New Books in Economics

Poverty is big business in America. The federal government spends about $900 billion a year on programs that directly or disproportionately impact poor Americans, including antipoverty programs such as the earned income tax credit, Medicaid, and affordable housing vouchers and subsidies. States and local governments spend tens of billions more. Ironically, these enormous sums fuel the “corporate poverty complex,” a vast web of hidden industries and entrenched private-sector interests that profit from the bureaucracies regulating the lives of the poor. From bail bondsmen to dialysis providers to towing companies, their business models depend on exploiting low-income Americans, and their political influence ensures a thriving set of industries where everyone profits except the poor, while U.S. taxpayers foot the bill.In Poverty for Profit: How Corporations Get Rich off America’s Poor (The New Press, 2024), veteran journalist Anne Kim investigates the multiple industries that infiltrate almost every aspect of the lives of the poor—health care, housing, criminal justice, and nutrition. She explains how these businesses are aided by public policies such as the wholesale privatization of government services and the political influence these industries wield over lawmakers and regulators. Supported by original investigative reporting on the lesser-known players profiting from the antipoverty industry, Poverty for Profit adds a crucial dimension to our understanding of how structural inequality and structural racism function today. Learn more about your ad choices. Visit megaphone.fm/adchoicesSupport our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/economics

The UAW's Southern Gamble: Organizing Workers at Foreign-Owned Vehicle Plants (IRL Press, 2023) is the first in-depth assessment of the United Auto Workers' efforts to organize foreign vehicle plants (Daimler-Chrysler, Mercedes-Benz, Nissan, and Volkswagen) in the American South since 1989, an era when union membership declined precipitously. Stephen J. Silvia chronicles transnational union cooperation between the UAW and its counterparts in Brazil, France, Germany, and Japan and documents the development of employer strategies that have proven increasingly effective at thwarting unionization.Silvia shows that when organizing, unions must now fight on three fronts: at the worksite; in the corporate boardroom; and in the political realm. The UAW's Southern Gamble makes clear that the UAW's failed campaigns in the South can teach hard-won lessons about challenging the structural and legal roadblocks to union participation and effectively organizing workers within and beyond the auto industry.Stephen J. Silvia is a Professor at American University's School of International Service, where he teaches international economics, international trade relations, and comparative politics. He is the author of Holding the Shop Together. Learn more about your ad choices. Visit megaphone.fm/adchoicesSupport our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/economics

Dialysis is a medical miracle, a treatment that allows people with kidney failure to live when otherwise they would die. It also provides a captive customer for the dialysis industry, which values the steady revenues that come from critically required long-term care that is guaranteed by the government. Tom Mueller's six year deep dive into the dialysis industry has yielded his latest book, How to Make a Killing: Blood, Death, and Dollars in American Medicine (W. W. Norton, 2023). It's both an historical account of this lifesaving treatment and an indictment of the industry that is dominated by two for-profit companies that control ~80% of the market.  There is a precarious balance between ethical care for patients and the prioritization of profits for the providers, a tension that has led to ethical, political, and legal debates about the rationing and exploitation of life-saving care and quality of life. Dialysis services are desperately needed by patients who require the dangerous, uncomfortable, and exhausting treatments multiple times per week, and pay for it through complex insurance procedures.Tom Mueller’s book includes a vivid account of CEOs who lead their companies with messianic zeal to drive revenues continually up while simultaneously reducing the cost of care. He introduces us to the doctors charged with reducing those costs even at the expense of high-quality care and negative health outcomes. And we meet the patients themselves, who have little choice but to put their lives and well-being at the mercy of this system.How did a lifesaving medical breakthrough become a for-profit enterprise that threatens many of the people it’s meant to save? And who are the brave people -patients, doctors, and employees of the system who are willing to tell their stories despite tremendous pressure to remain silent? And why do we as Americans accept worse outcomes at higher costs than the rest of the world?Tom Mueller's highly readable yet devastating book illustrates the dialysis industry as a microcosm of American medicine. Mueller challenges us to find a solution for dialysis, an approach that could also provide the opportunity to begin fixing our country’s dysfunctional healthcare system and a fighting chance at restoring human health outcomes, rather than the extraction of profits, as its true purpose.To contact Tom Mueller, visit www.tommueller.coSuggested reading:  The Body's Keepers by Paul L. Kimmel, M.D. The Occasional Human Sacrifice: Medical Experimentation and the Price of Saying No by Carl Elliott Also mentioned:  How to Get Away with Merger by Thomas G. Wollman (NBER working paper, 2020) "How Acquisitions Affect Firm Behavior and Performance" by Eliason, Heebsh et al. (The Quarterly Journal of Economics, 2020) Learn more about your ad choices. Visit megaphone.fm/adchoicesSupport our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/economics

