New Books in Economics

When teaching a public course called “The Age of Debt” this winter break, I had the strange realization that one of the the most successful readings in that course, the one which most clearly explained the 2008 crisis and the financialized economy, was written by an English professor. It was Annie McClanahan’s Dead Pledges: Debt, Crisis, and Twenty-First Century Culture (Stanford University Press, 2016). The book is a masterful exploration of the cultural politics of the financial crisis and a powerful mediation on how to make sense of an era of unrepayable debts. As a review in the LA Review of Books notes, McClanahan has resurrected and repurposed the rich tradition of Marxist literary criticism which brought us Raymond Williams, analyzing post-crisis literature, photography, and cinema as cultural texts registering “a new ‘crisis subjectivity’ in the wake of the mortgage meltdown’s shattering revelations.” Dead Pledges is a must read. For whom? Well, anyone living in the 21st century, concerned about insurmountable debts, thinking of how culture and the economy transect each other, and striving for a radical politics fit for the mortgaged times in which we live.Aparna Gopalan is a Ph.D. student in Social Anthropology at Harvard University. Her research focuses on how managing surplus populations and tapping into fortunes at the “bottom-of-the-pyramid” are twin-logics that undergird poverty alleviation projects in rural Rajasthan. Learn more about your ad choices. Visit megaphone.fm/adchoicesSupport our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/economics

Today I spoke with Francesco Grillo (co-authored with Raffaella Nanetti) about his latest book, Democracy and Growth in the 21st Century: The Diverging Cases of China and Italy (Palgrave Macmillan, 2019). Despite the title, it is not strictly a book on China or Italy. It is a visionary contribution to both economics and political theory that reflects on the crisis of the West and the paradoxical success of China.Is democracy still the best political regime for countries to adapt to economic and technological pressures and increase their level of prosperity? While the West seems to have stagnated in an environment of political mistrust, increasing inequality and low growth, the rise of the East has shown that it may not be liberal democracy that is best at accommodating the social mutations that technologies have triggered.The cases of China and Italy form the research focus as two extremes in growth performance. China is the star of globalisation in the East, while Italy is the laggard of globalisation in the West and a laboratory of creeping political meltdown now shared by other major Western economies. But is this forever? Introducing the ‘innovation paradox’ as the main challenge to the West and the notion of ‘knowledge democracy’ as key to sustainable growth, this book presents a new side to the debate on the Fourth Industrial Revolution (or fifth as the authors argue). It is a vital reading for all those questioning what kind of democracy positively impacts innovation as the force whose speed and direction transforms societies and 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/economics

In 1545, a native Andean prospector hit pay dirt on a desolate red mountain in highland Bolivia. There followed the world's greatest silver bonanza, making the Cerro Rico or "Rich Hill" and the Imperial Villa of Potosí instant legends, famous from Istanbul to Beijing. The Cerro Rico alone provided over half of the world's silver for a century, and even in decline, it remained the single richest source on earth. Potosí: The Silver City That Changed the World(University of California Press, 2019), is the first interpretive history of the fabled mining city’s rise and fall. It tells the story of global economic transformation and the environmental and social impact of rampant colonial exploitation from Potosí’s startling emergence in the 16th century to its collapse in the 19th. Kris Lane, France V. Scholes Chair in Colonial Latin American History at Tulane University, provides an invigorating narrative and rare details of this thriving city as well as its promise of prosperity. A new world of native workers, market women, African slaves, and other ordinary residents who lived alongside the elite merchants, refinery owners, wealthy widows, and crown officials, emerge in lively, riveting stories from the original sources. An engrossing depiction of excess and devastation, Potosí reveals the relentless human tradition in boom times and bust.Ryan Tripp is adjunct history faculty for the College of Online and Continuing Education at Southern New Hampshire University. Learn more about your ad choices. Visit megaphone.fm/adchoicesSupport our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/economics

In a work that spans the twentieth century, Nancy Tomes questions the popular--and largely unexamined--idea that in order to get good health care, people must learn to shop for it. Remaking the American Patient: How Madison Avenue and Modern Medicine Turned Patients into Consumers (University of North Carolina Press, 2016) explores the consequences of the consumer economy and American medicine having come of age at exactly the same time. Tracing the robust development of advertising, marketing, and public relations within the medical profession and the vast realm we now think of as "health care," Tomes considers what it means to be a "good" patient. As she shows, this history of the coevolution of medicine and consumer culture tells us much about our current predicament over health care in the United States. Understanding where the shopping model came from, why it was so long resisted in medicine, and why it finally triumphed in the late twentieth century helps explain why, despite striking changes that seem to empower patients, so many Americans remain unhappy and confused about their status as patients today. Learn more about your ad choices. Visit megaphone.fm/adchoicesSupport our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/economics

The US government is laboring under an enormous debt burden, one that will impact the living standards of future generations of Americans by limiting investment in people and infrastructure. In his new book, Fiscal Therapy: Curing America's Debt Addiction and Investing in the Future (Oxford University Press, 2019), Brookings Institution senior scholar William Gale tackles the challenge head on, addressing what needs to happen to healthcare spending, Social Security, individual taxes, and corporate taxes, in order to make the numbers add up. It makes for sober reading, and the longer we wait, the worse the situation becomes. And the key challenge may not even be fiscal, but political, as the disagreements in Washington over the debt are as deep as the debt is large. Gale ends by making a few simple, inside-Washington suggestions as to how he thinks the political impasse can be broken.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/economics

