New Books in Economics

Much of the progress in technology today has come about as a result of innovators who did not seek prior approval from regulatory bodies and such. Yet, even with the beneficial results from innovations like the commercial Internet, mobile technologies, and social networks, a disposition exists to be overly cautious with respect to new things. Adam Thierer calls this the “precautionary principle” in his new book Permissionless Innovation: The Continuing Case for Comprehensive Technological Freedom (Mercatus Center, 2014). The “precautionary principle”–which, Thierer argues, is based on fear and concern about loss of control–limits the creativity inherent in unfettered tinkering. In contrast, Thierer advocates “permissionless innovation,” an attitude that would allow experimentation to continue without hinderance. Of course does not mean that there is no use for policies for new technology, as some developments require regulation. Policymakers should, however, take a “wait and see” approach to setting rules for innovative products. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/economics

Nicholas Carnes is the author of White-Collar Government: The Hidden Role of Class in Economic Policy Making (University of Chicago Press, 2013). Carnes is an assistant professor of public policy in the Sanford School of Public Policy at Duke University. There is surprisingly little in the research literature on the link between social class and legislative behavior. For a topic that seems so ripe for investigation, Carnes’ data collection and analysis open new ground and answer pressing questions. He shows that formerly blue collar workers who serve in Congress behave differently than formerly white collar workers. Blue collar workers are in the extreme minority in numbers, meaning their efforts to pass legislation that tilts towards the working class are often stymied. Carnes offers fresh insight into why this matters for representation more generally and several recommendations for how to rectify this 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

In 1927 Russian-American legal theorist Alexander Sack introduced the doctrine of “odious debt.” Sack argued that a state’s debt is “odious” and should not be transferable to successor governments after a revolution, if it was incurred without the consent of the people; and not for their benefit. This doctrine has largely been rejected, with a firm presumption of “sovereign continuity” emerging instead: post-revolutionary governments must repay sovereign debt even if it was incurred to cover the personal expenses of plutocrats. If they fail to do so, their credit reputation is harmed. As Odette Lienau explains in a striking line, “we can now imagine prosecuting the leaders of a fallen regime for crimes against a state’s population while simultaneously asking that population to acknowledge and repay the fallen regime’s debts.” In Rethinking Sovereign Debt: Politics, Reputation, and Legitimacy in Modern Finance (Harvard University Press, 2014), Lienau unfolds the historical conditions from which this seeming inconsistency emerged. Seamlessly moving between case studies from the early 20th century to the present, Lienau discusses several different versions of this puzzle. Ultimately, Lienau ends up rejecting “sovereign continuity,” and arguing for the recognition of “principled default.” With revolutions and uprisings across the Middle East, and in Ukraine, this book’s argument will likely provoke lively discussion among lawyers, economists, political theorists, and historians. But lay people should ideally engage with the ideas as well. The book gives an extraordinary point of access into what is at stake in the work of enormous international organizations, such as the World Bank. *Photo by Frank DiMeo Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/economics

The British Marxist economist Maurice Dobb is now largely forgotten. That’s too bad for a number of reasons. He was a brilliant thinker who wrote some of the most insightful analyses of the development and workings of capitalism around. You can still read his work and profit. He was the intellectual godfather of several notable British Marxist historians of the “New Left” of the 1960s and 1970s: Rodney Hilton, Christopher Hill, E.P. Thompson, among others. And, perhaps most importantly, his life gives us a window into a forgotten time, one in which a economists took communism seriously and fellows at Cambridge could earnestly believe in a bright communist future. This, I think, is a time we must not forget. Thanks to Timothy Shenk‘s well-researched, readable biography Maurice Dobb: Political Economist (Palgrave-Macmillan, 2013), we won’t have to. Shenk tells Dobb’s tale in all its tortured complexity. A member of the establishment and an anti-establishmentarian. A dyed-in-the-wool Marxist and a deadly serious empirically-oriented economist. A supporter of the Soviet Union and a critic of Soviet power. Listen in. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/economics