On this episode of International Horizons, Francesco Duina, Charles A. Dana Professor of Sociology at Bates College and Luca Storti, Associate Professor of Economic Sociology at the University of Turin in Italy and a Research Fellow of the Ralph Bunche Institute for International Studies, discuss the rise of inequalities around the globe and the divergent attitudes towards them since 1970. How can those inequalities be broken down? In this week’s episode, Duina and Storti preview their book-in-progress on The Social Acceptance of Inequality, and they examine four types of logic leading us to accept inequalities in today’s world. Not surprisingly, the concept of meritocracy plays a major role in our thinking about contemporary inequality, although perhaps more so in the United States than in Europe. Learn more about your ad choices. Visit megaphone.fm/adchoicesSupport our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/economics

A sweeping history of the United States’ economy and politics, in Shock Values: Prices and Inflation in American Democracy (U Chicago Press, 2024), Carola Binder reveals how the American state has been shaped by a massive, ever-evolving effort to insulate its economy from the real and perceived dangers of price fluctuations. Carola Binder narrates how the pains of rising and falling prices have brought lasting changes for every generation of Americans. And with each brush with price instability, the United States has been reinvented—not as a more perfect union, but as a reflection of its most recent failures.Shock Values tells the untold story of prices and price stabilization in the United States. Expansive and enlightening, Binder recounts the interest-group politics, legal battles, and economic ideas that have shaped a nation from the dawn of the republic to the present.Carola Binder is Associate Professor and Chair of Economics at Haverford College. Twitter.Brian Hamilton is chair of the Department of History and Social Science at Deerfield Academy. Twitter. Website. Learn more about your ad choices. Visit megaphone.fm/adchoicesSupport our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/economics

Peter Ireland (Boston College Economics Professor) joins the podcast to discuss his career as a monetary economist, his views on the history of monetarism, New Keynesian models, and the Shadow Open Market Committee which Peter sits on and celebrates its 50th anniversary.Jon Hartley is an economics researcher with interests in international macroeconomics, finance, and labor economics and is currently an economics PhD student at Stanford University. He is also currently a Research Fellow at the Foundation for Research on Equal Opportunity, a Senior Fellow at the Macdonald-Laurier Institute, and a research associate at the Hoover Institution. Learn more about your ad choices. Visit megaphone.fm/adchoicesSupport our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/economics

