"Most lawyers, most actors, most soldiers and sailors, most athletes, most doctors, and most diplomats feel a certain solidarity in the face of outsiders, and, in spite of other differences, they share fragments of a common ethic in their working life, and a kind of moral complicity."– Stuart Hampshire, Justice is Conflict.There are many more examples of professional solidarity, however fragmented and tentative, sharing the link of a common ethic that helps make systems, and the analysis of them, possible in the larger political economy. Writing from a law professor’s vantage point, Katharina Pistor, in her new book, The Code of Capital: How the Law Creates Wealth and Inequality (Princeton University Press, 2019) explains how even though law is a social good it has been harnessed as a private commodity over time that creates private wealth, and plays a significant role in the increasing disparity of financial outcomes.As she points out in this interview, and her chapter ‘Masters of the Code’, it is ‘critical to have lawyers in the room’, and they clearly have the lead role in her well-researched and nuanced thesis centered on the decentralized institution of private law. Professor Pistor builds on Rudden’s ‘feudal calculus’ providing the long view of legal systems in maintaining and creating wealth and draws on historical analogies including the enclosure movements as she interweaves her analysis of capital asset creation with a broader critique of professional and institutional agency. Polanyi and Piketty figure into Pistor’s analysis among many others, as does the help of the state’s coercive backing as she draws on the breadth of her own governance research and analysis of the collapsed socialist regimes in the 1990s, and a research pivot toward western market economies following the 2008 Global Financial Crisis.Professor Pistor is a comparative scholar with a keen interdisciplinary eye for the relationship between law, values, and markets, dovetailing larger concepts with detailed descriptions of the coding of ‘stocks, bonds, ideas, and even expectations—assets that exist only in law.’ All of which informs her inquiry into why some legal systems have been more accommodating to capital’s coding cravings and others less so, as she describes the process by which capital is created. She moves beyond legal realism’s less granular critiques, and as reviewers such as Samuel Moyn have suggested – this book ‘deserves to be the essential text of any movement today that concerns itself with law and political economy’.Katharina Pistor is the Edwin B. Parker Professor of Comparative Law, and the Director of the Center on Global Legal Transformation at Columbia Law School.Keith Krueger lectures at the SHU-UTS Business School in Shanghai. Learn more about your ad choices. Visit megaphone.fm/adchoicesSupport our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/finance

Paradox is a sophisticated kind of magic trick. A magician's purpose is to create the appearance of impossibility, to pull a rabbit from an empty hat. Yet paradox doesn't require tangibles, like rabbits or hats. Paradox works in the abstract, with words and concepts and symbols, to create the illusion of contradiction. There are no contradictions in reality, but there can appear to be. In Sleight of Mind: 75 Ingenious Paradoxes in Mathematics, Physics, and Philosophy (MIT Press, 2020), Matt Cook and a few collaborators dive deeply into more than 75 paradoxes in mathematics, physics, philosophy, and the social sciences. As each paradox is discussed and resolved, Cook helps readers discover the meaning of knowledge and the proper formation of concepts―and how reason can dispel the illusion of contradiction.The journey begins with “a most ingenious paradox” from Gilbert and Sullivan's Pirates of Penzance. Readers will then travel from Ancient Greece to cutting-edge laboratories, encounter infinity and its different sizes, and discover mathematical impossibilities inherent in elections. They will tackle conundrums in probability, induction, geometry, and game theory; perform “supertasks”; build apparent perpetual motion machines; meet twins living in different millennia; explore the strange quantum world―and much more. Learn more about your ad choices. Visit megaphone.fm/adchoicesSupport our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/finance