The cultural and material history of what is fashionable or “trendy” can be particularly revealing about the time period under study. The most recent work that underscores this point is Jennifer Anderson‘s Mahogany: The Cost of Luxury in Early America (Harvard University Press, 2012). Anderson traces the popularity of mahogany wood in the mid eighteenth century from its use in England–a matter of necessity due to wood shortages–to its elective use in the American colonies among elite classes as a measure of cultural and social refinement. Unlike ephemeral goods like sugar and tobacco (which were purchased by elites but consumed and discarded shortly thereafter) mahogany was something solid, something lasting, something passed down to subsequent generations. Social engagements revolved around mahogany. Elites coveted the intricate and ornate furnishings, which because of mahogany’s incredible density, could only be crafted with mahogany. Even the middling classes would indulge in purchasing a mahogany piece, if the financial possibility presented itself. To be sure, this book offers much more than a dissection of the social and cultural worlds of Early America. Anderson tells the darker, often hidden story, of human and environmental exploitation. Following mahogany from the slave hands that felled the trees in the West Indies to the polished products decorating the posh estates of the wealthiest colonists offers a unique insight into a dynamic range of historical characters. By doing so, Professor Anderson deftly blends the social story with the environmental history and the history of capitalism. Jennifer L. Anderson is Associate Professor of History at State University of New York, Stony Brook. Her current research focuses on reinterpreting the human and environmental history of Long Island within the broader Atlantic context. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/economics

Aswin Punthamabekar‘s From Bombay to Bollywood: The Making of a Global Media Industry (New York University Press, 2013) offers a deeply researched and richly theorized look at the evolution of the world’s largest film industry over the past few decades. Combining ethnographic research with close textual analyses of Bollywood films, Punthamabekar shows how the media industry’s growth has been complexly intertwined with India’s emerging place in the global economy. The book offers a nuanced look at globalization, bringing to light the tensions and productivities that emerge when a highly powerful, historically localized industry enters the world of multinational capitalism. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/economics

Pedro Oliveira provides a fascinating glimpse into his transition from academia into consultancy, with a guide for those like minded to boot. People-Centered Innovation: Becoming a Practitioner in Innovation Research (Biblio Publishing, 2013) chronicles Oliveira’s journey from his work as a clinical psychologist in Portugal, to becoming an anthropologist in the UK, and moving into the world of business and innovation. Written for a general audience, this book is a mix of case studies, theory for practitioners, and autobiographical information that shows how to apply work in the social sciences to the problems facing businesses today. This is a great read for anyone interested in psychology and anthropology, as well as how business and innovation is changing due to the influence of the humanistic sciences. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/economics

Kevin Kerrane‘s Dollar Sign on the Muscle: The World of Baseball Scouting (CreateSpace, 2013) represents the first major study of the history and practice of professional baseball scouting. Based on Kerrane’s ethnographic research with the Philadelphia Phillies during the 1981 season, the book provides an inside look at one of sports’ least understood professions and most unusual subcultures. Originally released in 1984, the book became a cult favorite among baseball analysts and historians, eventually finding a place on Sports Illustrated‘s list of the top 100 sports books of all time. For the past decade the book has been notoriously hard to find, with copies selling for up to $50 on eBay. It is now widely available in rerelease from Baseball Prospectus, the leading voice in progressive, contemporary baseball research. In addition to the original text, the rerelease features a new introduction and an extended epilogue updating the book for the 2010s. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/economics

In Branding the Nation: The Global Business of National Identity, Melissa Aronczyk locates the rise of nation branding as a response to the perceived need to sculpt national identity in the face of a fiercely competitive global economy. In tracking the history of the nation-branding phenomenon, Aronczyk recounts the rise and spread of the very idea of national “competitiveness,” a discourse that, in effect, created a market that branding specialists then tapped. The book engages with the large scholarly literature on nations and nationalism, arguing that nation branding should not be dismissed as merely the invasion of business practices into the national imaginary–though it has this character, undeniably–but that the practice should also be read as a discourse that maintains, extends, and reconstitutes the nation. Based on dozens of interviews with nation-branding specialist over a five-year period, Aronczyk develops major case studies of Poland and Canada in particular, and substantial treatments of a number of other cases spanning the globe, including Botswana, Chile, Estonia, Georgia, Jamaica, and Libya. In Branding the Nation, Aronczyk tells the story of how national identity came to be seen, and sold, as a form of added value in a competitive global market, and how these campaigns fed back into the ongoing process of thinking, and imagining, the nation. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/economics

Philip Mirowski is author of Never Let A Serious Crisis Go To Waste: How Neoliberalism Survived the Financial Meltdown (Verso Books 2013). Mirowski is the Carl Koch Chair of Economics and the History of Philosophy at the University of Notre Dame. He’s previous authored Science-Mart, Machine Dreams, and More Heat than Light. Mirowski brings his broad background as an economist, historian, and philosopher to this meaty subject. He weaves together a stinging critique of the ways many economists reacted to the recent economic crisis with a larger discussion of the nature of economic ideas in politics. He highlights the rise of the Mont Pelerin Society and its links to what he dubs the Neoliberal Thought Collective. Rather than resting on broad generalities, he distinguishes between famed neoliberals to show how, for example, Milton Friedman and George Stigler approach their advocacy in very different ways. Philip Mirowski is a contributor to Public Books. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/economics

