation. The authors make substantial recommendations for increasing jobs, improving wages, protecting families suffering from unemployment, and providing better health insurance and child care, and they guide us through the strategies needed to enact change.

These are achievable reforms that would make Americans more secure. The Wolf at the Door is one of those rare books that not only diagnose our problems but also show us how we can address them.

Tom Discenna is Professor of Communication at Oakland University whose work examines issues of academic labor and communicative labor more broadly.

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Joseph Fishkin and William E. Forbath, "The Anti-Oligarchy Constitution: Reconstructing the Economic Foundations of American Democracy" (Harvard UP, 2022)

Thu, 31 Mar 2022 08:00:00 -0000

Oligarchy is a threat to the American republic. When too much economic and political power is concentrated in too few hands, we risk losing the “republican form of government” the Constitution requires. Today, courts enforce the constitution as if it had almost nothing to say about this threat. The Anti-Oligarchy Constitution: Reconstructing the Economic Foundations of American Democracy (Harvard University Press, 2022) is a bold call to reclaim an American tradition that argues the constitution imposes a duty on government to fight oligarchy and ensure broadly shared wealth. In this revolutionary retelling of constitutional history, Dr. Joseph Fishkin and Dr. William Forbath show that a commitment to prevent oligarchy once stood at the center of a robust tradition in American political and constitutional thought.

Dr. Fishkin and Dr. Forbath argue that “The constitutional order does rest and depend on a political-economic order. That political-economic order does not maintain itself. It requires action (as well as forbearance from action) from each part of the government. The content of what is required changes radically over time in a dynamic way in response to changes in the economy and in politics. But we believe the basic principles of the democracy-of-opportunity tradition remain affirmative constitutional obligations of government today: to prevent an oligarchy from emerging and amassing too much power; to preserve a broad and open middle class as a counterweight against oligarchy and a bulwark of democratic life; and to include everyone, not just those privileged by race or sex, in a democracy of op- portunity that is broad enough to unite us all.”

Dr. Fishkin and Dr. Forbath demonstrate that reformers, legislators, and even judges working in this “democracy-of-opportunity” tradition understood that the Constitution imposes a duty on legislatures to thwart oligarchy and promote a broad distribution of wealth and political power. These ideas led Jacksonians to fight special economic privileges for the few, Populists to try to break up monopoly power, and Progressives to fight for the constitutional right to form a union. During Reconstruction, Radical Republicans argued in this tradition that racial equality required breaking up the oligarchy of the Slave Power and distributing wealth and opportunity to former slaves and their descendants. President Franklin Roosevelt and the New Dealers built their politics around this tradition, winning the fight against the “economic royalists” and “industrial despots.”

The book argues that our current understanding of what counts as a constitutional argument is anachronistic and limiting. In fact, the authors argue that “advocates of the democracy-of-opportunity tradition and their opponents throughout the long period from the founding through the New Deal disagreed about many things, but they agreed that part of arguing about the Constitution is making claims about what it requires of our political economy. “

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Alexander Zaitchik, "Owning the Sun: A People's History of Monopoly Medicine from Aspirin to COVID-19 Vaccines" (Counterpoint, 2022)

Wed, 30 Mar 2022 08:00:00 -0000

Although the dividing line between private life and public responsibilities can never be definite and clear, there is a moral threshold which is crossed both by those who assume power to change the lives of many men through public action and by those who undertake to represent in a public role the will and interests of many other men. A new responsibility, and even a new kind of responsibility, and new moral conflicts, present themselves.

– Stuart Hampshire, foreword to Public and Private Morality (1978)

Hampshire’s thoughts help articulate the inherent tensions underlying an institutionalized system of monopoly medicine that has commandeered the myth of free-market ideology in an ongoing and highly successful effort to profit from pharmaceutical patents generated by U.S. government-funded scientific research. This is the broader thesis of investigative journalist Alexander Zaitchik’s latest book, Owning the Sun: A People’s History of Monopoly Medicine from Aspirin to COVID-19 published by Counterpoint in March of 2022.

Zaitchik highlights the politics and players from founding fathers to the FDA’s Francis Kelsey to Hayek and the Chicago School in an engaging and well-researched narrative laying bare the situational ethics across the professional domains of the pharmaceutical industry, publicly-funded university research, and medicine more broadly while highlighting the public-private tension baked into our ‘free market’ political economy and its reification of knowledge through patent and intellectual property law.

Zaitchik’s narrative deftly outlines how generations of public health and science advocates have attempted to hold the line against pharmaceutical special interests and their allies in government while documenting privatized medicine’s evolution in the U.S. and its globalizing effects. From the controversial arrival of patent-seeking German chemical companies in the late nineteenth century to present-day coordination between industry and philanthropic organizations—including the influential Gates Foundation—that defeated efforts to loosen intellectual property restrictions for countries to produce vaccines against COVID-19. Relevant and smartly written with a disturbing message for everyone who cares about the cost and access of medicine.

Listeners will find the book and Zaitchik’s observations in this interview engaging as well as his 2018 article in The New Republic that previews part of the book’s larger thesis:

Complement and expand the topic focus with these recent NBN segments:

1) Davos Man: How the Billionaires Devoured the World (2022) written by Peter S. Goodman and

interviewed by Caleb Zakarin.

2) Disorder: A History of Reform, Reaction, and Money in American Medicine (2021) written by Peter

S. Swanson and interviewed by Stephen Pimpare.

Alexander Zaitchik is a freelance journalist and contributor to Atlantic magazine, The New Republic, The Nation and Foreign Policy among others, and has authored four books including this latest just published by Counterpoint Press in Berkeley.

Keith Krueger lectures at the SILC Business School in Shanghai University.

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The Future of Rational Decision Making: A Discussion with Olivier Sibony

Tue, 29 Mar 2022 08:00:00 -0000

In this podcast Owen Bennett-Jones discusses the future of rational decision making with Professor Olivier Sibony who after 25 years with McKinsey & Company in France, is now at HEC Paris and the Saïd Business School in Oxford University. In 2021 he co-wrote the book Noise: A Flaw in Human Judgment (Little, Brown Spark, 2021) with Cass R. Sunstein and Daniel Kahneman. For those trying to resist the illogicalities of the post truth world, the idea of rational decision-making is perhaps more important than ever. Yet the challenge to rationality comes not only from social media driven myths becoming accepted truths, but also bias and randomness in decision-making.

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The Future of Disorder: A Discussion with Helen Thompson

Tue, 22 Mar 2022 08:00:00 -0000

In her book Disorder: Hard Times in the 21st Century (Oxford UP, 2022), Cambridge academic Helen Thompson gets beyond the ephemeral and analyses instead the role of more fundamental drivers of events – including the energy markets and the international monetary system. That’s one way in which her book is distinctive. It’s also a very broad book. While much of academic output has a very narrow focus, this book is unusual in attempting a sweeping overview of what’s happening in the world. What role has energy played in disrupting politics especially since the 1970s? How has the US dominance of the international financial system impacted international relations? And how has the EU influenced democratic development in Europe?

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Vikrant Pande, "The SBI Story: Two Centuries of Banking" (Westland, 2021)

Tue, 15 Mar 2022 08:00:00 -0000

From princes to peasants, musicians to masons, cement plant owners to casual labourers—the State Bank of India (SBI) has been the go-to bank for the people of India. Widely trusted and near-ubiquitous, the SBI has come to symbolise banking across the length and breadth of the Indian nation.

This book traces the SBI’s deep connection to India’s economic progress, and the bank’s proactive approach to change and to reinventing itself to meet the evolving needs of a growing nation. In its journey from ‘banking for the classes’ to ‘banking for the masses’, it has continuously striven to blend business goals with social obligations.

The SBI of today had its origins in the Presidency banks of the 1800s; the Bank of Bengal, the Bank of Madras and the Bank of Bombay, set up by the British to facilitate trade and the repatriation of remittances to England, were its forebears. In The SBI Story: Two Centuries of Banking (Westland, 2021), Vikrant Pande narrates the compelling circumstances that prompted the founding of the Presidency banks, how they fared back in the day and why they coalesced to emerge as the Imperial Bank in 1921, which in turn was nationalised to form the State Bank of India in 1955.

Vikrant Pande spent two decades in the corporate sector, culminating in him being appointed as the provost of India’s first ever vocational education university (TeamLease Skills University) at Vadodara, Gujarat, India. He is now a full-time author and translator, and has published twelve English translations of Marathi bestsellers. His first book, 'In the Footsteps of Rama, Travels with the Ramayana' was released in April 2021.

Utsav Saksena is a Research Fellow at the National Institute of Public Finance and Policy (NIPFP), an autonomous institute under the Ministry of Finance, Government of India. He can be reached at utsavsaksena@protonmail.com. Note: opinions expressed in this podcast are personal and do not reflect the official position of the NIPFP or the Ministry of Finance, Government of India.

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Peter S. Goodman, "Davos Man: How the Billionaire Class Devoured Democracy" (Custom House, 2022)

Fri, 11 Mar 2022 09:00:00 -0000

Peter S. Goodman is the global economic correspondent for The New York Times, based in New York.

Caleb Zakarin is the Assistant Editor of the New Books Network (Twitter: @caleb_zakarin).

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Fabio Mattioli, "Dark Finance: Illiquidity and Authoritarianism at the Margins of Europe" (Stanford UP, 2020)

Mon, 07 Mar 2022 09:00:00 -0000

Dark Finance: Illiquidity and Authoritarianism at the Margins of Europe (Stanford University Press, 2020) offers one of the first ethnographic accounts of financial expansion and its political impacts in Eastern Europe. Following workers, managers, and investors in the Macedonian construction sector, Fabio Mattioli shows how financialization can empower authoritarian regimes—not by making money accessible to everyone, but by allowing a small group of oligarchs to monopolize access to international credit and promote a cascade of exploitative domestic debt relations. The landscape of failed deals and unrealizable dreams that is captured in this book portrays finance not as a singular, technical process. Instead, Matttioli argues that finance is a set of political and economic relations that entangles citizens, Eurocrats, and workers in tense paradoxes. Mattioli traces the origins of illiquidity in the reorganization of the European project and the postsocialist perversion of socialist financial practices—a dangerous mix that hid the Macedonian regime's weakness behind a façade of urban renewal and, for a decade, made it seem omnipresent and invincible. Dark Finance chronicles how, one bad deal at a time, Macedonia's authoritarian regime rode a wave of financial expansion that deepened its reach into Macedonian society, only to discover that its domination, like all speculative bubbles, was teetering on the verge of collapse.

Mathias Fuelling is a doctoral candidate in History at Temple University, working on a political history of Czechoslovakia in the immediate post-WWII years. He can be found on Twitter at https://twitter.com/bucephalus424

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Spencer Jakab, "The Revolution That Wasn't: GameStop, Reddit, and the Fleecing of Small Investors" (Penguin, 2022)

Tue, 25 Jan 2022 09:00:00 -0000

In The Revolution That Wasn't: GameStop, Reddit, and the Fleecing of Small Investors (Portfolio/Penguin, 2022), WSJ columnist Spencer Jakab weaves together personal narratives, the key market institutions, and social media to tell the fascinating tale of the GameStop short squeeze of early 2021. The surprising truth? What appeared to be a watershed moment—a revolution that stripped the ultra-powerful hedge funds of their market influence, placing power back in the hands of everyday investors—only tilted the odds further in the house’s favor. The Revolution That Wasn't is the definitive account of an event that has immediately joined the list of best and worst stock market moments.

Daniel Peris is Senior Vice President at Federated Hermes in Pittsburgh. He can be reached at DanielxPeris@gmail.com or via Twitter @HistoryInvestor. His History and Investing blog and Keep Calm & Carry On Investing podcast are at https://strategicdividendinves...

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Helga Nowotny, "In AI We Trust: Power, Illusion and Control of Predictive Algorithms" (Polity, 2021)

Thu, 20 Jan 2022 09:00:00 -0000

Today I talked to Helga Nowotny about her new book In AI We Trust: Power, Illusion and Control of Predictive Algorithms (Polity, 2021).

One of the most persistent concerns about the future is whether it will be dominated by the predictive algorithms of AI - and, if so, what this will mean for our behaviour, for our institutions and for what it means to be human. AI changes our experience of time and the future and challenges our identities, yet we are blinded by its efficiency and fail to understand how it affects us.

At the heart of our trust in AI lies a paradox: we leverage AI to increase our control over the future and uncertainty, while at the same time the performativity of AI, the power it has to make us act in the ways it predicts, reduces our agency over the future. This happens when we forget that that we humans have created the digital technologies to which we attribute agency. These developments also challenge the narrative of progress, which played such a central role in modernity and is based on the hubris of total control. We are now moving into an era where this control is limited as AI monitors our actions, posing the threat of surveillance, but also offering the opportunity to reappropriate control and transform it into care.

As we try to adjust to a world in which algorithms, robots and avatars play an ever-increasing role, we need to understand better the limitations of AI and how their predictions affect our agency, while at the same time having the courage to embrace the uncertainty of the future.

Galina Limorenko is a doctoral candidate in Neuroscience with a focus on biochemistry and molecular biology of neurodegenerative diseases at EPFL in Switzerland. To discuss and propose the book for an interview you can reach her at galina.limorenko@epfl.ch.

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Isaac A. Kamola, "Making the World Global: U.S. Universities and the Production of the Global Imaginary" (Duke UP, 2019)

Wed, 29 Dec 2021 09:00:00 -0000

Following World War II the American government and philanthropic foundations fundamentally remade American universities into sites for producing knowledge about the world as a collection of distinct nation-states. As neoliberal reforms took hold in the 1980s, visions of the world made popular within area studies and international studies found themselves challenged by ideas and educational policies that originated in business schools and international financial institutions. Academics within these institutions reimagined the world instead as a single global market and higher education as a commodity to be bought and sold. By the 1990s, American universities embraced this language of globalization, and globalization eventually became the organizing logic of higher education.

In Making the World Global: U.S. Universities and the Production of the Global Imaginary (Duke UP, 2019), Isaac A. Kamola examines how the relationships among universities, the American state, philanthropic organizations, and international financial institutions created the conditions that made it possible to imagine the world as global. Examining the Center for International Studies, Harvard Business School, the World Bank, the Social Science Research Council, and NYU, Kamola demonstrates that how we imagine the world is always symptomatic of the material relations within which knowledge is produced.

Dr. Kamola is currently an Associate Professor of Political Science and President of the American Association of University Professors (AAUP) chapter at Trinity College in Hartford, Connecticut.

Sara Katz is a postdoctoral associate in the history department at Duke University.

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Tobias F. Rötheli, "The Behavioral Economics of Inflation Expectations: Macroeconomics Meets Psychology" (Cambridge UP, 2020)

Tue, 28 Dec 2021 09:00:00 -0000

Inflation expectations – their formation, predictive accuracy, and influence on business price-setting and household consumption – remain one of the great macroeconomic puzzles and challenges to policymakers. As inflation returns to the developed world after a decade-long abeyance, understanding them matters more than ever.

In The Behavioral Economics of Inflation Expectations: Macroeconomics Meets Psychology (Cambridge University Press, 2020), Tobias Rötheli has used two (relatively) new disciplines in the study of expectations: behavioral and experimental economics. Instead of applying a top-down version of rationality - like rational expectations - he uses a bottom-up model of rationality, studying individual behavior in the laboratory and then working up from the data. With some surprising results.

Tobias Rötheli has been Professor of Macroeconomics at the University of Erfurt since 2000. A graduate of the University of Bern, he has worked at the Swiss National Bank and been a visiting scholar at Harvard, Stanford and the Federal Reserve Bank of St. Louis. He is the author of five other books and a string of papers; his 2020 paper on The 8½ Equations Version of the Quantity Theory of Money mentioned in the interview can be found at: https://papers.ssrn.com/sol3/D...

*The author's own book recommendations are A History of Economic Theory: Classic Contributions 1720-1980 by Jürg Niehans (JHUP, 1994) and Raymond Carver's Collected Stories (Library of America, 2009).

Tim Gwynn Jones is an economic and political-risk analyst at Medley Advisors (a division of Energy Aspects).

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Smitha Radhakrishnan, "Making Women Pay: Microfinance in Urban India" (Duke UP, 2022)

Mon, 27 Dec 2021 09:00:00 -0000

In Making Women Pay: Microfinance in Urban India (Duke UP, 2022), Smitha Radhakrishnan explores India's microfinance industry, which in the past two decades has come to saturate the everyday lives of women in the name of state-led efforts to promote financial inclusion and women's empowerment. Despite this favorable language, Radhakrishnan argues, microfinance in India does not provide a market-oriented development intervention, even though it may appear to help women borrowers. Rather, this commercial industry seeks to extract the maximum value from its customers through exploitative relationships that benefit especially class-privileged men. Through ethnography, interviews, and historical analysis, Radhakrishnan demonstrates how the unpaid and underpaid labor of marginalized women borrowers ensures both profitability and symbolic legitimacy for microfinance institutions, their employees, and their leaders. In doing so, she centralizes gender in the study of microfinance, reveals why most microfinance programs target women, and explores the exploitative implications of this targeting.

Smitha Radhakrishnan is Professor of Sociology and Luella LaMer Professor of Women’s Studies at Wellesley College. Her research examines the cultural, financial, and political dimensions of gender and globalization, with particular focus on India, the United States, and South Africa. Her most recent book, Making Women Pay: Microfinance in Urban India, examines exploitative anti-poverty practices that target women. Radhakrishnan’s previous book, Appropriately Indian: Gender and Culture in a Transnational Class (Duke University Press 2011) is a transnational ethnography of Indian IT professionals. She has previously researched the cultural politics of post-apartheid South Africa. Her articles have appeared in World Development, Gender and Society, Theory and Society, and Signs, among other prominent journals. She received her PhD in Sociology from University of California, Berkeley.

Saronik Bosu (@SaronikB on Twitter) is a doctoral candidate in English at New York University. He is writing his dissertation on South Asian economic writing. He co-hosts the podcast High Theory and is a co-founder of the Postcolonial Anthropocene Research Network.

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Sam de Muijnck and Joris Tieleman, "Economy Studies: A Guide to Rethinking Economics Education" (Amsterdam UP, 2021)

Mon, 20 Dec 2021 09:00:00 -0000

The Economy Studies project emerged from the worldwide movement to modernise economics education, spurred on by the global financial crisis of 2008, the climate crisis, and the COVID-19 pandemic. It envisions a wide variety of economics graduates and specialists, equipped with a broad toolkit, enabling them to collectively understand and help tackle the issues the world faces today.

Economy Studies: A Guide to Rethinking Economics Education (Amsterdam University Press, 2021) is a practical guide for (re-)designing economics courses and programs. Based on a clear conceptual framework and ten flexible building blocks, this book offers refreshing ideas and practical suggestions to stimulate student engagement and critical thinking across a wide range of courses.

Sam de Muijnck is chief economist at the Dutch independent think tank Our New Economy. Earlier, he was the chair of the Future Generations Think Tank, as well as that of the Dutch branch of the international student movement, ‘Rethinking Economics’. He completed his undergraduate economics degree at the Radboud University in Nijmegen, and then pursued an interdisciplinary research master’s at the University of Amsterdam.

Joris Tieleman completed his PhD from the Institute for Housing and Urban Development Studies, Erasmus University Rotterdam. He previously worked as a staff research journalist for the Volkskrant (a Dutch daily), and co-founded the Dutch branch of Rethinking Economics.

Utsav Saksena is a Research Fellow at the National Institute of Public Finance and Policy (NIPFP), an autonomous institute under the Ministry of Finance, Government of India. He can be reached at utsavsaksena95@hotmail.com. Note: opinions expressed in this podcast are purely personal and do not reflect the official position of NIPFP or the Ministry of Finance, Government of India.

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Carlo D'Ippoliti, "Democratizing the Economics Debate: Pluralism and Research Evaluation" (Routledge, 2020)

Fri, 17 Dec 2021 09:00:00 -0000

I spoke with Dr. Carlo D’Ippoliti, Professor of Economics at the Department of statistical sciences, Sapienza University of Rome. We talked about Democratizing the Economics Debate; Pluralism and Research Evaluation. This was published in 2020 by Routledge.

It is a great book, almost a manifesto for better economics, divided into three parts: 1 How economics should be; 2 What economics is; 3 What economics could become. The book speaks to colleagues but it is perfectly accessible to students and non specialists too.

It is a book about the profession of the economist, its social relevance and responsibility. It is a book about pluralism and the impact of economics on democracy and policy making. It is a book about the metrics that we use to assess the quality of research and the dynamics that dominate the field, from careers to the tyranny of top mainstream journals.

More than a decade since the global financial crisis, economics does not exhibit signs of significant change. Mainstream economists act on an idealized image of science, which includes the convergence of all perspectives into a single supposed scientific truth.

Democratizing the Economics Debate shows that this idealized image both provides an inadequate description of what science should be and misrepresents the recent past and current state of economics. Economics has always been characterized by a plurality of competing perspectives and research paradigms, however, there is evidence of a worrying global involution in the last 40 years. Even as the production of economics publications has exploded, the economics debate is becoming less plural and increasingly hierarchical. Among several causes, the tendency to conformism has been exacerbated in recent years with the use of formal schemes of research quality evaluation. This book documents how such schemes now cover more than half of all economists worldwide and reviews the impact of biased methods of research evaluation on the stunting of levels of pluralism in economics.

The book will be of interest to anyone who worries for the state of the democratic debate. As experts who intervene in the public debate, economists must assure society that they are working in the best possible way, which includes fostering a wide and fair scientific debate. It is this test of social legitimacy that economics currently fails.

This contribution perfectly complements two other books that Carlo has recently edited with his colleagues: 'The Routledge Handbook of Heterodox Economics' (Routledge International Handbooks) and 'Classical Economics Today, Essays in Honor of Alessandro Roncaglia' (Anthem Other Canon Economics).

Andrea Bernardi is Senior Lecturer in Employment and Organization Studies at Oxford Brookes University in the UK.

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70 Recall This Buck 5: "Studying Up" with Daniel Souleles (EF, JP)

Thu, 16 Dec 2021 09:00:00 -0000

John and Elizabeth continue their conversation with Daniel Souleles, anthropologist at the Copenhagen Business School and author of Songs of Profit, Songs of Loss: Private Equity, Wealth, and Inequality (Lincoln : University of Nebraska Press 2019).

Dan’s work fits into a newish approach in anthropology of researching people with greater power and influence than the researchers themselves. That's sometimes called "studying up" and Dan and Elizabeth (who's writing a book about gold, after all!) have both thought a lot about it.

Read the transcript here.

Read Aneil Tripathy's RTB piece about actuarial time scales and how they shape the sort of anthropology that both he and Souleles practice.

Elizabeth Ferry is Professor of Anthropology at Brandeis University. Email: ferry@brandeis.edu. John Plotz is Barbara Mandel Professor of the Humanities at Brandeis University and co-founder of the Brandeis Educational Justice Initiative. Email: plotz@brandeis.edu.

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Margaret Jacobs, “Enlightened Entrepreneurialism” (Open Agenda, 2021)

Tue, 14 Dec 2021 09:00:00 -0000

Enlightened Entrepreneurialism is based on an in-depth filmed conversation between Howard Burton and Margaret Jacob, Distinguished Professor of History at UCLA. Topics examined during this extensive conversation include Margaret Jacob’s motivations to become a historian and her comprehensive analysis of the history of the Industrial Revolution and interpretation of the major economic motivations on the ground, comparing daily life experiences in England, France, Belgium and the Netherlands. A sophisticated understanding of the past naturally involves a composite approach that marries economic motivations with associated cultural factors of educational trends, religious influences and scientific and technological awareness, and more.

Howard Burton is the founder of the Ideas Roadshow, Ideas on Film and host of the Ideas Roadshow Podcast. He can be reached at howard@ideasroadshow.com.

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Donald Cohen and Allen Mikaelian, "The Privatization of Everything: How the Plunder of Public Goods Transformed America and How We Can Fight Back" (New Press, 2021)

Mon, 06 Dec 2021 09:00:00 -0000

As people reach for social justice and better lives, they create public goods--free education, public health, open parks, clean water, and many others--that must be kept out of the market. When private interests take over, they strip public goods of their power to lift people up, creating instead a tool to diminish democracy, further inequality, and separate us from each other.

The Privatization of Everything: How the Plunder of Public Goods Transformed America and How We Can Fight Back (New Press, 2021), by the founder of In the Public Interest, an organization dedicated to shared prosperity and the common good, chronicles the efforts to turn our public goods into private profit centers. The Privatization of Everything connects the dots across a broad spectrum of issues and raises larger questions about who controls the public things we all rely on, exposing the hidden crisis of privatization that has been slowly unfolding over the last fifty years and giving us a road map for taking our country back.

Stephen Pimpare is director of the Public Service & Nonprofit Leadership program and Faculty Fellow at the Carsey School of Public Policy at the University of New Hampshire.

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69 Recall this Buck 4: Daniel Souleles on Private Equity (JP, EF)

Thu, 02 Dec 2021 09:00:00 -0000

In this installment of our Recall this Buck series (check out our earlier conversations with Thomas Piketty, Peter Brown and Christine Desan), John and Elizabeth talk with Daniel Souleles, anthropologist at the Copenhagen Business School and author of Songs of Profit, Songs of Loss: Private Equity, Wealth, and Inequality (Lincoln : University of Nebraska Press 2019). Dan's work explores the world of private equity "guys" (who are indeed mostly guys) and the ways they are "suspended in webs of significance [they themselves have] spun" as Clifford Geertz puts it.

Further, he explores the ways we are all suspended in these webs through the immense buying and managing power of private equity firms. Private equity investors buy out publicly traded companies, often through enormous debt (which is why these deals used to be called "leveraged buyouts" or LBOs), manage the companies and then sell them. They argue they are creating value by cutting fat in management; typically workers bear the brunt of the debt while executives--and the private equity firm and lawyers and others servicing the deal--receive hefty payments.

Dan pulls off a tough feat in his book, helping us see the concerns and motivations of people he's working with as understandable and the people themselves as reasonable and even likeable, while also maintaining his own view of private equity as, generally speaking, a noxious force in society.

We end with a discussion of the Occupy movement and how it helped to change public conversations about inequality and the power of finance (another angle on the themes we tackled in our earlier "Brahmin Left" conversations).

Mentioned in this episode:

Bryan Burrough and John Helyar, Barbarians at the Gates: The Fall of NJR Nabisco
Karen Ho Liquidated; ethnography of Wall Street, and of "smartness"
Edwin Lefèvre, Reminiscences of a Stock Operator, (John misremembered the title as Confessions of a Stockjobber)
Bret Easton Ellis, American Psycho (1991)

The transcript for this episode is here.

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Paul Collier, "The Future of Capitalism: Facing the New Anxieties" (Harper, 2019)

Tue, 30 Nov 2021 09:00:00 -0000

Deep new rifts are tearing apart the fabric of Britain and other Western societies: thriving cities versus the provinces; the high-skilled elite versus the less educated. As these divides deepen, we have lost the sense of ethical, reciprocal obligations to others that were crucial to the rise of post-war prosperity — and are inherently aligned with how humans are meant to live: in a friendly, collaborative community. So far these rifts have been answered only by ideologies of populism and socialism, leading to the seismic upheavals of Trump, Brexit, and the return of the far-right across much of Europe.

Sir Paul Collier’s The Future of Capitalism: Facing the New Anxieties (Harper, 2019), winner of the 2019 Handelsblatt Prize, provides a diagnosis for how these anxieties have arrived, alongside a pragmatic and ambitious prescription for how we can address them. In our conversation, we trace these anxieties of 21st century capitalism back to their ethical, economic, and social roots and discuss ideas to rebuild reciprocal obligations in our society, paving the way to more sustainable, more kind, and more successful future of capitalism.

Paul is currently Professor of Economics and Public Policy at the Blavatnik School of Government at the University of Oxford and a Director of the International Growth Centre in London. He is a world-renowned development economist, working with governments around the world; an award-winning author, notably writing The Bottom Billion, on how the world’s poorest countries can achieve prosperity, and most recently Greed is Dead, with Sir John Kay; and frequently writes for magazines such as Prospect and the New Statesman.

Host, Leo Nasskau, is an expert on the future of work and interviews authors writing about public policy and political economy — particularly how capitalism can be reformed to deliver sustainable prosperity for all.

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Nika Kabiri, "Money off the Table: Decision Science and the Secret to Smarter Investing" (Houndstooth Press, 2020)

Thu, 11 Nov 2021 09:00:00 -0000

Today I talked to Nika Kabiri about her new book Money off the Table: Decision Science and the Secret to Smarter Investing (Houndstooth Press, 2020).

