New Books in Finance

In Beyond Shareholder Primacy: Remaking Capitalism for a Sustainable Future (Stanford Business Books, 2024) Hart argues that the current Milton Friedman–style "shareholder primacy capitalism," as taught in business schools and embraced around the world, has become dangerous for society, the climate, and the planet. Moreover, he maintains, it's economically unnecessary. Yet there are many reasons for hope―from the history of capitalism itself. Hart holds that capitalism has reformed itself twice before and is poised for a third major reformation. Retelling the origin story of capitalism from the fifteenth century to the present, he argues that a radically sustainable, just capitalism is possible, and even likely. Hart goes on to describe what it will take to move beyond capitalism's present worship of "shareholder primacy," including corporate transformations to re-embed purpose and reforms to major economic institutions. A key requirement is eliminating the "externalities" (or collateral damage) of the current version of shareholder capitalism. Sustainable capitalism has to explicitly incorporate the needs of society and the planet, include a financial system that allows leaders to prioritize the planet, reorganize business schools around sustainable management thinking, and enable corporations not just to stop ignoring the damage they cause, but actually begin to create positive impact. Learn more about your ad choices. Visit megaphone.fm/adchoicesSupport our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/finance

Most economists believe that growth is the surest path to better lives. This has proven to be one of humanity’s most powerful and dangerous ideas. It shapes policy across the globe, but it fatally undermines the natural ecosystems necessary to sustain human life. How did we get here and what might be next?In The Invention of Infinite Growth: How Economists Forgot About the Natural World (Simon and Schuster, 2025), environmental historian Christopher F. Jones takes us through two hundred and fifty years of economic thinking to examine the ideal of growth, its powerful influence, and the crippling burdens many decisions made in its name have placed on us all. Jones argues that the pursuit of growth has never reflected its costs, because economists downplay environmental degradation. What’s worse, skyrocketing inequality and diminishing improvements in most people’s well-being mean growth too often delivers too little for too many. Jones urges economists to engage more broadly with other ways of thinking, as well as with citizens and governments to recognize and slow infinite growth’s impact on the real world. Both accessible and eye-opening, The Invention of Infinite Growth offers hope for the future. Humans have not always believed that economic growth could or should continue, and so it is possible for us to change course. We can still create new ideas about how to promote environmental sustainability, human welfare, and even responsible growth, without killing the planet and ourselves. Learn more about your ad choices. Visit megaphone.fm/adchoicesSupport our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/finance

Investing in funds is not straightforward. We are faced with a countless range of options and constantly distracted by meaningless noise and turbulent markets. To make matters worse, our flawed beliefs and behavioural biases lead to repeated and costly mistakes, such as a damaging obsession with past performance and a dangerous attraction to thematic funds.There is a solution―a more intelligent way to invest in funds.In The Intelligent Fund Investor: Practical Steps for Better Results in Active and Passive Funds (Harriman House, 2022), experienced portfolio manager and behavioural finance expert Joe Wiggins brings simplicity and clarity to fund investing. Each chapter of this fascinating and highly readable book focuses on a vital element of investing in funds―exploring how and why investors can get it badly wrong, and providing direct, actionable steps for better results.Joe reveals: why we should avoid investing with star managers; how to decide between active and passive funds; why we should beware of smooth performance and captivating stories; why risk is far more than just volatility; the importance of a long time horizon; and much, much more.Using a combination of stories, empirical evidence and experience, Joe gives all fund investors―active and passive―what they need to reassess their beliefs, understand their biases, and make better investment decisions.John Emrich has worked for decades years in corporate finance, business valuation and fund management. He has a podcast about the investment space called Kick the Dogma. Learn more about your ad choices. Visit megaphone.fm/adchoicesSupport our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/finance

Ethan A. Everett, author and co-founder of an AI-based research startup, dives into the fascinating intersection of philosophy and investing. He explores how thinkers like Nietzsche and Spinoza provide invaluable insights into market behavior and emotional biases. Discover what Buffett's ethics have in common with Nietzsche's eternal recurrence and learn why it's crucial to balance conviction with flexibility in investment strategies. Everett also discusses the historical context of investing, emphasizing the relevance of philosophical teachings in today's financial landscape.

