New Books In Economics

In July 2021, nine summers after its then president saved the euro with three choice words (“whatever it takes”), the European Central Bank published the results of a thoroughgoing review of its strategy. A policy framework built for times when inflation posed a modest upside challenge had coped – but only just – with successive financial, sovereign-debt, banking and health crises that threatened chronically weak inflation at best and deflation at worst. Essential to the review was research conducted to mark the 20th anniversary of the ECB in 2019 and now updated and published as a book: Monetary Policy in Times of Crisis: A Tale of Two Decades of the European Central Bank (Oxford UP, 2021) by Massimo Rostagno, Carlo Altavilla, Giacomo Carboni, Wolfgang Lemke, Roberto Motto, Arthur Saint Guilhem and Jonathan Yiangou. This exhaustive analytical history concludes that the ECB operated two policy regimes – one from 1999 to 2012 and a second crisis-informed strategy until the narrative ends before the onset of th

David Chard, the President of Wheelock College in Boston, MA, discusses the process of merging Wheelock successfully into Boston University to become the BU Wheelock College of Education and Human Development. His book, When Colleges Close: Leading in a Time of Crisis (Johns Hopkins University Press, 2020), written with Wheelock’s VPAA Mary Churchill, provides the most detailed guide available on each step involved in merging a struggling small college into a large university in a way that preserve and amplified its mission and impact. Chard shares what led them to write the book so soon after completing this painful process, and many additional insights about what goes into a successful merger. David Finegold is the president of Chatham University. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/economics

Gramsci’s concept of hegemony is often invoked, but usually as a means of cultural critique and analysis. However, my guest Lorenzo Fusaro argues in his recent book Crises and Hegemonic Transitions: From Gramsci's Quaderni to the Contemporary World Economy (Haymarket Books, 2020) that Gramsci’s work is permeated by Marx’s economic critique and his theories of value. Split into two parts, the book is both a critical rereading of Gramsci, followed by a rereading of the last century of economic and political developments. The first half of the book involves a careful rereading of key concepts in Gramsci’s Prison Notebooks, rethinking concepts such as hegemony as being more closely related to the base, instead of simply being superstructural description. Hegemony is not above and beyond economic dynamics and antagonisms, but emerges from them and changes alongside them. This allows for a broadening of the theory conceptually, and also allows him to apply it to international relations, instead of being confined to

Once described as a “German oddity”†, Ordoliberalism was one of a number of new liberalisms that emerged from the political maelstrom of the interwar period. But, unlike the other neoliberal splinters, Ordoliberalism – founded at the University of Freiburg by economist Walter Eucken and jurist Franz Böhm – was quickly tested in the real world. The West Germany rebuilt out of the ashes of war was founded on its principles: rules-based economics, independent agencies protected from politics and the state as arbiter. The country's recovery and successful reunification were a testament to Ordoliberalism’s effectiveness but, as the European Community became a union and created the euro, its other members were keener to import the success than the rules. When crisis struck from 2008, the EU's architecture was severely stress-tested and remains under strain in the wake of the coronavirus pandemic. Is the long EU political crisis due to Ordoliberalism or due to its non-implementation? Can and should Ordoliberalism ad

How Social Science Creates the World is based on an in-depth filmed conversation between Howard Burton and UC Berkeley political scientist Professor Mark Bevir. Mark Bevir is an internationally acclaimed expert in the theory of governance. This thought-provoking conversation explores how attempts to shoehorn political science into a natural science framework commonly fail and how correctly appreciating what social science is and does has a direct bearing on our everyday social lives. By adopting the false belief that the social world is composed of some unchanging, fundamental entities on par with atoms or molecules—be they markets or classes or what have you—we will have no means of recognizing, or even describing, what happens when circumstances change and a new social dynamic is created. Howard Burton is the founder of the Ideas Roadshow, Ideas on Film and host of the Ideas Roadshow Podcast. He can be reached at howard@ideasroadshow.com. Learn more about your ad choices. Visit megaphone.fm/adchoices Suppor

