New Books In Economics

For readers – including non-economists – who want to get to grips with the nature and scale of the last financial crisis, how it was managed and mismanaged, and its particular impact on a small, open economy, Patrick Honohan's book Currency, Credit and Crisis: Central Banking in Ireland and Europe (Cambridge UP, 2020) This is, in part, because it covers complex issues yet is written for a non-specialist audience. But mostly it’s because, as Olivier Blanchard says, this is “financial crisis, seen from the driver’s seat". Honohan is not just an accomplished monetary economist with a lot to say but he was also, from 2009 to 2015, the governor of the Central Bank of Ireland and a member of the Governing Council of the European Central Bank. His book combines a monetary and financial history of Ireland since independence, theory and history around the formation of the Euro Area, an assessment of lessons learned from the crisis, and a behind-the-scenes memoir of how the crisis was fought. Tim Gwynn Jones is an econ

John W. Traphagan’s Cosmopolitan Rurality, Depopulation, and Entrepreneurial Ecosystems in 21st-Century Japan (Cambria Press, 2020) presents a series of deeply contextualized ethnographies of small-business entrepreneurs and the entrepreneurial ecosystem of contemporary rural Japan. Since the beginning of the twenty-first century, Japan has been experiencing an unprecedented decline in population that is expected to accelerate over the coming decades. Rural areas, in particular, have been at the cutting edge of this demographic transition as young people often out-migrate to urban areas to pursue education and career opportunities and to explore spaces and lifeways viewed as cosmopolitan and international. At the same time, some urbanites have decided to either return to the rural climes of their upbringing or move there for the first time to start small businesses. And rural communities have attempted to attract large projects, such as the International Linear Collider, that it is hoped will draw in new peop

Modern finance isn't really all that modern. Three centuries ago, Great Britain's need for money to fight its wars, the appearance of joint stock companies, and the emerging quantification of all aspects of life converged to create new notions and forms of money and investments. And then there was a spectacular bubble in 1720. The South Sea stock rose and fell quickly, but the financing structures remained and last to this day in evolved form. In his new book Money for Nothing: The Scientists, Fraudsters, and Corrupt Politicians Who Reinvented Money, Panicked a Nation, and Made the World Rich (Random House, 2020), MIT Professor Thomas Levenson tells the rip-roading tale. Daniel Peris is Senior Vice President at Federated Investors in Pittsburgh. Trained as a historian of modern Russia, he is the author most recently of Getting Back to Business: Why Modern Portfolio Theory Fails Investors. You can follow him on Twitter @HistoryInvestor or at http://www.strategicdividendinvestor.com Learn more about your ad cho

For seventeen years, Chris Fenton served as the president of DMG Entertainment Motion Picture Group, a multi-billion-dollar global media company headquartered in Beijing. He has produced or supervised twenty-one films, grossing $2 billion in worldwide box-office. In his new book, Feeding the Dragon: Inside the Trillion Dollar Dilemma Facing Hollywood, the NBA, & American Business (Post Hill Press, 2020), Fenton shares not only his journey from waiting tables at the Olive Garden to producing some of the most recognizable Hollywood blockbuster movies. And, in the process, he discovers his diplomatic mission: connecting the US and China through commerce and culture: I felt a sense of mission that went far beyond box-office numbers. US-China relations were on the line. We all knew it. We had to make it work. But as an American, something bigger was at stake. We were pulling a rival country’s culture into our own. We were doing more than opening a market or making nice with China. We were bridging a cultural gap,

The work of Alfred Charles Pigou may not be as well known to people today as that of his contemporary John Maynard Keynes, but as Ian Kumekawa details in his book The First Serious Optimist: A. C. Pigou and the Birth of Welfare Economics (Princeton University Press, 2017), over the course of his long career Pigou advanced ideas that remain very relevant today. As Kumekawa describes, Pigou entered the field of economics at an important point in its evolution. As a student of Alfred Marshall, Pigou embraced his mentor’s more analytical approach to the subject, though without the same determination to separate it from political theory. This placed Pigou at the center of many of the issues of economics that the public faced in the early 20th century, to which Pigou contributed widely, particularly in the area of welfare economics. Pigou’s own ideas on these subjects evolved in response to his experiences with events, as he shifted from his early reform-minded liberalism to skepticism about the motivations of poli