Whether you are a commuter weighing options of taking the bus vs walking to get you to work on time or a military general leading troops into war, risk is something we deal with every day. Even the most cautious of us can’t opt out—the question is always which risks to take to maximize our results. But how do we know which path is correct? Enter Allison Schrager. Schrager is not a typical economist. Like others, she has spent her career assessing risk, but instead of crunching numbers or sitting at a desk, she chose to venture out. Now, she travels to unexpected places to uncover how financial principles can be used to navigate hazards and prevent danger. In her new book An Economist Walks Into A Brothel And Other Unexpected Places to Understand Risk (Portfolio, 2019), Schrager puts together a five-pronged approach for understanding and assessing risk. First, she helps define what risk and reward mean for individuals. Then, taking into account irrationality and uncertainty, Schrager helps readers master their domains and ultimately get the biggest bang for what she calls the “risk buck.” While there are certain factors that cannot be predicted, An Economist Walks Into A Brothelmarries financial economics with real life examples to provide a road map, offer concrete advice, and maximize payoff. Learn more about your ad choices. Visit megaphone.fm/adchoicesSupport our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/economics

Robert McNamara is best remembered today for his momentous term as Secretary of Defense in the 1960s. Often overlooked because of this is his even longer tenure as president of the World Bank, one that reflected both the strengths and flaws of McNamara’s leadership. In Robert McNamara’s Other War: The World Bank and International Development (University of Pennsylvania Press, 2017), Patrick Sharma situates McNamara’s tenure within the context of the changes taking place both in international development and in the broader global economy. Sharma describes how in the two decades prior to McNamara’s selection to run it the World Bank was a relatively small institution focused mainly on financing infrastructure projects in the developing world. McNamara brought to the agency a determination to do more, dramatically expanding the number of staff employed and redirecting the focus of the organization towards fighting global poverty. While Sharma details the Bank’s success in expanding its access to financial resources and in establishing a key advisory role in development projects undertaken throughout the world, he also notes the more controversial aspects of McNamara’s time at the Bank, most notably the introduction of structural adjustment funding and the problems this would create for many nations after McNamara left the Bank in 1981. Learn more about your ad choices. Visit megaphone.fm/adchoicesSupport our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/economics

Are market cities better than people cities? Does the satisfaction that residents take in their city vary from market city to people city? In Market Cities, People Cities: The Shape of Our Urban Future (NYU Press, 2018), Dr. Michael Oluf Emerson and Dr. Kevin T. Smiley identify the kinds of cities people want to live in and the façades strategically placed by city administrators to draw a specific crowd. Emerson and Smiley characterize cities as being somewhere along a spectrum with market city as one extreme and people city as the other extreme. Market cities are inclined to focus on wealth, employment, individualism, and economic opportunity. People cities are more egalitarian, with government investment in infrastructure and an active civil society.In this interview, Dr. Smiley discusses the implications urban design and policy have on environment and on the experience of people who inhabit these two types of cities. He shares that the approach in which a city takes to mitigate and respond to environmental disaster can be a distinguishing characteristic for labeling a city as market city or people city. Each city lies somewhere along the spectrum and likely does not land on either extreme. An interesting find, however, that Dr. Smiley bore out is that inhabitants of both market cities and people cities tend to be generally satisfied with their place of residence.Michael O. Johnston is an Assistant Professor of Sociology at William Penn University. He is currently conducting research on the continuous process that occurs with placemaking at farmers’ market. Learn more about your ad choices. Visit megaphone.fm/adchoicesSupport our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/economics

Guilds were prominent in medieval and early modern Europe, but their economic role has seldom been studied. In The European Guilds: An Economic Analysis (Princeton University Press, 2019), Sheilagh Ogilvie offers a wide-ranging examination of what guilds did and how they affected pre-modern economies. As Ogilvie explains, guilds were particularized institutions which created and enforced privileges for their members while denying them to outsiders. This authority was granted to them by rulers and governments, and depended on their intricate relationship with the public authorities. Their privileges entitled guilds to determine who could participate in a profession, the quality of the items their members produced, and the technological innovations their members could adopt. Ogilvie looks at all aspects of guild activities to show their wide-ranging impact on the economies of their time, and the ways they pursued their members’ interests even when it stifled growth for the rest of society. Learn more about your ad choices. Visit megaphone.fm/adchoicesSupport our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/economics

In the information age, knowledge is power. Hence, facilitating the access to knowledge to wider publics empowers citizens and makes societies more democratic. How can publishers and authors contribute to this process? This podcast addresses this issue. We interview Professor Austin Choi-Fitzpatrick, whose book, The Good Drone: How Social Movements Democratize Surveillance (forthcoming with MIT Press) is undergoing a Massive Online Peer-Review (MOPR) process, where everyone can make comments on his manuscript. Additionally, his book will be Open Access (OA) since the date of publication. We discuss with him how do MOPR and OA work, how he managed to combine both of them and how these initiatives can contribute to the democratization of knowledge.You can participate in the MOPR process of The Good Drone through this link: https://thegooddrone.pubpub.org/Felipe G. Santos is a PhD candidate at the Central European University. His research is focused on how activists care for each other and how care practices within social movements mobilize and radicalize heavily aggrieved collectives. Learn more about your ad choices. Visit megaphone.fm/adchoicesSupport our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/economics