Americans rely on credit to provide for their food, clothing, shelter, transportation, and other daily necessities and the 2008 financial crisis demonstrated how they relied on private financial institutions that encouraged risky lending practices. Yet federal policy makers did little to change their approach to curbing risky lending practices and there was little political response from consumers or consumer groups. How can political scientists explain the behavior of government actors, interest groups, or borrowers?  In Democracy Declined: The Failed Politics of Consumer Financial Protection (U Chicago Press, 2020), Dr. SoRelle insists that the expansion of consumer financing -- in terms of access and economic significance -- is fundamentally a political issue with serious political and economic consequences. She offers a policy-centered explanation sensitive to what she calls regulatory feedback effects that shape the behavior of bureaucrats, consumer advocates, and ordinary Americans. Individuals did not

In The Economics of Sustainable Food: Smart Policies for Health and the Planet (Island Press, 2021), Dr. Nicoletta Batini, and co-authors, unpack the true cost of food production. While the Green Revolution served a purpose, Dr. Batini makes the case that the industrial food complex continues to cause tremendous global economic losses in terms of malnutrition, diseases, and environmental degradation. To ensure we do not exceed the 1.5oC target, the book offers the Great Food Transformation (GFT) as a solution. The GFT entails, (1) halving animal-based food production and increasing plant-based production, (2) shifting to organic, regenerative farming, and (3) rewilding, reforesting, and afforesting land. In this interview, Dr. Batini discusses the economics and policy mechanisms to make the GFT possible. Some of the mechanisms discussed include taxes, labor market reform, alongside regulation in cases where market incentives are unlikely to work or to work fast enough. We discuss the important differences in

If the 20th Century was the American Century, it was also UPS's Century. Joe Allen's The Package King: A Rank and File History of UPS (‎Haymarket Books, 2020), tears down the Brown Wall surrounding one of America's most admired companies—the United Parcel Service (UPS). The company that we see everyday but know so little about. How did a company that began as a bicycle messenger service in Seattle, Washington become a global behemoth? How did it displace General Motors, the very symbol of American capitalism, to become the largest, private sector, unionized employer in the United States? And, at what cost to its workers and surrounding communities? Will it remain the Package King in the 21st Century or will be dethroned by Amazon? Joe Allen worked for nearly a decade at UPS between its Watertown, Massachusetts and Chicago, Illinois Jefferson Street hubs. Allen's work life has largely involved different sections of freight and logistics including for such major employers as A.P.A Transport (Canton, Mass.), Yel

In India, elite law firms offer a surprising oasis for women within a hostile, predominantly male industry. Less than 10 percent of the country's lawyers are female, but women in the most prestigious firms are significantly represented both at entry and partnership. Elite workspaces are notorious for being unfriendly to new actors, so what allows for aberration in certain workspaces? Drawing from observations and interviews with more than 130 elite professionals, Accidental Feminism: Gender Parity and Selective Mobility Among India’s Professional Elite (Princeton UP, 2021) examines how a range of underlying mechanisms-gendered socialization and essentialism, family structures and dynamics, and firm and regulatory histories-afford certain professionals egalitarian outcomes that are not available to their local and global peers. Juxtaposing findings on the legal profession with those on elite consulting firms, Swethaa Ballakrishnen reveals that parity arises not from a commitment to create feminist organization

Popular discussions of China’s growth prospects often focus on the success or failure specific industries. They might address the challenges rising wages pose to the export manufacturing sector, or the emergence of the new data-fueled tech sector. But one of the most important determinants of a country’s long-run economic growth is human capital—the education and health of its people.  In Toxic Politics: China's Environmental Health Crisis and its Challenge to the Chinese State (Cambridge UP, 2020), Yanzhong Huang shows how China’s environmental problems have created a health crisis with long-run consequences. It then digs into the reasons why despite all the centralized power China’s leaders showed in dealing with the COVID-19 outbreak, these same leaders have found it difficult to address the country’s rampant air, water, and soil pollution. The institutional problems in the Chinese system highlighted by this book go far beyond the environmental sphere. This makes the book an excellent way to learn about th