Gene Ludwig cares. The former banker, government regulator, and serial entrepreneur cares deeply about the hollowing out of the American middle class over the past several decades, not least of all in his hometown of York, PA. So he gathered the country's best and brightest in 2019 for a conference at Yale Law School to come up with specific policy proposals that can reverse that process. The details of what has happened make for difficult but necessary reading. In The Vanishing American Dream: A Frank Look at the Economic Realities Facing Middle- and Lower-Income Americans (Disruption Books) the policy proposals to rebuild the middle class are divided into those at the federal level, and those at the local level. Many readers will find the former typical and expected, but the latter constitute the most engaging part of the book. Both sorts of policies will be hard to implement given the country's current state of division, but Ludwig does not back down from the challenge. Gene Ludwig is the founder of the Pr

Karl Gerth’s new book, Unending Capitalism: How Consumerism Negated China's Communist Revolution (Cambridge University Press, 2020) details how the state created brands, promoted and advertised particular products, set up department stores, and facilitated the promotion of certain luxury consumer products (notably wristwatches, bicycles, and sewing machines)—all in the Mao era. Though not typically considered to be a period of Chinese history driven by consumerism, Gerth’s beautifully researched book shows how, in the early People’s Republic, the Communist Party expanded consumerism and built ‘state capitalism’, and the ferocity of consumer impulses and behaviors that followed. Challenging, provocative, and precisely written, Unending Capitalism is sure to appeal to anyone interested in modern Chinese history and histories of capitalism, as well as any readers looking for a book that uses some really fascinating sources to complicate the dominant narrative of China’s ‘socialist’ history. Sarah Bramao-Ramos is

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

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

I spoke with Prof. Christopher Marquis, Samuel C. Johnson Professor in Global Sustainable Enterprise and Professor of Management at Cornell University. His latest research book tells the story of an ambitious certification programme that aims to signal to customers and shareholders those small and large corporations that are responsible and caring with their workers, customers, with the planet and the local communities where they operate. Businesses have a big role to play in a capitalist society. They can tip the scales toward the benefit of the few, with toxic side effects for all, or they can guide us toward better, more equitable long-term solutions. In Better Business: How the B Corp Movement Is Remaking Capitalism (Yale UP, 2020), Marquis tells the story of the rise of a new corporate form—the B Corporation. Founded by a group of friends who met at Stanford, these companies undergo a rigorous certification process, overseen by the B Lab, and commit to putting social benefits, the rights of workers, comm

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

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

Is there a consensus on the best response to global warming? Not even close. Left and right both bring their own tools, math, and, most notably, agendas--climate related and non-climate related--to their policy prescriptions. Economist Robert Pollin has teamed up with Noam Chomsky to produce a manifesto for the New Green Deal in Climate Crisis and the Global Green New Deal: The Political Economy of Saving the Planet (Verso). Their plan attempts to keep the planet from heating up too much while simultaneously redressing the economic wrongs that they blame substantially on unfettered capitalism. Not everyone will agree that eco-socialism is the answer to global warming, but all participants in the debate will want to understand the wide range of policy proposals that are being brought to the table. Noam Chomsky is Institute Professor Emeritus at the Massachusetts Institute of Technology and Laureate Professor at the University of Arizona. Robert Pollin is Professor of Economics and founding Co-Director of the P

