New Books in Finance

In The Other Side of the Coin: Public Opinion toward Social Tax Expenditures (Russell Sage Foundation, 2021), political scientists Christopher Ellis and Christopher Faricy examine public opinion towards social tax expenditures—the other side of the American social welfare state—and their potential to expand support for such social investment. Tax expenditures seek to accomplish many of the goals of direct government expenditures, but they distribute money indirectly, through tax refunds or reductions in taxable income, rather than direct payments on goods and services or benefits. They tend to privilege market-based solutions to social problems such as employer-based tax subsidies for purchasing health insurance versus government-provided health insurance. Drawing on nationally representative surveys and survey experiments, Ellis and Faricy show that social welfare policies designed as tax expenditures, as opposed to direct spending on social welfare programs, are widely popular with the general public. Contrary to previous research suggesting that recipients of these subsidies are often unaware of indirect government aid—sometimes called “the hidden welfare state”—Ellis and Faricy find that citizens are well aware of them and act in their economic self-interest in supporting tax breaks for social welfare purposes. The authors find that many people view the beneficiaries of social tax expenditures to be more deserving of government aid than recipients of direct public social programs, indicating that how government benefits are delivered affects people’s views of recipients’ worthiness. Importantly, tax expenditures are more likely to appeal to citizens with anti-government attitudes, low levels of trust in government, or racial prejudices. As a result, social spending conducted through the tax code is likely to be far more popular than direct government spending on public programs that have the same goals. The first empirical examination of the broad popularity of tax expenditures, The Other Side of the Coin provides compelling insights into constructing a politically feasible—and potentially bipartisan—way to expand the scope of the American welfare state.Stephen Pimpare is director of the Public Service & Nonprofit Leadership program and Faculty Fellow at the Carsey School of Public Policy at the University of New Hampshire. Learn more about your ad choices. Visit megaphone.fm/adchoicesSupport our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/finance

In this podcast Michael Blakey describes how as a strongly dyslexic child his relationship with schooling and formal education was very challenging. He credits his parents with putting him in environments where he developed a lot of resilience - going to boarding schools from the age of seven, and only later in life realising that this was unusual. His early experiences retailing sweets and vodka at school, led to large scale warehouse parties in the US, flipping real estate in London and making enough money to start a seed fund with his brother. We learn about his habit of acting first, and then figuring things out, how he wants both financial success and impact, the questions he asks when trying to decide who to invest in, and how not to approach him.About Michael BlakeyMichael’s entrepreneurial journey started when he was young. He supported his way through college, in the US, by running a number of events in the city. Michael loves buildingthings – including companies. Michael attributes his atypical journey to becoming a successful entrepreneur-turned-investor to having struggled for years in school, owing to his dyslexia. As a result, he was always on the lookout for ways to succeed outside of school. In turn, it is exactly this kind of differentiation and drive that he looks for in Founders as an investor today.In 2000 he founded Avonmore Developments, with his brother Simon, to invest in early-stage companies across UK. Since then, they have invested in over 40 companies and have achieved 11 successful exits to date.In 2013 he moved to SE Asia and set-up Cub Capital that has invested in 12 early-stage companies across the region including Anchanto, Quincus and MyDoc. He has already achieved 1 exit with Crème Simon. Most recently, Michael co-founded Cocoon Capital, an early-stage VC fund, which is looking to invest in enterprise and deep tech companies throughout SE Asia. To date Cocoon has invested in 20 companies including Sensorflow, See-Mode and Buymed. As is his want the structure of Cocoon is very different than your typical fund, as his entrepreneurial spirit always wants him to challenge the status quo.During Michael’s career he’s been named ‘UK Angel Investor of the Year 2015’ by the UK Business Angel Association, selected as one of the ‘Maserati 100’ and voted by AngelsNews into the list of ‘Business Angels You Should Know’. These accolades were not attributed toMichael only in recognition of his successful investments, but for the relentless support he gives to the founding and management teams of the companies he invests in as well as his generous contributions over the years towards building the start-up and investor ecosystems in the UK and now SE Asia.The NBN Entrepreneurship and Leadership podcast aims to educate and inform, sharing insights based on the personal story of our carefully selected guests aiming for the atmosphere of an informal conversation in a bar or over a cup of coffee. Learn more about your ad choices. Visit megaphone.fm/adchoicesSupport our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/finance