Adam Smith not only helped to create the field of economics; the guy was also a moral philosopher who readily accepted the role of emotions in decision-making. How surprised he might have been to discover that it took decades upon decades for the field to come back to accepting the role that emotions and biases play in decision-making! My guest this week, Nika Kabiri, has no such blind spot. She knows that the Confirmation Bias is among the most important factors to weigh in helping her clients. Along the way, this conversation takes in the movie The Big Short and Jerome Powell and what may lay ahead for the economy. Five types of investors are also discussed, from the more-is-better investor to the what-has-always-worked investor. Like not to be poor? This episode is therefore worth a listen.

Nika Kabiri teaches Decision Science at the University of Washington, and is the founder and owner of Kabiri Consulting LLC, where she uses Decision Science to help businesses grow.

Dan Hill, PhD, is the author of nine books and leads Sensory Logic, Inc. (https://www.sensorylogic.com). His new book is Blah, Blah, Blah: A Snarky Guide to Office Politics. To check out his related “Dan Hill’s EQ Spotlight” blog, visit https://emotionswizard.com.

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Michele Wucker, "You Are What You Risk: The New Art and Science of Navigating an Uncertain World" (Pegasus Books, 2021)

Thu, 04 Nov 2021 08:00:00 -0000

Today I talked to Michele Wucker about her new book You Are What You Risk: The New Art and Science of Navigating an Uncertain World (Pegasus Books, 2021)

Your risk fingerprint is a mixture of how personality traits, experiences, and social context have shaped how you approach risk and uncertainty in life. Also crucial is your risk empathy and the degree to which you are risk-savvy, both of which value reading your environment in analyzing the risk you and others face and how people are coping with unknowns. This episode explore risk in terms of a variety of situations and segments of the population. Are millennials risk-averse or risk savvy? Why are white male who are risk-takers people who tend to trust institutions and be anti-egalitarian? How should companies approach mergers and acquisitions when the two companies have very different risk cultures? And finally, which professions tend to be the most prone to over-confidence? In every case, “it depends” is a fair answer but by no means all that you will hear on these and other topics.

Michele Wucker has been honored as a Young Global Leader of the World Economic Forum and a Guggenheim Fellow. Her third book, The Gray Rhino, inspired a popular TED talk and has influenced world markets, government policy and business strategies.

Dan Hill, PhD, is the author of nine books and leads Sensory Logic, Inc. (https://www.sensorylogic.com). His new book is Blah, Blah, Blah: A Snarky Guide to Office Politics. To check out his related “Dan Hill’s EQ Spotlight” blog, visit https://emotionswizard.com.

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Scott Sumner, "The Money Illusion: Market Monetarism, the Great Recession, and the Future of Monetary Policy" (U Chicago Press, 2021)

Wed, 27 Oct 2021 08:00:00 -0000

Is it possible that the consensus around what caused the 2008 Great Recession is almost entirely wrong? It's happened before. Just as Milton Friedman and Anna Schwartz led the economics community in the 1960s to reevaluate its view of what caused the Great Depression, the same may be happening now to our understanding of the first economic crisis of this century.

Foregoing the usual relitigating of the problems of housing markets and banking crises, renowned monetary economist Scott Sumner argues that the Great Recession came down to one thing: nominal GDP, the sum of all nominal spending in the economy, which the Federal Reserve erred in allowing to plummet.

The Money Illusion: Market Monetarism, the Great Recession, and the Future of Monetary Policy (University of Chicago Press, 2021) is an end-to-end case for this school of thought, known as market monetarism, written by its leading voice in economics. Based almost entirely on standard macroeconomic concepts, this highly accessible text lays a groundwork for a simple yet fundamentally radical understanding of how monetary policy can work best: providing a stable environment for a market economy to flourish.

Scott Sumner is the Ralph G. Hawtrey Chair of Monetary Policy at the Mercatus Center at George Mason University. He is also Professor Emeritus at Bentley University and Research Fellow at the Independent Institute.

Kirk Meighoo is Public Relations Officer for the United National Congress, the Official Opposition in Trinidad and Tobago. His career has spanned media, academia, and politics for three decades.

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Alex Pentland and Alexander Lipton, "Building the New Economy: Data As Capital" (MIT Press, 2021)

Mon, 25 Oct 2021 09:00:00 -0000

Data is now central to the economy, government, and health systems—so why are data and the AI systems that interpret the data in the hands of so few people? Alex Pentland and Alexander Lipton's Building the New Economy: Data As Capital (MIT Press, 2021) calls for us to reinvent the ways that data and artificial intelligence are used in civic and government systems. Arguing that we need to think about data as a new type of capital, the authors show that the use of data trusts and distributed ledgers can empower people and communities with user-centric data ownership, transparent and accountable algorithms, machine learning fairness principles and methodologies, and secure digital transaction systems.

It's well known that social media generate disinformation and that mobile phone tracking apps threaten privacy. But these same technologies may also enable the creation of more agile systems in which power and decision-making are distributed among stakeholders rather than concentrated in a few hands. Offering both big ideas and detailed blueprints, the authors describe such key building blocks as data cooperatives, tokenized funding mechanisms, and tradecoin architecture. They also discuss technical issues, including how to build an ecosystem of trusted data, the implementation of digital currencies, and interoperability, and consider the evolution of computational law systems.

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The Economics of Higher Education

Mon, 18 Oct 2021 08:00:00 -0000

In this episode, Daniel Peris, the host of the “Keep Calm and Carry On Investing” podcast, and David Finegold have a wide-ranging discussion of economics and governance questions inherent in K-12 and higher education.

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Marco Dondi, "Outgrowing Capitalism: Rethinking Money to Reshape Society and Pursue Purpose" (Fast Company Press, 2021)

Mon, 18 Oct 2021 08:00:00 -0000

It's time to rethink how we create and allocate money

In Outgrowing Capitalism: Rethinking Money to Reshape Society and Pursue Purpose (Fast Company Press, 2021), Marco Dondi sheds light on the fact that most people do not have the economic security to focus on purpose and life fulfillment. He proposes that this is not the way things have to be; there is an alternative.

In a quest to change our economic system to cater for everyone, he identifies deep issues in how money is created and allocated and connects these to capitalism. He shows that the assumptions and circumstances that made capitalism a success are no longer true today and then describes a new socio-economic model, Monetism.

Dondi's solution is to provide a pragmatic roadmap to institutionalize Monetism and solve societal issues that seemed as permanent as time.

Kirk Meighoo is Public Relations Officer for the United National Congress, the Official Opposition in Trinidad and Tobago. His career has spanned media, academia, and politics for three decades.

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Jeffrey C. Hooke, "The Myth of Private Equity: An Inside Look at Wall Street's Transformative Investments" (Columbia Business School, 2021)

Wed, 13 Oct 2021 08:00:00 -0000

Jeffrey Hooke's The Myth of Private Equity: An Inside Look at Wall Street's Transformative Investments (Columbia Business School, 2021) is a scathing indictment of the high-flying world of private equity. Piece by piece, Hooke takes apart the PE value proposition and shows, instead of the claimed "higher returns and lower volatility", a startling record of poor performance, exorbitant fees, completely opaque reporting, and a network of enablers that allow the business model to proceed.

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Paul Milgrom, "Discovering Prices: Auction Design in Markets with Complex Constraints" (Columbia UP, 2017)

Wed, 06 Oct 2021 08:00:00 -0000

Neoclassical economic theory shows that under the right conditions, prices alone can guide markets to efficient outcomes. But what if it it’s hard to find the right price? In many important markets, a buyer’s willingness to pay for one good (say, the right to use a certain part of the radio spectrum range in San Francisco) will depend on the price of another complementary good (the right to use that same spectrum in Los Angeles). The number of possible combinations can rapidly become incalculably complex. Such complex markets require new collaborations between economists and computer scientists to create designs that are both incentive compatible and computationally tractable.

In Discovering Prices: Auction Design in Markets with Complex Constraints (Columbia UP, 2017), 2020 Economics Nobel Memorial Prize winner Paul Milgrom discusses some of the new economics theory he has developed to help address these challenging contexts, in which neither unfettered market forces nor top-down planning will work well. In our interview we explore these ideas in the context of the most complex auction ever created, the FCC’s broadcast incentive auction. This auction, designed and planned by a team led by Professor Milgrom with his company Auctionomics, purchased underutilized broadcast spectrum from television stations and sold it onward to telecoms providers. This reallocation helped improve wireless network performance and pave the way for 5G wireless services, while also generating over $7 billion for the US treasury.

Host Peter Lorentzen is an Associate Professor in the Department of Economics at the University of San Francisco, where he leads a new digital economy-focused Master's program in Applied Economics.

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Alvin E. Roth, "Who Gets What--and Why: The New Economics of Matchmaking and Market Design" (HMH, 2015)

Tue, 05 Oct 2021 08:00:00 -0000

In Who Gets What — and Why: The New Economics of Matchmaking and Market Design (Mariner Books, 2015), Nobel Memorial Prize Winner Alvin Roth explains his pioneering work in the study of matching markets such as kidney exchange, marriage, job placements for new doctors and new professors, and enrollments in schools or colleges. In these markets, “buyers” and “sellers” must each chose the other, and getting the prices right is only a small part of what makes for a successful transaction, if cash is even involved at all. Roth’s work has led the way in taking microeconomics outside the halls of academic theory to become a practical “engineering” tool for policymakers and businesses.

In our interview, we range far beyond the examples from the book to discuss the implications of his work for the design of tech’s market-making “platform” businesses like Airbnb, Amazon, Lyft, or Uber, the challenges he faces when countries or people view some kinds of transactions as “repugnant” or morally unacceptable, and the reasons why San Francisco’s school district (unlike Boston’s or New York’s) chose not to implement the un-gameable school choice plan his team devised for them.

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Emily Erikson, "Trade and Nation: How Companies and Politics Reshaped Economic Thought" (Columbia UP, 2021)

Wed, 15 Sep 2021 08:00:00 -0000

How can ideas from sociology help us understand history and economics? In Trade and Nation: How Companies and Politics Reshaped Economic Thought (Columbia UP, 2021), Emily Erikson, Associate Professor of Sociology at Yale and Academic Director of the Fox International Fellowship, explores the major shift, which occurred during the seventeenth century, in the history and philosophy of economics. The book combines computational methods from sociology with a detailed and close engagement with historical sources and the philosophy of economics. It demonstrates how a key set of merchants proved highly influential in setting the terms of economics, in the context of the specific conditions and institutional settings in England during the period. The book also offers comparative analysis, adding depth to the numerous methods of testing its core hypothesis about what really drove the changes in economics. Clearly written, and deeply engaging, the book is essential reading for scholars in economics and the social sciences, as well as in history and the humanities.

Dave O'Brien is Chancellor's Fellow, Cultural and Creative Industries, at the University of Edinburgh's College of Art.

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Gregory Werden, "The Foundations of Antitrust: Events, Ideas, and Doctrines" (Carolina Academic Press, 2020)

Tue, 07 Sep 2021 08:00:00 -0000

Few revolutions in economics have been as under-covered in general literature as the emergence and development of competition theory and policymaking.

Political threats to break up the tech giants or restrain Russian gas pipelines make the headlines while academic lawyers churn out textbooks on 130 years of precedent and practicing lawyers test its limits.

What has been missing is an up-to-date, general legislative and intellectual history of how and why politicians, lawyers, and economists in capitalist democracies decided they needed to step in and correct the market. Why did this happen first in the US in that crucial quarter-century preceding the first world war?

The Foundations of Antitrust: Events, Ideas, and Doctrines by Gregory Werden (Carolina Academic Press, 2020) fills that gap, examines the overlaps between legal innovation and common law, and busts a few myths en route.

From 1977 until his retirement in 2019, Gregory Werden worked in the Antitrust Division of the US Department of Justice – most recently as Senior Economic Counsel. A PhD economist from the University of Wisconsin, he has published extensively on antitrust policy.

*The author's own book recommendation is Trusts: The Recent Combinations in Trade, Their Character, Legality and Mode of Organization, and the Rights, Duties and Liabilities of Their Managers and Certificate Holders by William W Cook (Gale - Making of Modern Law, 2020; originally published by L. K. Strouse, 1888)

Tim Gwynn Jones is an economic and political-risk analyst at Medley advisors (a division of Energy Aspects).

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Jon Lukomnik and James P. Hawley, "Moving Beyond Modern Portfolio Theory: Investing That Matters" (Routledge, 2021)

Fri, 03 Sep 2021 08:00:00 -0000

Moving Beyond Modern Portfolio Theory: Investing that Matters (Routledge, 2021) tells the story of how Modern Portfolio Theory (MPT) revolutionized the investing world and the real economy, but is now showing its age. MPT has no mechanism to understand its impacts on the environmental, social and financial systems, nor any tools for investors to mitigate the havoc that systemic risks can wreck on their portfolios. It's time for MPT to evolve. The authors, Jon Lukomnik and James Hawley, propose a new imperative to improve finance's ability to fulfil its twin main purposes: providing adequate returns to individuals and directing capital to where it is needed in the economy. They show how some of the largest investors in the world focus not on picking stocks, but on mitigating systemic risks, such as climate change, so as to improve the risk/return profile of the market as a whole. The author's "Investing that matters" embraces MPT's focus on diversification and risk adjusted return, but understands them in the context of the real economy and the total return needs of investors. Whether an investor, an MBA student, a Finance Professor or a sustainability professional, Moving Beyond Modern Portfolio Theory: Investing That Matters is thought-provoking and relevant.

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Austin Dean, "China and the End of Global Silver, 1873–1937" (Cornell UP, 2020)

Wed, 01 Sep 2021 08:00:00 -0000

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Benjamin Ho, "Why Trust Matters: An Economist's Guide to the Ties That Bind Us" (Columbia UP, 2021)

Thu, 26 Aug 2021 08:00:00 -0000

Do you trust corporations? Do you trust politicians? Do you trust the science? Does anyone trust anyone anymore?

In Why Trust Matters: An Economist's Guide to the Ties That Bind Us (Columbia UP, 2021), Professor Ben Ho reveals the surprising importance of trust to how we understand our day-to-day economic lives. Starting with the earliest societies and proceeding through the evolution of the modern economy, he explores its role across an astonishing range of institutions and practices, surveying and synthesizing research across economics, political science, psychology, and other disciplines, and presents his own cutting-edge behavioral economics research on the role of apologies in restoring trust. He argues that we trust far more than we may realize, and that mostly this is a good thing.

Check out the New Yorker's review of the book.

Ben Ho is an associate professor at Vassar College. Ho applies economic tools like game theory and experimental design to topics like apologies, trust, identity, inequality and climate change. Before Vassar, he taught MBA students at Cornell, served as lead energy economist at the White House Council of Economic Advisers, and worked/consulted for Morgan Stanley and several tech startups. Professor Ho also teaches at Columbia University where he is a faculty affiliate for the Center for Global Energy Policy. His work has been featured in the New York Times and the Wall Street Journal. Ho holds seven degrees from Stanford and MIT in economics, education, political science, math, computer science and electrical engineering.

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Michael Friendly and Howard Wainer, "A History of Data Visualization and Graphic Communication" (Harvard UP, 2021)

Mon, 23 Aug 2021 08:00:00 -0000

Statistical graphing was born in the seventeenth century as a scientific tool, but it quickly escaped all disciplinary bounds. Today graphics are ubiquitous in daily life. In their just-published A History of Data Visualization and Graphic Communication (Harvard UP, 2021), Michael Friendly and Howard Wainer detail the history of graphs and tables, how they help solve problems, and even changed the way we think. You'll never look at an excel chart the same way again....

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Andrew W. Lo and Stephen R. Foerster, "In Pursuit of the Perfect Portfolio: The Stories, Voices, and Key Insights of the Pioneers Who Shaped the Way We Invest" (Princeton UP, 2021)

Mon, 02 Aug 2021 08:00:00 -0000

Is there an ideal portfolio of investment assets, one that perfectly balances risk and reward? In Pursuit of the Perfect Portfolio (Princeton UP, 2021) examines this question by profiling and interviewing ten of the most prominent figures in the finance world—Jack Bogle, Charley Ellis, Gene Fama, Marty Leibowitz, Harry Markowitz, Bob Merton, Myron Scholes, Bill Sharpe, Bob Shiller, and Jeremy Siegel. We learn about the personal and intellectual journeys of these luminaries—which include six Nobel Laureates and a trailblazer in mutual funds—and their most innovative contributions. In the process, we come to understand how the science of modern investing came to be. Each of these finance greats discusses their idea of a perfect portfolio, offering invaluable insights to today’s investors.

Inspiring such monikers as the Bond Guru, Wall Street’s Wisest Man, and the Wizard of Wharton, these pioneers of investment management provide candid perspectives, both expected and surprising, on a vast array of investment topics—effective diversification, passive versus active investment, security selection and market timing, foreign versus domestic investments, derivative securities, nontraditional assets, irrational investing, and so much more. While the perfect portfolio is ultimately a moving target based on individual age and stage in life, market conditions, and short- and long-term goals, the fundamental principles for success remain constant.

Aimed at novice and professional investors alike, In Pursuit of the Perfect Portfolio is a compendium of financial wisdom that no market enthusiast will want to be without.

Marshall Poe is the founder and editor of the New Books Network. He can be reached at marshallpoe@newbooksnetwork.com.

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Massimo Rostagno et al., "Monetary Policy in Times of Crisis: A Tale of Two Decades of the European Central Bank" (Oxford UP, 2021)

Wed, 28 Jul 2021 08:00:00 -0000

In July 2021, nine summers after its then president saved the euro with three choice words (“whatever it takes”), the European Central Bank published the results of a thoroughgoing review of its strategy.

A policy framework built for times when inflation posed a modest upside challenge had coped – but only just – with successive financial, sovereign-debt, banking and health crises that threatened chronically weak inflation at best and deflation at worst.

Essential to the review was research conducted to mark the 20th anniversary of the ECB in 2019 and now updated and published as a book: Monetary Policy in Times of Crisis: A Tale of Two Decades of the European Central Bank (Oxford UP, 2021) by Massimo Rostagno, Carlo Altavilla, Giacomo Carboni, Wolfgang Lemke, Roberto Motto, Arthur Saint Guilhem and Jonathan Yiangou.

This exhaustive analytical history concludes that the ECB operated two policy regimes – one from 1999 to 2012 and a second crisis-informed strategy until the narrative ends before the onset of the pandemic. With its strategic review over, the history lessons from this book will be an essential guide to ECB thinking as it prepares a slow and careful unwinding of its emergency policy settings.

Massimo Rostagno has been the ECB’s Director General Monetary Policy since August 2017 and has worked at the central bank since 1998. He has served as head of the Monetary Policy Strategy Division and Director Monetary Policy and, before that, worked at the Banca d’Italia and the International Monetary Fund. He holds a PhD in economics from the University of California, Los Angeles. (Any views expressed are personal and not necessarily those of the ECB).

*The author's own book recommendations are Capital in the Twenty-First Century by Thomas Piketty (Harvard University Press, 2014) and The Populist Temptation: Economic Grievance and Political Reaction in the Modern Era by Barry Eichengreen (OUP USA, 2018).

Tim Gwynn Jones is an economic and political-risk analyst at Medley Global (Energy Aspects).

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Gayle Rogers, "Speculation: A Cultural History from Aristotle to AI" (Columbia UP, 2021)

Mon, 26 Jul 2021 08:00:00 -0000

In a world that purports to know more about the future than any before it, why do we still need speculation? Insubstantial speculations – from utopian thinking to high-risk stock gambles – often provoke backlash, even when they prove prophetic. Why does this hypothetical way of thinking generate such controversy?

Gayle Rogers, author of Speculation: A Cultural History from Aristotle to AI (Columbia UP, 2021), speaks with Pierre d’Alancaisez about the intellectual history of speculation: from the mirror and the watch tower, the Calvinist reformation, the scientific revolution, through Jane Austen, to the founding of the United States, and the shape of contemporary capitalism – with booms, manias, busts, and bubbles along the way. Unraveling these histories and many other disputes, Rogers argues that what has always been at stake in arguments over speculation, and why it so often appears so threatening, is the authority to produce and control knowledge about the future.

Gayle Rogers is professor and chair of English at the University of Pittsburgh.

Pierre d’Alancaisez is a contemporary art curator, cultural strategist, researcher. Sometime scientist, financial services professional.

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Mallory E. SoRelle, "Democracy Declined: The Failed Politics of Consumer Financial Protection" (U Chicago Press, 2020)

Mon, 19 Jul 2021 04:00:00 -0000

Americans rely on credit to provide for their food, clothing, shelter, transportation, and other daily necessities and the 2008 financial crisis demonstrated how they relied on private financial institutions that encouraged risky lending practices. Yet federal policy makers did little to change their approach to curbing risky lending practices and there was little political response from consumers or consumer groups. How can political scientists explain the behavior of government actors, interest groups, or borrowers?

In Democracy Declined: The Failed Politics of Consumer Financial Protection (U Chicago Press, 2020), Dr. SoRelle insists that the expansion of consumer financing -- in terms of access and economic significance -- is fundamentally a political issue with serious political and economic consequences. She offers a policy-centered explanation sensitive to what she calls regulatory feedback effects that shape the behavior of bureaucrats, consumer advocates, and ordinary Americans. Individuals did not fail – they responded to systemic incentives and goals. SoRelle explains how angry borrowers' experiences with nearly invisible government policies teach them to focus their attention primarily on banks and lenders instead of demanding that lawmakers address predatory behavior. As a result, advocacy groups have been mostly unsuccessful in mobilizing borrowers in support of stronger consumer financial protections. The absence of safeguards on consumer financing is particularly dangerous because the consequences extend well beyond harm to individuals--they threaten the stability of entire economies. In addition to explaining the political dynamics of failure, SoRelle identifies possible remedies. This multi-method scholarship contributes to our understanding of policy feedback in an important and timely case study.

Dr. Mallory E. SoRelle is an assistant professor at the Sanford School of Public Policy at Duke University. Her research interrogates how public policies are produced by, and how they reproduce, socioeconomic and political inequality in the United States. She has worked in both electoral politics and consumer advocacy. The podcast drops the week of the 10th anniversary of the Consumer Financial Protection Bureau.

Susan Liebell is an associate professor of political science at Saint Joseph’s University in Philadelphia. Why Diehard Originalists Aren’t Really Originalists appeared in the Washington Post’s Monkey Cage and “Sensitive Places: Originalism, Gender, and the Myth Self-Defense in District of Columbia v. Heller” can be found in July 2021’s Polity. Email her comments at sliebell@sju.edu or tweet to @SusanLiebell.

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Rocío Zambrana, "Colonial Debts: The Case of Puerto Rico" (Duke UP, 2021)

Thu, 24 Jun 2021 08:00:00 -0000

What can debt reveal to us about coloniality and its undoing? In Colonial Debts: The Case of Puerto Rico (Duke University Press, 2021), Rocío Zambrana theorizes the way debt has been used as a technique of neoliberal coloniality in Puerto Rico, producing profit from death on the island. With close attention to the material practices of protestors who have fought that destruction of life for the purposes of profit, Zambrana argues that decolonization entails political-economic subversion and transformative interruption of the hierarchies of race, gender, and class that fuel and are sustained by colonization. She shows us how organizing pessimism nourishes hope.

Sarah Tyson is an associate professor of philosophy at the University of Colorado, Denver.

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Zachary Karabell, "Inside Money: Brown Brothers Harriman and the American Way of Power" (Penguin, 2021)

Tue, 22 Jun 2021 08:00:00 -0000

In 1800 a Belfast linen merchant named Alexander Brown emigrated with his wife and eldest son to Baltimore. Today his family’s name lives on in the investment firm Brown Brothers Harriman, a company that has long played an outsized role in American history. As Zachary Karabell details in his book Inside Money: Brown Brothers Harriman and the American Way of Power (Penguin, 2021), a key factor in its endurance over the country’s long and often tumultuous financial history has been the importance it has accorded to the values of trust and reputation which Alexander Brown championed. These he taught to his sons, who branched out beyond Baltimore and Liverpool and spearheaded the transition from trade into finance. By the second generation the Browns were fixtures in both London and New York, from where their respective firms endured the Civil War and grew as the country expanded.

By the end of the 19th century Brown Brothers was among the nation’s elite financial firms. Karabell shows how their founder’s values were shared by the others of a new emergent ruling, who were educated at a handful of top schools and who moved easily between finance and politics. Though Brown Brothers steered clear of the volatile transactions that were associated with the Gilded Age, they formed ties with some of its participants, most notably railroad tycoon and financier E. H. Harriman. It was the financial firm created by Harriman’s sons Averell and Roland that merged with Brown Brothers in 1930 to create Brown Brothers Harriman, which nurtured a generation of cabinet members, governors, and United States senators. As Karabell demonstrates, these leaders carried forward the ideals Alexander Brown advocated, which have not only shaped America’s role in the world but have ensured the firm’s survival while its counterparts around them have risen and fallen in the unrestrained pursuit of wealth.

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Tom Eisenmann, "Why Startups Fail: A New Roadmap for Entrepreneurial Success" (Currency, 2021)

Tue, 08 Jun 2021 08:00:00 -0000

Why do many startups fail? Tom Eisenmann, Professor of Entrepreneurship at Harvard Business School realised that even he didn’t really know the answer, despite a lifetime teaching entrepreneurship, and decided to write a book to answer exactly that question. You can hear him go into detail on the NBN Entrepreneurship and Leadership Channel interviewed by experienced entrepreneurs Richard Lucas and Kimon Fountoukidis. Whether you want to start a business one day, or just have better conversations with people who are in business, don’t miss this “book of the day” podcast. He draws attention to a critical gap in the Lean Startup methodology which can save both dollars and time if correctly applied. This idea alone makes the podcast worth listening to.

The NBN Entrepreneurship and Leadership podcast aims to educate and entertain, sharing insights based on the personal story of our carefully selected guests aiming for the atmosphere of an informal conversation in a bar or over a cup of coffee.

In this episode we do go a little further into Tom’s background that normal, and give an entrepreneurial take on his ideas.

He does a great job of explaining his ideas, and there is much for any entrepreneur to learn.

If you want your startup to succeed, you need to understand why startups fail. That question caught Harvard Business School professor Tom Eisenmann by surprise when he realized he couldn't answer it. So he launched a multiyear research project to find out. In Why Startups Fail: A New Roadmap for Entrepreneurial Success (Currency, 2021), Eisenmann reveals his findings: six distinct patterns that account for the vast majority of startup failures.

* Bad Bedfellows. Startup success is thought to rest largely on the founder's talents and instincts. But the wrong team, investors, or partners can sink a venture just as quickly.

* False Starts. In following the oft-cited advice to "fail fast" and to "launch before you're ready," founders risk wasting time and capital on the wrong solutions.

* False Promises. Success with early adopters can be misleading and give founders unwarranted confidence to expand.

* Speed Traps. Despite the pressure to "get big fast," hypergrowth can spell disaster for even the most promising ventures.

* Help Wanted. Rapidly scaling startups need lots of capital and talent, but they can make mistakes that leave them suddenly in short supply of both.

* Cascading Miracles. Silicon Valley exhorts entrepreneurs to dream big. But the bigger the vision, the more things that can go wrong.

About our guest

Tom Eisenmann is the Howard H. Stevenson Professor of Business Administration at Harvard Business School (HBS) and the faculty co-chair of the Arthur Rock Center for Entrepreneurship. Since joining the HBS faculty in 1997, he’s led The Entrepreneurial Manager, an introductory course taught to all first-year MBAs, and launched fourteen electives on all aspects of entrepreneurship, including one on startup failure. Eisenmann has authored more than one hundred HBS case studies and his writing has appeared in The Wall Street Journal, Harvard Business Review, and Forbes.

About Kimon Fountoukidis Twitter Linkedin

Kimon is the founder of both Argos Multilingual and PMR. Both companies were founded in the mid 90s with zero capital and both have gone on to become market leaders in their respective sectors. Kimon was born in New York and moved to Krakow, Poland in 1993. Listen to his story here,

About Richard Lucas Twitter Linkedin

Richard is a business and social entrepreneur who founded or invested in more than 30 businesses, including investments in Argos Multilingual, PMR and, in 2020, the New Books Network. Richard has been a TEDx event organiser, supports the pro-entrepreneurship ecosystem, and leads entrepreneurship workshops at all levels: from pre- to business schools. Richard was born in Oxford and moved to Poland in 1991. Read more here. Listen to his story in an autobiographical TEDx talk here,

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Kristy Ironside, "A Full-Value Ruble: The Promise of Prosperity in the Postwar Soviet Union" (Harvard UP, 2021)

Wed, 02 Jun 2021 08:00:00 -0000

In spite of Karl Marx's proclamation that money would become obsolete under Communism, the ruble remained a key feature of Soviet life. In fact, although Western economists typically concluded that money ultimately played a limited role in the Soviet Union, Kristy Ironside argues that money was both more important and more powerful than most histories have recognized. After the Second World War, money was resurrected as an essential tool of Soviet governance. Certainly, its importance was not lost on Soviet leaders, despite official Communist Party dogma. Money, Ironside demonstrates, mediated the relationship between the Soviet state and its citizens and was at the center of both the government's and the people's visions for the maturing Communist project. A strong ruble--one that held real value in workers' hands and served as an effective labor incentive--was seen as essential to the economic growth that would rebuild society and realize Communism's promised future of abundance.

