New Books in Economics

In his engaging and original book The Wisdom of Finance: Discovering Humanity in the World of Risk and Return (Houghton Mifflin Harcourt, 2017), Harvard Professor Mihir A. Desai takes on the daunting task of explaining the world of finance through the prism of the humanities, yes the humanities. Using stories from literature, film, music, popular culture and daily life, Desai argues that rather than being an impenetrable jumble of algorithms used to strip the innocent of their money, the core concepts of modern finance can be used to understand how people make everyday decisions small and large about their lives. Diversification, leverage, risk and return, agency costs—all can be seen and explained without dense mathematical formulas. Whether you agree with this effort or not, you will never read Jane Austen’s Pride and Prejudice or see Mel Brooks’ The Producers the same way again. 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

Historically ubiquitous at least since the 15th century and integral to the rise and consolidation of capitalism, land dispossession has re-emerged as a hot button issue for governments, industries, social movements and researchers. In his first book Dispossession Without Development: Land Grabs in Neoliberal India (Oxford University Press 2018), Michael Levien explores the causes and consequences of India’s land wars in the contemporary neoliberal period. He distinguishes between dispossession in the immediate aftermath of India’s independence (developmentalist) and dispossession in its present-day iteration (neoliberal) as fundamentally different “regimes”. How these regimes of dispossession – their motivations, methods and forms – interact with specific agrarian milieus reveals the mechanics of dispossession as “a social relation of coercive redistribution” in particular contexts and time periods. A longitudinal case study of a village called Rajpura in western India dispossessed for a Special Economic Zone (SEZ) housing Mahindra World City (MWC), a private business process outsourcing cum real estate hub, forms the backbone of the book. Deeply unequal and politically quiescent, Rajpura is rain-scarce but predominantly agricultural. Post-SEZ Rajpura is marked by livestock depletion, loss of grazing lands and reduced opportunities for rural wage work, features of a semi-proletarianized condition increasingly common across the global countryside. Minimal linkages between Rajpura and the urbanizing but non-industrial economy initiated by MWC combined with the dramatic booms and busts of real estate speculation driven by state compensation policy on the other hand underscore Levien’s larger argument: “dispossession without development is a broader feature of India’s political economy”. Levien is Assistant Professor of Sociology in Johns Hopkins University. Madhuri Karak holds a Ph.D. in cultural anthropology from The Graduate Center, City University of New York. Her dissertation titled “Insurgent Difference: An Ethnography of an Indian Resource Frontier” analyzed resource extraction and development as mutually constitutive logics of rule in the bauxite-rich mountains of southern Odisha, India. She tweets @madhurikarak and more of her work can be found here. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/economics

Healthcare is extremely expensive for both patients and their employers. The costs of healthcare continue to increase with no end in sight. Dr. Josh Luke is a former Hospital CEO, disruptor, and healthcare futurist who understands the American healthcare delivery system. In his book Health-Wealth: 9 Steps To Financial Recovery (ForbesBooks, 2018), he exposes the villains of greed and outlines steps to overcome them. He shows how to not let healthcare bankrupt your business with 9 simple steps. These steps show how to provide employees with personalized, specialized, and enhanced care while saving money on healthcare costs. Dr. Luke also talks about his experiences as both Hospital CEO and healthcare consumer. He even talks about why he was proud of his first one-star review on Amazon. Jeremy Corr is the co-host of the hit Fixing Healthcare podcast along with industry thought leader Dr. Robert Pearl. A University of Iowa history alumnus, Jeremy is curious and passionate about all things healthcare, which means he’s always up for a good discussion! Reach 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

In her new book, Globalisation, the State and Regional Australia (Sydney University Press, 2018), Amanda Walsh, associate director of government relations at Australian Catholic University, explores the political and economic consequences of globalization across Australia nationally and in regional Australia specifically. Using a series of case studies on the manufacturing, dairy, and ethanol industries in the Shoalhaven region of New South Wales, she shows how the state’s role in promoting and mediating globalizing forces have affected regional communities. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/economics

As you’ll hear in this interview with Steven Stoll, his latest book Ramp Hollow: The Ordeal of Appalachia (Hill and Wang, 2017) is “really a book about capitalism.” Specifically, it’s about how the people of the southern mountains––meaning, the area between southern Pennsylvania and southern West Virginia––lost their land. Though the book focuses on Appalachia, Stoll presents readers with vivid confrontations between peasant economies and capitalism in the Atlantic World over the last four centuries to support his contentions. Stoll spends a lot of the book describing a time when people lived in the southern mountains without a dependence on money. That was possible when people could garden and draw from a rich ecological base, like a forest where they could grow rye, for example. (Speaking of rye, the third chapter offers a splendid reinterpretation of the Whiskey Rebellion by renaming it the Rye Rebellion––you’ll have to pick up the book to find out why.) That ecological base, Stoll argues, was compromised with the industrial invasion of the southern mountains in the nineteenth and twentieth centuries, and then industrial capitalists “captured” the labor that went into practices like gardening. Stoll describes this process in our interview. “We think of industrial capitalism as eliminating all of these sources of subsistence, when in fact that is hardly ever true. They capture certain forms of subsistence that they find advantageous to use. Why the garden? If a family living in a coal town produces their own food, they can be paid a lower wage.” He explains that the labor of wives, daughters, young songs, grandparents––people not typically down in the mines––can be captured by industrial capitalism. “That labor, outside of the mine, can subsidize a wage for mining that would not otherwise sustain them.” Stoll closes the book with a hopeful reminder to readers that the story is far from over, but that people and landscapes cannot continue be regarded as “instruments of wealth,” as has been the case in the southern mountains since the nineteenth century. He ends with this inspiring thought, “Freedom, in order to have any meaning, must include the freedom to live in a village and farm as a household, with all its uncertainty.” Chelsea Jack is a PhD student in the Anthropology Department at Yale University. She focuses on sociocultural and medical anthropology. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/economics

The North American Free Trade Agreement—or NAFTA, as we Americans call it—is very much in the news of late, primarily because President Trump has decided to make good on what he famously called “the single worst trade deal” that the United States has ever approved. Trump’s assessment, like so many of his statements, isn’t quite the fact he’d like it to be. In study after study, economists have found that NAFTA’s impact on the U.S. economy ranges from relatively insignificant to mildly beneficial. So as the media follows the negotiations and the talking-heads talk, we once again find ourselves in the welter of not knowing what to believe. What we need—what it seems we always need of late—is someone we can trust to clarify the situation, someone who basis their analysis on facts, on research, on evidence, someone who cares not only about the truth of the matter, but who also has a moral compass we can admire. Today I interview Alyshia Gálvez, author of the new book Eating NAFTA: Trade, Food Policies, and the Destruction of Mexico (University of California Press, 2018). She is this person. She approaches NAFTA with a wide and precise lens, examining not only the economics of the agreement, but also its impact on public health, social welfare, agricultural practices, migration patterns, government policy and so many other considerations that get overlooked when the focus gets narrowed to economics. She looks across the border and at the border itself, so we can understand how the lives of the Mexican people have changed in the twenty years since NAFTA began. Gálvez shows us that NAFTA is indeed a terrible deal, but in all of the ways that Trump doesn’t and seemingly can’t. She offers us an analysis guided by rigor, insight, thoroughness, and, above all, compassion for the lives of very people that NAFTA has destroyed. Eric LeMay is on the creative writing faculty at Ohio University. His work ranges from food writing to electronic literature. He is the author of three books, most recently In Praise of Nothing: Essay, Memoir, and Experiments (Emergency Press, 2014). He 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

