New Books In Economics

Much of the progress in technology today has come about as a result of innovators who did not seek prior approval from regulatory bodies and such. Yet, even with the beneficial results from innovations like the commercial Internet, mobile technologies, and social networks, a disposition exists to be overly cautious with respect to new things.  Adam Thierer calls this the “precautionary principle” in his new book Permissionless Innovation: The Continuing Case for Comprehensive Technological Freedom (Mercatus Center, 2014). The “precautionary principle”–which, Thierer argues, is based on fear and concern about loss of control–limits the creativity inherent in unfettered tinkering. In contrast, Thierer advocates “permissionless innovation,” an attitude that would allow experimentation to continue without hinderance. Of course does not mean that there is no use for policies for new technology, as some developments require regulation. Policymakers should, however, ta

Nicholas Carnes is the author of White-Collar Government: The Hidden Role of Class in Economic Policy Making (University of Chicago Press, 2013). Carnes is an assistant professor of public policy in the Sanford School of Public Policy at Duke University. There is surprisingly little in the research literature on the link between social class and legislative behavior. For a topic that seems so ripe for investigation, Carnes’ data collection and analysis open new ground and answer pressing questions. He shows that formerly blue collar workers who serve in Congress behave differently than formerly white collar workers. Blue collar workers are in the extreme minority in numbers, meaning their efforts to pass legislation that tilts towards the working class are often stymied. Carnes offers fresh insight into why this matters for representation more generally and several recommendations for how to rectify this in the future.Learn more about your ad choices. Visit megaphone.fm/adchoices

In 1927 Russian-American legal theorist Alexander Sack introduced the doctrine of “odious debt.” Sack argued that a state’s debt is “odious” and should not be transferable to successor governments after a revolution, if it was incurred without the consent of the people; and not for their benefit. This doctrine has largely been rejected, with a firm presumption of “sovereign continuity” emerging instead: post-revolutionary governments must repay sovereign debt even if it was incurred to cover the personal expenses of plutocrats. If they fail to do so, their credit reputation is harmed. As Odette Lienau explains in a striking line, “we can now imagine prosecuting the leaders of a fallen regime for crimes against a state’s population while simultaneously asking that population to acknowledge and repay the fallen regime’s debts.” In Rethinking Sovereign Debt: Politics, Reputation, and Legitimacy in Modern Finance (Harvard University Press, 2014), L

The British Marxist economist Maurice Dobb is now largely forgotten. That’s too bad for a number of reasons. He was a brilliant thinker who wrote some of the most insightful analyses of the development and workings of capitalism around. You can still read his work and profit. He was the intellectual godfather of several notable British Marxist historians of the “New Left” of the 1960s and 1970s: Rodney Hilton, Christopher Hill, E.P. Thompson, among others. And, perhaps most importantly, his life gives us a window into a forgotten time, one in which a economists took communism seriously and fellows at Cambridge could earnestly believe in a bright communist future. This, I think, is a time we must not forget. Thanks to Timothy Shenk‘s well-researched, readable biography Maurice Dobb: Political Economist (Palgrave-Macmillan, 2013), we won’t have to. Shenk tells Dobb’s tale in all its tortured complexity. A member of the establishment and an anti-establishmentarian. A dyed-in-

The cultural and material history of what is fashionable or “trendy” can be particularly revealing about the time period under study. The most recent work that underscores this point is Jennifer Anderson‘s Mahogany: The Cost of Luxury in Early America (Harvard University Press, 2012).  Anderson traces the popularity of mahogany wood in the mid eighteenth century from its use in England–a matter of necessity due to wood shortages–to its elective use in the American colonies among elite classes as a measure of cultural and social refinement. Unlike ephemeral goods like sugar and tobacco (which were purchased by elites but consumed and discarded shortly thereafter) mahogany was something solid, something lasting, something passed down to subsequent generations. Social engagements revolved around mahogany. Elites coveted the intricate and ornate furnishings, which because of mahogany’s incredible density, could only be crafted with mahogany. Even the middling classes would indu

