New Books in Finance: Recent Episodes
Marshall Poe
Interviews with Scholars of Finance about their New Books Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/finance
Bookshop.org is an online book retailer that donates more than 80% of its profits to independent bookstores. Launched in 2020, Bookshop.org has already raised more than $27,000,000. In this interview, Andy Hunter, founder and CEO discusses his journey to creating one of the most revolutionary new organizations in the book world. Bookshop has found a way to retain the convenience of online book shopping while also supporting independent bookstores that are the backbones of many local communities. Andy Hunter is CEO and Founder of Bookshop.org. He also co-created Literary Hub. Caleb Zakarin is the Assistant Editor of the New Books Network. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/finance
How much of US power is underground? We hear a lot about the US military assets used on land, on the sea, and in the air - but not much about what’s going on underground and on the sea bed. It turns out what goes on down there is a significant source of US power – which has been documented by Henry Farrell in his co-authored book (with Abraham Newman), Underground Empire: How America Weaponized the World Economy (Henry Holt, 2023). Listen to him describe it all with Owen Bennett-Jones. 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/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/finance
The practice of international development continues to change as more is understood about what works. A shift from a deficit or problem-solving approach to a strengths-based approach is a significant reframing for international development. A strengths-based approach aims to reveal assets, strengths or what is working within an individual, group, community or organization, then uses these strengths as a way to achieve change and preferred futures. Reframing Aid: A Strengths-Based Approach for International Development (Practical Action, 2023) by Dr. Keren Winterford, Deborah Rhodes, and Christopher Dureau sets out the thinking, practical action and evidence-base to inform a sector-wide transformation. For many, this is a radical or even revolutionary shift, but for others, the writing is already on the wall. The authors set out the strong theoretical and practical basis of a strengths-based approach; explore insight through the lens on power, culture and psychology; and provide examples of how the approach is already applied in practice within the project cycle, monitoring and evaluation, dominant current approaches and sectors of international development. The theory and rich descriptions of how a strengths-based approach works, will give development workers, governments, researchers, policy makers and donors in the global north and south the confidence to continue or try new this approach to creating change. These fresh perspectives offer a much-needed alternative to the deficit-based/problem solving paradigm that dominates, but is no longer relevant to shared global efforts for social justice and environmental sustainability. This interview was conducted by Dr. Miranda Melcher whose doctoral work focused on post-conflict military integration, understanding treaty negotiation and implementation in civil war contexts, with qualitative analysis of the Angolan and Mozambican civil wars. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/finance
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/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/finance
The rise of the global financial industry is treated by many economists as a critical component of the rise of neoliberalism. What few address is the role of the 1973 OPEC Oil Embargo and the 1979 Oil Shock in making modern financialization possible. Ryan C. Smith's book The Real Oil Shock: How Oil Transformed Money, Debt, and Finance (Palgrave MacMillan, 2022) demonstrates how the dramatic transfer of wealth from the industrialized, capitalist world to OPEC’s members triggered by the Oil Embargo and the Oil Shock created a vast pool of liquid capital. Oil prices inflation, as a result of Embargo and Shock, also triggered a balance of payments crisis that created unprecedented global demand for credit. Processing this capital and mitigating the inflationary pressures which followed the 1973 Shock encouraged the development of more liquid, internationally mobile instruments that made financialization possible and ushered in the effective privatization of money creation. This transformation of the creation of money, the rise of a new global debt cycle, and petrocapital-fuelled changes to financial practices laid the foundations of modern finance and the neoliberal world order as we know them. Ryan C. Smith is an economic researcher specializing in business news, economic news, and finance. He earned his Ph.D. in Economic and Social History from the University of Glasgow. Filippo De Chirico studies History and Politics of Energy at Roma Tre University (Italy). Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/finance
In Jewish Space Lasers: The Rothschilds and 200 Years of Conspiracy Theories (Melville House, 2023), Mike Rothschild delves into the history of the conspiracy industry around the Rothschild family—from the "pamphlet wars" of Paris in the 1840s to the dankest pits of the internet today. Journalist and conspiracy theory expert Mike Rothschild, who isn't related to the family, sorts out myth from reality to find the truth about these conspiracy theories and their spreaders. Who were the Rothschilds? Who are they today? Do they really own $500 trillion and every central bank, in addition to “controlling the British money supply?” Is any of this actually true? And why, even as their wealth and influence have waned, do they continue to drive conspiracies and hoaxes? Mike Rothschild is a journalist and conspiracy theory expert. He has written two previous books, including The Storm is Upon Us: How QAnon Became a Movement, Cult, and Conspiracy Theory of Everything. Rothschild has been interviewed by CNN, MSNBC, NPR, the BBC, the Washington Post, and the New York Times among many others to discuss conspiracy theories and has testified to Congress on the threat of election disinformation. Schneur Zalman Newfield is an Associate Professor of Sociology and Jewish Studies at Hunter College, City University of New York, and the author of Degrees of Separation: Identity Formation While Leaving Ultra-Orthodox Judaism (Temple University Press, 2020). Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/finance
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/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/finance
The World Economic Forum has become the bugbear of the right-wing in Canada, and beyond. Conspiracies swirl about how this shadowy, globalist cabal wants us to live in pods, eat bugs, and “own nothing, but be happy.” These may be mere conspiracy theory and faux populism, but there are many things wrong with the WEF. On this episode, we examine the shifting political discourse surrounding our global financial elites. How can the left operate in this ideologically confusing moment? First, we take it back to the heyday of the 90s global justice movement and revisit the Battle in Seattle. Reactionary forces were pushing an anti-globalization line against the WTO. However, the real politics there were different: it was built on global justice and global solidarity. Then, we go to Davos and look for left-leaning protesters organizing against the WEF. Each year, there is a planned protest hike, quite far from the actual WEF site, because Swiss authorities push demonstrates away. Yet, the WEF also invites individual activists in. We learn about that push and pull. Finally, filmmaker and documentarian Joel Bakan is well-known for his hit documentary The Corporation, which was released in 2003–not long after the Battle in Seattle. Today, he tells us the politics are completely different: corporate leaders, including those at WEF, tell us they’re actually the good guys. His new follow-up film The New Corporation: The Unfortunately Necessary Sequel says that this new warm-and-fuzzy branding makes the corporation even more dangerous. SUPPORT THE SHOW You can support the show for free by following or subscribing on Spotify, Apple Podcasts, or whichever app you use. This is the best way to help us out and it costs nothing so we’d really appreciate you clicking that button. If you want to do a little more we would love it if you chip in. You can find us on patreon.com/dartsandletters. Patrons get content early, and occasionally there’s bonus material on there too. ABOUT THE SHOW For a full list of credits, contact information, and more, visit our about page. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/finance
The twentieth century was the managerial century in the United States. An organizational transformation, from entrepreneurial to managerial capitalism, brought forth what became a dominant narrative: that administrative coordination by trained professional managers is essential to the efficient running of organizations both public and private. And yet if managerialism was the apotheosis of administrative efficiency, why did both its practice and the accompanying narrative lie in ruins by the end of the century? In The Corporation and the Twentieth Century: The History of American Business Enterprise (Princeton UP, 2023), Richard Langlois offers an alternative version: a comprehensive and nuanced reframing and reassessment of the economic, institutional, and intellectual history of the managerial era. Langlois argues that managerialism rose to prominence not because of its inherent superiority but because of its contingent value in a young and rapidly developing American economy. The structures of managerialism solidified their dominance only because the century's great catastrophes of war, depression, and war again superseded markets, scrambled relative prices, and weakened market-supporting institutions. By the end of the twentieth century, Langlois writes, these market-supporting institutions had reemerged to shift advantage toward entrepreneurial and market-driven modes of organization. This magisterial new account of the rise and fall of managerialism holds significant implications for contemporary debates about industrial and antitrust policies and the role of the corporation in the twenty-first century. Richard Langlois was born and raised in northeastern Connecticut and educated at Williams, Yale, and Stanford. He received his Ph.D. in 1981 from the Department of Engineering-Economic Systems at Stanford. His primary work has been in the economics of organization, where he has long been pushing the theory of dynamic transaction costs and the theory of modular systems, as well as in economic and business history. His 1992 history of the microcomputer industry won the Newcomen Award as the best paper in the Business History Review. Previous books include Firms, Markets, and Economic Change: a Dynamic Theory of Business Institutions (Routledge, 1995, with Paul L. Robertson) and The Dynamics of Industrial Capitalism: Schumpeter, Chandler, and the New Economy (The Graz Schumpeter Lectures, Routledge 2007), which won the Schumpeter Prize of the International Joseph A. Schumpeter Society. In this podcast, he discussed the main themes in his most recent book and how it sits within overall discussions about the large corporation, his views on institutions and the nature of American-led capitalism in the 20th century. This is possible through a reinterpretation of a large body of economic and business history rather than archival or other primary source material. As mentioned during the podcast: -Chandler, A. (1990) Scale and Scope. -Coase, R. (1937) The Nature of the Firm. -Langlois, R. (2003) The Vanishing Hand. -Langlois, R. (2004). The Dynamics of Industrial Capitalism (Graz Lectures). Bernardo Batiz-Lazo is currently straddling between Newcastle and Mexico City. You can find him on twitter on issues related to business history of banking, fintech, payments and other musings. Not always in that order. @BatizLazo Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/finance
Is Thomas Piketty the world’s most famous economic historian ? A superstar enemy of plutocratic capitalism who wrote a pathbreaking bestseller, Capital in the 21st Century? Or simply a debonair and generous French intellectual happy to talk redistributive justice? Join this 2020 conversation with John and Adaner Usmani (star of RTB’s episode 44: Racism as idea, Racism as Power Relation) to find out. Why did we invite him? John thinks nobody is better than Piketty at mapping and explaining the nature and origin of the glaring and growing inequality that everywhere defines wealth distribution in the 21st century—both between societies and within them. His recent magnum opus, Capital and Ideology. ask what sorts of stories societies (and individuals within those societies) tell themselves so as to tolerate such inequality—and the poverty and misery it produces. Or even to see that inequality as part of the natural order of things. Why did he accept our invitation? A mystery, but who are we to look a gift economist in the mouth? Mentioned in the Episode Philip Larkin, “Why aren’t they screaming?” (from the poem “The Old Fools”) Bonus: Here is John’s question about his favorite writer, the one Adaner teased him for not asking: “Mr. Piketty, you are interested in hinge points where people cease being captivated by one ideology and begin seeing differently (might one also say, begin being captivated by another ideology?) In 2014, Ursula le Guin said: ‘We live in capitalism. Its power seems inescapable. So did the divine right of kings. Any human power can be resisted and changed by human beings. Resistance and change often begin in art, and very often in our art, the art of words.‘ Can I ask how that resonates with your argument about the rapid changeability of economic paradigms–and moral paradigms for justifying inequality–in Capital and Ideology? “ Read transcript here Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/finance