The relationship between neoliberals and the state is one that has been endlessly debated. Are neoliberals anti-statist? Or are they advocates of a strong state? The seeming vagueness of neoliberalism has led some to even call for the word’s abolition. However, Quinn Slobodian, in his new book, Globalists: The End of Empire and the Birth of Neoliberalism (Harvard University Press, 2018) shakes this debate up and reconceptualizes the history of neoliberalism in the process. The neoliberals that he tracks weren’t opposed to the state per se, but rather, to the nation-state. European neoliberals, such as Lionel Robbins and Friedrich Hayek, instead sought to scale up governance beyond the nation-state and establish supranational institutions and laws that would hem in the power of democratic majorities around the world. Slobodian, an associate professor of European and the world history at Wellesley College, also situates the history of neoliberalism in a forgotten yet critically important global context: decolonization. He also shows how neoliberal thinking shaped how the economy was and continues to be governed. The book will interest historians of ideas, of global politics, and of capitalism, along with anyone wanting a more textured idea of what neoliberalism has looked like historically. 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

Ellen R. Wald’s timely, well-written history of the Saudi national oil company, Saudi Inc. The Arabian Kingdom’s Pursuit of Power and Profit (Pegasus Books, 2018), is as much the story of the Saudi oil industry as it is of the ruling Al Saud family’s reliance on black gold to ensure the survival of its regime. In painting a picture of the Al Saud’s long-term strategy to build up over decades the know-how and expertise needed to run an oil industry and their determination to ultimately after almost half a century take over ownership in a legal, orderly, commercial transaction, Wald contrasts the kingdom’s approach in colourful and painstaking detail with nationalisations as they occurred in Iran and elsewhere in the Middle East. It is also the story of a US government that increasingly saw Saudi oil as crucial to its post-World War Two global military operations and was determined to ensure that American oilmen, despite their arrogant underestimation of Saudis whom they saw as Bedouins and willingness to bend the truth to enhance their profit margins, were sufficiently accommodating to avoid British mistakes in Iran that resulted in nationalisation and a US-British backed coup to roll back the Iranian takeover. Wald’s book provides essential background for the role that the Saudi Arabian Oil Company better known as Aramco plays in Saudi Crown Prince Mohammed bin Salman’s effort to ween the kingdom off its dependency on oil revenues and diversify its economy. It is essential reading for anyone interested in the kingdom’s future as one of the world’s foremost oil producers at a time of significant economic change. 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

This week we met Prof. Kurt Dopfer (Universität St Gallen, Switzerland) to talk about Modern Evolutionary Economics: An Overview (Cambridge University Press, 2018), a book he co-authored with eight other economists. Kurt attended in Nice the 30th annual edition of the EAEPE conference, the sponsor of the Economics channel at NBN. The European Association for Evolutionary Political Economy is the scholarly home for the authors of this book. We tried to contextualize evolutionary economics within heterodox economics and to delineate the history of this approach to economics thanks to this book and the great and long career of Prof. Dopfer. The book is described by Joel Mokyr (Northwestern University) as ‘An excellent summary of what has been achieved in the field of evolutionary economics. I would hope that this book would be read by scholars steeped in ‘neoclassical’ economics and make them appreciate the power and potential of this scholarship.’ S. Metcalfe (University of Manchester) commented that ‘The publication of this clear and comprehensive introduction to the evolutionary dynamics of modern capitalism could not be more timely. The nature, causes and consequences of economic change are at the heart of current debates about the nature of capitalism, its virtues and vices locally, nationally and globally. This work draws on a wealth of economic thinking, old and new, to elucidate the primary role of innovation to the economic process and I can think of no better introduction to the pervasive and incessant role of human creativity to the operation of capitalism as an ordered but far from equilibrium system.’ 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 is class? In Class Matters: Inequality and Exploitation in 21st-Century Britain (Pluto Press, 2018), Charles Umney, an Associate Professor in Work and Employment Relations at the University of Leeds, offers a new marxist analysis of the meaning and impact of class. The book is written in dialogue with recent developments in class analysis, including theories that have placed culture at the heart of how class should be understood. Umney’s book returns to class as more than just classification, rather seeing it as an essential means of understanding inequality and exploitation from a marxist perspective. The book explains core marxist concepts, such as alienation, and offers a vast range of examples of inequality and exploitation, whether the financialisation of the economy, new forms of work, or the role of the state and the media. The book will be essential reading for anyone interested in explaining our current social relations. 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 David George Surdam, co-author with Michael J. Haupert of the book The Age of Ruth and Landis: The Economics of Baseball during the Roaring Twenties (University of Nebraska Press, 2018). In this work, which blends a liberal mix of sports and economics, Surdam and Haupert provide a straightforward narrative that does not bog the reader down with too many numbers. The Age of Ruth and Landis provides plenty of stories about the 1920s’ two most dominant figures in major-league baseball, but also includes chapters about gambling, the teams’ financial ledgers, competitive balance, the running salary battles between players and owners, and the impact of the minor leagues. The book also touches on ethnic diversity and the Negro Leagues during the 1920s. Baseball numbers have always fascinated Surdam, who found a new edition of the MacMillan Baseball Encyclopedia as a youth. “Sheer delight,” said Surdam, who is a professor of economics at Northern Iowa University. The authors use figures from a congressional investigation into baseball in 1951 to provide fascinating insights about what teams were making money. Babe Ruth changed the way baseball was played, and Kenesaw Mountain Landis changed the way the game was ruled. But economics after World War I dictated who the true winners and losers of baseball really were. Bob D’Angelo earned his master’s degree in history from Southern New Hampshire University in May 2018. He earned his bachelor’s degree in journalism from the University of Florida and spent more than three decades as a sportswriter and sports copy editor, including 28 years on the sports copy desk at The Tampa (Fla.) Tribune. He can be reached at [email protected]. For more information, visit Bob D’Angelo’s Books and Blogs. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/economics

The publication of the seventh book of the Industrialisation of Soviet Russia series represents the culmination of a 70-year project that can be traced back to Edward Hallett Carr’s classic series The History of Soviet Russia. In this final volume, The Industrialisation of Soviet Russia Volume 7: Soviet Economy and the Approach of War, 1937-1939 (Palgrave Macmillan, 2018), its authors – R.W. Davies, Mark Harrison, Oleg Khlevniuk, and Stephen G. Wheatcroft – describe the Soviet economy at the end of an era of tumultuous change. Overshadowing developments during this period were the purges that decimated not just the Communist Party leadership but the nomenklatura and lower level managers in many sectors, as well as millions of ordinary citizens. Though the economy suffered from this disruption, it did not alter the fundamental institutions of the Soviet economy, which were increasingly shaped primarily by the demands of internal and external security. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/economics

Though today the public and private sectors are treated as distinct if not separate, the situation was quite different in early modern England. Back then the two were often intertwined, with one of the best examples of this being the English East India Company. In her book A Business of State: Commerce, Politics, and the Birth of the East India Company (Harvard University Press, 2018), Rupali Mishra examines the relationship between the Company and the English state in the early 17th century, showing the many ways in which the two were linked. As Mishra explains, their involvement began with the very creation of the Company, through the granting of a patent that delegated a degree of sovereignty to it. This empowerment was important to the Company’s success, though it also fueled conflicts both internally and with the broader London mercantile community. Added to the semi-official status that the Company sometimes possessed in its dealings abroad was the investment in the Company by many of the leading political figures of that time, including the king, James I. James was not above exploiting the Company as a tool of his policy, though the Company’s sometimes difficult relationship with the crown worsened after his passing in 1625, as his successor Charles I posed yet another series of challenges the Company had to navigate in order to maintain its very existence. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/economics

