New Books in Economics

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

We spoke with Edward Cartwright about his textbook ‘Behavioral Economics’ structured into four parts and eleven chapters. This is now the third edition published by Routledge and it is a leading advanced textbook on Behavioral Economics. Edward is also co-author with Robert Frank on the European edition of the popular Microeconomics and Behaviour textbook. Edward is associate editor at the Journal of Public Economic Theory and Fellow of the Higher Education Academy. I asked about his personal background and about the origin of the book that at its first edition was one of the pioneering textbooks available. Edward then provided a short introduction to Behavioral Economics and located it in the mainstream / heterodox economics debate. We also discussed how Behavioral Economics contributed to modify the relationship between macro and micro. Edward mentioned the impact of Behavioral Economics to economic theory and policy making (last chapter of the book). We discussed the ethical implications of applied behavioral research and we mentioned the field of happiness economics covered in chapter 11. Edward’s main research interests are in behavioural economics, game theory and public economics. Much of his research analyses cooperation in small groups, exploring the role of social norms, leadership, framing and communication. Another strand of work looks at conformity, prejudice and discrimination. Further research interests include cyber-security and doping in sport. Over the last few decades behavioral economics has revolutionized the discipline. It has done so by putting the human back into economics, by recognizing that people sometimes make mistakes, care about others and are generally not as cold and calculating as economists have traditionally assumed. The results have been exciting and fascinating, and have fundamentally changed the way we look at economic behavior. This textbook introduces all the key results and insights of behavioral economics to a student audience. Ideas such as mental accounting, prospect theory, present bias, inequality aversion and learning are explained in detail. These ideas are also applied in diverse settings such as auctions, stock market crashes, charitable donations and health care, to show why behavioral economics is crucial to understanding the world around us. Consideration is also given to what makes people happy, and how we can potentially nudge people to be happier. 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. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/economics

Shortly after the conclusion of the Women's World Cup earlier this summer, a friend suggested to me that it signaled the long-awaited arrival of soccer as a mainstream sport in the U.S. I thought a second, remembering the commercials around the game and the way the television cameras shot the crowd. Then I responded that I thought it wasn't really the long-awaited arrival of soccer, but the emergence of women's sports into the mainstream of American culture. This is something of an exaggeration. But the summer of the World Cup is perhaps a perfect time to think through the position of women's sports in global society. Nancy Lough and Andrea N. Geurin do just that in their new edited Routledge Handbook of the Business of Women's Sport (Routledge, 2019). Lough and Guerin bring together forty different authors to survey the status of women's sports in 2019. The essays range from discussions of the history of women's sports to analyses of media representation of women in sports to the economics and management of women's sports. Collectively, it is a remarkable accomplishment. Lough and Guerin offer a comprehensive survey of the field while pointing to future questions and topics of research. The coverage is scholarly, but with an eye to the political and sports culture in which women's sports exists. Anyone interested in understanding the business of women's sports should start here. Kelly McFall is Professor of History and Director of the Honors Program at Newman University. He’s the author of four modules in the Reacting to the Past series, including The Needs of Others: Human Rights, International Organizations and Intervention in Rwanda, 1994, published by W. W. Norton Press, and (with Abigail Perkiss) Changing the Game: Title IX, Gender and Athletics in American Universities, to be published by W. W. Norton in November 2019. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/economics

Scholars of US history have treated trade policy in less than enthusiastic ways. One economic historian described tariffs as “extraordinarily uninteresting things unless related to the political events which give them meaning.” While another historian said the tariff has caused “narcolepsy” among his colleagues. One piece of evidence of this sentiment is that the last comprehensive history of of US trade policy was published in the the late 19th century! Despite the seemingly soporific qualities of the subject, Douglas Irwin wrote a 900-page tome on trade policy. The book, Clashing over Commerce: A History of US Trade Policy (University of Chicago Press, 2019) is remarkably erudite and surprisingly entertaining. Irwin shows how trade policy was at the heart of so many of the major crises and transitions in US history, everything from the Revolution of 1776 to the post-Cold War moment. Indeed, Irwin fashions a focus on tariffs into a new history of the republic itself. Douglas Irwin is the John French Professor of Economics at Dartmouth and a Research Associate at the National Bureau of Economic Research. 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 [email protected] or on Twitter @DexterFergie. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/economics

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.... 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