In 2018, Emily Flitter received a tip that Morgan Stanley had fired a Black employee without cause. Flitter had been searching for a way to investigate the deep-rooted racism in the American financial industry, and that one tip lit the sparkplug for a three-year journey through the shocking yet normalized corruption in our financial institutions. Examining local insurance agencies and corporate titans like JPMorgan Chase, BlackRock, and Wells Fargo and reveals the practices that have kept the racial wealth gap practically as wide as it was during the Jim Crow era. Flitter exposes hiring and layoff policies designed to keep Black employees from advancing to high levels; racial profiling of customers in internal emails between bank tellers; major insurers refusing to pay Black policyholders’ claims; and the systematic denial of funding to Black entrepreneurs. She also gives a voice to victims, from single mothers to professional athletes to employees themselves: people who were scammed, lied to, and defrauded by the systems they trusted with their money, and silenced when they attempted to speak out and seek reform. Flitter connects the dots between data, history, legal scholarship, and powerful personal stories to provide a “must-read wake-up call” (Valerie Red-Horse Mohl, president of KNOWN Holdings) about what it means to bank while Black. As America continues to confront systemic racism and pave a path forward, The White Wall: How Big Finance Bankrupts Black America (Atria/One Signal Publishers, 2022) is an essential examination of one of its most caustic contributors. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/finance
Our Recall this Buck series, back in 2020 and 2021, explored the history of money, ranging from the earliest forms of labor IOUs to the modern world of bitcoin and electronically distributed value. We began by focusing on the rise of capitalism, the Bank of England, and how an explosion of liquidity changed everything. We were lucky to do so, just before the Pandemic struck, with Christine Desan of Harvard Law School, who recently published Making Money: Coin, Currency, and the Coming of Capitalism (Oxford University Press, 2014). She is also managing editor of JustMoney.org, a website that explores money as a critical site of governance. Desan’s research explores money as a legal and political project. Her approach opens economic orthodoxy to question by widening the focus on money as an instrument, to examine the institutions and agreements through which resources are mobilized and tracked, by means of money. In doing so, she shows that particular forms of money, and the markets within which they circulate, are neither natural or inevitable.
Christine Desan, “Making Money“
Ursula Le Guin The Earthsea Novels (money hard to come by, but kinda cute)
Samuel Delany, the Neveryon series (money part of the evils of naming, slavery, labor appropriation)
Jane Austen “Pride and Prejudice“
Richard Rhodes, “Energy“
John Plotz, “Is Realism Failing?” (on liberal guilt and patrimonial fiction)
William Cobbett, “Rural Rides” (1830; London as wen)
E. P. Thompson, “The Moral Economy of the English Crowd in the Eighteenth Century” (notional “just price” of bread)
Peter Brown, “Through the Eye of a Needle: Wealth, the Fall of Rome, and the Making of Christianity in the West, 350-550 AD”
Chris Vanden Bossche, “Reform Acts“
“Sanditon” on PBS (and the original unfinished Austen novel)
Still from “Sanditon”
Margot Finn, “Character of Credit“
Thomas Piketty, “Capital in the 21st Century“
L. Frank Baum, “The Wonderful Wizard of Oz” (1900)
Leo Tolstoy “The Forged Coupon” (orig.1904)
Robert Louis Stevenson, “The Bottle Imp” (1891)
Frank Norris, “The Octopus” (1901)
D. W. Griffith, “A Corner in Wheat” (1909)
Read the episode here. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/finance
Investors in stocks are faced with two major problems: How to find and interpret the most useful data from company accounts. How to whittle down the list of thousands of public companies into a smaller pool of candidates for further research. In Four Ways to Beat the Market: A Practical Guide to Stock-Screening Strategies to Help You Pick Winning Shares (Harriman House, 2023), experienced financial journalist Algy Hall provides the solution to both problems and helps investors in their quest to pick winning shares. The answer lies in stock screens. Over a decade, the four stock screens described here outperformed the market by 270% to 336%. These stock screens are ridiculously powerful – but staggeringly simple. Algy starts with four strategies for equity investing: Quality, Value, Income and Momentum. He shows how to construct four stock screens and use data from company accounts, including common accounting ratios, to filter stocks on the criteria that each of these strategies is looking for. And once the shortlist of screened stocks is produced, Algy explains how to use that shortlist as a basis for further analysis and research, before making an investment. Along the way, Algy also reveals the logical and empirical basis behind Quality, Value, Income and Momentum strategies, to help investors understand why they work and give them the confidence that they will continue to work in the future. Many other hints, tricks and tactics for investors are revealed, to help investors spot the best stocks and avoid the duds. With Algy Hall as your guide, discover the surprising ideas and stories that lie behind these strategies, while building the necessary know-how to improve your investment returns. John Emrich has worked for decades years in corporate finance, business valuation and fund management. He has a podcast about the investment space called Kick the Dogma. john@ktdpod.com Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/finance
This is not a typical investment book. It is an experiential guide on cultivating the mindset and behavior necessary to weather inherently uncertain and unpredictable markets. It doesn't just tell you how to invest but how to think better about investing. Referencing studies on psychology, decision making, and investment behavior, Jennings provides a no-nonsense analysis of the financial markets and a road map to navigating its inevitable twists and turns. Jennings uses mental models to create a latticework of wisdom that will help you evaluate investment advice and learn better behavior in the face of uncertainty. To name a few: ignore expert predictions, be wary of stories, and try to invest like a dead person. An engaging dive into investing psychology and best practices, The Uncertainty Solution: How to Invest with Confidence in the Face of the Unknown (Greenleaf Book Group, 2023) is an authoritative, accessible guide for both lay investors and professionals inundated with financial news and data. Read this book to improve your thinking about investing, practice better investment behavior, and ultimately, have more money. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/finance
In The Money Revolution: How to Finance the Next American Century, economist and bestselling author Richard Duncan lays out a farsighted strategy to maximize the United States' unmatched financial and technological potential. In compelling fashion, the author shows that the United States can and should invest in the industries and technologies of the future on an unprecedented scale in order to ignite a new technological revolution that would cement the country’s geopolitical preeminence, greatly enhance human wellbeing, and create unimaginable wealth. This book also features a history of the Federal Reserve. Richard Duncan has served as Global Head of Investment Strategy at ABN AMRO Asset Management in London, worked as a financial sector specialist for the World Bank in Washington, D.C., and headed equity research departments for James Capel Securities and Salomon Brothers in Bangkok, Thailand. He is now the publisher of Macro Watch, a video-newsletter that analyzes the forces driving the global economy in the 21st Century. Caleb Zakarin is the Assistant Editor of the New Books Network. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/finance
By providing capital to back the ideas and efforts of others, venture capitalists can make absurd amounts of money. But there is another way of looking at it – venture capitalists take huge risks and produce great benefits. Many of the companies we rely on today began with a punt by a venture capitalist. Sebastian Mallaby discusses venture capitalists with Owen Bennett Jones. Mallaby is the author of The Power Law: Venture Capital and the Making of the New Future (Penguin, 2022) among other books. 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/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/finance
Monetary Authorities: Capitalism and Decolonization in the American Colonial Philippines (Duke UP, 2022) investigates the ways in which racial and class hierarchies shaped the monetary policy and banking systems in the Philippines. Combining historical research and normative arguments calling for unconditional decolonization, Allan E. S. Lumba advances a powerful account of how the logics and practices of racial capitalism advanced the United States’ ‘counter-decolonization’ efforts in the Philippines. In this podcast, Lumba shares the book’s back story, his theoretical inspirations that informed his core arguments, and the importance of understanding the global capitalist order from the perspective of postcolonial nations. Allan E. S. Lumba is a Global American Studies postdoctoral fellow at Harvard University's Charles Warren Center and visiting faculty in the Department of History. He has also served as resident fellow at the Newberry Library in Chicago and University of Michigan's Bentley Library. His teaching experience and interests spans across myriad fields, including: Southeast Asian history, Asian American and Ethnic studies, U.S. in the World, and Comparative World history. The open access edition of this book is available here. Like this interview? You may also be interested in:
Martin Edwards, The IMF, the WTO & the Politics of Economic Surveillance (Routledge 2018)
Jakob Feinig, Moral Economies of Money: Politics and the Monetary Constitution of Society (Stanford University Press 2022)
Nicole Curato is a Professor of Sociology in the Centre for Deliberative Democracy and Global Governance at the University of Canberra. She co-hosts the New Books in Southeast Asia Studies channel. This episode was created in collaboration with Erron C. Medina of the Development Studies Program of Ateneo De Manila University and Nicole Anne Revita. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/finance
The eighteenth-century Bank of England was an institution that operated for the benefit of its shareholders--and yet came to be considered, as Adam Smith described it, "a great engine of state." In Virtuous Bankers: A Day in the Life of the Eighteenth-Century Bank of England (Princeton UP, 2023), Anne Murphy explores how this private organization became the guardian of the public credit upon which Britain's economic and geopolitical power was based. Drawing on the voluminous and detailed minute books of a Committee of Inspection that examined the Bank's workings in 1783-84, Murphy frames her account as "a day in the life" of the Bank of England, looking at a day's worth of banking activities that ranged from the issuing of bank notes to the management of public funds. Murphy discusses the bank as a domestic environment, a working environment, and a space to be protected against theft, fire, and revolt. She offers new insights into the skills of the Bank's clerks and the ways in which their work was organized, and she positions the Bank as part of the physical and cultural landscape of the City: an aggressive property developer, a vulnerable institution seeking to secure its buildings, and an enterprise necessarily accessible to the public. She considers the aesthetics of its headquarters--one of London's finest buildings--and the messages of creditworthiness embedded in that architecture and in the very visible actions of the Bank's clerks. Murphy's uniquely intimate account shows how the eighteenth-century Bank was able to deliver a set of services that were essential to the state and commanded the confidence of the public.
