New Books in Economics

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. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/economics

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. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/economics

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. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/economics

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. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/economics

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. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/economics

Adam Fabry's book The Political Economy of Hungary: From State Capitalism to Authoritarian Neoliberalism (Palgrave, 2019) explores the political economy of Hungary from the mid-1970s to the present. Widely considered a 'poster boy' of neoliberal transformation in post-communist Eastern Europe until the mid-2000s, Hungary has in recent years developed into a model 'illiberal' regime. Constitutional checks-and-balances are non-functioning; the independent media, trade unions, and civil society groups are constantly attacked by the authorities; there is widespread intolerance against minorities and refugees; and the governing FIDESZ party, led by Prime Minister Viktor Orban, controls all public institutions and increasingly large parts of the country's economy. To make sense of the politico-economical roller coaster that Hungary has experienced in the last four decades, Fabry employs a Marxian political economy approach, emphasising competitive accumulation, class struggle (both between capital and labour, as well as different 'fractions of capital'), and uneven and combined development. The author analyses the neoliberal transformation of the Hungarian political economy and argues that the drift to authoritarianism under the Orb n regime cannot be explained as a case of Hungarian exceptionalism, but rather represents an outcome of the inherent contradictions of the variety of neoliberalism that emerged in Hungary after 1989. Adam Fabry is a lecturer of Political Economy at the National University of Chilecito (UNdeC), Argentina. He received his PhD from Brunel University under the supervision of Gareth Dale. Adam’s research interests include: international political economy, uneven and combined development, neoliberalism, and the history and politics of the far-right, with a regional focus on Central Eastern Europe and Latin America. His work has been published in international journals, such as Capital & Class, Competition & Change, Historical Materialism. The Political Economy of Hungary: From State Capitalism to Authoritarian Neoliberalism (Palgrave, 2019) is his first monograph. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/economics

In the several decades since scholars in the humanities have taken up computational tools, they have borrowed many techniques from other fields, including visualization methods to create charts, graphs, diagrams, maps, and other graphic displays of information. But are these visualizations actually adequate for the interpretive approach that distinguishes much of the work in the humanities? Information visualization, as practiced today, lacks the interpretive frameworks required for humanities-oriented methodologies. In Visualization and Interpretation, Johanna Drucker continues her interrogation of visual epistemology in the digital humanities, reorienting the creation of digital tools within humanities contexts. Johanna Drucker is Martin and Bernard Breslauer Professor in the Department of Information Studies at the Graduate School of Education and Information Studies at the University of California, Los Angeles. Luca Scholz is Lecturer in Digital Humanities at the University of Manchester (UK). His research focuses on European and spatial history. He tweets at @DrLucaScholz. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/economics

Animal Trade Histories in the Indian Ocean World (Palgrave MacMillan, 2020), edited by Martha Chaiklin, Philip Gooding, and Gwyn Campbell, examines trades in animals and animal products in the history of the Indian Ocean World (IOW). An international array of established and emerging scholars investigate how the roles of equines, ungulates, sub-ungulates, mollusks, and avians expand our understandings of commerce, human societies, and world systems. Focusing primarily on the period 1500-1900, they explore how animals and their products shaped the relationships between populations in the IOW and Europeans arriving by maritime routes. By elucidating this fundamental yet under-explored aspect of encounters and exchanges in the IOW, these interdisciplinary essays further our understanding of the region, the environment, and the material, political and economic history of the world. Tamara Fernando is a Ph.D. candidate at Cambridge University. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/economics

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 [email protected] Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/economics

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. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/economics

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. 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. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/economics

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. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/economics

In her new book Engaged: Designing for Behavior Change (Rosenfeld Media, 2020), Amy Bucher analyzes both the barriers and levers to achieving behavioral change. Among the barriers are cognitive biases, like a Status Quo Bias, as well as growing both emotionally and mentally exhausted by changes that require too much willpower on behalf of the user. Opportunities to promote change include having accountability buddies to help guide you, and avatars that have proven highly effective in providing information in a trust-building, nonjudgmental manner. Amy Bucher, PhD, works in Behavior Change Design at Mad*Pow and previously worked at CVS Health and Johnson & Johnson. She received her A.B. from Harvard University and her M.A. and PhD in organizational psychology from the University of Michigan. 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. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/economics