The clerk attended his desk and counter at the intersection of two great themes of modern historical experience: the development of a market economy and of a society governed from below. Who better illustrates the daily practice and production of this modernity than someone of no particular account assigned with overseeing all the new buying and selling? In Accounting for Capitalism: The World the Clerk Made (U Chicago Press, 2018), Michael Zakim has written their story, a social history of capital that seeks to explain how the “bottom line” became a synonym for truth in an age shorn of absolutes, grafted onto our very sense of reason and trust. This is a big story, told through an ostensibly marginal event: the birth of a class of “merchant clerks” in the United States in the middle of the nineteenth century. The personal trajectory of these young men from farm to metropolis, homestead to boarding house, and, most significantly, from growing things to selling them exemplified the enormous social effort required to domesticate the profit motive and turn it into the practical foundation of civic life. As Zakim reveals in his highly original study, there was nothing natural or preordained about the stunning ascendance of this capitalism and its radical transformation of the relationship between “Man and Mammon.” Lukas Rieppel teaches history at Brown University. His new book, Assembling the Dinosaur, has recently been published by Harvard University press. You can find him online at https://sites.google.com/view/lukasrieppel/ or on twitter @lrieppel. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/economics

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

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

In Dark Work: The Business of Slavery in Rhode Island(NYU Press, 2016; paperback, 2018), Christy Clark-Pujara, Associate Professor of History in the Department of Afro-American Studies at the University of Wisconsin-Madison, tells the story of one state whose role was outsized: Rhode Island. Like their northern neighbors, Rhode Islanders bought and sold slaves and supplies that sustained plantations throughout the Americas; however, nowhere else was this business so important. During the colonial period trade with West Indian planters provided Rhode Islanders with molasses, the key ingredient for their number one export: rum. More than 60 percent of all the slave ships that left North America left from Rhode Island. During the antebellum period Rhode Islanders were the leading producers of “negro cloth,” a coarse wool-cotton material made especially for enslaved blacks in the American South. Clark-Pujara draws on the documents of the state, the business, organizational, and personal records of their enslavers, and the few first-hand accounts left by enslaved and free black Rhode Islanders to reconstruct their lived experiences. The business of slavery encouraged slaveholding, slowed emancipation and led to circumscribed black freedom. Enslaved and free black people pushed back against their bondage and the restrictions placed on their freedom. It is convenient, especially for northerners, to think of slavery as southern institution. The erasure or marginalization of the northern black experience and the centrality of the business of slavery to the northern economy allows for a dangerous fiction—that North has no history of racism to overcome. But we cannot afford such a delusion if we are to truly reconcile with our past. Ryan Tripp is part-time and full-time adjunct history faculty for Los Medanos Community College as well as the College of Online and Continuing Education at Southern New Hampshire 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 From the Grounds Up: Building an Export Economy in Southern Mexico (Stanford University Press, 2019), Casey Lurtz explains how the fertile yet isolated region of the Soconusco became integrated into global markets in the late nineteenth- and early twentieth centuries. Located in what is today the state of Chiapas, the Soconusco was a lightly-populated borderlands region where sovereignty was murky, for both Mexico and Guatemala claimed the district and residents moved freely across the scarcely-delineated boundary between national territories. There were other challenges to developing an export economy: the Soconusco faced labor scarcity, lacked institutional and material infrastructure, and was regularly destabilized by political violence. Nevertheless, it became the primary coffee-producing region in Mexico in this era. To trace how this occurred, Lurtz notes the role of politicians and entrepreneurial large landowners, Mexican and foreign, in developing coffee plantations (fincas), but her cast of characters goes beyond the political and economic elite. For the author, local smallholders and migrant laborers were equally central protagonists in the story of how the Soconusco became so productive. She argues that these often-overlooked actors were influential in shaping the region’s economy and its integration into international markets. The book’s chapters trace how both powerful and marginal figures in the district responded to each of the various impediments to development. Using rich local sources to reconstruct mapping and surveying efforts, ordinary transactions, and legal disputes, Lurtz connects this economic and social history to the political history of nineteenth-century Latin America. Much as political liberalism should be studied as both a set of ideas and a set of practices, the economic aspects of liberalism are also worth examining on the ground at a microhistorical level. Lurtz reveals how economic liberal ideas and structures were invoked and demanded by villagers, workers, and landowners in the Soconusco in order to advance their diverse agenda. Rachel Grace Newman is Lecturer in the History of the Global South at Smith College. She has a Ph.D. in History from Columbia University, and her dissertation was titled “Transnational Ambitions: Student Migrants and the Making of a National Future in Twentieth-Century Mexico.” She is also the author of a book on a binational program for migrant children whose families divided their time between Michoacán, Mexico and Watsonville, California. She is on Twitter (@rachelgnew). Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/economics