Anne L. Murphy is Professor of History and Executive Dean of the Faculty of Humanities and Social Sciences. She joined the University of Portsmouth in March 2021. Prior to this she worked at the University of Hertfordshire and the University of Exeter. Previously she spent twelve years working in the City trading interest rate and foreign exchange derivatives. Her research focuses on early modern financial markets and publications include articles in Past and Present, Economic History Review, History, Financial History Review and Women's History Review. Her previous monographs are The Origins of English Financial Markets: investment and speculation before the South Sea Bubble (2010) and The Worlds of the Jeake Family of Rye, 1640-1736 (2018). References: -Previous NBN podcasts on money, namely Lawrence H. White and Dror Goldberg. -Books by Amy Froide's Silent Partners: Women as Public Investors during Britain's Financial Revolution, 1690-1750 and Daniel Abramson's Building the Bank of England: Money, Architecture, Society 1694-1942. Bernardo Batiz-Lazo is currently straddling between Newcastle and Mexico City. You can find him on twitter on issues related to business history of banking, fintech, payments and other musings. Not always in that order. @BatizLazo Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/finance
It didn't always take thirty years to pay off the cost of a bachelor's degree. In Indentured Students: How Government-Guaranteed Loans Left Generations Drowning in College Debt (Harvard UP, 2021), Elizabeth Tandy Shermer untangles the history that brought us here and discovers that the story of skyrocketing college debt is not merely one of good intentions gone wrong. In fact, the federal student loan program was never supposed to make college affordable.The earliest federal proposals for college affordability sought to replace tuition with taxpayer funding of institutions. But Southern whites feared that lower costs would undermine segregation, Catholic colleges objected to state support of secular institutions, professors worried that federal dollars would come with regulations hindering academic freedom, and elite-university presidents recoiled at the idea of mass higher education. Cold War congressional fights eventually made access more important than affordability. Rather than freeing colleges from their dependence on tuition, the government created a loan instrument that made college accessible in the short term but even costlier in the long term by charging an interest penalty only to needy students. In the mid-1960s, as bankers wavered over the prospect of uncollected debt, Congress backstopped the loans, provoking runaway inflation in college tuition and resulting in immense lender profits.Today 45 million Americans owe more than $1.5 trillion in college debt, with the burdens falling disproportionately on borrowers of color, particularly women. Reformers, meanwhile, have been frustrated by colleges and lenders too rich and powerful to contain. Indentured Students makes clear that these are not unforeseen consequences. The federal student loan system is working as designed.Elizabeth Tandy Shermer has written about labor, politics, and education for the Washington Post, HuffPost, and Dissent. Author of Sunbelt Capitalism: Phoenix and the Transformation of American Politics, she is Associate Professor of History at Loyola University Chicago.Tom Discenna is Professor of Communication at Oakland University whose work examines issues of academic labor and communicative labor more broadly.Learn more about your ad choices. Visit megaphone.fm/adchoicesSupport our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/finance
Whose fault are financial crises, and who is responsible for stopping them, or repairing the damage? Impunity and Capitalism: The Afterlives of European Financial Crises, 1690-1830 (Cambridge University Press, 2022) develops a new approach to the history of capitalism and inequality by using the concept of impunity to show how financial crises stopped being crimes and became natural disasters. Dr. Trevor Jackson examines the legal regulation of capital markets in a period of unprecedented expansion in the complexity of finance ranging from the bankruptcy of Europe's richest man in 1709, to the world's first stock market crash in 1720, to the first Latin American debt crisis in 1825. He shows how, after each crisis, popular anger and improvised policy responses resulted in efforts to create a more just financial capitalism but succeeded only in changing who could act with impunity, and how. Henceforth financial crises came to seem normal and legitimate, caused by impersonal international markets, with the costs borne by domestic populations and nobody in particular at fault. This interview was conducted by Dr. Miranda Melcher whose doctoral work focused on post-conflict military integration, understanding treaty negotiation and implementation in civil war contexts, with qualitative analysis of the Angolan and Mozambican civil wars. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/finance
Digital platforms controlled by Alibaba, Alphabet, Amazon, Facebook, Netflix, Tencent and Uber have transformed not only the ways we do business, but also the very nature of people's everyday lives. It is of vital importance that we understand the economic principles governing how these platforms operate. Paul Belleflamme and Martin Peitz's book The Economics of Platforms: Concepts and Strategy (Cambridge UP, 2021) explains the driving forces behind any platform business with a focus on network effects. The authors use short case studies and real-world applications to explain key concepts such as how platforms manage network effects and which price and non-price strategies they choose. This self-contained text is the first to offer a systematic and formalized account of what platforms are and how they operate, concisely incorporating path-breaking insights in economics over the last twenty years. Martin Peitz is professor of economics at the University of Mannheim (since 2007), a director of the Mannheim Centre for Competition and Innovation – MaCCI (since 2009). He has been member of the economic advisory group on competition policy (EAGCP) at the European Commission (2013–2016), an academic director of the Centre on Regulation in Europe, CERRE (2012–2016) and head of the Department of Economics (2010–2013). Martin has widely published in leading economics journals. He also frequently trains and advises government agencies in Europe and abroad on competition and regulation issues. Peter Lorentzen is economics professor at the University of San Francisco. He heads USF's Applied Economics Master's program, which focuses on the digital economy. His research is mainly on China's political economy. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/finance
In The Handbook of Banking Technology (John Wiley & Sons, 2021), Walker and Morris provide a first comprehensive view of the systems that support a bank. During the interview, they bring out the interactions of these components and how the themes they touch on in the book come together. Years of first-hand experience combined with detailed research come together to explain the intricacies of the technological architecture of modern banking. Quite often the authors provide a long-term perspective of how these applications develop in order to provide a better understanding of how we got to where we are. The other podcast mentioned in this interview is James Bessen "The New Goliaths". Bernardo Batiz-Lazo is currently straddling between Newcastle and Mexico City. You can find him on twitter on issues related to business history of banking, fintech, payments and other musings. Not always in that order. @BatizLazo Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/finance
Can we make the finance industry fair? In Highly Discriminating: Why the City Isn’t Fair and Diversity Doesn’t Work (Bristol UP, 2022), Louise Ashley, Associate Professor and IHSS Fellow at Queen Mary University of London’s School of Business and Management, explores the history and practice of social mobility into one of Britain’s key professions. The book offers a history of the City and its evolution from a closed world of gentlemen to a seemingly open meritocracy. At the same time, the book destroys the myth of merit, demonstrating how where people went to school, the place they did a degree, who they know, and how they present themselves still determine who is a success. Offering a critique of the City’s superficial attempts to increase its class, race, and gender diversity, the book is essential reading across the social sciences, as well as for anyone wishing to understand how inequalities continue in contemporary society. Dave O'Brien is Professor of Cultural and Creative Industries, at the University of Sheffield. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/finance
Using previously unexplored and meticulously analyzed sources from China and to a lesser extent Japan, combined with those of Germany and the UK, Ghassan Moazzin provides a refreshing look at a number of levels: the workings of multinational banks, international networks of bankers, the interactions of Chinese and German empires with other state actors. In Foreign Banks and Global Finance in Modern China: Banking on the Chinese Frontier, 1870-1919 (Cambridge UP, 2022), Moazzin introduces the novel concept of a "frontier bank" while building a case study around the Deutsch-Asiatische Bank (DAB). He aims to answer questions as to what is the role that individual actors such as the DAB play in early 20th century China?, What technological and business advancements build around multinational banks?, To what extent does our knowledge and understanding of capitalism is enabled by looking at local sources at end of the Chinese empire? Bernardo Batiz-Lazo is currently straddling between Newcastle and Mexico City. You can find him on twitter on issues related to business history of banking, fintech, payments and other musings. Not always in that order. @BatizLazo Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/finance
