New Books in Economics

Apostles of Development: Six Economists and the World They Made (Oxford University Press and Penguin RandomHouse South Asia, 2025) by Dr. David Engerman recounts the work of six individuals, all former classmates at Cambridge University, who helped make international development--the effort to reduce poverty and inequality around the world--into a juggernaut of the second half of the twentieth century. International development employed millions, affected billions, and spent trillions; it held the hopes of the former colonies to create an economic independence to match their newfound political one, and the plans of wealthy counties to build an enduring economic order.The six Apostles in this book include some of South Asia's best-known names, like Nobel Laureate Amartya Sen and long-serving Indian Prime Minister Manmohan Singh, as well as leading academics (Jagdish Bhagwati) and key policy-makers in both national and international circles. Taken together, this group both reflected and shaped the growing enterprise of international development from the time they left Cambridge in the mid-1950s well into the 2010s.For many years, the second half of the twentieth century was understood primarily through the lens of the Cold War. And yet, for the majority of the world, living in what was then called the Third World (and which is now called the Global South), development was a constant, while American-Soviet geopolitics only occasionally impinged upon their lives. And these six, as much as any other group, changed the way economists theorized development and aid officials practiced it. Their biographies, then, are the history of development.Based on newly available archival documents from 10 countries, and on interviews with four of the subjects, the widows of the other two, and almost 100 of their colleagues, friends, classmates, and rivals, this book combines riveting personal accounts with a sweeping history of one of the enduring human activities of the late 20th century and early 21st centuries: creating a more prosperous and equitable world. 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/economics

Aditi Sahasrabuddhe is an Assistant Professor at Brown University, specializing in international finance and financial crises. In the discussion, she emphasizes the pivotal role of trust and personal relationships among central bankers in averting financial disasters. Highlighting historical crises, she reveals how interpersonal ties influenced decision-making when traditional economic models faltered. The conversation also challenges the apolitical view of central banking, showcasing how these unseen dynamics shape global financial stability.

Elizabeth Popp Berman, Director at the University of Michigan and author of "Thinking like an Economist," discusses how the dominance of efficiency over equality has shaped U.S. public policy. She explores the historical shift from progressive economic values to an efficiency-driven approach that began in the 1960s, influenced by military and technocratic reasoning. Berman also critiques the paradox of corporations promoting environmental initiatives while contributing to pollution, and she reflects on the impact of this economic thinking under the Biden administration.

Carl Rhodes, a Professor of Organization Studies at the University of Technology Sydney, dives into the myths surrounding billionaires in his critical work. He debunks the notions of the 'heroic' and 'generous billionaire', arguing that these narratives mask deeper systemic issues of inequality. Rhodes compares the political influence of billionaires in Australia and the U.S., highlighting Australia’s resilience. He warns of modern capitalism resembling feudalism and emphasizes the importance of democratic engagement amid the erosion of meaningful dialogue on social media.

In this conversation, Andrew Hartman, a history professor and author of "Karl Marx in America," explores the surprising influence of Marx's ideas on American society. He discusses how Marx's thoughts resonate from the Civil War to today, tracing their impact on labor movements and responses to inequality. Hartman highlights Marx’s unexpected connections with figures like Abraham Lincoln and assesses his relevance amid modern grassroots movements. The podcast delves into the complexities of Marxism’s journey from fringe to mainstream in contemporary America.

How to sustain an international system of cooperation in the midst of geopolitical struggle? Can the international economic and legal system survive today’s fractured geopolitics? Democracies are facing a drawn-out contest with authoritarian states that is entangling much of public policy with global security issues. In Global Discord: Values and Power in a Fractured World Order (Princeton University Press, 2024), Paul Tucker lays out principles for a sustainable system of international cooperation, showing how democracies can deal with China and other illiberal states without sacrificing their deepest political values. Drawing on three decades as a central banker and regulator, Tucker applies these principles to the international monetary order, including the role of the U.S. dollar, trade and investment regimes, and the financial system. Combining history, economics, and political and legal philosophy, Tucker offers a new account of international relations. Rejecting intellectual traditions that go back to Hobbes, Kant, and Grotius, and deploying instead ideas from David Hume, Bernard Williams, and modern mechanism-design economists, Tucker describes a new kind of political realism that emphasizes power and interests without sidelining morality. Incentives must be aligned with values if institutions are to endure. The connecting tissue for a system of international cooperation, he writes, should be legitimacy, creating a world of concentric circles in which we cooperate more with those with whom we share the most and whom we fear the least. Paul Tucker is a fellow at the Harvard Kennedy School and the author of Unelected Power (Princeton). He is a former central banker and regulator at the Bank of England, and a former director at Basel's Bank for International Settlements, where he chaired some of the groups designing reforms of the international financial system after the Global Financial Crisis. Learn more about your ad choices. Visit megaphone.fm/adchoicesSupport our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/economics

Paul R. Beckett, a lawyer and academic specializing in company and trust law, dissects the world of tax havens, revealing their evolution into tools of the wealthy and their impact on accountability. He explores how these havens undermine local economies and pose ethical dilemmas, especially concerning money laundering. Beckett also examines the dark allure of these jurisdictions for elite individuals and discusses the role of emerging technologies like blockchain in reshaping global wealth management. The conversation highlights the stark human costs of such financial practices.

Mark Blyth, a political economist and professor at Brown University, teams up with Nicolò Fraccaroli to discuss the resurgence of inflation and its complex effects on various socio-economic groups. They challenge outdated narratives and examine modern influences like tariffs and geopolitical tensions. Exploring the hidden impacts of inflation, they shed light on inequalities and propose fresh approaches for policymakers. Their engaging commentary offers a thought-provoking look at the interplay between inflation, economic policy, and societal shifts.

Ian Kumekawa, a historian of economic thinking and a lecturer at MIT, shares insights from his new work that delves into the multifaceted story of a barge that has served various roles—from a military barracks to a floating jail. He discusses how this vessel symbolizes the complexities of offshore economies and globalization. The conversation explores the impact of deregulation in shipping, the barge’s role in providing temporary housing for factory workers, and the broader implications of financialization and mass incarceration in our global landscape.

Maraam A. Dwidar, an Assistant Professor of Government at Georgetown University, dives into the dynamics of organizational coalitions in social justice advocacy. She explains how diverse partnerships help historically vulnerable communities overcome resource challenges in lobbying. Dwidar shares insights from her extensive research involving over 20,000 advocacy organizations, revealing strategies that lead to effective political power. The discussion covers coalition-building tactics, the role of public commentary in policy-making, and the unique impact practitioners can have in shaping equitable policies.