Parrots and snakes, wild cats and monkeys---exotic pets can now be found everywhere from skyscraper apartments and fenced suburban backyards to roadside petting zoos. In Animal Traffic: Lively Capital in the Global Exotic Pet Trade (Duke UP, 2020) Rosemary-Claire Collard investigates the multibillion-dollar global exotic pet trade and the largely hidden processes through which exotic pets are produced and traded as lively capital. Tracking the capture of animals in biosphere reserves in Mexico, Guatemala, and Belize; their exchange at exotic animal auctions in the United States; and the attempted rehabilitation of former exotic pets at a wildlife center in Guatemala, Collard shows how exotic pets are fetishized both as commodities and as objects. Their capture and sale sever their ties to complex socio-ecological networks in ways that make them appear as if they do not have lives of their own. Collard demonstrates that the enclosure of animals in the exotic pet trade is part of a bioeconomic trend in which life is increasingly commodified and objectified under capitalism. Ultimately, she calls for a “wild life” politics in which animals are no longer enclosed, retain their autonomy, and can live for the sake of themselves. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/economics

Most of our discussions about how “technology will change the world” focus on the global cities that drive the world economy. Even when we talk about China, we focus on its major cities: Beijing, Shanghai and Shenzhen. Xiaowei Wang corrects this metronormativity in their recent book Blockchain Chicken Farm: And Other Stories of Tech in China's Countryside (FSG Originals: 2020), which explores how rural China is not just adapting the technology used around the world, but innovating on it. In this interview, we talk about the frontiers of technology that are being charted in rural China, and why China’s countryside may be the best place to understand how technology, capitalism and society will intersect in the coming years — often in not altogether positive ways. We also talk about some of the more recent developments in how Chinese technology is treated in the United States, with reference to their recent articles: "WeChat Has Both Connected Families and Torn Them Apart" in Slate and "How the Theatrics of Banning TikTok Enables Repression at Home" in The Nation. Xiaowei Wang is the creative director at Logic Magazine, whose work encompasses community-based and public art projects, data visualization, technology, ecology, and education. Their projects have been featured in The New York Times, the BBC, CNN, VICE, and elsewhere. You can follow them on Twitter at @xrw. You can find more reviews, excerpts, interviews, and essays at The Asian Review of Books, including its review of Blockchain Chicken Farm. Follow on Facebook or on Twitter at @BookReviewsAsia. Nicholas Gordon is a reviewer for the Asian Review of Books. In his day job, he’s a researcher and writer for a think tank in economic and sustainable development. He is also a print and broadcast commentator on local and regional politics. He can be found on Twitter at @nickrigordon. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/economics

Stop Solving the Wrong Problem! In this episode we discuss Thomas Wedell-Wedellsborg's book What's Your Problem?: To Solve Your Toughest Problems, Change the Problems You Solve (HBR Press, 2020) and focus on hisRapid Reframing Method for solving in particular people-related problems. Specific topics include: how emotions can either facilitate or hinder the challenging of established mental models, how reframing fits the top 3 skills of importance for the future economy, and why “vagueness” is the enemy of change. Wedell-Wedellsborg is a globally recognized expert on innovation and problem solving whose clients have included The United Nations. His research has been widely featured in the media and he’s been named a “Top 20 International Thinker” by HR Magazine. 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. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/economics

As the COVID-19 pandemic took hold in March, a self-isolating and easily distracted economist resolved to take himself in hand. "I decided I would do what I was good at: I would write a book" about the complex interplay between epidemiology and economics and the policy dilemmas it poses. By June, Joshua Gans had published Economics in the Age of COVID-19 and, within days, he had started work on the expanded version - The Pandemic Information Gap: The Brutal Economics of COVID-19 (MIT Press, 2020) - to come out in the autumn. Its central thesis is that "at their heart, pandemics are an information problem. Solve the information problem and you can defeat the virus”. Joshua Gans is Professor of Strategic Management and holder of the Jeffrey S. Skoll Chair of Technical Innovation and Entrepreneurship at the Rotman School of Management, University of Toronto. Tim Gwynn Jones is an economic and political-risk analyst at Medley Global Advisors. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/economics