A comprehensive and illuminating account of the history of credit in America, The Economy of Promises: Trust, Power & Credit in America (Princeton UP, 2022) by Northwestern University Professor Bruce Carruthers is a far-reaching study of credit in nineteenth- and twentieth-century America. Synthesizing and surveying economic and social history, Bruce Carruthers examines how issues of trust stitched together the modern U.S. economy. In the case of credit, that trust involves a commitment by debtors to repay money they have borrowed from lenders. Each promise poses a fundamental question: why does the lender trust the borrower? The book tracks the dramatic shift from personal qualitative judgments to the impersonal quantitative measurements of credit scores and ratings, which make lending and economic activity on a much greater scale possible. It discusses how lending is shaped by the shadow of failure, and the possibility that borrowers will break their promises and fail to repay their debts. It reveals how credit markets have been shaped by public policy, regulatory changes, and various political factors. Bringing to life the complicated and abstract terrain of human interaction we call the economy, The Economy of Promises is an important study of the tangle of indebtedness that, for better or worse, shapes and defines American lives. Daniel Peris is Senior Vice President at Federated Hermes in Pittsburgh. He can be reached at DanielxPeris@gmail.com or via Twitter @HistoryInvestor. His History and Investing blog and Keep Calm & Carry On Investing podcast are here. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/finance
It is easy to condemn obvious wrongdoers such as Elizabeth Holmes, Adam Neumann, Harvey Weinstein, and the Sackler family. But we rarely think about the many people who supported their unethical or criminal behavior. In each case there was a supporting cast of complicitors: business partners, employees, investors, news organizations, and others. And, whether we're aware of it or not, almost all of us have been complicit in the unethical behavior of others. In Complicit: How We Enable the Unethical and How to Stop (Princeton UP, 2022), Harvard Business School professor Max Bazerman confronts our complicity head-on and offers strategies for recognizing and avoiding the psychological and other traps that lead us to ignore, condone, or actively support wrongdoing in our businesses, organizations, communities, politics, and more. Complicit tells compelling stories of those who enabled the Theranos and WeWork scandals, the opioid crisis, the sexual abuse that led to the #MeToo movement, and the January 6th U.S. Capitol attack. The book describes seven different behavioral profiles that can lead to complicity in wrongdoing, ranging from true partners to those who unknowingly benefit from systemic privilege, including white privilege, and it tells the story of Bazerman's own brushes with complicity. Complicit also offers concrete and detailed solutions, describing how individuals, leaders, and organizations can more effectively prevent complicity. By challenging the notion that a few bad apples are responsible for society's ills, Complicit implicates us all--and offers a path to creating a more ethical world. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/finance
Dr. Ashley Sweetman works in cyber security for a London-based global bank and holds a PhD from the Department of War Studies at King’s College London. While studying for his PhD he spent a short time as Researcher-in-Residence at No. 10 Downing Street while working for The Strand Group in the Policy Institute at King's. Before this, Ashley studied History at Queen Mary, University of London. Ashley is a proud Welshman and was brought up in Neath, South Wales. He currently lives in North London. In his first book Cyber and the City: Securing London's Banks in the Computer Age (Springer, 2022), Sweetman provides evidence that cyber security is a long-lived phenomenon. Banks started to worry about it early in the adoption of computers in the late 1950s. The UK has a particular feature where banks rapidly agree on the measures to be taken, making the overall system more resilient. Sweetman uses a wealth of archival material and introduces de concepts of proportionality and the confidentiality-integrity-availability triumvirate to explain and interconnect the evolution and articulation of security in bank networks. Bernardo Batiz-Lazo is currently straddling between Newcastle and Mexico City. You can find him on twitter on issues related to business history of banking, fintech, payments and other musings. Not always in that order. @BatizLazo Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/finance
How can you hide and spend billions of dollars? Many people hoping to do that go to London which is today considered the money laundering capital of the world. It’s the place where the world’s most corrupt individuals can park their money safely. How does that work? Where else does it happen and can anything be done about it? Owen Bennett Jones discusses the business of cleaning up dirty money with a journalist and author who has covered kleptocrats and their ill gotten gains for years, Oliver Bullough. He is the author of Butler to the World: How Britain Helps the World's Worst People Launder Money, Commit Crimes, and Get Away with Anything (St. Martin's Press, 2022). 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/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/finance
In this podcast Jakob Feinig introduces his ideas about how and when people's practices and institutions shape money and money creation. He provided deep insight into historical episodes to support his view. Towards the end, he comments on the challenges of digital currencies. Feinig is the author of Moral Economies of Money: Politics and the Monetary Constitution of Society (Stanford UP, 2022). Ideas discussed in the podcast that you might want to pursue further or clarify: Chartalism and Modern Monetary Theory. Here are some thinkers who explore similar ideas: Rohan Grey, Geoffrey Ingham, Lana Swartz, E. P. Thompson and Viviana Zelizer. Bernardo Batiz-Lazo is currently straddling between Newcastle and Mexico City. You can find him on twitter on issues related to business history of banking, fintech, payments and other musings. Not always in that order. @BatizLazo. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/finance
In 2015, the anonymous leak of the Panama Papers brought to light millions of financial and legal documents exposing how the superrich hide their money using complex webs of offshore vehicles. Spiderweb Capitalism: How Global Elites Exploit Frontier Markets (Princeton UP, 2022) takes you inside this shadow economy, uncovering the mechanics behind the invisible, mundane networks of lawyers, accountants, company secretaries, and fixers who facilitate the illicit movement of wealth across borders and around the globe. Kimberly Kay Hoang traveled more than 350,000 miles and conducted hundreds of in-depth interviews with private wealth managers, fund managers, entrepreneurs, C-suite executives, bankers, auditors, and other financial professionals. She traces the flow of capital from offshore funds in places like the Cayman Islands, Samoa, and Panama to special-purpose vehicles and holding companies in Singapore and Hong Kong, and how it finds its way into risky markets onshore in Vietnam and Myanmar. Hoang reveals the strategies behind spiderweb capitalism and examines the moral dilemmas of making money in legal, financial, and political gray zones. Dazzlingly written, Spiderweb Capitalism sheds critical light on how global elites capitalize on risky frontier markets, and deepens our understanding of the paradoxical ways in which global economic growth is sustained through states where the line separating the legal from the corrupt is not always clear. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/finance
Edward Chancellor's just published history of interest rates could not be better timed. As the world adjusts to rising rates after decades of falling ones, Chancellor's historical and sometimes polemical account of rates kept too low for too long seems all too prescient. Chancellor's The Price of Time: The Real Story of Interest (Atlantic Monthly Press, 2022) is a surprisingly relevant and accessible tool, not only investors but also everyone touched by interest rates. That's all of us. Daniel Peris is Senior Vice President at Federated Hermes in Pittsburgh. He can be reached at DanielxPeris@gmail.com or via Twitter @HistoryInvestor. His History and Investing blog and Keep Calm & Carry On Investing podcast are here. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/finance
Today power is in the hands of Wall Street and Silicon Valley. How do we understand this transformation in power? And what can we do about it? We cannot change anything until we have a better understanding of how power works, who holds it, and why that matters. Through upgrading the concept of hegemony—understanding the importance of passive consent; the complexity of political interests; and the structural force of technology—Jeremy Gilbert and Alex Williams offer us an updated theory of power for the twenty-first century. Alex Williams and Jeremy Gilbert book Hegemony Now: How Big Tech and Wall Street Won the World (And How We Win it Back) (Verso, 2022) explores how these forces came to control our world. The authors show how they have shaped the direction of politics and government as well as the neoliberal economy to benefit their own interests. However, this dominance is under threat. Following the 2008 financial crisis, a new order emerged in which the digital platform is the central new technology of both production and power. This offers new opportunities for counter hegemonic strategies to win back power. Hegemony Now outlines a dynamic socialist strategy for the twenty-first century. Louisa Hann recently attained a PhD in English and American studies from the University of Manchester, specialising in the political economy of HIV/AIDS theatres. She has published work on the memorialisation of HIV/AIDS on the contemporary stage and the use of documentary theatre as a neoliberal harm reduction tool. She is currently working on a monograph based on her doctoral thesis. You can get in touch with her at louisahann92@gmail.com. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/finance
The Meddlers: Sovereignty, Empire, and the Birth of Global Economic Governance (Harvard University Press, 2022) presents a pioneering history that traces the origins of global economic governance—and the political conflicts it generates—to the aftermath of World War I. International economic institutions like the International Monetary Fund and World Bank exert incredible influence over the domestic policies of many states. These institutions date from the end of World War II and amassed power during the neoliberal era of the late twentieth century. But as Jamie Martin shows, if we want to understand their deeper origins and the ideas and dynamics that shaped their controversial powers, we must turn back to the explosive political struggles that attended the birth of global economic governance in the early twentieth century. In The Meddlers, Dr. Jamie Martin tells the story of the first international institutions to govern the world economy, including the League of Nations and Bank for International Settlements, created after World War I. These institutions endowed civil servants, bankers, and colonial authorities from Europe and the United States with extraordinary powers: to enforce austerity, coordinate the policies of independent central banks, oversee development programs, and regulate commodity prices. In a highly unequal world, they faced a new political challenge: was it possible to reach into sovereign states and empires to intervene in domestic economic policies without generating a backlash? Dr. Martin follows the intense political conflicts provoked by the earliest international efforts to govern capitalism—from Weimar Germany to the Balkans, Nationalist China to colonial Malaya, and the Chilean desert to Wall Street. The Meddlers shows how the fraught problems of sovereignty and democracy posed by institutions like the IMF are not unique to late twentieth-century globalization, but instead first emerged during an earlier period of imperial competition, world war, and economic crisis. Jamie Martin is Assistant Professor of History and of Social Studies at Harvard University. This interview was conducted by Dr. Miranda Melcher whose doctoral work focused on post-conflict military integration, understanding treaty negotiation and implementation in civil war contexts, with qualitative analysis of the Angolan and Mozambican civil wars. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/finance
