New Books In Economics

In the space of a few weeks this spring, organizations around the world learned that many traditional, in-person jobs could, in fact, be performed remotely. Before the COVID-19 pandemic, however, some individuals were already utilizing new options for personal mobility and online work to strike out on their own. In the new book, Digital Nomads: In Search of Freedom, Community, and Meaningful Work in the New Economy (Oxford UP, 2020), Rachael A. Woldoff and Robert C. Litchfield examine the growing demographic of individuals disaffected by the daily grind of office work who have left the U.S. and Europe to work remotely from low-cost global hubs around the world. These “digital nomads” seek out communities of like-minded unconventional people—what they call a tribe—in places like Indonesia, Thailand, Colombia, Mexico, or Portugal. Taking advantage of advancements in mobility, technology, and telecommunication, digital nomads are venturing around the world in search of a new way of living and working. Through do

Twenty-eight years after Francis Fukuyama declared the “end of history” and pronounced Western-style liberalism as the culmination of a Hegelian narrative of progress, pundits and academics of all stripes find themselves struggling to explain the failed prediction that China’s increased activity in international markets would inevitably lead to increasing political and social liberalization in that country.  With his ground-breaking book, Network Origins of the Global Economy: East vs. West in a Complex Systems Perspective, out from Cambridge University Press in 2020, Hilton L. Root takes a road less-traveled in contemporary economics and brings the analytical tools of systems theory to bear on this perplexing question, believing that a study of network structure might be able to shed more light than the traditional tools of economic analysis. This clearly argued and eminently readable book accounts for much of the current state of affairs by tracing the contrasting historical evolution of Europe as a Small W

The Idea of Development in Africa: A History (Cambridge UP, 2020) challenges prevailing international development discourses about the continent, by tracing the history of ideas, practices, and 'problems' of development used in Africa. In doing so, it offers an innovative approach to examining the history and culture of development through the lens of the development episteme, which has been foundational to the 'idea of Africa' in western discourses since the early 1800s. The study weaves together an historical narrative of how the idea of development emerged with an account of the policies and practices of development in colonial and postcolonial Africa. The book highlights four enduring themes in African development, including their present-day ramifications: domesticity, education, health, and industrialization. Offering a balance between historical overview and analysis of past and present case studies, Elisabeth McMahon and Corrie Decker demonstrate that Africans have always co-opted, challenged, and ref

Reinventing Bankruptcy Law: A History of the Companies’ Creditors Arrangement Act (University of Toronto Press, 2020) explodes conventional wisdom about the history of the Companies’ Creditors Arrangement Act and in its place offers the first historical account of Canada’s premier corporate restructuring statute. The book adopts a novel research approach that combines legal history, socio-legal theory, ideas from political science, and doctrinal legal analysis. Meticulously researched and multi-disciplinary, Reinventing Bankruptcy Law provides a comprehensive and concise history of CCAA law over the course of the twentieth century, framing developments within broader changes in Canadian institutions including federalism, judicial review, and statutory interpretation. Examining the influence of private parties and commercial practices on lawmaking, Virginia Torrie argues that CCAA law was shaped by the commercial needs of powerful creditors to restructure corporate borrowers, providing a compelling thesis abou

Money Games: The Inside Story of How American Dealmakers Saved Korea’s Most Iconic Bank (Wiley, 2020) by Weijian Shan’s, is a riveting tale of one of the most successful buyout deals ever: the acquisition and turnaround of what used to be Korea’s largest bank by the American firm Newbridge Capital. Full of intrigue and suspense, this insider's account is told by the chief architect of the deal itself, the celebrated author and private equity investor Weijian Shan. With billions of dollars at stake, and the nation's economic future on the line, Newbridge Capital sought to become the first foreign firm in history to take control of one of Korea’s most beloved financial institutions. In a proud country still reeling from a humiliating International Monetary Fund bailout in the Asian Financial Crisis, Newbridge Capital had to muster every ounce of skill, determination, and patience to bring the deal to closing. Shan takes readers inside the battle to win control of the bank—a delicate, often exasperating process