The emergence of individual and commercial insurance in Early Modern Europe required an understanding of probability. In Probable Justice: Rethinking the Politics of Risk (U Chicago Press, 2020), Rachel Friedman highlights the political thinking that developed side by side with the advances in statistical methods. By the 20th century, small scale, group insurance had become national programs with profound political implications. Friedman's work traces how what she calls probabilistic social insurance played a key role in the emergence of the modern welfare state. And we discuss where we go from here, post-pandemic, when all insurances systems have been put to the test.Daniel Peris is Senior Vice President at Federated Hermes in Pittsburgh. He can be reached at DanielxPeris@gmail.com or via Twitter @HistoryInvestor. His History and Investing blog and Keep Calm & Carry On Investing podcast are at https://strategicdividendinves... Learn more about your ad choices. Visit megaphone.fm/adchoicesSupport our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/finance

Following the 2008 financial crisis, the Federal Reserve’s monetary policy placed much greater focus on stabilizing the market than on helping struggling Americans. As a result, the richest Americans got a lot richer while the middle class shrank and economic and wealth inequality skyrocketed. In Engine of Inequality, Karen Petrou offers pragmatic solutions for creating more inclusive monetary policy and equality-enhancing financial regulation as quickly and painlessly as possible. Instead of proposing legislation that would never pass Congress, the author provides an insider's look at politically plausible, high-impact financial policy fixes that will radically shift the equality balance. Offering an innovative, powerful, and highly practical solution for immediately turning around the enormous nationwide problem of economic inequality, this groundbreaking book:  Presents practical ways America can and should tackle economic inequality with fast-acting results;  Provides revealing examples of exactly how bad economic inequality in America has become no matter how hard we all work;  Demonstrates that increasing inequality is disastrous for long-term economic growth, political action, and even personal happiness;  Explains why your bank's interest rates are still only a fraction of what they were even though the rich are getting richer than ever, faster than ever;  Reveals the dangers of FinTech and BigTech companies taking over banking; Shows how Facebook wants to control even the dollars in your wallet; and  Discusses who shares the blame for our economic inequality, including the Fed, regulators, Congress, and even economists.  Engine of Inequality: The Fed and the Future of Wealth in America (Wiley, 2021) should be required reading for leaders, policymakers, regulators, media professionals, and all Americans wanting to ensure that the nation’s financial policy will be a force for promoting economic equality. Stephen Pimpare is director of the Public Service & Nonprofit Leadership program and Faculty Fellow at the Carsey School of Public Policy at the University of New Hampshire. Learn more about your ad choices. Visit megaphone.fm/adchoicesSupport our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/finance

Today I talked to Pedro Gustavo Teixeira about his new book The Legal History of the European Banking Union: How European Law Led to the Supranational Integration of the Single Financial Market (Hart, 2020)Since 1950, the political and economic integration of Europe has tended to accelerate through functional mini-unions: coal and steel, nuclear power, and – in the wake of the coronavirus pandemic - it could well be healthcare next. The most recent of these mini-federations is the European Banking Union; born out of necessity at the height of the sovereign-debt crisis in 2012-13 but, as this new history emphasises, built on foundations laid in the 1970s.Within three years of its political green light, the EBU's core agencies - the Single Supervisory Mechanism (SSM) under the authority of the European Central Bank and the Single Resolution Mechanism - were in place yet, while huge changes have taken place, critical business has been left unfinished. "A regime geared towards ever more integration with distributive consequences, but without stabilisation capacity in the form of risk-sharing among member states and largely insulated from democratic politics will likely not be sustainable", writes Pedro Gustavo Teixeira.Pedro Gustavo Teixeira is director-general of governance and operations of the Single Supervisory Mechanism of the European Central Bank, secretary of its Supervisory Board, and a lecturer at the institute for law and finance at the Goethe University in Frankfurt. (Any views expressed are personal and not necessarily those of the ECB).*The author's own book recommendation is Dark Continent: Europe's Twentieth Century by Mark Mazower (Penguin, 1999 - latest edition 2018).Tim Gwynn Jones is an economic and political-risk analyst at Medley Global Advisors. Learn more about your ad choices. Visit megaphone.fm/adchoicesSupport our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/finance