According to A Problem of Fit: How the Complexity of College Pricing Hurts Students—and Universities (U Chicago Press, 2022) a college education doesn't come with a sticker price and perhaps, he argues, it should. Millions of Americans miss out on the economic benefits of a college education because of concerns around the costs. Financial aid systems offer limited help and produce uneven distributions. In the United States today, the systems meant to improve access to education have in fact added a new layer of deterrence. In A Problem of Fit Levine examines the role of financial aid systems in facilitating (and discouraging) access to college. If markets require prices in order to function optimally, then the American higher-education system--rife as it is with hidden and variable costs--amounts to a market failure. It's a problem of price transparency, not just affordability. Ensuring that students understand exactly what college will cost, including financial aid, could lift the lid on not only college attendance for more people, but for greater representation across demographics and institutions. As he illustrates, our conversations around affordability and free tuition miss a larger truth: that the opacity of our current college-financing systems is a primary driver of inequities in education and society. A Problem of Fit offers a bold, trenchant new argument for an educational reform that is well within rea Phillip B. Levine is the Katharine Coman and A. Barton Hepburn Professor of Economics at Wellesley College, a research associate of the National Bureau of Economic Research, and a nonresident fellow at the Brookings Institution. He is the author, coauthor, or coeditor of five books devoted to statistics, the analysis of social policy, and its effect on individual behavior. Tom Discenna is Professor of Communication at Oakland University whose work examines issues of academic labor and communicative labor more broadly. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/finance
From one of the world's leading economists, a grand narrative of the century that made us richer than ever, yet left us unsatisfied Before 1870, humanity lived in dire poverty, with a slow crawl of invention offset by a growing population. Then came a great shift: invention sprinted forward, doubling our technological capabilities each generation and utterly transforming the economy again and again. Our ancestors would have presumed we would have used such powers to build utopia. But it was not so. When 1870-2010 ended, the world instead saw global warming; economic depression, uncertainty, and inequality; and broad rejection of the status quo. Brad DeLong's Slouching Towards Utopia: An Economic History of the Twentieth Century (Basic Books, 2022) tells the story of how this unprecedented explosion of material wealth occurred, how it transformed the globe--and why it failed to deliver us to utopia. Of remarkable breadth and ambition, it uncovers the last century to have been less a march of progress than a slouch in the right direction. Javier Mejia is a Postdoctoral Research Fellow at the Political Science Department at Stanford University. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/finance
In this podcast, Amy Edwards, author of Are We Rich Yet?: The Rise of Mass Investment Culture in Contemporary Britain (U California Press, 2022), provides a fascinating journey into her own research and how she built a picture of a key moment of the 20th century. As a result, she brings together different strands of work such as cultural, business, economic and financial history. The book and podcast will be of interest to anyone old enough to remember the 1980s or whose current life has been shaped by that decade. References to other works discussed in the podcast: Allon, Fiona. 2014. "The Feminisation of Finance", Australian Feminist Studies, 29:79, 12-30, DOI: 10.1080/08164649.2014.901279 Chatelain, Marcia. 2020. Franchise: The Golden Arches in Black America. Liverlight. NBN Interview by Amanda Joyce here. Effosse, Sabine. 2021. “Financial Empowerment for Married Women in France.” Quaderni Storici 166: 117-141. doi: 10.1408/101558
Martínez-Rodríguez, Susana (2022). “DIANA (1969-1978): The First Women´s Finance Magazine in Spain” Feminist Media Studies (early view). NBN Interview by Paula de la Cruz here. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/finance
Incomes are stagnating, middle-class jobs are disappearing, economic growth is slowing, and the meager gains are mostly going to those who are already wealthy. More Americans than ever are frustrated by the direction in which we are headed. Understandable Economics: Because Understanding Our Economy Is Easier Than You Think and More Important Than You Know (Prometheus, 2022) aims to replace this frustration with a practical understanding of our economy and empower readers to identify and advocate for a better approach to the problems we face. In this entertaining and informative guide, author Howard Yaruss breaks down our economic system in a straightforward way, avoiding jargon, formulas, graphs, and other technical material so common in books on this subject. Instead, he creates a compelling and comprehensive picture of our economy using accessible analogies, real-world observations, and entertaining anecdotes. Understandable Economics will enable readers to answer questions such as:
Why is inequality soaring and what can we do about it?
Do tax cuts for the wealthy create jobs or just create more inequality?
Where does money come from, why does it have value, and who controls it?
What does the Fed do and how does it affect our lives?
Could alternative currencies like Bitcoin replace the dollar?
Is our national debt a threat?
Why do so many people believe free trade is good if it causes some people to lose jobs?
Why does the economy regularly turn down and how can we get it back on track?
... and many more. Understandable Economics provides the context, tools and foundational knowledge readers need to thoroughly understand our economy, determine which policies would work best, and champion those policies effectively. Howard Yaruss is an economist, professor, attorney, businessman, and activist who greatly enjoys explaining complex issues in a clear, interesting, and easily accessible way. He has taught a variety of economics and business courses, and currently teaches at New York University. Previously, he was executive vice president and general counsel of Radian Group, one of the largest guarantors of debt in the world. He has also served on the boards of organizations that advocate for safer streets, help the homeless, and support the arts. Yaruss graduated from Brown University, studied at the London School of Economics, and earned a law degree from the University of Pennsylvania. He lives in Manhattan and is a member of his local community board. Daniel Moran earned his B.A. and M.A. in English from Rutgers University and his Ph.D. in History from Drew University. The author of Creating Flannery O’Connor: Her Critics, Her Publishers, Her Readers, he teaches research and writing at Rutgers and co-hosts the podcast Fifteen-Minute Film Fanatics (Twitter @15MinFilm). Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/finance
As global governments and regulators set an agenda for net zero carbon emissions, the focus on Environmental, Social and Governance (ESG) criteria among investors, from pension scheme members to institutions, is on the rise. The ESG Investing Handbook: Insights and Developments in Environmental, Social and Governance Investment (Harriman House, 2022) is an indispensable guide to the history, developments and latest thinking into the future of ESG investing from some of the most influential names in the business. Featuring interviews with:
Lisa Beauvilain, Director, Impax Asset Management
Tony Burdon, CEO, Make My Money Matter
Mark Campanale, Founder & Executive Chairman, Carbon Tracker
Amy Clarke, Chief Impact Officer, Tribe Impact Capital
Keith Davies, Chief Risk & Compliance Officer, Federated Hermes Ltd
Bruce Davis, co-founder, Abundance Investment
Ingrid Holmes, Director, Green Finance Institute
Yan Swiderski, co-founder, Global Returns Project
Richard Wilson, CEO interactive investor
The Baillie Gifford Global Stewardship Team
Expert Editor, Becky O’Connor covers the big questions and key themes, such as the effectiveness of divestment versus engagement strategies for promoting positive change as well as difficult topics, such as greenwash. John Emrich has worked for decades in corporate finance, business valuation and fund management. He has a podcast about the investment advisory industry called Kick the Dogma. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/finance
In Cloudmoney: Cash, Cards, Crypto, and the War for Our Wallets (Harper Business, 2022), Brett Scott tells an urgent and revelatory story about how the fusion of Big Finance and Big Tech requires “cloudmoney”—digital money underpinned by the banking sector—to replace physical cash. He dives beneath the surface of the global financial system to uncover a long-established lobbying infrastructure: an alliance of partners waging a covert war on cash. He explains the technical, political, and cultural differences between our various forms of money and shows how the cash system has been under attack for decades, as banking and tech companies promote a cashless society under the banner of progress. Cloudmoney takes us to the front lines of a war for our wallets that is also about our freedom, from marketing strategies against cash to the weaponization of COVID-19 to push fintech platforms, and from there to the rise of the cryptocurrency rebels and fringe groups pushing back. It asks the most pressing questions:
Who benefits from a cashless society and who gets left behind?