Aswin Punthamabekar‘s From Bombay to Bollywood: The Making of a Global Media Industry (New York University Press, 2013) offers a deeply researched and richly theorized look at the evolution of the world’s largest film industry over the past few decades. Combining ethnographic research with close textual analyses of Bollywood films, Punthamabekar shows how the media industry’s growth has been complexly intertwined with India’s emerging place in the global economy. The book offers a nuanced look at globalization, bringing to light the tensions and productivities that emerge when a highly powerful, historically localized industry enters the world of multinational capitalism.Learn more about your ad choices. Visit megaphone.fm/adchoices

Pedro Oliveira provides a fascinating glimpse into his transition from academia into consultancy, with a guide for those like minded to boot. People-Centered Innovation: Becoming a Practitioner in Innovation Research (Biblio Publishing, 2013) chronicles Oliveira’s journey from his work as a clinical psychologist in Portugal, to becoming an anthropologist in the UK, and moving into the world of business and innovation. Written for a general audience, this book is a mix of case studies, theory for practitioners, and autobiographical information that shows how to apply work in the social sciences to the problems facing businesses today. This is a great read for anyone interested in psychology and anthropology, as well as how business and innovation is changing due to the influence of the humanistic sciences.Learn more about your ad choices. Visit megaphone.fm/adchoices

Kevin Kerrane‘s Dollar Sign on the Muscle: The World of Baseball Scouting (CreateSpace, 2013) represents the first major study of the history and practice of professional baseball scouting.  Based on Kerrane’s ethnographic research with the Philadelphia Phillies during the 1981 season, the book provides an inside look at one of sports’ least understood professions and most unusual subcultures. Originally released in 1984, the book became a cult favorite among baseball analysts and historians, eventually finding a place on Sports Illustrated‘s list of the top 100 sports books of all time.  For the past decade the book has been notoriously hard to find, with copies selling for up to $50 on eBay.  It is now widely available in rerelease from Baseball Prospectus, the leading voice in progressive, contemporary baseball research. In addition to the original text, the rerelease features a new introduction and an extended epilogue updating the book for the 2010s.Learn more about your ad choice

In Branding the Nation: The Global Business of National Identity, Melissa Aronczyk locates the rise of nation branding as a response to the perceived need to sculpt national identity in the face of a fiercely competitive global economy. In tracking the history of the nation-branding phenomenon, Aronczyk recounts the rise and spread of the very idea of national “competitiveness,” a discourse that, in effect, created a market that branding specialists then tapped. The book engages with the large scholarly literature on nations and nationalism, arguing that nation branding should not be dismissed as merely the invasion of business practices into the national imaginary–though it has this character, undeniably–but that the practice should also be read as a discourse that maintains, extends, and reconstitutes the nation. Based on dozens of interviews with nation-branding specialist over a five-year period, Aronczyk develops major case studies of Poland and Canada in particular, and substanti

Philip Mirowski is author of Never Let A Serious Crisis Go To Waste: How Neoliberalism Survived the Financial Meltdown (Verso Books 2013). Mirowski is the Carl Koch Chair of Economics and the History of Philosophy at the University of Notre Dame. He’s previous authored Science-Mart, Machine Dreams, and More Heat than Light. Mirowski brings his broad background as an economist, historian, and philosopher to this meaty subject. He weaves together a stinging critique of the ways many economists reacted to the recent economic crisis with a larger discussion of the nature of economic ideas in politics. He highlights the rise of the Mont Pelerin Society and its links to what he dubs the Neoliberal Thought Collective. Rather than resting on broad generalities, he distinguishes between famed neoliberals to show how, for example, Milton Friedman and George Stigler approach their advocacy in very different ways. Philip Mirowski is a contributor to Public Books.Learn more about your ad choices. Visit megaphone.fm/