Histories of banking and finance aren’t particularly well-known for being riveting, adventurous reads: they tend to be technical at the expense of being strongly narrative-driven. Peter James Hudson’s Bankers and Empire: How Wall Street Colonized the Caribbean (University of Chicago Press, 2017) defies this stereotype. An examination of private lending in the Caribbean by North American bankers between the 1890s and the 1930s, Hudson tells a colorful, albeit at-times disturbing tale of a few American bankers who were able to operate virtually without restriction or regulation. Acting almost as freebooters, they dreamt up new practices to try out on Latin American governments, usually not to their benefit, while reinforcing many North American attitudes and stereotypes about Latin Americans, most of all racially. The result of this imperial lending was traumatic for Caribbean and Latin American governments. For much of this period, bankers enjoyed the official backing of the U.S. government, allowing them to operate with immunity and total security. Through President Taft’s policy of “Dollar Diplomacy,” they were able to operate as an arm of U.S. foreign policy. By making funds available to repressive governments, they helped to cement their place in power at the expense of their subjects, while the amount owed by these governments soon left them under the de facto control of banks and by extension the U.S. government. Ultimately, much of this system came crashing down with the Great Depression, which helped to expose these lending practices as dangerous and ill-regulated. Nevertheless, the effect on the region outlived these practices. Zeb Larson is a PhD Candidate in History at The Ohio State University. His research is about the anti-apartheid movement in the United States. To suggest a recent title or to contact him, please send an e-mail to [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

Southern capitalists of the postbellum era have been called many things, but never conservationists. Until now. Environmental historian William D. Bryan has written a brilliantly disorienting reassessment of the South’s economic development in the period between the Civil War and the Great Depression. In The Price of Permanence: Nature and Business in the New South (University of Georgia Press, 2018), Bryan finds that in all corners of the region’s 800,000 square miles debates about reconstructing the South’s economy focused on how industries could derive profits from its natural resources in perpetuity. Boosters imagined a New South that would not exhaust its soils, denude its forests, empty its mines, or squander the potential of underappreciated resources. They spoke the language of conservation as enthusiastically as Teddy Roosevelt and Gifford Pinchot, but the South’s new, “permanent” economy was to be constructed by private interests alone—a pursuit animated in part by the specter of federal intervention if they were to fail. Bryan shows that this concern with permanence helps explain many of the era’s signature developments, such as the widespread adoption of fertilizer, the rapid development of the tourism sector, and the appearance of all manner of “waste” industries, from cottonseed to cement. But this more careful stewardship of resources came at great social and environmental costs. Agriculture remained a low-wage, labor-intensive sector, and new industries were no better. For boosters, this was a feature, not a bug. A permanent economy would maintain not only resource stocks but also white supremacy and the power of elites. And ensuring the persistence of natural resources was no safeguard of environmental quality. Many of the new enterprises that succeeded in sustaining their resource base, like the paper industry, exacted the greatest toll on southern air, waters, and bodies. Bryan has not only given us a more convincing, nuanced, and unified account of the New South, he also offers a cautionary tale of the dangers of a politics of sustainability too narrowly shaped around profits and growth. William D. Bryan is an environmental historian based in Atlanta. Brian Hamilton is a Ph.D. candidate at the University of Wisconsin–Madison where he is researching African American environmental history in the nineteenth-century Cotton South. He is also an editor of the digital environmental magazine and podcast Edge Effects. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/economics

Of what use is history, particularly for economists and people in finance? If you’ve ever wondered about this, you should read Daniel Peris‘s book Getting Back to Business: Why Modern Portfolio Theory Fails Investors and How You Can Bring Common Sense to Your Portfolio (McGraw-Hill Education, 2018). Before he became a portfolio manager, Peris was a professional historian. He was trained as such, wrote books about such, and taught such. In Getting Back to Business, he brings his background in this regard to a little considered question: Why, historically speaking, do we invest money the way we do? The “we” here is your financial advisor and, if you invest your own money, you. And you use something called “Modern Portfolio Theory” or MPT. That theory—like any theory—has a history. It was created by particular people in a particular historical context for a specific historical purpose. It was a tool fit for that specific historical purpose. Peris masterfully traces how it was invented, disseminated, and eventually reached (pardon the expression) “market saturation” among financial advisors. It’s a fascinating story, really an intellectual-institutional history of modern investment thought. But Getting Back to Business more than an academic exercise because Peris is no longer an academic; he manages 20 billion dollars. And his historical exploration has led him to the conclusion that the tool we call “MPT” is no longer fit for purpose. It used to work, but times have changed (partly because of the widespread adoption of MPT itself) and it no longer does, at least in its standard form. Peris has some suggestions about how we might design a new tool, one better fit to modern conditions. This books is a rare beast: applied, relevant, meaningful, news-you-can-use history. Were that there were more books like it. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/economics

Thomas Mulligan’s new book, Justice and the Meritocratic State (Routledge Press, 2018), posits a theory of justice that is based on the allocation of valuable goods (jobs and appropriate income) according to merit. This is an abstract concept that Mulligan details according to economic, philosophical, and political understandings. He weaves together the political and economic dimensions of meritocratic allocations and spends the latter part of the book noting policy ideas that can bring this abstract concept into being. In the process, Mulligan critiques contemporary concepts of justice, especially commenting on the 20th-century work by Robert Nozick, John Rawls, Leo Strauss, and post-modern philosophers. The argument made for meritocratic allocation of valuable goods is seen as a kind of third way between the limited nature of egalitarian theory on one side and libertarian theory on the other. The argument for “desert”-based justice also brings the ideal of the American dream into clearer focus in Mulligan’s analysis. His book explores this concept in great detail, clearing up what has been the murky nature of an understanding of what meritocracy really means. Throughout the book, Mulligan delves into concepts of meritocracy from classical authors like Socrates/Plato and Aristotle, as well as from eastern approaches. He explores the integration of an understanding of meritocratic governance and political power from Confucian political theory as well as from much of the western philosophical canon. This book spans a variety of disciplines, and may be of interest to political theorists, economists, philosophers, sociologists, and others. It is clearly written and takes the reader through not only the concept of meritocracy and desert-based justice, but also the role of economics in understanding justice, and, finally, the kinds of policy and rhetorical shifts that are necessary to more fully establish a meritocratic state. This podcast was hosted by Lilly Goren, Professor of Political Science and Global Studies at Carroll University in Waukesha, WI. You can follow her on Twitter @gorenlj Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/economics