Is the end of cash the end of true privacy?
And is our cloudmoney future closer than we think it is?
Brett Scott is an economic anthropologist, financial activist, and former broker. In 2013 he published The Heretic’s Guide to Global Finance: Hacking the Future of Money, and since then has spoken at hundreds of events across the globe and has appeared across international media, including BBC World News and Sky News. He has written extensively on financial reform, digital finance, alternative currency, blockchain technology, and the cashless society for publications like the Guardian, New Scientist, Huffington Post, Wired, and CNN.com, and also publishes the Altered States of Monetary Consciousness newsletter. He has worked on financial reform campaigns and alternative currency systems with a wide range of groups and is a Senior Fellow of the Finance Innovation Lab (UK). He currently resides in Berlin. Utsav Saksena is a Research Fellow at the National Institute of Public Finance and Policy (NIPFP), an autonomous institute under the Ministry of Finance, Government of India. He can be reached at utsavsaksena@protonmail.com. Note: opinions expressed in this podcast are purely personal and do not reflect the official position of NIPFP or the Ministry of Finance, Government of India. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/finance
Concentrated market power and the weakened sway of corporate stakeholders over management have emerged as leading concerns of American political economy. In his book Robbing Peter to Pay Paul: Power, Profits, and Productivity in Modern America (Yale UP, 2021), economic historian Samuel Milner provides a context for contemporary efforts to resolve these anxieties by examining the contest to control the distribution of corporate income during the mid‑twentieth century. During this “Golden Age of American Capitalism,” apprehension about the debilitating consequences of industrial concentration fueled efforts to ensure that management would share the fruits of progress with workers, consumers, and society as a whole (“stakeholders”). Focusing on wage and price determination in steel, automobiles, and electrical equipment, Milner reveals how the management of concentrated industries understood its ability to distribute income to its stakeholders as well as why economists, courts, and public policymakers struggled to curtail the exercise of that market power at its source. The book could not be timelier, given the recent rise of inflation, wage price pressure, and supply shocks, as well as renewed interest in labor organization and anti-trust legislation. John Emrich has worked for decades in corporate finance, business valuation and fund management. He has a podcast about the investment advisory industry called Kick the Dogma. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/finance
The Future of Money: How the Digital Revolution is Transforming Currencies and Finance (The Belknap Press of Harvard University Press, 2021) provides a cutting-edge look at how accelerating financial change, from the end of cash to the rise of cryptocurrencies, will transform economies for better and worse. We think we have seen financial innovation. We bank from laptops and buy coffee with the wave of a phone. But these are minor miracles compared with the dizzying experiments now underway around the globe, as businesses and governments alike embrace the possibilities of new financial technologies. As Eswar Prasad explains, the world of finance is at the threshold of major disruption that will affect corporations, bankers, states, and indeed all of us. The transformation of money will fundamentally rewrite how ordinary people live. Above all, Prasad foresees the end of physical cash. The driving force won't be phones or credit cards but rather central banks, spurred by the emergence of cryptocurrencies to develop their own, more stable digital currencies. Meanwhile, cryptocurrencies themselves will evolve unpredictably as global corporations like Facebook and Amazon join the game. The changes will be accompanied by snowballing innovations that are reshaping finance and have already begun to revolutionize how we invest, trade, insure, and manage risk. Prasad shows how these and other changes will redefine the very concept of money, unbundling its traditional functions as a unit of account, medium of exchange, and store of value. The promise lies in greater efficiency and flexibility, increased sensitivity to the needs of diverse consumers, and improved market access for the unbanked. The risk is instability, lack of accountability, and erosion of privacy. A lucid, visionary work, The Future of Money shows how to maximize the best and guard against the worst of what is to come. Eswar Prasad is the Tolani Senior Professor of Trade Policy at Cornell University. He is also a Senior Fellow at the Brookings Institution, where he holds the New Century Chair in International Economics, and a Research Associate at the National Bureau of Economic Research. He was previously chief of the Financial Studies Division in the International Monetary Fund's Research Department and, before that, was the head of the IMF's China Division. Caleb Zakarin is the Assistant Editor of the New Books Network (Twitter: @caleb_zakarin). Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/finance
Providing your children with a good education is one of the best gifts you can give. But it’s not straightforward. Education costs and student loan debt are skyrocketing. In some cases, college costs upwards of $300,000 for four years. And calculations for financial aid and merit awards are complex and opaque. How do you find the best education options that fit your budget and are right for your child? And how do you save for your kids’ college without wrecking your own retirement, or putting your other goals completely out of reach? Ann Garcia―known as The College Financial Lady―is a CERTIFIED FINANCIAL PLANNER™ and college finance expert, and is here to help. In How to Pay for College, Ann shows you how to develop a financial plan for college that really works, including:
How to save and how much to save.
How to find good college choices that fit your budget.
How to get scholarships and tax benefits.
How to talk to your kids about the costs and benefits of going to college.
Plus invaluable information and inside tricks to help you crack the college financial challenge. Detailed explanations of the key elements in planning for college―the FAFSA’s methodology, merit awards, 529 plans, AP credits, student loans, financial aid awards, budgeting, and more―are paired with worksheets and exercises to give you a full picture of your family’s college financial position. This definitive guide gives you everything you need to give your children the best education possible, at a price you can all afford. John Emrich has worked for decades years in corporate finance, business valuation and fund management. He has a podcast about the investment space called Kick the Dogma. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/finance
How foreign lending weakens emerging nations In the nineteenth century, many developing countries turned to the credit houses of Europe for sovereign loans to balance their books and weather major fiscal shocks such as war. This reliance on external public finance offered emerging nations endless opportunities to overcome barriers to growth, but it also enabled rulers to bypass critical stages in institution building and political development. Pawned States: State Building in the Era of International Finance (Princeton University Press, 2022)' reveals how easy access to foreign lending at early stages of state building has led to chronic fiscal instability and weakened state capacity in the developing world. Drawing on a wealth of original data to document the rise of cheap overseas credit between 1816 and 1913, Didac Queralt shows how countries in the global periphery obtained these loans by agreeing to “extreme conditionality,” which empowered international investors to take control of local revenue sources in cases of default, and how foreclosure eroded a country’s tax base and caused lasting fiscal disequilibrium. Queralt goes on to combine quantitative analysis of tax performance between 1816 and 2005 with qualitative historical analysis in Latin America, Asia, Africa, and the Middle East, illustrating how overreliance on external capital by local leaders distorts their incentives to expand tax capacity, articulate power-sharing institutions, and strengthen bureaucratic apparatus. Panoramic in scope, Pawned States sheds needed light on how early and easy access to external finance pushes developing nations into trajectories characterized by fragile fiscal institutions and autocratic politics. Javier Mejia is an economist teaching at Stanford University, whose work focuses on the intersection between social networks and economic history. His interests extend to topics on entrepreneurship and political economy with a geographical specialty in Latin America and the Middle East. He received a Ph.D. in Economics from Los Andes University. He has been a Postdoctoral Associate and Lecturer at New York University--Abu Dhabi and a Visiting Scholar at the University of Bordeaux. He is a regular contributor to different news outlets. Currently, he is Forbes Magazine op-ed columnist. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/finance
Graduate students and newly-minted economists often find that while their time in graduate school taught them a lot about great research of the past and the methods needed to do their own research, they didn't learn that much about the other aspects of the job. How do you submit a paper to a journal? How do you respond to reviewer comments? How do you write referee reports for other people? How do you present you findings in clear and compelling way, whether in a paper or in a talk? Academic advisors and other mentors can help fill the gap, but may not even realize they need to communicate things that they know implicitly. The existence of this hidden curriculum also perpetuates the insider bias and lack of diversity in economics, making it harder for the best ideas to rise to the top. Marc Bellemare's new book Doing Economics: What You Should Have Learned in Grad School--But Didn't (MIT, 2022), helps fill the gap. This book is essential reading for economists and other quantitative social scientists trying to succeed in academia and adjacent fields. Graduate students and junior faculty should read it cover to cover. Senior faculty can also benefit from having a copy around to help make sure their own advice is comprehensive and up-to-date. Author Marc Bellemare is the Distinguished McKnight University Professor, Distinguished University Teaching Professor, and Northrop Professor in the Department of Applied Economics at the University of Minnesota, where he also directs the Center for International Food and Agricultural Policy. He is also currently a co-editor of the American Journal of Agricultural Economics. He also blogs regularly and can be found on Twitter. Host Peter Lorentzen is an Associate Professor in the Department of Economics at the University of San Francisco, where he leads a new Master's program in Applied Economics focused on the digital economy. His own research focus is the political economy of governance in China. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/finance