While it has become typical to see Filipina/o migrants working in nursing or domestic work in the United States, many are surprised to see Filipina/os doing the same work in Hong Kong, Israel, and Dubai. Indeed, Filipina/o workers are ubiquitous around the globe, and may be the world’s first truly global labor force. In Robyn Rodriguez‘s new book, Migrants for Export: How the Philippine State Brokers Labor to the World (University of Minnesota Press, 2010),Rodriguez explores labor brokerage as a global capitalist strategy wherein the Philippine state mobilizes its citizens and sends them abroad to work for employers throughout the world while generating profit from the remittances that migrants send back to their families and loved ones remaining in the Philippines. Rodriguez traces this trend in Filipina/o overseas workers, which has become one of the largest labor export systems in the world. Ultimately, she questions how and why citizens from the Philippines have come to be the most globalized

Life insurance! The very word sends shivers of excitement down the spine. OK, maybe not . . . but Sharon Murphy‘s book on the development of the life insurance industry in the United States from its infancy in the early republic through its breakthrough as a mass industry during the Civil War might make you change your mind. Deeply researched but also deeply entertaining (really!), Investing in Life: Insurance in Antebellum America (Johns Hopkins University Press, 2010; paperback, 2013) describes how the early pioneers of the insurance industry figured out how to sniff out frauds, figure mortality tables, market themselves to a suspicious population, and tap into middle class hopes and anxieties — especially middle-class Americans reticence about thinking about death (their death, at least). Investing in Life will change what you think about the history of business in the United States.Learn more about your ad choices. Visit megaphone.fm/adchoices

George Brock approached his book about newspapers and journalism in the digital age unwilling to write another gloom-and-doom narrative about the death or decline of the industry. When he studied the historical development of journalism and current trends, he found the industry is what is always has been: volatile, evolving, and vital to society’s well being. Out of Print: Newspapers, Journalism and the Business of News in the Digital Age (Kogan Page, 2013) is an important look at the industrial, economic, and pragmatic realities of a shifting industry. Using modern case studies, including the phone-hacking scandal that brought down Great Britain’s News of the World, as well as historical research and recent data, Brock examines where journalism was, is and will be. Brock, head of City University London’s prestigious graduate school of journalism, has produced a work that transcends academia without sacrificing methodology or theory. “Because journalism lives on the frontier between de

Over the last several podcasts, authors (Stedman Jones, Buchman, and Tienken) have repeatedly evoked neoliberalism. A new book helps to place this term and its meaning in American political history into better context. Michael Lind, the author of Land of Promise: An Economic History of the United States (Harper, 2012), has written a sweeping economic and political history of the United States. He is cofounder of the New American Foundation and policy director of the foundation’s Economic Growth Program. Lind argues that the important divide in the economic intellectual history of the country is between the “developmental tradition” of Hamilton and the “producerist vision” of Jefferson. Major social, political, and economic eras have been defined by competing arguments and victories along that age old argument. Lind takes us up through the present and calls on the Next Social Contract to adjust to the new economic realities of the 21st century. Lind brings a journalist’s sty

In the “Great Recession,” millions lost their jobs, retirement savings, and even their houses. The entire middle class was shaken. Yet almost no one has been brought to justice. Quite the opposite: the big banks and investment houses–the places where the perpetrators most likely work and worked–were bailed out by the federal government under the banner of being “too big to fail.” Perhaps it’s the case that we will never know enough about what happened to indict anyone, or at least anyone in the upper reaches of the financial industry. But does that mean we don’t, in a general way, know who was responsible? Not according to Hedrick Smith. In his new book Who Stole the American Dream? (Random House, 2012), the veteran reporter digs deep into American political and economic history to find out who we should blame for this colossal economic meltdown. What he found is surprising. The roots of the crisis go back farther than most people–experts included–t