Mungo Keulemans talks about growing up in South Africa, working in the family business, his army experiences, his move to Europe, Japan and back to Europe. We hear about his entrepreneurial journey in the family business in Poland, and after its sale to one of the world’s leading companies, his time in the larger corporation and his return to entrepreneurial life leading to his investment and CEO role at PMR.The NBN Entrepreneurship and Leadership podcast aims to educate and entertain, sharing insights based on the personal story of our carefully selected guests aiming for the atmosphere of an informal conversation in a bar or over a cup of coffee.About our guestMungo Keulemans is the CEO of PMR - the leading market research provider, industry event organiser and dedicated market research consultancy for the Construction/Pharma/Retail/ICT markets in Poland and Central Europe. Previously an entrepreneur, Innovator, business development, product manager, marketing manager, sales manager, business development director. Strong knowledge of complete value chains for Automation and manufacturing processes in Automotive, FPD, EMS, F&B/CPG, Life Science, infrastructure. As an Industrial engineer built experience with advanced industrial automation, process design and project management/execution. Believer in corporate commitment to improving the environment, responsibility towards fostering ethical practices & development of human capital.Useful links PMR Watch on Youtube here About the NBNThe New Books Network was founded in 2007 as a podcast interviewing the authors of academic books, and has grown to the largest author interview podcast in the world publishing 12 podcasts a day in more than 90 specialist areas, with over a million downloads a month. Read about the founder Marshall Poe and the NBN here. In recent years it has expanded beyond its “author interview origins”. Historically NBN only did audio recordings. E&L is the first NBN podcast distributed on Youtube.About Kimon Fountoukidis Twitter LinkedinKimon is the founder of both Argos Multilingual and PMR. Both companies were founded in the mid 90s with zero capital and both have gone on to become market leaders in their respective sectors. Kimon was born in New York and moved to Krakow, Poland in 1993. Listen to his story here,About Richard Lucas Twitter LinkedinRichard is a business and social entrepreneur who founded or invested in more than 30 businesses, including investments in Argos Multilingual, PMR and, in 2020, the New Books Network. Richard has been a TEDx event organiser, supports the pro-entrepreneurship ecosystem, and leads entrepreneurship workshops at all levels: from pre- to business schools. Richard was born in Oxford and moved to Poland in 1991. Read more here. Listen to his story in an autobiographical TEDx talk here, Learn more about your ad choices. Visit megaphone.fm/adchoicesSupport our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/finance

Today I talked to Adam Bryant about his new book (co-authored with Kevin Sharer), The CEO Test: Master the Challenges That Make or Break All Leaders (Harvard Business Press, 2021).Adam Bryant is managing director of Merryck & Co, a leadership development and mentoring firm. Before then, Adam was a journalist for 30 years, including at the New York Times where he authored the “Corner Office” column. He’s a speaker, teacher, and frequent contributor on CNBC.This episode is rooted in the seven parts of what a good CEO needs to master, from a simplified game plan that rank-and-file employees can follow to not trying to artificially resolve the various paradoxes intrinsic to being a leader, such as Creating Freedom and Structure and to Be Compassionate and Demanding. Along the way, the conversation delved into creating a company culture where there’s no daylight between what leaders say and do when it comes to values that define the organization. Also of note, why do so many leaders find it hard to coach the people around them to improve? And what are leaders missing that accounts for so many Mergers & Acquisitions not working out?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/adchoicesSupport our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/finance

“Economics is the long-run driver” in the history of Europe’s monetary union, writes Richard Pomfret in the first of a new Cambridge Elements series on the Economics of European Integration: The Road to Monetary Union (Cambridge University Press, 2021). “Politics often determined the timing of the next step ... but it has not determined the direction of change”.In this "Element" – intended to be “longer than standard journal articles yet shorter than normal-length book manuscripts”, according to series editor Nauro Campos – Pomfret runs through the 50-year history of the project but with that core theme.While decisive political moments like German reunification are acknowledged, it is the economic drivers – the development of common policies, the single market and global value chains – that assume a central role in the process.Richard Pomfret is professor of economics at the University of Adelaide and was, until 2020, the Jean Monnet Chair in the Economics of European Integration. Before moving to Australia in 1992, he was a professor at Johns Hopkins University in Washington, Bologna and Nanjing.*The author's own book recommendations are Kleptopia: How Dirty Money is Conquering the World by Tom Burgis (William Collins, 2020), and Visitation by Jenny Erpenbeck (Granta Books, 2018 - translated by Susan Bernofsky).Tim Gwynn Jones is an economic and political-risk analyst at Medley Global Advisors. Learn more about your ad choices. Visit megaphone.fm/adchoicesSupport our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/finance

