New Books in Economics

Animal Trade Histories in the Indian Ocean World (Palgrave MacMillan, 2020), edited by Martha Chaiklin, Philip Gooding, and Gwyn Campbell, examines trades in animals and animal products in the history of the Indian Ocean World (IOW). An international array of established and emerging scholars investigate how the roles of equines, ungulates, sub-ungulates, mollusks, and avians expand our understandings of commerce, human societies, and world systems. Focusing primarily on the period 1500-1900, they explore how animals and their products shaped the relationships between populations in the IOW and Europeans arriving by maritime routes. By elucidating this fundamental yet under-explored aspect of encounters and exchanges in the IOW, these interdisciplinary essays further our understanding of the region, the environment, and the material, political and economic history of the world.Tamara Fernando is a Ph.D. candidate at Cambridge University. Learn more about your ad choices. Visit megaphone.fm/adchoicesSupport our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/economics

In International Aid and Democracy Promotion: Liberalization at the Margins (Routledge, 2020), Political Scientist Bann Seng Tan investigates the link between foreign aid and the promotion of democracy, using theory, statistical tests, and illustrative case studies.The book challenges the field of development to recognise that democracy promotion is unlike other development goals. With a goal like economic development, the interests of the recipient and the donor coincide; whereas, with democratisation, authoritarian recipients have strong reasons to oppose what donors seek. The different motivations of donors and recipients must be considered if democracy aid is to be effective. The author examines how donors exercise their leverage over aid recipients, and, more importantly, why, using selectorate theory to understand the incentives of both aid donors and recipients.International Aid and Democracy Promotion will be of great interest to academics and students of development and democratisation, as well as policy makers with authority over foreign aid allocation.Ashoka University generously funded Open Access for this book. This means students can get a digital copy of the book for free. Medha Prasanna is an MA candidate at the Elliott School of International Affairs, George Washington University. Her current research focuses on International Organizations and Human Rights Law. You can learn more about her here or email her medp16@gwu.edu Learn more about your ad choices. Visit megaphone.fm/adchoicesSupport our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/economics

Every day, TARGET - Europe's cross-border payments system - processes transactions worth €2.5 trillion. Under its decentralised model, TARGET generates balances between the national central banks.These were tiny at its creation but today – after a decade spanning the financial crisis, the sovereign-debt crisis and now the pandemic recession – Germany’s TARGET balance exceeds €1 trillion.In his The Economics of Target Balances: From Lehman to Corona (Palgrave Macmillan), Hans-Werner Sinn says these balances are a “fever thermometer” for the health of the financial system. The system as it is designed, he argues, is unsustainable.Hans-Werner Sinn is Emeritus Professor of Economics and Public Finance at the University of Munich and was president of the Ifo Institute for Economic Research from 1999 until 2016.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

Paul Donovan's Profit and Prejudice: The Luddites of the Fourth Industrial Revolution (Routledge, 2020) is a great example of what Robert Shiller has championed as narrative economics--pointing out the power and real-world economic import of stories, of narratives. In this case, Donovan highlights the cost of prejudice and how it will become even more expensive as we enter the fourth industrial revolution, a period in which human capital will be critically important to the success of any endeavor. Prejudice is bad for business and the economy, he concludes. Donovan argues for "Fighting Back"--the title of a chapter--to confront the economic cost of prejudice, but it will be an uphill battle.  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. Learn more about your ad choices. Visit megaphone.fm/adchoicesSupport our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/economics

Consumers may love their products and services but, among politicians and activists, the big-technology companies are fast developing a reputation as the Robber Barons of the 21st century.Google recently joined Apple, Amazon and Microsoft as a so-called “tera-cap” – companies valued at more than a trillion dollars. Add Facebook and the five tech giants alone account for a quarter of the S&P500. How have they managed this in such a short timeframe? Their critics claim that Mark Zuckerberg, Jeff Bezos, Sundar Pichai, Satya Nadella and Tim Cook are just digital versions of Henry Ford, Andrew Carnegie, Andrew Mellon, Cornelius Vanderbilt, and John D. Rockefeller – monopolists who control entry nto their markets.Not so simple, claims Nicolas Petit in Big Tech and the Digital Economy: The Moligopoly Scenario (Oxford University Press, 2020). Concerns about privacy or the dissemination of “fake news” are valid but “looking at these predicaments through monopoly lenses is like using Facebook to get your news. It seems to do the job. But it might well be fake”.“The picture of big tech firms as monopolists is intuitively attractive but analytically wrong,” he writes. “A better picture is one of big tech firms as moligopolists, that is firms that coexist as monopolists and oligopolists”.Nicolas Petit is the Joint Chair in Competition Law at the European University Institute and the Robert Schuman Center for Advanced Studies in Florence.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