In the wake of the 2008-09 financial crisis, Adam Fergusson's When Money Dies: The Nightmare of the Weimar Hyperinflation became an unlikely publishing hit more than three decades after its release. Yet, even though few people knew the details of the 1923 crisis, stories and images from interbellum Germany are things of legend. The same cannot be said of the many other hyperinflationary episodes in the past century and especially the two most severe: the first in postwar Hungary and the second just 13 years ago in Zimbabwe. Hyperinflation in Zimbabwe: Background, Impact, and Policy (Palgrave, 2019) investigates what drove a process that, at its peak, led to 80-billion-percent inflation and the death of the country’s money. Tara McIndoe Calder, who lived through the crisis and now works as an economist in Dublin, examines what happened in her homeland but also the wider meaning of hyperinflation, how to measure it accurately, its common causes and how to stop it. Tara McIndoe Calder has been an economist at th

With the coronavirus pandemic, Modern Monetary Theory met its moment. A sudden and massive loss of output globally was met with an unprecedented response by governments and central banks and at least some official regret about excessive fiscal austerity after the 2008-09 crisis. Stephanie Kelton's The Deficit Myth: Modern Monetary Theory and the Birth of the People's Economy found a ready audience and remains in the New York Times Hardcover Nonfiction Best-Seller List six months after publication. Yet, one criticism of her book and of MMT generally is that its proponents, examples and policy proposals are overwhelmingly American and built on assumptions about having a sovereign and dominant global currency. Dirk Ehnts, a leading MMT proponent, seeks to address this criticism in  Modern Monetary Theory and European Macroeconomics (Routledge, 2016). In 2020, he published an updated edition in German as Money and Credit: A European Perspective (Metropolis, 2020). Dirk Ehnts earned his doctorate at the Carl von O

Adam Fabry's book The Political Economy of Hungary: From State Capitalism to Authoritarian Neoliberalism (Palgrave, 2019) explores the political economy of Hungary from the mid-1970s to the present. Widely considered a 'poster boy' of neoliberal transformation in post-communist Eastern Europe until the mid-2000s, Hungary has in recent years developed into a model 'illiberal' regime. Constitutional checks-and-balances are non-functioning; the independent media, trade unions, and civil society groups are constantly attacked by the authorities; there is widespread intolerance against minorities and refugees; and the governing FIDESZ party, led by Prime Minister Viktor Orban, controls all public institutions and increasingly large parts of the country's economy. To make sense of the politico-economical roller coaster that Hungary has experienced in the last four decades, Fabry employs a Marxian political economy approach, emphasising competitive accumulation, class struggle (both between capital and labour, as we

In the several decades since scholars in the humanities have taken up computational tools, they have borrowed many techniques from other fields, including visualization methods to create charts, graphs, diagrams, maps, and other graphic displays of information. But are these visualizations actually adequate for the interpretive approach that distinguishes much of the work in the humanities? Information visualization, as practiced today, lacks the interpretive frameworks required for humanities-oriented methodologies. In Visualization and Interpretation, Johanna Drucker continues her interrogation of visual epistemology in the digital humanities, reorienting the creation of digital tools within humanities contexts. Johanna Drucker is Martin and Bernard Breslauer Professor in the Department of Information Studies at the Graduate School of Education and Information Studies at the University of California, Los Angeles. Luca Scholz is Lecturer in Digital Humanities at the University of Manchester (UK). His researc

Today I talked to Yuen Yuen Ang, a Professor of political science and China expert at the University of Michigan. We spoke already in summer 2019 to discuss her previous book: How China Escaped the Poverty Trap. In that book she anticipated the theme of this book: corruption. She explains that 'contrary to conventional wisdom, rich nations became rich by first eliminating corruption, the real history is that corruption was never eliminated, it changes in form and structure as an economy becomes richer.' We started our conversation with a definition of corruption and her typologies: petty theft, grand theft, speed money, access money. The argument in China's Gilded Age: The Paradox of Economic Boom and Vast Corruption (Cambridge University Press, 2020) has been widely taken out of context, as ‘corruption is good for growth’. I asked Yuen to clarify. She believes that not all types of corruption carry the same harm and have the same impact on growth. She explained this with the analogy of types of drugs. Corrup