In this episode Florian Feas describes his route into setting up Slator: to solve problems he became aware of, as a result of working in the translation industry in senior positions. He outlines the importance of having a co-founder with complementary skills and how SaaS business tools enabled him to scale his business fast and cost effectively We draw out lessons that any entrepreneur can benefit from hearing.Florian Faes is the Managing Director of Slator, a business media and advisory firm for the global language industry he co-founded in 2015. Prior to Slator, Florian spent nearly a decade in Asia, heading regional operations for a Swiss headquartered language service provider. Florian is the co-host of the SlatorPod podcast and publisher of LocJobs.com, a job board for the translation and localization industry. Florian likes to spend time on Switzerland's slopes and mountain trails.The NBN Entrepreneurship and Leadership podcast aims to educate and inform, sharing insights based on the personal story of our carefully selected guests aiming for the atmosphere of an informal conversation in a bar or over a cup of coffee.About our guestFlorian Faes is the Managing Director of Slator, a business media and advisory firm for the global language industry he co-founded in 2015. Prior to Slator, Florian spent nearly a decade in Asia, heading regional operations for a Swiss headquartered language service provider. Florian is the co-host of the SlatorPod podcast and publisher of LocJobs.com, a job board for the translation and localization industry. Florian likes to spend time on Switzerland's slopes and mountain trails.See this episode on Youtube here https://youtu.be/4AudyTHg6ZgAbout the NBNThe New Books Network was founded in 2007 as a podcast interviewing the authors of academic books, and has grown to the largest author interview podcast in the world publishing 12 podcasts a day in more than 90 specialist areas, with over a million downloads a month. Read about the founder Marshall Poe and the NBN here. In recent years it has expanded beyond its “author interview origins”. Historically NBN only did audio recordings. E&L is the first NBN podcast distributed on Youtube.About Kimon Fountoukidis Twitter LinkedinKimon is the founder of both Argos Multilingual and PMR. Both companies were founded in the mid 90s with zero capital and both have gone on to become market leaders in their respective sectors. Kimon was born in New York and moved to Krakow, Poland in 1993. Listen to his story here,About Richard Lucas Twitter LinkedinRichard is a business and social entrepreneur who founded or invested in more than 30 businesses, including investments in Argos Multilingual, PMR and, in 2020, the New Books Network. Richard has been a TEDx event organiser, supports the pro-entrepreneurship ecosystem, and leads entrepreneurship workshops at all levels: from pre- to business schools. Richard was born in Oxford and moved to Poland in 1991. Read more here. Listen to his story in an autobiographical TEDx talk here, Learn more about your ad choices. Visit megaphone.fm/adchoicesSupport our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/finance

Are we in the midst of a financial bubble? Do the current valuations of the electronic vehicle stocks or their SPACs make you raise an eyebrow? The trouble with bubbles is that they are hard to spot from within, and much easier to define and analyze after the fact.  In their new book, Boom and Bust: A Global History of Financial Bubbles (Cambridge University Press, 2020), William Quinn and John D. Turner analyze past instances of extreme speculation to come up with a typology of the phenomenon. Using what they call the Bubble Triangle of Marketability, Easy Money, and overt Speculation, they have created a tool for financial economists, and the rest of us, to judge what makes a bubble and what makes it pop. Given the unusual nature of the capital markets at the present time, you will want to be familiar with their analysis as you view your own investments.Daniel Peris is Senior Vice President at Federated Hermes in Pittsburgh. He can be reached at DanielxPeris@gmail.com or via Twitter @HistoryInvestor. His History and Investing blog and Keep Calm & Carry On Investing podcast are at https://strategicdividendinvestor.com Learn more about your ad choices. Visit megaphone.fm/adchoicesSupport our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/finance