Dr. Graciela Chichilnisky’s new book Reversing Climate Change: How Carbon Removals Can Resolve Climate Change and Fix the Economy is perhaps the single best thing I have read about climate in recent years. Published by World Scientific Press, the book lays out the history of how we came to be in the emergency we are in now, what we have tried before, and how we can get out. During her long academic career, Dr. Chichilnisky has written a myriad of book on climate, pioneered the concept of “basic needs,” and was the author of the carbon market for the Kyoto Protocol. She brings an insider’s perspective on how we as a global community can avoid the worst-case scenarios with respect to climate change. The book puts the conclusion in the title, we need negative emissions. However, far from simply lecturing her audience on what someone else should do, Dr. Chichilnisky has helped to invest a technology and start a company that are actively working on increasing negative emissions capacity. All of this is contained in her book which is informative, optimistic, accessible to an average reader, and of the highest quality. I cannot recommend enough that people listen to what she has to say in this interview and consider buying her book. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/economics

We've heard and rehearsed the conventional wisdom about oil: that the U.S. military presence in the Persian Gulf is what guarantees access to this strategic resource; that the "special" relationship with Saudi Arabia is necessary to stabilize an otherwise volatile market; and that these assumptions in turn provide Washington enormous leverage over Europe and Asia. That common sense is wrong. The author of America's Kingdom: Mythmaking on the Saudi Oil Frontier (Stanford University Press, 2007), Robert Vitalis returns to disenchant us once again—this time from "oilcraft," a line of magical thinking closer to witchcraft than statecraft. Contrary to the deeply-held beliefs of hawkish foreign policy experts and career academics alike, oil is a commodity like any other: bought, sold, and subject to market forces. The House of Saud does many things for U.S. investors, firms, and government agencies, but guaranteeing the flow of oil, making it cheap, or stabilizing the price isn't one of them. Nevertheless, persistent fears of oil scarcity and conflict continue to breed real consequences. Robert Vitalis, Oilcraft: The Myths of Scarcity and Security That Haunt U.S. Energy Policy (Stanford UP, 2020) presses us to reconsider, among many things, the U.S.-Saudi special relationship, which confuses and traps many into unnecessarily accepting what we imagine is a devil's bargain. Along the way, Vitalis resurrects a forgotten school of critics of empire—a reprisal of his task in White World Order, Black Power Politics: The Birth of American International Relations (Cornell University Press, 2017). Freeing ourselves from the spell of oilcraft won't be easy. But the benefits of doing so, and the drawbacks of not, make it essential. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/economics

“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. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/economics

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. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/economics

Are robots going to be our overlords? In Human Work in the Age of Smart Machines (RosettaBooks, 2020), Jamie Merisotis says they don't have to be. We can make them our friends. Jamie Merisotis is a globally recognized leader in philanthropy, education, and public policy. Since 2008, he’s served as president and CEO of Lumina Foundation, an independent, private foundation committed to making opportunities for learning beyond high school available to all. Jamie previously served as co-founder and president of the nonpartisan, D.C.-based Institute for Higher Education Policy. This episode covers the need to link ongoing learning and work in a virtuous cycle that provides workers with both meaning and stability. It addresses the challenges of the 4th Industrial Revolution and how in the new people-centered economy it’s important to develop those flexible skills and capabilities that will enable workers to distinguish themselves from what automation and artificial intelligence is capable of. 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. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/economics

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. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/economics

After water, tea is the most widely consumed drink in the world. It is beloved by consumers in Asia, Africa, Europe, and the Americas, and it comes in a bewildering array of varieties: from the cheap sachet of finely ground English black tea to fermented bricks of pu’er from Yunnan province. This beverage also has a fascinating place in the global history of science and capitalism. At the turn of the first millennium, it was prized as a medical concoction in southwestern China, and it became a ubiquitous beverage throughout the Chinese empire during the Tang Dynasty, when its spread coincided with the rising popularity of Buddhism. By the fifteenth century, the preparation of modern loose-leaf tea began to emerge, while the seventeenth century witnessed its ascent as major export commodity for the early Qing Empire, becoming enmeshed in a global circuit of bullion, commodities, and people. Then, during the 19th century, tea became absolute staple in Europe, especially among industrial workers in England, who sweetened the drink with cane sugar imported from the Caribbean. Anxious to stop hemorrhaging bullion to China and eager to assert its imperial self-sufficiency, the British empire fought two Opium Wars that severely weakened the Qing. Around the same time, English capitalists also began to export Chinese workers and knowledge to newly acquired colonial possessions in the Assam region of what is now Northeastern India. It was this aggressive push to begin cultivating tea as a British export commodity in South Asia that gave rise to the global competition between British India and China referenced in the title of Andrew B. Liu’s book: Tea War: A History of Capitalism in China and India (Yale University Press, 2020). Liu’s book offers a fascinating new history of this ubiquitous beverage, leveraging its production, consumption, and global circulation to offer a fresh and compelling account of capitalist accumulation. Liu challenges past economic histories premised on the technical “divergence” between the West and the Rest, arguing instead that seemingly traditional technologies and practices were central to modern capital accumulation across Asia. He shows how competitive pressures compelled Chinese merchants to adopt abstract industrial conceptions of time, while colonial planters in India pushed for labor indenture laws to support factory-style plantations. Together, these stories point toward a more flexible and globally oriented conceptualization of the history of capitalism, one that explicitly highlights global competition and coerced labor as a driving force in economic development. This interview was conducted by Lukas Rieppel, a historian of science and capitalism at Brown University. You can learn more about his research here, or find him on twitter here. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/economics