In A Full-Value Ruble: The Promise of Prosperity in the Postwar Soviet Union (Harvard UP, 2021), Ironside shows how Soviet citizens turned to the state to remedy the damage that the ravages of the Second World War had inflicted upon their household economies. From the late 1940s through the early 1960s, progress toward Communism was increasingly measured by the health of its citizens' personal finances, such as greater purchasing power, higher wages, better pensions, and growing savings. However, the increasing importance of money in Soviet life did not necessarily correlate to improved living standards for Soviet citizens. The Soviet government's achievements in "raising the people's material welfare" continued to lag behind the West's advances during a period of unprecedented affluence. These factors combined to undermine popular support for Soviet power and confidence in the Communist project.

Kristy Ironside is an Assistant Professor of Russian history at McGill University. She focuses on the economic, social, and political history of the Soviet Union.

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Joanne Meyerowitz, "A War on Global Poverty: The Lost Promise of Redistribution and the Rise of Microcredit" (Princeton UP, 2021)

Thu, 27 May 2021 09:00:00 -0000

A War on Global Poverty: The Lost Promise of Redistribution and the Rise of Microcredit (Princeton UP, 2021) provides a fresh account of US involvement in campaigns to end global poverty in the 1970s and 1980s. From the decline of modernization programs to the rise of microcredit, Joanne Meyerowitz looks beyond familiar histories of development and explains why antipoverty programs increasingly focused on women as the deserving poor. When the United States joined the war on global poverty, economists, policymakers, and activists asked how to change a world in which millions lived in need. Moved to the left by socialists, social democrats, and religious humanists, they rejected the notion that economic growth would trickle down to the poor, and they proposed programs to redress inequities between and within nations.

In an emerging “women in development” movement, they positioned women as economic actors who could help lift families and nations out of destitution. In the more conservative 1980s, the war on global poverty turned decisively toward market-based projects in the private sector. Development experts and antipoverty advocates recast women as entrepreneurs and imagined microcredit—with its tiny loans—as a grassroots solution. Meyerowitz shows that at the very moment when the overextension of credit left poorer nations bankrupt, loans to impoverished women came to replace more ambitious proposals that aimed at redistribution. Based on a wealth of sources, A War on Global Poverty looks at a critical transformation in antipoverty efforts in the late twentieth century and points to its legacies today.

Stephen Pimpare is director of the Public Service & Nonprofit Leadership program and Faculty Fellow at the Carsey School of Public Policy at the University of New Hampshire.

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William D. Nordhaus, "The Spirit of Green: The Economics of Collisions and Contagions in a Crowded World" (Princeton UP, 2021)

Mon, 24 May 2021 08:00:00 -0000

Can classical economics help figure out climate change and support policies that slow global warming? Yale Sterling Professor of Economics William Nordhaus thinks so. In his new book, The Spirit of Green: The Economics of Collisions and Contagions in a Crowded World (Princeton UP, 2021), Nordhaus tackles the "externality" that is pollution and carbon emissions. By making several adjustments to how we treat this externality in economic terms, it can be brought back into the "system" whereby sensible regulation, market relations, and innovation can lead to markedly lower levels of pollution and greenhouse gas emissions. The most important of those adjustments is getting the price of carbon right. In many parts of the world, there is no formal price of carbon. Setting it at $40 per ton (or higher) will not be easy, not least because competing nation-states will need to agree to and abide by a universal carbon tax.

Despite these challenges, Nordhaus ends on an optimistic note. We have the means, we have the technology.... And as an example, he points to how a Covid vaccine was developed in record time after adjustments to the system of incentives and regulations.

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Bobby C. Lee, "The Promise of Bitcoin: The Future of Money and How It Can Work for You" (McGraw-Hill Education, 2021)

Tue, 18 May 2021 08:00:00 -0000

I spoke with Bobby Lee about his book 'The promise of Bitcoin: The Future of Money and How It Can Work for You' (McGraw-Hill, 2021).

Bobby Lee is a very interesting character, among the leading figures in the field of cryptocurrency. He is the founder and CEO of Ballet, a cryptocurrency startup. He is the cofounder of BTCC, the longest-running bitcoin exchange and leading financial platform worldwide. He also serves on the board of the Bitcoin Foundation, a nonprofit organization that has built wider awareness of bitcoin, one of the industry’s most influential groups. Before founding BTCC, Lee was vice president of technology of Walmart. Previously, Lee was a software engineer at Yahoo!, where he led the development of the earliest online communities.

We started the conversation mentioning the mysterious figure of Satoshi Nakamoto. We covered the actions currently being taken by central banks in the field and we spoke about the case of China. We also discussed why criminals are interested in using Bitcoin.

The book is a very good tool for those like me who were only vaguely aware of the cryptocurrency sector. Bobby offers a compelling argument for how this digital currency could impact the global economy. A financial revolution is materializing before our eyes. The way individuals, organizations, and governments conduct transactions—from purchasing a book online to acquiring major corporations to delivering billions in financial aid—will look vastly different in the near future. According to Bobby, Bitcoin is spearheading this transformation and may be the best investment opportunity of our time, yet most people have yet to understand its promise.

In this book, Lee, one of the earliest, most successful pioneers in the cryptocurrency space, debunks myths and dispels fears that surround Bitcoin, arguing that this rational, logical system is superior to traditional monetary systems. He cites signs of Bitcoin’s widening acceptance: a growing community of users worldwide and multiple initiatives for investing in and holding bitcoin among major financial services organizations and institutional investors who control trillions in assets. Lee offers a primer on the best strategies for investing in this digital currency. He discusses the pros and cons, and covers the complicated yet more profitable method of acquiring bitcoin, mining. He offers predictions for the future, including price, trajectory, use, and participation in the larger economy—as well as developments in regulation, technology, business, and society.

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Mary Pilon, "The Monopolists: Obsession, Fury, and the Scandal Behind the World's Favorite Board Game" (Bloomsbury, 2015)

Mon, 17 May 2021 08:00:00 -0000

The inside story of the world's most famous board game-a buried piece of American history with an epic scandal that continues today.

The Monopolists: Obsession, Fury, and the Scandal Behind the World's Favorite Board Game (Bloomsbury, 2015) reveals the unknown story of how Monopoly came into existence, the reinvention of its history by Parker Brothers and multiple media outlets, the lost female originator of the game, and one man's lifelong obsession to tell the true story about the game's questionable origins.

Most think it was invented by an unemployed Pennsylvanian who sold his game to Parker Brothers during the Great Depression in 1935 and lived happily--and richly--ever after. That story, however, is not exactly true. Ralph Anspach, a professor fighting to sell his Anti-Monopoly board game decades later, unearthed the real story, which traces back to Abraham Lincoln, the Quakers, and a forgotten feminist named Lizzie Magie who invented her nearly identical Landlord's Game more than thirty years before Parker Brothers sold their version of Monopoly. Her game--underpinned by morals that were the exact opposite of what Monopoly represents today--was embraced by a constellation of left-wingers from the Progressive Era through the Great Depression, including members of Franklin Roosevelt's famed Brain Trust.

A gripping social history of corporate greed that illuminates the cutthroat nature of American business over the last century, The Monopolists reads like the best detective fiction, told through Monopoly's real-life winners and losers.

Mary Pilon is a journalist, screenwriter, and author of the bestselling books "The Monopolists" and "The Kevin Show" as well as co-host and co-author of “Twisted: The Story of Larry Nassar and the Women Who Brought Him Down.” Her work regularly appears in the New Yorker, Esquire, Bloomberg BusinessWeek, Vice, New York, and The New York Times, among other publications.

Dr. Lee Pierce (they & she) is Assistant Professor of Rhetorical Communication at State University of New York at Geneseo and host of the podcast RhetoricLee Speaking. Connect with Lee on Gmail and social media @rhetoriclee.

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Tim Jackson, "Post Growth: Life after Capitalism" (Polity, 2021)

Fri, 07 May 2021 08:00:00 -0000

I spoke with Prof. Tim Jackson about his latest book: Post Growth, Life after Capitalism, published by Polity Books in 2021.

The book starts with a reflection on the event of the past few months. The success in 2019 of the school strikes for climate, the attention that Greta Thunberg received even in Davos, and the arrival of the pandemic that changed our priorities. Even the 2009 crisis challenged the degrowth movement when we experienced the consequences of the recession. I have asked how do we keep the focus on sustainability?

This book and his work in general are about the need for a change in our economic paradigms. But we are still tied to old ideas and institutions. Keynes that many progressive politicians and economists frequently refer to, cannot be really claimed to be offering revolutionary ideas for our times. Still, the book mentions an essay by Keynes from 1930 where he appears clearly interested in what should come after the immediate actions (growth) needed to overcome the great depression.

We discussed how the shift in economic paradigm can follow different patterns in the rich nations and in the developing ones. Finally, referring to the final chapter, 'Dolphins in Venice', we talked about what could happen at the end of the pandemic to our cultural and consumption preferences.

Capitalism is broken. The relentless pursuit of more has delivered climate catastrophe, social inequality and financial instability—and left us ill prepared for life in a global pandemic. Weaving together philosophical reflection, economic insight and social vision, Tim Jackson’s passionate and provocative book dares us to imagine a world beyond capitalism—a place where relationship and meaning take precedence over profits and power. Post Growth is both a manifesto for system change and an invitation to rekindle a deeper conversation about the nature of the human condition.

Dr Tim Jackson holds degrees in mathematics (MA, Cambridge), philosophy (MA, Uni Western Ontario) and physics (PhD, St Andrews). He is Director of the Centre for the Understanding of Sustainable Prosperity and Professor of Sustainable Development at the University of Surrey in the UK.

Andrea Bernardi is Senior Lecturer in Employment and Organization Studies at Oxford Brookes University in the UK.

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Lila Corwin Berman, "The American Jewish Philanthropic Complex: The History of a Multibillion-Dollar Institution" (Princeton UP, 2020)

Wed, 05 May 2021 08:00:00 -0000

For years, American Jewish philanthropy has been celebrated as the proudest product of Jewish endeavors in the United States, its virtues extending from the local to the global, the Jewish to the non-Jewish, and modest donations to vast endowments. Yet, as Lila Corwin Berman illuminates in The American Jewish Philanthropic Complex: The History of a Multibillion-Dollar Institution (Princeton University Press, 2020), the history of American Jewish philanthropy reveals the far more complicated reality of changing and uneasy relationships among philanthropy, democracy, and capitalism.

With a fresh eye and lucid prose, and relying on previously untapped sources, Berman shows that from its nineteenth-century roots to its apex in the late twentieth century, the American Jewish philanthropic complex tied Jewish institutions to the American state. The government’s regulatory efforts―most importantly, tax policies―situated philanthropy at the core of its experiments to maintain the public good without trammeling on the private freedoms of individuals. Jewish philanthropic institutions and leaders gained financial strength, political influence, and state protections within this framework. However, over time, the vast inequalities in resource distribution that marked American state policy became inseparable from philanthropic practice. By the turn of the millennium, Jewish philanthropic institutions reflected the state’s growing investment in capitalism against democratic interests. But well before that, Jewish philanthropy had already entered into a tight relationship with the governing forces of American life, reinforcing and even transforming the nation’s laws and policies.

The American Jewish Philanthropic Complex uncovers how capitalism and private interests came to command authority over the public good, in Jewish life and beyond.

Lila Corwin Berman is Professor of History at Temple University.

Host: Schneur Zalman Newfield is an Assistant Professor of Sociology at Borough of Manhattan Community College, City University of New York, and the author of Degrees of Separation: Identity Formation While Leaving Ultra-Orthodox Judaism (Temple University Press, 2020). Visit him online at ZalmanNewfield.com.

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C. G. Faricy and C. Ellis, "The Other Side of the Coin: Public Opinion toward Social Tax Expenditures" (Russell Sage Foundation, 2021)

Tue, 04 May 2021 08:00:00 -0000

In The Other Side of the Coin: Public Opinion toward Social Tax Expenditures (Russell Sage Foundation, 2021), political scientists Christopher Ellis and Christopher Faricy examine public opinion towards social tax expenditures—the other side of the American social welfare state—and their potential to expand support for such social investment. Tax expenditures seek to accomplish many of the goals of direct government expenditures, but they distribute money indirectly, through tax refunds or reductions in taxable income, rather than direct payments on goods and services or benefits. They tend to privilege market-based solutions to social problems such as employer-based tax subsidies for purchasing health insurance versus government-provided health insurance.

Drawing on nationally representative surveys and survey experiments, Ellis and Faricy show that social welfare policies designed as tax expenditures, as opposed to direct spending on social welfare programs, are widely popular with the general public. Contrary to previous research suggesting that recipients of these subsidies are often unaware of indirect government aid—sometimes called “the hidden welfare state”—Ellis and Faricy find that citizens are well aware of them and act in their economic self-interest in supporting tax breaks for social welfare purposes. The authors find that many people view the beneficiaries of social tax expenditures to be more deserving of government aid than recipients of direct public social programs, indicating that how government benefits are delivered affects people’s views of recipients’ worthiness. Importantly, tax expenditures are more likely to appeal to citizens with anti-government attitudes, low levels of trust in government, or racial prejudices. As a result, social spending conducted through the tax code is likely to be far more popular than direct government spending on public programs that have the same goals. The first empirical examination of the broad popularity of tax expenditures, The Other Side of the Coin provides compelling insights into constructing a politically feasible—and potentially bipartisan—way to expand the scope of the American welfare state.

Stephen Pimpare is director of the Public Service & Nonprofit Leadership program and Faculty Fellow at the Carsey School of Public Policy at the University of New Hampshire.

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Michael Blakey: Entrepreneur, Angel and Seed Investor

Mon, 03 May 2021 08:00:00 -0000

In this podcast Michael Blakey describes how as a strongly dyslexic child his relationship with schooling and formal education was very challenging. He credits his parents with putting him in environments where he developed a lot of resilience - going to boarding schools from the age of seven, and only later in life realising that this was unusual. His early experiences retailing sweets and vodka at school, led to large scale warehouse parties in the US, flipping real estate in London and making enough money to start a seed fund with his brother. We learn about his habit of acting first, and then figuring things out, how he wants both financial success and impact, the questions he asks when trying to decide who to invest in, and how not to approach him.

About Michael Blakey

Michael’s entrepreneurial journey started when he was young. He supported his way through college, in the US, by running a number of events in the city. Michael loves buildingthings – including companies. Michael attributes his atypical journey to becoming a successful entrepreneur-turned-investor to having struggled for years in school, owing to his dyslexia. As a result, he was always on the lookout for ways to succeed outside of school. In turn, it is exactly this kind of differentiation and drive that he looks for in Founders as an investor today.

In 2000 he founded Avonmore Developments, with his brother Simon, to invest in early-stage companies across UK. Since then, they have invested in over 40 companies and have achieved 11 successful exits to date.

In 2013 he moved to SE Asia and set-up Cub Capital that has invested in 12 early-stage companies across the region including Anchanto, Quincus and MyDoc. He has already achieved 1 exit with Crème Simon. Most recently, Michael co-founded Cocoon Capital, an early-stage VC fund, which is looking to invest in enterprise and deep tech companies throughout SE Asia. To date Cocoon has invested in 20 companies including Sensorflow, See-Mode and Buymed. As is his want the structure of Cocoon is very different than your typical fund, as his entrepreneurial spirit always wants him to challenge the status quo.

During Michael’s career he’s been named ‘UK Angel Investor of the Year 2015’ by the UK Business Angel Association, selected as one of the ‘Maserati 100’ and voted by AngelsNews into the list of ‘Business Angels You Should Know’. These accolades were not attributed to

Michael only in recognition of his successful investments, but for the relentless support he gives to the founding and management teams of the companies he invests in as well as his generous contributions over the years towards building the start-up and investor ecosystems in the UK and now SE Asia.

The NBN Entrepreneurship and Leadership podcast aims to educate and inform, sharing insights based on the personal story of our carefully selected guests aiming for the atmosphere of an informal conversation in a bar or over a cup of coffee.

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Rachel Z. Friedman, "Probable Justice: Rethinking the Politics of Risk" (U Chicago Press, 2020)

Tue, 20 Apr 2021 08:00:00 -0000

The emergence of individual and commercial insurance in Early Modern Europe required an understanding of probability. In Probable Justice: Rethinking the Politics of Risk (U Chicago Press, 2020), Rachel Friedman highlights the political thinking that developed side by side with the advances in statistical methods. By the 20th century, small scale, group insurance had become national programs with profound political implications. Friedman's work traces how what she calls probabilistic social insurance played a key role in the emergence of the modern welfare state. And we discuss where we go from here, post-pandemic, when all insurances systems have been put to the test.

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Karen Petrou, "Engine of Inequality: The Fed and the Future of Wealth in America" (Wiley, 2021)

Tue, 13 Apr 2021 08:00:00 -0000

Following the 2008 financial crisis, the Federal Reserve’s monetary policy placed much greater focus on stabilizing the market than on helping struggling Americans. As a result, the richest Americans got a lot richer while the middle class shrank and economic and wealth inequality skyrocketed. In Engine of Inequality, Karen Petrou offers pragmatic solutions for creating more inclusive monetary policy and equality-enhancing financial regulation as quickly and painlessly as possible. Instead of proposing legislation that would never pass Congress, the author provides an insider's look at politically plausible, high-impact financial policy fixes that will radically shift the equality balance. Offering an innovative, powerful, and highly practical solution for immediately turning around the enormous nationwide problem of economic inequality, this groundbreaking book:

Presents practical ways America can and should tackle economic inequality with fast-acting results;
Provides revealing examples of exactly how bad economic inequality in America has become no matter how hard we all work;
Demonstrates that increasing inequality is disastrous for long-term economic growth, political action, and even personal happiness;
Explains why your bank's interest rates are still only a fraction of what they were even though the rich are getting richer than ever, faster than ever;
Reveals the dangers of FinTech and BigTech companies taking over banking; Shows how Facebook wants to control even the dollars in your wallet; and
Discusses who shares the blame for our economic inequality, including the Fed, regulators, Congress, and even economists.

Engine of Inequality: The Fed and the Future of Wealth in America (Wiley, 2021) should be required reading for leaders, policymakers, regulators, media professionals, and all Americans wanting to ensure that the nation’s financial policy will be a force for promoting economic equality.

Stephen Pimpare is director of the Public Service & Nonprofit Leadership program and Faculty Fellow at the Carsey School of Public Policy at the University of New Hampshire.

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Pedro Gustavo Teixeira, "The Legal History of the European Banking Union: How European Law Led to the Supranational Integration of the Single Financial Market" (Hart, 2020)

Mon, 12 Apr 2021 08:00:00 -0000

Today I talked to Pedro Gustavo Teixeira about his new book The Legal History of the European Banking Union: How European Law Led to the Supranational Integration of the Single Financial Market (Hart, 2020)

Since 1950, the political and economic integration of Europe has tended to accelerate through functional mini-unions: coal and steel, nuclear power, and – in the wake of the coronavirus pandemic - it could well be healthcare next. The most recent of these mini-federations is the European Banking Union; born out of necessity at the height of the sovereign-debt crisis in 2012-13 but, as this new history emphasises, built on foundations laid in the 1970s.

Within three years of its political green light, the EBU's core agencies - the Single Supervisory Mechanism (SSM) under the authority of the European Central Bank and the Single Resolution Mechanism - were in place yet, while huge changes have taken place, critical business has been left unfinished. "A regime geared towards ever more integration with distributive consequences, but without stabilisation capacity in the form of risk-sharing among member states and largely insulated from democratic politics will likely not be sustainable", writes Pedro Gustavo Teixeira.

Pedro Gustavo Teixeira is director-general of governance and operations of the Single Supervisory Mechanism of the European Central Bank, secretary of its Supervisory Board, and a lecturer at the institute for law and finance at the Goethe University in Frankfurt. (Any views expressed are personal and not necessarily those of the ECB).

*The author's own book recommendation is Dark Continent: Europe's Twentieth Century by Mark Mazower (Penguin, 1999 - latest edition 2018).

Tim Gwynn Jones is an economic and political-risk analyst at Medley Global Advisors.

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Mungo Keulemans: CEO and Entrepreneur

Mon, 12 Apr 2021 08:00:00 -0000

Mungo Keulemans talks about growing up in South Africa, working in the family business, his army experiences, his move to Europe, Japan and back to Europe. We hear about his entrepreneurial journey in the family business in Poland, and after its sale to one of the world’s leading companies, his time in the larger corporation and his return to entrepreneurial life leading to his investment and CEO role at PMR.

About our guest

Mungo Keulemans is the CEO of PMR - the leading market research provider, industry event organiser and dedicated market research consultancy for the Construction/Pharma/Retail/ICT markets in Poland and Central Europe. Previously an entrepreneur, Innovator, business development, product manager, marketing manager, sales manager, business development director. Strong knowledge of complete value chains for Automation and manufacturing processes in Automotive, FPD, EMS, F&B/CPG, Life Science, infrastructure. As an Industrial engineer built experience with advanced industrial automation, process design and project management/execution. Believer in corporate commitment to improving the environment, responsibility towards fostering ethical practices & development of human capital.

Useful links PMR Watch on Youtube here

About the NBN

The New Books Network was founded in 2007 as a podcast interviewing the authors of academic books, and has grown to the largest author interview podcast in the world publishing 12 podcasts a day in more than 90 specialist areas, with over a million downloads a month. Read about the founder Marshall Poe and the NBN here. In recent years it has expanded beyond its “author interview origins”. Historically NBN only did audio recordings. E&L is the first NBN podcast distributed on Youtube.

About Kimon Fountoukidis Twitter Linkedin

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Adam Bryant and Kevin Sharer, "The CEO Test: Master the Challenges That Make or Break All Leaders" (Harvard Business Press, 2021)

Thu, 08 Apr 2021 08:00:00 -0000

Today I talked to Adam Bryant about his new book (co-authored with Kevin Sharer), The CEO Test: Master the Challenges That Make or Break All Leaders (Harvard Business Press, 2021).

Adam Bryant is managing director of Merryck & Co, a leadership development and mentoring firm. Before then, Adam was a journalist for 30 years, including at the New York Times where he authored the “Corner Office” column. He’s a speaker, teacher, and frequent contributor on CNBC.

This episode is rooted in the seven parts of what a good CEO needs to master, from a simplified game plan that rank-and-file employees can follow to not trying to artificially resolve the various paradoxes intrinsic to being a leader, such as Creating Freedom and Structure and to Be Compassionate and Demanding. Along the way, the conversation delved into creating a company culture where there’s no daylight between what leaders say and do when it comes to values that define the organization. Also of note, why do so many leaders find it hard to coach the people around them to improve? And what are leaders missing that accounts for so many Mergers & Acquisitions not working out?

Dan Hill, PhD, is the author of eight books and leads Sensory Logic, Inc. (https://www.sensorylogic.com). To check out his related “Dan Hill’s EQ Spotlight” blog, visit https://emotionswizard.com.

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Richard Pomfret, "The Road to Monetary Union" (Cambridge UP, 2021)

Wed, 07 Apr 2021 08:00:00 -0000

“Economics is the long-run driver” in the history of Europe’s monetary union, writes Richard Pomfret in the first of a new Cambridge Elements series on the Economics of European Integration: The Road to Monetary Union (Cambridge University Press, 2021). “Politics often determined the timing of the next step ... but it has not determined the direction of change”.

In this "Element" – intended to be “longer than standard journal articles yet shorter than normal-length book manuscripts”, according to series editor Nauro Campos – Pomfret runs through the 50-year history of the project but with that core theme.

While decisive political moments like German reunification are acknowledged, it is the economic drivers – the development of common policies, the single market and global value chains – that assume a central role in the process.

Richard Pomfret is professor of economics at the University of Adelaide and was, until 2020, the Jean Monnet Chair in the Economics of European Integration. Before moving to Australia in 1992, he was a professor at Johns Hopkins University in Washington, Bologna and Nanjing.

*The author's own book recommendations are Kleptopia: How Dirty Money is Conquering the World by Tom Burgis (William Collins, 2020), and Visitation by Jenny Erpenbeck (Granta Books, 2018 - translated by Susan Bernofsky).

Tim Gwynn Jones is an economic and political-risk analyst at Medley Global Advisors.

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Florian Faes: Entrepreneur and Managing Director

Mon, 05 Apr 2021 08:00:00 -0000

In this episode Florian Feas describes his route into setting up Slator: to solve problems he became aware of, as a result of working in the translation industry in senior positions. He outlines the importance of having a co-founder with complementary skills and how SaaS business tools enabled him to scale his business fast and cost effectively We draw out lessons that any entrepreneur can benefit from hearing.

Florian Faes is the Managing Director of Slator, a business media and advisory firm for the global language industry he co-founded in 2015. Prior to Slator, Florian spent nearly a decade in Asia, heading regional operations for a Swiss headquartered language service provider. Florian is the co-host of the SlatorPod podcast and publisher of LocJobs.com, a job board for the translation and localization industry. Florian likes to spend time on Switzerland's slopes and mountain trails.

About our guest

See this episode on Youtube here https://youtu.be/4AudyTHg6Zg

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W. Quinn and J. D. Turner, "Boom and Bust: A Global History of Financial Bubbles" (Cambridge UP, 2020)

Tue, 30 Mar 2021 08:00:00 -0000

Are we in the midst of a financial bubble? Do the current valuations of the electronic vehicle stocks or their SPACs make you raise an eyebrow? The trouble with bubbles is that they are hard to spot from within, and much easier to define and analyze after the fact. In their new book, Boom and Bust: A Global History of Financial Bubbles (Cambridge University Press, 2020), William Quinn and John D. Turner analyze past instances of extreme speculation to come up with a typology of the phenomenon. Using what they call the Bubble Triangle of Marketability, Easy Money, and overt Speculation, they have created a tool for financial economists, and the rest of us, to judge what makes a bubble and what makes it pop. Given the unusual nature of the capital markets at the present time, you will want to be familiar with their analysis as you view your own investments.

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Ashutosh Garg: Entrepreneur, Author and Podcaster

Mon, 29 Mar 2021 08:00:00 -0000

In this episode we talk to Ashutosh about his upbringing and journey into corporate life, and the lessons that taught him. His route into entrepreneurship to build the “Boots of India”,which grew to be India’s largest retail pharmacy chain, and his life post-exit as an author and podcaster.

This episode can be viewed on Youtube here.

About our guest

Ashutosh hosts the very successful video and podcast series titled “The Brand Called You – Converse with the Future” (www.tbcy.in) bringing the stories of successful entrepreneurs, professionals and senior corporate leaders to thousands of listeners.

He is a certified Business Coach and coaches / mentors several CEOs in India on business matters, governance, strategic planning, succession planning, personal accountability, people and culture issues. (www.equationcoaching.com).

A published author of 6 best-selling books, he has written on Startups, Entrepreneurship, Retirement in the 21st Century, Personal Branding, Work Life Balance and Fiction. His latest book on personal branding is titled “The Brand Called You”.

He writes regularly for Times of India and can often be seen on National Television panel discussions on political affairs.

Ashutosh founded Guardian Pharmacy in India in 2003 and built it into India's second largest Pharmacy Chain. He exited from the business in 2016.

Prior to that he worked for ITC Limited for 17 years leaving in 1996 and thereafter with US Aerospace companies for 8 years as their Head of Asia.

Ashutosh served on the board of GAVI, The Vaccine Alliance (www.gavi.org) for 8 years. He sits on several boards and advises companies on strategy and governance matters. He was the Chairman of Bizdome, the Startup Incubator of IIM Rohtak till 2018.

He is a YPO member and was Chairman of YPO South Asia Gold (2017-19). He was recognised as a Global Leader for Tomorrow by the World Economic Forum in 1994.

His wife Vera is a Historian and teaches at the American Embassy School, New Delhi. His older son, Varun works for American Express in Singapore as their Director Marketing and his younger son Ashwin works for Procter and Gamble in Cincinnati as their Director Sales.

