New Books in Economics

Today I was joined by Martijn Konings from Australia where he is Associate Professor of Political Economy at the University of Sydney. We had a conversation on his most recent book Capital and Time: For a New Critique of Neoliberal Reason (Stanford University Press, 2018). Its main contribution is to offer an original point of view on the issue of speculation. Critics of capitalist finance tend to focus on its speculative character. Our financial markets, they lament, encourage irresponsible bets on the future that reflect no real underlying value. Why is it, then, that opportunities for speculative investment continue to proliferate in the wake of major economic crises? To make sense of this, Capital and Time offers an understanding of economy as a process whereby patterns of order emerge out of the interaction of speculative investments. Speculation, he argues, is an essential intrinsic feature of capitalism and not just a negative spillover or a collateral behavior. The book also provides an original view on the role of the State. Progressive critics have assumed that the state occupies a neutral, external position from which it can step in to constrain speculative behaviors. On the contrary, Konings argues, the state has always been deeply implicated in the speculative dynamics of economic life. Through these insights, he offers a new interpretation of both the economic problems that emerged during the 1970s and the way that neoliberalism responded to them. Neoliberalism’s strength derives from its intuition that there is no position that transcends the secular logic of risk, and from its insistence that individuals actively engage that logic. The book concludes that the current critique of speculation is misleading and incapable of recognizing how American capitalism has come to embrace speculation and has thus been able to generate new kinds of order and governance. This is a very interesting book, written in an accessible way despite the complexity of the topic. 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

Professor George Paul Meiu‘s debut anthropological book, Ethno-erotic Economies: Sexuality, Money, and Belonging in Kenya (University of Chicago Press, 2017), dives into the commodification of culture and sex on the beachfronts of coastal Kenya, as well as the ramifications and shifting economic power dynamics in rural Samburu villages that result from this new economy. Utilizing over a decade of community engagement and research, Meiu expertly engages in intense anthropological study without exploitation and judgment. Rather he succeeds in humanizing his subjects as he explores the creation and development of a new economy, that of engaging with white, largely Western European women, in romantic relationships in exchange for money, goods and, eventually, higher economic and social status in their home rural communities. But with this new economy comes challenges to traditional social structures, as sexuality and wealth intersect with traditional land tenure and power. Meiu, with his deep understanding of the Samburu people, rituals and culture, explores how power dynamics change, and how new money is challenged and reconciled. This book is highly readable, without skimping on academic literature and theoretical context, resulting in a book that will engage everyone from first year anthropology students through seasoned academics. Erin Freas-Smith, Ph.D can be reached at efreassmith@gmail.com. Learn more about your ad choices. Visit megaphone.fm/adchoicesSupport our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/economics

Did Abraham Maslow actually ever draw a pyramid of hierarchy of needs? Did Kurt Lewin devote substantial work on the development of a change management theory? Why do we omit or misrepresent important features of the work of Adam Smith, Max Weber or Frederick Winslow Taylor? What is the forgotten origin of Harvard Business School case method? I was joined by two of the authors—Stephen Cummings and Todd Bridgman— ofA New History of Management (Cambridge University Press, 2016), a great new book that answers those and many more questions. The book is a very important contribution to critical management studies that uncovers the inaccuracies and simplifications (if not actual inventions) that populate management and organization textbooks. A New History of Management is not a conspiracy theory, but rather it is the result of rigorous historical research on how the field of management studies was constructed in the past century. The authors argue that the existing narratives about how we should organize are built upon, and reinforce, a concept of “good management” derived from what is assumed to be a fundamental need to increase efficiency. But this assumption is based on a presentist, monocultural, and generally limited view of management’s past. This book is for both scholars and practitioners, tutors and students. Academics will be able to reflect critically on the nature of business education and on conformism in teaching and research. Practitioners and students will be able to challenge what they have been taught as a scientific rather than ideological artifact. Both students and scholars will be able to discuss alternative approaches for managing and organizing in the twenty-first century. Animated videos on the book are available on here. 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 EAEPEs 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