Parrots and snakes, wild cats and monkeys---exotic pets can now be found everywhere from skyscraper apartments and fenced suburban backyards to roadside petting zoos. In Animal Traffic: Lively Capital in the Global Exotic Pet Trade (Duke UP, 2020) Rosemary-Claire Collard investigates the multibillion-dollar global exotic pet trade and the largely hidden processes through which exotic pets are produced and traded as lively capital. Tracking the capture of animals in biosphere reserves in Mexico, Guatemala, and Belize; their exchange at exotic animal auctions in the United States; and the attempted rehabilitation of former exotic pets at a wildlife center in Guatemala, Collard shows how exotic pets are fetishized both as commodities and as objects. Their capture and sale sever their ties to complex socio-ecological networks in ways that make them appear as if they do not have lives of their own. Collard demonstrates that the enclosure of animals in the exotic pet trade is part of a bioeconomic trend in which life is increasingly commodified and objectified under capitalism. Ultimately, she calls for a “wild life” politics in which animals are no longer enclosed, retain their autonomy, and can live for the sake of themselves. Learn more about your ad choices. Visit megaphone.fm/adchoicesSupport our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/economics

In her new book Engaged: Designing for Behavior Change (Rosenfeld Media, 2020), Amy Bucher analyzes both the barriers and levers to achieving behavioral change. Among the barriers are cognitive biases, like a Status Quo Bias, as well as growing both emotionally and mentally exhausted by changes that require too much willpower on behalf of the user. Opportunities to promote change include having accountability buddies to help guide you, and avatars that have proven highly effective in providing information in a trust-building, nonjudgmental manner.Amy Bucher, PhD, works in Behavior Change Design at Mad*Pow and previously worked at CVS Health and Johnson & Johnson. She received her A.B. from Harvard University and her M.A. and PhD in organizational psychology from the University of Michigan.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

Most of our discussions about how “technology will change the world” focus on the global cities that drive the world economy. Even when we talk about China, we focus on its major cities: Beijing, Shanghai and Shenzhen. Xiaowei Wang corrects this metronormativity in their recent book Blockchain Chicken Farm: And Other Stories of Tech in China's Countryside (FSG Originals: 2020), which explores how rural China is not just adapting the technology used around the world, but innovating on it.  In this interview, we talk about the frontiers of technology that are being charted in rural China, and why China’s countryside may be the best place to understand how technology, capitalism and society will intersect in the coming years — often in not altogether positive ways. We also talk about some of the more recent developments in how Chinese technology is treated in the United States, with reference to their recent articles: "WeChat Has Both Connected Families and Torn Them Apart" in Slate and "How the Theatrics of Banning TikTok Enables Repression at Home" in The Nation.Xiaowei Wang is the creative director at Logic Magazine, whose work encompasses community-based and public art projects, data visualization, technology, ecology, and education. Their projects have been featured in The New York Times, the BBC, CNN, VICE, and elsewhere. You can follow them on Twitter at @xrw.You can find more reviews, excerpts, interviews, and essays at The Asian Review of Books, including its review of Blockchain Chicken Farm. Follow on Facebook or on Twitter at @BookReviewsAsia.Nicholas Gordon is a reviewer for the Asian Review of Books. In his day job, he’s a researcher and writer for a think tank in economic and sustainable development. He is also a print and broadcast commentator on local and regional politics. He can be found on Twitter at @nickrigordon. Learn more about your ad choices. Visit megaphone.fm/adchoicesSupport our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/economics

Stop Solving the Wrong Problem!In this episode we discuss Thomas Wedell-Wedellsborg's book What's Your Problem?: To Solve Your Toughest Problems, Change the Problems You Solve (HBR Press, 2020) and focus on hisRapid Reframing Method for solving in particular people-related problems. Specific topics include: how emotions can either facilitate or hinder the challenging of established mental models, how reframing fits the top 3 skills of importance for the future economy, and why “vagueness” is the enemy of change.Wedell-Wedellsborg is a globally recognized expert on innovation and problem solving whose clients have included The United Nations. His research has been widely featured in the media and he’s been named a “Top 20 International Thinker” by HR Magazine.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

Dr. Graciela Chichilnisky’s new book Reversing Climate Change: How Carbon Removals Can Resolve Climate Change and Fix the Economy is perhaps the single best thing I have read about climate in recent years. Published by World Scientific Press, the book lays out the history of how we came to be in the emergency we are in now, what we have tried before, and how we can get out. During her long academic career, Dr. Chichilnisky has written a myriad of book on climate, pioneered the concept of “basic needs,” and was the author of the carbon market for the Kyoto Protocol. She brings an insider’s perspective on how we as a global community can avoid the worst-case scenarios with respect to climate change.The book puts the conclusion in the title, we need negative emissions. However, far from simply lecturing her audience on what someone else should do, Dr. Chichilnisky has helped to invest a technology and start a company that are actively working on increasing negative emissions capacity. All of this is contained in her book which is informative, optimistic, accessible to an average reader, and of the highest quality. I cannot recommend enough that people listen to what she has to say in this interview and consider buying her book. Learn more about your ad choices. Visit megaphone.fm/adchoicesSupport our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/economics