I spoke with Dr. Amr Khafagy about his recent book The Economics of Financial Cooperatives (Routledge, 2019). Amr is Research Assistant at the Countryside and Community Research Institute of the University of Gloucestershire.Building on theories of finance and distribution, and the political economy of finance, this book explains the influence of financial cooperatives on wealth and income distribution, and institutional factors that determine the development of financial cooperatives. The book discusses the dynamics of income and wealth distribution with and without financial cooperatives, and defines the economic objective for financial cooperatives. Through explaining the influence of political institutions and regulations on the development of financial cooperatives, this book examines why financial cooperatives grew in some emerging economies and not in other similar ones.Amr's current main research interests include rural finance and agricultural productivity, financial markets and distribution, income inequality, and the political economy of the Middle East. His previously worked in microfinance in Egypt and India, where he was involved in designing and evaluating rural finance projects, and worked with a range of stakeholders, including farmers and rural households, government representatives/ministry officials, as well as central bank of Egypt and financial institutions.The book is a useful contribution to the study of a typology of firm that is more important in our markets than generally believed. The empirical work by Amr is very original and helpful because it observed the relationship between the presence of financial cooperatives and income inequality in our economies.Andrea Bernardi is Senior Lecturer in Employment and Organization Studies at Oxford Brookes University in the UK. He holds a doctorate in Organization Theory from the University of Milan, Bicocca. He has held teaching and research positions in Italy, China and the UK. Among his research interests are the use of history in management studies, the co-operative sector, and Chinese co-operatives. His latest project is looking at health care in rural China. He is the co-convener of the EAEPE’s permanent track on Critical Management Studies.  Learn more about your ad choices. Visit megaphone.fm/adchoicesSupport our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/finance

Megan Tobias Neely and Ken Hou-Lin's new book Divested: Inequality in the Age of Finance (Oxford University Press, 2020) explores the rise of finance in American life over the last forty years and its implications for American workers, families, and economies. The authors argue that finance has transformed from a servant to the economy to its master - from a means of creating a prosperous society to an end in itself. The consequences of this shift are profound: the authors identify the many ways finance is implicated in the yawning growth in inequality in the US and how a financialized society redistributes resources from working people to owners, executives, and financial professionals. Using historical analysis, quantitative and qualitative data, the book offers a clear, comprehensive, and compelling account of one of the most important economic developments of our time.Patrick Sheenan is a graduate student in the Department of Sociology at the University of Texas, Austin. Learn more about your ad choices. Visit megaphone.fm/adchoicesSupport our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/finance

How does the world of book reviews work? In Inside the Critics’ Circle: Book Reviewing in Uncertain Times (Princeton University Press, 2020), Phillipa Chong, assistant professor in sociology at McMaster University, provides a unique sociological analysis of how critics confront the different types of uncertainty associated with their practice. The book explores how reviewers get matched to books, the ethics and etiquette of negative reviews and ‘punching up’, along with professional identities and the future of criticism. The book is packed with interview material, coupled with accessible and easy to follow theoretical interventions, creating a text that will be of interest to social sciences, humanities, and general readers alike. Learn more about your ad choices. Visit megaphone.fm/adchoicesSupport our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/finance

Today I spoke with professor Peter J. Boettke the author of a great new book on Friedrich August von Hayek. Dr. Boettke is University Professor of Economics and Philosophy, Director of the F. A. Hayek Program for Advanced Study in Philosophy, Politics, and Economics, at George Mason University, USA.F. A. Hayek: Economics, Political Economy and Social Philosophy (Palgrave Macmillan, 2018) explores the life and work of Austrian-British economist, political economist, and social philosopher, Friedrich Hayek. Professor Boettke correctly argues that: ‘There is certainly little doubt that Hayek was among the most prodigious classical liberal scholars of the twentieth century. Though his 1974 Nobel Prize was in Economic Science, his scholarly endeavors extended well beyond economics.'Peter argued that his political influence (Thatcher, Reagan...) is overemphasized because '...his relationships with those in political power was remote at best as Hayek was never a political consultant to any leader in power; he was always a critical scholar who tried to speak truth to power from the outside.'Andrea Bernardi is Senior Lecturer in Employment and Organization Studies at Oxford Brookes University in the UK. He holds a doctorate in Organization Theory from the University of Milan, Bicocca. He has held teaching and research positions in Italy, China and the UK. Among his research interests are the use of history in management studies, the co-operative sector, and Chinese co-operatives. His latest project is looking at health care in rural China. He is the co-convener of the EAEPE’s permanent track on Critical Management Studies. Learn more about your ad choices. Visit megaphone.fm/adchoicesSupport our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/finance

