New Books In Economics

Dr. Graciela Chichilnisky’s new book Reversing Climate Change: How Carbon Removals Can Resolve Climate Change and Fix the Economy is perhaps the single best thing I have read about climate in recent years. Published by World Scientific Press, the book lays out the history of how we came to be in the emergency we are in now, what we have tried before, and how we can get out. During her long academic career, Dr. Chichilnisky has written a myriad of book on climate, pioneered the concept of “basic needs,” and was the author of the carbon market for the Kyoto Protocol. She brings an insider’s perspective on how we as a global community can avoid the worst-case scenarios with respect to climate change. The book puts the conclusion in the title, we need negative emissions. However, far from simply lecturing her audience on what someone else should do, Dr. Chichilnisky has helped to invest a technology and start a company that are actively working on increasing negative emissions capacity. All of this is contained i

We've heard and rehearsed the conventional wisdom about oil: that the U.S. military presence in the Persian Gulf is what guarantees access to this strategic resource; that the "special" relationship with Saudi Arabia is necessary to stabilize an otherwise volatile market; and that these assumptions in turn provide Washington enormous leverage over Europe and Asia. That common sense is wrong. The author of America's Kingdom: Mythmaking on the Saudi Oil Frontier (Stanford University Press, 2007), Robert Vitalis returns to disenchant us once again—this time from "oilcraft," a line of magical thinking closer to witchcraft than statecraft. Contrary to the deeply-held beliefs of hawkish foreign policy experts and career academics alike, oil is a commodity like any other: bought, sold, and subject to market forces. The House of Saud does many things for U.S. investors, firms, and government agencies, but guaranteeing the flow of oil, making it cheap, or stabilizing the price isn't one of them. Nevertheless, persiste

“The key element shaping inequality is no longer the employment relationship but rather whether one is able to buy assets that appreciate at a faster rate than both inflation and wages”. So argue Lisa Adkins, Martijn Konings and Melinda Cooper in The Asset Economy (Polity Press, 2020), extending the argument in Thomas Piketty’s 2014 best-seller Capital in the Twenty-First Century. Inheritance, they claim, is no longer a 19th-century-style transmission of property titles after death but a “strategically timed transfer of funds that need to be leveraged and put to work in the speculative logic of the asset economy”. In the Anglo-Saxon economies at least, households are no longer just a unit of subsistence or consumption but a dynamic Minskyan balance-sheet manager. Lisa Adkins is Head of the School of Social and Political Sciences and Martijn Konings is Professor of Political Economy and Social Theory at the University of Sydney. Tim Gwynn Jones is an economic and political-risk analyst at Medley Global Advisor

Capitalisms: Towards a Global History (Oxford University Press, 2020), edited by Kaveh Yazdani and Dilip M. Menon, aims to decenter work on the history of capitalism by looking at the longue durée from the tenth century; at regions as diverse as Song China, South and South East Asia, Latin America and the Ottoman and Safavid Empires; and exploring the plurality of developments over this extended time and space. The authors argue against conventional accounts that locate the origins of capitalism solely within Europe and within the conjuncture of the industrial revolution. The essays emphasize historical conjunctures, flows of commodities, circulation of knowledge and personnel, the role of mercantile capital and small producers and stress throughout the necessity to think beyond present day national boundaries. The volume contends with clichés of Western exceptionalism to make a set of historical arguments about non-Western and interconnected economic developments across the globe, prior to the era of colonia

Are robots going to be our overlords? In Human Work in the Age of Smart Machines (RosettaBooks, 2020), Jamie Merisotis says they don't have to be. We can make them our friends. Jamie Merisotis is a globally recognized leader in philanthropy, education, and public policy. Since 2008, he’s served as president and CEO of Lumina Foundation, an independent, private foundation committed to making opportunities for learning beyond high school available to all. Jamie previously served as co-founder and president of the nonpartisan, D.C.-based Institute for Higher Education Policy. This episode covers the need to link ongoing learning and work in a virtuous cycle that provides workers with both meaning and stability. It addresses the challenges of the 4th Industrial Revolution and how in the new people-centered economy it’s important to develop those flexible skills and capabilities that will enable workers to distinguish themselves from what automation and artificial intelligence is capable of. Dan Hill, PhD, is the

In September 2008, Ewald Nowotny joined the governing council of the European Central Bank. Just two weeks later, Lehman Brothers filed the largest bankruptcy in US history - so triggering a global financial crisis and recession. In September 2019, he retired just before the coronavirus pandemic struck. This book charts the political and literary development of a young Social Democrat economist in postwar Vienna, his education in Austria and the US, and his experience in banking in the pre-Lehman stage of the crisis. For "ECB-watchers", Geld und Leben (Braumüller Verlag, 2020) provides a fascinating insight into the contrasting presidencies of Jean-Claude Trichet and Mario Draghi, into how council meetings are conducted, and the ruses used by members to influence the markets. Now a self-styled "independent economist", Ewald Nowotny was a professor of economics at Vienna and Linz universities, a member of Austria's parliament, a vice-president of the European Investment Bank, and governor of the Austrian Natio

