New Books in Economics

Immanuel Wallerstein's world-systems theory can help to better understand and describe developments of the 21st century. The contributors of Wallerstein 2.0: Thinking and Applying World-Systems Theory in the 21st Century (Transcript Publishing, 2023) address ways to reread Wallerstein's theoretical thoughts in the humanities and social sciences. The presented interdisciplinary approach of this anthology intends to highlight the broader value of Wallerstein's ideas, even almost five decades after the famous sociologist and economic historian first expressed them.Frank Jacob is a professor of global history at Nord Universitet, Norway.Caleb Zakarin is the Assistant Editor of the New Books Network. Learn more about your ad choices. Visit megaphone.fm/adchoicesSupport our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/economics

Why does the financial sector matter? In How to Build a Stock Exchange: The Past, Present and Future of Finance (Bristol UP, 2023), Philip Roscoe, a Professor of Management at the University of St Andrews, explores the history of the London Stock Exchange as part of a broader examination of the role of finance in the modern world. Richly detailed, including personal reflections as well as interviews and historical analysis, the book covers the technologies, personalities, and key events that have made London, and the financial industry, globally powerful today. The book is essential reading across the social sciences and humanities, and you can hear Philip’s podcast series that accompanies the book here.Dave O'Brien is Professor of Cultural and Creative Industries, at the University of Sheffield. Learn more about your ad choices. Visit megaphone.fm/adchoicesSupport our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/economics

Ryan C. Smith, an economic researcher with a Ph.D. in Economic and Social History, explores the dramatic impact of oil on global finance. He discusses how the 1973 OPEC Oil Embargo and subsequent crises facilitated the rise of modern financialization. The conversation highlights shifts in wealth from industrialized nations to OPEC, creating a new debt cycle and altering financial practices. Smith also touches on the future of renewable energy and its potential to reshape finance and capitalism, showcasing the intricate connection between oil, money, and geopolitical dynamics.

The expansion of space travel is much discussed but always seems subject to delay. Why is that and when will it happen on a much larger scale? Douglas Ligor has been considering that issue for the Rand corporation – and he talks to Owen Bennett-Jones about the prospects for space travel. Ligor is co-author of Assessing the Readiness for Human Commercial Spaceflight Safety Regulations (Rand, 2023) and International Space Traffic Management: Charting a Course for Long-Term Sustainability (Rand, 2023).Owen Bennett-Jones is a freelance journalist and writer. A former BBC correspondent and presenter he has been a resident foreign correspondent in Bucharest, Geneva, Islamabad, Hanoi and Beirut. He is recently wrote a history of the Bhutto dynasty which was published by Yale University Press. Learn more about your ad choices. Visit megaphone.fm/adchoicesSupport our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/economics

Certain cities—most famously New York, London, and Tokyo—have been identified as “global cities,” whose function in the world economy transcends national borders. Without the same fanfare, formerly peripheral and secondary cities have been growing in importance, emerging as global cities in their own right. The striking similarity of the skylines of Dubai, Miami, and Singapore is no coincidence: despite following different historical paths, all three have achieved newfound prominence through parallel trends.In this groundbreaking book, Alejandro Portes and Ariel C. Armony demonstrate how the rapid and unexpected rise of these three cities recasts global urban studies. They identify the constellation of factors that allow certain urban places to become “emerging global cities”—centers of commerce, finance, art, and culture for entire regions. The book traces the transformations of Dubai, Miami, and Singapore, identifying key features common to these emerging global cities. It contrasts them with “global hopefuls,” cities that, at one point or another, aspired to become global, and analyzes how Hong Kong is threatened with the loss of this status. Portes and Armony highlight the importance of climate change to the prospects of emerging global cities, showing how the same economic system that propelled their rise now imperils their future. Emerging Global Cities: Origin, Structure, and Significance (Columbia University Press, 2022) provides a powerful new framework for understanding the role of peripheral cities in the world economy and how they compete for and sometimes achieve global standing.Alejandro Portes is professor of law and distinguished scholar of arts and sciences at the University of Miami. He is the Howard Harrison and Gabrielle S. Beck Professor of Sociology (emeritus) and the founding director of the Center for Migration and Development at Princeton University. Portes is also a member of the National Academy of Sciences and the former president of the American Sociological Association. His books include City on the Edge: The Transformation of Miami (University of California Press, 1993) and Immigrant America: A Portrait (University of California Press, 2014).Ariel C. Armony is vice chancellor for global affairs and director of the University Center for International Studies at the University of Pittsburgh, where he is also a professor in the Graduate School of Public and International Affairs. He was a fellow at the Woodrow Wilson International Center for Scholars, a Fulbright scholar at Nankai University, and a resident fellow at the Rockefeller Foundation Bellagio Center. His publications include The Dubious Link: Civic Engagement and Democratization (Stanford University Press, 2004) and, with Portes, The Global Edge: Miami in the Twenty-First Century (University of California Press, 2018).Aleem Mahabir is a PhD candidate in Geography at the University of the West Indies, Mona, Jamaica. His research interests lie at the intersection of Urban Geography, Social Exclusion, and Psychology. His dissertation research focuses on the link among negative psychosocial dispositions, exclusion, and under-development among marginalized communities in Port of Spain, Trinidad and Tobago. You can find him on Twitter. Learn more about your ad choices. Visit megaphone.fm/adchoicesSupport our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/economics