How can we end the scourge of poverty? How we can sustain ourselves once robots eliminate the need for many jobs? Annie Lowrey offers an answer in the title of her book, Give People Money: How a Universal Basic Income Would End Poverty, Revolutionize Work, and Remake the World (Crown, 2018). She makes the case for the policy called “Universal Basic Income,” in which the government pays everyone a fixed amount of money whether or not they have a job. The book traces the history of the idea, which goes back centuries and has been embraced at various points by people on the left and the right. Lowrey also shares her travels to Kenya, to witness a pilot UBI program, and to India, to explore its high-tech program to bring banking to the poor and could lead to a UBI system. She talks with politician and philosophers, economists and subsistence farmers. And she addresses critics who fear UBI would be too expensive and discourage work. As UBI becomes a hot topic in policy work circles, Give People Money will help you fully understand the idea and consider its profound implications. Bill Scher is a Contributing Editor for POLITICO Magazine. He has provided political commentary on CNN, NPR and MSNBC. He has been published in The New York Times, The New Republic, and The New York Daily News among other publications. He is author of Wait! Don’t Move to Canada, published by Rodale in 2006. 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 Ilene Grabel, Professor at the University of Denver and Co-director of the MA program in Global Finance, Trade & Economic Integration at the Josef Korbel School of International Studies. Ilene just published a very timely, interesting and important book on the evolution of the global financial governance and its institutions: When Things Don’t Fall Apart: Global Financial Governance and Developmental Finance in an Age of Productive Incoherence (MIT Press, 2017). In the foreword, Dani Rodrick from Harvard University defines the book as follows: “It happens only rarely and is all the more pleasurable because of it. You pick up a manuscript that fundamentally changes the way you look at certain things. This is one such book. Ilene Grabel has produced a daring and delightful reinterpretation of developments in global finance since the Asian financial crisis of 1997–1998.” The book is an account of the gradual, uneven, disconnected, ad hoc, and pragmatic innovations in global financial governance and developmental finance induced by the global financial crisis. In When Things Don’t Fall Apart, Ilene Grabel challenges the dominant view that the global financial crisis had little effect on the financial institutions. Most observers discount all but grand, systemic ruptures in institutions and policy. Grabel argues instead that the global crisis induced inconsistent and ad hoc discontinuities in global financial governance and developmental finance that are now having profound effects on emerging market and developing economies. Grabel’s chief normative claim is that the resulting incoherence in global financial governance is productive rather than debilitating. In the age of productive incoherence, a more complex, dense, fragmented, and pluripolar form of global financial governance is expanding possibilities for policy and institutional experimentation, policy space for economic and human development, financial stability and resilience, and financial inclusion. All this in a very enjoyable book that students, scholars, policymakers and managers of financial institutions should read right now. Andrea Bernardi is Senior Lecturer in Employment and Organization Studies at Oxford Brookes University in the UK. He holds a doctorate in Organization Theory from the University of Milan, Bicocca. He has held teaching and research positions in Italy, China and the UK. Among his research interests are the use of history in management studies, the co-operative sector, and Chinese co-operatives. His latest project is looking at health care in rural China. He is the co-convener of the EAEPE’s permanent track on Critical Management Studies. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/economics

As Reader in Industrial Management in the Adam Smith Business School at the University of Glasgow, Rob Dekkers is well positioned to survey the currents of the vibrant systems tradition in the United Kingdom. In his book, Applied Systems Theory, out in its second edition from Springer in 2017, Dekkers seeks to augment the valuable work done by Soft Systems Methodology in facilitating the engagement of multiple stakeholders, as well as the achievements of a host of other established cybernetic and systems approaches, with a set of modeling tools more formally rigorous than those previously on offer. By drawing our attention to such factors as the need to keep secondary processes and resources within the boundaries of system models, the importance of a balanced blend of feedback and feed-forward control mechanisms, and the potential for miscommunication between differently focused “aspect systems” contained within the same organization, Dekkers offers the next generation of systems practitioners new techniques for developing the kind of foresight necessary to manage complex human activity systems in an era where the margins for unintended consequences continue to shrink at a seemingly exponential rate. Dekkers combines a deep understanding of, and respect for, the work of previous generations of systemic thinkers with a keen sense of the gaps in systems practice still yet to be adequately filled; making this an ideal textbook for upper level undergraduate and graduate systems courses. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/economics

Stephen C. Yeazell‘s Lawsuits in a Market Economy: The Evolution of Civil Litigation (University of Chicago Press, 2018) is an in-depth look at the development and current situation of civil litigation. It beings with the question of why civil lawsuits have become such a political question and uses that to explore our world of settlements, arbitration, trials and insurance adjusting. It gives an expert, informed and even-handed look at what can be a contentious topic and is accessible to the layperson and edifying even to the professional. It portrays our environment of civil litigation as an evolving one where real people solve real problems, often for society’s benefit. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/economics

Is India facing a waste crisis? As its population, cities and consumption grow what are the implications for the health, well being and everyday lives of Indians? In Waste of a Nation: Growth and Garbage in India (Harvard University Press, 2018), Assa Doron and Robin Jeffrey discuss the genealogy of garbage and how it grew in quantity and changed in consistency in liberalising India. The book also provides us with an exhaustive birds eye view of the technological, socio-political and administrative challenges faced by those who work for a cleaner India. Ian Cook is a Research Fellow at the Centre for Media, Data and Society at the Central European University, Budapest and also the host of Online Gods: A Podcast about Digital Cultures. Juli Perczel is a PhD candidate in anthropology at the University of Manchester. 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 Darkening Nation: Race, Neoliberalism, and Crisis in Argentina (University of Wales Press, 2018), Ignacio Aguiló studies the sociocultural impact caused by the failure of the IMF economic measures in Argentina of 2001-2002. Through the lens of cultural production (films, novels, short stories, artwork and music), the author explores two of the country’s so-called exceptionalisms: whiteness and economic success. These myths, heavily endorsed by the military dictatorship during the 1970s and early 1980s, created a sense of homogeneity and uniqueness that came into question at the time of the crisis. All of the cultural products studied by the author show different aspects of what was actually a crisis in the exceptionality myths that linked race with progress. Pamela Fuentes is Assistant Professor in the Women’s and Gender Studies Department, Pace University, NYC campus. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/economics

I was joined in Oxford by Ben Clift, Professor of Political Economy, Deputy Head of Department and Director of Research at the Department of Politics and International Studies of the University of Warwick. Ben has just published a very important, timely and interesting book on the IMF: The IMF and the Politics of Austerity in the Wake of the Global Financial Crisis by Ben Clift (Oxford University Press, 2018). The book provides the first comprehensive analysis of major shifts in IMF fiscal policy thinking as a consequence of the great financial crisis and the Eurozone debt crisis. It widely presents the IMF’s role in the politics of austerity. The book also offers an innovative theory specifying four mechanisms of IMF ideational change – reconciliation, operationalization, corroboration, and authoritative recognition. It combines in-depth content analysis of the Fund’s vast intellectual production with extensive interviews with IMF economists and management. The book is structured in seven chapters plus conclusions: 1: The IMF and the Politics of Austerity in the Wake of the Global Financial Crisis 2: Ideational Change at the IMF after the Crash 3: IMF, Economic Schools of Thought, and Their Normative Underpinnings 4: Analysing the IMF Surveillance of Advanced Economies: The Social Construction of Fiscal Space 5: The Fund’s Fiscal Policy Views and the Politics of Austerity 6: The IMF, the UK Policy Debate, and Debt & Deficit Discourse 7: The IMF and the French Fiscal Rectitude amidst the Eurozone Crisis Conclusion – IMF Intellectual Authority and the Politics of Economic Ideas After the Crash IMF has been strongly criticised by economists, politicians, intellectuals and activists of the protest movements. This book might surprise many of them because it presents a much more pluralist if not heterodox set of economic ideas present and followed by the IMF’s economists and managers. The readers would discover that during the Greek crisis the IMF suggested a more flexible approach. In the case of Britain the IMF criticised the austerity policy of the Coalition Government. And in general the IMF has recently signalled that fiscal rectitude is not enough without support to aggregate demand and that inequality has to be monitored as well. Professor Clift argues that the Fund’s crisis-defining economic ideas, and crisis legacy defining ideas, were important in constructing particular interpretations of the crisis. ‘Fund leadership articulated a Keynesian market failure understanding of the crisis, focussing on deficiencies of aggregate demand, and on the destabilising properties of financial markets. The Fund’s re-emphasising of Keynesian insights into liquidity traps, demand deficiency, higher fiscal multipliers, and the folly of all countries consolidating at once sat outside orthodox economic policy-making ideas at the time. These were not the lessons policy-makers had typically drawn from academic economics before the crisis.’ This book is for those interested in the politics of economic ideas and in the interaction between economics and politics. IMF is presented as an arena where new economic ideas and the dominance of different schools of economic thought emerge. Despite internal politics, institutional rules and member states’ influence, the IMF has shown autonomy and intellectual authority. Our conversation ended talking about the future of the institution particularly looking at the European Union financial integration. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/economics