In her new book Broke: Hardship and Resilience in a City of Broken Promise (St. Martin's Press, 2019), Jodie Adams Kirshner tells the story of the people of Detroit before, during, and after its bankruptcy, offering lessons about urban governance, post-industrial economics, development, and the usefulness of bankruptcy itself as a tool to aid U.S. cities. Join us to hear the fascinating, infuriating, and heartbreaking stories of Detroiters struggling to build better lives for themselves and their neighborhoods.Stephen Pimpare is Senior Lecturer in the Politics & Society Program and Faculty Fellow at the Carsey School of Public Policy at the University of New Hampshire. He is the author of The New Victorians (New Press, 2004), A People’s History of Poverty in America (New Press, 2008), winner of the Michael Harrington Award, and Ghettos, Tramps and Welfare Queens: Down and Out on the Silver Screen (Oxford, 2017). Learn more about your ad choices. Visit megaphone.fm/adchoicesSupport our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/finance

If you’re a grad student facing the ugly reality of finding a tenure-track job, you could easily be forgiven for thinking about a career change. However, if you’ve spent the last several years working on a PhD, or if you’re a faculty member whose career has basically consisted of higher ed, switching isn’t so easy. PhD holders are mostly trained to work as professors, and making easy connections to other careers is no mean feat. Because the people you know were generally trained to do the same sorts of things, an easy source of advice might not be there for you.Thankfully, for anybody who wishes there was a guidebook that would just break all of this down, that book has now been written. Going Alt-Ac: A Guide to Alternative Academic Careers (Stylus Publishing, 2020) by Kathryn E. Linder, Kevin Kelly, and Thomas J. Tobin offers practical advice and step-by-step instructions on how to decide if you want to leave behind academia and how to start searching for a new career. If a lot of career advice is too vague or too ambiguous, this book corrects that by outlining not just how to figure out what you might want to do, but critically, how you might go about accomplishing that.Zeb Larson is a recent graduate of The Ohio State University with a PhD in History. His research deals with the anti-apartheid movement in the United States. To suggest a recent title or to contact him, please send an e-mail to zeb.larson@gmail.com. Learn more about your ad choices. Visit megaphone.fm/adchoicesSupport our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/finance

Think that Wall Street has nothing to do with the real economy? You are probably not alone in that regard. But it turns out, you are wrong. As William N. Goetzmann demonstrates in his Money Changes Everything: How Finance Made Civilization Possible (Princeton University Press, 2016), the tools of finance were as important for the rise of civilization as were the soldiers, castles and battles. Were it not for property contracts, agreements over imports and exports of grain, how to manage risk in increasingly complex economic ventures, etc we are still living in small agricultural communities eaking out an existence, and with no engagement of the wider world beyond the next village over.For finance professionals, Money Changes Everything offers an additional lesson: you have a history. People have been confronting for millenia the same intellectual and operational challenges that you face today. It might make sense to become familiar with how your predecessors in Ancient Sumeria and Rome and Qing Dynasty China and early modern Europe defined and worked out those same problems. You might be surprised how much you can learn from your predecessors.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 @Back2BizBook or at http://www.strategicdividendinvestor.com Learn more about your ad choices. Visit megaphone.fm/adchoicesSupport our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/finance

With free college in the national conversation, there’s been no better time for Daniel T. Kirsch’s new book Sold My Soul for a Student Loan: Higher Education and the Political Economy of the Future (Praeger, 2019). Kirsch teaches at California State University, Sacramento.American colleges and universities boasts an impressive legacy, but the price of admission for many is now endless debt. As Kirsch shows in the book, increasing educational indebtedness undermines the real value of higher education in US democracy. To help readers understand this dilemma, he examines how the student debt problem emerged and what the long-term effects of this might be. Sold My Soul for a Student Loan examines this vitally important issue from an unprecedented diversity of perspectives, focusing on the fact that student debt is hindering the ability of millions of people to enter the job market, the housing market, the consumer economy, and the political process. Learn more about your ad choices. Visit megaphone.fm/adchoicesSupport our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/finance