Why is Memphis home to hundreds of motor carrier terminals and distribution centers? Why does the tiny island-nation of Singapore handle a fifth of the world's maritime containers and half the world's annual supply of crude oil? Which jobs can replace lost manufacturing jobs in advanced economies?Some of the answers to these questions are rooted in the phenomenon of logistics clusters—geographically concentrated sets of logistics-related business activities. In Logistics Clusters, supply chain management expert Yossi Sheffi explains why Memphis, Singapore, Chicago, Rotterdam, Los Angeles, and scores of other locations have been successful in developing such clusters while others have not.Sheffi outlines the characteristic “positive feedback loop” of logistics clusters development and what differentiates them from other industrial clusters; how logistics clusters “add value” by generating other industrial activities; why firms should locate their distribution and value-added activities in logistics clusters; and the proper role of government support, in the form of investment, regulation, and trade policy.Sheffi also argues for the most important advantage offered by logistics clusters in today's recession-plagued economy: jobs, many of them open to low-skilled workers, that are concentrated locally and not “offshorable.” These logistics clusters offer what is rare in today's economy: authentic success stories. For this reason, numerous regional and central governments as well as scores of real estate developers are investing in the development of such clusters.Yossi Sheffi is Elisha Gray II Professor of Engineering Systems at MIT and Director of the MIT Center for Transportation and Logistics. He has worked with leading manufacturers and logistics service providers around the world on supply chain issues and is an active entrepreneur, having founded or cofounded five companies since 1987. He is the author of The Resilient Enterprise: Overcoming Vulnerability for Competitive Advantage (MIT Press) and Urban Transportation Networks. Learn more about your ad choices. Visit megaphone.fm/adchoicesSupport our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/economics

Nicholas Lemann is a staff writer at the New Yorker and a professor of journalism at Columbia. He is the author of four books, the most recent of which is Transaction Man: The Rise of the Deal and the Decline of the American Dream (FSG, 2019). Lemann spoke at the Institute about Transaction Man in 2019.Over the last generation, the United States has undergone seismic changes. Stable institutions have given way to frictionless transactions, which are celebrated no matter what collateral damage they generate. The concentration of great wealth has coincided with the fraying of social ties and the rise of inequality. How did all this come about?In Transaction Man, Nicholas Lemann explains the United States'--and the world's--great transformation by examining three remarkable individuals who epitomized and helped create their eras. Adolf Berle, Franklin Delano Roosevelt's chief theorist of the economy, imagined a society dominated by large corporations, which a newly powerful federal government had forced to become benign and stable institutions, contributing to the public good by offering stable employment and generous pensions. By the 1970s, the corporations' large stockholders grew restive under this regime, and their chief theoretician, Harvard Business School's Michael Jensen, insisted that firms should maximize shareholder value, whatever the consequences. Today, Silicon Valley titans such as the LinkedIn cofounder and venture capitalist Reid Hoffman hope "networks" can reknit our social fabric.Lemann interweaves these fresh and vivid profiles with a history of the Morgan Stanley investment bank from the 1930s through the financial crisis of 2008, while also tracking the rise and fall of a working-class Chicago neighborhood and the family-run car dealerships at its heart. Incisive and sweeping, Transaction Man is the definitive account of the reengineering of America and the enormous impact it has had on us all.Since 1977, the New York Institute for the Humanities has brought together distinguished scholars, writers, artists, and publishing professionals to foster crucial discussions around the public humanities. For more information and to support the NYIH, visit nyihumanities.org. 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 American health care state that reveals the public has been intentionally misled about the true role of government. The US government has always invested federal, state and local dollars in public health protection and prevention. Despite this public funding, however, Americans typically believe the current system is predominantly comprised of private actors with little government interference. In Grow and Hide: The History of America's Health Care State (Oxford UP, 2023), Colleen M. Grogan details the history of the American health care state and argues that the public has been intentionally misled about the true role of government. The US created a publicly financed system while framing it as the opposite in what Grogan terms the "grow-and-hide regime." Today, the state's role is larger than ever, yet it remains largely hidden because stakeholders-namely, private actors and their allies in government-have repeatedly, and successfully, presented the illusion of minimal government involvement. The consequences of this narrative are scarce accountability and a highly unequal distribution of benefits. In the wake of a pandemic that has killed over one million Americans--with the highest death rates among minorities and lower-income people--the time has come for an honest discussion about the health care system. As Grogan reveals, America has never had a system that resembles a competitive, free-market model. Given how much the government already invests in the health care system, means how these funds are distributed and administered are fundamental political questions for the American public, not questions that should be decided by the private sector. If we want to fix care in America, we need to reimagine the way it is organized, prioritized, funded, and, perhaps most importantly, discussed. Grow & Hide is an important contribution to this reimagining.Stephen Pimpare is a Senior Fellow at the Carsey School of Public Policy at the University of New Hampshire. Learn more about your ad choices. Visit megaphone.fm/adchoicesSupport our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/economics