While it has become typical to see Filipina/o migrants working in nursing or domestic work in the United States, many are surprised to see Filipina/os doing the same work in Hong Kong, Israel, and Dubai. Indeed, Filipina/o workers are ubiquitous around the globe, and may be the world’s first truly global labor force. In Robyn Rodriguez‘s new book, Migrants for Export: How the Philippine State Brokers Labor to the World (University of Minnesota Press, 2010),Rodriguez explores labor brokerage as a global capitalist strategy wherein the Philippine state mobilizes its citizens and sends them abroad to work for employers throughout the world while generating profit from the remittances that migrants send back to their families and loved ones remaining in the Philippines. Rodriguez traces this trend in Filipina/o overseas workers, which has become one of the largest labor export systems in the world. Ultimately, she questions how and why citizens from the Philippines have come to be the most globalized workforce on the planet, and argues that the reason for this lies in the emergence of the Philippine state as a labor brokerage state. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/economics

Life insurance! The very word sends shivers of excitement down the spine. OK, maybe not . . . but Sharon Murphy‘s book on the development of the life insurance industry in the United States from its infancy in the early republic through its breakthrough as a mass industry during the Civil War might make you change your mind. Deeply researched but also deeply entertaining (really!), Investing in Life: Insurance in Antebellum America (Johns Hopkins University Press, 2010; paperback, 2013) describes how the early pioneers of the insurance industry figured out how to sniff out frauds, figure mortality tables, market themselves to a suspicious population, and tap into middle class hopes and anxieties — especially middle-class Americans reticence about thinking about death (their death, at least). Investing in Life will change what you think about the history of business in the United States. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/economics

George Brock approached his book about newspapers and journalism in the digital age unwilling to write another gloom-and-doom narrative about the death or decline of the industry. When he studied the historical development of journalism and current trends, he found the industry is what is always has been: volatile, evolving, and vital to society’s well being. Out of Print: Newspapers, Journalism and the Business of News in the Digital Age (Kogan Page, 2013) is an important look at the industrial, economic, and pragmatic realities of a shifting industry. Using modern case studies, including the phone-hacking scandal that brought down Great Britain’s News of the World, as well as historical research and recent data, Brock examines where journalism was, is and will be. Brock, head of City University London’s prestigious graduate school of journalism, has produced a work that transcends academia without sacrificing methodology or theory. “Because journalism lives on the frontier between democratic purposes and the commercial market,” Brock writes, “it is constantly being reorganized and renegotiated.” Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/economics

Over the last several podcasts, authors (Stedman Jones, Buchman, and Tienken) have repeatedly evoked neoliberalism. A new book helps to place this term and its meaning in American political history into better context. Michael Lind, the author of Land of Promise: An Economic History of the United States (Harper, 2012), has written a sweeping economic and political history of the United States. He is cofounder of the New American Foundation and policy director of the foundation’s Economic Growth Program. Lind argues that the important divide in the economic intellectual history of the country is between the “developmental tradition” of Hamilton and the “producerist vision” of Jefferson. Major social, political, and economic eras have been defined by competing arguments and victories along that age old argument. Lind takes us up through the present and calls on the Next Social Contract to adjust to the new economic realities of the 21st century. Lind brings a journalist’s style and a wonk’s zeal for detail and argument. His book is provocative and accessible to a wide audience. 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 “Great Recession,” millions lost their jobs, retirement savings, and even their houses. The entire middle class was shaken. Yet almost no one has been brought to justice. Quite the opposite: the big banks and investment houses–the places where the perpetrators most likely work and worked–were bailed out by the federal government under the banner of being “too big to fail.” Perhaps it’s the case that we will never know enough about what happened to indict anyone, or at least anyone in the upper reaches of the financial industry. But does that mean we don’t, in a general way, know who was responsible? Not according to Hedrick Smith. In his new book Who Stole the American Dream? (Random House, 2012), the veteran reporter digs deep into American political and economic history to find out who we should blame for this colossal economic meltdown. What he found is surprising. The roots of the crisis go back farther than most people–experts included–think. Sure the bankers were involved, but so were politicians (including, of all people Jimmy Carter)–a lot of them. According to Smith, there’s plenty of blame to go around, at least in corporate boardrooms and the corridors of power in Washington. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/economics