This week we take a break from fun and games to talk about business and consumerism–which, to be sure, is for some people also fun and games. As Vicki Howard reminds us in her new book, From Main Street to Mall: The Rise and Fall of the American Department Store (University of Pennsylvania Press, 2015), it used to be that America was filled with department stores. Congenital nostalgics remember places like Wanamaker’s in Philadelphia; they even print books about the big-city department stores of Days Gone By. But that ignores the important place that department stores held in small towns all around the country. Vicki Howard has already written on the history of the wedding industry. Now she and Al Zambone talk about the department store, how they began, what they offered people that hadn’t existed before, and how they were undone by the same forces that created them. Zambone gets a little autobiographical, too, but please forgive him. Enjoy. Al Zambone is a historian and the host of the podcast Historically Thinking. You can subscribe to Historically Thinking on Apple Podcasts. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/economics

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

Both the International Monetary Fund (IMF) and the World Trade Organization (WTO) practice periodic surveillance of member states to ensure they are adopting effective economic policies. Despite the importance of these practices, they remain understudied by scholars until now. Martin Edwards has written The IMF, the WTO & the Politics of Economic Surveillance (Routledge, 2018). Edwards is an Associate Professor in the School of Diplomacy and International Relations at Seton Hall University and is also department chair. The world is paying increasing attention to issues of transparency and accountability, questioning whether the IMF and WTO are in part responsible for the global economic crisis, as well as assessing their responsiveness to the crisis. Examining the influence and effectiveness of surveillance, Edwards offers recommendations of how surveillance can be designed differently to make it more effective in the future. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/economics

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. 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

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. 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

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 at http://www.bankingcrisis.org. 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

I spoke with Dr Yuen Yuen Ang, Associate Professor of Political Science at the University of Michigan, Ann Arbor. She published in 2016 a great new book How China Escaped the Poverty Trap (Cornell University Press, 2016). This is a very original and non-conformist book on China. It is also an important contribution to political economy and to development economics. We started with the origin of her book and a brief definition of ‘poverty trap’. Her book explains what went right in China and how other developing countries could follow a similar approach to reform and institutional transition. We discussed why traditional contributions such as those by Acemoglu and Robinson cannot explain the success of China’s reform. On the one hand, the fail to understand Chinese reforms, including political ones under Deng, on the other hand, they are biased. They were developed looking at traditional western development paths that cannot and should not be treated as a universal recipe for any other country in the world. We discussed about property rights, transitional institutions and the performance evaluation system of local cadres. The author defines China as an ‘autocracy with democratic characteristics’ and, since Deng, the systematic evaluation of local political leaders worked well as a proxy of democratic control. We also discussed how China avoided the mistakes of the Russian transition. And we learnt how China traditionally is not monolithic in its economic policy because allows decentralization and experimentation. The book is very strong in its theoretical framework but is also based on an extensive fieldwork across three provinces that exemplify the diversity within the Chinese sub-continent and the act of balancing between uniformity and variety, center and periphery. We concluded talking about the challenges ahead for China and the next books being prepared by prof. Yuen Yuen Ang. A great book, and I hope a good podcast too. 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. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/economics

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

Joseph C. Sternberg's book The Theft of a Decade: How the Baby Boomers Stole the Millennials’ Economic Future (PublicAffairs, 2019) is an analysis of the economic condition of the Millennial generation, which was as cohort of people born between 1981 and 1996. This generation has experienced much trauma in the last decade, especially as a result of the Great Recession of 2008. Sternberg reviews the economic health of this generation, covering issues such as home ownership rates, higher education, employment prospects, and consumption patterns. He finds that although Millennials have many choices that make them the envy of much of the rest of the world, in the American context this generation suffers from bleaker prospects for wealth accumulation and security than any prior generation since the end of World War II. Sternberg reviews the intentional and unintentional consequences of public policies supported by the Baby Boomer generation, such as investment, monetary, and housing policies at the national level. He also reviews the lessons Europe and Japan have for how to respond to the political and economic problems presented by the demographic changes occurring as the Baby Boomers retire. Ian J. Drake is an Associate Professor of Political Science and Law at Montclair State University. His scholarly interests include American legal and constitutional history and political theory. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/economics