Animal Trade Histories in the Indian Ocean World (Palgrave MacMillan, 2020), edited by Martha Chaiklin, Philip Gooding, and Gwyn Campbell, examines trades in animals and animal products in the history of the Indian Ocean World (IOW). An international array of established and emerging scholars investigate how the roles of equines, ungulates, sub-ungulates, mollusks, and avians expand our understandings of commerce, human societies, and world systems. Focusing primarily on the period 1500-1900, they explore how animals and their products shaped the relationships between populations in the IOW and Europeans arriving by maritime routes. By elucidating this fundamental yet under-explored aspect of encounters and exchanges in the IOW, these interdisciplinary essays further our understanding of the region, the environment, and the material, political and economic history of the world. Tamara Fernando is a Ph.D. candidate at Cambridge University. Learn more about your ad choices. Visit megaphone.fm/adchoices

In International Aid and Democracy Promotion: Liberalization at the Margins (Routledge, 2020), Political Scientist Bann Seng Tan investigates the link between foreign aid and the promotion of democracy, using theory, statistical tests, and illustrative case studies. The book challenges the field of development to recognise that democracy promotion is unlike other development goals. With a goal like economic development, the interests of the recipient and the donor coincide; whereas, with democratisation, authoritarian recipients have strong reasons to oppose what donors seek. The different motivations of donors and recipients must be considered if democracy aid is to be effective. The author examines how donors exercise their leverage over aid recipients, and, more importantly, why, using selectorate theory to understand the incentives of both aid donors and recipients. International Aid and Democracy Promotion will be of great interest to academics and students of development and democratisation, as well as

Every day, TARGET - Europe's cross-border payments system - processes transactions worth €2.5 trillion. Under its decentralised model, TARGET generates balances between the national central banks. These were tiny at its creation but today – after a decade spanning the financial crisis, the sovereign-debt crisis and now the pandemic recession – Germany’s TARGET balance exceeds €1 trillion. In his The Economics of Target Balances: From Lehman to Corona (Palgrave Macmillan), Hans-Werner Sinn says these balances are a “fever thermometer” for the health of the financial system. The system as it is designed, he argues, is unsustainable. Hans-Werner Sinn is Emeritus Professor of Economics and Public Finance at the University of Munich and was president of the Ifo Institute for Economic Research from 1999 until 2016. Tim Gwynn Jones is an economic and political-risk analyst at Medley Global Advisors. Learn more about your ad choices. Visit megaphone.fm/adchoices

Paul Donovan's Profit and Prejudice: The Luddites of the Fourth Industrial Revolution (Routledge, 2020) is a great example of what Robert Shiller has championed as narrative economics--pointing out the power and real-world economic import of stories, of narratives. In this case, Donovan highlights the cost of prejudice and how it will become even more expensive as we enter the fourth industrial revolution, a period in which human capital will be critically important to the success of any endeavor. Prejudice is bad for business and the economy, he concludes. Donovan argues for "Fighting Back"--the title of a chapter--to confront the economic cost of prejudice, but it will be an uphill battle.   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. Learn more about your ad choices. Visit megaphone.fm/adchoices

Consumers may love their products and services but, among politicians and activists, the big-technology companies are fast developing a reputation as the Robber Barons of the 21st century. Google recently joined Apple, Amazon and Microsoft as a so-called “tera-cap” – companies valued at more than a trillion dollars. Add Facebook and the five tech giants alone account for a quarter of the S&P500. How have they managed this in such a short timeframe? Their critics claim that Mark Zuckerberg, Jeff Bezos, Sundar Pichai, Satya Nadella and Tim Cook are just digital versions of Henry Ford, Andrew Carnegie, Andrew Mellon, Cornelius Vanderbilt, and John D. Rockefeller – monopolists who control entry nto their markets. Not so simple, claims Nicolas Petit in Big Tech and the Digital Economy: The Moligopoly Scenario (Oxford University Press, 2020). Concerns about privacy or the dissemination of “fake news” are valid but “looking at these predicaments through monopoly lenses is like using Facebook to get your news. It see

