New Books in Economics

From 2002 to 2013, China’s rapid economic growth caused a boom in the prices of commodities—particularly of metals, fuel, and soybeans. According to political economist Dr. Nick Jepson, the commodity boom offered resource exporters in the Global South the financial resources and thus the opportunity to break away from international financial institutions like the International Monetary Fund and set their own policy agendas. But not all resource-exporting countries that benefited from the commodity boom took this path away from neoliberalism. In his new book In China’s Wake: How the Commodity Boom Transformed Development Strategies in the Global South (Columbia University Press 2020), Jepson uses fieldwork, interviews, and qualitative comparative analysis (QCA) to identify and describe five typologies of resource exporters during the boom and the factors that contributed to differing development strategies and trajectories. China’s rise has had profound consequences on the processes of global capitalism, and this can be observed most clearly in the fortunes of commodity-exporting countries of the Global South. In China’s Wake explores fascinating case studies of countries in Asia, Latin America, and Africa to demonstrate the wide-ranging impact of China’s growth.Laurie Dickmeyer is an Assistant Professor of History at Angelo State University, where she teaches courses in Asian and US history. Her research concerns nineteenth-century US-China relations. She can be reached at laurie.dickmeyer@angelo.edu and on Twitter @LDickmeyer. Learn more about your ad choices. Visit megaphone.fm/adchoicesSupport our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/economics

Even without the loss of the City of London from its jurisdiction, the EU has gone through a decade-long revolution in financial supervision and regulation since Lehman Brothers’ bankruptcy in 2008.The directives and regulations introduced in the wake of the crisis took years to negotiate, implement and stress-test against political reality in the last five years. The second wave of the crisis, which exposed the “doom loop” between fiscally weak states and their pet banks, spawned the European Banking Union but left some crucial remedial work undone.In this update of their 2015 edition of European Banking and Financial Law (Routledge, 2020), Matthias Haentjens and Pierre de Gioia Carabellese provide a comprehensive description and analysis of this growing body of new law, its origins, and policy implications.Matthias Haentjens is professor of law, director of the Hazelhoff Centre for Financial Law at the University of Leiden, and a deputy judge in the district court of Amsterdam.*His book recommendations are Stalingrad by Vasily Grossman (1952 – translated by Robert Chandler – Harvill Secker, 2019) and Made at Home by Giorgio Locatelli (Fourth Estate, 2017).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/economics

Meghan Condon and Amber Wichowsky have written an incredibly timely and fascinating study of our understanding of income inequality in the United States, and how this understanding contributes to the policies that are pursued, or, to their point, may not be pursued by elected officials to solve some of these entrenched economic problems. The Economic Other centers on understanding how we, individually, see ourselves in cross-class comparisons and how this comparison—either looking “upwards” towards those who are wealthier than we are, or “downwards” towards those who are less economically affluent than we are—shapes our understanding of economic inequality, shapes our sense of political efficacy, and shapes our demands (or lack of demands) for policies to rectify this economic gulf. Condon and Wichowsky used a complex mixed method approach to the research, including conducting experiments and surveys for their research, asking respondents to consider themselves in these various economic comparisons, while also providing respondents with the opportunity to describe their own sense of their understanding of those who are seen as either wealthy or poor. The analysis looks at the way that we understand our positions in society, especially economically, as relational, and therefore it is necessary to understand how this relational assessment contributes to how individuals comprehend the growing income divide in the United States. The research surfaced information that shows how social comparison thinking—our comparisons with others up and down the economic ladder—is animated by race and gender as well, connecting class politics with identity politics, noting that economic inequality or class inequality can’t be solved without attention to the racialized and gendered dimensions that are associated with income inequality. Condon and Wichowsky also explain that political rhetoric has played a role in how we understand our economic position and context, as have popular culture renderings, particularly in context of reality television programming about rich Americans. The Economic Other: Inequality in the American Political Imagination (U Chicago Press, 2020) is an important contribution to our understanding of how Americans understand ourselves, especially in regard to our own, personal economic status, and how this shapes our demands on politicians and policies to solve, or not solve, economic anxiety and precarity in the United States.Lilly J. Goren is professor of political science at Carroll University in Waukesha, WI. She is co-editor of the award winning book, Women and the White House: Gender, Popular Culture, and Presidential Politics (University Press of Kentucky, 2012), as well as co-editor of Mad Men and Politics: Nostalgia and the Remaking of Modern America (Bloomsbury Academic, 2015). Learn more about your ad choices. Visit megaphone.fm/adchoicesSupport our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/economics