When you buy a stock, you’re buying a piece of a company. The funny thing is that most people who own stocks either don’t know that or, if they do, don’t act like owners. They could care less about the business itself. They don’t care whether it turns a profit, how big that profit is, or whether they are going to get a cut of the profit. All they care about is the stock price: up = good; down = bad. According to portfolio manager Daniel Peris, this narrow-minded focus on stock price is a real problem both for companies and the folks like you and me who invest in them. What everyone should be paying attention to, says Peris, is how much companies pay out in dividends to investors. In The Strategic Dividend Investor: Why Slow and Steady Wins the Race(McGrawHill, 2011), Peris lays out the case to investors, urging them to invest in companies that distribute dividends regularly. In The Dividend Imperative: How Dividends Can Narrow the Gap between Main Street and Wall Street (McGrawHill, 2013), he lays out the case to the companies themselves, urging them to stop using their cash to buy their own stock back and instead reward investors with dividends. According to his convincing analysis, a return to dividend payment will benefit both corporations and investors. Listen in and find out why. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/economics

When I was an undergraduate, I was taught that merchants in early modern Western Europe were “proto-capitalists.” I was never quite sure what that meant. If it meant they traded property for money, yes. But that would make everyone who traded things for money over the past, say, 5,000 years, a “proto-capitalist.” If it meant that they thought of their property as capital to be used for maximizing profit, then no. As Martha C. Howell points out in her excellent Commerce Before Capitalism in Europe, 1300-1600 (Cambridge UP, 2010), early modern merchants–at least in the Low Countries–didn’t really think of their property as “capital” at all, and they certainly didn’t use it exclusively for the maximization of profit. Their idea of property was, according to Howell, as much medieval as modern. Essentially, they adapted received (medieval) categories of property to novel commercial conditions. The result was a unique hybrid of the old and new. In hindsight, their understanding of property might seem “proto-capitalist.” But really it was just the way they conceived of property. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/economics

Americans seem to be more concerned about economic inequality today than they have been in living memory. The Occupy Movement (“We are the 99%”) is only the most visible sign of this growing unease. But what are the dimensions of inequality in the United States? How have they changed over the past century? Are we living in a new Gilded Age in which the poor are getting poorer and the rich are getting richer? In his “book” (it’s really an innovative website) Growing Apart: A Political History of American Inequality (Institute for Policy Studies, 2013), Colin Gordon sets out to answer these questions. Using an interesting array of charts, graphs, and videos, Gordon tells the story of inequality in the U.S. in modern times. Gordon shows that in recent decades the poor have been getting relatively poorer and the rich have been getting relatively richer. The “gap”–already considerable–is growing. In this interview we discuss growing inequality and the reasons behind it. We also touch on what is perhaps the most important question in the debate: does inequality as it is found in the U.S. really matter economically, spiritually, and politically? Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/economics

I’m Al Emid and I’m back here on New Books Network after a long absence. I had a good excuse though – I was finishing up the book entitled Investing in Frontier Markets, to be released this Fall by John Wiley & Sons and co-authored with Gavin Graham. Barring unforeseen circumstances I will be back here regularly with reviews of timely books in the investing and business categories, which I’ve covered for years as a journalist. And in the business news category, firings, layoffs and forced resignations have occurred frequently for the past five years. Anyone who has recently lost what seemed like a secure job can be forgiven for wondering where he or she went wrong – but in many cases the fault did not lay with the terminated employee. And we can understand how any individual who has fulltime employment might wonder how long that will last. In the past year, blue-chip employers have terminated thousands of employees: 2400 at Dow Chemical, 5400 at American Express, over 4300 at Bank America and even 4000 at Google. The list goes on: United Technologies, Thomson Reuters, Proctor & Gamble and others. And declining revenues don’t always explain the layoffs. In late May ESPN confirmed plans to lay off 400 employees despite an increase in operating income of 8%. ESPN had not had any layoffs since 2009. And we know that positions in the executive suite have become equally uncertain. So in the face of all of this how does one survive? Suzen Fromstein offers some clues in her book Suits and Ladders: Ten Proven Ways to Keep Your Job Safe (Carrick Publishing, 2013) and it contains what she describes as universal survival strategies. Her book is on Amazon Kindle in ebook and paperback versions. Suzen fesses up and says that her own failure to keep her job inspired her book. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/economics

It’s a classic historical question: Why the West and not the Rest? Answers abound. So is there anything new to say about it? According to Prasannan Parthasarathi, there certainly is. He doesn’t go so far as to say that other proposed explanations are flat out wrong, it’s just that they don’t really focus on the narrow forces that, well, forced English business men to innovate in the 18th century. In Why Europe Grew Rich and Asia Did Not: Global Economic Divergence, 1600-1850 (Cambridge University Press, 2012), Parthasarathi says that those forces were economic. English textile merchants were getting trounced by imported Indian cotton. They found that they couldn’t produce cotton goods in the same way the Indians did for all kinds of reasons. So, they had to create a new, more efficient, production process. They did. According to Parthasarath, the “Industrial Revolution” was born out of economic competition and innovation (with, of course, a helping hand from the state). That makes a lot of sense. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/economics