Welcome to The Academic Life. You are smart and capable, but you aren’t an island, and neither are we. So we reached across our mentor network to bring you podcasts on everything from how to finish that project, to how to take care of your beautiful mind. Wish we’d bring in an expert about something? DM us your suggestion on Twitter: The Academic Life @AcademicLifeNBN. In this episode you’ll hear about: Ros Pyne’s path through higher education, how she found her way to her current job, her role at Bloomsbury Publishers, what Open Access [OA] is and is not, how OA can democratize knowledge, and what she’s hopeful about. Our guest is: Ros Pyne, who is the Global Director of Research and Open Access at Bloomsbury Publishers. She has worked in academic publishing since 2007, initially as an editor, and for the last eight years in roles focusing on open access. She has a particular interest in bringing open access to long-form scholarship and to the humanities, and is the co-author of several reports on open acces

This episode of the New Books in Economic and Business History is an interview with New York writer Benjamin Lorr. Benjamin Lorr is the author of ofHell-Bent: Obsession, Pain, and the Search for Something Like Transcendence in Competitive Yoga, a book that explores the Bikram Yoga community and movement. His second book, The Secret Life of Groceries: The Dark Miracle of the American Supermarket is "an extraordinary investigation into the human lives at the heart of the American grocery store. The miracle of the supermarket has never been more apparent. Like the doctors and nurses who care for the sick, suddenly the men and women who stock our shelves and operate our warehouses are understood as ‘essential’ workers, providing a quality of life we all too easily take for granted. But the sad truth is that the grocery industry has been failing these workers for decades. In this page-turning expose, author Benjamin Lorr pulls back the curtain on the highly secretive grocery industry. Combining deep sourcing, imme

Between 1949 and 1997, Hong Kong transformed from a struggling British colonial outpost into a global financial capital. Made in Hong Kong: Transpacific Networks and a New History of Globalization (Columbia University Press, 2021) delivers a new narrative of this metamorphosis, revealing Hong Kong both as a critical engine in the expansion and remaking of postwar global capitalism and as the linchpin of Sino-U.S. trade since the 1970s. In Made in Hong Kong, Peter E. Hamilton explores the role of an overlooked transnational Chinese elite who fled to Hong Kong amid war and revolution. Despite losing material possessions, these industrialists, bankers, academics, and other professionals retained crucial connections to the United States. They used these relationships to enmesh themselves and Hong Kong with the U.S. through commercial ties and higher education. By the 1960s, Hong Kong had become a manufacturing powerhouse supplying American consumers, and by the 1970s it was the world’s largest sender of foreign s

Electricity is a quirky commodity: more often than not, it cannot be stored, easily transported, or imported from overseas. Before lighting up our homes, it changes hands through specialized electricity markets that rely on engineering expertise to trade competitively while respecting the physical requirements of the electric grid. The Current Economy: Making Energy and Markets in the United States (Stanford UP, 2021) is an ethnography of electricity markets in the United States that shows the heterogeneous and technologically inflected nature of economic expertise today. Based on ethnographic fieldwork among market data analysts, electric grid engineers, and citizen activists, this book provides a deep dive into the convoluted economy of electricity and its reverberations throughout daily life. Canay Özden-Schilling argues that many of the economic formations in everyday life come from work cultures rarely suspected of doing economic work: cultures of science, technology, and engineering that often do not ha

What can debt reveal to us about coloniality and its undoing? In Colonial Debts: The Case of Puerto Rico (Duke University Press, 2021), Rocío Zambrana theorizes the way debt has been used as a technique of neoliberal coloniality in Puerto Rico, producing profit from death on the island. With close attention to the material practices of protestors who have fought that destruction of life for the purposes of profit, Zambrana argues that decolonization entails political-economic subversion and transformative interruption of the hierarchies of race, gender, and class that fuel and are sustained by colonization. She shows us how organizing pessimism nourishes hope. Sarah Tyson is an associate professor of philosophy at the University of Colorado, Denver. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/economics