Revolution in Development: Mexico and the Governance of the Global Economy (University of California Press, 2021) uncovers the surprising influence of post-revolutionary Mexico on the twentieth century's most important international economic institutions. Drawing on extensive archival research in Mexico, the United States, and Great Britain, Christy Thornton meticulously traces how Mexican officials repeatedly rallied Third World leaders to campaign for representation in global organizations and redistribution through multilateral institutions. By decentering the United States and Europe in the history of global economic governance, Revolution in Development shows how Mexican economists, diplomats, and politicians fought for more than five decades to reform the rules and institutions of the global capitalist economy. In so doing, the book demonstrates, Mexican officials shaped not only their own domestic economic prospects, they shaped the contours of the project of international development itself.Rachel Grace Newman is Lecturer in the History of the Global South at Smith College. She has a Ph.D. in History from Columbia University, and she writes about elite migration, education, transnationalism, and youth in twentieth-century Mexico. She is on Twitter (@rachelgnew). Learn more about your ad choices. Visit megaphone.fm/adchoicesSupport our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/economics

Covid-19 is the global threat that owns today’s headlines, but the threat of international and domestic terrorism is still very much with us. Specifically, the widespread upheaval, uncertainty and global anxiety occasioned by the COVID-19 pandemic has been seen by terror organizations as a golden opportunity to tie their messaging to information about the disease and intensify their propaganda for purposes of recruitment and incitement to violence. Whether it’s Boko Haram or ISIS, Hezbollah or Hamas, or the range of hate groups acting around the globe, terrorism continues to be a threat to decent people everywhere.N. Darshan-Leitner and S. M. Katz's book Harpoon: Inside the Covert War Against Terrorism's Money Masters (Hachette, 2017) is a revelatory account of the cloak-and-dagger Israeli campaign to target the finances fueling terror organizations--an effort that became the blueprint for U.S. efforts to combat threats like ISIS and drug cartels. ISIS boasted $2.4 billion of revenue back in 2015, yet for too long the global war on terror overlooked financial warfare as an offensive strategy."Harpoon," the creation of Mossad legend Meir Dagan, directed spies, soldiers, and attorneys to disrupt and destroy money pipelines and financial institutions that paid for the bloodshed perpetrated by Hamas, Hezbollah, and other groups. Written by an attorney who worked with Harpoon and a bestselling journalist, Harpoon offers a gripping story of the Israeli-led effort, now joined by the Americans, to choke off the terrorists' oxygen supply, money, via unconventional warfare.Renee Garfinkel, Ph.D. is a psychologist, writer, Middle East television commentator and host of The New Books Network’s Van Leer Jerusalem Series on Ideas. Write her at VanLeerIdeas@gmail.com or tweet @embracingwisdom Learn more about your ad choices. Visit megaphone.fm/adchoicesSupport our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/economics

George Orwell once said that “the word ‘fascism’ has now no meaning except in so far as it signifies ‘something not desirable’”. The word ‘neoliberalism’ knows exactly how it feels.How did a term coined by a group of anti-authoritarian German economists in the 1930s to label a philosophy that stressed the role of the state in ensuring efficient competition turn into more of an insult than a description 50 years later? Has the nationalist tide that swept through Washington, London, Rome, Brasília, and Budapest brought the neoliberal era to end or helped relaunch its “third wave”? What differentiates neo- from ordo- from classical liberalism?In this second edition of Neoliberalism: A Very Short Introduction (Oxford University Press, 2021), Manfred Steger and Ravi Roy seek to answer these questions, and retell the history of an idea, its mutations and its future.Manfred Steger is Professor of Sociology at the University of Hawaiʻi at Mānoa. Ravi Roy is Associate Professor of Political Science and W. Edwards Deming Fellow in Public Affairs at Southern Utah University.*The authors’ book recommendations are Other People's Money: Masters of the Universe or Servants of the People? by John Kay (Profile Books, 2016) and Imperium by Robert Harris (Arrow, 2009).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/economics

Financial inclusion has been one of the most prominent issues on the international development agenda in recent years, as access to payments, remittances, credit, savings and insurance services have been shown to improve economic resilience and livelihoods. While bank account access remains low in many developing countries, widespread access to mobile phones is providing a platform to push financial access even into remote areas. The Covid-19 pandemic has only reinforced the importance of digital finance, which provides a safe, socially-distanced means to transact, including for distribution of social assistance transfers. In this episode, Dr Russell Toth spoke to Dr Thushara Dibley about his work on digital finance schemes and how owning a mobile phone can help lift people out of poverty in Myanmar.Russell Toth is a Senior Lecturer in the School of Economics at the University of Sydney. He is a development microeconomist, focusing on the development of the private sector in Southeast Asia and the Pacific, on topics such as financial systems, digitisation, agricultural value chains, and small and medium enterprises. His research often involves partnering with private and public sector organisations to evaluate programs intended to improve private sector development outcomes. He holds a Ph.D. in economics from Cornell University.You can follow Russell on Twitter @russell_toth.For more information or to browse additional resources, visit the Sydney Southeast Asia Centre’s website here. Learn more about your ad choices. Visit megaphone.fm/adchoicesSupport our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/economics

