New Books in Economics

Lumbering late Tsarist Russia and international finance? Is there anything there?  The Bolsheviks and finance? How can there be anything there?   It turns out that the answer to both questions is yes.  In Dr. Hassan Malik's meticulously researched new book, Bankers and Bolsheviks: International Finance and the Russian Revolution (Princeton University Press, 2018), the Tsarist government's relationship to foreign investors, mostly French bondholders, becomes a lens to judge the efficacy of Sergei Witte, Russia's reformist finance minister and, briefly, prime minister, in the early 20th century.  The same approach is applied on the eve of World War I where the state of international investment in Russia provides a perspective on the existing debate as to whether Russia was on the road to recovery or revolution when World War I broke out. During the war and in 1917, Western bankers generally seem indifferent to the risks that are emerging from Russia. Indeed, an American bank, the forerunner to Citibank, was opening up branches in Russia in late 1917 as the Bolsheviks were taking power. Soviet Russia's repudiation of its Western debts now seems like an obvious and inevitable outcome, but Malik documents how it came about and the debates among the Bolsheviks as to how to handle Russia's government debt. Beyond students of Russian history, readers interested in how governments can fail, and how risk can appear in a financial system thought stable and safe will find this book of great interest.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

At a time when trade between China and the outside world is rarely out of the news, it remains important to remember that in centuries past global commerce moved in directions very different from those which dominate the present. This was especially evident during the nineteenth and twentieth centuries when Western countries and Japan employed a mix of coercive and collaborative mechanisms to foist their wares and business priorities on China, dominating the country’s trade and customs.Anne Reinhardt’s new book Navigating Semi-Colonialism: Shipping, Sovereignty, and Nation-Building in China, 1860–1937 (Harvard University Asia Center, 2018) focuses on these very dynamics and specifically the place of steam shipping as ‘a means of interrogating China’s experience of Euro-American and Japanese colonialism’ (p.2). Reinhardt's book reveals how trade in China’s coastal and inland waters, and the very vessels via which this was conducted, were sites where myriad grander processes crystallized in physical space. From the closer quarters of boardrooms, government departments and cabins below deck, Reinhardt also takes us to higher levels of elevation, revealing the place of steam shipping within global developments in trade, transport and technology during this crucial period. As well as being a captivating read, the book's fresh and nuanced presentation of China's ‘semi-colonial’ experience is vital for better understanding a history which to this day informs relations between China and the world at large. Learn more about your ad choices. Visit megaphone.fm/adchoicesSupport our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/economics

Alessandro Arduino and Xue Gong’s Securing the Belt and Road, Risk Assessment, Private Security and Special Insurances Along the New Wave of Chinese Outbound Investments (Red Globe Press, 2018) significantly contributes to an understanding not only of China’s ambitious infrastructure and energy driven Belt and Road Initiative, but also the increasing challenges it poses for China itself.  The multiple security issues the initiative poses, including political instability, religious and ethnic tensions, fragile legal environments, criminality, environmental degradation and social strains, has sparked the rise of a Chinese private security industry with what the authors call Chinese characteristics. Populated primarily by former People’s Liberation Army and police officers, the industry is on a steep learning curve that makes it dependent on Western and Russian expertise. It also has to come to grips with the fact that China’s mushrooming overseas investment threatens to drag the People’s Republic into international crises. Arduino and Gong and their contributors to this edited volume lay out a compelling argument for the need to not only physically secure Chinese personnel and assets but also develop guidelines for risk assessment, special insurance vehicles and crisis management in a world in which state-owned enterprises lack adequate security or an understanding for the utility of corporate social responsibility. In doing so, their edited volume constitutes a major addition to the understanding of China’s Belt and Road Initiative that de facto creates a building block of an as yet undefined new world order.James M. Dorsey is a senior fellow at Singapore’s S. Rajaratnam School of International Studies.  Learn more about your ad choices. Visit megaphone.fm/adchoicesSupport our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/economics