Daniel Stedman Jones is the author of Masters of the Universe: Hayek, Friedman, and the Birth of Neoliberal Politics (Princeton University Press, 2012). The book tells a portion of the intellectual history of neoliberalism through a focus on the period of the 1950s through the 1980s. Stedman Jones tracks the development of a set of ideas by Karl Popper, Ludwig von Mises, Friedrich Hayek, and later Milton Friedman, George Stigler, and James Buchanan, first in Europe and then in the United States. This intellectual movement soon becomes a transatlantic political movement, as the leaders of the neoliberal agenda sought to influence policy makers in the UK and US. Policy making in the late 1970s and early 1980s, particularly deregulation and other market-based reforms, reflected the success of the “masters of the universe” to move beyond the academy. The book ends with a reflection on the legacy of neoliberalism in current times. Scholars in political science, public policy, history, and economics would all benefit from the story Stedman Jones tells about the relationship between the history of ideas, politics, and policy. The book was short-listed for the Royal Historical Society, Gladstone Prize. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/economics

Why do we work so hard, and should we? These are the questions that Robert and Edward Skidelsky explore in their thought provoking book How Much is Enough?: Money and the Good Life (Other Press, 2012). Their answer to the first question is (to put it in my own words) that we don’t know any better. Our competitive capitalist culture has taught us to work hard so we can earn more. Further, it has taught us that earning more will be “happier.” It won’t, say the Skidelskys. Their answer to the second question is “no,” full stop. What we should do instead is take advantage of our remarkable wealth, work less, and live the good life. What is the “good life?” Listen in and find out. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/economics

In Below the Line: Producers and Production Studies in the New Television Economy (Duke University Press, 2011), Vicki Mayer provides a major theoretical contribution to media production studies. The book self-consciously challenges the idea of the “TV producer” that industry figures and scholars alike often assume. Mayer traces how the “TV producer” category came to be associated with–indeed defined by–creativity and professionalism. Below the Line upends this definition, through four empirical case studies of largely invisible television production: (1) television set assemblers in Brazil, (2) soft-core video cameramen in New Orleans, (3) reality TV casters, and (4) local cable television citizen regulators. The book weaves a theoretical thread through these ethnographic portraits that are themselves framed by political economic analysis of the industry and the broader economy. What once seemed stable–the idea that TV producers are above-the-line creative professionals–lies in elegantly written tatters by the book’s conclusion. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/economics

If it doesn’t spread, it’s dead This is the unifying idea of Henry Jenkins, Sam Ford, and Joshua Green’s new book, Spreadable Media: Creating Value and Meaning in a Networked Culture (New York University Press, 2013) Those six words – If it doesn’t spread, it’s dead – appear on the back cover, on the inside jacket, and in the very first paragraph of the book’s introduction. The authors focus on the new currencies of media, including user engagement and the rapid flow of information, while debunking the terms we’ve all learned to know and dread, such as “viral” and “Web 2.0.” Jenkins, Ford, and Green set an ambitious agenda, targeting not one but three audiences: media scholars, communication professionals, and those who create and share media and are interested in learning how media are changing because of it. “Perhaps the most impactful aspect of a spreadable media environment,” the authors write, “is the way in which we all now play a vital role in the sharing of media texts.” A review of Spreadable Media can be found in Public Books here. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/economics

There were always and will always be orphans. The question is what to do with them. In his terrific new book The Charleston Orphan House: Children’s Lives in the First Public Orphanage in America (University of Chicago Press, 2013), economic historian John E. Murray tells us how one Southern American city did it in the 18th and 19th centuries. Charleston was a city divided between free whites and enslaved African Americans. The whites felt insecure and, according to Murray, this is one of the reasons they founded and funded America’s first public orphanage. The white-only institution not only helped indigent parents and their children, but it also brought the city’s white population together in a way no other body did. It was an expression of civic humanity, but it was also an expression of white unity against the black masses. Listen to John tell the tale. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/economics

Gene Cooper‘s new book is a multi-sited ethnographic study of market and temple fairs in the region of Jinhua, a city on the east coast of China and the home of Hengdian, “China’s Hollywood.” The Market and Temple Fairs of Rural China: Red Fire (Routledge, 2013) weaves together historical and ethnographic methodologies in a spirited account of the genealogies and contemporary practices of a variety of forms of performance at these local gatherings. After providing an extended background of the region, its religious institutions and perspectives, and on the history of temple fairs in general in Part 1 of the book, Part 2 moves into the economic, cultural, religious, and political dimensions that contribute to the “red fire” of temple fairs in Jinhua today. Cooper shows how the local fair can serve both as a Bakhtinian carnivalesque atmosphere (replete with elements of freak show and circus) and a site of everyday forms of resistance. The book also features a wonderfully detailed account of the arts of popular performance at the fairs, from small-cymbal narrative (xiaoluo shuo) to opera (wuju) competitions, and looks closely at the religious dimension of secular temple gatherings. Cooper’s lively voice infuses every page of the book and each moment of the interview. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/economics