Today the salary cap is an NBA institution, something fans take for granted as part of the fabric of the league or an obstacle to their favorite team’s chances to win a championship. In the early 1980s, however, a salary cap was not only novel but nonexistent. The Cap: How Larry Fleisher and David Stern Built the Modern NBA (University of Nebraska Press, 2020) tells the fascinating, behind-the-scenes story of the deal between the NBA and the National Basketball Players Association that created the salary cap in 1983, the first in all of sports, against the backdrop of a looming players’ strike on one side and threatened economic collapse on the other.Joshua Mendelsohn illustrates how the salary cap was more than just professional basketball’s economic foundation—it was a grand bargain, a compromise meant to end the chaos that had gripped the sport since the early 1960s. The NBA had spent decades in a vulnerable position financially and legally, unique in professional sports. It entered the 1980s badly battered, something no one knew better than a few legendary NBA figures: Larry Fleisher, general counsel and negotiator for the National Basketball Players Association; Larry O’Brien, the commissioner; and David Stern, who led negotiations for the NBA and would be named the commissioner a few months after the salary cap deal was reached.As a result, in 1983 the NBA and its players made a novel settlement. The players gave up infinite pay increases, but they gained a guaranteed piece of the league’s revenue and free agency to play where they wished—a combination that did not exist before in professional sports but as a result became standard for the NBA, NFL, and NHL as well.The Cap explores in detail not only the high-stakes negotiations in the early 1980s but all the twists and turns through the decades that led the parties to reach a salary cap compromise. It is a compelling story that involves notable players, colorful owners, visionary league and union officials, and a sport trying to solidify a bright future despite a turbulent past and present. This is a story missing from the landscape of basketball history.Paul Knepper used to cover the Knicks for Bleacher Report. His first book, The Knicks of the Nineties: Ewing, Oakley, Starks and the Brawlers That Almost Won It All was published in September 2020. You can reach Paul at paulknepper@gmail.com and follow him on Twitter @paulieknep. Learn more about your ad choices. Visit megaphone.fm/adchoicesSupport our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/economics

Today I talked with Gary Hamel and Michele Zanini about their book Humanocracy: Creating Organizations As Amazing As the People Inside Them (HBR, 2020). This episode attacks the way bureaucracies are “innovation-phobic” and “soul crushing.” How can motivation, productivity and innovation be radically enhanced? By dismantling traditional power structures within large companies, giving employees the opportunity to become “micropreneurs.” Tying compensation to contribution and enabling true empowerment are the ways to go.Gary Hamel is on the faculty of the London Business School and has been hailed by the Wall Street Journal as the world’s most influential business thinker. Michele Zanini is, along with Hamel, the cofounder of the Management Lab. An alumnus of McKinsey & Company, Zanini has a degree from the John F. Kennedy School of Government at Harvard University.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/economics

Jeff Broxmeyer has written a fascinating and insightful book about the party system in New York during the Gilded Age, but this is really only the foundation of the analysis. Electoral Capitalism: The Party System in New York's Gilded Age (U Pennsylvania Press, 2020) unwraps the many layers that contribute to our understanding of the party system not only in New York during this period after the Civil War, but throughout much of American politics during this time. As Broxmeyer notes throughout the book, this concept of electoral capitalism organized the party system in Gilded Age New York—and helps us think about how struggles over unequal wealth, or wealth gaps, shape democracy in America and the evolution of the party system in the U.S.Electoral Capitalism essentially examines these ideas from the top down and from the bottom up, spending the first half of the book examining the different political machines that became the power and wealth brokers in New York (William “Boss” Tweed and Tammany Hall, and Roscoe Conkling and the Stalwart machine), and the second half of the book exploring the “spoilsmen” and the individuals who were desperate for these very precarious positions that would possibly help them through a difficult economic situation or keep them from losing their homes. Broxmeyer focuses particular attention on the interweaving of wealth and power that came together in politics during this time, and that it is quite difficult, if not impossible, to disentangle wealth and power from each other and from politics during the Gilded Age. Electoral Capitalism braids together historical and cultural contexts to better understand American political parties and their development, the evolution of democracy in the United States, and the role of money and politics.Lilly J. Goren is professor of political science at Carroll University in Waukesha, WI. She is co-editor of the award winning book, Women and the White House: Gender, Popular Culture, and Presidential Politics (University Press of Kentucky, 2012), as well as co-editor of Mad Men and Politics: Nostalgia and the Remaking of Modern America (Bloomsbury Academic, 2015). Learn more about your ad choices. Visit megaphone.fm/adchoicesSupport our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/economics