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 [email protected] or tweet to @SusanLiebell. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/economics

Michael Stamm’s book Dead Tree Media: Manufacturing the Newspaper in Twentieth-Century North America (Johns Hopkins UP, 2018) begins with the simple but thought-provoking premise that, not too long ago, newspapers were almost exclusively physical objects made out of paper. This meant that producing a newspaper implied industrial production, mills, and a distribution system that could deliver daily-produced issues to individual consumers. But most of all, it meant trees. Lots and lots of trees. Newspapers acquired timber lands, chopped down trees, and managed international supply chains. A simple premise then opens up an entire world of industrial processes that might appear distant from us denizens of the digital age. In this highly innovative work of media history, Stamm, a Professor of history at Michigan State University, pulls readers into that world, guiding them through newspaper boardrooms in big American cities, lumber camps and company towns across Canada, and laboratories that were experimenting with newsprint waste so as to synthesize new products and squeeze ever more revenue out of the process (who knew that the parent company of the Chicago Tribune was one of the largest manufacturers of synthetic vanilla in the 1950s?). The book will interest communications scholars, media historians, historical scholars of political economy, and many others. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/economics

Americans are obsessed with liberty, mad about liberty. On any day, we can tune into arguments about how much liberty we need to buy a gun or get an abortion, to marry who we want or adopt the gender we feel. We argue endlessly about liberty from regulation and observation by the state, and proudly rebel against the tyranny of course syllabi and Pandora playlists. Redesign the penny today and the motto would read, “You ain’t the boss of me.” Yet Americans are only now awakening to what is perhaps the gravest domestic threat to our liberties in a century—in the form of an extreme and fast-growing concentration of economic power. Monopolists today control almost every corner of the American economy. The result is not only lower wages and higher prices, hence a concentration of wealth and power in the hands of the few. In Liberty From All Masters: The New American Autocracy vs. the Will of the People (St. Martin's Press, 2020), Barry C. Lynn argues that the result is also a stripping away of our liberty to work how and where we want, to launch and grow the businesses we want, to create the communities and families and lives we want. The rise of online monopolists such as Google and Amazon—designed to gather our most intimate secrets and use them to manipulate our personal and group actions—is making the problem only far worse fast. Not only have these giant corporations captured the ability to manage how we share news and ideas with one another, they increasingly enjoy the power to shape how we move and play and speak and think. Arya Hariharan is a lawyer in politics. She spends much of her time working on congressional investigations and addressing challenges to the rule of law. You can reach her at [email protected] or Twitter. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/economics

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 Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/economics

What are the limitations of relying on logic as an upfront filter in pursuing ideas? Find out as I talk to Rory Sutherland about his new books Alchemy: the Dark Art and Curious Science of Creating Magic in Brands, Business, and Life (William Morrow, 2019) Sutherland is Vice Chairman of Ogilvy, a legendary advertising agency. He’s also a columnist for The Spectator and a past president of the London-based Institute of Practitioners in Advertising (IPA). His TED Talks have been viewed over 6.5 million times. Topics covered in this episode include: What’s to be gained from realizing that evolution likes fitness, not accuracy. Why biology is different from physics, thereby meaning that there will likely never be a Newton of biology, of marketing, or other fields, where universal laws don’t apply. Instead, the focus is on noting the exceptions and finding patterns. Realizing how much people are context-dependent in realizing solutions to problems. Many forms of measurement create more problems than successful outcomes. 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. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/economics