Statistics are everywhere: in news reports, at the doctor's office, and in every sort of forecast, from the stock market to the weather. Blogger, teacher, and computer scientist Allen B. Downey knows well that people have an innate ability both to understand statistics and to be fooled by them. As he makes clear in this accessible introduction to statistical thinking, the stakes are big. Simple misunderstandings have led to incorrect medical prognoses, underestimated the likelihood of large earthquakes, hindered social justice efforts, and resulted in dubious policy decisions. There are right and wrong ways to look at numbers, and Downey will help you see which are which. Probably Overthinking It: How to Use Data to Answer Questions, Avoid Statistical Traps, and Make Better Decisions (University of Chicago Press, 2023) uses real data to delve into real examples with real consequences, drawing on cases from health campaigns, political movements, chess rankings, and more. He lays out common pitfalls--like the base rate fallacy, length-biased sampling, and Simpson's paradox--and shines a light on what we learn when we interpret data correctly, and what goes wrong when we don't. Using data visualizations instead of equations, he builds understanding from the basics to help you recognize errors, whether in your own thinking or in media reports. Even if you have never studied statistics--or if you have and forgot everything you learned--this book will offer new insight into the methods and measurements that help us understand the world. Allen B. Downey is a curriculum designer at the online learning company Brilliant and professor emeritus of computer science at Olin College. Gregory McNiff is a Managing Director in the New York office of the Blueshirt Group, an IR firm focused on technology. Greg holds an MBA from the University of Chicago Booth School of Business, an M. Litt. in Shakespeare Studies from the University of St. Andrews and a B.A. in Classical Languages from Columbia University. Learn more about your ad choices. Visit megaphone.fm/adchoicesSupport our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/finance

How debt and speculation financed the suburban American dream and led to today’s inequalities In the popular imagination, the suburbs are synonymous with the “American Dream” of upward mobility and economic security. After World War II, white families rushed into newly built suburbs, where they accumulated wealth through homeownership and enjoyed access to superior public schools. In this revelatory new account of postwar suburbanization, historian Michael R. Glass exposes the myth of uniform suburban prosperity. Focusing on the archetypal suburbs of Long Island, Cracked Foundations: Debt and Inequality in Suburban America (U Pennsylvania Press, 2025) uncovers a hidden landscape of debt and speculation. Glass shows how suburbanites were not guaranteed decent housing and high-quality education but instead had to obtain these necessities in the marketplace using home mortgages and municipal bonds. These debt instruments created financial strains for families, distributed resources unevenly across suburbs, and codified racial segregation. Most important, debt transformed housing and education into commodities, turning homes and schools into engines of capital accumulation. The resulting pressures made life increasingly precarious, even for those privileged suburbanites who resided in all-white communities. For people of color denied the same privileges, suburbs became places where predatory loans extracted wealth and credit rating agencies punished children in the poorest school districts. Long Islanders challenged these inequalities over several decades, demanding affordable housing, school desegregation, tax equity, and school-funding equalization. Yet the unequal circumstances created by the mortgages and bonds remain very much in place, even today. Cracked Foundations not only transforms our understanding of housing, education, and inequality but also highlights how contemporary issues like the affordable housing crisis and school segregation have their origins in the postwar golden age of capitalism. Guest: Michael Glass (he/him) is a political and urban historian of the twentieth-century United States, with research and teaching interests in racism, capitalism, and inequality. Michael is an Assistant Professor of History at Boston College. Host: Jenna Pittman (she/her), a Ph.D. student in the Department of History at Duke University. She studies modern European history, political economy, and Germany from 1945-1990. Scholars@Duke: here Linktree: here Learn more about your ad choices. Visit megaphone.fm/adchoicesSupport our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/finance

In The Money Revolution: How to Finance the Next American Century, economist and bestselling author Richard Duncan lays out a farsighted strategy to maximize the United States' unmatched financial and technological potential. In compelling fashion, the author shows that the United States can and should invest in the industries and technologies of the future on an unprecedented scale in order to ignite a new technological revolution that would cement the country’s geopolitical preeminence, greatly enhance human wellbeing, and create unimaginable wealth. This book also features a history of the Federal Reserve.Richard Duncan has served as Global Head of Investment Strategy at ABN AMRO Asset Management in London, worked as a financial sector specialist for the World Bank in Washington, D.C., and headed equity research departments for James Capel Securities and Salomon Brothers in Bangkok, Thailand. He is now the publisher of Macro Watch, a video-newsletter that analyzes the forces driving the global economy in the 21st Century.Caleb Zakarin is the Assistant Editor of the New Books Network. Learn more about your ad choices. Visit megaphone.fm/adchoicesSupport our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/finance

