New Books in Economics

As the COVID-19 pandemic took hold in March, a self-isolating and easily distracted economist resolved to take himself in hand. "I decided I would do what I was good at: I would write a book" about the complex interplay between epidemiology and economics and the policy dilemmas it poses.By June, Joshua Gans had published Economics in the Age of COVID-19 and, within days, he had started work on the expanded version - The Pandemic Information Gap: The Brutal Economics of COVID-19 (MIT Press, 2020) - to come out in the autumn. Its central thesis is that "at their heart, pandemics are an information problem. Solve the information problem and you can defeat the virus”.Joshua Gans is Professor of Strategic Management and holder of the Jeffrey S. Skoll Chair of Technical Innovation and Entrepreneurship at the Rotman School of Management, University of Toronto.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

We've heard and rehearsed the conventional wisdom about oil: that the U.S. military presence in the Persian Gulf is what guarantees access to this strategic resource; that the "special" relationship with Saudi Arabia is necessary to stabilize an otherwise volatile market; and that these assumptions in turn provide Washington enormous leverage over Europe and Asia.That common sense is wrong. The author of America's Kingdom: Mythmaking on the Saudi Oil Frontier (Stanford University Press, 2007), Robert Vitalis returns to disenchant us once again—this time from "oilcraft," a line of magical thinking closer to witchcraft than statecraft. Contrary to the deeply-held beliefs of hawkish foreign policy experts and career academics alike, oil is a commodity like any other: bought, sold, and subject to market forces. The House of Saud does many things for U.S. investors, firms, and government agencies, but guaranteeing the flow of oil, making it cheap, or stabilizing the price isn't one of them. Nevertheless, persistent fears of oil scarcity and conflict continue to breed real consequences. Robert Vitalis, Oilcraft: The Myths of Scarcity and Security That Haunt U.S. Energy Policy (Stanford UP, 2020) presses us to reconsider, among many things, the U.S.-Saudi special relationship, which confuses and traps many into unnecessarily accepting what we imagine is a devil's bargain. Along the way, Vitalis resurrects a forgotten school of critics of empire—a reprisal of his task in White World Order, Black Power Politics: The Birth of American International Relations (Cornell University Press, 2017).Freeing ourselves from the spell of oilcraft won't be easy. But the benefits of doing so, and the drawbacks of not, make it essential. Learn more about your ad choices. Visit megaphone.fm/adchoicesSupport our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/economics

“The key element shaping inequality is no longer the employment relationship but rather whether one is able to buy assets that appreciate at a faster rate than both inflation and wages”.So argue Lisa Adkins, Martijn Konings and Melinda Cooper in The Asset Economy (Polity Press, 2020), extending the argument in Thomas Piketty’s 2014 best-seller Capital in the Twenty-First Century.Inheritance, they claim, is no longer a 19th-century-style transmission of property titles after death but a “strategically timed transfer of funds that need to be leveraged and put to work in the speculative logic of the asset economy”. In the Anglo-Saxon economies at least, households are no longer just a unit of subsistence or consumption but a dynamic Minskyan balance-sheet manager.Lisa Adkins is Head of the School of Social and Political Sciences and Martijn Konings is Professor of Political Economy and Social Theory at the University of Sydney.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

Capitalisms: Towards a Global History (Oxford University Press, 2020), edited by Kaveh Yazdani and Dilip M. Menon, aims to decenter work on the history of capitalism by looking at the longue durée from the tenth century; at regions as diverse as Song China, South and South East Asia, Latin America and the Ottoman and Safavid Empires; and exploring the plurality of developments over this extended time and space. The authors argue against conventional accounts that locate the origins of capitalism solely within Europe and within the conjuncture of the industrial revolution. The essays emphasize historical conjunctures, flows of commodities, circulation of knowledge and personnel, the role of mercantile capital and small producers and stress throughout the necessity to think beyond present day national boundaries. The volume contends with clichés of Western exceptionalism to make a set of historical arguments about non-Western and interconnected economic developments across the globe, prior to the era of colonialism. It argues fundamentally that the multiple histories of capitalism can be better understood from a truly global perspective.Dr Kaveh Yazdani is Lecturer (akademischer Rat) in economic history, University of Bielefeld. He teaches economic history at the University of Bielefeld, Germany. His scholarly interests include the 'Great Divergence' debate and the history of South and West Asia between the 17th and 20th centuries. He is the author of India, Modernity and the Great Divergence: Mysore and Gujarat (2017).Professor Dilip M. Menon is Mellon Chair of Indian Studies, Director of the Centre for Indian Studies in Africa, University of Witwatersrand, South Africa. He is the author of Caste, Nationalism and Communism in South India: Malabar, 1900-1948 (1994).Alexandra Ortolja-Baird is Lecturer in Early Modern European History at King’s College London. She tweets at @TimeTravelAllie. Learn more about your ad choices. Visit megaphone.fm/adchoicesSupport our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/economics