In this searing and insightful critique, Adrienne Buller examines the fatal biases that have shaped the response of our governing institutions to climate and environmental breakdown, and asks: are the 'solutions' being proposed really solutions? Tracing the intricate connections between financial power, economic injustice and ecological crisis, she exposes the myopic economism and market-centric thinking presently undermining a future where all life can flourish. The Value of a Whale: On the Illusions of Green Capitalism (Manchester UP, 2022) examines what is wrong with mainstream climate and environmental governance, from carbon pricing and offset markets to 'green growth', the commodification of nature and the growing influence of the finance industry on environmental policy. In doing so, it exposes the self-defeating logic of a response to these challenges based on creating new opportunities for profit, and a refusal to grapple with the inequalities and injustices that have created them. Both honest and optimistic, The Value of a Whale asks us - in the face of crisis - what we really value. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/finance
Michael Pettis is Professor of Finance at Peking University’s Guanghua School of Management. He started his career in banking in 1987 just in time for the tidal wave of emerging market defaults and the birth of the Brady Bond restructurings. He has been a trader, investment banker, and advisor to countries on capital markets strategies all while teaching at Columbia University. Professor Pettis has authored four books (the most recently Trade Wars Are Class Wars (Yale University Press, 2021) with Matthew C. Klein), is a Senior Fellow at the Carnegie Endowment for International Peace, and is a frequent guest on BBC, NPR, Bloomberg Radio, and podcasts. He has written for the Financial Times, Wall Street Journal, and New York Times. A loose confederation of his former students is active in a variety of significant financial positions around the world and refer to themselves as "The Pettis Group." Robert Kowit began a career in investing in 1972, working in International Fixed Income and Foreign Exchange as a Senior Vice President at White Weld, Kidder Peabody, and as a Director of Midland Montagu. Moving to the buy-side in 1990, he was Senior Vice President and Head of International Fixed Income at John Hancock and then at Federated Investors until his retirement. He currently participates on committees of the International Chamber of Commerce and the International Trade and Forfaiting Association on ways to attract more financial investors to trade finance assets. Robert is a contributor to the IMF World Bank Handbook, “Developing Government Bond Markets" and key speaker at the IMF World Bank Annual General Meeting. He is also lead author of the peer-reviewed paper, “Trade Finance as a Financial Asset: Risks and Risk Management For Non-Bank Investors” and most recently a contributor to Trade Wars Are Class Wars. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/finance
Most humans are significantly richer than their ancestors. Humanity gained nearly all of its wealth in the last two centuries. How did this come to pass? In How the World Became Rich: The Historical Origins of Economic Growth (Polity, 2022), Mark Koyama and Jared Rubin dive into the many theories of why modern economic growth happened when and where it did. They discuss recently-advanced theories rooted in geography, politics, culture, demography, and colonialism. Pieces of each of these theories help explain key events on the path to modern riches. Why did the Industrial Revolution begin in 18th-century Britain? Why did some European countries, the USA, Canada, and Japan catch up in the 19th century? Why did it take until the late 20th and 21st centuries for other countries? Why have some still not caught up? Koyama and Rubin show that the past can provide a guide for how countries can escape poverty. There are certain prerequisites that all successful economies seem to have. But there is also no panacea. A society’s past and its institutions and culture play a key role in shaping how it may—or may not—develop. Javier Mejia is an economist teaching at Stanford University, whose work focuses on the intersection between social networks and economic history. His interests extend to topics on entrepreneurship and political economy with a geographical specialty in Latin America and the Middle East. He received a Ph.D. in Economics from Los Andes University. He has been a Postdoctoral Associate and Lecturer at New York University--Abu Dhabi and a Visiting Scholar at the University of Bordeaux. He is a regular contributor to different news outlets. Currently, he is Forbes Magazine op-ed columnist. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/finance
Cannabis "legalization" hasn't lived up to the hype. Across North America, investors are reeling, tax collections are below projections, and people are pointing fingers. On the business side, companies have shut down, farms have failed, workers have lost their jobs, and consumers face high prices. Why has legal weed failed to deliver on many of its promises? Can Legal Weed Win?: The Blunt Realities of Cannabis Economics (U California Press, 2022) takes on the euphoric claims with straight dope and a full dose of economic reality. This book delivers the unadulterated facts about the new legal segment of one of the world's oldest industries. In witty, accessible prose, economists Robin Goldstein and Daniel Sumner take readers on a whirlwind tour of the economic past, present, and future of legal and illegal weed. Drawing upon reams of data and their own experience working with California cannabis regulators since 2016, Goldstein and Sumner explain why many cannabis businesses and some aspects of legalization fail to measure up, while others occasionally get it right. Their stories stretch from before America's first medical weed dispensaries opened in 1996 through the short-term boom in legal consumption that happened during COVID-19 lockdowns. Can Legal Weed Win? is packed with unexpected insights about how cannabis markets can thrive, how regulators get the laws right or wrong, and what might happen to legal and illegal markets going forward. Robin Goldstein is an economist and author of The Wine Trials, a controversial exposé of wine snobbery that has become the world’s best-selling guide to cheap wine. Daniel Sumner is Frank H Buck, Jr. Distinguished Professor of Agriculture and Resource Economics at the University of California, Davis. Together they take readers on a tour of the economics of legal and illegal weed, showing where cannabis regulation has gone wrong and how it could do better. John Emrich has worked for decades years in corporate finance, business valuation and fund management. He has a podcast about the investment space called Kick the Dogma. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/finance
Elite colleges have long played a crucial role in maintaining social and class status in America while public universities have offered a major stepping-stone to new economic opportunities. However, as Charlie Eaton reveals in Bankers in the Ivory Tower: The Troubling Rise of Financiers in US Higher Education (U Chicago Press, 2022), finance has played a central role in the widening inequality in recent decades, both in American higher education and in American society at large. With federal and state funding falling short, the US higher education system has become increasingly dependent on financial markets and the financiers that mediate them. Beginning in the 1980s, the government, colleges, students, and their families took on multiple new roles as financial investors, borrowers, and brokers. The turn to finance, however, has yielded wildly unequal results. At the top, ties to Wall Street help the most elite private schools achieve the greatest endowment growth through hedge fund investments and the support of wealthy donors. At the bottom, takeovers by private equity transform for-profit colleges into predatory organizations that leave disadvantaged students with massive loan debt and few educational benefits. And in the middle, public universities are squeezed between incentives to increase tuition and pressures to maintain access and affordability. Eaton chronicles these transformations, making clear for the first time just how tight the links are between powerful financiers and America's unequal system of higher education. Charlie Eaton is an economic sociologist and Assistant Professor of Sociology at UC Merced. He studies the role of social ties, organizations, and politics in the interplay between financiers, other elites, and subordinate social groups. His work has been published in Socio-Economic Review, Politics & Society, The Review of Financial Studies, Socius, Sociology Compass, and PS: Political Science and Politics. Tom Discenna is Professor of Communication at Oakland University whose work examines issues of academic labor and communicative labor more broadly. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/finance
Pierre Penet and Juan Flores Zendejas' book Sovereign Debt Diplomacies: Rethinking Sovereign Debt from Colonial Empires to Hegemony (Oxford UP. 2021) aims to revisit the meaning of sovereign debt in relation to colonial history and postcolonial developments. It offers three main contributions. The first contribution is historical. The volume historicizes a research field that has so far focused primarily on the post-1980 years. A focus on colonial debt from the 19th century building of colonial empires to the decolonization era in the 1960s-70s fills an important gap in recent debt historiographies. Economic historians have engaged with colonialism only reluctantly or en passant, giving credence to the idea that colonialism is not a development that deserves to be treated on its own. This has led to suboptimal developments in recent scholarship. The second contribution adds a 'law and society' dimension to studies of debt. The analytical payoff of the exercise is to capture the current developments and functional limits of debt contracting and adjudication in relation to the long-term political and sociological dynamics of sovereignty. Finally, Sovereign Debt Diplomacies imports insights from, and contributes to the body of research currently developed in the Humanities under the label 'colonial and postcolonial studies'. The emphasis on 'history from below' and focus on 'subaltern agency' usefully complement the traditional elite-perspective on financial imperialism favored by the British school of empire history. Javier Mejia is an economist teaching at Stanford University, whose work focuses on the intersection between social networks and economic history. His interests extend to topics on entrepreneurship and political economy with a geographical specialty in Latin America and the Middle East. He received a Ph.D. in Economics from Los Andes University. He has been a Postdoctoral Associate and Lecturer at New York University--Abu Dhabi and a Visiting Scholar at the University of Bordeaux. He is a regular contributor to different news outlets. Currently, he is Forbes Magazine op-ed columnist. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/finance
Today I talked to Mark L. Sirower about his book (co-authored with Jeff Weirens) The Synergy Solution: How Companies Win the Mergers and Acquisitions Game (HBP, 2022). First impressions really do matter, and the M&A deals that receive a positive reaction on Announcement Day tend to outperform, over time, those deals where due diligence wasn’t practiced up front. Indeed, as this episode’s guest, Mark Sirower, notes, in two-thirds of cases a negative initial reception is a sign that the deal will never gain momentum. What leads to success? Among the key elements is focusing on the employee experience. Smart companies get “ahead of the pain” by acknowledging that workers have moved from the highest rung of Maslow’s Hierarchy of Needs (self-realization) to fearing for their material well-being, their security, i.e., the lowest, most basic rung of the ladder. In short, at a time of vast, globalized M&A deal-making, EQ has never been more important as companies navigate the emotional earthquake most employees are going to experience. Mark L. Sirower is a leader in Deloitte’s M&A and Restructuring practice and was, previously, a global M&A leader at the Boston Consulting Group. He teaches M&A at the NYU Stern School of Business and has also authored The Synergy Trap. Dan Hill, PhD, is the author of nine books and leads Sensory Logic, Inc. (https://www.sensorylogic.com). His new book is Blah, Blah, Blah: A Snarky Guide to Office Lingo. To check out his related “Dan Hill’s EQ Spotlight” blog, visit https://emotionswizard.com. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/finance
