New Books In Economics

Denial is a classic symptom of codependency ... Lacking a sense of self, codependent partners tend to be hypersensitive to criticism or negative feedback, preferring instead to deflect it onto others. The resulting denial fuels an escalating cycle of blame and conflict that drives codependent partners apart. Unfortunately, this progressively dysfunctional pathology applies all too well to the conflict between the United States and China. The United States sees its trade deficit as China’s fault, as if its own lack of saving had nothing to do with it. China sees its surplus saving and its related current account and trade surpluses as benevolent support for deficit-prone America, as if its own underfunded social safety net and the resulting suppression of personal consumption were not its own doing. Both economies are steeped in denial over the effects of their self-inflicted saving imbalances. Each then turns that denial into blame directed at the other. – Stephen Roach, Accidental Conflict: America, China, a

How have platforms transforming the world of work? In Work and Alienation in the Platform Economy: Amazon and the Power of Organisation (Bristol UP, 2023), Sarrah Kassem, a Lecturer and Research Associate in the field of Political Economy at the Institute of Political Science at the University of Tübingen, uses a case study of Amazon to explore issues of alienation and resistance in contemporary working life. The book adapts and develops key Marxist inspired theories to chart the rise of the platforms, and Amazon’s role within this set of both digital and physical industries. Examining warehouses, MTurk, and the broader gig economy, the book offers strategies for resistance and solidarity as well as detailed analysis. It will be essential reading across the social sciences, as well as for anyone interested in work and labour today. Dave O'Brien is Professor of Cultural and Creative Industries, at the University of Sheffield. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by be

Power and Progress: Our Thousand-Year Struggle Over Technology and Prosperity (PublicAffairs, 2023) is a groundbreaking work by bestselling authors Daron Acemoglu and Simon Johnson, in which they challenge conventional wisdom about the role of technology in driving prosperity. The authors argue that technology is not a neutral force working in the public interest but is shaped by the interests and beliefs of the powerful. Those who control technology are the ones who benefit from it, leaving the rest of society with the illusion of progress. The authors provide a historical account of how technological choices have shaped the course of history, from the appropriation of the economic surplus of the Middle Ages by an ecclesiastical elite to the making of vast fortunes from digital technologies today, while millions of people are pushed towards poverty. The authors emphasize that technological progress can either serve the narrow interests of an elite or become the foundation for widespread prosperity. The book

When the COVID-19 pandemic led to a global economic "shutdown" in March 2020, our supply chains began to fail, and out-of-stocks and delivery delays became the new norm. Contrary to public perception, the pandemic strain did not break the current system of supply chains; it merely exposed weaknesses and fault lines that were decades in the making, and which were already acutely felt in deindustrialized cities and depopulated rural towns throughout the United States. Reinventing the Supply Chain: A 21st-Century Covenant with America (Georgetown UP, 2023) explores the historical role of supply chains in the global economy, outlines where the system went wrong and what needs to be done to fix it, and demonstrates how a retooled supply chain can lead to the revitalization of American communities. Jack Buffington proposes a transformation of the global supply chain system into a community-based value chain, led by the communities themselves and driven by digital platforms for raising capital and blockchain technol

How can scholars employ the practices and techniques of investigative journalism? Susan Hartman provides an answer in her intimate look at refugee experience in the United States. In City of Refugees: The Story of Three Newcomers Who Breathed Life Into A Dying American Town (Beacon Press 2022), Hartman introduces readers to Utica, a small Rust Belt city located in upstate New York, just 250 miles north of Manhattan. The city provides the backdrop as Hartman examines the lives of three refugees: a Somali Bantu teenager who straddles the expectations of her Somali mother and those of her American peers; an Iraqi interpreter who worked with the American military in Baghdad; and a Bosnian entrepreneur who finally achieves her American dream of opening a café and bakery in March 2020. Across 48 short chapters, Hartman traces how Utica’s economic and cultural renewal is tied to the city’s policy of welcoming refugees from across the globe. But not everyone is happy as locals often seen refugees as foreigners who st