Are robots going to be our overlords? In Human Work in the Age of Smart Machines (RosettaBooks, 2020), Jamie Merisotis says they don't have to be. We can make them our friends.Jamie Merisotis is a globally recognized leader in philanthropy, education, and public policy. Since 2008, he’s served as president and CEO of Lumina Foundation, an independent, private foundation committed to making opportunities for learning beyond high school available to all. Jamie previously served as co-founder and president of the nonpartisan, D.C.-based Institute for Higher Education Policy.This episode covers the need to link ongoing learning and work in a virtuous cycle that provides workers with both meaning and stability. It addresses the challenges of the 4th Industrial Revolution and how in the new people-centered economy it’s important to develop those flexible skills and capabilities that will enable workers to distinguish themselves from what automation and artificial intelligence is capable of.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

In September 2008, Ewald Nowotny joined the governing council of the European Central Bank. Just two weeks later, Lehman Brothers filed the largest bankruptcy in US history - so triggering a global financial crisis and recession. In September 2019, he retired just before the coronavirus pandemic struck.This book charts the political and literary development of a young Social Democrat economist in postwar Vienna, his education in Austria and the US, and his experience in banking in the pre-Lehman stage of the crisis.For "ECB-watchers", Geld und Leben (Braumüller Verlag, 2020) provides a fascinating insight into the contrasting presidencies of Jean-Claude Trichet and Mario Draghi, into how council meetings are conducted, and the ruses used by members to influence the markets.Now a self-styled "independent economist", Ewald Nowotny was a professor of economics at Vienna and Linz universities, a member of Austria's parliament, a vice-president of the European Investment Bank, and governor of the Austrian National Bank.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

After water, tea is the most widely consumed drink in the world. It is beloved by consumers in Asia, Africa, Europe, and the Americas, and it comes in a bewildering array of varieties: from the cheap sachet of finely ground English black tea to fermented bricks of pu’er from Yunnan province. This beverage also has a fascinating place in the global history of science and capitalism. At the turn of the first millennium, it was prized as a medical concoction in southwestern China, and it became a ubiquitous beverage throughout the Chinese empire during the Tang Dynasty, when its spread coincided with the rising popularity of Buddhism. By the fifteenth century, the preparation of modern loose-leaf tea began to emerge, while the seventeenth century witnessed its ascent as major export commodity for the early Qing Empire, becoming enmeshed in a global circuit of bullion, commodities, and people. Then, during the 19th century, tea became absolute staple in Europe, especially among industrial workers in England, who sweetened the drink with cane sugar imported from the Caribbean. Anxious to stop hemorrhaging bullion to China and eager to assert its imperial self-sufficiency, the British empire fought two Opium Wars that severely weakened the Qing. Around the same time, English capitalists also began to export Chinese workers and knowledge to newly acquired colonial possessions in the Assam region of what is now Northeastern India. It was this aggressive push to begin cultivating tea as a British export commodity in South Asia that gave rise to the global competition between British India and China referenced in the title of Andrew B. Liu’s book: Tea War: A History of Capitalism in China and India (Yale University Press, 2020).Liu’s book offers a fascinating new history of this ubiquitous beverage, leveraging its production, consumption, and global circulation to offer a fresh and compelling account of capitalist accumulation. Liu challenges past economic histories premised on the technical “divergence” between the West and the Rest, arguing instead that seemingly traditional technologies and practices were central to modern capital accumulation across Asia. He shows how competitive pressures compelled Chinese merchants to adopt abstract industrial conceptions of time, while colonial planters in India pushed for labor indenture laws to support factory-style plantations. Together, these stories point toward a more flexible and globally oriented conceptualization of the history of capitalism, one that explicitly highlights global competition and coerced labor as a driving force in economic development.This interview was conducted by Lukas Rieppel, a historian of science and capitalism at Brown University. You can learn more about his research here, or find him on twitter here. Learn more about your ad choices. Visit megaphone.fm/adchoicesSupport our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/economics