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

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. 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 Francesco Grillo (co-authored with Raffaella Nanetti) about his latest book, Democracy and Growth in the 21st Century: The Diverging Cases of China and Italy (Palgrave Macmillan, 2019). Despite the title, it is not strictly a book on China or Italy. It is a visionary contribution to both economics and political theory that reflects on the crisis of the West and the paradoxical success of China. Is democracy still the best political regime for countries to adapt to economic and technological pressures and increase their level of prosperity? While the West seems to have stagnated in an environment of political mistrust, increasing inequality and low growth, the rise of the East has shown that it may not be liberal democracy that is best at accommodating the social mutations that technologies have triggered. The cases of China and Italy form the research focus as two extremes in growth performance. China is the star of globalisation in the East, while Italy is the laggard of globalisation in the West and a laboratory of creeping political meltdown now shared by other major Western economies. But is this forever? Introducing the ‘innovation paradox’ as the main challenge to the West and the notion of ‘knowledge democracy’ as key to sustainable growth, this book presents a new side to the debate on the Fourth Industrial Revolution (or fifth as the authors argue). It is a vital reading for all those questioning what kind of democracy positively impacts innovation as the force whose speed and direction transforms societies and 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. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/economics

In 1545, a native Andean prospector hit pay dirt on a desolate red mountain in highland Bolivia. There followed the world's greatest silver bonanza, making the Cerro Rico or "Rich Hill" and the Imperial Villa of Potosí instant legends, famous from Istanbul to Beijing. The Cerro Rico alone provided over half of the world's silver for a century, and even in decline, it remained the single richest source on earth. Potosí: The Silver City That Changed the World(University of California Press, 2019), is the first interpretive history of the fabled mining city’s rise and fall. It tells the story of global economic transformation and the environmental and social impact of rampant colonial exploitation from Potosí’s startling emergence in the 16th century to its collapse in the 19th. Kris Lane, France V. Scholes Chair in Colonial Latin American History at Tulane University, provides an invigorating narrative and rare details of this thriving city as well as its promise of prosperity. A new world of native workers, market women, African slaves, and other ordinary residents who lived alongside the elite merchants, refinery owners, wealthy widows, and crown officials, emerge in lively, riveting stories from the original sources. An engrossing depiction of excess and devastation, Potosí reveals the relentless human tradition in boom times and bust. Ryan Tripp is adjunct history faculty for the College of Online and Continuing Education at Southern New Hampshire 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 a work that spans the twentieth century, Nancy Tomes questions the popular--and largely unexamined--idea that in order to get good health care, people must learn to shop for it. Remaking the American Patient: How Madison Avenue and Modern Medicine Turned Patients into Consumers (University of North Carolina Press, 2016) explores the consequences of the consumer economy and American medicine having come of age at exactly the same time. Tracing the robust development of advertising, marketing, and public relations within the medical profession and the vast realm we now think of as "health care," Tomes considers what it means to be a "good" patient. As she shows, this history of the coevolution of medicine and consumer culture tells us much about our current predicament over health care in the United States. Understanding where the shopping model came from, why it was so long resisted in medicine, and why it finally triumphed in the late twentieth century helps explain why, despite striking changes that seem to empower patients, so many Americans remain unhappy and confused about their status as patients today. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/economics

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. 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

Whether you are a commuter weighing options of taking the bus vs walking to get you to work on time or a military general leading troops into war, risk is something we deal with every day. Even the most cautious of us can’t opt out—the question is always which risks to take to maximize our results. But how do we know which path is correct? Enter Allison Schrager. Schrager is not a typical economist. Like others, she has spent her career assessing risk, but instead of crunching numbers or sitting at a desk, she chose to venture out. Now, she travels to unexpected places to uncover how financial principles can be used to navigate hazards and prevent danger. In her new book An Economist Walks Into A Brothel And Other Unexpected Places to Understand Risk (Portfolio, 2019), Schrager puts together a five-pronged approach for understanding and assessing risk. First, she helps define what risk and reward mean for individuals. Then, taking into account irrationality and uncertainty, Schrager helps readers master their domains and ultimately get the biggest bang for what she calls the “risk buck.” While there are certain factors that cannot be predicted, An Economist Walks Into A Brothelmarries financial economics with real life examples to provide a road map, offer concrete advice, and maximize payoff. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/economics

Robert McNamara is best remembered today for his momentous term as Secretary of Defense in the 1960s. Often overlooked because of this is his even longer tenure as president of the World Bank, one that reflected both the strengths and flaws of McNamara’s leadership. In Robert McNamara’s Other War: The World Bank and International Development (University of Pennsylvania Press, 2017), Patrick Sharma situates McNamara’s tenure within the context of the changes taking place both in international development and in the broader global economy. Sharma describes how in the two decades prior to McNamara’s selection to run it the World Bank was a relatively small institution focused mainly on financing infrastructure projects in the developing world. McNamara brought to the agency a determination to do more, dramatically expanding the number of staff employed and redirecting the focus of the organization towards fighting global poverty. While Sharma details the Bank’s success in expanding its access to financial resources and in establishing a key advisory role in development projects undertaken throughout the world, he also notes the more controversial aspects of McNamara’s time at the Bank, most notably the introduction of structural adjustment funding and the problems this would create for many nations after McNamara left the Bank in 1981. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/economics