For decades the implementation of a single European currency was seen by its advocates as a vital step in the post-World War II movement toward greater European integration. As Ashoka Mody details in Eurotragedy: A Drama in Nine Acts (Oxford University Press, 2018), however, the euro that emerged was built on a dangerously flawed set of assumptions, ones which have made the euro a key factor in the continent’s ongoing economic problems. First proposed by French leaders in the 1960s, the idea of a single European currency was viewed by them as a way of shoring up their presence in the global economy. Though German politicians and bankers were initially resistant to implementing such a currency, this changed during the chancellorship of Helmut Kohl. As he grappled with the resistance to German reunification at the end of the Cold War, Kohl embraced the single currency as a symbol of Germany’s commitment to European cooperation and over the course of the 1990s he shepherded its creation over the objections of economists and growing popular discontent with the idea. These concerns proved prescient in the years following the euro’s introduction in 1999, as the single currency deprived participating nations of the ability to employ devaluation as a national response to global competition, creating added economic issues that have sharpened political tensions throughout the continent ever since. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/economics

In When Wheat Was King: The Rise and Fall of the Canada-UK Grain Trade (University of British Columbia Press, 2016), André Magnan connects the cultivation of wheat on the Canadian prairies to the consumption of bread in Britain. Using the concept of a “food regime” as a theoretical frame, Magnan identifies three broad periods of stability in the relationship between Canadian wheat and British bread: a “UK-centered” food regime from about 1870 to 1914, a “mercantile-industrial” food regime from 1945 to 1972, and a “corporate” or “corporate-environmental” food regime from 1995 to the present. Separating these three periods are two periods of instability, the first including the two World Wars and the second beginning with the simultaneous oil crisis and entry of the Soviet Union into the global wheat trade in the 1970s. Through these phases of relative stability and instability, Magnan traces the institutions that linked the cold, dry Canadian prairies to the cities of Britain, including banks and food processing companies, with particular focus on the Canadian Wheat Board from 1935 until its dissolution in 2012. André Magnan is Associate Professor in the Department of Sociology and Social Studies at the University of Regina. His research and teaching interests include the sociology of agrifood systems, globalization and development, and sociological theory. Magnan has two principle areas of research. First, he has examined the history and politics of grain marketing on the Canadian prairies, with a focus on the rise and fall of the Canadian Wheat Board, one of Canada’s most important agricultural institutions. His second area of research focus is the financialization of agrifood systems. Here Dr. Magnan has examined changing patterns of farm structure and ownership in Canada and Australia, documenting how financial investors of different stripes are buying farmland on a large scale. Part of a multi-year study funded by the Social Sciences and Humanities Research Council, this research aims to understand how new patterns of farmland ownership could affect family farmers, rural communities, and the agricultural industry. David Fouser is an adjunct faculty member at Santa Monica College, Laguna College of Art & Design, and Chapman University. He completed his Ph.D. in 2016 at the University of California, Irvine, and studies the cultural and environmental history of wheat, flour, and bread in Britain and the British Empire. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/economics

Telling the story of a former colony post-independence is tricky, no matter if it’s a colony in Latin America, the Middle East or East Asia. Where does the idea of the ’nation’ slot in? Does it exist independent of colonialism? How does one talk about decolonization in post-imperial contexts? Then, you have to consider the interlocking concepts of language, race and even war. In the Sudanese case, that story can be told through the emergence of economic developmentalism. In Transforming Sudan: Decolonization, Economic Development, and State Formation (Cambridge University Press, 2017), Alden Young tells the story of how the Sudanese state was shaped post-independence as a result of economic planning. Through global, regional, and national notions of how to economically plan a state, Young traces the people, resources, and policies that would have consequences for generations to follow. Alden Harrington Young is assistant professor in the departments of History and of Global Studies and Modern Languages and director of Africana Studies, all at Drexel University. He received his BA from Columbia, his MA from the London School of Economics and Political Science and his PhD from Princeton University. He teaches African History, economic history and the history of Arab and African interactions. Nadirah Mansour is a graduate student at Princeton University’s Department of Near Eastern Studies working on the global intellectual history of the Arabic-language press. She tweets @NAMansour26 and produces another Middle-East and North Africa-related podcast: Reintroducing. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/economics

Did capitalism exist in ancient Greece, the cradle of democracy and western civilization? I was joined to discuss this and other issues with Donni Wang, the author of Before the Market: The Political Economy of Olympianism (Common Ground, 2018). The book is not a traditional book of economics as history and philosophy play a big role. Not surprisingly Donni studied Economics, at Berkeley, and Classics, at Stanford. She now holds a position in History at Shanghai University. Previous studies have applied quantitative models and social science methods to determine the extent of market activities and growth in ancient Greece. Before the Market, instead, employs techniques from the cultural-linguistic turn to examine economic matters. With this approach the author argues to be able to shed light on a new economic system—one that is vastly different from the market system. At the same time, the underlying theoretical framework that links culture, identity, and action also prompts a radical redefinition of state power, democracy, and community, resulting in a narrative of ancient Greece that is both more dynamic and complex than in conventional accounts and also more useful and relevant for today’s world. For the concerned reader, this book is laden with lessons and ideas for both envisioning wholesale economic transformation that is needed to address the problems of the 21st century as well as examples of specific practice that can be adopted. Concepts like the commons, collective knowledge, joint ownership, and gift exchange speak directly to a number of grass-roots movements that seek to embrace alternative ways of organizing economic life. In addition, Before the Market provides a reading of democracy politics that points the way forward to a truly tolerant, inclusive and egalitarian global order. A very interesting, erudite, sophisticated and provocative book worth reading. 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

The Future of University Credentials: New Developments at the Intersection of Higher Education and Hiring (Harvard Education Press, 2016) offers a thorough and urgently needed overview of the burgeoning world of university degrees and credentials. At a time of heightened attention to how universities and colleges are preparing young people for the working world, questions about the meaning and value of university credentials have become especially prominent. Sean R. Gallagher, EdD, guides us through this fast-changing terrain, providing much-needed context, details, and insights. The book casts a wide net, focusing on traditional higher education degrees and on the myriad certificates and other postsecondary awards that universities and other institutions now issue. He describes the entire ecosystem of credentials, including universities and colleges, employers, government agencies, policy makers and influencers—and, not least, the students whose futures are profoundly affected by these certifications. And he looks intently at where university credentials might be headed, as educational institutions seek to best serve students and employers in a rapidly changing world. Hoover Harris, editor of Degree or Not Degree?, holds a PhD in English Literature and writes and speaks about trends in higher education. He can be reached by email at [email protected] or on Twitter @degreenot. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/economics