You mean accounting has a history?  Yes, it does, and it should matter to you, because the accounting profession, and the audit function that it serves, affects all the companies in your 401(k) program.  Remember WorldCom, remember Enron? Every time a large holding of yours writes off the goodwill from a failed acquisition--there are too many examples to recite here--you've just had an accounting moment. In The Big Four: The Curious Past and Perilous Future of the Global Accounting Monopoly (Berrett-Koehler Publishers, 2018), Ian D. Gow and Stuart Kells describe the history of the auditing profession and how it has come to be concentrated in four global entities. They assess the current challenges the industry faces and where it could head to address those challenges. People in finance, business owners, and anyone with a 401(k) should find this book of interest.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

The story of Bretton Woods has been told by countless historians. We have a good sense of the wartime context, the negotiations themselves, the roles of many of the main actors (especially Great Britain and the United States), and the conference’s meaning for postwar global history. What can another book possibly tell us? Lots, actually.In his new book Forgotten Foundations: International Development and the Making of the Postwar Order (Cornell University Press, 2018), Eric Helleiner, a political economist at Waterloo University, retells this history with fresh, more globally-searching eyes in his book Forgotten Foundations: International Development and the Making of the Postwar Era. He examines the conference’s prehistory, which he locates in the United States’ Good Neighbor Policy towards Latin America in the 1930s. He follows representatives from the Global South in and around the conference, showing how they shaped the negotiations and the final agreements. And, finally, he reveals that the conference participants were very interested in the concept of development, a concept that many historians periodize a few years later.The award-winning book should interest economic historians, historians of finance, global historians, historians of U.S. foreign policy, and anyone wanting a fuller, more inclusive account of how global governance works.Dexter Fergie is a first-year PhD student of US and global history at Northwestern University. He is currently researching the 20th century geopolitical history of information and communications networks. He can be reached by email at dexter.fergie@u.northwestern.edu or on Twitter @DexterFergie. Learn more about your ad choices. Visit megaphone.fm/adchoicesSupport our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/economics

We spoke with the author Aleksandr V. Gevorkyan. His book Transition Economies: Transformation, Development, and Society in Eastern Europe and the Former Soviet Union (Routledge, 2018) is a very interesting contribution to the understanding of Soviet economies and their transition, or transformation, as Aleksandr argues. In his book he also discusses the aspect of human transition. I started our conversation asking ‘transition towards what?’ Towards western market economies? Is the field of transition economics affected by the emergence of the successful Chinese model? We briefly discussed the variety of models among the soviet and eastern European nations and how differently they completed their transition.His interdisciplinary study offers a comprehensive analysis of the transition economies of Central and Eastern Europe and the former Soviet Union. Providing full historical context and drawing on a wide range of literature, this book explores the continuous economic and social transformation of the post-socialist world. While the future is yet to be determined, understanding the present phase of transformation is critical. The book’s core exploration evolves along three pivots of competitive economic structure, institutional change, and social welfare. The main elements include analysis of the emergence of the socialist economic model; its adaptations through the twentieth century; discussion of the 1990s market transition reforms; post-2008 crisis development; and the social and economic diversity in the region today. With an appreciation for country specifics, the book also considers the urgent problems of social policy, poverty, income inequality, and labor migration.Gevorkyan believes that the transformational experience of the “transition” economies must be studied objectively and needs to be more fully integrated within the broader field of economic development. It cannot be reduced to examples of economic models, which is the tendency in literature, but needs to be viewed in its historical continuity with many implications on social evolution.This excellent book is an important tool for graduate students, scholars and policy makers.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

McKenzie Wark’s new book offers 21 focused studies of thinkers working in a wide range of fields who are worth your attention. The chapters of General Intellects: Twenty-One Thinkers for the Twenty-First Century (Verso, 2017) introduce readers to important work in Anglophone cultural studies, psychoanalysis, political theory, media theory, speculative realism, science studies, Italian and French workerist and autonomist thought, two “imaginative readings of Marx,” and two “unique takes on the body politic.” There are significant implications of these ideas for how we live and work at the contemporary university, and we discussed some of those in our conversation. This is a great book to read and to teach with! Carla Nappi is the Andrew W. Mellon Chair in the Department of History at the University of Pittsburgh. You can learn more about her and her work here. Learn more about your ad choices. Visit megaphone.fm/adchoicesSupport our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/economics