Are market cities better than people cities? Does the satisfaction that residents take in their city vary from market city to people city? In Market Cities, People Cities: The Shape of Our Urban Future (NYU Press, 2018), Dr. Michael Oluf Emerson and Dr. Kevin T. Smiley identify the kinds of cities people want to live in and the façades strategically placed by city administrators to draw a specific crowd. Emerson and Smiley characterize cities as being somewhere along a spectrum with market city as one extreme and people city as the other extreme. Market cities are inclined to focus on wealth, employment, individualism, and economic opportunity. People cities are more egalitarian, with government investment in infrastructure and an active civil society. In this interview, Dr. Smiley discusses the implications urban design and policy have on environment and on the experience of people who inhabit these two types of cities. He shares that the approach in which a city takes to mitigate and respond to environmental disaster can be a distinguishing characteristic for labeling a city as market city or people city. Each city lies somewhere along the spectrum and likely does not land on either extreme. An interesting find, however, that Dr. Smiley bore out is that inhabitants of both market cities and people cities tend to be generally satisfied with their place of residence. Michael O. Johnston is an Assistant Professor of Sociology at William Penn University. He is currently conducting research on the continuous process that occurs with placemaking at farmers’ market. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/economics

Guilds were prominent in medieval and early modern Europe, but their economic role has seldom been studied. In The European Guilds: An Economic Analysis (Princeton University Press, 2019), Sheilagh Ogilvie offers a wide-ranging examination of what guilds did and how they affected pre-modern economies. As Ogilvie explains, guilds were particularized institutions which created and enforced privileges for their members while denying them to outsiders. This authority was granted to them by rulers and governments, and depended on their intricate relationship with the public authorities. Their privileges entitled guilds to determine who could participate in a profession, the quality of the items their members produced, and the technological innovations their members could adopt. Ogilvie looks at all aspects of guild activities to show their wide-ranging impact on the economies of their time, and the ways they pursued their members’ interests even when it stifled growth for the rest of society. 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 information age, knowledge is power. Hence, facilitating the access to knowledge to wider publics empowers citizens and makes societies more democratic. How can publishers and authors contribute to this process? This podcast addresses this issue. We interview Professor Austin Choi-Fitzpatrick, whose book, The Good Drone: How Social Movements Democratize Surveillance (forthcoming with MIT Press) is undergoing a Massive Online Peer-Review (MOPR) process, where everyone can make comments on his manuscript. Additionally, his book will be Open Access (OA) since the date of publication. We discuss with him how do MOPR and OA work, how he managed to combine both of them and how these initiatives can contribute to the democratization of knowledge. You can participate in the MOPR process of The Good Drone through this link: https://thegooddrone.pubpub.org/ Felipe G. Santos is a PhD candidate at the Central European University. His research is focused on how activists care for each other and how care practices within social movements mobilize and radicalize heavily aggrieved collectives. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/economics

Our guest today is Kartik Hosanagar, the author of A Human’s Guide to Machine Intelligence: How Algorithms Are Shaping Our Lives and How We Can Stay in Control(Viking, 2019). This is one of those rare books that I think everyone can read and I think everyone should read. In fact, knowledge of algorithms can in some sense be considered to be the literacy of the 21st century, and the author has written a book which can greatly held advance this type of literacy. If you want to become 21st-century literate, you should read this instructive and immensely enjoyable book. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/economics

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. 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

Leif Wenar the Chair of Philosophy and Law at Kings College London. He is the author of the 2016 book Blood Oil: Tyrants, Violence, and the Rules that Run the World. This book has led to the publication, in 2018, of a companion volume, Beyond Blood Oil: Philosophy, Policy, and the Future. 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. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/economics

The Crossroads of Globalization. A Latin American View (World Scientific Publishing Co. 2019) explores the complex interaction of several forces shaping the current world economic situation. Alfredo Toro Hardy analyzes the leadership of China and the economic strength of Asia, transnational companies, and international organizations like the IMF as forces in favor of globalization, while populism, and the Fourth Industrial Revolution are part of the anti-globalization trend. By giving a worldwide context, the author situates Latin America as a region that is facing several challenges in order do be part of a phenomenon that is developing with uncertain outcomes. Toro Hardy also provides some of the paths the region could follow in the near future. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/economics