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) Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/economics

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. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/economics

John W. Traphagan’s Cosmopolitan Rurality, Depopulation, and Entrepreneurial Ecosystems in 21st-Century Japan (Cambria Press, 2020) presents a series of deeply contextualized ethnographies of small-business entrepreneurs and the entrepreneurial ecosystem of contemporary rural Japan. Since the beginning of the twenty-first century, Japan has been experiencing an unprecedented decline in population that is expected to accelerate over the coming decades. Rural areas, in particular, have been at the cutting edge of this demographic transition as young people often out-migrate to urban areas to pursue education and career opportunities and to explore spaces and lifeways viewed as cosmopolitan and international. At the same time, some urbanites have decided to either return to the rural climes of their upbringing or move there for the first time to start small businesses. And rural communities have attempted to attract large projects, such as the International Linear Collider, that it is hoped will draw in new people, prevent younger people from out-migrating, and bolster local economies. A combination of individual and institutional entrepreneurial activities is changing the social and geographical landscape of rural Japan and reinventing that space as one that blends perceptions and experiences of the urban and rural, cosmopolitan and rustic. While there has been considerable research on rural Japan and numerous studies that focus on entrepreneurs, only limited attention has been paid to the intersection of entrepreneurial activities in rural Japan and the ways in which entrepreneurs more generally are contributing to the re-formation of rural space and place. This ethnographic study develops the concept of cosmopolitan rurality as a social and geographical space that cannot be characterized as either urban or rural nor as specifically cosmopolitan or rustic. In the "rural" Japan of the early twenty-first, as in many other parts of the industrial world, we see the emergence of a new type of social context forming a hybrid space of neo-rurality that brings together people and ideas reflecting local, national, and global frames of experience. One of the key drivers behind this hybrid space is expressed in entrepreneurial activities by locals to generate an entrepreneurial ecosystem that it is hoped can attract new people and ideas while retaining ideational and geographical elements associated with traditional values and spaces. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/economics

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 Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/economics

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. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/economics

For seventeen years, Chris Fenton served as the president of DMG Entertainment Motion Picture Group, a multi-billion-dollar global media company headquartered in Beijing. He has produced or supervised twenty-one films, grossing $2 billion in worldwide box-office. In his new book, Feeding the Dragon: Inside the Trillion Dollar Dilemma Facing Hollywood, the NBA, & American Business (Post Hill Press, 2020), Fenton shares not only his journey from waiting tables at the Olive Garden to producing some of the most recognizable Hollywood blockbuster movies. And, in the process, he discovers his diplomatic mission: connecting the US and China through commerce and culture: I felt a sense of mission that went far beyond box-office numbers. US-China relations were on the line. We all knew it. We had to make it work. But as an American, something bigger was at stake. We were pulling a rival country’s culture into our own. We were doing more than opening a market or making nice with China. We were bridging a cultural gap, making the world smaller, more stable, less contentious, and much safer. Failure would surely result in the opposite effect. Fenton conveys not only the regulatory obstacles that U.S. movies face when entering the Chinese market but also the cultural barriers. For the media to be successful in China, it needs to be relevant to Chinese audiences. But, while facing challenges in Asia, DMG also found trouble in the U.S. when the Securities and Exchange Commission launched an investigation of their dealings in China Like the blockbuster movies Fenton produces (and talks of a cinematic adaption of Feeding the Dragon are underway), this book has broad appeal. It is a gripping page-turner, a glimpse into the regulatory complexity of the Chinese entertainment market, and an introduction into what Fenton calls “film diplomacy.” Punctuated by succinct chapters, the book is an easy read, mixing a compelling story with rich insights. Like the blockbuster movies Fenton produces (and talks of a cinematic adaption are underway), Feeding the Dragon has broad appeal. It is a gripping page-turner, a glimpse into the regulatory complexity of the Chinese entertainment market, and an introduction into what Fenton calls “film diplomacy.” Punctuated by succinct chapters, the book is an easy read, mixing a compelling story with rich insights. Nick Pozek is Assistant Director of the Parker School of Foreign and Comparative Law at Columbia University and a host of New Books in Law. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/economics

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 Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/economics