In Austrian Reconstruction and the Collapse of Global Finance, 1921–1931 (Harvard University Press, 2018), Nathan Marcus, analyzes the events that took place around the financial crisis in Austria after World War I. When Austria was the first interwar country in Europe to suffer a hyperinflation the League of Nations stepped in to offer financial support and advice. But a total collapse of the financial system in 1931 couldn’t be avoided. Nathan Marcus offers a new perspective on the already well researched subject and an individual approach not only with regards to content but also on a methodological level by interlacing multiple perspectives and sources (such as journals and caricatures, literature, anecdotes etc.) with each other to create a wider understanding for the events. Nathan Marcus is an Assistant Professor of Modern European History at the Higher School of Economics, National Research University, Saint Petersburg, Russia. 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 was joined by Seamus Grimes from Ireland where he is Emeritus Professor at the National University of Ireland, Galway. With Yutao Sun (Dalian University of Technology), he just published a very interesting and timely book China and Global Value Chains: Globalization and the Information and Communications Technology Sector (Routledge, 2018). President Trump has raised the intriguing question of bringing the manufacturing of companies like Apple back from China to the U.S. This book, however, argues that in this age of the knowledge-based economy and increased globalization, that value creation and distribution based on knowledge and innovation activities are at the core of economic development. The double-edged sword of globalization has transformed China’s economic development in the past few decades. Although China has benefitted from globalization and is now the second largest economy in the world, having become a global manufacturing power and the biggest exporter of high-tech products, it continues to be highly dependent on foreign sources of capital and technology. The book explores the core of the Chinese economy from the perspective of the global value chain, combining analysis of inward investment, international trade, science and technology and innovation and economic development. Specifically, it investigates China’s evolving role with some innovative Chinese companies emerging in the global market and China’s ongoing efforts to become an innovation-driven economy. This is a very interesting book on the complexity of the global industrial systems that are behind the production of the electronic goods that we use daily. Beside China and this specific sector, it is a timely warning for those that argue in favour of raising barriers or regulating otherwise the current flow of goods and components worldwide. 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

Michael Sandel is Anne T. and Robert M. Bass Professor of Government at Harvard University. Sandel is an internationally renowned political philosopher who Newsweek has lauded as “the world’s most relevant living philosopher.” His latest project is a video series titled What Money Can’t Buy, which has Michael and an international group of college students exploring the question “What, if anything, is wrong with a world in which everything is for sale?” You can view the series for free at whatmoneycantbuy.org. The "Why We Argue" podcast is produced by the Humanities Institute at the University of Connecticut as part of the Humility and Conviction in Public Life project. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/economics

I met in Rome, at Sapienza University, with two of the three editors of a great new book in economics. Marcella Corsi is professor of economics at Sapienza University of Rome, Italy, and editor of the International Review of Sociology. Carlo D’Ippoliti is associate professor of economics at Sapienza University of Rome, Italy, and editor of PSL Quarterly Review. He is also one of the hosts of this channel. The third editor is Jan Kregel, director of research at the Levy Economics Institute of Bard College, USA, and professor of development finance at Tallinn University of Technology, Estonia. He is also co-editor of the Journal of Post-Keynesian Economics. Classical Economics Today (Anthem Press, 2018) is a collection of essays in honour of Alessandro Roncaglia. It provides an overview on his contributions and on the Classical tradition in Economics. It is a history of ideas in Economics but also an attempt to discuss their contemporary relevance to economic policy and economic theory. The contributors to the volume, like all classical economists in general, regard history as a useful tool of analysis rather than a specialist object of investigation. By denying that a single, all-encompassing mathematical model can explain everything we are interested in, Classical political economy necessarily requires a comparison and integration of several pieces of theory as the only way to discuss economics and economic policy. Economists inspired by the Classical approach believe that economic theory is historically conditioned: as social systems evolve, the appropriate theory to represent a certain phenomenon must evolve too. Therefore, plurality in methods, including the history of economic thought, must be a deliberate choice, as evidenced by the essays in Classical Economics Today: Essays in Honor of Alessandro Roncaglia. The book is a tribute to Alessandro Roncaglia, to his personality and his research interests. Roncaglia’s research is based on Schumpeter’s dictum that good economics must encompass history, economic theory and statistics, and therefore does not generally take the form of elegant formal models that are applicable to all and everything. In this direction, Roncaglia is inspired by the Classical economists of the past, and becomes a model for present-day Classical economists. This is a book for economists, particularly for those who regard history of economic thought as a useful tool of analysis rather than a specialist object of investigation. But the book is approachable by students and non-economists too. The non-expert reader would be delighted to discover that economics is different to what they expected. 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 Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/economics

What’s not to like about economic growth, you might ask? Well, quite a lot, it turns out, once we begin to examine how GDP and other measures of the economy are constructed, and once we see what they leave out (and perhaps just as troubling, what they leave in). Join us as we speak with David Pilling about his new book, The Growth Delusion: Wealth, Poverty, and the Well-Being of Nations (Tim Duggan Books/Bloomsbury, 2018), which helps us understand the problems with how we typically evaluate national economies and offers some alternative approaches even though each of those options presents their own challenges. Stephen Pimpare is Senior Lecturer in the Politics & Society Program and Faculty Fellow at the Carsey School of Public Policy at the University of New Hampshire. He is the author of The New Victorians (New Press, 2004), A People’s History of Poverty in America (New Press, 2008), winner of the Michael Harrington Award, and Ghettos, Tramps and Welfare Queens: Down and Out on the Silver Screen (Oxford University Press, 2017). 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 talked to Fahad Bishara about his book A Sea of Debt: Law and Economic Life in the Western Indian Ocean, 1780-1950 (Cambridge University Press, 2017). Dr. Bishara is Assistant Professor of History at the University of Virginia. He specializes in the economic and legal history of the Indian Ocean and Islamic world. In this podcast, Dr. Bishara discusses his sophisticated history that explores the intricate legal and economic regimes that traversed the Western Indian Ocean for generations. He also talks about how he effectively mined legal documents to craft this narrative. The following podcast was originally published on H-Law’s Legal History Podcast. 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 was joined by Martijn Konings from Australia where he is Associate Professor of Political Economy at the University of Sydney. We had a conversation on his most recent book Capital and Time: For a New Critique of Neoliberal Reason (Stanford University Press, 2018). Its main contribution is to offer an original point of view on the issue of speculation. Critics of capitalist finance tend to focus on its speculative character. Our financial markets, they lament, encourage irresponsible bets on the future that reflect no real underlying value. Why is it, then, that opportunities for speculative investment continue to proliferate in the wake of major economic crises? To make sense of this, Capital and Time offers an understanding of economy as a process whereby patterns of order emerge out of the interaction of speculative investments. Speculation, he argues, is an essential intrinsic feature of capitalism and not just a negative spillover or a collateral behavior. The book also provides an original view on the role of the State. Progressive critics have assumed that the state occupies a neutral, external position from which it can step in to constrain speculative behaviors. On the contrary, Konings argues, the state has always been deeply implicated in the speculative dynamics of economic life. Through these insights, he offers a new interpretation of both the economic problems that emerged during the 1970s and the way that neoliberalism responded to them. Neoliberalism’s strength derives from its intuition that there is no position that transcends the secular logic of risk, and from its insistence that individuals actively engage that logic. The book concludes that the current critique of speculation is misleading and incapable of recognizing how American capitalism has come to embrace speculation and has thus been able to generate new kinds of order and governance. This is a very interesting book, written in an accessible way despite the complexity of the topic. 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

Professor George Paul Meiu‘s debut anthropological book, Ethno-erotic Economies: Sexuality, Money, and Belonging in Kenya (University of Chicago Press, 2017), dives into the commodification of culture and sex on the beachfronts of coastal Kenya, as well as the ramifications and shifting economic power dynamics in rural Samburu villages that result from this new economy. Utilizing over a decade of community engagement and research, Meiu expertly engages in intense anthropological study without exploitation and judgment. Rather he succeeds in humanizing his subjects as he explores the creation and development of a new economy, that of engaging with white, largely Western European women, in romantic relationships in exchange for money, goods and, eventually, higher economic and social status in their home rural communities. But with this new economy comes challenges to traditional social structures, as sexuality and wealth intersect with traditional land tenure and power. Meiu, with his deep understanding of the Samburu people, rituals and culture, explores how power dynamics change, and how new money is challenged and reconciled. This book is highly readable, without skimping on academic literature and theoretical context, resulting in a book that will engage everyone from first year anthropology students through seasoned academics. Erin Freas-Smith, Ph.D 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