Few who have visited India in the past two decades will have failed to noticed the sudden and spectacular urban transformation that has taken place in many of its cities. Gated residential complexes with tennis courts and indoor gyms, glitzy office buildings, gleaming five-star hotels, and of course air-conditioned malls have become ubiquitous as the new face of a “new” India, often understood as symbols of a long-awaited global modernity. Getting behind the glittery facade, Llerena Searle’s new book Landscapes of Accumulation: Real Estate and the Neoliberal Imagination in Contemporary India (University of Chicago Press, 2015) shows that these buildings are not built to service consumer India; they are built for real estate developers and international investors for whom Indian real estate has become a profitable speculative gamble. Indian land and buildings are no longer local resources for production or use; they are turning, or more accurately being turned, into internationally tradeable financial assets. How this happens, by whose effort, and against what frictions is the story that the book tells. Searle shows that it is through the narrative of a rising Indian middle class that investments are solicited and a real estate boom created. Through ethnographic attention to the practices and labors of real estate producers, Searle offers an innovative, sophisticated and refreshingly human story of the making of neoliberal India, a story has ultimately shows that the new landscapes that are cropping up all over India are landscapes first and foremost of accumulation. This book will be of interest to readers in urban studies, economics, anthropology, and of course South Asian Studies. Learn more about your ad choices. Visit megaphone.fm/adchoicesSupport our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/economics

Is microfinance the magic bullet that will end global poverty or is it yet another a form of predatory lending to the poor? In her new book Financializing Poverty: Labor and Risk in Indian Microfinance (Stanford University Press, 2018), Sohini Kar brings ethnography to bear on this urgent question. Drawing on fieldwork with a for-profit microfinance institution (MFI) and its intended beneficiaries in the Indian city of Kolkata, the book brings into view the perils of “financial inclusion” for the poor. Kar argues that new streams of credit are increasingly used to capitalize on poverty rather than to challenge it. Richly peopled, the book evinces a deep commitment to understanding economic life as it is lived and experienced by everyday people rather than through abstract models. We meet founders of MFIs remaking themselves with narratives of social business, loan officers trying to balance the performance of care with pressures of debt-recovery, poor women taking out consumption loans and striving for middle-class identities, and debt-ridden borrowers struggling to manage the costs of living and the pressures of repayment. The experiences of this cast of characters are framed within the larger histories of debt and power in Kolkata, in West Bengal, and in India more broadly. Financializing Poverty combines theoretical sophistication with clear and engaging prose to shed light on the ways in which profit is made off of poverty. The book will be of interest to readers in the fields of anthropology, economics, and development studies, as well as readers interested in South Asia and global poverty.Aparna Gopalan is a Ph.D. student in Social Anthropology at Harvard. Learn more about your ad choices. Visit megaphone.fm/adchoicesSupport our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/economics

In Patent Politics: Life Forms, Markets, and the Public Interest in the United States and Europe (University of Chicago Press, 2017), Shobita Parthasarathy takes us through a thirty year history of the legal debates around patents. This is an understudied area of STS that Parthasarathy carefully navigates in order to understand how knowledge production interacts with law. The reader learns the differences in values, law and objects between US and European patent politics. This comparison brings into focus the role that law, biotechnology corporations, scientists, activists, and more play in deciding what knowledge deserves legal protection. Patent Politics is a fascinating read that will continue to be relevant for many years to come. Chad J. Valasek is a Ph.D. Candidate in Sociology & Science Studies at the University of California, San Diego. His research interests include the history of the human sciences, the influence of the behavioral sciences on medical practice and health policy, and political activism around science and the arts. You can follow him on Twitter @chadjvalasek. Learn more about your ad choices. Visit megaphone.fm/adchoicesSupport our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/economics