Karl Gerth’s new book, Unending Capitalism: How Consumerism Negated China's Communist Revolution (Cambridge University Press, 2020) details how the state created brands, promoted and advertised particular products, set up department stores, and facilitated the promotion of certain luxury consumer products (notably wristwatches, bicycles, and sewing machines)—all in the Mao era. Though not typically considered to be a period of Chinese history driven by consumerism, Gerth’s beautifully researched book shows how, in the early People’s Republic, the Communist Party expanded consumerism and built ‘state capitalism’, and the ferocity of consumer impulses and behaviors that followed. Challenging, provocative, and precisely written, Unending Capitalism is sure to appeal to anyone interested in modern Chinese history and histories of capitalism, as well as any readers looking for a book that uses some really fascinating sources to complicate the dominant narrative of China’s ‘socialist’ history. Sarah Bramao-Ramos is a PhD candidate at Harvard University. She works on Manchu language books and book history and loves anything with a good kesike in it. She can be reached at [email protected] Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/economics

How does any organization invite the true, full participation of its members? In his new book The 4 Stages of Psychological Safety: Defining the Path to Inclusion and Innovation (Berrett-Koehler, 2020), Timothy Clark explains. Clark is the founder and CEO of LeaderFactor, and ranks as a global authority on senior executive development, strategy acceleration and organizational change. He’s the author of five book, and over 150 articles. Clark earned a doctorate degree in Social Science from Oxford University. Topics covered in this episode include: Why showing respect and granting permission are the keys to unlocking potential. What lies beneath stunning statics like, only 36% of business professional believe their companies foster an inclusive culture, and only one-third of workers believe their opinions count; whereas, 50% of workers report being treated rudely at work at least once a week. How a leader’s “tell-to-ask” ratio relates to whether that person suffers from the narcissism that limits the effectiveness of so many leaders 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. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/economics

Dr. Shahrukh Khan's new textbook Development Economics: A Critical Introduction (Routledge, 2019) is a fantastic book for teachers and students trying to get into the field of development economics. Covering all the major topic in the field such as foreign direct investment, foreign aid, institutions and good governance, data collection, and heterodox approaches the book immerses the reader into fundamental questions of development and underdevelopment. What sets this work apart is both the centrality it places on covering all of the diversity in the field of development economics. From neo-Marxists to neo-liberals and everything in between, the book honors and critiques the value of each approach to understanding development. The book is easily read, engaging, and perfect for anyone looking to teach an intro to development class. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/economics

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. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/economics

Today's guest is Christopher Robertson, Associate Dean for Research and Innovation and Professor of Law at the University of Arizona. His background and research interests overlap several academic disciplines, including bioethics, health law, incentives, behavioral economics and more. His CV includes a PhD in philosophy and a law degree from Harvard. His newest book is Exposed: Why Our Health Insurance is Incomplete and What can be Done About (Harvard University Press, 2019). Colin Miller and Dr. Keith Mankin host the popular medical podcast, PeerSpectrum. Colin works in the medical device space and Keith is a retired pediatric orthopedic surgeon. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/economics

In Merchants of Medicine: The Commerce and Coercion of Health in Britain’s Long Eighteenth Century (The University of Chicago Press), medicines embody the hopes of those who prepared, sold, and ingested them. By investigating the different contexts and practices associated with the British long-distance trade in patent medicines, Zachary Dorner unravels the intertwined history of financial markets, health concerns, and colonial warfare. He argues that from the late seventeenth-century, medicines were produced, distributed, and consumed in new ways, providing solutions to the problems of labor shortages in the armed forces, trading companies and plantations, while also informing the categories of difference that organized such institutions. Zachary Dorner is the Patrick Henry Postdoctoral Fellow in history at Johns Hopkins University. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/economics

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 Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/economics

In 2007, Ecuador joined the Latin American “Pink Tide” by electing a left-wing president, Rafael Correa, who voiced opposition to US imperialism and advocated higher levels of redistribution and social investment. However, shortly after coming to power, Correa came into conflict with members of his own coalition over the future of resource extraction in the country. Should Ecuador try to leverage its mineral wealth and oil fields to promote social welfare and human development, or should the country abandon the extractive model altogether because of its human and environmental costs? Resource Radicals: From Petro-Nationalism to Post-Extractivism in Ecuador (Duke UP, 2020) examines the deeper questions for democratic theory at stake in conflicts over resource extraction. Who are “the people” that have the authority to make decisions about whether the benefits of mining projects exceed the costs, the mining communities or the nation as a whole? How much authority should democratic governments delegate to experts to make decisions with enormous economic and environmental consequences for large groups of people? Using ethnographic and archival methods, Thea Riofrancos delves into the contentious politics of resource extraction, and in the process provides a new perspective on the “resource curse” literature in political science and economics. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/economics