Did Abraham Maslow actually ever draw a pyramid of hierarchy of needs? Did Kurt Lewin devote substantial work on the development of a change management theory? Why do we omit or misrepresent important features of the work of Adam Smith, Max Weber or Frederick Winslow Taylor? What is the forgotten origin of Harvard Business School case method? I was joined by two of the authors—Stephen Cummings and Todd Bridgman— ofA New History of Management (Cambridge University Press, 2016), a great new book that answers those and many more questions. The book is a very important contribution to critical management studies that uncovers the inaccuracies and simplifications (if not actual inventions) that populate management and organization textbooks. A New History of Management is not a conspiracy theory, but rather it is the result of rigorous historical research on how the field of management studies was constructed in the past century. The authors argue that the existing narratives about how we should organize are built upon, and reinforce, a concept of “good management” derived from what is assumed to be a fundamental need to increase efficiency. But this assumption is based on a presentist, monocultural, and generally limited view of management’s past. This book is for both scholars and practitioners, tutors and students. Academics will be able to reflect critically on the nature of business education and on conformism in teaching and research. Practitioners and students will be able to challenge what they have been taught as a scientific rather than ideological artifact. Both students and scholars will be able to discuss alternative approaches for managing and organizing in the twenty-first century. Animated videos on the book are available on here. 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 EAEPEs 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 role has the World Bank played in influencing health sector reform in Latin America? In her new book, Banking on Health: The World Bank and Health Sector Reform in Latin America (Palgrave Macmillan, 2017), Shiri Noy explores this question and more using mixed methods, including interviews, quantitative analysis, and review of policy documents and archives. The book starts off by providing readers a history of the World Bank and its role in health reform. Even though it may seem as if the World Bank would have a similar solution across countries, Noy finds that involvement and plans are more variable due to the systems already in place within these countries. Noy then moves on to an analysis of health expenditures, finding surprising results that further drove her research project and curiosity. The book then explores three countries in turn: Argentina, Peru, and Costa Rica. This book provides rich analysis of a complex social issue and set of systems, sending the reader away with both empirical and theoretical findings. This book will be enjoyed by sociologists broadly but particularly by historical sociologists or those studying Latin America specifically. This book will be of interest to political scientists and health scholars as well. Graduate level courses in health and stratification could utilize this book not only for understanding health reform and the role of the World Bank, but also in terms of the fascinating case studies of the three countries contained here. Sarah E. Patterson is a Sociology postdoc at the University of Western Ontario. You can tweet her at @spattersearch. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/economics

Taisu Zhang ties together cultural history, legal history, and institutional economics in The Laws and Economics of Confucianism: Kinship and Property in Pre-Industrial China and England (Cambridge University Press, 2017) and offers a novel argument as to why Chinese and English pre-industrial economic development went down different paths. Late Imperial and Republican China (1860-1949) was dominated of Neo-Confucian social hierarchies, under which advanced age and generational seniority were the primary determinants of sociopolitical status. This allowed many poor but senior individuals to possess status and political authority highly disproportionate to their wealth. In comparison, in the more individualistic early modern England (1500-1700) landed wealth was a fairly strict prerequisite for high status and authority. This essentially excluded low-income individuals from secular positions of prestige and leadership. Zhang argues that this social difference had major consequences for property institutions and agricultural production. 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 last few weeks, minimum wage workers in 18 states saw their wages go up; in Maine a full dollar increase. Why states have taken the lead on raising the minimum wage is the topic of the new book from Christopher Witko and William Franko, The New Economic Populism: How States Respond to Economic Inequality (Oxford University Press, 2017). Witko is associate professor of political science at the University of South Carolina; Franko is assistant professor of political science at West Virginia University. In the book, they argue, despite rising inequality, the federal government has been unable to muster the will to address the problem. Instead, we are seeing many states actively addressing economic inequality, often through direct democracy. Franko and Witko show that the states that address inequality are not necessarily those with the greatest levels of inequality, but instead are those states where citizens are aware and concerned with growing inequality. They examine how various factors have shaped state policies that boost incomes at the bottom (the minimum wage and the Earned Income Tax Credit) and reduce incomes at the top (with top marginal tax rates) between 1987 and 2010. Heath Brown, associate professor, City University of New York, John Jay College and CUNY Grad Center, hosted this podcast. Please rate the podcast on iTunes and share it on social media. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/economics

For her new book Uneasy Street: The Anxieties of Affluence (Princeton University Press, 2017), Rachel Sherman conducted in-depth interviews with fifty wealthy New Yorkers—including hedge fund financiers, corporate lawyers, professors, artists, and stay at home mothers—to try to understand their lifestyle choices as consumers in society and their perception of privilege. In the media and popular imagination, the wealthy are often presented as self-serving people who single-mindedly accrue and display social advantages for themselves and their children. Sherman’s findings destroy this stereotype. Instead, she found that the wealthy believed in diversity and meritocracy. They were often reluctant to talk about their wealth and were conflicted about their position in a class-based society. The rich wanted to see themselves as hard working people who give back and raise children with good values. They longed to be considered morally worthy and generally depicted themselves as productive and prudent. Michael O. Johnston is an Assistant Professor of Sociology at William Penn University. He earned his doctoral degree in Public Policy and Public Administration from Walden University. His most recent paper, to be presented at the upcoming American Society for Environmental History conference, is titled “Down Lovers Lane: A Brief History of Necking in Cars.” Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/economics

In Freedom From Work: Embracing Financial Self-Help in the United States and Argentina (Stanford University Press, 2017), Daniel Fridman explores what it means to be an economic subject in what different people call the new economy, the post-industrial economy, or neoliberal capitalism. Fridman begins his investigation by looking into a best-selling book in what he calls financial self-help, an ascendant genre of self-help that tries to teach its readers how they should think about the economy today and what their goals and ethics ought to be as actors in that new economy. Using ethnographic and interview methods, Fridman gets to know the people who practice the advice of these books, participating in their various seminars and fascinating financially-focused board-game meet-ups. Fridman unpacks the core ideas that animate this world and shows that, far from being an isolated ideology, the worldview posited by financial self-help can teach us a lot about how people are remaking themselves as economic actors in the world today. Adding another level of analysis, the book also has a comparative component as Fridman tracks these groups and ideas as they play out across different cultures in the United States and in Argentina. This book will excite anyone interesting in making sense of the profound human changes that come attendant with our rapidly changing economy. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/economics

Like many cities, Cleveland has gone through periods of decline and renewal, yet the process there has followed a process where these periods were not always obvious and often failed because of a lack of cohesiveness among civic leaders, both public and private. In his new book Believing in Cleveland: Managing Decline in ‘The Best Location in the Nation’ (Temple University Press, 2017), J. Mark Souther, a professor of history at Cleveland State University, reviews the city’s attempts to revitalize from post-World War II into the 1970s. He shows that many of the plans developed had issues that almost doomed them to failure before they were even completed. Mark’s book is a great study of a Rust Belt city and its attempts to believe in itself. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/economics