When you buy a stock, you’re buying a piece of a company. The funny thing is that most people who own stocks either don’t know that or, if they do, don’t act like owners. They could care less about the business itself. They don’t care whether it turns a profit, how big that profit is, or whether they are going to get a cut of the profit. All they care about is the stock price: up = good; down = bad. According to portfolio manager Daniel Peris, this narrow-minded focus on stock price is a real problem both for companies and the folks like you and me who invest in them. What everyone should be paying attention to, says Peris, is how much companies pay out in dividends to investors. In The Strategic Dividend Investor: Why Slow and Steady Wins the Race(McGrawHill, 2011), Peris lays out the case to investors, urging them to invest in companies that distribute dividends regularly. In The Dividend Imperative: How Dividends Can Narrow the Gap between Main Street and Wall Street (McGrawHill, 20

When I was an undergraduate, I was taught that merchants in early modern Western Europe were “proto-capitalists.” I was never quite sure what that meant. If it meant they traded property for money, yes. But that would make everyone who traded things for money over the past, say, 5,000 years, a “proto-capitalist.” If it meant that they thought of their property as capital to be used for maximizing profit, then no. As Martha C. Howell points out in her excellent Commerce Before Capitalism in Europe, 1300-1600 (Cambridge UP, 2010), early modern merchants–at least in the Low Countries–didn’t really think of their property as “capital” at all, and they certainly didn’t use it exclusively for the maximization of profit. Their idea of property was, according to Howell, as much medieval as modern. Essentially, they adapted received (medieval) categories of property to novel commercial conditions. The result was a unique hybrid of the old and new. In hindsig

Americans seem to be more concerned about economic inequality today than they have been in living memory. The Occupy Movement (“We are the 99%”) is only the most visible sign of this growing unease. But what are the dimensions of inequality in the United States? How have they changed over the past century? Are we living in a new Gilded Age in which the poor are getting poorer and the rich are getting richer? In his “book” (it’s really an innovative website) Growing Apart: A Political History of American Inequality (Institute for Policy Studies, 2013), Colin Gordon sets out to answer these questions. Using an interesting array of charts, graphs, and videos, Gordon tells the story of inequality in the U.S. in modern times. Gordon shows that in recent decades the poor have been getting relatively poorer and the rich have been getting relatively richer. The “gap”–already considerable–is growing. In this interview we discuss growing inequality and the rea

I’m Al Emid and I’m back here on New Books Network after a long absence. I had a good excuse though – I was finishing up the book entitled Investing in Frontier Markets, to be released this Fall by John Wiley & Sons and co-authored with Gavin Graham. Barring unforeseen circumstances I will be back here regularly with reviews of timely books in the investing and business categories, which I’ve covered for years as a journalist. And in the business news category, firings, layoffs and forced resignations have occurred frequently for the past five years. Anyone who has recently lost what seemed like a secure job can be forgiven for wondering where he or she went wrong – but in many cases the fault did not lay with the terminated employee. And we can understand how any individual who has fulltime employment might wonder how long that will last. In the past year, blue-chip employers have terminated thousands of employees: 2400 at Dow Chemical, 5400 at American Express, over 4300 at

It’s a classic historical question: Why the West and not the Rest? Answers abound. So is there anything new to say about it? According to Prasannan Parthasarathi, there certainly is. He doesn’t go so far as to say that other proposed explanations are flat out wrong, it’s just that they don’t really focus on the narrow forces that, well, forced English business men to innovate in the 18th century. In Why Europe Grew Rich and Asia Did Not: Global Economic Divergence, 1600-1850 (Cambridge University Press, 2012), Parthasarathi says that those forces were economic. English textile merchants were getting trounced by imported Indian cotton. They found that they couldn’t produce cotton goods in the same way the Indians did for all kinds of reasons. So, they had to create a new, more efficient, production process. They did. According to Parthasarath, the “Industrial Revolution” was born out of economic competition and innovation (with, of course, a helping hand from the sta