Dr. J Calvin Schermerhorn is a professor of history in the School of Historical, Philosophical, and Religious Studies at Arizona State University. His books include The Business of Slavery and the Rise of American Capitalism, 1815–1860, and Unrequited Toil: A History of United States Slavery. He lives in Tempe, AZ. The long history of the racial wealth gap in America told through the stories of seven Black families who struggled to build wealth over multiple generationsWealth is central to the American pursuit of happiness and is an overriding measure of well-being. Yet wealth is conspicuously absent from African American households. Why do some 3.5 million Black American families have zero or negative wealth?In The Plunder of Black America: How the Racial Wealth Gap Was Made (Yale UP, 2025) historian Calvin Schermerhorn traces four hundred years of Black dispossession and decapitalization—what Frederick Douglass called plunder—through the stories of families who have strived to earn and keep the fruits of their toils. Their struggles reveal that the ever-evolving strategies to strip Black income and wealth have been critical to sustaining a structure of racialized disadvantage. These accounts also tell of the quiet heroism of those who worked to overcome obstacles and defy the plunder.From the story of Anthony and Mary Johnson, abducted from Angola and brought to Virginia in 1619, to the enslaved Black workers dispossessed by the Custis-Washington family, to Venture Smith (born Broteer Furro), who purchased his freedom, to three generations of a family enslaved in the South who moved north after Emancipation, to the Tulsa massacre and the subprime lending crisis, Schermerhorn shows that we cannot reckon with today’s racial wealth inequality without understanding its unrelenting role in American history. Learn more about your ad choices. Visit megaphone.fm/adchoicesSupport our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/finance

How many female entrepreneurs, economic revolutionaries, merchants, and industrialists can you name? You would be forgiven for thinking that, until very recently, there were none at all. But what about Phryne, the richest woman in ancient Athens, who offered to pay to rebuild the walls of Thebes after the city was razed by Alexander the Great? Or what about Priscilla Wakefield, the writer who set up the first English bank for women and children? And, just as important, what about the everyday women who, paid only a pittance, labored for the profit of others? From the most successful women of their day to those who struggled to make ends meet, Economica: A Global History of Women, Wealth, and Power (Seal Press, 2025) by Dr. Victoria Bateman takes you on a journey that begins in the Stone Age and ends in the twenty-first century, spanning the world’s historic centers of prosperity: Egypt, Mesopotamia, Peru, the Indus Valley, the Roman Empire, the Islamic Empire, China, Europe, and the United States. By shining a light on the women whose contributions to the economy have been hidden for far too long, Economica is more than a history of women—it is a more accurate economic history of us all. This interview was conducted by Dr. Miranda Melcher whose book focuses on post-conflict military integration, understanding treaty negotiation and implementation in civil war contexts, with qualitative analysis of the Angolan and Mozambican civil wars. You can find Miranda’s interviews on New Books with Miranda Melcher, wherever you get your podcasts. Learn more about your ad choices. Visit megaphone.fm/adchoicesSupport our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/finance

Investable! When Pandemic Risk Meets Speculative Finance (MIT Press, 2025) by Dr. Susan Erikson presents a critical and sobering look at how international bankers and investors turn pandemics into investment opportunities, and what we stand to lose when we rely on “innovative finance.” In a world increasingly defined by crisis, bankers and investors behind the scenes turn catastrophes like pandemics into financial securities that can be bought and sold. Offering new insights into how the excesses of capitalism shape pandemic preparedness, Investable! is an ethnography of World Bank bonds designed to solve a big-ticket global health problem by getting international investors to gamble on future crises. In this first book-length treatment of pandemic bonds, award-winning medical anthropologist Dr. Erikson explains how we got here and asks who should hold the responsibility for the terrible things that happen to people, at a time when pandemics are turned into casinos.Dr. Erikson, who traveled over 300,000 miles conducting research for the book, takes readers from the red clay roads of West Africa to the concrete sidewalks of New York City and London’s financial districts, telling the stories of the people, the special interests, and the logics of pandemic bonds. Original, insightful, and extremely timely, Dr. Erikson's lively interdisciplinary exploration tells readers in powerful, vibrant prose about the pitfalls of contemporary global health finance “solutions.” Written for a smart general audience concerned about capitalism’s effect on human health, Investable! will appeal to financiers; politicians; economists; people working in global development, health care, and international affairs; and anyone who wants to better understand how capitalism affects how we care for one another in times of crisis. This interview was conducted by Dr. Miranda Melcher whose book focuses on post-conflict military integration, understanding treaty negotiation and implementation in civil war contexts, with qualitative analysis of the Angolan and Mozambican civil wars. You can find Miranda’s interviews on New Books with Miranda Melcher, wherever you get your podcasts. Learn more about your ad choices. Visit megaphone.fm/adchoicesSupport our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/finance