Parrots and snakes, wild cats and monkeys---exotic pets can now be found everywhere from skyscraper apartments and fenced suburban backyards to roadside petting zoos. In Animal Traffic: Lively Capital in the Global Exotic Pet Trade (Duke UP, 2020) Rosemary-Claire Collard investigates the multibillion-dollar global exotic pet trade and the largely hidden processes through which exotic pets are produced and traded as lively capital. Tracking the capture of animals in biosphere reserves in Mexico, Guatemala, and Belize; their exchange at exotic animal auctions in the United States; and the attempted rehabilitation of former exotic pets at a wildlife center in Guatemala, Collard shows how exotic pets are fetishized both as commodities and as objects. Their capture and sale sever their ties to complex socio-ecological networks in ways that make them appear as if they do not have lives of their own. Collard demonstrates that the enclosure of animals in the exotic pet trade is part of a bioeconomic trend in which li

In her new book Engaged: Designing for Behavior Change (Rosenfeld Media, 2020), Amy Bucher analyzes both the barriers and levers to achieving behavioral change. Among the barriers are cognitive biases, like a Status Quo Bias, as well as growing both emotionally and mentally exhausted by changes that require too much willpower on behalf of the user. Opportunities to promote change include having accountability buddies to help guide you, and avatars that have proven highly effective in providing information in a trust-building, nonjudgmental manner. Amy Bucher, PhD, works in Behavior Change Design at Mad*Pow and previously worked at CVS Health and Johnson & Johnson. She received her A.B. from Harvard University and her M.A. and PhD in organizational psychology from the University of Michigan. Dan Hill, PhD, is the author of eight books and leads Sensory Logic, Inc. (https://www.sensorylogic.com). To check out his related “Dan Hill’s EQ Spotlight” blog, visit https://emotionswizard.com. Learn more about your ad

Most of our discussions about how “technology will change the world” focus on the global cities that drive the world economy. Even when we talk about China, we focus on its major cities: Beijing, Shanghai and Shenzhen.  Xiaowei Wang corrects this metronormativity in their recent book Blockchain Chicken Farm: And Other Stories of Tech in China's Countryside (FSG Originals: 2020), which explores how rural China is not just adapting the technology used around the world, but innovating on it.   In this interview, we talk about the frontiers of technology that are being charted in rural China, and why China’s countryside may be the best place to understand how technology, capitalism and society will intersect in the coming years — often in not altogether positive ways. We also talk about some of the more recent developments in how Chinese technology is treated in the United States, with reference to their recent articles: "WeChat Has Both Connected Families and Torn Them Apart" in Slate and "How the Theatrics of B

Stop Solving the Wrong Problem! In this episode we discuss Thomas Wedell-Wedellsborg's book What's Your Problem?: To Solve Your Toughest Problems, Change the Problems You Solve (HBR Press, 2020) and focus on hisRapid Reframing Method for solving in particular people-related problems. Specific topics include: how emotions can either facilitate or hinder the challenging of established mental models, how reframing fits the top 3 skills of importance for the future economy, and why “vagueness” is the enemy of change. Wedell-Wedellsborg is a globally recognized expert on innovation and problem solving whose clients have included The United Nations. His research has been widely featured in the media and he’s been named a “Top 20 International Thinker” by HR Magazine. Dan Hill, PhD, is the author of eight books and leads Sensory Logic, Inc. (https://www.sensorylogic.com). To check out his related “Dan Hill’s EQ Spotlight” blog, visit https://emotionswizard.com. Learn more about your ad choices. Visit megaphone.fm/ad

As the COVID-19 pandemic took hold in March, a self-isolating and easily distracted economist resolved to take himself in hand. "I decided I would do what I was good at: I would write a book" about the complex interplay between epidemiology and economics and the policy dilemmas it poses. By June, Joshua Gans had published Economics in the Age of COVID-19 and, within days, he had started work on the expanded version - The Pandemic Information Gap: The Brutal Economics of COVID-19 (MIT Press, 2020) - to come out in the autumn. Its central thesis is that "at their heart, pandemics are an information problem. Solve the information problem and you can defeat the virus”. Joshua Gans is Professor of Strategic Management and holder of the Jeffrey S. Skoll Chair of Technical Innovation and Entrepreneurship at the Rotman School of Management, University of Toronto. Tim Gwynn Jones is an economic and political-risk analyst at Medley Global Advisors. Learn more about your ad choices. Visit megaphone.fm/adchoices