What role has the World Bank played in influencing health sector reform in Latin America? In her new book, Banking on Health: The World Bank and Health Sector Reform in Latin America (Palgrave Macmillan, 2017), Shiri Noy explores this question and more using mixed methods, including interviews, quantitative analysis, and review of policy documents and archives. The book starts off by providing readers a history of the World Bank and its role in health reform. Even though it may seem as if the World Bank would have a similar solution across countries, Noy finds that involvement and plans are more variable due to the systems already in place within these countries. Noy then moves on to an analysis of health expenditures, finding surprising results that further drove her research project and curiosity. The book then explores three countries in turn: Argentina, Peru, and Costa Rica. This book provides rich analysis of a complex social issue and set of systems, sending the reader away with both empirical and theoretical findings. This book will be enjoyed by sociologists broadly but particularly by historical sociologists or those studying Latin America specifically. This book will be of interest to political scientists and health scholars as well. Graduate level courses in health and stratification could utilize this book not only for understanding health reform and the role of the World Bank, but also in terms of the fascinating case studies of the three countries contained here. Sarah E. Patterson is a Sociology postdoc at the University of Western Ontario. You can tweet her at @spattersearch. Learn more about your ad choices. Visit megaphone.fm/adchoicesSupport our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/economics

Taisu Zhang ties together cultural history, legal history, and institutional economics in The Laws and Economics of Confucianism: Kinship and Property in Pre-Industrial China and England (Cambridge University Press, 2017) and offers a novel argument as to why Chinese and English pre-industrial economic development went down different paths. Late Imperial and Republican China (1860-1949) was dominated of Neo-Confucian social hierarchies, under which advanced age and generational seniority were the primary determinants of sociopolitical status. This allowed many poor but senior individuals to possess status and political authority highly disproportionate to their wealth. In comparison, in the more individualistic early modern England (1500-1700) landed wealth was a fairly strict prerequisite for high status and authority. This essentially excluded low-income individuals from secular positions of prestige and leadership. Zhang argues that this social difference had major consequences for property institutions and agricultural production. Learn more about your ad choices. Visit megaphone.fm/adchoicesSupport our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/economics

In the last few weeks, minimum wage workers in 18 states saw their wages go up; in Maine a full dollar increase. Why states have taken the lead on raising the minimum wage is the topic of the new book from Christopher Witko and William Franko, The New Economic Populism: How States Respond to Economic Inequality (Oxford University Press, 2017). Witko is associate professor of political science at the University of South Carolina; Franko is assistant professor of political science at West Virginia University. In the book, they argue, despite rising inequality, the federal government has been unable to muster the will to address the problem. Instead, we are seeing many states actively addressing economic inequality, often through direct democracy. Franko and Witko show that the states that address inequality are not necessarily those with the greatest levels of inequality, but instead are those states where citizens are aware and concerned with growing inequality. They examine how various factors have shaped state policies that boost incomes at the bottom (the minimum wage and the Earned Income Tax Credit) and reduce incomes at the top (with top marginal tax rates) between 1987 and 2010. Heath Brown, associate professor, City University of New York, John Jay College and CUNY Grad Center, hosted this podcast. Please rate the podcast on iTunes and share it on social media.   Learn more about your ad choices. Visit megaphone.fm/adchoicesSupport our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/economics

For her new book Uneasy Street: The Anxieties of Affluence (Princeton University Press, 2017), Rachel Sherman conducted in-depth interviews with fifty wealthy New Yorkers—including hedge fund financiers, corporate lawyers, professors, artists, and stay at home mothers—to try to understand their lifestyle choices as consumers in society and their perception of privilege. In the media and popular imagination, the wealthy are often presented as self-serving people who single-mindedly accrue and display social advantages for themselves and their children. Sherman’s findings destroy this stereotype. Instead, she found that the wealthy believed in diversity and meritocracy. They were often reluctant to talk about their wealth and were conflicted about their position in a class-based society. The rich wanted to see themselves as hard working people who give back and raise children with good values. They longed to be considered morally worthy and generally depicted themselves as productive and prudent. Michael O. Johnston is an Assistant Professor of Sociology at William Penn University. He earned his doctoral degree in Public Policy and Public Administration from Walden University. His most recent paper, to be presented at the upcoming American Society for Environmental History conference, is titled “Down Lovers Lane: A Brief History of Necking in Cars.” Learn more about your ad choices. Visit megaphone.fm/adchoicesSupport our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/economics