You wouldn’t know from the 2012 president race but the United States remains engaged in a fairly bloody conflict in Afghanistan. In addition to boots on the ground, we deploy scores of drones in Pakistan, Yemen and the Horn of Africa to keep Al Qaeda and its affiliates at bay. In the post-9/11 world does the US have any other option aside from semi-permanent war against non-state actors that operate in developing and/or failed states? Dr. Rachel Kleinfeld thinks American policymakers have viable options, alternatives and policies that can address the national security challenges of the 21st century. In Let There Be Light: Electrifying the Developing World With Markets and Distributed Energy, co-authored with Drew Sloan, (Truman National Security Institute, 2012), they reveal that “energy,” or the lack thereof, keeps many nations mired in poverty. To jump start-developing economies, Kleinfeld offers some relatively doable innovations to make energy plentiful. In so doing, failed states could very well become success stories or, at the very least, less likely to incubate poverty, lawlessness and threats to international security. In the same vein, Kleinfeld’s second book, Advancing the Rule of Law Abroad (Carnegie Endowment for International Peace, 2012), offers additional policies to promote the rule of law in developing nations. In both cases, these books give viable policy solutions that address the national security challenges of the 21st century. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/economics

What did money mean to the people of medieval Japan? In Coins, Trade, and the State: Economic Growth in Early Medieval Japan (Harvard University Asia Center, 2011), Ethan Segal takes readers through a fascinating exploration of the politics, society, and culture of pre-1600 Japan. One of the wonderful things about this book is the extent to which Ethan Segal very carefully contextualizes early medieval Japan within a broader global history, situating this economic history in a network of relations with the Mongols and China. East Asianists, take note: Segal’s work is of great interest to those working beyond the field of economic history, and speaks to the history of foreign policy and relations, ideas of virtue, and social history as well. Written in a very fluid and accessible style, Coins, Trade, and the State is an excellent read for anyone interested in cultures of exchange and their histories. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/economics

Many of us in the western world don’t rely on bills and coins as much as we used to, yet the idea of cash money is still an ever-present constant in our minds. How often have you stopped to consider the idea of what “money” actually is on a larger scale, or where our changing habits could lead us? In his book The End of Money – Counterfeiters, Preachers, Techies, Dreamers, and the Coming Cashless Society (Da Capo Press, 2012), David Wolman examines our commitment to cash, its advantages and drawbacks, how it facilitates crime and poverty, even its health and environmental issues. With an engaging and accessible style he prompts us to rethink the notion of money, how it works, and what forms it could take in the future. Wolman starts with a short history of cash, beginning with the official introduction of paper money to the Chinese monetary system in the 13th century and Marco Polo’s reaction to it 100 years later. Next we follow him around the globe to get a cross-cultural picture of cash today – including explorations of the cultural heritage and emotional value of cash, of an increasing trend in developing countries of people using their cellphones to transfer money to both businesses and family, and of counterfeiting and anti-counterfeiting technology. Along the way he enlists a wide variety of people to help illustrate these concepts: a Georgia pastor who views the end of cash as a sign of the End Times, a convicted counterfeiter (or “Monetary Architect”, depending on who you’re talking to), a coin collector with an ambivalent attitude toward coins, and a British “digital money guru” who views money as a menace. David Wolman is a contributing editor at Wired magazine. You can follow him on Twitter at @DavidWolman. He is, in his own words, a “…guy who’s interested in seemingly small, simple, straightforward topics that in fact, when you put them under the microscope, are anything but simple.” This book is an excellent example of that, and an engrossing read. In our interview he spoke of his year-long experiment to go without using coins or bills at all, the meaning of privacy and security as it relates to money in a digital world, and what he sees as the future of “money”. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/economics