The news concerning climate change isn’t good. The warming of our planet now threatens to trap millions of people in extreme poverty while destabilizing the global order in ways that exacerbate existing global inequalities. Mitigation and adaptation strategies, even if adhered to, may not be sufficient. The situation seems hopeless. However, in Mobilizing Hope: Climate Change and Global Poverty (Oxford UP, 2022), Darrel Moellendorf argues that there not only is reason to hope that we might successfully address the climate crisis, but also reason to mobilize hope – to act now in ways that can forge the kind of global solidarity necessary to meet the challenge of climate change. Robert Talisse is the W. Alton Jones Professor of Philosophy at Vanderbilt University. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/economics

The Emergence of Arthur Laffer: The Foundations of Supply-Side Economics in Chicago and Washington, 1966–1976 (Palgrave Macmillan, 2021) explores the origins of Arthur Laffer’s economic theories and how they became a part of mainstream economic policy. Utilizing interviews and archival material, Laffer’s life is traced from his early education through to his time working for the Nixon and Reagan administrations. Laffer’s influence on Reaganomics is discussed alongside the development of supply-side economics, the shift towards neoliberal policies, and the Laffer curve. This book aims to contextualize the work of Laffer within archival research and wider economic trends. It will be relevant researchers and policy makers interested in the history of economic thought and the political economy. Brian Domitrovic is the Richard S. Strong Scholar at the Laffer Center. Caleb Zakarin is the Assistant Editor of the New Books Network. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by bec

Banks have taken a backseat since the global financial crisis over a decade ago. Today, our new financial masters are asset managers, like Blackstone and BlackRock. And they don't just own financial assets. The roads we drive on; the pipes that supply our drinking water; the farmland that provides our food; energy systems for electricity and heat; hospitals, schools, and even the homes in which many of us live-all now swell asset managers' bulging investment portfolios. As the owners of more and more of the basic building blocks of everyday life, asset managers shape the lives of each and every one of us in profound and disturbing ways. In Our Lives in Their Portfolios: Why Asset Managers Own the World (Verso, 2023), Brett Christophers peels back the veil on "asset manager society." Asset managers, he shows, are unlike traditional owners of housing and other essential infrastructure. Buying and selling these life-supporting assets at a dizzying pace, the crux of their business model is not long-term investme

More than fifty years of civil rights legislation and movements have not ended employment discrimination. Kerri Lynn Stone's Panes of the Glass Ceiling: The Unspoken Beliefs Behind the Law's Failure to Help Women Achieve Professional Parity (Cambridge UP, 2022) reframes the discourse about the "glass ceiling" that women face with respect to workplace inequality. It explores the unspoken, societally held beliefs that underlie and engender workplace behaviour and failures of the law, policy, and human nature that contribute "panes" and ("pains") to the "glass ceiling." Each chapter identifies an "unspoken belief" and connects it with failures of law, policy, and human nature. It then describes the resulting harm and shows how this belief is not imagined or operating in a vacuum, but is pervasive throughout popular culture and society. By giving voice to previously unvoiced - even taboo - beliefs, we can better address and confront them and the problems they cause. Learn more about your ad choices. Visit megapho

Look at a map of the world and you'll see a colorful checkerboard of nation-states. But this is not where power actually resides. Over the last decade, globalization has shattered the map into different legal spaces: free ports, tax havens, special economic zones. With the new spaces, ultracapitalists have started to believe that it is possible to escape the bonds of democratic government and oversight altogether. Crack-Up Capitalism: Market Radicals and the Dream of a World Without Democracy (Metropolitan Books, 2023) follows the most notorious radical libertarians--from Milton Friedman to Peter Thiel--around the globe as they search for the perfect space for capitalism. Historian Quinn Slobodian leads us from Hong Kong in the 1970s to South Africa in the late days of apartheid, from the neo-Confederate South to the former frontier of the American West, from the medieval City of London to the gold vaults of right-wing billionaires, and finally into the world's oceans and war zones, charting the relentless qu