Today we are joined by Danyel Reiche, Associate Professor of Comparative Politics at the American University of Beirut, and the author of Success and Failure of Countries at the Olympic Games (Routedge, 2016) In Success and Failure, Reiche provides a playbook for National Committees that want to win more medals. Reiche’s fascinating work moves beyond the macro level analysis of international sports success to offer concrete policy initiatives for the 21st century. Previous studies have shown that GDP, population size, and even political or cultural ideologies can grant some countries athletic advantages – for example geography plays a large role in determining the winners at the Winter Games – but Reiche illustrates that these factors are not the only ones that matter. Why is Germany so successful at the luge while snowy Sweden seems to unsuccessful. The key to winning medals, Reiche’s WISE formula suggests, lay in (W) investing in female athletes, (I) institutionalization of a nation’s sports management, (S) specialization in specific sports, and the (E) early adoption of new sports or sports practices. In developing his WISE formula, Reiche called upon a wide array of secondary source material as well as his own original research in sports in the Middle East. Along the way, he offers a thorough examination of sports policies, programs, and pitfalls around the world as case studies. His examinations leads us from the institutionalization of sports in Australia to the achievements of the Chinese women’s weight lifting team. Only the United States seems to defy easy categorization. Danyel Reiche’s compelling book should be required reading for sports bureaucrats around the world but will also be of interest to scholars and lay readings fascinated by the Olympic Games. Keith Rathbone is a lecturer at Macquarie University in Sydney, Australia. He researches twentieth century French social and cultural history. His manuscript, entitled A Nation in Play: Physical Culture, the State, and Society during France’s Dark Years, 1932-1948, examines physical education and sports in order to better understand civic life under the dual authoritarian systems of the German Occupation and the Vichy Regime. If you have a title to suggest for this podcast, please contact him 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

There’s lot of talk these days, at least in some circles on the left, of a Universal Basic Income. There’s also talk in many of the same circles of a jobs guarantee. Join us as we speak with Steven Attewell, author of People Must Live by Work: Direct Job Creation in America, from FDR to Reagan (University of Pennsylvania Press, 2018). He tells us the history of direct job creation by government in the U.S. and the lessons to be learned from the successes and failures of such efforts throughout the 20th century. It's a fascinating, surprising, and essential history. 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 Peoples 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). Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/economics

Who gets in to top professions? In The Class Ceiling: Why it pays to be privileged (Policy Press, 2019), Drs Sam Friedman, an associate professor of sociology at LSE, and Daniel Laurison, an assistant professor of sociology at Swarthmore College, explore the dominance of social elites in top professions. The book draws on theories of social mobility and the work of Pierre Bourdieu to explain how top professions are highly exclusive, with under representations of women, ethnic minorities, and those from working class backgrounds. Moreover, even when individuals from these demographics do enter top jobs such as law, medicine, and accountancy, along with media occupations and acting, they suffer gaps in pay because of their class, race, and gender. The intersection of these demographics is crucial to the analysis, and the book uses detailed qualitative research to explain this 'class ceiling', showing how economic, cultural, and social capital play out to account for how inequality is replicated in the workplace and beyond. The book is essential reading for everyone interested in contemporary social inequality. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/economics

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. 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 Professor Rodrigo Zeidan of New York University, Shanghai. He has just published Economics of Global Business (MIT Press, 2018), a great book with innovative real-world macroeconomic analyses of timely policy issues, with case studies and examples from more than fifty countries. The book is particularly suitable for use as an introduction to macroeconomics for business students. If you are looking for something accessible that covers also the most contemporary topics (inequality, climate change, migration, sustainability, austerity, financial crisis…), go and buy it. It is a beautiful book written having in mind students with no previous education in economics. It is original in its style, in the selection of themes and in the approach to policy making. The book is divided into two parts and 15 chapters. The preface starts with an amazing personal story of his infancy. After presenting analytical foundations, modeling tools, and theoretical perspectives, Economics of Global Business goes a step further than most other texts, with a practical look at the local and multinational tradeoffs facing economic policymakers in more than fifty countries. Topics range from income equality and the financial crisis to GDP, inflation and unemployment, and, notably, one of the first macroeconomic examinations of climate change. Written by a globetrotting economist who teaches and consults on three continents, Economics of Global Business aims not for definitive answers but rather to provide a better understanding of the context-dependent rationales, constraints, and consequences of economic policy decisions. The book covers long-run and short-run growth (with examples from the United States, China, the European Union, South Korea, Japan, Latin America, Africa, Australia, and Vietnam); financial crises and central banks; monetary and fiscal policies; government budgets; currency regimes; climate change and macroeconomics; income inequality; and globalization. All chapters rely on recent and historical examples of economic policy in action. Rodrigo Zeidan is an Associate Professor of Practice of Business and Finance at New York University Shanghai and a Visiting Professor at Brazil's Fundação Dom Cabral and Copenhagen Business School. His more recent research focuses on Sustainable Finance, alongside issues in Corporate Finance and Development Economics. Alongside his article in Nature Sustainability, his research has been published in the Journal of Corporate Finance, Harvard Business Review, Journal of Business Ethics and Journal of Environmental Management, among others. Rodrigo has written extensively for media outlets, including the The New York Times, World Economic Forum, Bloomberg, Americas Quarterly and Financial Times. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/economics