Historians often portray the National Association of Manufacturers (NAM) as a conservative force in debates over free enterprise, battles against unions and government regulation, and the rise of capitalism in the United States. In The Industrialists: How the National Association of Manufacturers Shaped American Capitalism (Princeton UP, 2020), Jennifer Delton (Professor of History at Skidmore College) provides a comprehensive and nuanced political history. Delton focuses on the conservative policy goals of the organization but also its surprisingly progressive tactics and internal conflicts such as welcoming women and workers with disabilities, supporting the UN, embracing aspects of cosmopolitanism, and supporting the ERA, Civil Rights Act, and aspects of affirmative action. Delton deftly identifies the wider economic, ideological, and institutional concerns that drove NAM actors. As the book interrogates how the National Association of Manufacturing did – and did not – work, NAM emerges as a capitalist modernizer. She examines 125 years of massive change in American economic policy with the NAM at its center in order to interrogate manufacturing’s role in the development of capitalism at home and abroad – with implications for how we understand neoliberalism – especially liberal internationalist tendencies. Delton argues that liberal internationalism (associated often with Woodrow Wilson) can be seen as a crucial step toward the international institutions favored by post World War II European neoliberals.The book is divided into three parts. Part one traces the ascent and reorganization of industrial manufacturing from the 1890s to 1940. Part two highlights manufacturing’s dominance in US society and the world (1941-1980) as the US lowered tariffs and pursued free trade. The share of GDP peaked in 1953 when manufacturing represented 25.8% of domestic production. Part three treats the decline in manufacturing (beginning in 1960) and emphasizes deindustrialization, globalization, and the disintegration of the large multidivisional corporations in the 1990s.The book investigates how the globalizing impulse of neoliberalism played out historically in 20th century US politics – more specifically, how liberal internationalist ideas that were promoted by Democrats and antithetical to traditional political conservativism came to be espoused by the Republican party. Delton writes that “this is especially relevant now, as the current head of the Republican party [President Donald Trump, Republican] seems to be undoing the work of neoliberalism and liberal internationalists alike.” NAM’s history helps explain the bipartisan support for economic internationalism, freer trade, and what would later be called neoliberalism, even before the Cold War and Reagan, and even as voters (and Congress) remain extremely divided about these issues. The story of the NAM is full of contradictions, but The Industrialists deftly tracks them all, contextualizing the impacts on the national and global economy.In the podcast, Dr. Delton describes how the NAM archive was shaped by professional staff members – particularly one woman – whose views departed from NAM leaders. The referenced article, “Who Tells Your Story: Contested History at the NAM” is here.Benjamin Warren assisted with this podcast.Susan Liebell is associate professor of political science at Saint Joseph’s University in Philadelphia. She is the author of Democracy, Intelligent Design, and Evolution: Science for Citizenship (Routledge, 2013) and, most recently, “Retreat from the Rule of Law: Locke and the Perils of Stand Your Ground” in the Journal of Politics (July 2020). Email her comments at sliebell@sju.edu or tweet to @SusanLiebell. Learn more about your ad choices. Visit megaphone.fm/adchoicesSupport our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/economics

Michael Stamm’s book Dead Tree Media: Manufacturing the Newspaper in Twentieth-Century North America (Johns Hopkins UP, 2018) begins with the simple but thought-provoking premise that, not too long ago, newspapers were almost exclusively physical objects made out of paper. This meant that producing a newspaper implied industrial production, mills, and a distribution system that could deliver daily-produced issues to individual consumers. But most of all, it meant trees. Lots and lots of trees. Newspapers acquired timber lands, chopped down trees, and managed international supply chains. A simple premise then opens up an entire world of industrial processes that might appear distant from us denizens of the digital age.In this highly innovative work of media history, Stamm, a Professor of history at Michigan State University, pulls readers into that world, guiding them through newspaper boardrooms in big American cities, lumber camps and company towns across Canada, and laboratories that were experimenting with newsprint waste so as to synthesize new products and squeeze ever more revenue out of the process (who knew that the parent company of the Chicago Tribune was one of the largest manufacturers of synthetic vanilla in the 1950s?). The book will interest communications scholars, media historians, historical scholars of political economy, and many others. Learn more about your ad choices. Visit megaphone.fm/adchoicesSupport our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/economics

Americans are obsessed with liberty, mad about liberty. On any day, we can tune into arguments about how much liberty we need to buy a gun or get an abortion, to marry who we want or adopt the gender we feel. We argue endlessly about liberty from regulation and observation by the state, and proudly rebel against the tyranny of course syllabi and Pandora playlists. Redesign the penny today and the motto would read, “You ain’t the boss of me.”Yet Americans are only now awakening to what is perhaps the gravest domestic threat to our liberties in a century—in the form of an extreme and fast-growing concentration of economic power. Monopolists today control almost every corner of the American economy. The result is not only lower wages and higher prices, hence a concentration of wealth and power in the hands of the few. In Liberty From All Masters: The New American Autocracy vs. the Will of the People (St. Martin's Press, 2020), Barry C. Lynn argues that the result is also a stripping away of our liberty to work how and where we want, to launch and grow the businesses we want, to create the communities and families and lives we want.The rise of online monopolists such as Google and Amazon—designed to gather our most intimate secrets and use them to manipulate our personal and group actions—is making the problem only far worse fast. Not only have these giant corporations captured the ability to manage how we share news and ideas with one another, they increasingly enjoy the power to shape how we move and play and speak and think.Arya Hariharan is a lawyer in politics. She spends much of her time working on congressional investigations and addressing challenges to the rule of law. You can reach her at arya.hariharan@gmail.com or Twitter. Learn more about your ad choices. Visit megaphone.fm/adchoicesSupport our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/economics