In 2007, Ecuador joined the Latin American “Pink Tide” by electing a left-wing president, Rafael Correa, who voiced opposition to US imperialism and advocated higher levels of redistribution and social investment. However, shortly after coming to power, Correa came into conflict with members of his own coalition over the future of resource extraction in the country. Should Ecuador try to leverage its mineral wealth and oil fields to promote social welfare and human development, or should the country abandon the extractive model altogether because of its human and environmental costs? Resource Radicals: From Petro-Nationalism to Post-Extractivism in Ecuador (Duke UP, 2020) examines the deeper questions for democratic theory at stake in conflicts over resource extraction. Who are “the people” that have the authority to make decisions about whether the benefits of mining projects exceed the costs, the mining communities or the nation as a whole? How much authority should democratic governments delegate to expert

In her new book, Economistes and the Reinvention of Empire: France in the Americas and Africa, c. 1750-1802 (Cambridge UP, 2020), Dr. Pernille Røge charts the confluence and reciprocal impacts of ideas and policies espoused by political economists, colonial administrators, planters, and entrepreneurs to reform the French empire in the second half of the eighteenth century. Due to this diffusion of observations and ideas, French economic philosophers who called themselves “economistes” and later “physiocrats” were able to formulate and advocated for new French colonial doctrines that emphasized agricultural development, free labor, commercial liberalization, and colonial economic and legal integration during and after the Seven Years War (1756-1763). While meeting initial resistance, such reform efforts inspired many imperial agendas enacted by French Revolutionary leaders as well as those by subsequent French imperialists. Deeply researched from records from three continents, Economistes and the Reinvention o

Capitalism seems to many to be in a sort of constant crisis, leaving many struggling to make ends meet. This desperation was intensified in 2008, and for many never went away in spite of claims of a general economic ‘recovery.’ More recently, the tensions and shortcomings of our current socioeconomic system have been exacerbated by the COVID-crisis, with poorly compensated frontline workers struggling to stay safe in workplaces that have failed to take adequate care of their health and safety. The feeling that we’ve stuck riding along the precipice of disaster for years now is an animating idea for my guest today, Albena Azmanova, here to discuss her recent book Capitalism on Edge: How Fighting Precarity Can Achieve Radical Change Without Utopia or Crisis (Columbia University Press). The book argues that the animating element of contemporary life under capitalism is precarity, and the driving force behind this precarity is the insatiable drive for profits which leaves workers desperately trying to keep up wit

What is money? No, really, what is money? It turns out the answer is not so simple. During the course of the 20th century, most of us have gotten used to the notion of a single medium of exchange based on Federal Reserve notes which we call dollars. They look the same, feel the same, and have the same use everywhere in the country. We are so comfortable with that medium of exchange that we are now increasingly doing away with the paper and accepting a digital version of said money. The convenience of having a single and stable currency as a medium of exchange did no exist in the early republic. Joshua Greenberg's Bank Notes and Shinplasters: The Rage for Paper Money in the Early Republic (University of Pennsylvania Press) describes the many types of money in circulation at the time and how all participants in the economic system had to master the discounting of paper money from one institution to another, from one town to another, from one transaction to another. It constituted an entire sub-culture, and an e

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

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

The UK’s transition from legally withdrawing from the EU to leaving the union’s single market will come to an end at midnight on December 31 with no successor trade agreement yet in place. For the UK’s financial sector, which accounts for 7% of the country’s economy and a million of its jobs, whether there is such an agreement and what shape it takes really matters. In Brexit and Financial Regulation (Oxford University Press, 2020), co-editors Jonathan Herbst and Simon Lovegrove have corralled 26 lawyers from 12 leading firms and chambers to explain why. Between them, they cover the history of the withdrawal process, the likely impact of Brexit on regulations of everything from how bankers are rewarded for success to how insolvent banks are wound up, and what could happen next in the negotiations. Jonathan Herbst is Global Head of Financial Services Regulation at law firm Norton Rose Fulbright. Tim Gwynn Jones is an economic and political-risk analyst at Medley Global Advisors. Learn more about your ad choice