The rise to power of populists like Donald Trump is usually attributed to the shifting values and policy preferences of voters-the demand side. Paul Kenny's Why Populism?: Political Strategy from Ancient Greece to the Present (Cambridge UP, 2023) shifts the public debate on populism and examines the other half of the equation-the supply side. Kenny argues that to understand the rise of populism is to understand the cost of different strategies for winning and keeping power. For the aspiring leader, populism-appealing directly to the people through mass communication-can be a quicker, cheaper, and more effective strategy than working through a political party. Probing the long history of populism in the West from its Ancient Greek roots to the present, this highly readable book shows that the 'economic laws of populism are constant.' 'Forget ideology. Forget resentment. Forget racism or sexism.' Populism, the author writes, is the result of a hidden strategic calculus. Paul Kenny is Professor of Political Scie

Calming the Storms: The Carry Trade, the Banking School and British Financial Crises Since 1825 (Palgrave Macmillan, 2023) by Dr. Charles Read exposes, for the first time in modern scholarship, the role that the rise of the Carry Trade played in British financial crises between 1825 and 1866, how in reaction the Bank of England improved its management of monetary policy after 1866 and how those lessons have been forgotten since the 1970s. Britain is one of the few major capitalist economies in the world to have avoided policy-induced systemic financial crises for more than 100 years of its history—between 1866 and 1973. Beforehand, it suffered a series of serious banking panics, in 1825, 1837, 1847, 1857-58 and 1866. Since the 1970s banking instability has returned again, with the global financial crisis of 2007-09 hitting Britain hard. Economists and policymakers have asked what can be learnt from Britain’s experience of the disappearance and reappearance of crises to help efforts to prevent future ones. Thi

In Seven Crashes: The Economic Crises That Shaped Globalization (Yale UP, 2023), distinguished economic historian Harold James offers a fresh perspective on the past two centuries of globalization and the pivotal moments that shaped it. James analyzes seven major economic crises that occurred over this period, including the late 1840s, the simultaneous stock market shocks of 1873, the First World War years, the Great Depression era, the 1970s, the Global Financial Crisis of 2007-2008, and most recently the Covid-19 crisis. Through his insightful analysis, he illustrates how some of these crises contributed to increased cross-border integration of labor, goods, and capital markets, while others resulted in significant deglobalization. James classifies the crises into two categories: those caused by shortages and those driven by demand. He explains how shortages have led to greater globalization as markets expanded and producers innovated to increase supply, as evidenced by events such as the First World War an

On the latest episode of The MIT Press podcast, Robyn Metcalfe, food historian and food futurist, discusses her new book, Food Routes: Growing Bananas in Iceland and Other Tales from the Logistics of Eating.  Even if we think we know a lot about good and healthy food—even if we buy organic, believe in slow food, and read Eater—we probably don't know much about how food gets to the table. What happens between the farm and the kitchen? Why are all avocados from Mexico? Why does a restaurant in Maine order lamb from New Zealand? In Food Routes, Robyn Metcalfe explores an often-overlooked aspect of the global food system: how food moves from producer to consumer. She finds that the food supply chain is adapting to our increasingly complex demands for both personalization and convenience—but, she says, it won't be an easy ride. Networked, digital tools will improve the food system but will also challenge our relationship to food in anxiety-provoking ways. It might not be easy to transfer our affections from verdan

Based on qualitative interviews with sustainability-oriented parents of young children, Kirstin Munro's book The Production of Everyday Life in Eco-Conscious Households (Bristol UP, 2023) describes what happens when people make interventions into mundane and easy-to-overlook aspects of everyday life to bring the way they get things done into alignment with their environmental values. Because the ability to make changes is constrained by their culture and capitalist society, there are negative consequences and trade-offs involved in these household-level sustainability practices. The households described in this book shed light on the full extent of the trade-offs involved in promoting sustainability at the household level as a solution to environmental problems. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/economics