A keen golfer, he plays the Indian flute, enjoys reading and listening to Indian classical music

About the NBN

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Chuck Collins, "The Wealth Hoarders: How Billionaires Pay Millions to Hide Trillions" (Polity, 2021)

Fri, 26 Mar 2021 08:00:00 -0000

For decades, a secret army of tax attorneys, accountants and wealth managers has been developing into the shadowy Wealth Defense Industry. These ‘agents of inequality’ are paid millions to hide trillions for the richest 0.01%. In The Wealth Hoarders: How Billionaires Pay Millions to Hide Trillions (Polity, 2021), inequality expert Chuck Collins, who himself inherited a fortune, interviews the leading players and gives a unique insider account of how this industry is doing everything it can to create and entrench hereditary dynasties of wealth and power. He exposes the inner workings of these “agents of inequality”, showing how they deploy anonymous shell companies, family offices, offshore accounts, opaque trusts, and sham transactions to ensure the world’s richest pay next to no tax. He ends by outlining a robust set of policies that democratic nations can implement to shut down the Wealth Defense Industry for good. This shocking exposé of the insidious machinery of inequality is essential reading for anyone wanting the inside story of our age of plutocratic plunder and stashed cash.

Stephen Pimpare is director of the Public Service & Nonprofit Leadership program and Faculty Fellow at the Carsey School of Public Policy at the University of New Hampshire.

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Veronique Ozkaya: Chief Executive Officer at Argos Multilingual

Tue, 23 Mar 2021 08:00:00 -0000

Veronique Ozkaya shares her teenage experience working in the family business, why she wanted to get away from her hometown, her brief career as a diplomat, and rapid rise to a leading position in the translation industry. Veronique shares her insights into gender diversity (or its absence) in the industry, and her approach to leadership.

The NBN Entrepreneurship and Leadership podcast aims to educate and entertain, sharing insights based on the personal stories of our carefully selected guests in the atmosphere of an informal conversation in a bar or over a cup of coffee.

About our guest

Veronique is a seasoned international leader with experience building and strengthening the sales and marketing functions for organizations with high growth ambitions. Extensive experience in Localization – helping industry leaders grow market share in international markets with services such as translation, internationalization, software development, engineering, and testing. Fluent in French, English, Turkish, and functional in German. Your hosts, Kimon and Richard, together with Veronique, are all shareholders in Argos Multilingual, the company which Veronique leads.

Veronique on Linkedin

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Paul Vallely, "Philanthropy: From Aristotle to Zuckerberg" (Bloomsbury Continuum, 2020)

Mon, 08 Mar 2021 04:00:00 -0000

In this magnum opus, Paul Vallely guides the reader on a journey through the history and meaning of giving in religion and society.

Vivid with anecdote and scholarly insight, this magisterial survey – from the ancient Greeks to today's high-tech geeks – provides an original take on the history of philanthropy. It shows how giving has, variously, been a matter of honor, altruism, religious injunction, political control, moral activism, enlightened self-interest, public good, personal fulfillment and plutocratic manipulation.

Its narrative moves from the Greek man of honor and Roman patron, via the Jewish prophet and Christian scholastic – through Puritan proto-capitalist, Enlightenment activist and Victorian moralist – to the robber-baron philanthropist, the welfare socialist, the celebrity activist and today's wealthy mega-giver. In the process it discovers that philanthropy lost an essential element as it entered the modern era. The book then embarks on a journey to determine where today's philanthropists come closest to recovering that missing dimension.

Philanthropy: From Aristotle to Zuckerberg (Bloomsbury Continuum, 2020) explores the successes and failures of philanthrocapitalism, examines its claims and contradictions, and asks tough questions of top philanthropists and leading thinkers – among them Richard Branson, Eliza Manningham-Buller, Jonathan Ruffer, David Sainsbury, John Studzinski, Bob Geldof, Naser Haghamed, Lenny Henry, Jonathan Sacks, Rowan Williams, Ngaire Woods, and the presidents of the Rockefeller and Soros foundations, Rajiv Shah and Patrick Gaspard. In extended conversations they explore the relationship between philanthropy and family, faith, society, art, politics, and the creation and distribution of wealth.

Highly engaging and meticulously researched, Paul Vallely's authoritative account of philanthropy then and now critiques the excessive utilitarianism of much modern philanthrocapitalism and points to how philanthropy can rediscover its soul.

Renee Garfinkel, Ph.D. is a psychologist, writer, Middle East television commentator and host of The New Books Network’s Van Leer Jerusalem Series on Ideas. Write her at r.garfinkel@yahoo.com.

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Mark R. Rank, "Poorly Understood: What America Gets Wrong about Poverty" (Oxford UP, 2021)

Thu, 04 Mar 2021 09:00:00 -0000

Stephen Pimpare is director of the Public Service & Nonprofit Leadership program and Faculty Fellow at the Carsey School of Public Policy at the University of New Hampshire.

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Introduction to the Entrepreneurship and Leadership Podcast

Mon, 01 Mar 2021 09:00:00 -0000

In this episode Kimon and Richard explain why they are launching the NBN Entrepreneurship and Leadership podcast, the topics they are going to delve into with their guests and what aspects of their guests’ entrepreneurial journeys they are most interested in. What has been the role of background and upbringing, social and family pressures, education (or lack of it), and their attitudes to competition and luck. Despite their common business history Kimon and Richard highlight differences in their experiences and how they believe their varying perspectives will lead to a solid exploration of what can be learned from the guests. If you want to get a sense of what this channel is all about, and why it should be interesting to listeners who are into entrepreneurship and leadership, this is a great place to start.

The NBN Entrepreneurship and Leadership podcast aims to educate and entertain, sharing insights based on the personal story of our carefully selected guests aiming for the atmosphere of an informal conversation in a bar or over a cup of coffee. Follow our channels on Facebook, Linkedin and Twitter.

View the episode on Youtube here. You can listen to the episode on the NBN here.

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L. Vinsel and A. L. Russell, "The Innovation Delusion: How Our Obsession with the New Has Disrupted the Work That Matters Most" (Currency, 2020)

Wed, 24 Feb 2021 09:00:00 -0000

It’s hard to avoid innovation these days. Nearly every product gets marketed as being disruptive, whether it’s genuinely a new invention or just a new toothbrush. But in this manifesto on the state of American work, historians of technology Lee Vinsel and Andrew L. Russell argue that our way of thinking about and pursuing innovation has made us poorer, less safe, and—ironically—less innovative.

Drawing on years of original research and reporting, The Innovation Delusion: How Our Obsession with the New Has Disrupted the Work That Matters Most (Currency, 2020) shows how the ideology of change for its own sake has proved a disaster. Corporations have spent millions hiring chief innovation officers while their core businesses tank. Computer science programs have drilled their students on programming and design, even though the overwhelming majority of jobs are in IT and maintenance. In countless cities, suburban sprawl has left local governments with loads of deferred repairs that they can’t afford to fix.

For anyone concerned by the crumbling state of our roads and bridges or the direction our economy is headed, The Innovation Delusion is a deeply necessary reevaluation of a trend we can still disrupt.

Mathew Jordan is a university instructor, funk musician, and clear writing enthusiast. I study science and its history, in the hope that understanding the past can help us make sense of the present and build a better future.

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S. Carlsson and J. Leijonhufvud, "The Spotify Play: How CEO and Founder Daniel Ek Beat Apple, Google, and Amazon in the Race for Audio Dominance" (Diversion Books, 2021)

Thu, 18 Feb 2021 09:00:00 -0000

Fifteen years ago in Stockholm, Daniel Ek and Martin Lorentzon had a big idea. The music industry was playing a desperate game of whack-a-mole with piracy via file sharing but this was proving as hopeless as the War on Drugs. Why not, they thought, use the new torrenting technologies to bring piracy in from the cold and make themselves rich in the process?

In 2006, they founded Spotify with a handful of engineers, no licences and no revenue. Today, Spotify is the world's most popular audio streaming subscription service with 345 million users and a market capitalization of $60 billion.

How did the shy computer nerd and hyperactive investor tame hostile music labels and withstand competition from US tech giants more than ten times their size? Still struggling to achieve sustained profitability in cut-throat market segments, will Ek’s latest foray into podcasting eventually free Spotify of its dependency on the music labels or suffer the same fate as Spotify TV?

The Spotify Play: How CEO and Founder Daniel Ek Beat Apple, Google, and Amazon in the Race for Audio Dominance (Diversion Books, 2021) is the new English-language update of Spotify Untold – their 2019 Swedish business biography – Sven Carlsson and Jonas Leijonhufvud put Europe’s only tech giant under the microscope using information gleaned from interviews more than 80 sources and a mountain of public and private documents. The book has been translated into 15 languages and will soon be turned into a Netflix Originals miniseries.

Sven Carlsson is a technology reporter at Swedish Radio and and Jonas Leijonhufvud a business journalist at Di Digital.

*The authors own book recommendations are Super Pumped: The Battle for Uber by Mike Isaac (W. W. Norton, 2019) and Say Nothing: A True Story Of Murder and Memory In Northern Ireland by Patrick Radden Keefe (William Collins, 2018).

Tim Gwynn Jones is an economic and political-risk analyst at Medley Global Advisors.

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M. Haentjens and P. De Gioia-Carabellese, "European Banking and Financial Law" (Routledge, 2020)

Fri, 12 Feb 2021 09:00:00 -0000

Even without the loss of the City of London from its jurisdiction, the EU has gone through a decade-long revolution in financial supervision and regulation since Lehman Brothers’ bankruptcy in 2008.

The directives and regulations introduced in the wake of the crisis took years to negotiate, implement and stress-test against political reality in the last five years. The second wave of the crisis, which exposed the “doom loop” between fiscally weak states and their pet banks, spawned the European Banking Union but left some crucial remedial work undone.

In this update of their 2015 edition of European Banking and Financial Law (Routledge, 2020), Matthias Haentjens and Pierre de Gioia Carabellese provide a comprehensive description and analysis of this growing body of new law, its origins, and policy implications.

Matthias Haentjens is professor of law, director of the Hazelhoff Centre for Financial Law at the University of Leiden, and a deputy judge in the district court of Amsterdam.

*His book recommendations are Stalingrad by Vasily Grossman (1952 – translated by Robert Chandler – Harvill Secker, 2019) and Made at Home by Giorgio Locatelli (Fourth Estate, 2017).

Tim Gwynn Jones is an economic and political-risk analyst at Medley Global Advisors.

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N. Darshan-Leitner and S. M. Katz, "Harpoon: Inside the Covert War Against Terrorism's Money Masters" (Hachette, 2017)

Mon, 08 Feb 2021 09:00:00 -0000

Covid-19 is the global threat that owns today’s headlines, but the threat of international and domestic terrorism is still very much with us. Specifically, the widespread upheaval, uncertainty and global anxiety occasioned by the COVID-19 pandemic has been seen by terror organizations as a golden opportunity to tie their messaging to information about the disease and intensify their propaganda for purposes of recruitment and incitement to violence. Whether it’s Boko Haram or ISIS, Hezbollah or Hamas, or the range of hate groups acting around the globe, terrorism continues to be a threat to decent people everywhere.

N. Darshan-Leitner and S. M. Katz's book Harpoon: Inside the Covert War Against Terrorism's Money Masters (Hachette, 2017) is a revelatory account of the cloak-and-dagger Israeli campaign to target the finances fueling terror organizations--an effort that became the blueprint for U.S. efforts to combat threats like ISIS and drug cartels. ISIS boasted $2.4 billion of revenue back in 2015, yet for too long the global war on terror overlooked financial warfare as an offensive strategy.

"Harpoon," the creation of Mossad legend Meir Dagan, directed spies, soldiers, and attorneys to disrupt and destroy money pipelines and financial institutions that paid for the bloodshed perpetrated by Hamas, Hezbollah, and other groups. Written by an attorney who worked with Harpoon and a bestselling journalist, Harpoon offers a gripping story of the Israeli-led effort, now joined by the Americans, to choke off the terrorists' oxygen supply, money, via unconventional warfare.

Renee Garfinkel, Ph.D. is a psychologist, writer, Middle East television commentator and host of The New Books Network’s Van Leer Jerusalem Series on Ideas. Write her at VanLeerIdeas@gmail.com or tweet @embracingwisdom

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Manfred Steger and Ravi Roy, "Neoliberalism: a Very Short Introduction" (Oxford University Press, 2021)

Mon, 08 Feb 2021 04:00:00 -0000

George Orwell once said that “the word ‘fascism’ has now no meaning except in so far as it signifies ‘something not desirable’”. The word ‘neoliberalism’ knows exactly how it feels.

How did a term coined by a group of anti-authoritarian German economists in the 1930s to label a philosophy that stressed the role of the state in ensuring efficient competition turn into more of an insult than a description 50 years later? Has the nationalist tide that swept through Washington, London, Rome, Brasília, and Budapest brought the neoliberal era to end or helped relaunch its “third wave”? What differentiates neo- from ordo- from classical liberalism?

In this second edition of Neoliberalism: A Very Short Introduction (Oxford University Press, 2021), Manfred Steger and Ravi Roy seek to answer these questions, and retell the history of an idea, its mutations and its future.

Manfred Steger is Professor of Sociology at the University of Hawaiʻi at Mānoa. Ravi Roy is Associate Professor of Political Science and W. Edwards Deming Fellow in Public Affairs at Southern Utah University.

*The authors’ book recommendations are Other People's Money: Masters of the Universe or Servants of the People? by John Kay (Profile Books, 2016) and Imperium by Robert Harris (Arrow, 2009).

Tim Gwynn Jones is an economic and political-risk analyst at Medley Global Advisors.

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Reducing Poverty through Digital Finance Schemes in Myanmar: A Discussion with Dr Russell Toth

Thu, 04 Feb 2021 09:00:00 -0000

Financial inclusion has been one of the most prominent issues on the international development agenda in recent years, as access to payments, remittances, credit, savings and insurance services have been shown to improve economic resilience and livelihoods. While bank account access remains low in many developing countries, widespread access to mobile phones is providing a platform to push financial access even into remote areas. The Covid-19 pandemic has only reinforced the importance of digital finance, which provides a safe, socially-distanced means to transact, including for distribution of social assistance transfers. In this episode, Dr Russell Toth spoke to Dr Thushara Dibley about his work on digital finance schemes and how owning a mobile phone can help lift people out of poverty in Myanmar.

Russell Toth is a Senior Lecturer in the School of Economics at the University of Sydney. He is a development microeconomist, focusing on the development of the private sector in Southeast Asia and the Pacific, on topics such as financial systems, digitisation, agricultural value chains, and small and medium enterprises. His research often involves partnering with private and public sector organisations to evaluate programs intended to improve private sector development outcomes. He holds a Ph.D. in economics from Cornell University.

You can follow Russell on Twitter @russell_toth.

For more information or to browse additional resources, visit the Sydney Southeast Asia Centre’s website here.

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Joshua Mendelsohn, "The Cap: How Larry Fleisher and David Stern Built the Modern NBA" (U Nebraska Press, 2020)

Tue, 02 Feb 2021 09:00:00 -0000

Today the salary cap is an NBA institution, something fans take for granted as part of the fabric of the league or an obstacle to their favorite team’s chances to win a championship. In the early 1980s, however, a salary cap was not only novel but nonexistent. The Cap: How Larry Fleisher and David Stern Built the Modern NBA (University of Nebraska Press, 2020) tells the fascinating, behind-the-scenes story of the deal between the NBA and the National Basketball Players Association that created the salary cap in 1983, the first in all of sports, against the backdrop of a looming players’ strike on one side and threatened economic collapse on the other.

Joshua Mendelsohn illustrates how the salary cap was more than just professional basketball’s economic foundation—it was a grand bargain, a compromise meant to end the chaos that had gripped the sport since the early 1960s. The NBA had spent decades in a vulnerable position financially and legally, unique in professional sports. It entered the 1980s badly battered, something no one knew better than a few legendary NBA figures: Larry Fleisher, general counsel and negotiator for the National Basketball Players Association; Larry O’Brien, the commissioner; and David Stern, who led negotiations for the NBA and would be named the commissioner a few months after the salary cap deal was reached.

As a result, in 1983 the NBA and its players made a novel settlement. The players gave up infinite pay increases, but they gained a guaranteed piece of the league’s revenue and free agency to play where they wished—a combination that did not exist before in professional sports but as a result became standard for the NBA, NFL, and NHL as well.

The Cap explores in detail not only the high-stakes negotiations in the early 1980s but all the twists and turns through the decades that led the parties to reach a salary cap compromise. It is a compelling story that involves notable players, colorful owners, visionary league and union officials, and a sport trying to solidify a bright future despite a turbulent past and present. This is a story missing from the landscape of basketball history.

Paul Knepper used to cover the Knicks for Bleacher Report. His first book, The Knicks of the Nineties: Ewing, Oakley, Starks and the Brawlers That Almost Won It All was published in September 2020. You can reach Paul at paulknepper@gmail.com and follow him on Twitter @paulieknep.

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Hilton L. Root, "Network Origins of the Global Economy: East vs. West in a Complex Systems Perspective" (Cambridge UP, 2020)

Mon, 18 Jan 2021 09:00:00 -0000

Twenty-eight years after Francis Fukuyama declared the “end of history” and pronounced Western-style liberalism as the culmination of a Hegelian narrative of progress, pundits and academics of all stripes find themselves struggling to explain the failed prediction that China’s increased activity in international markets would inevitably lead to increasing political and social liberalization in that country.

With his ground-breaking book, Network Origins of the Global Economy: East vs. West in a Complex Systems Perspective, out from Cambridge University Press in 2020, Hilton L. Root takes a road less-traveled in contemporary economics and brings the analytical tools of systems theory to bear on this perplexing question, believing that a study of network structure might be able to shed more light than the traditional tools of economic analysis. This clearly argued and eminently readable book accounts for much of the current state of affairs by tracing the contrasting historical evolution of Europe as a Small World Network constituted by the dense connectivity of dynastic marriages between the continent’s royal houses, and China as a Hub and Spoke Network with communications flowing outward through the branches of its vast and robustly structured bureaucracy from a primary central node. Other networked social factors under consideration are the development of Europe’s blend of Germanic custom and Roman law, and China’s tradition of the ideal Confucian gentleman and its deep commitment to merit rather than birthright as the condition for ascending the ranks of administrative power structures. Emerging from this thoughtful and well-researched study is a compelling explanatory narrative of Europe’s ongoing capacity to adapt to rapid change and China’s pattern of long stretches of stability, sudden collapse, and subsequent resurrection of largely unchanged network structure. This adventurous scholarly work simultaneously opens new theoretical doors for economists and provides systems scholars with access to new dimensions of application.

Tom Scholte is a Professor of Directing and Acting in the Department of Theatre and Film at the University of British Columbia located on the unceded, ancestral, and traditional territory of the Musqueam people.

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C. Decker and E. McMahon, "The Idea of Development in Africa: A History" (Cambridge UP, 2020)

Wed, 13 Jan 2021 09:00:00 -0000

The Idea of Development in Africa: A History (Cambridge UP, 2020) challenges prevailing international development discourses about the continent, by tracing the history of ideas, practices, and 'problems' of development used in Africa. In doing so, it offers an innovative approach to examining the history and culture of development through the lens of the development episteme, which has been foundational to the 'idea of Africa' in western discourses since the early 1800s. The study weaves together an historical narrative of how the idea of development emerged with an account of the policies and practices of development in colonial and postcolonial Africa. The book highlights four enduring themes in African development, including their present-day ramifications: domesticity, education, health, and industrialization. Offering a balance between historical overview and analysis of past and present case studies, Elisabeth McMahon and Corrie Decker demonstrate that Africans have always co-opted, challenged, and reformed the idea of development, even as the western-centric development episteme presumes a one-way flow of ideas and funding from the West to Africa.

Elisa Prosperetti is a Visiting Assistant Professor in African history at Mount Holyoke College. Her research focuses on the connected histories of education and development in postcolonial West Africa. Contact her at here.

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Virginia Torrie, "Reinventing Bankruptcy Law: A History of the Companies’ Creditors Arrangement Act" (U Toronto Press, 2020)

Mon, 11 Jan 2021 09:00:00 -0000

Reinventing Bankruptcy Law: A History of the Companies’ Creditors Arrangement Act (University of Toronto Press, 2020) explodes conventional wisdom about the history of the Companies’ Creditors Arrangement Act and in its place offers the first historical account of Canada’s premier corporate restructuring statute. The book adopts a novel research approach that combines legal history, socio-legal theory, ideas from political science, and doctrinal legal analysis. Meticulously researched and multi-disciplinary, Reinventing Bankruptcy Law provides a comprehensive and concise history of CCAA law over the course of the twentieth century, framing developments within broader changes in Canadian institutions including federalism, judicial review, and statutory interpretation.

Examining the influence of private parties and commercial practices on lawmaking, Virginia Torrie argues that CCAA law was shaped by the commercial needs of powerful creditors to restructure corporate borrowers, providing a compelling thesis about the dynamics of legal change in the context of corporate restructuring. Torrie exposes the errors in recent case law to devastating effect and argues that courts and the legislature have switched roles – leading to the conclusion that contemporary CCAA courts function like a modern-day Court of Chancery. This book is essential reading for the Canadian insolvency community as well as those interested in Canadian institutions, legal history, and the dynamics of change.

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Weijian Shan, "Money Games: The Inside Story of How American Dealmakers Saved Korea's Most Iconic Bank" (John Wiley, 2020)

Fri, 08 Jan 2021 09:00:00 -0000

Money Games: The Inside Story of How American Dealmakers Saved Korea’s Most Iconic Bank (Wiley, 2020) by Weijian Shan’s, is a riveting tale of one of the most successful buyout deals ever: the acquisition and turnaround of what used to be Korea’s largest bank by the American firm Newbridge Capital. Full of intrigue and suspense, this insider's account is told by the chief architect of the deal itself, the celebrated author and private equity investor Weijian Shan. With billions of dollars at stake, and the nation's economic future on the line, Newbridge Capital sought to become the first foreign firm in history to take control of one of Korea’s most beloved financial institutions. In a proud country still reeling from a humiliating International Monetary Fund bailout in the Asian Financial Crisis, Newbridge Capital had to muster every ounce of skill, determination, and patience to bring the deal to closing. Shan takes readers inside the battle to win control of the bank—a delicate, often exasperating process that meant balancing the goals of Newbridge with those of the government, bank employees, and Korea's powerful industrial titans. The author describes how Newbridge transformed and rebuilt the struggling bank into a shining example of modern banking—as well as a massively profitable investment. In the secret world of private equity, few buyouts have been written about with such clarity, detail, and insight—and none with such completeness, covering not only the dealmaking but also the transformation and eventual exit of the investment.

It is difficult to introduce the author, Weijian Shan, in a few words. He holds an MA and a PhD from the University of California, Berkeley, and an MBA from the University of San Francisco. He lives in Hong Kong; he is chairman and CEO of PAG, a private equity firm. Prior to PAG, he was a partner at TPG, a private equity firm based in San Francisco. He also worked at the World Bank in Washington and at JP Morgan. He led a number of landmark transactions, including the acquisitions of Korea First Bank and China's Shenzhen Development Bank, both of which made his investors billions of dollars in profits and were made into case studies by Harvard Business School. He also held teaching positions, first in China then at the Wharton School of the University of Pennsylvania, where he founded the China Economic Review. Shan is a frequent contributor to journals and newspapers such as The New York Times, Financial Times, and WSJ. Weijian Shan’s first book ‘Out of the Gobi: My Story of China and America’, was called ‘a deeply affecting memoir’ by the Wall Street Journal and one of The Financial Times’ 2019 top ten Best Books of the Year. It details Shan’s raw will to succeed, and survive, against all odds as a former hard laborer as a member of the Inner Mongolia Construction Army Corp, to become one of the more respected and successful financiers in the ‘new China. Out of the Gobi was published in 2019 by Wiley and became a bestseller.

In my interview with him, we spoke about the context of the Asian financial crisis and the international rescue efforts. We discussed how private equity can be a force for good ad create value. I asked what can we learn from the Asian financial crisis of 1998 that we can apply to our current global financial crisis. We also discussed the potential of Asia / West relations. This is in fact an important theme in his previous book too. In short, Money Games is a great book (more than what the title could let you guess) that a diverse readership will find interesting: economists, political scientists, businessmen, policymakers.

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Tara McIndoe-Calder, "Hyperinflation in Zimbabwe: Background, Impact, and Policy" (Palgrave, 2019)

Mon, 04 Jan 2021 09:00:00 -0000

In the wake of the 2008-09 financial crisis, Adam Fergusson's When Money Dies: The Nightmare of the Weimar Hyperinflation became an unlikely publishing hit more than three decades after its release. Yet, even though few people knew the details of the 1923 crisis, stories and images from interbellum Germany are things of legend.

The same cannot be said of the many other hyperinflationary episodes in the past century and especially the two most severe: the first in postwar Hungary and the second just 13 years ago in Zimbabwe. Hyperinflation in Zimbabwe: Background, Impact, and Policy (Palgrave, 2019) investigates what drove a process that, at its peak, led to 80-billion-percent inflation and the death of the country’s money. Tara McIndoe Calder, who lived through the crisis and now works as an economist in Dublin, examines what happened in her homeland but also the wider meaning of hyperinflation, how to measure it accurately, its common causes and how to stop it.

Tara McIndoe Calder has been an economist at the Central Bank of Ireland since 2011 specialising in debt issues, after completing a PhD at Trinity College Dublin on money demand, aid shocks, and the impact of land reform in Zimbabwe.

*Her own book recommendations are Invisible Women by Caroline Criado Perez (Vintage, 2019), and both Half of a Yellow Sun and Americana by Chimamanda Ngozi Adichie (Fourth Estate, 2014)

Tim Gwynn Jones is an economic and political-risk analyst at Medley Global Advisors.

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Dirk Ehnts, "Modern Monetary Theory and European Macroeconomics" (Routledge, 2016)

Thu, 31 Dec 2020 09:00:00 -0000

With the coronavirus pandemic, Modern Monetary Theory met its moment. A sudden and massive loss of output globally was met with an unprecedented response by governments and central banks and at least some official regret about excessive fiscal austerity after the 2008-09 crisis.

Stephanie Kelton's The Deficit Myth: Modern Monetary Theory and the Birth of the People's Economy found a ready audience and remains in the New York Times Hardcover Nonfiction Best-Seller List six months after publication. Yet, one criticism of her book and of MMT generally is that its proponents, examples and policy proposals are overwhelmingly American and built on assumptions about having a sovereign and dominant global currency. Dirk Ehnts, a leading MMT proponent, seeks to address this criticism in Modern Monetary Theory and European Macroeconomics (Routledge, 2016). In 2020, he published an updated edition in German as Money and Credit: A European Perspective (Metropolis, 2020).

Dirk Ehnts earned his doctorate at the Carl von Ossietzky University in Oldenburg and has worked as an academic economist at the Berlin School of Economics and Law, the Free University Berlin, Bard College Berlin, the Technical University of Chemnitz and the University of Flensburg. In 2019, he organised the first European MMT conference and has scheduled the second for September 2021.

*His own book recommendation is Reclaiming the State by William Mitchell and Thomas Fazi (Pluto Press, 2017).

Tim Gwynn Jones is an economic and political-risk analyst at Medley Global Advisors.

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Bann Seng Tan, "International Aid and Democracy Promotion: Liberalization at the Margins" (Routledge, 2020)

Mon, 14 Dec 2020 09:00:00 -0000

In International Aid and Democracy Promotion: Liberalization at the Margins (Routledge, 2020), Political Scientist Bann Seng Tan investigates the link between foreign aid and the promotion of democracy, using theory, statistical tests, and illustrative case studies.

The book challenges the field of development to recognise that democracy promotion is unlike other development goals. With a goal like economic development, the interests of the recipient and the donor coincide; whereas, with democratisation, authoritarian recipients have strong reasons to oppose what donors seek. The different motivations of donors and recipients must be considered if democracy aid is to be effective. The author examines how donors exercise their leverage over aid recipients, and, more importantly, why, using selectorate theory to understand the incentives of both aid donors and recipients.

International Aid and Democracy Promotion will be of great interest to academics and students of development and democratisation, as well as policy makers with authority over foreign aid allocation.

Ashoka University generously funded Open Access for this book. This means students can get a digital copy of the book for free.

Medha Prasanna is an MA candidate at the Elliott School of International Affairs, George Washington University. Her current research focuses on International Organizations and Human Rights Law. You can learn more about her here or email her medp16@gwu.edu

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Hans-Werner Sinn, "The Economics of Target Balances" (Palgrave Macmillan, 2020)

Tue, 08 Dec 2020 09:00:00 -0000

Every day, TARGET - Europe's cross-border payments system - processes transactions worth €2.5 trillion. Under its decentralised model, TARGET generates balances between the national central banks.