In November, it will be 25 years since the Battle of Seattle – the summit and street fight that marked the end of a half-century of ever-broadening global trade negotiations. Between 2013 and 2016, the same “anti-globalisation” movement sank a US-EU bid to build a Transatlantic Trade and Investment Partnership but it wasn’t until 2016 – with the Brexit referendum and Donald Trump’s election as president – that the postwar trade liberalisation process threatened to go into reverse.With his trade expertise and a voice made for Twitter, Dmitry Grozoubinski was – as he admits in Why Politicians Lie About Trade: … and What You Need to Know About It (Canbury Press, 2024) - “in the right place at the right time with the right credentials to stand in front of the firehose of bullshit that was the public debate around trade policy in the late 2010s and cry: ‘um, no, that's not how that works".Executive director of the Geneva Trade Platform and founder of ExplainTrade, Grozoubinski was once an Australian diplomat who negotiated trade agreements in Geneva at the World Trade Organization. Before joining the Australian civil service, he taught at the Monash Graduate School of Business, where he took his Masters in Diplomacy and Trade.*The author's book recommendations are The Great Convergence: Information Technology and the New Globalization by Richard Baldwin (Harvard University Press, 2019) and The Art of Explanation: How to Communicate with Clarity and Confidence by Ros Atkins (Wildfire, 2023).Tim Gwynn Jones is an economic and political-risk analyst at Medley Advisors, who also writes the twenty4two newsletter on Substack. Learn more about your ad choices. Visit megaphone.fm/adchoicesSupport our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/economics

How can we restore America's frontier spirit, foster innovation, and stave off decay? Chris Buskirk sits down to discuss his new book America and the Art of the Possible: Restoring National Vitality in an Age of Decay. Along the way, he delves into the history of innovation from Augustan Rome to the Scottish Enlightenment to Silicon Valley, whether America is an oligarchy or an aristocracy, how our education system can better support American needs, and more.Chris Buskirk is the founder, editor, publisher of the magazine American Greatness, as well as a contributing opinion writer for The New York Times. A serial entrepreneur, he is also the Founder & Chief Investment Officer of 1789 Capital.Contributions to and/or sponsorship of any event does not constitute departmental or institutional endorsement of the specific program, speakers or views presented. Learn more about your ad choices. Visit megaphone.fm/adchoicesSupport our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/economics

The paradox of poverty amidst plenty has plagued the United States throughout the 21st century--why should the wealthiest country in the world also have the highest rates of poverty among the industrialized nations? Based on his decades-long research and scholarship, one of the nation's leading authorities provides the answer. In The Poverty Paradox: Understanding Economic Hardship Amid American Prosperity (Oxford UP, 2023), Mark Robert Rank develops his unique perspective for understanding this puzzle.The approach is what he has defined over the years as structural vulnerability. Central to this new way of thinking is the distinction between those who lose out at the economic game versus why the game produces losers in the first place. Americans experiencing poverty tend to have certain characteristics placing them at a greater risk of impoverishment. Yet poverty results not from these factors, but rather from a lack of sufficient opportunities in society. In particular, the shortage of decent paying jobs and a strong safety net are paramount.Based upon this understanding, Rank goes on to detail a variety of strategies and programs to effectively alleviate poverty in the future. Implementing these policies has the added benefit of reinforcing several of the nation's most important values and principles. The Poverty Paradox represents a game changing examination of poverty and inequality. It provides the essential blueprint for finally combatting this economic injustice in the years ahead. Learn more about your ad choices. Visit megaphone.fm/adchoicesSupport our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/economics

In his latest book, The Road to Freedom: Economics and the Good Society (W. W. Norton, 2024), Nobel laureate Joseph E. Stiglitz rethinks the nature of freedom and its relationship to capitalism. While many agree that freedom is good and we want more of it, we don’t agree about what it is, whose freedom we’re talking about, or what outcomes we desire.Stiglitz asks the question: whose freedom are we talking about, and what happens when one person’s freedom means a loss of freedom for someone else?Narratives of neoliberalism have been accepted as gospel despite decades of research showing that less regulation and more trust in the 'hidden hand' of free market economics do not produce greater prosperity or freedom for most individuals. Stiglitz examines how unregulated markets reduce economic opportunities for majorities by prioritizing the freedom of corporations and wealthy individuals over that of individuals, resulting in the siphoning wealth from the many to ensure the freedom of the few, from property and intellectual rights to education and opportunity. The Road to Freedom re-evaluates of what constitutes a good society and provides a roadmap to achieve it.Recommended reading:  The Groves of Academe by Mary McCarthy Learn more about your ad choices. Visit megaphone.fm/adchoicesSupport our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/economics