How do we measure and truly grasp the sweeping social and environmental effects of an oil-based economy? Focusing on the special economic zones resulting from China's trading partnership with Nigeria, Enclaves of Exception: Special Economic Zones and Extractive Practices in Nigeria (Indiana UP, 2022) offers a new approach to exploring the relationship between oil and technologies of extraction and their interrelatedness to local livelihoods and environmental practices. In this groundbreaking work, Omolade Adunbi argues that even though the exploitation of oil resources is dominated by big corporations, it establishes opportunities for many former Nigerian insurgents and their local communities to contest the ownership of such resources in the oil-rich Niger Delta and to extract oil themselves and sell it. Based on extensive ethnographic fieldwork, Enclaves of Exception makes clear that, although both the free trade zones and the now booming local artisanal refineries share the goals of profit-making and are enthusiastically supported by those benefiting from them economically, they have yielded dramatically the same environmental outcome for communities around them that included pollution with precarious effects on the health of the populations in the regions, and displacement of population from their livelihood practices. Learn more about your ad choices. Visit megaphone.fm/adchoicesSupport our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/economics

Anchored in the principles of free-market economics, neoliberalism emerged in the 1990s as the world's most dominant economic paradigm. It has been associated with political leaders from Ronald Reagan, Margaret Thatcher, and Bill Clinton, to Tony Blair, Barack Obama, and Manmohan Singh. Neoliberalism even penetrated deeply into communist China's powerful economic system. However, the 2008 Global Financial Crisis and the related European Sovereign Debt Crisis triggered a decade of economic volatility and insecurity that boosted the fortunes of the 1 per cent while saddling the 99 per cent with stagnant wages and precarious work. As a result of this Great Recession, neoliberalism fortunes have waned considerably. This downward trend further accelerated with the recent surge of national populism around the world that brought to power outspoken critics of neoliberalism like Donald Trump, Boris Johnson, Jair Bolsonaro, and Narendra Modi. Is neoliberalism doomed or will it regain its former glory? And what are the major types of neoliberalism, and how did they evolve over the decades? Responding to these crucial questions, Neoliberalism: A Very Short Introduction (Oxford UP, 2021) explores the considerable variations of neoliberalism around the world, and discusses the origins, evolution, and core ideas of neoliberalism. This new edition brings the story of neoliberalism up to date, and asks whether new versions of neoliberalism might succeed in drowning out the rising tide of national populism and its nostalgic longing for a return to territorial sovereignty and national greatness. Manfred B. Steger is a professor at the University of Hawaii at Manoa.Morteza Hajizadeh is a Ph.D. graduate in English from the University of Auckland in New Zealand. His research interests are Cultural Studies; Critical Theory; Environmental History; Medieval (Intellectual) History; Gothic Studies; 18th and 19th Century British Literature. YouTube channel. Learn more about your ad choices. Visit megaphone.fm/adchoicesSupport our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/economics