These were tiny at its creation but today – after a decade spanning the financial crisis, the sovereign-debt crisis and now the pandemic recession – Germany’s TARGET balance exceeds €1 trillion.

In his The Economics of Target Balances: From Lehman to Corona (Palgrave Macmillan), Hans-Werner Sinn says these balances are a “fever thermometer” for the health of the financial system. The system as it is designed, he argues, is unsustainable.

Hans-Werner Sinn is Emeritus Professor of Economics and Public Finance at the University of Munich and was president of the Ifo Institute for Economic Research from 1999 until 2016.

Tim Gwynn Jones is an economic and political-risk analyst at Medley Global Advisors.

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Paul Donovan, "Profit and Prejudice: The Luddites of the Fourth Industrial Revolution" (Routledge, 2020)

Tue, 08 Dec 2020 09:00:00 -0000

Paul Donovan's Profit and Prejudice: The Luddites of the Fourth Industrial Revolution (Routledge, 2020) is a great example of what Robert Shiller has championed as narrative economics--pointing out the power and real-world economic import of stories, of narratives. In this case, Donovan highlights the cost of prejudice and how it will become even more expensive as we enter the fourth industrial revolution, a period in which human capital will be critically important to the success of any endeavor. Prejudice is bad for business and the economy, he concludes. Donovan argues for "Fighting Back"--the title of a chapter--to confront the economic cost of prejudice, but it will be an uphill battle.

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Nicolas Petit, "Big Tech and the Digital Economy: The Moligopoly Scenario" (Oxford UP, 2020)

Mon, 07 Dec 2020 09:00:00 -0000

Consumers may love their products and services but, among politicians and activists, the big-technology companies are fast developing a reputation as the Robber Barons of the 21st century.

Google recently joined Apple, Amazon and Microsoft as a so-called “tera-cap” – companies valued at more than a trillion dollars. Add Facebook and the five tech giants alone account for a quarter of the S&P500. How have they managed this in such a short timeframe? Their critics claim that Mark Zuckerberg, Jeff Bezos, Sundar Pichai, Satya Nadella and Tim Cook are just digital versions of Henry Ford, Andrew Carnegie, Andrew Mellon, Cornelius Vanderbilt, and John D. Rockefeller – monopolists who control entry nto their markets.

Not so simple, claims Nicolas Petit in Big Tech and the Digital Economy: The Moligopoly Scenario (Oxford University Press, 2020). Concerns about privacy or the dissemination of “fake news” are valid but “looking at these predicaments through monopoly lenses is like using Facebook to get your news. It seems to do the job. But it might well be fake”.

“The picture of big tech firms as monopolists is intuitively attractive but analytically wrong,” he writes. “A better picture is one of big tech firms as moligopolists, that is firms that coexist as monopolists and oligopolists”.

Nicolas Petit is the Joint Chair in Competition Law at the European University Institute and the Robert Schuman Center for Advanced Studies in Florence.

Tim Gwynn Jones is an economic and political-risk analyst at Medley Global Advisors.

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Lisa Adkins, et al., "The Asset Economy" (Polity, 2020)

Mon, 09 Nov 2020 09:00:00 -0000

“The key element shaping inequality is no longer the employment relationship but rather whether one is able to buy assets that appreciate at a faster rate than both inflation and wages”.

So argue Lisa Adkins, Martijn Konings and Melinda Cooper in The Asset Economy (Polity Press, 2020), extending the argument in Thomas Piketty’s 2014 best-seller Capital in the Twenty-First Century.

Inheritance, they claim, is no longer a 19th-century-style transmission of property titles after death but a “strategically timed transfer of funds that need to be leveraged and put to work in the speculative logic of the asset economy”. In the Anglo-Saxon economies at least, households are no longer just a unit of subsistence or consumption but a dynamic Minskyan balance-sheet manager.

Lisa Adkins is Head of the School of Social and Political Sciences and Martijn Konings is Professor of Political Economy and Social Theory at the University of Sydney.

Tim Gwynn Jones is an economic and political-risk analyst at Medley Global Advisors.

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K. Yazdani and D. M. Menon, "Capitalisms: Towards a Global History" (Oxford UP, 2020)

Fri, 06 Nov 2020 09:00:00 -0000

Capitalisms: Towards a Global History (Oxford University Press, 2020), edited by Kaveh Yazdani and Dilip M. Menon, aims to decenter work on the history of capitalism by looking at the longue durée from the tenth century; at regions as diverse as Song China, South and South East Asia, Latin America and the Ottoman and Safavid Empires; and exploring the plurality of developments over this extended time and space. The authors argue against conventional accounts that locate the origins of capitalism solely within Europe and within the conjuncture of the industrial revolution. The essays emphasize historical conjunctures, flows of commodities, circulation of knowledge and personnel, the role of mercantile capital and small producers and stress throughout the necessity to think beyond present day national boundaries. The volume contends with clichés of Western exceptionalism to make a set of historical arguments about non-Western and interconnected economic developments across the globe, prior to the era of colonialism. It argues fundamentally that the multiple histories of capitalism can be better understood from a truly global perspective.

Dr Kaveh Yazdani is Lecturer (akademischer Rat) in economic history, University of Bielefeld. He teaches economic history at the University of Bielefeld, Germany. His scholarly interests include the 'Great Divergence' debate and the history of South and West Asia between the 17th and 20th centuries. He is the author of India, Modernity and the Great Divergence: Mysore and Gujarat (2017).

Professor Dilip M. Menon is Mellon Chair of Indian Studies, Director of the Centre for Indian Studies in Africa, University of Witwatersrand, South Africa. He is the author of Caste, Nationalism and Communism in South India: Malabar, 1900-1948 (1994).

Alexandra Ortolja-Baird is Lecturer in Early Modern European History at King’s College London. She tweets at @TimeTravelAllie.

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Ewald Nowotny, "Money and Life" (Braumüller Verlag, 2020)

Thu, 05 Nov 2020 09:00:00 -0000

In September 2008, Ewald Nowotny joined the governing council of the European Central Bank. Just two weeks later, Lehman Brothers filed the largest bankruptcy in US history - so triggering a global financial crisis and recession. In September 2019, he retired just before the coronavirus pandemic struck.

This book charts the political and literary development of a young Social Democrat economist in postwar Vienna, his education in Austria and the US, and his experience in banking in the pre-Lehman stage of the crisis.

For "ECB-watchers", Geld und Leben (Braumüller Verlag, 2020) provides a fascinating insight into the contrasting presidencies of Jean-Claude Trichet and Mario Draghi, into how council meetings are conducted, and the ruses used by members to influence the markets.

Now a self-styled "independent economist", Ewald Nowotny was a professor of economics at Vienna and Linz universities, a member of Austria's parliament, a vice-president of the European Investment Bank, and governor of the Austrian National Bank.

Tim Gwynn Jones is an economic and political-risk analyst at Medley Global Advisors.

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J. A. Delton, "The Industrialists: How the National Association of Manufacturers Shaped American Capitalism" (Princeton UP, 2020)

Mon, 02 Nov 2020 09:00:00 -0000

Historians often portray the National Association of Manufacturers (NAM) as a conservative force in debates over free enterprise, battles against unions and government regulation, and the rise of capitalism in the United States. In The Industrialists: How the National Association of Manufacturers Shaped American Capitalism (Princeton UP, 2020), Jennifer Delton (Professor of History at Skidmore College) provides a comprehensive and nuanced political history. Delton focuses on the conservative policy goals of the organization but also its surprisingly progressive tactics and internal conflicts such as welcoming women and workers with disabilities, supporting the UN, embracing aspects of cosmopolitanism, and supporting the ERA, Civil Rights Act, and aspects of affirmative action. Delton deftly identifies the wider economic, ideological, and institutional concerns that drove NAM actors. As the book interrogates how the National Association of Manufacturing did – and did not – work, NAM emerges as a capitalist modernizer. She examines 125 years of massive change in American economic policy with the NAM at its center in order to interrogate manufacturing’s role in the development of capitalism at home and abroad – with implications for how we understand neoliberalism – especially liberal internationalist tendencies. Delton argues that liberal internationalism (associated often with Woodrow Wilson) can be seen as a crucial step toward the international institutions favored by post World War II European neoliberals.

The book is divided into three parts. Part one traces the ascent and reorganization of industrial manufacturing from the 1890s to 1940. Part two highlights manufacturing’s dominance in US society and the world (1941-1980) as the US lowered tariffs and pursued free trade. The share of GDP peaked in 1953 when manufacturing represented 25.8% of domestic production. Part three treats the decline in manufacturing (beginning in 1960) and emphasizes deindustrialization, globalization, and the disintegration of the large multidivisional corporations in the 1990s.

The book investigates how the globalizing impulse of neoliberalism played out historically in 20th century US politics – more specifically, how liberal internationalist ideas that were promoted by Democrats and antithetical to traditional political conservativism came to be espoused by the Republican party. Delton writes that “this is especially relevant now, as the current head of the Republican party [President Donald Trump, Republican] seems to be undoing the work of neoliberalism and liberal internationalists alike.” NAM’s history helps explain the bipartisan support for economic internationalism, freer trade, and what would later be called neoliberalism, even before the Cold War and Reagan, and even as voters (and Congress) remain extremely divided about these issues. The story of the NAM is full of contradictions, but The Industrialists deftly tracks them all, contextualizing the impacts on the national and global economy.

In the podcast, Dr. Delton describes how the NAM archive was shaped by professional staff members – particularly one woman – whose views departed from NAM leaders. The referenced article, “Who Tells Your Story: Contested History at the NAM” is here.

Benjamin Warren assisted with this podcast.

Susan Liebell is associate professor of political science at Saint Joseph’s University in Philadelphia. She is the author of Democracy, Intelligent Design, and Evolution: Science for Citizenship (Routledge, 2013) and, most recently, “Retreat from the Rule of Law: Locke and the Perils of Stand Your Ground” in the Journal of Politics (July 2020). Email her comments at sliebell@sju.edu or tweet to @SusanLiebell.

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JC de Swaan, "Seeking Virtue in Finance: Contributing to Society in a Conflicted Industry" (Cambridge UP, 2020)

Thu, 22 Oct 2020 08:00:00 -0000

JC de Swaan does not shy from a challenge. In his new book, Seeking Virtue in Finance: Contributing to Society in a Conflicted Industry (Cambridge University Press, 2020), de Swaan, argues that it is possible to work in finance and not fall prey to the worst ethical ills of a profit maximizing industry. A lecturer at Princeton and partner in at Wall Street hedge fund, de Swaan spent years chronicling examples of virtuous behavior in finance. He distills his research into four "pillars" of ethical behavior for financial professionals. They include 1. Customers first, 2. Social wealth creation 3. Humanistic leadership and 4. Engaged citizenship. Those are easy to say, but hard to do in an industry not known for those attributes. Seeking Virtue in Finance should be required reading for every associate class on Wall Street, as well as their managers.

Daniel Peris is Senior Vice President at Federated Investors in Pittsburgh. Trained as a historian of modern Russia, he is the author most recently of Getting Back to Business: Why Modern Portfolio Theory Fails Investors. You can follow him on Twitter @HistoryInvestor or at http://www.strategicdividendinvestor.com

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Margaret Heffernan, "Uncharted: How to Map and Navigate the Future Together" (Simon and Schuster, 2020)

Mon, 12 Oct 2020 08:00:00 -0000

Today I spoke with Dr Margaret Heffernan about her latest book, Uncharted: How to Map and Navigate the Future Together (Simon and Schuster, 2020). Margaret produced programmes for the BBC for 13 years. She then moved to the US where she became a businesswomen. She is the author of six books and a successful TED Talk speaker. She is also a Professor of Practice at the University of Bath.

In her 2012 TED Talk, ‘Dare to disagree’, she told the story Alice Stewart. This is the story of how clear, certain medical data, are not always enough to change rapidly our professional rules and personal habits.

In her 2019 TED Talk she argued that the more we rely on technology to make us efficient, the fewer skills we have to confront the unexpected. That’s why we need less technology and ‘more messy human skills - imagination, humility, bravery - to solve problems in business, government and life in an unpredictable age’.

In her new book, she explores the people and organizations who aren’t daunted by uncertainty: ‘We are addicted to prediction, desperate for certainty about the future. But the complexity of modern life won’t allow that; experts in forecasting are reluctant to look more than 400 days out’.

Uncertainty is clearly an important construct in both macroeconomics and behavioural economics. This book starts with an anecdote on the early life of a great American economist, Irving Fisher. His swimming accident and the discovery of his tuberculosis contributed to the development his research interest in stability and monetary economics.

Ranging freely through history and from business to science, government to friendships, this refreshing book challenges us to resist the false promises of technology and efficiency and instead to mine our own creativity and humanity for the capacity to create the futures we want and can believe in.

Andrea Bernardi is Senior Lecturer in Employment and Organization Studies at Oxford Brookes University in the UK. He holds a doctorate in Organization Theory from the University of Milano-Bicocca. He has held teaching and research positions in Italy, China and the UK. Among his research interests are the use of history in management studies, the co-operative sector, and Chinese co-operatives. He is the co-convener of the EAEPE’s permanent track on Co-operative economy and collective ownership. Currently he is associate editor of The Review of Evolutionary Political Economy (REPE)

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Patrick Honohan, "Currency, Credit and Crisis: Central Banking in Ireland and Europe" (Cambridge UP, 2020)

Thu, 08 Oct 2020 08:00:00 -0000

For readers – including non-economists – who want to get to grips with the nature and scale of the last financial crisis, how it was managed and mismanaged, and its particular impact on a small, open economy, Patrick Honohan's book Currency, Credit and Crisis: Central Banking in Ireland and Europe (Cambridge UP, 2020)

This is, in part, because it covers complex issues yet is written for a non-specialist audience. But mostly it’s because, as Olivier Blanchard says, this is “financial crisis, seen from the driver’s seat". Honohan is not just an accomplished monetary economist with a lot to say but he was also, from 2009 to 2015, the governor of the Central Bank of Ireland and a member of the Governing Council of the European Central Bank.

His book combines a monetary and financial history of Ireland since independence, theory and history around the formation of the Euro Area, an assessment of lessons learned from the crisis, and a behind-the-scenes memoir of how the crisis was fought.

Tim Gwynn Jones is an economic and political-risk analyst at Medley Global Advisors.

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Thomas Levenson "Money for Nothing" (Random House, 2020)

Tue, 06 Oct 2020 08:00:00 -0000

Modern finance isn't really all that modern. Three centuries ago, Great Britain's need for money to fight its wars, the appearance of joint stock companies, and the emerging quantification of all aspects of life converged to create new notions and forms of money and investments. And then there was a spectacular bubble in 1720. The South Sea stock rose and fell quickly, but the financing structures remained and last to this day in evolved form. In his new book Money for Nothing: The Scientists, Fraudsters, and Corrupt Politicians Who Reinvented Money, Panicked a Nation, and Made the World Rich (Random House, 2020), MIT Professor Thomas Levenson tells the rip-roading tale.

Daniel Peris is Senior Vice President at Federated Investors in Pittsburgh. Trained as a historian of modern Russia, he is the author most recently of Getting Back to Business: Why Modern Portfolio Theory Fails Investors. You can follow him on Twitter @HistoryInvestor or at http://www.strategicdividendinvestor.com

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Ian Kumekawa, "The First Serious Optimist: A. C. Pigou and the Birth of Welfare Economics" (Princeton UP, 2017)

Mon, 05 Oct 2020 08:00:00 -0000

The work of Alfred Charles Pigou may not be as well known to people today as that of his contemporary John Maynard Keynes, but as Ian Kumekawa details in his book The First Serious Optimist: A. C. Pigou and the Birth of Welfare Economics (Princeton University Press, 2017), over the course of his long career Pigou advanced ideas that remain very relevant today. As Kumekawa describes, Pigou entered the field of economics at an important point in its evolution. As a student of Alfred Marshall, Pigou embraced his mentor’s more analytical approach to the subject, though without the same determination to separate it from political theory. This placed Pigou at the center of many of the issues of economics that the public faced in the early 20th century, to which Pigou contributed widely, particularly in the area of welfare economics. Pigou’s own ideas on these subjects evolved in response to his experiences with events, as he shifted from his early reform-minded liberalism to skepticism about the motivations of political leaders before he embraced once more the possibility of meaningful political change in the aftermath of the Second World War.

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Gene Ludwig, "The Vanishing American Dream" (Disruption Books, 2020)

Mon, 28 Sep 2020 08:00:00 -0000

Gene Ludwig cares. The former banker, government regulator, and serial entrepreneur cares deeply about the hollowing out of the American middle class over the past several decades, not least of all in his hometown of York, PA. So he gathered the country's best and brightest in 2019 for a conference at Yale Law School to come up with specific policy proposals that can reverse that process.

The details of what has happened make for difficult but necessary reading. In The Vanishing American Dream: A Frank Look at the Economic Realities Facing Middle- and Lower-Income Americans (Disruption Books) the policy proposals to rebuild the middle class are divided into those at the federal level, and those at the local level.

Many readers will find the former typical and expected, but the latter constitute the most engaging part of the book. Both sorts of policies will be hard to implement given the country's current state of division, but Ludwig does not back down from the challenge.

Gene Ludwig is the founder of the Promontory family of companies and Canapi LLC, the largest financial technology venture fund in the United States. He is the CEO of Promontory Financial Group, an IBM company, and chairman of Promontory MortgagePath, a technology-based, mortgage fulfillment and solutions company.

Daniel Peris is Senior Vice President at Federated Investors in Pittsburgh. Trained as a historian of modern Russia, he is the author most recently of Getting Back to Business: Why Modern Portfolio Theory Fails Investors. You can follow him on Twitter @HistoryInvestor or at http://www.strategicdividendinvestor.com

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Christopher Marquis, "Better Business: How the B Corp Movement Is Remaking Capitalism" (Yale UP, 2020)

Mon, 21 Sep 2020 08:00:00 -0000

I spoke with Prof. Christopher Marquis, Samuel C. Johnson Professor in Global Sustainable Enterprise and Professor of Management at Cornell University. His latest research book tells the story of an ambitious certification programme that aims to signal to customers and shareholders those small and large corporations that are responsible and caring with their workers, customers, with the planet and the local communities where they operate.

Businesses have a big role to play in a capitalist society. They can tip the scales toward the benefit of the few, with toxic side effects for all, or they can guide us toward better, more equitable long-term solutions.

In Better Business: How the B Corp Movement Is Remaking Capitalism (Yale UP, 2020), Marquis tells the story of the rise of a new corporate form—the B Corporation. Founded by a group of friends who met at Stanford, these companies undergo a rigorous certification process, overseen by the B Lab, and commit to putting social benefits, the rights of workers, community impact, and environmental stewardship on equal footing with financial shareholders.

In our conversation Christopher mentioned the origin of the book and why he believes in the work done by B Lab. The book is divided into 11 chapter and is full of interesting practical examples. In the talk we also mentioned the notion of ‘benefit corporation’, in the US and elsewhere.

I have asked the author why we should trust the founders of the B Movement and their certification programme. He answered with some examples and convincing arguments. We then focused on chapter 1, ‘Interdependencies not Externalities’, chapter 6, ‘Employees as the Heart of the Company’, chapter 10, ‘Big Isn’t Always Bad’, and eventually chapter 11, ‘Convincing Consumers to Care’. We concluded with his plans for the next book.

Informed by over a decade of research and animated by interviews with the movement’s founders and leading figures, Marquis’s book explores the rapid growth of companies choosing to certify as B Corps, both in the United States and internationally, and explains why the future of B Corporations is vital for us all.

Andrea Bernardi is Senior Lecturer in Employment and Organization Studies at Oxford Brookes University in the UK. He holds a doctorate in Organization Theory from the University of Milan, Bicocca. He has held teaching and research positions in Italy, China and the UK. Among his research interests are the use of history in management studies, the co-operative sector, and Chinese co-operatives. His latest project is looking at health care in China. He is the co-convener of the EAEPE’s permanent track on Co-operative economy and collective ownership.

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R. Pollin and N. Chomsky, "Climate Crisis and the Global Green New Deal: The Political Economy of Saving the Planet" (Verso, 2020)

Tue, 15 Sep 2020 08:00:00 -0000

Is there a consensus on the best response to global warming? Not even close. Left and right both bring their own tools, math, and, most notably, agendas--climate related and non-climate related--to their policy prescriptions.

Economist Robert Pollin has teamed up with Noam Chomsky to produce a manifesto for the New Green Deal in Climate Crisis and the Global Green New Deal: The Political Economy of Saving the Planet (Verso). Their plan attempts to keep the planet from heating up too much while simultaneously redressing the economic wrongs that they blame substantially on unfettered capitalism.

Not everyone will agree that eco-socialism is the answer to global warming, but all participants in the debate will want to understand the wide range of policy proposals that are being brought to the table.

Noam Chomsky is Institute Professor Emeritus at the Massachusetts Institute of Technology and Laureate Professor at the University of Arizona.

Robert Pollin is Professor of Economics and founding Co-Director of the Political Economy Research Institute (PERI) at the University of Massachusetts-Amherst.

Daniel Peris is Senior Vice President at Federated Investors in Pittsburgh. Trained as a historian of modern Russia, he is the author most recently of Getting Back to Business: Why Modern Portfolio Theory Fails Investors. You can follow him on Twitter @HistoryInvestor or at http://www.strategicdividendinvestor.com

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Joshua Greenberg, "Bank Notes and Shinplasters: The Rage for Paper Money in the Early Republic" (U Pennsylvania Press, 2020)

Wed, 09 Sep 2020 08:00:00 -0000

What is money? No, really, what is money? It turns out the answer is not so simple.

During the course of the 20th century, most of us have gotten used to the notion of a single medium of exchange based on Federal Reserve notes which we call dollars. They look the same, feel the same, and have the same use everywhere in the country. We are so comfortable with that medium of exchange that we are now increasingly doing away with the paper and accepting a digital version of said money. The convenience of having a single and stable currency as a medium of exchange did no exist in the early republic.

Joshua Greenberg's Bank Notes and Shinplasters: The Rage for Paper Money in the Early Republic (University of Pennsylvania Press) describes the many types of money in circulation at the time and how all participants in the economic system had to master the discounting of paper money from one institution to another, from one town to another, from one transaction to another. It constituted an entire sub-culture, and an excellent lens to view the economic history of the pre-Civil War period.

Joshua R. Greenberg is the editor of Commonplace: the journal of early American life.

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J. Herbst and S. Lovegrove, "Brexit And Financial Regulation" (Oxford UP, 2020)

Fri, 04 Sep 2020 08:00:00 -0000

The UK’s transition from legally withdrawing from the EU to leaving the union’s single market will come to an end at midnight on December 31 with no successor trade agreement yet in place.

For the UK’s financial sector, which accounts for 7% of the country’s economy and a million of its jobs, whether there is such an agreement and what shape it takes really matters.

In Brexit and Financial Regulation (Oxford University Press, 2020), co-editors Jonathan Herbst and Simon Lovegrove have corralled 26 lawyers from 12 leading firms and chambers to explain why.

Between them, they cover the history of the withdrawal process, the likely impact of Brexit on regulations of everything from how bankers are rewarded for success to how insolvent banks are wound up, and what could happen next in the negotiations.

Jonathan Herbst is Global Head of Financial Services Regulation at law firm Norton Rose Fulbright.

Tim Gwynn Jones is an economic and political-risk analyst at Medley Global Advisors.

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David J. Hand, "Dark Data: Why What You Don't Know Matters" (Princeton UP, 2020)

Fri, 04 Sep 2020 08:00:00 -0000

Suggested companion work: Caroline Criado Perez, Invisible Women: Data Bias in a World Designed for Men.

Cory Brunson (he/him) is a Research Assistant Professor at the Laboratory for Systems Medicine at the University of Florida.

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Adam Hanieh, "Money, Markets, and Monarchies: The Gulf Cooperation Council and the Political Economy of the Contemporary Middle East" (Cambridge UP, 2018)

Tue, 01 Sep 2020 08:00:00 -0000

When most Westerners think of the Gulf, the first thing that comes to mind is often oil. However, as Adam Hanieh demonstrates in Money, Markets, and Monarchies: The Gulf Cooperation Council and the Political Economy of the Contemporary Middle East (Cambridge UP, 2018), the economies of Saudi Arabia, the UAE, Qatar, Oman, Bahrain, and Kuwait are about more than just the “black gold.” Conglomerates and state-owned firms from this region have become major players throughout the Middle East and the broader global economies in sectors like agribusiness, finance, real estate, and logistics. In the process, processes of class and state formation in the Gulf have become inextricably tied up with political and economic developments in the broader Middle East, as the valorization of Gulf oil surpluses has come to depend on access to markets for land (both urban and rural) throughout the region. Hanieh analyzes how the Gulf states’ quest for food security in the wake of the food price increases of the late 2000s has affected agrarian class relations in Egypt and other countries, how Gulf capital has contributed to market-led remaking of cities throughout the region, and how Gulf control of Arab state financial reserves has given GCC countries tremendous geopolitical and economic leverage over their neighbors.

Furthermore, Hanieh shows that the boundary between public and private interests in the Gulf states is blurred by the close relationships between wealthy private businesses and patrimonial monarchies, and capital accumulation in the region depends on the hyper-exploitation of foreign guest workers, who can easily be deported if they demand higher wages or go on strike. Money, Markets, and Monarchies dispels widespread myths about the political economies of the Gulf while providing a distinct vantage point for exploring the complex geographies of global capitalism.

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Olli Rehn, "Walking the Highwire: Rebalancing the European Economy in Crisis" (Palgrave Macmillan, 2020)

Fri, 28 Aug 2020 08:00:00 -0000

Walking the Highwire: Rebalancing the European Economy in Crisis (Palgrave Macmillan, 2020) tells the story of the Eurozone’s crisis from the perspective of an insider who now sits on the European Central Bank’s governing council.

Part-policy proposal, part-autobiography, and part-political memoir, at the heart of Walking The Highwire are the four critical years from 2010 to 2014 when Olli Rehn served as European Commissioner for economic and monetary affairs.

The book tells us what took a football-mad boy from Southern Savonia to Brussels – via Oxford and Minnesota – and reveals the behind-the-scenes fights and compromises that shaped the crisis and pulled the euro from the brink.

Olli Rehn has been governor of the Bank of Finland since 2018, was Finnish minister of economic affairs (2015-2016), European Commissioner for economic and monetary affairs (2010-2014), and commissioner for enlargement (2004-2010). He holds a doctorate from the University of Oxford in international political economy.

Tim Gwynn Jones is an economic and political-risk analyst at Medley Global Advisors.

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Bjorn Lomborg, "False Alarm: How Climate Change Panic Costs Us Trillions, Hurts the Poor, and Fails to Fix the Planet" (Basic Books, 2020)

Tue, 25 Aug 2020 08:00:00 -0000

Should climate change policy be subject to a cost-benefit analysis leading to a variety of policy choices? Or is it so critical that the only "proper" path is immediate and extreme carbon reduction, regardless of the costs and the impact of those measures on the welfare of the population? Bjorn Lomborg's new and controversial work, False Alarm: How Climate Change Panic Costs Us Trillions, Hurts the Poor, and Fails to Fix the Planet (Basic Books, 2020) leans strongly in the direction of the former. Conducting that analysis, he comes to some shocking conclusions, notably that the "optimal" mix of global warming and economic activity sees a 6 degree or so increase in global temperatures by the end of the century. Yes, shocking.

Other than some low-hanging fruit in carbon reduction through a global carbon tax, he argues that the economic math of more severe carbon reduction is challenging. Instead, Lomborg advocates more investment in poverty reduction that allows people at risk of suffering from climate change to better adapt to higher temperatures and more extreme weather. Less controversially, he supports a massive increase in green energy R&D.

Some NBN listeners will likely disagree with Lomborg's stance, perhaps with his basic cost-benefit framework and most certainly with his conclusions, but all participants in the debate should be aware of this approach.

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Paul De Grauwe, "Economics of Monetary Union" (Oxford UP, 2020)

Thu, 13 Aug 2020 08:00:00 -0000

First published in 1992 before the creation of the euro, Paul De Grauwe’s Economics of Monetary Union (Oxford University Press, 2020) has become a standard text for undergraduates seeking to understand this remarkable but “fragile” project.

Updated every two years and now in its 13th edition, the book can hardly keep up with economic and policy developments in the 19-nation Euro Area.