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. 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

At a time when trade between China and the outside world is rarely out of the news, it remains important to remember that in centuries past global commerce moved in directions very different from those which dominate the present. This was especially evident during the nineteenth and twentieth centuries when Western countries and Japan employed a mix of coercive and collaborative mechanisms to foist their wares and business priorities on China, dominating the country’s trade and customs. Anne Reinhardt’s new book Navigating Semi-Colonialism: Shipping, Sovereignty, and Nation-Building in China, 1860–1937 (Harvard University Asia Center, 2018) focuses on these very dynamics and specifically the place of steam shipping as ‘a means of interrogating China’s experience of Euro-American and Japanese colonialism’ (p.2). Reinhardt's book reveals how trade in China’s coastal and inland waters, and the very vessels via which this was conducted, were sites where myriad grander processes crystallized in physical space. From the closer quarters of boardrooms, government departments and cabins below deck, Reinhardt also takes us to higher levels of elevation, revealing the place of steam shipping within global developments in trade, transport and technology during this crucial period. As well as being a captivating read, the book's fresh and nuanced presentation of China's ‘semi-colonial’ experience is vital for better understanding a history which to this day informs relations between China and the world at large. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/economics

Alessandro Arduino and Xue Gong’s Securing the Belt and Road, Risk Assessment, Private Security and Special Insurances Along the New Wave of Chinese Outbound Investments (Red Globe Press, 2018) significantly contributes to an understanding not only of China’s ambitious infrastructure and energy driven Belt and Road Initiative, but also the increasing challenges it poses for China itself. The multiple security issues the initiative poses, including political instability, religious and ethnic tensions, fragile legal environments, criminality, environmental degradation and social strains, has sparked the rise of a Chinese private security industry with what the authors call Chinese characteristics. Populated primarily by former People’s Liberation Army and police officers, the industry is on a steep learning curve that makes it dependent on Western and Russian expertise. It also has to come to grips with the fact that China’s mushrooming overseas investment threatens to drag the People’s Republic into international crises. Arduino and Gong and their contributors to this edited volume lay out a compelling argument for the need to not only physically secure Chinese personnel and assets but also develop guidelines for risk assessment, special insurance vehicles and crisis management in a world in which state-owned enterprises lack adequate security or an understanding for the utility of corporate social responsibility. In doing so, their edited volume constitutes a major addition to the understanding of China’s Belt and Road Initiative that de facto creates a building block of an as yet undefined new world order. James M. Dorsey is a senior fellow at Singapore’s S. Rajaratnam School of International Studies. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/economics

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. 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

The story of Bretton Woods has been told by countless historians. We have a good sense of the wartime context, the negotiations themselves, the roles of many of the main actors (especially Great Britain and the United States), and the conference’s meaning for postwar global history. What can another book possibly tell us? Lots, actually. In his new book Forgotten Foundations: International Development and the Making of the Postwar Order (Cornell University Press, 2018), Eric Helleiner, a political economist at Waterloo University, retells this history with fresh, more globally-searching eyes in his book Forgotten Foundations: International Development and the Making of the Postwar Era. He examines the conference’s prehistory, which he locates in the United States’ Good Neighbor Policy towards Latin America in the 1930s. He follows representatives from the Global South in and around the conference, showing how they shaped the negotiations and the final agreements. And, finally, he reveals that the conference participants were very interested in the concept of development, a concept that many historians periodize a few years later. The award-winning book should interest economic historians, historians of finance, global historians, historians of U.S. foreign policy, and anyone wanting a fuller, more inclusive account of how global governance works. Dexter Fergie is a first-year 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 [email protected] or on Twitter @DexterFergie. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/economics