In this interview, Carlo D’Ippoliti and Andrea Bernardi interview Franklin Obeng-Odoom who teaches urban economics and political economy in the School of Built Environment at the University of Technology, Sydney. In 2016, Dr Obeng-Odoom won the Patrick Welch Prize awarded by the Association for Social Economics. He also won the EAEPE-Kapp Prize 2017 for “Marketising the commons in Africa: the case of Ghana” Review of Social Economy 74 (4), 390-419. He has recently published Reconstructing Urban Economics: Towards a Political Economy of the Built Environment (Zed Books, 2016) The shift of world populations into cities and the increasing concentration of activities in urban areas have generated new debates about cities as well as rejuvenating old debates, turning them into global concerns. The economics of cities and regions has, therefore, attained a particularly important status in the twenty-first century. Yet many writers on urban economic issues have never formally studied the subject. Many are mainstream economists who apply their general (equilibrium) economics to cities, but most of them have very little appreciation of the political economy of cities and much less understanding of the built environment, its history, complexities, and peculiarities. The result is the rise of a highly mathematical, mystical urban economics abstracted from critical political, institutional, and social processes at a time when real-world urban economics is urgently needed. This book seeks to offer a corrective to this state of affairs, and to generate further interest in critical real-world urban economics. Through the analysis, exposition, and critique of the urban world in which we live, the book shows fundamental contradictions in the wisdom that more mainstream urban economists have offered over the years. It offers clear alternatives that show that another urban world is possible. Carlo D’Ippoliti is associate professor of political economy at Sapienza University of Rome, and editor of the open access economics journals PSL Quarterly Review and Moneta e Credito. Within EAEPE he is the research area coordinator of History of Political Economy; more info at his website www.carlodippoliti.eu. 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 EAEPEs 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

Are iPhones or homes bankrupting Americans? Joe Cohen‘s new book, Financial Crisis in American Households: The Basic Expenses That Bankrupt the Middle Class (Praeger, 2017), presents data and discussion on the financial status of American households. The book considers whether capitalism or government policies are to blame. Cohen considers the historical changes that have taken place in America, including the post WWII economy, globalization, and technological advances. Rather than focus on individual spending, Cohen argues that we need to take a structural approach and also do some cross-country comparison to truly understand the financial reality of American households. This book also provides interesting discussion around how we even measure financial well-being and hardship, for instance the distinction between officially poor according to federal government limits versus relative poverty. Overall, using clear examples and data illustrations, Cohen presents a comprehensive and historical overview of the financial states of American households and provides readers with some important takeaways and questions that we must ask ourselves if we want to build a better America. This book will be enjoyed by sociologists, but also those interested in economics and public policy. It would be good for any social inequality or stratification class. It provides clear examples and typologies, which would be useful for any higher level undergraduate sociology class. Sarah E. Patterson is a postdoc at The University of Western Ontario. You can tweet her at @spattersearch. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/economics

Emily C. Nacol has written a fascinating interrogation of the idea of risk, the concept of vulnerability, and the evolution of probabilistic thinking as conceived of and explored by four of the preeminent British thinkers of the seventeenth and eighteenth centuries. Nacol’s book, An Age of Risk: Politics and Economy in Early Modern Britain (Princeton University Press, 2016) examines the political, economic, and epistemological works of Thomas Hobbes, John Locke, David Hume, and Adam Smith. Each thinker’s ideas are explored in regard to the way they consider risk, which itself was a fairly new concept and had grown out of maritime concerns. An Age of Risk traces the concept itself within political thinking, and why it grows into an important dimension of the works by these theorists. Nacol explains that Hobbes, Locke, Hume, and Smith thought differently about risk and, as a result, structured their theories in distinct ways. She examines how Hobbes and Locke are generally concerned with minimizing risk, and their thinking is designed to more directly try to limit risk or alleviate the potential within political society and the economy. In the analysis of Hume’s work and of Smith’s work, Nacol finds a different approach to risk especially in Hume’s estimation that humans will inevitably have to contend with risk and uncertainty, and this leads to the consideration of political emotions like anxiety and fear. Smith, Nacol notes, moves into the realm of probabilistic thinking in his work as he integrates considerations of risk and uncertainty into his political and economic thought. All four thinkers provide lenses through which to consider this concept of vulnerability and what it means to an individual, and to political and economic orders. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/economics

Every young generation inspires a host of comparisons—usually negative ones—with older generations. Whether preceding a criticism or punctuating one, “kids these days” is a common utterance. Perhaps because of the ubiquity of the internet and their heavy presence on it, Millennials have been the most parsed and monitored generation as its members are still in the process of coming of age in history. Stereotypes abound in the media and popular culture: Millennials are lazy, entitled, narcissistic, and immature. Synthesizing an array of social science research that has been conducted not just on this cohort but on the society they find themselves struggling to navigate, writer Malcolm Harris in Kids These Days: Human Capital and the Making of Millennials (Little, Brown and Company, 2017) aims to get readers to question these stereotypes and myths and instead think about how Millennials are trying to survive within today’s shifting social structures and conditions. More than any other generation, Millennials have been raised to think of everything they do as a way to build human capital and invest in their own future. And they do so at time in American history when higher education is becoming increasingly expensive as wages are declining, work is becoming more precarious and less stable, and the future of the social safety net is showing signs of either eroding or at least completely transforming in the future. In short, the book refreshingly considers the forces that have helped shape who Millennials are and why they behave and think as they do. With luck, it will encourage a discussion of the root causes behind serious problems that this young cohort confronts (precarity, youth poverty, over-medication, and over-work) and their possible solutions instead of the same tired stereotypes. Richard E. Ocejo is associate professor of sociology at John Jay College and the Graduate Center of the City University of New York (CUNY). He is the author of Masters of Craft: Old Jobs in the New Urban Economy (Princeton University Press, 2017), about the transformation of low-status occupations into cool, cultural taste-making jobs (cocktail bartenders, craft distillers, upscale mens barbers, and whole animal butchers), and of Upscaling Downtown: From Bowery Saloons to Cocktail Bars in New York City (Princeton University Press, 2014), about growth policies, nightlife, and conflict in gentrified neighborhoods. His work has appeared in such journals as City & Community, Poetics, Ethnography, and the European Journal of Cultural Studies. He is also the editor of Ethnography and the City: Readings on Doing Urban Fieldwork (Routledge, 2012) and serves on the editorial boards of the journals Metropolitics, Work and Occupations, and the Journal for Undergraduate Ethnography. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/economics

Alice Echols is a professor of history and the Barbra Streisand Chair of Contemporary Gender Studies at the University of Southern California. In her book Shortfall: Family Secrets, Financial Collapse and a Hidden History of American Banking (New Press, 2017) Echols offers a narrative and social history of American capitalism in the years of and preceding the Great Depression by focusing not on Wall Street but on Main Street and the men who ran hundreds of small-town building and loan associations across the nation. Situated in Colorado Springs she reconstructs the life of her shrewd and ambitious grandfather Walter Davis, who emerged from virtually nowhere to become a small town finance man running the City Savings Building and Loan Association. He gained and betrayed the trust of hundreds of depositors who invested their life savings to secure the American dream of homeownership and financial security. They found their lives destroyed by an unregulated industry and Davis’s dishonest practices. Shortfall is both the story of American capitalism told from the bottom up and of Echols uncovering her own family secrets of ill-gotten gain, decadence, scandal, loss, and ultimate despair that reflected the lives of millions across the nation. Shortfall offers lessons in the dangers associated with small-town finance men, land speculators, depositors in denial, ill-equipped investigators, inexperienced judges and an unregulated financial marketplace. Lilian Calles Barger is a cultural, intellectual and gender historian. Her current book project is entitled The World Come of Age: An Intellectual History of Liberation Theology is forthcoming in 2018 from Oxford University Press. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/economics

In his new book, The Broken Decade: Prosperity, Depression and Recovery in New Zealand, 1928-39 (Otago University Press, 2016), historian Malcolm McKinnon, adjunct associate professor at Victoria University, explores the critical decade of the 1930s in New Zealand’s history and national memory. Utilizing archival records, statistics, and artistic representations, McKinnon details the efforts of New Zealand’s government and people to cope with the unprecedented conditions. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/economics