In Freedom From Work: Embracing Financial Self-Help in the United States and Argentina (Stanford University Press, 2017), Daniel Fridman explores what it means to be an economic subject in what different people call the new economy, the post-industrial economy, or neoliberal capitalism. Fridman begins his investigation by looking into a best-selling book in what he calls financial self-help, an ascendant genre of self-help that tries to teach its readers how they should think about the economy today and what their goals and ethics ought to be as actors in that new economy. Using ethnographic and interview methods, Fridman gets to know the people who practice the advice of these books, participating in their various seminars and fascinating financially-focused board-game meet-ups. Fridman unpacks the core ideas that animate this world and shows that, far from being an isolated ideology, the worldview posited by financial self-help can teach us a lot about how people are remaking themselves as economic actors in the world today. Adding another level of analysis, the book also has a comparative component as Fridman tracks these groups and ideas as they play out across different cultures in the United States and in Argentina. This book will excite anyone interesting in making sense of the profound human changes that come attendant with our rapidly changing economy.   Learn more about your ad choices. Visit megaphone.fm/adchoicesSupport our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/economics

Like many cities, Cleveland has gone through periods of decline and renewal, yet the process there has followed a process where these periods were not always obvious and often failed because of a lack of cohesiveness among civic leaders, both public and private. In his new book Believing in Cleveland: Managing Decline in ‘The Best Location in the Nation’ (Temple University Press, 2017), J. Mark Souther, a professor of history at Cleveland State University, reviews the city’s attempts to revitalize from post-World War II into the 1970s. He shows that many of the plans developed had issues that almost doomed them to failure before they were even completed. Mark’s book is a great study of a Rust Belt city and its attempts to believe in itself. Learn more about your ad choices. Visit megaphone.fm/adchoicesSupport our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/economics

In this interview, Carlo D’Ippoliti and Andrea Bernardi interview Franklin Obeng-Odoom who teaches urban economics and political economy in the School of Built Environment at the University of Technology, Sydney. In 2016, Dr Obeng-Odoom won the Patrick Welch Prize awarded by the Association for Social Economics. He also won the EAEPE-Kapp Prize 2017 for “Marketising the commons in Africa: the case of Ghana” Review of Social Economy 74 (4), 390-419. He has recently published Reconstructing Urban Economics: Towards a Political Economy of the Built Environment (Zed Books, 2016) The shift of world populations into cities and the increasing concentration of activities in urban areas have generated new debates about cities as well as rejuvenating old debates, turning them into global concerns. The economics of cities and regions has, therefore, attained a particularly important status in the twenty-first century. Yet many writers on urban economic issues have never formally studied the subject. Many are mainstream economists who apply their general (equilibrium) economics to cities, but most of them have very little appreciation of the political economy of cities and much less understanding of the built environment, its history, complexities, and peculiarities. The result is the rise of a highly mathematical, mystical urban economics abstracted from critical political, institutional, and social processes at a time when real-world urban economics is urgently needed. This book seeks to offer a corrective to this state of affairs, and to generate further interest in critical real-world urban economics. Through the analysis, exposition, and critique of the urban world in which we live, the book shows fundamental contradictions in the wisdom that more mainstream urban economists have offered over the years. It offers clear alternatives that show that another urban world is possible. Carlo D’Ippoliti is associate professor of political economy at Sapienza University of Rome, and editor of the open access economics journals PSL Quarterly Review and Moneta e Credito. Within EAEPE he is the research area coordinator of History of Political Economy; more info at his website www.carlodippoliti.eu. 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 EAEPEs 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