But De Grauwe, who is still teaching at the London School of Economics after retiring from the Katholieke Universiteit Leuven, can always be relied upon to plug the gaps with policy ideas. In the latest of these, he made the case for the European Central Bank to monetize governments’ pandemic-related deficits.

Paul De Grauwe is the John Paulson Chair in European Political Economy at the LSE’s European Institute.

Tim G. Jones is an economic and political-risk analyst at Medley Global Advisors.

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Costas Lapavitsas, "The Left Case Against the EU" (Polity, 2018)

Fri, 07 Aug 2020 08:00:00 -0000

Many on the Left see the European Union as a fundamentally benign project with the potential to underpin ever greater cooperation and progress. If it has drifted rightward, the answer is to fight for reform from within.

In this iconoclastic polemic, economist Costas Lapavitsas demolishes this view. In The Left Case Against the EU (Polity, 2018), he contends that the EU's response to the Eurozone crisis represents the ultimate transformation of the union into a neoliberal citadel that institutionally embeds austerity, privatization, and wage cuts.

Concurrently, the rise of German hegemony has divided the EU into an unstable core and dependent peripheries. These related developments make the EU impervious to meaningful reform. The solution is therefore a direct challenge to the EU project that stresses popular and national sovereignty as preconditions for true internationalist socialism.

Lapavitsas's powerful manifesto for a left opposition to the EU upends the wishful thinking that often characterizes the debate and will be a challenging read for all on the Left interested in the future of Europe.

Costas Lapavitsas is Professor of Economics at the School of Oriental and African Studies, University of London. His research during the last few years has focused on the Eurozone and the financialization of capitalism. He has published widely in the academic field and writes frequently for the international and the Greek press. In January 2015 he was elected in the Greek Parliament with the incoming SYRIZA party, but left in August 2015 when the third bail-out of Greece was signed.

His most recent books include Capitalism in the Ottoman Balkans, with P. Cakiroglu, I.B.Tauris, 2019, The Left Case Against the EU, Polity Press, 2018, Against the Troika: Crisis and Austerity in the Eurozone, with H. Flassbeck, Verso, 2015, and Profiting Without Producing, Verso, 2013.

Daniel Lucas is a student at the University of Groningen, studying European and International law. Please contact through daniellucas2001@gmail.com

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A Very Square Peg: A Podcast Series about Polymath Robert Eisler. Episode 6: Negative Interest

Tue, 14 Jul 2020 08:00:00 -0000

Warning: Economics. In this episode, we begin with Eisler’s testimony before the skeptical Senators of the Committee on Banking and Currency in Washington, D.C. on January 20, 1934, in which he proposed that the nation adopt a dual currency system to control inflation and end the Great Depression. I (a non-economist) talk about what this means with noted economist Miles Kimball, who has recently brought renewed attention to Eisler’s plan in his own work. We also learn about Eisler’s theory of who actually wrote what we call the Gospel of John, talk with Steven Wasserstrom about Eisler’s brief involvement with Carl Jung and the Eranos Conference, and interpret a “dream poem” that Eisler recorded at his mother’s house in 1936.

Guests: Guests: Miles Kimball (The University of Colorado-Boulder), Steven Wasserstrom (Reed College).

Voice of Robert Eisler: Caleb Crawford

Additional voices: Brian Evans

Music: “Shibbolet Baseda,” recorded by Elyakum Shapirra and His Israeli Orchestra.

Funding provided by the Ohio University Humanities Research Fund and the Ohio University Honors Tutorial College Internship Program.

Special thanks to the Warburg Institute.

Bibliography and Further Reading

Buiter, Willem H. “Is Numérairology the Future of Monetary Economics? Unbundling Numéraire and Medium of Exchange Through a Virtual Currency and a Shadow Exchange Rate.” NBER Working Papers 12839. National Bureau of Economic Research, Inc., 2007. DOI:10.3386/w12839.

Buiter, Willem H. and Panigirtzoglou, Nikolaos. “Overcoming the Zero Bound: Gesell vs. Eisler. Discussion of Mitsuhiro Fukao’s “The Effects of ‘Gesell’ (Currency) Taxes in Promoting Japan’s Economic Recovery.” International Economics and Economic Policy 2, no. 2/3 (2005): 189-200.

Eisler, Robert. The Enigma of the Fourth Gospel. London: Methuen & Co., 1938.

———. Stable Money: The Remedy for the Economic World Crisis: A Programme of Financial Reconstruction for the International Conference. London: The Search Publishing Co., Ltd., 1932.

———. This Money Maze: A Way Out of the Economic World Crisis. London: The Search Publishing Co., Ltd., 1931.

———. Das Geld: Seine geschichtliche Entstehung und gesellschaftliche Bedeutung. Munich: Diatypie, 1924.

Eisler, Robert and Alec Wilson. The Money Machine: A Simple Introduction to the Eisler Plan. London: The Search Publishing Co., Ltd., 1933.

Gold Reserve Act of 1934: Hearings Before the Committee on Banking and Currency, United States Senate, Seventy-Third Congress, Second Session on S. 2366: A Bill to Protect the Currency System of the United States, to Provide for the Better Use of the Monetary Gold Stock of the United States, and for Other Purposes, Revised January 19-23, 1934. Washington, D.C.: United States Government Printing Office, 1934

Hakl, Hans Thomas. Eranos: An Alternative Intellectual History of the Twentieth Century. Montreal: McGill-Queen’s University Press, 2013.

Keynes, John Maynard, Paul R. Krugman, and Robert Jacob Alexander Skidelsky. The General Theory of Employment, Interest, and Money. Cham, Switzerland: Palgrave Macmillan, 2018.

Kimball, Miles. “Pro Gauti Eggertsson.” Confessions of a Supply Side Liberal. June 27, 2016. Last Accessed July 7, 2020.

Wasserstrom, Steven M. Religion after Religion: Gershom Scholem, Mircea Eliade, and Henry Corbin at Eranos. Princeton: Princeton University Press, 1999.

Associate Professor Brian Collins is the Drs. Ram and Sushila Gawande Chair in Indian Religion and Philosophy at Ohio University. He can be reached at collinb1@ohio.edu.

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Gerald Epstein, “What's Wrong with Modern Money Theory? A Policy Critique” (Palgrave Macmillan, 2019)

Mon, 13 Jul 2020 08:00:00 -0000

Gerald Epstein co-directs the Political Economy Research Institute (PERI) at the University of Massachusetts, Amherst.

Tim Jones is an economic and political-risk analyst at Medley Global Advisors (FT Group) in London.

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Tim Koller, "Valuation: Measuring and Managing the Value of Companies" (Wiley, 2020)

Thu, 09 Jul 2020 08:00:00 -0000

How do you value something? It seems simple enough. Since the beginning of commerce thousands of years ago, people have been asserting the value of enterprises. Yet, the math and specific logic of that exercise is only about a century old.

For thirty of those years, Tim Koller and his colleagues at McKinsey, the consultancy, have been in the forefront of how to think about value and how to measure it. The first edition of Valuation: Measuring and Managing the Value of Companies (Wiley) came out in 1990; this is the seventh iteration, so Koller has been through numerous ups and downs.

His calm and cool reasoning should be required reading for all business managers and investors.

Daniel Peris is Senior Vice President at Federated Investors in Pittsburgh. Trained as a historian of modern Russia, he is the author most recently of Getting Back to Business: Why Modern Portfolio Theory Fails Investors. You can follow him on Twitter @HistoryInvestor or at http://www.strategicdividendinvestor.com

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Zachary Carter, "Price of Peace: Money, Democracy, and the Life of John Maynard Keynes" (Random House, 2020)

Tue, 30 Jun 2020 08:00:00 -0000

Keynes was not only an economist but the preeminent anti-authoritarian thinker of the 20th century, one who devoted his life to the belief that art and ideas could conquer war and deprivation.

As a moral philosopher, political theorist, and statesman, Keynes led an extraordinary life that took him from intimate turn-of-the-century parties in London's Bloomsbury art scene to the fevered negotiations in Paris that shaped the Treaty of Versailles, from stock market crashes on two continents to diplomatic breakthroughs in the mountains of New Hampshire to wartime ballet openings at London's extravagant Covent Garden.

Along the way, he reinvented Enlightenment liberalism to meet the harrowing crises of the 20th century and, in the United States, his ideas became both the foundation of a burgeoning economics profession and a flash point in the broader political struggle of the Cold War.

Part biography and part intellectual history, Price of Peace: Money, Democracy, and the Life of John Maynard Keynes (Random House, 2020) from journalist Zachary Carter puts Keynes’s thinking on democracy and the good life into the centre of his thought with transformative implications for today's debates over inequality and the politics that shape the global order.

Zachary D. Carter is a senior reporter at HuffPost, where he covers Congress, the White House, and economic policy.

Tim Jones is an economic and political-risk analyst at Medley Global Advisors (FT Group) in London.

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E. Lonergan and M. Blyth, "Angrynomics" (Agenda/Columbia UP, 2020)

Thu, 18 Jun 2020 08:00:00 -0000

How are we going to address inequality and put the economy on a sounder footing?

Today I talked to Eric Lonergan and Mark Blyth about their new book Angrynomics (Agenda Publishing/Columbia University Press, 2020).

Lonergan is an economist and macro fund manager in London whose writings often appear in The Financial Times. Blyth is a political economist at Brown University who received his PhD in political science from Columbia University.

Topics covered in this episode include:

--An exploration of how the emotions of anger, fear and disgust animate both the long-term economic stresses in society and those brought on by the Covid-19 crisis.

--What the differences are between moral outrage versus tribal outrage.

--Descriptions of three, potentially viable and game-changing solutions, including among them a “data dividend” and the creation of national wealth funds like those in Norway and beyond.

Dan Hill, PhD, is the author of eight books and leads Sensory Logic, Inc. (https://www.sensorylogic.com). To check out his “Faces of the Week” blog, visit https://emotionswizard.com.

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A Very Square Peg: A Podcast Series about Polymath Robert Eisler. Episode 2: Value Theory

Tue, 16 Jun 2020 08:00:00 -0000

In this episode (# 2), we discuss Eisler’s early years as a member of the Jewish bourgeoisie in turn-of-the-century Vienna with historian Steven Beller. We also hear from the closest living relative of Robert Eisler, his grand-nephew Richard Regen. Philosopher Tom Hurka provides some background for understanding the arguments Eisler is making in Studies in Value Theory, especially his critiques of hedonism and aesthetic philosophy. Finally, we look at the events surrounding Eisler’s dramatic arrest and trial for attempted art theft in Udine in 1907 and discuss its short- and long-term consequences.

Voice of Robert Eisler: Caleb Crawford

Additional voices: Brian Evans

Editing and engineering: March Washelesky

Music: “Shibbolet Baseda,” recorded by Elyakum Shapirra and his Israeli Orchestra.

Guests: Steven Beller (independent scholar), Tom Hurka (Chancellor Henry N. R. Jackman Distinguished Professor of Philosophical Studies at the University of Toronto), Richard Regen (grand-nephew of Robert and Lili Eisler).

Funding provided by the Ohio University Humanities Research Fund and the Ohio University Honors Tutorial College Internship Program.

Special thanks to the Warburg Institute, the Griffith Institute at the University of Oxford, and to the Friends Historical Library at Swarthmore College.

Bibliography and further reading:

-Beller, Steven, ed. Rethinking Vienna 1900. New York: Berghahn Books, 2012.

-Beller, Steven. Vienna and the Jews, 1867–1938: A Cultural History. New York: Cambridge University Press. 1989.

-Eisler, Robert. “The Empiric Basis of Moral Obligation.” Ethics, Vol. 59, No. 2, Part 1 (Jan., 1949), pp. 77-94.

-Eisler, Robert. “Der Wille zum Schmerz, Ein psychologisches Paradox.” Jahresbericht der Philosophischen Gesellschaft an der Universitat zu Wien (1904), pp. 63-79.

-Eisler, Robert. Studien zur Werttheorie. Leipzig: Verlag von Duncker & Humblot, 1902.

-Fabian, Reinhard and Peter M. Simons. “The Second Austrian School of Value Theory.” In Austrian Economics: Historical and Philosophical Background, ed. by Wolfgang Grassl and Barry Smith, pp. 29-78. Washington Square, NY: New York University Press, 1986.

-Frondzi, Risieri. What Is Value? An Introduction to Axiology. Second edition. La Salle, IL: Open Court Publishing Company, 1971.

-Grassl, Wolfgang. “Toward a Unified Theory of Value: From Austrian Economics to Austrian Philosophy.” Paper presented at 19th-20th Century Austrian Thought and its Legacy, November 1-3, 2012, University of Texas at Arlington.

Associate Professor Brian Collins is the Drs. Ram and Sushila Gawande Chair in Indian Religion and Philosophy at Ohio University. He can be reached at collinb1@ohio.edu.

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Phil Harvey, "Welfare For The Rich" (Post Hill Press, 2020)

Tue, 09 Jun 2020 08:00:00 -0000

In today’s ultra-polarized and highly partisan political environment, Welfare for the Rich: How Your Tax Dollars End Up in Millionaires' Pockets―And What You Can Do About It (Post Hill Press, 2020) is one of the rare books written to appeal to engaged and open-minded citizens from across the political spectrum.

Welfare for the Rich is the first book to describe and analyze the many ways that federal and state governments provide handouts—subsidies, grants, tax credits, loan guarantees, price supports, and many other payouts—to millionaires, billionaires, and the companies they own and run.

Welfare for millionaire farmers comes to more than $50 billion annually. Subsidies to giant corporations exceeds $100 billion. This shocking waste of taxpayer money is rigorously documented in Welfare for the Rich, along with the political action committees, and special interest groups that keep this distorted system going.

Many journalists, scholars, and activists have focused on one or more of these dysfunctional programs. A few of the most egregious examples have even become famous. But Welfare for the Rich is the first attempt to paint a comprehensive, easily accessible picture of a system largely designed by the richest Americans—through lobbyists, lawyers, political action committees, special interest groups, and other powerful influencers—with the specific goal of making sure the government keeps wealth and power flowing from the many to the few.

Phil Harvey is an entrepreneur who has founded a thriving business, a philanthropist who has created several important nonprofit organizations, and the author of five books.

Lisa Conyers is director of policy studies for the DKT Liberty Project.

Kirk Meighoo is a TV and podcast host, former university lecturer, author and former Senator in Trinidad and Tobago. He hosts his own podcast, Independent Thought & Freedom, where he interviews some of the most interesting people from around the world who are shaking up politics, economics, society and ideas. You can find it in the iTunes Store or any of your favorite podcast providers. You can also subscribe to his YouTube channel. If you are an academic who wants to get heard nationally, please check out his free training at becomeapublicintellectual.com.

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Brian Greene, "Until the End of Time: Mind, Matter, and Our Search for Meaning in an Evolving Universe" (Random House, 2020)

Tue, 02 Jun 2020 08:00:00 -0000

Brian Greene is a Professor of Mathematics and Physics at Columbia University in the City of New York, where he is the Director of the Institute for Strings, Cosmology, and Astroparticle Physics, and co-founder and chair of the World Science Festival. He is well known for his TV mini-series about string theory and the nature of reality, including the Elegant Universe, which tied in with his best-selling 2000 book of the same name. In this episode, we talk about his latest popular book Until the End of Time: Mind, Matter, and Our Search for Meaning in an Evolving Universe (Random House, 2020)

Until the End of Time gives the reader a theory of everything, both in the sense of a “state of the academic union”, covering cosmology and evolution, consciousness and computation, and art and religion, and in the sense of showing us a way to apprehend the often existentially challenging subject matter. Greene uses evocative autobiographical vignettes in the book to personalize his famously lucid and accessible explanations, and we discuss these episodes further in the interview. Greene also reiterates his arguments for embedding a form of spiritual reverie within the multiple naturalistic descriptions of reality that different areas of human knowledge have so far produced.

John Weston is a University Teacher of English in the Language Centre at Aalto University, Finland. His research focuses on academic communication. He can be reached at john.weston@aalto.fi and @johnwphd.

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Tyler Cowen, "Big Business: A Love Letter to an American Anti-Hero" (St. Martins, 2019)

Mon, 01 Jun 2020 08:00:00 -0000

You mean big business is good, contributes to our general welfare, and is not generally guilty--with notable exceptions--of all of the charges made against it? That's the argument libertarian economist Tyler Cowen makes in his book Big Business: A Love Letter to an American Anti-Hero (St. Martins, 2019) Most NBN listeners will raise an eyebrow to that claim, but most of those same NBN listeners are up for a good back-and-forth on the virtues and demerits of our market system. And to that end, being familiar with Cowen's arguments--made in this book and his many other publications and platforms--is very useful. The shift in the reputational balance between government and big business as a result of the Covid-19 crisis is another reason to consider Cowen's argument.

Daniel Peris is Senior Vice President at Federated Investors in Pittsburgh. Trained as a historian of modern Russia, he is the author most recently of Getting Back to Business: Why Modern Portfolio Theory Fails Investors. You can follow him on Twitter @HistoryInvestor or at http://www.strategicdividendinvestor.com

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Brandon K. Winford, "John Hervey Wheeler, Black Banking, and the Economic Struggle for Civil Rights" (UP Kentucky, 2019)

Tue, 19 May 2020 08:00:00 -0000

John Hervey Wheeler (1908–1978) was one of the civil rights movement's most influential leaders. In articulating a bold vision of regional prosperity grounded in full citizenship and economic power for African Americans, this banker, lawyer, and visionary would play a key role in the fight for racial and economic equality throughout North Carolina.

Utilizing previously unexamined sources from the John Hervey Wheeler Collection at the Atlanta University Center Robert W. Woodruff Library, Brandon K. Winford's John Hervey Wheeler, Black Banking, and the Economic Struggle for Civil Rights (University Press of Kentucky, 2019) explores the black freedom struggle through the life of North Carolina's most influential black power broker. After graduating from Morehouse College, Wheeler returned to Durham and began a decades-long career at Mechanics and Farmers (M&F) Bank. He started as a teller and rose to become bank president in 1952. In 1961, President Kennedy appointed Wheeler to the President's Committee on Equal Employment Opportunity, a position in which he championed equal rights for African Americans and worked with Vice President Johnson to draft civil rights legislation. One of the first blacks to attain a high position in the state's Democratic Party, Wheeler became the state party's treasurer in 1968, and then its financial director.

Wheeler urged North Carolina's white financial advisors to steer the region toward the end of Jim Crow segregation for economic reasons. Straddling the line between confrontation and negotiation, Wheeler pushed for increased economic opportunity for African Americans while reminding the white South that its future was linked to the plight of black southerners.

Today I talked to Brandon K. Winford

Dr. Brandon K. Winford is an assistant professor of history at the University of Tennessee. He is a historian of the late-nineteenth and twentieth-century United States and African American history with areas of specialization in civil rights and black business history.

Adam McNeil is a PhD Student in colonial and revolutionary-era Black women’s history.

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Howard Friedman, "Ultimate Price: The Value We Place on Life" (U California Press, 2020)

Thu, 30 Apr 2020 08:00:00 -0000

Howard Friedman's new book Ultimate Price: The Value We Place on Life (University of California Press, 2020) should be required reading for anyone sitting down to watch the evening news. The Covid-19 crisis is, unfortunately, a new broad-based instance in the valuation of human life. And I do mean value: in terms of cash dollars. Ultimate Price covers the ways that companies, courts, nations, and individuals have come to put a price tag on individual existence. While the book was written prior to the current situation, it provides an excellent starting point to understand what we are observing as governments, companies, healthcare providers, and individuals make life-and-death decisions.

Daniel Peris is Senior Vice President at Federated Investors in Pittsburgh. Trained as a historian of modern Russia, he is the author most recently of Getting Back to Business: Why Modern Portfolio Theory Fails Investors. You can follow him on Twitter @HistoryInvestor or at http://www.strategicdividendinvestor.com

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Leslie M. Harris, "Slavery and the University: Histories and Legacies" (U Georgia Press, 2019)

Tue, 28 Apr 2020 08:00:00 -0000

Slavery and the University: Histories and Legacies (University of Georgia Press, 2019), edited by Leslie M. Harris, James T. Campbell, and Alfred L. Brophy, is the first edited collection of scholarly essays devoted solely to the histories and legacies of this subject on North American campuses and in their Atlantic contexts. Gathering together contributions from scholars, activists, and administrators, the volume combines two broad bodies of work: (1) historically based interdisciplinary research on the presence of slavery at higher education institutions in terms of the development of proslavery and antislavery thought and the use of slave labor; and (2) analysis on the ways in which the legacies of slavery in institutions of higher education continued in the post–Civil War era to the present day.

The collection features broadly themed essays on issues of religion, economy, and the regional slave trade of the Caribbean. It also includes case studies of slavery’s influence on specific institutions, such as Princeton University, Harvard University, Oberlin College, Emory University, and the University of Alabama. Though the roots of Slavery and the University stem from a 2011 conference at Emory University, the collection extends outward to incorporate recent findings. As such, it offers a roadmap to one of the most exciting developments in the field of U.S. slavery studies and to ways of thinking about racial diversity in the history and current practices of higher education.

Today I spoke with Leslie Harris about the book. Dr. Harris is a professor of history at Northwestern University. She is the coeditor, with Ira Berlin, of Slavery in New York and the coeditor, with Daina Ramey Berry, of Slavery and Freedom in Savannah (Georgia).

Adam McNeil is a History PhD student at Rutgers University-New Brunswick.

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Thomas Piketty, "Capital and Ideology" (Harvard UP, 2020)

Tue, 21 Apr 2020 08:00:00 -0000

It seems easier for us today to imagine the thoroughgoing deterioration of the earth and of nature than the breakdown of late capitalism; perhaps that is due to some weakness in our imaginations - Fredric Jameson, The Seeds of Time

Thomas Piketty, the French economist, was dubbed the modern Marx by The Economist in the wake of his bestselling Capital in the 21st Century, which presented historical data reaching back to the eighteenth century and focused on the dynamics of the distribution of wealth and income and the destabilizing force represented by: r > g – that is, the private rate of return on capital over time can be much higher than the rate of growth of income and output. Readers noted however, in addition to pointing out this ‘central contradiction of capitalism’ Professor Piketty was also clear that the purpose of social science is not to produce mathematical certainties that substitute for inclusive democratic debate. More importantly, he made the case for the progressive taxation of capital, and among many other things for going back to using the term ‘political economy’ for the field of economics – all of which did not render his analysis Marxist, although admittedly, the label made for more catchy magazine column titles in 2014.

Six years in the making Piketty has extended the hopeful reach of his analysis by including a much larger global sampling of historical data – not just Western market economies this time, and by expanding the focus to include the political and ideological in his comparative analysis of capital accumulation and ‘inequality regimes’. The professor does so with the same underlying optimism and realistic eye on promoting the social learning process in which we all find ourselves as individuals within various cultures and societies. Enter his expanded interdisciplinary contribution to comparative political economy – Capital and Ideology (Harvard University Press, 2020) – essential reading.

Thomas Piketty is a professor at the Paris School of Economics, and a Director of The School of Advanced Studies in Social Sciences.

Keith Krueger lectures at the SHU-UTS Business School in Shanghai.

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Katharina Pistor, "The Code of Capital: How the Law Creates Wealth and Inequality" (Princeton UP, 2019)

Thu, 02 Apr 2020 08:00:00 -0000

– Stuart Hampshire, Justice is Conflict.

Katharina Pistor is the Edwin B. Parker Professor of Comparative Law, and the Director of the Center on Global Legal Transformation at Columbia Law School.

Keith Krueger lectures at the SHU-UTS Business School in Shanghai.

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Matt Cook, "Sleight of Mind: 75 Ingenious Paradoxes in Mathematics, Physics, and Philosophy" (MIT Press, 2020)

Mon, 30 Mar 2020 08:00:00 -0000

Paradox is a sophisticated kind of magic trick. A magician's purpose is to create the appearance of impossibility, to pull a rabbit from an empty hat. Yet paradox doesn't require tangibles, like rabbits or hats. Paradox works in the abstract, with words and concepts and symbols, to create the illusion of contradiction. There are no contradictions in reality, but there can appear to be. In Sleight of Mind: 75 Ingenious Paradoxes in Mathematics, Physics, and Philosophy (MIT Press, 2020), Matt Cook and a few collaborators dive deeply into more than 75 paradoxes in mathematics, physics, philosophy, and the social sciences. As each paradox is discussed and resolved, Cook helps readers discover the meaning of knowledge and the proper formation of concepts―and how reason can dispel the illusion of contradiction.

The journey begins with “a most ingenious paradox” from Gilbert and Sullivan's Pirates of Penzance. Readers will then travel from Ancient Greece to cutting-edge laboratories, encounter infinity and its different sizes, and discover mathematical impossibilities inherent in elections. They will tackle conundrums in probability, induction, geometry, and game theory; perform “supertasks”; build apparent perpetual motion machines; meet twins living in different millennia; explore the strange quantum world―and much more.

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Amr Khafagy, "The Economics of Financial Cooperatives" (Routledge, 2019)

Tue, 17 Mar 2020 08:00:00 -0000

I spoke with Dr. Amr Khafagy about his recent book The Economics of Financial Cooperatives (Routledge, 2019). Amr is Research Assistant at the Countryside and Community Research Institute of the University of Gloucestershire.

Building on theories of finance and distribution, and the political economy of finance, this book explains the influence of financial cooperatives on wealth and income distribution, and institutional factors that determine the development of financial cooperatives. The book discusses the dynamics of income and wealth distribution with and without financial cooperatives, and defines the economic objective for financial cooperatives. Through explaining the influence of political institutions and regulations on the development of financial cooperatives, this book examines why financial cooperatives grew in some emerging economies and not in other similar ones.

Amr's current main research interests include rural finance and agricultural productivity, financial markets and distribution, income inequality, and the political economy of the Middle East. His previously worked in microfinance in Egypt and India, where he was involved in designing and evaluating rural finance projects, and worked with a range of stakeholders, including farmers and rural households, government representatives/ministry officials, as well as central bank of Egypt and financial institutions.

The book is a useful contribution to the study of a typology of firm that is more important in our markets than generally believed. The empirical work by Amr is very original and helpful because it observed the relationship between the presence of financial cooperatives and income inequality in our economies.

Andrea Bernardi is Senior Lecturer in Employment and Organization Studies at Oxford Brookes University in the UK. He holds a doctorate in Organization Theory from the University of Milan, Bicocca. He has held teaching and research positions in Italy, China and the UK. Among his research interests are the use of history in management studies, the co-operative sector, and Chinese co-operatives. His latest project is looking at health care in rural China. He is the co-convener of the EAEPE’s permanent track on Critical Management Studies.

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Megan T. Neely and Ken Hou-Lin, "Divested: Inequality in the Age of Finance" (Oxford UP, 2020)

Wed, 11 Mar 2020 08:00:00 -0000

Megan Tobias Neely and Ken Hou-Lin's new book Divested: Inequality in the Age of Finance (Oxford University Press, 2020) explores the rise of finance in American life over the last forty years and its implications for American workers, families, and economies. The authors argue that finance has transformed from a servant to the economy to its master - from a means of creating a prosperous society to an end in itself. The consequences of this shift are profound: the authors identify the many ways finance is implicated in the yawning growth in inequality in the US and how a financialized society redistributes resources from working people to owners, executives, and financial professionals. Using historical analysis, quantitative and qualitative data, the book offers a clear, comprehensive, and compelling account of one of the most important economic developments of our time.

Patrick Sheenan is a graduate student in the Department of Sociology at the University of Texas, Austin.

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Phillipa Chong, “Inside the Critics’ Circle: Book Reviewing in Uncertain Times” (Princeton UP, 2020)

Tue, 25 Feb 2020 09:00:00 -0000

How does the world of book reviews work? In Inside the Critics’ Circle: Book Reviewing in Uncertain Times (Princeton University Press, 2020), Phillipa Chong, assistant professor in sociology at McMaster University, provides a unique sociological analysis of how critics confront the different types of uncertainty associated with their practice. The book explores how reviewers get matched to books, the ethics and etiquette of negative reviews and ‘punching up’, along with professional identities and the future of criticism. The book is packed with interview material, coupled with accessible and easy to follow theoretical interventions, creating a text that will be of interest to social sciences, humanities, and general readers alike.

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Peter J. Boettke, "F. A. Hayek: Economics, Political Economy and Social Philosophy" (Palgrave Macmillan, 2018)

Mon, 10 Feb 2020 10:00:00 -0000

Today I spoke with professor Peter J. Boettke the author of a great new book on Friedrich August von Hayek. Dr. Boettke is University Professor of Economics and Philosophy, Director of the F. A. Hayek Program for Advanced Study in Philosophy, Politics, and Economics, at George Mason University, USA.