Have you ever illegally downloaded a song from the internet? How about illicitly burned copies of a CD? Made a “party tape?” Bought a bootleg album? You may have done these things, but have you purchased a bootlegged song-sheet? In Pop Song Piracy: Disobedient Music Distribution Since 1929 (University of Chicago, 2011) Barry Kernfeld fills us in on the history of disobedient music reproduction and distribution since, well, before the advent of recording technology. Along the way he discusses the above mentioned disobedient distribution techniques along with a few others: fake books, music photocopying, and pirate radio round out the book. Kernfeld suggests that the history of pop music piracy is never ending, with battles of different types of disobedience taking similar forms: the music “monopolists” (song owners) attempting to enact prohibitions on illegal production and distribution, the failed containment of said production and distribution systems and, finally, the assimilation of disobedient forms into the mainstream production and distribution industries. Barry Kernfeld is on the staff of the Special Collections Library of the Pennsylvania State University. He is the author of The Story of Fake Books: Bootlegging Songs to Musicians and What to Listen for in Jazz, and he is the editor of The New Grove Dictionary of Jazz. He is also a professional jazz saxophonist playing in Jazza-ma-phone and a clarinetist in local musical theater productions. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/economics

Helen Tilley‘s new book Africa as a Living Laboratory: Empire, Development, and the Problem of Scientific Knowledge, 1870-1950 (University of Chicago Press, 2011) uncovers the surprising relationships that developed between science and empire as Britain attempted to fulfill its imperial projects in Africa. Focused primarily on Britain’s colonial dependencies, Tilley shows how the weakness of the empire and the complexity of Africa and of Africans transformed field studies into social and scientific laboratories conducting not merely scientific experiments but also experiments in epistemology, governance and disciplinary methods and aims. Tilley shows how what she calls “vernacular knowledge” circulated and affected metropolitan decision making, how understandings of ecology and complexity seemed to produce both epistemic and imperial humility and how some scientists were ambivalent about their participation research in states that were founded on white rule. Development, under all of its meanings, began long before decolonization, and Africa as a Living Laboratory shows us how imperial ambitions, expertise and experience transformed understandings of what was possible and how it would be best achieved. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/economics

[Re-posted with permission from Jenny Attiyeh’s ThoughtCast] Simon Johnson, the Professor of Entrepreneurship at MIT’s Sloan School of Management, and former chief economist at the International Monetary Fund, is an outspoken critic of the US government response to the financial crisis. Now he takes on the “too big to fail” banks which continue to threaten our economy. In his latest book, called 13 Bankers: The Wall Street Takeover and the Next Financial Meltdown (Pantheon, 2010), which he co-wrote with James Kwak, Simon argues that if the biggest banks aren’t cut down to size, it’s only a matter of time before we face another financial crisis. And once again, the government – aka the taxpayers – will be obliged to step in and bail out these behemoths. In Simon’s words, if they’re too big to fail — they’re too big to exist! Simon Johnson is also a senior fellow at the Peterson Institute for International Economics. And he’s the co-author, again with James Kwak, of the influential economics blog The Baseline Scenario. Simon spoke with ThoughtCast at the Harvard Book Store in Cambridge, Massachusetts. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/economics

When I was in college I had a summer job once working in an aircraft factory. My task was to count screws. Nope, I’m not kidding. I put together parts-kits that were then taken to another station “down the line” for assembly. It wasn’t much fun, and it taught me that I did not want to pursue a career as a screw-counter. But it’s important to remember that the benefits of mechanical production are largely due to making work mechanical. To get all that cheap stuff we know and love, we have to turn what were once complex jobs into simple jobs. In his excellent book Condensed Capitalism: Campbell Soup and the Pursuit of Cheap Production in the Twentieth Century (Cornell UP, 2009), Daniel Sidorick tells how the Campbell company made the cooking of soup–a magical art to many–into a mechanical process. The results were contradictory. On the one hand, soup became homogenous (though pretty tasty), portable, and very cheap. On the other, the soup-makers were made, as Marx might have put it, into appendages of soup-making machines. Management tried to make production lean and keep profits high; labor tried to keep work safe and wages high. But in the end, the two couldn’t make ends meet, at least in Camden: Campbell moved its production out of NJ in the 1980s. Not an unfamiliar story, I think, but still a very important one to tell and re-tell. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/economics

I remember clearly the day I was offered my first credit card. It was in Berkeley, CA in 1985. I was walking on Sproul Plaza and I saw a booth manned by two students. They were giving out all kinds of swag, so I walked over to see what was to be had. T-shirts, I think. I asked them if I could get a credit card, sure that the answer had to be “no.” But the answer was an enthusiastic “yes.” I asked them if they understood that: a) I had no income beyond a tiny graduate student stipend; b) that I was carrying a debt from college that had been kindly “deferred”; and c) that my long-term prospects, money-making wise, were poor (the market in early Russian history degrees not being very hot). They said they didn’t know any of that, but it didn’t matter. All I had to do was to fill out a form and the card would arrive in the mail. I declined. As Louis Hyman tells us in his excellent and important Debtor Nation: The History of America in Red Ink (Princeton UP, 2011), it wasn’t always so. Before the 1920s, most people could get no credit at all, least of all from a financial institution. But then, thanks to a confluence of odd interests, consumer credit expanded mightily. Companies that made expensive stuff (cars) and companies that handled large pools of idle money (banks) found, much to their surprise that if you lent ordinary folks large sums of money at moderate interest, they would pay it back. The producers and banks lent more; consumers borrowed and bought more; and, in turn, the producers and banks used higher profits to increase productivity, putting still more money in the pockets of consumers. And so the cycle continued, ultimately fostering the largest expansion in production and consumption the world had ever seen. Whether it will continue is a subject of some dispute today. A review of Debtor Nation can be found in Public Books here. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/economics