In Farm (and Other F Words): The Rise and Fall of the Small Family Farm (New Degree Press, 2021), Sarah K. Mock seeks to answer “what exactly do we mean by a Good Farm?” She looks at size, income, and age, among other factors that might be metrics of a Good Farm. Using USDA NASS data, farmer interviews, and experience Sarah shares some not so easy to hear perspectives. In this interview, Sarah discusses the systems at play, most working exactly as intended, that are preventing agribusiness from operating as businesses at all. We discuss the lack of mechanisms to remove ineffective or harmful farmers, why more farms don’t grow food (e.g., fruits and vegetables), and whether rich farmers grow food for poor people while poor farmers grow food for rich people. In the last moments of the book, and our interview, Sarah reveals a potential solution – Big Team Farms. What are they? Come find out. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newb

This episode of the New Books in Economic and Business History is an interview with Dr. Shane Hamilton, Senior Lecturer in Management at The York Management School, University of York. There he teaches Strategy and Business Humanities. He is the author of Trucking Country: The Road to America's Wal-Mart Economy (Princeton, 2008) and he is associate editor of Enterprise & Society and co-editor of the book series American Business, Politics, and Society of the University of Pennsylvania Press. He has published articles on food and agribusiness in different journals such as the Technology & Culture, Strategic Entrepreneurship Journal, History of Retailing and Consumption, Enterprise & Society, Business History Review, and Agricultural History. Today our interview is centered around Professor Hamilton’s latest book Supermarket USA, Food and Power in the Cold War Farms Race (published by Yale University Press in 2018).  America fought the Cold War in part through supermarkets—and the food economy pioneered then ha

Raven Bowen's Work, Money and Duality: Trading Sex As a Side-Hustle (Policy Press, 2021) is a rare and valuable exploration of work duality. It calls on practitioners, policymakers and researchers to recognise the experiences of sex workers and to address race, culture and sex work in the UK against the backdrop of Brexit. Based on extensive empirical work, it illustrates contemporary accounts of individuals who take extraordinary risks to hold jobs in both sex industries and non-sex work employment. Raven is the CEO of Ugly Mugs - check them out here. Rachel Stuart is a sex work researcher whose primary interest is the lived experiences of sex workers. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/economics

Post-socialist China has seen extensive labor unrest in the form of strikes, protests, and riots. The party-state has responded, sometimes with greater repression, sometimes with institutional changes to better channel and represent worker interests, and sometimes with both. Manfred Elfstrom’s Workers and Change in China: Resistance, Repression, Responsiveness (Cambridge UP, 2021) explores the feedback loop between citizen unrest and state response, using both extensive fieldwork and statistical analysis of strike locations. Manfred Elfstrom is an Assistant Professor in the Department of Economics, Philosophy, and Political Science at the University of British Columbia, Okanagan. Previously, he served as a Postdoctoral Scholar and Teaching Fellow at the University of Southern California’s School of International Relations and a China Public Policy Postdoctoral Fellow at Harvard University’s Ash Center for Democratic Governance and Innovation. He received his PhD from Cornell University’s Department of Governm

In the developing world, political turmoil often brings an end to promising economic growth stories. During its period of rapid economic growth in the 1990s and 2000s, China experienced a remarkable surge in the number of public protests. Yet these protests did not destabilize the regime. Yao Li’s book, Playing by the Informal Rules: Why the Chinese Regime Remains Stable despite Rising Protests (Cambridge UP, 2018), combines quantitative research on a nationwide dataset of protests with in-depth qualitative fieldwork to investigate why. Li argues that a clear set of informal rules, followed by both protesters and government agencies, helped keep protests within bounds. If protesters engaged the regime rather than challenging it, limiting their demands and their protest strategies, they could expect a moderate response and some redress for their grievances. This helped stabilize rather than undermine China’s political system. Author Yao Li is an Assistant Professor in the Department of Sociology and Criminolo