We spoke with the author Aleksandr V. Gevorkyan. His book Transition Economies: Transformation, Development, and Society in Eastern Europe and the Former Soviet Union (Routledge, 2018) is a very interesting contribution to the understanding of Soviet economies and their transition, or transformation, as Aleksandr argues. In his book he also discusses the aspect of human transition. I started our conversation asking ‘transition towards what?’ Towards western market economies? Is the field of transition economics affected by the emergence of the successful Chinese model? We briefly discussed the variety of models among the soviet and eastern European nations and how differently they completed their transition. His interdisciplinary study offers a comprehensive analysis of the transition economies of Central and Eastern Europe and the former Soviet Union. Providing full historical context and drawing on a wide range of literature, this book explores the continuous economic and social transformation of the post-socialist world. While the future is yet to be determined, understanding the present phase of transformation is critical. The book’s core exploration evolves along three pivots of competitive economic structure, institutional change, and social welfare. The main elements include analysis of the emergence of the socialist economic model; its adaptations through the twentieth century; discussion of the 1990s market transition reforms; post-2008 crisis development; and the social and economic diversity in the region today. With an appreciation for country specifics, the book also considers the urgent problems of social policy, poverty, income inequality, and labor migration. Gevorkyan believes that the transformational experience of the “transition” economies must be studied objectively and needs to be more fully integrated within the broader field of economic development. It cannot be reduced to examples of economic models, which is the tendency in literature, but needs to be viewed in its historical continuity with many implications on social evolution. This excellent book is an important tool for graduate students, scholars and policy makers. 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. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/economics

McKenzie Wark’s new book offers 21 focused studies of thinkers working in a wide range of fields who are worth your attention. The chapters of General Intellects: Twenty-One Thinkers for the Twenty-First Century (Verso, 2017) introduce readers to important work in Anglophone cultural studies, psychoanalysis, political theory, media theory, speculative realism, science studies, Italian and French workerist and autonomist thought, two “imaginative readings of Marx,” and two “unique takes on the body politic.” There are significant implications of these ideas for how we live and work at the contemporary university, and we discussed some of those in our conversation. This is a great book to read and to teach with! Carla Nappi is the Andrew W. Mellon Chair in the Department of History at the University of Pittsburgh. You can learn more about her and her work here. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/economics

Few who have visited India in the past two decades will have failed to noticed the sudden and spectacular urban transformation that has taken place in many of its cities. Gated residential complexes with tennis courts and indoor gyms, glitzy office buildings, gleaming five-star hotels, and of course air-conditioned malls have become ubiquitous as the new face of a “new” India, often understood as symbols of a long-awaited global modernity. Getting behind the glittery facade, Llerena Searle’s new book Landscapes of Accumulation: Real Estate and the Neoliberal Imagination in Contemporary India (University of Chicago Press, 2015) shows that these buildings are not built to service consumer India; they are built for real estate developers and international investors for whom Indian real estate has become a profitable speculative gamble. Indian land and buildings are no longer local resources for production or use; they are turning, or more accurately being turned, into internationally tradeable financial assets. How this happens, by whose effort, and against what frictions is the story that the book tells. Searle shows that it is through the narrative of a rising Indian middle class that investments are solicited and a real estate boom created. Through ethnographic attention to the practices and labors of real estate producers, Searle offers an innovative, sophisticated and refreshingly human story of the making of neoliberal India, a story has ultimately shows that the new landscapes that are cropping up all over India are landscapes first and foremost of accumulation. This book will be of interest to readers in urban studies, economics, anthropology, and of course South Asian Studies. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/economics

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

In Patent Politics: Life Forms, Markets, and the Public Interest in the United States and Europe (University of Chicago Press, 2017), Shobita Parthasarathy takes us through a thirty year history of the legal debates around patents. This is an understudied area of STS that Parthasarathy carefully navigates in order to understand how knowledge production interacts with law. The reader learns the differences in values, law and objects between US and European patent politics. This comparison brings into focus the role that law, biotechnology corporations, scientists, activists, and more play in deciding what knowledge deserves legal protection. Patent Politics is a fascinating read that will continue to be relevant for many years to come. Chad J. Valasek is a Ph.D. Candidate in Sociology & Science Studies at the University of California, San Diego. His research interests include the history of the human sciences, the influence of the behavioral sciences on medical practice and health policy, and political activism around science and the arts. You can follow him on Twitter @chadjvalasek. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/economics

Why is housing so expensive in so many cities, and what can be done about it? Join us as we speak with long-time San Francisco housing activist Randy Shaw about his book Generation Priced Out: Who Gets to Live in the New Urban America? (University of California Press, 2018). In it, he lays out the causes and consequences of the affordability crisis in San Francisco, Oakland, LA, Austin, New York, Denver, Seattle, and elsewhere. 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 Peoples 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). Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/economics