F. A. Hayek: Economics, Political Economy and Social Philosophy (Palgrave Macmillan, 2018) explores the life and work of Austrian-British economist, political economist, and social philosopher, Friedrich Hayek. Professor Boettke correctly argues that: ‘There is certainly little doubt that Hayek was among the most prodigious classical liberal scholars of the twentieth century. Though his 1974 Nobel Prize was in Economic Science, his scholarly endeavors extended well beyond economics.'

Peter argued that his political influence (Thatcher, Reagan...) is overemphasized because '...his relationships with those in political power was remote at best as Hayek was never a political consultant to any leader in power; he was always a critical scholar who tried to speak truth to power from the outside.'

Andrea Bernardi is Senior Lecturer in Employment and Organization Studies at Oxford Brookes University in the UK. He holds a doctorate in Organization Theory from the University of Milan, Bicocca. He has held teaching and research positions in Italy, China and the UK. Among his research interests are the use of history in management studies, the co-operative sector, and Chinese co-operatives. His latest project is looking at health care in rural China. He is the co-convener of the EAEPE’s permanent track on Critical Management Studies.

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Jodie Adams Kirshner, "Broke: Hardship and Resilience in a City of Broken Promise" (St. Martin's Press, 2019)

Fri, 07 Feb 2020 09:00:00 -0000

In her new book Broke: Hardship and Resilience in a City of Broken Promise (St. Martin's Press, 2019), Jodie Adams Kirshner tells the story of the people of Detroit before, during, and after its bankruptcy, offering lessons about urban governance, post-industrial economics, development, and the usefulness of bankruptcy itself as a tool to aid U.S. cities. Join us to hear the fascinating, infuriating, and heartbreaking stories of Detroiters struggling to build better lives for themselves and their neighborhoods.

Stephen Pimpare is Senior Lecturer in the Politics & Society Program and Faculty Fellow at the Carsey School of Public Policy at the University of New Hampshire. He is the author of The New Victorians (New Press, 2004), A People’s History of Poverty in America (New Press, 2008), winner of the Michael Harrington Award, and Ghettos, Tramps and Welfare Queens: Down and Out on the Silver Screen (Oxford, 2017).

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K. Linder et al., "Going Alt-Ac: A Guide to Alternative Academic Careers" (Stylus Publishing, 2020)

Thu, 30 Jan 2020 09:00:00 -0000

If you’re a grad student facing the ugly reality of finding a tenure-track job, you could easily be forgiven for thinking about a career change. However, if you’ve spent the last several years working on a PhD, or if you’re a faculty member whose career has basically consisted of higher ed, switching isn’t so easy. PhD holders are mostly trained to work as professors, and making easy connections to other careers is no mean feat. Because the people you know were generally trained to do the same sorts of things, an easy source of advice might not be there for you.

Thankfully, for anybody who wishes there was a guidebook that would just break all of this down, that book has now been written. Going Alt-Ac: A Guide to Alternative Academic Careers (Stylus Publishing, 2020) by Kathryn E. Linder, Kevin Kelly, and Thomas J. Tobin offers practical advice and step-by-step instructions on how to decide if you want to leave behind academia and how to start searching for a new career. If a lot of career advice is too vague or too ambiguous, this book corrects that by outlining not just how to figure out what you might want to do, but critically, how you might go about accomplishing that.

Zeb Larson is a recent graduate of The Ohio State University with a PhD in History. His research deals with the anti-apartheid movement in the United States. To suggest a recent title or to contact him, please send an e-mail to zeb.larson@gmail.com.

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Daniel Peris on Goetzmann's "Money Changes Everything" (Princeton UP, 2016)

Mon, 20 Jan 2020 09:00:00 -0000

Think that Wall Street has nothing to do with the real economy? You are probably not alone in that regard. But it turns out, you are wrong. As William N. Goetzmann demonstrates in his Money Changes Everything: How Finance Made Civilization Possible (Princeton University Press, 2016), the tools of finance were as important for the rise of civilization as were the soldiers, castles and battles. Were it not for property contracts, agreements over imports and exports of grain, how to manage risk in increasingly complex economic ventures, etc we are still living in small agricultural communities eaking out an existence, and with no engagement of the wider world beyond the next village over.

For finance professionals, Money Changes Everything offers an additional lesson: you have a history. People have been confronting for millenia the same intellectual and operational challenges that you face today. It might make sense to become familiar with how your predecessors in Ancient Sumeria and Rome and Qing Dynasty China and early modern Europe defined and worked out those same problems. You might be surprised how much you can learn from your predecessors.

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Daniel T. Kirsch, "Sold My Soul for a Student Loan" (ABC-CLIO, 2019)

Thu, 05 Dec 2019 09:00:00 -0000

With free college in the national conversation, there’s been no better time for Daniel T. Kirsch’s new book Sold My Soul for a Student Loan: Higher Education and the Political Economy of the Future (Praeger, 2019). Kirsch teaches at California State University, Sacramento.

American colleges and universities boasts an impressive legacy, but the price of admission for many is now endless debt. As Kirsch shows in the book, increasing educational indebtedness undermines the real value of higher education in US democracy. To help readers understand this dilemma, he examines how the student debt problem emerged and what the long-term effects of this might be. Sold My Soul for a Student Loan examines this vitally important issue from an unprecedented diversity of perspectives, focusing on the fact that student debt is hindering the ability of millions of people to enter the job market, the housing market, the consumer economy, and the political process.

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Alberto Cairo, "How Charts Lie: Getting Smarter about Visual Information" (Norton, 2019)

Tue, 03 Dec 2019 09:00:00 -0000

We’ve all heard that a picture is worth a thousand words, but what if we don’t understand what we’re looking at? Social media has made charts, infographics, and diagrams ubiquitous―and easier to share than ever. We associate charts with science and reason; the flashy visuals are both appealing and persuasive. Pie charts, maps, bar and line graphs, and scatter plots (to name a few) can better inform us, revealing patterns and trends hidden behind the numbers we encounter in our lives. In short, good charts make us smarter―if we know how to read them.

However, they can also lead us astray. Charts lie in a variety of ways―displaying incomplete or inaccurate data, suggesting misleading patterns, and concealing uncertainty―or are frequently misunderstood, such as the confusing cone of uncertainty maps shown on TV every hurricane season. To make matters worse, many of us are ill-equipped to interpret the visuals that politicians, journalists, advertisers, and even our employers present each day, enabling bad actors to easily manipulate them to promote their own agendas.

In How Charts Lie: Getting Smarter about Visual Information (W. W. Norton, 2019), data visualization expert Alberto Cairo teaches us to not only spot the lies in deceptive visuals, but also to take advantage of good ones to understand complex stories. Public conversations are increasingly propelled by numbers, and to make sense of them we must be able to decode and use visual information. By examining contemporary examples ranging from election-result infographics to global GDP maps and box-office record charts, How Charts Lie demystifies an essential new literacy, one that will make us better equipped to navigate our data-driven world.

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Richard Robb, "Willful: How We Choose What We Do" (Yale UP, 2019)

Mon, 18 Nov 2019 09:00:00 -0000

Tired of the mechanical, narrowly rational human behavior of the Chicago school, but not exactly comforted by the emphasis on irrational activity in behavioral economics? So am I. Richard Robb, professor at Columbia and fund manager, offers a third way. In Willful: How We Choose What We Do (Yale University Press, 2019), Robb develops the notion of "for itself" behavior and decision making that can't be reduced to the algorithms of calculating machines, or even those that are adjusted for human foibles. Willful is not a comprehensive theory of decision making, but an effort to reinsert some element of humanity into explanations of how individuals and groups act. It is a work along the lines of "life is a journey, not a destination" but one well enriched by a wide reading of ancient and modern philosophers.

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Kathryn Conrad on University Press Publishing

Sun, 03 Nov 2019 09:00:00 -0000

As you may know, university presses publish a lot of good books. In fact, they publish thousands of them every year. They are different from most trade books in that most of them are what you might called "fundamental research." Their authors--dedicated researchers one and all--provide the scholarly stuff upon which many non-fiction trade books are based. So when you are reading, say, a popular history, you are often reading UP books at one remove. Of course, some UP books are also bestsellers, and they are all well written (and, I should say, thoroughly vetted thanks to the peer review system), but the greatest contribution of UPs is to provide a base of fundamental research to the public. And they do a great job of it.

How do they do it? Today I talked to Kathryn Conrad, the president of the Association of University Presses, about the work of UPs, the challenges they face, and some terrific new directions they are going. We also talked about why, if you have a scholarly book in progress, you should talk to UP editors early and often. And she explains how! Listen in.

Marshall Poe is the editor of the New Books Network. He can be reached at marshallpoe@gmail.com.

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Howard Kunreuther, "The Future of Risk Management" (U Penn Press, 2019)

Tue, 29 Oct 2019 08:00:00 -0000

Whether man-made or naturally occurring, large-scale disasters can cause fatalities and injuries, devastate property and communities, savage the environment, impose significant financial burdens on individuals and firms, and test political leadership. Moreover, global challenges such as climate change and terrorism reveal the interdependent and interconnected nature of our current moment: what occurs in one nation or geographical region is likely to have effects across the globe. Our information age creates new and more integrated forms of communication that incur risks that are difficult to evaluate, let alone anticipate. All of this makes clear that innovative approaches to assessing and managing risk are urgently required.

When catastrophic risk management was in its inception thirty years ago, scientists and engineers would provide estimates of the probability of specific types of accidents and their potential consequences. Economists would then propose risk management policies based on those experts' estimates with little thought as to how this data would be used by interested parties. Today, however, the disciplines of finance, geography, history, insurance, marketing, political science, sociology, and the decision sciences combine scientific knowledge on risk assessment with a better appreciation for the importance of improving individual and collective decision-making processes.

The essays in The Future of Risk Management (University of Pennsylvania Press, 2019), edited by Howard Kunreuther, Robert J. Meyer, Erwann O. Michel-Kerjan, highlight past research, recent discoveries, and open questions written by leading thinkers in risk management and behavioral sciences. The Future of Risk Management provides scholars, businesses, civil servants, and the concerned public tools for making more informed decisions and developing long-term strategies for reducing future losses from potentially catastrophic events.

Visit the University of Pennsylvania Press and enter promo code RISK50 during checkout to receive a 50% discount. Valid until November 15, 2019.

Beth Windisch is a national security practitioner. You can tweet her @bethwindisch.

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Daniel Peris on Robert Shiller's "Narrative Economics" (Princeton UP, 2019)

Mon, 14 Oct 2019 08:00:00 -0000

Culture matters. And a key element of culture is storytelling. These maxims can be accepted as given, except in modern economics, where the mechanistic framework of modern macroeconomic analysis allows just for formulas. Concerned about the relationship between unemployment levels and inflation? Here's the formula: gW = gWT - f(U − U*) + λ·gPex It's called the Phillips Curve. Your personal experience of unemployment or rising costs, the stories that you tell others or hear from them--about globalization, about jobs being exported, about "disintermediation" through technology, etc--these stories play no role in the economics taught in the classroom, but may have a significant impact on the decisions that you make and the life you may lead.

Robert Shiller's new book, Narrative Economics: How Stories Go Viral and Drive Major Economic Events (Princeton, 2019) reminds economists and participants in the economy--that's all of us--of the importance of storytelling in explaining economic developments and explaining how people respond to events. Using the language and methodology of epidemiology, Shiller shows how various economic narratives have "gone viral" and had real economic impacts. Narrative Economics builds on the advances of behavioral economics in recent decades by adding the core element of social activity--storytelling--to our understanding of economic change.

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Lawrence Glickman, "Free Enterprise: An American History" (Yale UP, 2019)

Fri, 13 Sep 2019 08:00:00 -0000

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James C. W. Ahiakpor, "Macroeconomics without the Errors of Keynes" (Routledge, 2019)

Fri, 13 Sep 2019 08:00:00 -0000

I spoke with James C. W. Ahiakpor, he is Professor Emeritus, Department of Economics, at California State University, East Bay, USA. We discussed his new book Macroeconomics without the Errors of Keynes: The Quantity Theory of Money, Saving, and Policy (Routledge, 2019) A provocative title for a very original book that is a critique not only of Keynes but also of some of his followers and his scholarly opponents. This is a sophisticated book and an erudite account and analysis of crucial debates in economics over the past 100 years.

I asked what is the origin of the book and why he wrote a book 'against' J.M. Keynes. I also asked to locate Keynes and his relationship with classical economists. We then discussed why macroeconomics needs to be restored to its classical roots and what are the distortions that he attributes to Keynes. Finally we spoke about the implications of his book for contemporary economic and monetary policy debates after the great recession.

Professor Ahiakpor argues that modern macroeconomics is in a stalemate, with seven schools of thought attempting to explain the workings of a monetary economy and to derive policies that promote economic growth with price-level stability. He attributes some of those problems to the errors of Keynes and to the reception of his work.

The crucial errors made by Keynes are due to his reading of classical macroeconomics, in particular the classical Quantity Theory and the meaning of saving.

In light of this, we discussed with James Ahiakpor how to solve those misunderstandings to achieve economic policies consistent with the promotion of the employment and economic growth that Keynes was seeking.

This is an advanced book written for scholars of macroeconomics and history of economic thought and of course everybody interested in Keynes, the complexity of his work and possibly some oversights if you will agree with professor Ahiakpor.

Andrea Bernardi is Senior Lecturer in Employment and Organization Studies at Oxford Brookes University in the UK. He holds a doctorate in Organization Theory from the University of Milan, Bicocca. He has held teaching and research positions in Italy, China and the UK. Among his research interests are the use of history in management studies, the co-operative sector, and Chinese co-operatives. His latest project is looking at health care in rural China. He is the co-convener of the EAEPE’s permanent track on Critical Management Studies.

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David Bahnsen, "The Case for Dividend Growth: Investing in a Post-Crisis World" (Post Hill Press, 2019)

Wed, 14 Aug 2019 08:00:00 -0000

Dividend investors are a small but dedicated band. Ten years into a stock market rally led by no or low-dividend paying companies, they still argue in favor of long-term business ownership rather than betting on near-term prices in the market. They still view a dividend as, in the words of Richard Russell, "a true return on investment. Everything else is hope and speculation." David Bahnsen is just such an investor. As CIO of the Bahnsen Group, he and his team manage $2 billion in assets. His new book, The Case for Dividend Growth: Investing in a Post-Crisis World (Post Hill Press, 2019) is a concise, powerful and up-to-date statement in favor or bringing a tangible cashflow sensibility to stock market investing. I am strongly biased in favor of his approach. But even if you are not, The Case for Dividend Growth offers the valuable perspective on investing of a Registered Investment Advisor. That is, everyday he has to deal with flesh and blood investors, not just utility maximizing Chicago robots. Bahnsen doesn't offer any hot stock tips, but NBN listeners will still benefit from listening to his passionately held views about how to navigate the uncertainty of the stock market.

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Philip Grant, "Chains of Finance: How Investment Management is Shaped" (Oxford UP, 2017)

Fri, 09 Aug 2019 08:00:00 -0000

The authors of Chains of Finance: How Investment Management is Shaped (Oxford University Press, 2017) make points that professionals already know and that end-investors ought to know: that there are a lot of cooks in the investment kitchen, and that the investment process is materially shaped by the chain of individuals and institutions that go into manufacturing investment products. Advisors, consultants, compliance, sales, portfolio managers, analysts, traders, distributors, custodians---these job titles are just part of that machinery. And they all interact with one another in a variety of ways. Most people operating in a complex industry understand that there is a lot going on behind the scenes that affects the ultimate outcome of the manufacturing process or service generation. Investment management is the same. Chains of Finance is part of a growing literature in the social studies of finance that highlights that investment is an interactive social process, not a cut and dried application of some algorithm, even when it is promoted as a computer-driven, machine only exercise. Please listen to my interview with one of the authors, Philip Grant, here....

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Sarah L. Quinn, "American Bonds: How Credit Markets Shaped a Nation" (Princeton UP, 2019)

Tue, 06 Aug 2019 08:00:00 -0000

Federal housing finance policy and mortgage-backed securities have gained widespread attention in recent years because of the 2008 financial crisis, but government credit has been part of American life since the nation’s founding. Sarah L. Quinn’s new book dissects the political and social development of these policies in American Bonds: How Credit Markets Shaped a Nation (Princeton University Press, 2019). Quinn is associate professor of sociology at the University of Washington.

From the 1780s, when national land credit policy was established, to the postwar foundations of our current housing finance system, Quinn examines the evolution of securitization and federal credit programs. American Bonds shows that since the Westward expansion, the U.S. government has used financial markets to manage America’s complex social divides, and politicians and officials across the political spectrum have turned to land sales, home ownership, and credit to provide economic opportunity without the appearance of market intervention or direct wealth redistribution.

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Juan Pablo Pardo-Guerra, “Automating Finance: Infrastructures, Engineers, and the Making of Electronic Markets” (Cambridge UP, 2019)

Mon, 22 Jul 2019 08:00:00 -0000

How are markets made? In Automating Finance: Infrastructures, Engineers, and the Making of Electronic Markets (Cambridge University Press, 2019), Juan Pablo Pardo-Guerra, an assistant professor in sociology at the University of California, San Diego, explores the history of the finance industry to understand the role of markets and technologies in contemporary capitalism. The book offers a detailed theoretical engagement with the personalities and technological changes underpinning the modern system of automated finance. It uses the case study of the development of the London Stock Exchange, looking at the social relations embedded in financial markets, before moving to look at the global, American system. Charting the move from trading floors to trading screens, the book considers individuals and broader social systems shaping enabling and constraining behaviour in the world of finance. Overall the book offers a rethinking of the meaning of markets, and is essential reading across social science, history, and management studies.

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Robert Atkinson and Michael Lind, "Big is Beautiful: Debunking the Myth of Small Business" (MIT Press, 2018)

Fri, 19 Jul 2019 08:00:00 -0000

Small is beautiful, right? Isn't that what we've all been taught? From Jeffersonian politics to the hallowed family farm, from craft breweries to tech start ups in the garage. Small business is the engine and the soul and the driver of the American system. That's the dominant narrative. And according to Robert Atkinson and Michael Lind, it is really wrong. In their new book, Big is Beautiful: Debunking the Myth of Small Business (MIT Press, 2018), the authors review the empirical evidence and conclude that large businesses create more, generate more intellectual capital, pay better, pollute less, are more diverse, and score higher on pretty much any measure of economic or employee well-being that you can come up with. It is a shocking conclusion, but one that everyone involved in the regulation of business should be aware of. (And, by the way and probably a surprise to many, small business has had its thumb on the regulatory scales for much of the republic's history.) Big is Beautiful goes against--way against--the prevailing narrative about business in this country.

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Ekaterina Svetlova, "Financial Models and Society: Villains or Scapegoats" (Elgar, 2018)

Tue, 16 Jul 2019 08:00:00 -0000

The machines have taken over.... For many operating in investment management, it can certainly seem that way: factor investing, algorithmic investing, dynamic hedging instruments, risk management derivatives driven by changes in market prices, etc. dominate much of the investment narrative. And now and again these supposedly superior investment approaches get blamed for causing big blow ups. If portfolio insurance led to a wave of computer selling in 1987, then the chaos generated by the models in 2008-2009 was incomparably larger. So say the critics. But in Financial Models and Society: Villains or Scapegoats (Elgar, 2018), Ekaterina Svetlova begs to differ. She looks at how quantitative models are actually used by investors and finds a whole space where human judgment, intuition and non-model based factors come into play as to when and how and to what degree financial models are actually implemented. This social social of finance is well known in academia; it needs to be better known among practitioners. Listen to her interview here.

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Tobias Straumann, "1931: Debt, Crisis, and the Rise of Hitler" (Oxford UP, 2019)

Thu, 27 Jun 2019 08:00:00 -0000

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Francesca Trivellato, "The Promise and Peril of Credit" (Princeton UP, 2019)

Fri, 07 Jun 2019 08:00:00 -0000

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David Colander and Craig Freedman, "Where Economics Went Wrong: Chicago's Abandonment of Classical Liberalism" (Princeton UP, 2018)

Mon, 11 Mar 2019 10:00:00 -0000

If you are reading this, you have probably run into the "Chicago" model at some point or another, in terms of public policy, orthodox modern finance, macro or micro economics, or any other arena where theoretical abstractions about human behavior (generally but not exclusively about or derived from economics) have been turned into specific and often highly rigid and mechanistic policy guidelines. That's the Chicago model. In Where Economics Went Wrong: Chicago's Abandonment of Classical Liberalism(Princeton University Press, 2018), David Colander and Craig Freedman track the transition from the great Classical economists, who went to great lengths to make clear that their abstractions had little direct relevance to policy or would-be policy, to the 20th-century giants at the University of Chicago (Friedman, Stigler, Director), who found themselves responding to aggressive claims from other economists engaged in policy and politics, as well the broader context of ideological challenges to the free market system championed in the West. Their answer was a robust defense of the market and rejection of government involvement in almost all human affairs.

Colander and Freedman stay more or less neutral on the ideology; their topic is the methodology. Is abstract economic thought fit for specific policy application or not? John Stuart Mill thought not. David Ricardo and Adam Smith engaged the issue. The Chicago School said sure to policy prescriptions, especially if they countered government involvement championed by economists of different leanings. Whether or not you are an admirer of the Chicago model, you will want to make sure you understand the methodological transition that brought their Ivory Tower views into your everyday affairs.

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Daromir Rudnyckyj, "Beyond Debt: Islamic Experiments in Global Finance" (U Chicago Press, 2018)

Thu, 24 Jan 2019 11:00:00 -0000

Recent economic crises have made the centrality of debt, and the instability it creates, increasingly apparent. In Beyond Debt: Islamic Experiments in Global Finance (University of Chicago Press, 2018), anthropologist Daromir Rudnyckyj illustrates how the Malaysian state, led by the central bank, is seeking to make the country’s capital Kuala Lumpur the central node of global financial activity conducted in accordance with Islam. Beyond Debt tracks efforts to re-center international finance in an emergent Islamic global city and, ultimately, to challenge the very foundations of conventional finance.

Daromir Rudnyckyj is Associate Professor of anthropology at the University of Victoria.

Hillary Kaell co-hosts NBIR and is Associate Professor of Religion at Concordia University in Montreal, Canada.

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Kathleen Day, "Broken Bargain: Bankers, Bailouts, and the Struggle to Tame Wall Street" (Yale UP, 2019)

Fri, 11 Jan 2019 12:00:00 -0000

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Hassan Malik, "Bankers and Bolsheviks: International Finance and the Russian Revolution" (Princeton UP, 2018)

Thu, 03 Jan 2019 11:00:00 -0000

Lumbering late Tsarist Russia and international finance? Is there anything there? The Bolsheviks and finance? How can there be anything there? It turns out that the answer to both questions is yes. In Dr. Hassan Malik's meticulously researched new book, Bankers and Bolsheviks: International Finance and the Russian Revolution (Princeton University Press, 2018), the Tsarist government's relationship to foreign investors, mostly French bondholders, becomes a lens to judge the efficacy of Sergei Witte, Russia's reformist finance minister and, briefly, prime minister, in the early 20th century. The same approach is applied on the eve of World War I where the state of international investment in Russia provides a perspective on the existing debate as to whether Russia was on the road to recovery or revolution when World War I broke out. During the war and in 1917, Western bankers generally seem indifferent to the risks that are emerging from Russia. Indeed, an American bank, the forerunner to Citibank, was opening up branches in Russia in late 1917 as the Bolsheviks were taking power. Soviet Russia's repudiation of its Western debts now seems like an obvious and inevitable outcome, but Malik documents how it came about and the debates among the Bolsheviks as to how to handle Russia's government debt. Beyond students of Russian history, readers interested in how governments can fail, and how risk can appear in a financial system thought stable and safe will find this book of great interest.

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Ian D. Gow and Stuart Kells, "The Big Four: The Curious Past and Perilous Future of the Global Accounting Monopoly" (Berrett-Koehler Publishers, 2018)

Mon, 17 Dec 2018 11:00:00 -0000

You mean accounting has a history? Yes, it does, and it should matter to you, because the accounting profession, and the audit function that it serves, affects all the companies in your 401(k) program. Remember WorldCom, remember Enron? Every time a large holding of yours writes off the goodwill from a failed acquisition--there are too many examples to recite here--you've just had an accounting moment. In The Big Four: The Curious Past and Perilous Future of the Global Accounting Monopoly (Berrett-Koehler Publishers, 2018), Ian D. Gow and Stuart Kells describe the history of the auditing profession and how it has come to be concentrated in four global entities. They assess the current challenges the industry faces and where it could head to address those challenges. People in finance, business owners, and anyone with a 401(k) should find this book of interest.

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Sohini Kar, "Financializing Poverty: Labor and Risk in Indian Microfinance" (Stanford UP, 2018)

Wed, 28 Nov 2018 14:15:00 -0000

Is microfinance the magic bullet that will end global poverty or is it yet another a form of predatory lending to the poor? In her new book Financializing Poverty: Labor and Risk in Indian Microfinance (Stanford University Press, 2018), Sohini Kar brings ethnography to bear on this urgent question. Drawing on fieldwork with a for-profit microfinance institution (MFI) and its intended beneficiaries in the Indian city of Kolkata, the book brings into view the perils of “financial inclusion” for the poor. Kar argues that new streams of credit are increasingly used to capitalize on poverty rather than to challenge it. Richly peopled, the book evinces a deep commitment to understanding economic life as it is lived and experienced by everyday people rather than through abstract models. We meet founders of MFIs remaking themselves with narratives of social business, loan officers trying to balance the performance of care with pressures of debt-recovery, poor women taking out consumption loans and striving for middle-class identities, and debt-ridden borrowers struggling to manage the costs of living and the pressures of repayment. The experiences of this cast of characters are framed within the larger histories of debt and power in Kolkata, in West Bengal, and in India more broadly. Financializing Poverty combines theoretical sophistication with clear and engaging prose to shed light on the ways in which profit is made off of poverty. The book will be of interest to readers in the fields of anthropology, economics, and development studies, as well as readers interested in South Asia and global poverty.

Aparna Gopalan is a Ph.D. student in Social Anthropology at Harvard.

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Gary Saul Morson and Morton Schapiro, “Cents and Sensibility: What Economics Can Learn from the Humanities” (Princeton UP, 2017)

Fri, 02 Nov 2018 10:00:00 -0000

The vast chasm between classical economics and the humanities is widely known and accepted. They are profoundly different disciplines with little to say to one another. Such is the accepted wisdom. Fortunately, Professors Gary Saul Morson and Morton Schapiro, both of Northwestern University, disagree. In their new book, Cents and Sensibility: What Economics Can Learn from the Humanities (Princeton University Press, 2017), they argue that the mathematically rigid world of classical economics actually has a lot to learn from the world of great literature. Specifically, they argue that “original passions” (the term is from an overlooked work of Adam Smith) in the form of culture, story telling, and addressing ethical questions are found in great works of literature, but lacking in modern economic theory. Good judgment, they write, “cannot be reduced to any theory or set of rules.” Along the way, they weave together Adam Smith, Lev Tolstoy, Jared Diamond, college admissions practices, the US News and World Report rankings, and the family. This is an ambitious and original work. Many will disagree with it, but few will be able to put it down.

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Dirk H. Ehnts, “Modern Monetary Theory and European Macroeconomics” (Routledge, 2017)

Tue, 23 Oct 2018 10:00:00 -0000

Today we spoke with with Dirk H. Ehnts to talk about his new book Modern Monetary Theory and European Macroeconomics (Routledge, 2017). This is a very accessible text for those interested in discovering how monetary policy works and those interested in approaching the debate on the challenges of the Euro area. We talked about the notions of endogenous and exogenous money and how central banks and commercial banks contribute to the creation of monetary aggregates. We discussed the difficulties of the European common currency project and its future of reform or dissolution. The book introduces the reader to the many relationships between money and other economic variables. In our conversation we also discussed how contemporary politics might affect the reform of the Euro area institutions. This is a very interesting and timely book. It was published in 2016 and there might be soon need for a newer edition in both cases of success or failure of the Euro.

Carlo D’Ippoliti is associate professor of economics at Sapienza University of Rome, and is editor of the open access economics journals PSLQuarterly Review and ‘Moneta e Credito’. His recent publications include the ‘Routledge Handbook of Heterodox Economics’ (Routledge, 2017) and ‘Classical Political Economy Today’ (Anthem, 2018), both as co-editor.