After water, tea is the most widely consumed drink in the world. It is beloved by consumers in Asia, Africa, Europe, and the Americas, and it comes in a bewildering array of varieties: from the cheap sachet of finely ground English black tea to fermented bricks of pu’er from Yunnan province. This beverage also has a fascinating place in the global history of science and capitalism. At the turn of the first millennium, it was prized as a medical concoction in southwestern China, and it became a ubiquitous beverage throughout the Chinese empire during the Tang Dynasty, when its spread coincided with the rising popularity of Buddhism. By the fifteenth century, the preparation of modern loose-leaf tea began to emerge, while the seventeenth century witnessed its ascent as major export commodity for the early Qing Empire, becoming enmeshed in a global circuit of bullion, commodities, and people. Then, during the 19th century, tea became absolute staple in Europe, especially among industrial workers in England, who

Historians often portray the National Association of Manufacturers (NAM) as a conservative force in debates over free enterprise, battles against unions and government regulation, and the rise of capitalism in the United States. In The Industrialists: How the National Association of Manufacturers Shaped American Capitalism (Princeton UP, 2020), Jennifer Delton (Professor of History at Skidmore College) provides a comprehensive and nuanced political history. Delton focuses on the conservative policy goals of the organization but also its surprisingly progressive tactics and internal conflicts such as welcoming women and workers with disabilities, supporting the UN, embracing aspects of cosmopolitanism, and supporting the ERA, Civil Rights Act, and aspects of affirmative action. Delton deftly identifies the wider economic, ideological, and institutional concerns that drove NAM actors. As the book interrogates how the National Association of Manufacturing did – and did not – work, NAM emerges as a capitalist mod

Michael Stamm’s book Dead Tree Media: Manufacturing the Newspaper in Twentieth-Century North America (Johns Hopkins UP, 2018) begins with the simple but thought-provoking premise that, not too long ago, newspapers were almost exclusively physical objects made out of paper. This meant that producing a newspaper implied industrial production, mills, and a distribution system that could deliver daily-produced issues to individual consumers. But most of all, it meant trees. Lots and lots of trees. Newspapers acquired timber lands, chopped down trees, and managed international supply chains. A simple premise then opens up an entire world of industrial processes that might appear distant from us denizens of the digital age. In this highly innovative work of media history, Stamm, a Professor of history at Michigan State University, pulls readers into that world, guiding them through newspaper boardrooms in big American cities, lumber camps and company towns across Canada, and laboratories that were experimenting wit

Americans are obsessed with liberty, mad about liberty. On any day, we can tune into arguments about how much liberty we need to buy a gun or get an abortion, to marry who we want or adopt the gender we feel. We argue endlessly about liberty from regulation and observation by the state, and proudly rebel against the tyranny of course syllabi and Pandora playlists. Redesign the penny today and the motto would read, “You ain’t the boss of me.” Yet Americans are only now awakening to what is perhaps the gravest domestic threat to our liberties in a century—in the form of an extreme and fast-growing concentration of economic power. Monopolists today control almost every corner of the American economy. The result is not only lower wages and higher prices, hence a concentration of wealth and power in the hands of the few. In Liberty From All Masters: The New American Autocracy vs. the Will of the People (St. Martin's Press, 2020), Barry C. Lynn argues that the result is also a stripping away of our liberty to work

JC de Swaan does not shy from a challenge. In his new book, Seeking Virtue in Finance: Contributing to Society in a Conflicted Industry (Cambridge University Press, 2020), de Swaan, argues that it is possible to work in finance and not fall prey to the worst ethical ills of a profit maximizing industry. A lecturer at Princeton and partner in at Wall Street hedge fund, de Swaan spent years chronicling examples of virtuous behavior in finance. He distills his research into four "pillars" of ethical behavior for financial professionals. They include 1. Customers first, 2. Social wealth creation 3. Humanistic leadership and 4. Engaged citizenship. Those are easy to say, but hard to do in an industry not known for those attributes. Seeking Virtue in Finance should be required reading for every associate class on Wall Street, as well as their managers. 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 t

What are the limitations of relying on logic as an upfront filter in pursuing ideas? Find out as I talk to Rory Sutherland about his new books Alchemy: the Dark Art and Curious Science of Creating Magic in Brands, Business, and Life (William Morrow, 2019) Sutherland is Vice Chairman of Ogilvy, a legendary advertising agency. He’s also a columnist for The Spectator and a past president of the London-based Institute of Practitioners in Advertising (IPA). His TED Talks have been viewed over 6.5 million times. Topics covered in this episode include: What’s to be gained from realizing that evolution likes fitness, not accuracy. Why biology is different from physics, thereby meaning that there will likely never be a Newton of biology, of marketing, or other fields, where universal laws don’t apply. Instead, the focus is on noting the exceptions and finding patterns. Realizing how much people are context-dependent in realizing solutions to problems. Many forms of measurement create more problems than successful o

Today I spoke with Dr Margaret Heffernan about her latest book, Uncharted: How to Map and Navigate the Future Together (Simon and Schuster, 2020). Margaret produced programmes for the BBC for 13 years. She then moved to the US where she became a businesswomen. She is the author of six books and a successful TED Talk speaker. She is also a Professor of Practice at the University of Bath. In her 2012 TED Talk, ‘Dare to disagree’, she told the story Alice Stewart. This is the story of how clear, certain medical data, are not always enough to change rapidly our professional rules and personal habits. In her 2019 TED Talk she argued that the more we rely on technology to make us efficient, the fewer skills we have to confront the unexpected. That’s why we need less technology and ‘more messy human skills - imagination, humility, bravery - to solve problems in business, government and life in an unpredictable age’. In her new book, she explores the people and organizations who aren’t daunted by uncertainty: ‘We are

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