In her new book, Economistes and the Reinvention of Empire: France in the Americas and Africa, c. 1750-1802 (Cambridge UP, 2020), Dr. Pernille Røge charts the confluence and reciprocal impacts of ideas and policies espoused by political economists, colonial administrators, planters, and entrepreneurs to reform the French empire in the second half of the eighteenth century. Due to this diffusion of observations and ideas, French economic philosophers who called themselves “economistes” and later “physiocrats” were able to formulate and advocated for new French colonial doctrines that emphasized agricultural development, free labor, commercial liberalization, and colonial economic and legal integration during and after the Seven Years War (1756-1763). While meeting initial resistance, such reform efforts inspired many imperial agendas enacted by French Revolutionary leaders as well as those by subsequent French imperialists. Deeply researched from records from three continents, Economistes and the Reinvention of Empire offers an enlightening perspective on critical French Atlantic political-economic development and imperial reformulation, with intellectual, economic, and political relevance that last till this day. Dr. Pernille Røge is an Associate Professor of History at the University of Pittsburgh and the convener of Pitt’s Early Modern Worlds Initiative. Grant Kleiser is a Ph.D. candidate in the Columbia University History Department. His dissertation researches the development of the free-port system in the eighteenth-century Caribbean, investigating the rationale for such moves towards “free trade” and the impact these policies had on subsequent philosophers, policy-makers, and revolutionaries in the Atlantic word. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/economics

Capitalism seems to many to be in a sort of constant crisis, leaving many struggling to make ends meet. This desperation was intensified in 2008, and for many never went away in spite of claims of a general economic ‘recovery.’ More recently, the tensions and shortcomings of our current socioeconomic system have been exacerbated by the COVID-crisis, with poorly compensated frontline workers struggling to stay safe in workplaces that have failed to take adequate care of their health and safety. The feeling that we’ve stuck riding along the precipice of disaster for years now is an animating idea for my guest today, Albena Azmanova, here to discuss her recent book Capitalism on Edge: How Fighting Precarity Can Achieve Radical Change Without Utopia or Crisis (Columbia University Press). The book argues that the animating element of contemporary life under capitalism is precarity, and the driving force behind this precarity is the insatiable drive for profits which leaves workers desperately trying to keep up with capital. Synthesizing history, philosophy, economics and policy analysis, the book takes a sharp look at the elements that make up our current situation, and what our possibilities are for change. Albena Azmanova is an associate professor of political and social theory at Kent’s Brussels School of International Studies. She is also the author of The Scandal of Reason: A Critical Theory of Political Judgement. Stephen Dozeman is a freelance writer. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/economics

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. 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 Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/economics

In an accessible and timely work of scholarship, celebrated historian Joshua B. Freeman's Behemoth: A History of the Factory and the Making of the Modern World (W. W. Norton) tells the story of the factory and examines how it has reflected both our dreams and our nightmares of industrialization and social change. He whisks readers from the early textile mills that powered the Industrial Revolution to the factory towns of New England to today’s behemoths making sneakers, toys, and cellphones in China and Vietnam. Behemoth offers a piercing perspective on how factories have shaped our societies and the challenges we face now. Joshua B. Freeman is a Distinguished Professor of History at Queens College and the Graduate Center of CUNY. His previous books include American Empire and Working-Class New York, among others. He lives in New York City. Mark Molloy is the reviews editor at MAKE: A Literary Magazine. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/economics

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. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/economics

How should we understand the role of cultural industries in contemporary society? In Global Cultural Economy (Routledge) Christiaan De Beukelaer, a senior lecturer in cultural policy at the University of Melbourne, and Kim-Marie Spence, a postdoctoral researcher at Solent University, explore and explain the interrelationship between culture and economy across the world. The book covers a range of subjects, from inequality and diversity, through government funding and cultural policy, to development and sustainability, illustrating each subject with examples from a vast range of artforms and nation states, as well as global policy organisations. The book is essential reading for creative industries, arts and humanities, and social science scholars, as well as for anyone interested in a declonising their perspective on global culture. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/economics