Andrea Bernardi is Senior Lecturer in Employment and Organization Studies at Oxford Brookes University in the UK. He holds a doctorate in Organization Theory from the University of Milan, Bicocca. He has held teaching and research positions in Italy, China and the UK. Among his research interests are the use of history in management studies, the co-operative sector, and Chinese co-operatives. His latest His latest project is looking at health care in rural China. He is the co-convener of the EAEPE’s permanent track on Critical Management Studies.

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Mihir A. Desai, “The Wisdom of Finance: Discovering Humanity in the World of Risk and Return” (Houghton Mifflin Harcourt, 2017)

Mon, 24 Sep 2018 10:00:00 -0000

In his engaging and original book The Wisdom of Finance: Discovering Humanity in the World of Risk and Return (Houghton Mifflin Harcourt, 2017), Harvard Professor Mihir A. Desai takes on the daunting task of explaining the world of finance through the prism of the humanities, yes the humanities. Using stories from literature, film, music, popular culture and daily life, Desai argues that rather than being an impenetrable jumble of algorithms used to strip the innocent of their money, the core concepts of modern finance can be used to understand how people make everyday decisions small and large about their lives. Diversification, leverage, risk and return, agency costs—all can be seen and explained without dense mathematical formulas. Whether you agree with this effort or not, you will never read Jane Austen’s Pride and Prejudice or see Mel Brooks’ The Producers the same way again.

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Daniel Peris, “Getting Back to Business: Why Modern Portfolio Theory Fails Investors and How You Can Bring Common Sense to Your Portfolio” (McGraw-Hill, 2018)

Wed, 15 Aug 2018 10:00:00 -0000

Of what use is history, particularly for economists and people in finance? If you’ve ever wondered about this, you should read Daniel Peris‘s book Getting Back to Business: Why Modern Portfolio Theory Fails Investors and How You Can Bring Common Sense to Your Portfolio (McGraw-Hill Education, 2018). Before he became a portfolio manager, Peris was a professional historian. He was trained as such, wrote books about such, and taught such. In Getting Back to Business, he brings his background in this regard to a little considered question: Why, historically speaking, do we invest money the way we do? The “we” here is your financial advisor and, if you invest your own money, you. And you use something called “Modern Portfolio Theory” or MPT. That theory—like any theory—has a history. It was created by particular people in a particular historical context for a specific historical purpose. It was a tool fit for that specific historical purpose. Peris masterfully traces how it was invented, disseminated, and eventually reached (pardon the expression) “market saturation” among financial advisors. It’s a fascinating story, really an intellectual-institutional history of modern investment thought.

But Getting Back to Business more than an academic exercise because Peris is no longer an academic; he manages 20 billion dollars. And his historical exploration has led him to the conclusion that the tool we call “MPT” is no longer fit for purpose. It used to work, but times have changed (partly because of the widespread adoption of MPT itself) and it no longer does, at least in its standard form. Peris has some suggestions about how we might design a new tool, one better fit to modern conditions.

This books is a rare beast: applied, relevant, meaningful, news-you-can-use history. Were that there were more books like it.

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Ilene Grabel, “When Things Don’t Fall Apart: Global Financial Governance and Developmental Finance in an Age of Productive Incoherence” (MIT Press, 2017)

Tue, 07 Aug 2018 10:00:00 -0000

We spoke with Ilene Grabel, Professor at the University of Denver and Co-director of the MA program in Global Finance, Trade & Economic Integration at the Josef Korbel School of International Studies. Ilene just published a very timely, interesting and important book on the evolution of the global financial governance and its institutions: When Things Don’t Fall Apart: Global Financial Governance and Developmental Finance in an Age of Productive Incoherence (MIT Press, 2017).

In the foreword, Dani Rodrick from Harvard University defines the book as follows: “It happens only rarely and is all the more pleasurable because of it. You pick up a manuscript that fundamentally changes the way you look at certain things. This is one such book. Ilene Grabel has produced a daring and delightful reinterpretation of developments in global finance since the Asian financial crisis of 1997–1998.”

The book is an account of the gradual, uneven, disconnected, ad hoc, and pragmatic innovations in global financial governance and developmental finance induced by the global financial crisis.

In When Things Don’t Fall Apart, Ilene Grabel challenges the dominant view that the global financial crisis had little effect on the financial institutions. Most observers discount all but grand, systemic ruptures in institutions and policy. Grabel argues instead that the global crisis induced inconsistent and ad hoc discontinuities in global financial governance and developmental finance that are now having profound effects on emerging market and developing economies.

Grabel’s chief normative claim is that the resulting incoherence in global financial governance is productive rather than debilitating. In the age of productive incoherence, a more complex, dense, fragmented, and pluripolar form of global financial governance is expanding possibilities for policy and institutional experimentation, policy space for economic and human development, financial stability and resilience, and financial inclusion.

All this in a very enjoyable book that students, scholars, policymakers and managers of financial institutions should read right now.

Andrea Bernardi is Senior Lecturer in Employment and Organization Studies at Oxford Brookes University in the UK. He holds a doctorate in Organization Theory from the University of Milan, Bicocca. He has held teaching and research positions in Italy, China and the UK. Among his research interests are the use of history in management studies, the co-operative sector, and Chinese co-operatives. His latest project is looking at health care in rural China. He is the co-convener of the EAEPE’s permanent track on Critical Management Studies.

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Ben Clift, “The IMF and the Politics of Austerity in the Wake of the Global Financial Crisis by Ben Clift” (Oxford UP, 2018)

Fri, 15 Jun 2018 10:00:00 -0000

I was joined in Oxford by Ben Clift, Professor of Political Economy, Deputy Head of Department and Director of Research at the Department of Politics and International Studies of the University of Warwick. Ben has just published a very important, timely and interesting book on the IMF: The IMF and the Politics of Austerity in the Wake of the Global Financial Crisis by Ben Clift (Oxford University Press, 2018). The book provides the first comprehensive analysis of major shifts in IMF fiscal policy thinking as a consequence of the great financial crisis and the Eurozone debt crisis. It widely presents the IMF’s role in the politics of austerity. The book also offers an innovative theory specifying four mechanisms of IMF ideational change – reconciliation, operationalization, corroboration, and authoritative recognition. It combines in-depth content analysis of the Fund’s vast intellectual production with extensive interviews with IMF economists and management.

The book is structured in seven chapters plus conclusions:

1: The IMF and the Politics of Austerity in the Wake of the Global Financial Crisis

2: Ideational Change at the IMF after the Crash

3: IMF, Economic Schools of Thought, and Their Normative Underpinnings

4: Analysing the IMF Surveillance of Advanced Economies: The Social Construction of Fiscal Space

5: The Fund’s Fiscal Policy Views and the Politics of Austerity

6: The IMF, the UK Policy Debate, and Debt & Deficit Discourse

7: The IMF and the French Fiscal Rectitude amidst the Eurozone Crisis

Conclusion – IMF Intellectual Authority and the Politics of Economic Ideas After the Crash

IMF has been strongly criticised by economists, politicians, intellectuals and activists of the protest movements. This book might surprise many of them because it presents a much more pluralist if not heterodox set of economic ideas present and followed by the IMF’s economists and managers. The readers would discover that during the Greek crisis the IMF suggested a more flexible approach. In the case of Britain the IMF criticised the austerity policy of the Coalition Government. And in general the IMF has recently signalled that fiscal rectitude is not enough without support to aggregate demand and that inequality has to be monitored as well.

Professor Clift argues that the Fund’s crisis-defining economic ideas, and crisis legacy defining ideas, were important in constructing particular interpretations of the crisis. ‘Fund leadership articulated a Keynesian market failure understanding of the crisis, focussing on deficiencies of aggregate demand, and on the destabilising properties of financial markets. The Fund’s re-emphasising of Keynesian insights into liquidity traps, demand deficiency, higher fiscal multipliers, and the folly of all countries consolidating at once sat outside orthodox economic policy-making ideas at the time. These were not the lessons policy-makers had typically drawn from academic economics before the crisis.’

This book is for those interested in the politics of economic ideas and in the interaction between economics and politics. IMF is presented as an arena where new economic ideas and the dominance of different schools of economic thought emerge. Despite internal politics, institutional rules and member states’ influence, the IMF has shown autonomy and intellectual authority. Our conversation ended talking about the future of the institution particularly looking at the European Union financial integration.

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Nathan Marcus, “Austrian Reconstruction and the Collapse of Global Finance, 1921-1931” (Harvard UP, 2018)

Tue, 08 May 2018 10:00:00 -0000

In Austrian Reconstruction and the Collapse of Global Finance, 1921–1931 (Harvard University Press, 2018), Nathan Marcus, analyzes the events that took place around the financial crisis in Austria after World War I. When Austria was the first interwar country in Europe to suffer a hyperinflation the League of Nations stepped in to offer financial support and advice. But a total collapse of the financial system in 1931 couldn’t be avoided. Nathan Marcus offers a new perspective on the already well researched subject and an individual approach not only with regards to content but also on a methodological level by interlacing multiple perspectives and sources (such as journals and caricatures, literature, anecdotes etc.) with each other to create a wider understanding for the events.

Nathan Marcus is an Assistant Professor of Modern European History at the Higher School of Economics, National Research University, Saint Petersburg, Russia.

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What Money Can’t Buy with Michael Sandel

Thu, 26 Apr 2018 08:00:00 -0000

Michael Sandel is Anne T. and Robert M. Bass Professor of Government at Harvard University. Sandel is an internationally renowned political philosopher who Newsweek has lauded as “the world’s most relevant living philosopher.” His latest project is a video series titled What Money Can’t Buy, which has Michael and an international group of college students exploring the question “What, if anything, is wrong with a world in which everything is for sale?” You can view the series for free at whatmoneycantbuy.org.

The "Why We Argue" podcast is produced by the Humanities Institute at the University of Connecticut as part of the Humility and Conviction in Public Life project.

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Inequality and Democracy with Tommie Shelby

Thu, 30 Nov 2017 09:00:00 -0000

Tommie Shelby is Caldwell Titcomb Professor of African and African-American Studies, and Professor of Philosophy at Harvard University. His research focuses on political equality and problems of economic, social, and criminal justice. His most recent book is Dark Ghettos: Injustice, Dissent, and Reform, which is published by Harvard University Press.

The "Why We Argue" podcast is produced by the Humanities Institute at the University of Connecticut as part of the Humility and Conviction in Public Life project.

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Pasquale Tridico, “Inequality in Financial Capitalism” (Routledge, 2017)

Wed, 29 Nov 2017 11:00:00 -0000

I was joined by Pasquale Tridico, Professor of Political Economy at Roma Tre University in Italy. His latest book, Inequality in Financial Capitalism, was published by Routledge in 2017. The issue of inequality has regained attention in the economic and political debate. This is due to both an increase in income inequality, in particular among rich countries but not only, and an increasing interest in this topic by researchers, policy makers and political movements. In this book, the author presents figures and insights on several possible causes of inequality but focuses on the role of financial capitalism, characterised by the strong dependency of economies on the financial sector, by the intensification of international trade and capital mobility, and by the flexibilisation of labour markets, the reduction of wage shares and a declining welfare redistribution. A conversation on such a complex topic was also the opportunity to briefly mention collateral issues such as the financial crisis, the failure of the Occupy Wall Street protests, and Brexit.

Andrea Bernardi is Senior Lecturer in Employment and Organization Studies at Oxford Brookes University in the UK. He holds a doctorate in Organization Theory from the University of Milan, Bicocca. He has held teaching and research positions in Italy, China and the UK. Among his research interests are the use of history in management studies, the co-operative sector, and Chinese co-operatives. His latest project is looking at health care in rural China. He is the co-convener of the EAEPE’s permanent track on Critical Management Studies.

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Aled Davies, “The City of London and Social Democracy: The Political Economy of Finance in Post-war Britain” (Oxford UP, 2017)

Tue, 12 Sep 2017 10:54:00 -0000

In the decades following the end of the Second World War, the British economy evolved from a manufacturing-based economy to one driven by service industries, most notably finance. As Aled Davies explains in his book The City of London and Social Democracy: The Political Economy of Finance in Post-war Britain (Oxford University Press, 2017), this shift posed a challenge to the prevailing concept of social democracy in Britain, one to which politicians, particularly those on the left, struggled to respond. With British industry facing growing competition abroad, successive governments in the 1960s and 1970s sought investment capital in order to maintain that sector’s viability. Efforts were made to encourage institutional investors such as pension and insurance funds to devote more of their industrial investment to long-term development rather than short-term profit, while many on the left of the Labour Party in the 1970s advocated nationalizing the banks as a means of channeling resources into the sector. Such proposals, however, were countered with calls to liberalize and deregulate the financial sector, many of which were advanced by trade associations and other bodies within the financial sector whose growing influence reflected the increasing importance of the City both as a part of the economy and within national politics. Their success in resisting intervention, Davies concludes, presaged the market-driven approach pursued by Margaret Thatcher’s Conservative government after 1979, one which continues to define British policy down to the present day.

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Clea Bourne, “Trust, Power and Public Relations in Financial Markets” (Routledge, 2017)

Tue, 02 May 2017 10:00:00 -0000

Almost 10 years after the great financial crisis, how has the finance industry regained its preeminent social position? In Trust, Power and Public Relations in Financial Markets (Routledge, 2017) Clea Bourne, a Lecturer in PR, Advertising and Marketing at Goldsmiths, University of London, explores the relationship between PR and different types of trust in finance. The book offers a nuanced understanding of trust, looking at both transparency and obfuscation for states, banks, stock markets and individuals. Alongside a critical theory of the function of PR, there are numerous detailed case studies, across every aspect of modern financial markets, making the book both an in depth assessment as well as a useful introduction to trust, PR and finance. The book is clearly written and accessible, making it essential reading for anyone interested in this most important part of economy and society

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Marc-William Palen, “The ‘Conspiracy’ of Free Trade: The Anglo-American Struggle over Empire and Economic Globalization, 1846-1896” (Cambridge UP, 2016)

Tue, 30 Aug 2016 19:21:00 -0000

Accounts of late-nineteenth-century US expansionism commonly refer to an open-door empire and an imperialism spurred by belief in free trade. In his new book The “Conspiracy” of Free Trade: The Anglo-American Struggle over Empire and Economic Globalization, 1846-1896 (Cambridge University Press, 2016), Marc-William Palen challenges this commonplace. Instead, he notes, American adherents to Richard Cobden’s free-trade philosophy faced off against and ultimately lost to a powerful version of protectionist economic nationalism inspired by German-American economic theorist Friedrich List. The success of Listian protectionism spurred closed-door, aggressive US expansionism and also challenged free-trade orthodoxies in Britain, where political-economic policy also shifted toward protectionism by the end of the nineteenth century.

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Lawrence Jacobs and Desmond King, “Fed Power: How Finance Wins” (Oxford UP, 2016)

Wed, 27 Apr 2016 14:20:00 -0000

Lawrence Jacobs and Desmond King are the authors of Fed Power: How Finance Wins (Oxford UP, 2016). Jacobs is the Walter F. and Joan Mondale Chair for Political Studies and Director of the Center for the Study of Politics and Government in the Hubert H. Humphrey School and the Department of Political Science at the University of Minnesota. King is the Andrew W. Mellon Professor of American Government at the University of Oxford and Professorial Fellow, Nuffield College, Oxford.

Lawrence Jacobs and Desmond King’s Fed Power follows the Federal Reserve Banks historic development from the 19th century to its current position as the most important institution in the American economy, possessing considerable autonomy to intervene in private markets. Despite its power and considerable resources, Jacobs and King claim that the Fed was asleep at the wheel when the recent economic crisis hit. The Fed acted swiftly to contain the crisis, but in the process exposed its strong favoritism. The authors dissect how the Fed’s programs during the Great Recession funneled enormous sums to a select few in the finance industry while leaving Main Street businesses adrift and millions of homeowners underwater.

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Leigh Claire La Berge, “Scandals and Abstraction: Financial Fiction of the Long 1980s” (Oxford UP, 2014)

Wed, 27 Jan 2016 05:49:00 -0000

What stories do we tell about finance? How does financial print culture shape our lives? Our guest today explores the narratives we have been told, and tell, about finance. A literary scholar, Leigh Claire La Berge writes about the representations of finance in years after 1979 and how many of the stories we tell about finance–that it is abstract and exceedingly complicated–took hold in this era. Leigh Claire La Berge is Assistant Professor of English in the Department of English at Borough of Manhattan Community College, CUNY. Her book, Scandals and Abstraction: Financial Fiction of the Long 1980s, was recently published by Oxford University Press.

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Brett Scott, “The Heretic’s Guide to Global Finance: Hacking the Future of Money” (Pluto Press, 2013)

Mon, 19 May 2014 06:00:00 -0000

Brett Scott is the author of The Heretic’s Guide to Global Finance: Hacking the Future of Money (Pluto Press, 2013). Scott is a journalist, urban deep ecologist, and Fellow at the Finance Innovation Lab. While much of Scott’s book focuses on explaining various aspects of the financial services section, the heart of the book is a call to action. Scott infuses this call with a variety of first-hand experiences as a campaigner for radical approaches to disrupt the sector. For this reason, the book acts as a guide to activism, applicable for those interested in global finance, but also other domains that are ripe for criticism.

His blog that he mentions at the end of the podcast can be found here.

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Daniel Peris, “The Dividend Imperative” (McGrawHill, 2013)

Fri, 26 Jul 2013 20:22:00 -0000

When you buy a stock, you’re buying a piece of a company. The funny thing is that most people who own stocks either don’t know that or, if they do, don’t act like owners. They could care less about the business itself. They don’t care whether it turns a profit, how big that profit is, or whether they are going to get a cut of the profit. All they care about is the stock price: up = good; down = bad. According to portfolio manager Daniel Peris, this narrow-minded focus on stock price is a real problem both for companies and the folks like you and me who invest in them. What everyone should be paying attention to, says Peris, is how much companies pay out in dividends to investors. In The Strategic Dividend Investor: Why Slow and Steady Wins the Race(McGrawHill, 2011), Peris lays out the case to investors, urging them to invest in companies that distribute dividends regularly. In The Dividend Imperative: How Dividends Can Narrow the Gap between Main Street and Wall Street (McGrawHill, 2013), he lays out the case to the companies themselves, urging them to stop using their cash to buy their own stock back and instead reward investors with dividends. According to his convincing analysis, a return to dividend payment will benefit both corporations and investors. Listen in and find out why.

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Simon Johnson, “13 Bankers: The Wall Street Takeover and the Next Financial Meltdown” (Pantheon, 2010)

Fri, 23 Sep 2011 18:23:00 -0000

[Re-posted with permission from Jenny Attiyeh’s ThoughtCast] Simon Johnson, the Professor of Entrepreneurship at MIT’s Sloan School of Management, and former chief economist at the International Monetary Fund, is an outspoken critic of the US government response to the financial crisis. Now he takes on the “too big to fail” banks which continue to threaten our economy. In his latest book, called 13 Bankers: The Wall Street Takeover and the Next Financial Meltdown (Pantheon, 2010), which he co-wrote with James Kwak, Simon argues that if the biggest banks aren’t cut down to size, it’s only a matter of time before we face another financial crisis. And once again, the government – aka the taxpayers – will be obliged to step in and bail out these behemoths. In Simon’s words, if they’re too big to fail — they’re too big to exist!

Simon Johnson is also a senior fellow at the Peterson Institute for International Economics. And he’s the co-author, again with James Kwak, of the influential economics blog The Baseline Scenario. Simon spoke with ThoughtCast at the Harvard Book Store in Cambridge, Massachusetts.

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New Books in Finance

Photis Lysandrou, "Dollar Dominance: Why It Rules the Global Economy and How to Challenge It" (Policy Press, 2025)

Paul Blustein, "King Dollar: The Past and Future of the World's Dominant Currency" (Yale UP, 2025)

Trevor Jackson, "The Insatiable Machine: How Capitalism Conquered the World" (Norton, 2026)

Karen Hao, "Empire of AI: Inside the Race for Total Domination" (Allan Lane, 2025)

What's Global about Sven Beckert's Capitalism (Paul Kramer, JP)

Eric Ries, "Incorruptible" (Authors Equity, 2026)

J. S. Nelson, "Business Ethics: What Everyone Needs to Know" (Oxford UP, 2021)

Orsi Husz, "Bankminded: Banks As Intimate Agents of Everyday Life in Welfare State Sweden" (Palgrave MacMillan, 2025)

Jeremy Sosabowski: Community Leader and Entrepreneur

Elliot Dolan-Evans, "Making War Safe for Capitalism: The World Bank, IMF, and the Conflict in Ukraine" (Bristol UP, 2025)

Paolo Zannoni, "Money and Promises: Seven ﻿Deals That Changed the World" (Columbia Business School, 2024)

Donald Chew, "The Making of Modern Corporate Finance: A History of the Ideas and How They Help Build the Wealth of Nations" (Columbia Business School Publishing, 2025)

Peter S. Goodman, "Davos Man: How the Billionaire Class Devoured Democracy" (Custom House, 2022)

Gregory T. Chin and Kevin P. Gallagher, "China and the Global Economic Order" (Cambridge UP, 2025)

Robert Yee, "The City's Defense: The Bank of England and the Remaking of Economic Governance, 1914-1939" (Cambridge UP, 2025)

Nick Romeo, "The Alternative: How to Build a Just Economy" (PublicAffairs, 2024)

Harold James, "Seven Crashes: The Economic Crises That Shaped Globalization" (Yale UP, 2023)

David Morris, "Stealing The Future: Sam Bankman-Fried, Elite Fraud, and the Cult of Techno-Utopia" (Watkins Media, 2025)

Julia Elyachar, "On the Semicivilized: Coloniality, Finance, and Embodied Sovereignty in Cairo" (Duke UP, 2025)

Sven Beckert, "Capitalism: A Global History" (Allen Lane, 2025)

Sven Beckert, "Capitalism: A Global History" (Allen Lane, 2025)

Maddalena Alvi, "The European Art Market and the First World War: Art, Capital, and the Decline of the Collecting Class, 1910–1925" (Cambridge UP, 2025)

Megan Tobias Neely, "Hedged Out: Inequality and Insecurity on Wall Street" (U California Press, 2022)

Mike Bird, "The Land Trap: A New History of the World's Oldest Asset" (Penguin, 2025)

Isabelle Guérin et. al., "The Indebted Woman: Kinship, Sexuality, and Capitalism" (Stanford UP, 2023)

Richard S. Ruback and Royce Yudkoff, "HBR Guide to Buying a Small Business: Think Big, Buy Small, Own Your Own Company" (HBR Press, 2017)

Ivan Franceschini et al., "Scam: Inside Southeast Asia's Cybercrime Compounds" (Verso Books, 2025)

Richard H. Thaler and Alex Imas, "The Winner's Curse: Behavioral Economics Anomalies, Then and Now" (Simon and Schuster, 2025)

Hilary Allen, "Fintech Dystopia: A Summer Beach Read about Silicon Valley Ruining Things" (2025)

How Government Made the U.S. into a Manufacturing Powerhouse

Joseph Stiglitz, "The Origins of Inequality" (Oxford UP, 2025)

Stuart Hart, "Beyond Shareholder Primacy: Remaking Capitalism for a Sustainable Future" (Stanford Business Books, 2024)

Christopher F. Jones, "The Invention of Infinite Growth: How Economists Forgot About the Natural World" (Simon and Schuster, 2025)

Joe Wiggins, "The Intelligent Fund Investor: Practical Steps for Better Results in Active and Passive Funds" (Harriman House, 2022)

Ethan A. Everett, "The Investment Philosophers: Financial Lessons from the Great Thinkers" (Columbia Business School, 2025)

Allen B. Downey, "Probably Overthinking It: How to Use Data to Answer Questions, Avoid Statistical Traps, and Make Better Decisions" (U Chicago Press, 2023)

Michael Glass, "Cracked Foundations: Debt and Inequality in Suburban America" (U Pennsylvania Press, 2025)

Richard Duncan, "The Money Revolution: How to Finance the Next American Century" (John Wiley & Sons, 2022)

Calvin Schermerhorn, "The Plunder of Black America: How the Racial Wealth Gap Was Made" (Yale UP, 2025)

Susan Erikson, "Investable! When Pandemic Risk Meets Speculative Finance" (MIT Press, 2025)

Victoria Bateman, "Economica: A Global History of Women, Wealth and Power" (Seal Press, 2025)

Dan Davies, "The Unaccountability Machine: Why Big Systems Make Terrible Decisions—and How the World Lost Its Mind" (U of Chicago Press, 2025)

Peter Conti-Brown and Sean H. Vanatta, "Private Finance, Public Power: A History of Bank Supervision in America" (Princeton UP, 2025)

Angela C. Tozer, "The Debt of a Nation: Land and the Financing of the Canadian Settler State, 1820-73" (U of British Columbia Press, 2025)

Shennette Garrett-Scott, "Banking on Freedom: Black Women in U.S. Finance Before the New Deal" (Columbia UP, 2019)

Bench Ansfield, "Born in Flames: The Business of Arson and the Remaking of the American City" (Norton, 2025)

Mary Bridges on US Bankers Abroad and the Making of a Global Superpower

Vijay Selvam, "Principles of Bitcoin: Technology, Economics, Politics, and Philosophy" (Columbia UP, 2025)

Paul Vigna, "The Almightier: How Money Became God, Greed Became Virtue, and Debt Became Sin" (St. Martin's Press, 2025)

Mark R. Rank, "Poorly Understood: What America Gets Wrong about Poverty" (Oxford UP, 2021)

Aditi Sahasrabuddhe, "Bankers' Trust: How Social Relations Avert Global Financial Collapse" (Cornell UP, 2025)

Carl Rhodes, "Stinking Rich: The Four Myths of the Good Billionaire" (Policy Press, 2025)

Brent Z. Kaup and Kelly F. Austin, "The Pathogens of Finance: How Capitalism Breeds Vector-Borne Disease" (U of California Press, 2025)

Paul Tucker, "Global Discord: Values and Power in a Fractured World Order" (Princeton UP, 2024)

Paul R. Beckett, "An Anatomy of Tax Havens: Europe, the Caribbean and the United States of America" (de Gruyter, 2023)

Mark Blyth and Nicolò Fraccaroli, "Inflation: A Guide for Users and Losers" (W. W. Norton & Co, 2025)

John H. Cochrane, Klaus Masuch, and Luis Garicano, "Crisis Cycle: Challenges, Evolution, and Future of the Euro" (Princeton UP, 2025)

Hali Lee, "The Big We" (Zando - Sweet July Books, 2025)

Empire of Gain: Inside Trump’s Billion-Dollar Crypto Hustle

Charles Hecker, "Zero Sum: The Arc of International Business in Russia" (Oxford UP, 2025)

Nicholas Borst, "The Bird and the Cage: China’s Economic Contradictions" (Palgrave MacMillan, 2025)

Júlia Király, "Hungary and Other Emerging EU Countries in the Financial Storm: From Minor Troubles to Global Hurricane" (Springer, 2020)

Jerome Powell: “We don't think you're a straight shooter"

Janet Yellen: “She had a view that the world was on fire”

Ben Bernanke: “Like being a paleontologist”

Alan Greenspan: “The man who knew”

Jack Copley, "Governing Financialization: The Tangled Politics of Financial Liberalization in Britain" (Oxford UP, 2022)

Nat Dyer, "Ricardo’s Dream: How Economists Forgot the Real World and Led Us Astray" (Bristol UP, 2024)

Daryl Fairweather, "Hate the Game: Economic Cheat Codes for Life, Love, and Work" (U Chicago Press, 2025)

John Kay, "The Corporation in the 21st Century: Why (Almost) Everything We Are Told about Business Is Wrong" (Yale UP, 2025)

Chris Skinner, "Intelligent Money: When Money Thinks for You" (Marshall Cavendish, 2024)

Jeffrey Lee Funk on Unicorns, Hype, and Bubbles

The Library of Mistakes: A Conversation with Russell Napier

Kimberly Clausing, "Open: The Progressive Case for Free Trade, Immigration, and Global Capital" (Harvard UP, 2019)

Social Death by Debt: China's Lending Boom Reshapes Lives

Maria Kaika and Luca Ruggiero, "Class Meets Land: The Embodied History of Land Financialization" (U California Press, 2024)

Melinda Cooper, "Counterrevolution: Extravagance and Austerity in Public Finance" (Zone Books, 2024)

Paul Podolsky, "The Uncomfortable Truth About Money: How to Live with Uncertainty and Learn to Think for Yourself" (Harriman House, 2024)

Lionel Barber, "Gambling Man: The Wild Ride of Japan’s Masayoshi Son" (Atria, 2024)

Paolo Zannoni, "Money and Promises: Seven Deals That Changed the World" (Columbia Business School, 2024)