Today everybody wants to be a capitalist, even Chinese communists. It would be easy to think, then, that capitalism is “natural,” that there is a little profit-seeker in each one of us just waiting to pop out. There is some truth to this notion: humans are the most cooperative species on earth, and one of the most common ways we cooperate is through trade. Some form of “you scratch my back and I’ll scratch yours” lies at the heart of almost every human relationship. We are built for reciprocation, and we do it remarkably well. But, as Joyce Appleby shows in her provocative, readable, and thoroughly entertaining The Relentless Revolution: A History of Capitalism (Norton, 2010), the natural impulse for reciprocal back-scratching did not capitalism make. A set of very unusual historical forces did. These historical forces were not everywhere and always. On the contrary, they came together in one place at one time: Northwestern Europe in what we might call the “long modern period,” roughly the 15th though 18th centuries. Of course people in other places and other times traded, and even traded a lot. But they did not develop the culture of capitalism, that is, a set of values that suggested making money was good not only for the money-maker but for everyone else. Alexander Pope, one of the early apologists of capitalism, put the capitalist ethic this way: “Thus God and Nature link’d the gen’ral frame, and bade self-love and social be the same.” (An Essay on Man, 1733) Gordon Gekko, in the (anti-capitalist) film Wall Street (1987), put it more crudely: “Greed…is good.” Neither, it should be said, did pre-capitalist traders develop the institutions that make capitalism operate, that is, things like investment banks, credits, stock markets, insurance, and a whole host of government regulations (yes, government regulations) without which “free trade” could not be “free” at all. Caesar was not concerned about in the federal reserve. He didn’t even have a federal reserve to be concerned about. All of which leads to a single and startling conclusion: the culture and institutions of capitalism are Western. Thus when we in the West promote capitalism as the “best” way of going about things economic, we are engaging in a subtle form of cross-cultural persuasion. We may be right, capitalism may indeed be the best way to provision goods and services to the masses (I think it obviously is). But that doesn’t make capitalist culture any the less foreign to most of the world. Please become a fan of “New Books in History” on Facebook if you haven’t already. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/economics

I confess I was attracted to this book by the title: Capitalism and the Jews (Princeton, 2010). Capitalism is a touchy subject; Jews are a touchy subject. But capitalism and the Jews, that’s a disaster waiting to happen. I don’t suggest you try this, but just imagine what would happen if you started a water-cooler chat with “Hey, what do you think of capitalism and the Jews?” Not pretty. So, being a bit curious, I wanted to know who would write a book with said title and what they could possibly say that wouldn’t get people calling for their head. Well, here’s what I found out. The book was written by Jerry Muller who, I can tell you with all earnestness, is a very bright fellow, an excellent (and witty) writer, and someone with a load of interesting things to say about capitalism and Jews. Don’t worry, it’s not what you think. Muller’s book is no spittle-encrusted diatribe against greedy, hook-nosed, money-lenders. But neither is it the kind of book that ignores the (too often considered embarrassing or offensive) facts, the central one here being that Jews are, as Muller well puts it, good at capitalism. There is no Judeophobia or Judeophilia to be found in these pages. Rather, there is a fascinating, meditative, and enlightening account of the historical relationship of capitalism and the Jews, predominately in Europe over the last thousand or so years. This book is full of cool-headed, convincing arguments about controversial, oft-asked historical questions: Why are Jews good at capitalism? What made European Jews different from other diaspora communities? What role did the Jews play in the evolution of capitalism? What attracted some Jews to socialism? Why do we think–wrongly as it turns out–that there was an affinity between Jews and communism? How did Jews themselves react to the strong association between capitalism and their faith? How did Christians react to the same association? If you read this book, and I hope you do, you will be able to sensibly answer all these question. And really, you have no reason not to read it because it is a model of brevity. It’s rare that you find so much packed into so few pages. But that’s what you’d expect, I suppose, out of a very bright fellow, excellent writer, and someone with a load of interesting things to say… Please become a fan of “New Books in History” on Facebook if you haven’t already. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/economics