Rajesh Veeraraghavan’s Patching Development: Information Politics and Social Change in India (Oxford University Press, 2022) offers the first ethnographically grounded perspective on the Mahatma Gandhi National Rural Employment Guarantee Act (2005), which was promulgated as a welfare oriented ‘right to work’ scheme by the Indian Parliament at the recommendation of civil society organizations and development economists like Jean Dréze. The book presents a granular case study of the implementation of the scheme in the southern Indian state of Andhra Pradesh, and more specifically, the process of “auditing” that addresses many of the information and technological asymmetries that exist on-the-ground. Veeraraghavan also takes us to Araria, Bihar and his initial research forays in the field (where I first met him as one of the volunteer facilitators of a social audit myself) to show the tensions in the production of these audits, and the difficulty in having marginalized citizens’ voices heard in the face of local

Public companies now face constant pressure to meet investor expectations. A company must continually deliver strong short-term performance every quarter to maintain its stock price. This valuation treadmill creates incentives for corporations to deceive investors. Published more than twenty years after the passage of Sarbanes-Oxley, which requires all public companies to invest in measures to ensure the accuracy of their disclosures, The Valuation Treadmill: How Securities Fraud Threatens the Integrity of Public Companies (Cambridge University Press, 2022) shows how securities fraud became a major regulatory concern. Drawing on case studies of paradigmatic securities enforcement actions involving Xerox, Penn Central, Apple, Enron, Citigroup, and General Electric, the book argues that corporate securities fraud emerged as investors increasingly valued companies based on their future performance. Corporations now have an incentive to issue unrealistically optimistic disclosure to convince markets that their su

Spanning twelve presidents, from John F. Kennedy to Joe Biden, and eight Federal Reserve chairs, from William McChesney Martin to Jerome Powell, this is an insider's story of macroeconomic policy. Focusing on the most significant developments and long-term changes, Alan Blinder traces the highs and lows of monetary and fiscal policy, which have cooperated and clashed through many recessions and several long booms over the past six decades. From the fiscal policy of Kennedy's New Frontier to Biden's responses to the pandemic, the book takes readers through the stagflation of the 1970s, the conquest of inflation under Jimmy Carter and Paul Volcker, the rise of Reaganomics, and the bubbles of the 2000s before bringing the story up through recent events, including the financial crisis, the Great Recession, and monetary policy during COVID-19. A lively and concise narrative, A Monetary and Fiscal History of the United States, 1961-2021 (Princeton University Press, 2022) is filled with vital lessons for anyone who

The paradox of poverty amidst plenty has plagued the United States throughout the 21st century--why should the wealthiest country in the world also have the highest rates of poverty among the industrialized nations? Based on his decades-long research and scholarship, one of the nation's leading authorities provides the answer. In The Poverty Paradox: Understanding Economic Hardship Amid American Prosperity (Oxford UP, 2023), Mark Robert Rank develops his unique perspective for understanding this puzzle. The approach is what he has defined over the years as structural vulnerability. Central to this new way of thinking is the distinction between those who lose out at the economic game versus why the game produces losers in the first place. Americans experiencing poverty tend to have certain characteristics placing them at a greater risk of impoverishment. Yet poverty results not from these factors, but rather from a lack of sufficient opportunities in society. In particular, the shortage of decent paying jobs a

Robert Charette, engineer, consultant, and contributing editor at IEEE Spectrum magazine, talks about his twelve-part series, “The Electric Vehicle Transition Explained,” with Peoples & Things host, Lee Vinsel. The series takes a systems perspective on electric vehicles, and talks about all of the potential barriers – from a lack of minerals, to stressing out the electricity grid, to being short on consumers or workers – that face EVs, which are too often cast as a climate change cure-all. Charette and Vinsel also talk about the kinds of thinking that are necessary if we are to have realistic policies around EVs. Lee Vinsel is an associate professor in the Department of Science, Technology and Society at Virginia Tech. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/economics