The investment industry is fast approaching a point where one-third of global assets under management are invested with a sustainable objective. But do sustainable investment products do what investors expect them to do? How can an investor tell if their investments are having the social impact they want? Does that impact come at a financial cost? And how can investors weave their way through the web of confusing acronyms, conflicting agency ratings, and the mass of fund offerings, confident that they can recognize and avoid corporate greenwashing? Larry Swedroe and Sam Adams cut through the fog and bring clarity on all of this and more―providing investors with a firm plan for truly sustainable investing. The authors first define sustainable investing, illuminating the differences between ESG, SRI and impact investing, and reveal who is currently investing sustainably and why. They then move on to a comprehensive review of the academic research. Finally, this book arms you with a practical guide to investing sustainably, including how to effectively choose your asset allocation strategy, and select the managers and funds through which your money can create the change you want to see in the world. Your Essential Guide to Sustainable Investing (Harriman House, 2022) is the definitive go-to resource investors have been waiting for. John Emrich has worked for decades years in corporate finance, business valuation and fund management. He has a podcast about the investment space called Kick the Dogma. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/finance
Public debts have exploded to levels unprecedented in modern history as governments responded to the Covid-19 pandemic and ensuing economic crisis. Their dramatic rise has prompted apocalyptic warnings about the dangers of heavy debts―about the drag they will place on economic growth and the burden they represent for future generations. In Defense of Public Debt (Oxford University Press, 2021) offers a sharp rejoinder to this view, marshaling the entire history of state-issued public debt to demonstrate its usefulness. Authors Barry Eichengreen, Asmaa El-Ganainy, Rui Esteves, and Kris James Mitchener argue that the ability of governments to issue debt has played a critical role in addressing emergencies―from wars and pandemics to economic and financial crises, as well as in funding essential public goods and services such as transportation, education, and healthcare. In these ways, the capacity to issue debt has been integral to state building and state survival. Transactions in public debt securities have also contributed to the development of private financial markets and, through this channel, to modern economic growth. None of this is to deny that debt problems, debt crises, and debt defaults occur. But these dramatic events, which attract much attention, are not the entire story. In Defense of Public Debt redresses the balance. The authors develop their arguments historically, recounting two millennia of public debt experience. They deploy a comprehensive database to identify the factors behind rising public debts and the circumstances under which high debts are successfully stabilized and brought down. Finally, they bring the story up to date, describing the role of public debt in managing the Covid-19 pandemic and recession, suggesting a way forward once governments―now more heavily indebted than before―finally emerge from the crisis. Javier Mejia is an economist teaching at Stanford University, whose work focuses on the intersection between social networks and economic history. His interests extend to topics on entrepreneurship and political economy with a geographical specialty in Latin America and the Middle East. He received a Ph.D. in Economics from Los Andes University. He has been a Postdoctoral Associate and Lecturer at New York University--Abu Dhabi and a Visiting Scholar at the University of Bordeaux. He is a regular contributor to different news outlets. Currently, he is Forbes Magazine op-ed columnist. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/finance
From the host of NPR's Planet Money, the deeply-investigated story of how one visionary, dogged investor changed American finance forever. Before Bill Gross was known among investors as the Bond King, he was a gambler. In 1966, a fresh college grad, he went to Vegas armed with his net worth ($200) and a knack for counting cards. $10,000 and countless casino bans later, he was hooked: so he enrolled in business school. The Bond King: How One Man Made a Market, Built an Empire, and Lost It All (Flatiron Books, 2021) is the story of how that whiz kid made American finance his casino. Over the course of decades, Bill Gross turned the sleepy bond market into a destabilized game of high risk, high reward; founded Pimco, one of today's most powerful, secretive, and cutthroat investment firms; helped to reshape our financial system in the aftermath of the Great Recession--to his own advantage; and gained legions of admirers, and enemies, along the way. Like every American antihero, his ambition would also be his undoing. To understand the winners and losers of today's money game, journalist Mary Childs argues, is to understand the bond market--and to understand the bond market is to understand the Bond King. John Emrich has worked for decades in corporate finance, business valuation and fund management. He has a podcast about the investment advisory industry called Kick the Dogma. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/finance
Cindy Couyoumjian--founder of Cinergy Financial, with over thirty-six years of experience--is on a mission to empower women to stop being spectators and enter the financial arena; to stand up and assert their inalienable right to financial self-determination. Although today in the US, women are making gains in higher education, hold corporate positions, and are successful leaders, men still control most of the household wealth. Yet women are powerful agents of change with boundless potential in the financial realm. In The Rise of Women and Wealth: Our Fight for Freedom, Equality, and Control of Our Financial Future (Greenleaf, 2022), Cindy shows that by confronting America's patriarchal past, women can become financially literate; reclaim the power and liberty that have been taken away; embrace a financial future filled with endless possibilities; strongly affirm, "Yes, I can." Women everywhere must find the courage, strength, and inspiration to move forward by understanding the past. Cindy's message is a hopeful one, filled with intuitive truths about a brighter tomorrow for women and their financial power and freedom. Cindy Couyoumjian is a Registered Representative offering securities and advisory services through Independent Financial Group LLC (IFG), a Registered Investment Adviser. Member FINRA/SIPC. Cinergy Financial and IFG are unaffiliated. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/finance
Huzaifa Omair Siddiqi talks about the idea of debt, mainly with respect to the book by David Graeber on its history. This episode is dedicated to his memory. Huzaifa is a doctoral candidate at the Department of English, Jawaharlal Nehru University, working on speculative materialism. He has written on several subjects including Graeber’s work. The image is that of the Cone of Urukagina, which has the first recorded instance of the word ‘freedom’ (‘amargi’). In his book, Graeber talks about this record as one of several issued periodically by Sumerian kings to “declare all outstanding consumer debt null and void…, return all land to its original owners, and allow all debt-peons to return to their families”. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/finance
In The World Computer: Derivative Conditions of Racial Capitalism (Duke UP, 2021) Jonathan Beller forcefully demonstrates that the history of commodification generates information itself. Out of the omnipresent calculus imposed by commodification, information emerges historically as a new money form. Investigating its subsequent financialization of daily life and colonization of semiotics, Beller situates the development of myriad systems for quantifying the value of people, objects, and affects as endemic to racial capitalism and computation. Built on oppression and genocide, capital and its technical result as computation manifest as racial formations, as do the machines and software of social mediation that feed racial capitalism and run on social difference. Algorithms, derived from for-profit management strategies, conscript all forms of expression-language, image, music, communication-into the calculus of capital such that even protest may turn a profit. Computational media function for the purpose of extraction rather than ameliorating global crises, and financialize every expressive act, converting each utterance into a wager. Repairing this ecology of exploitation, Beller contends, requires decolonizing information and money, and the scripting of futures wagered by the cultural legacies and claims of those in struggle. Marci Mazzarotto is an Assistant Professor of Digital Communication at Georgian Court University in New Jersey. Her research interests center on the interdisciplinary intersection of academic theory and artistic practice with a focus on film and television studies. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/finance
In Subprime Attention Crisis: Advertising and the Time Bomb at the Heart of the Internet (FSG Originals, 2020), Tim Hwang investigates the way big tech financializes attention. In the process, he shows us how digital advertising--the beating heart of the internet--is at risk of collapsing, and that its potential demise bears an uncanny resemblance to the housing crisis of 2008. From the unreliability of advertising numbers and the unregulated automation of advertising bidding wars to the simple fact that online ads mostly fail to work, Hwang demonstrates that while consumers' attention has never been more prized, the true value of that attention itself--much like subprime mortgages--is wildly misrepresented. And if online advertising goes belly-up, the internet--and its free services--will suddenly be accessible only to those who can afford it. Tim Hwang is a writer, researcher, and currently the general counsel for Substack. He is the former director of the Harvard-MIT Ethics and Governance of AI Initiative and previously served as the global public policy lead for artificial intelligence and machine learning at Google. Caleb Zakarin is the Assistant Editor of the New Books Network (Twitter: @caleb_zakarin). Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/finance
Since its establishment, Social Security has become the financial linchpin of American retirement. Yet demographic trends—longer lifespans and declining birthrates—mean that this popular program now pays more in benefits than it collects in revenue. Without reforms, 83 million Americans will face an immediate benefit cut of 20 percent in 2034. How did we get here and what is the solution? In Fixing Social Security: The Politics of Reform in a Polarized Age (Princeton University Press, 2022), R. Douglas Arnold explores the historical role that Social Security has played in American politics, why Congress has done nothing to fix its insolvency problem for three decades, and what legislators can do to save it. What options do legislators have as the program nears the precipice? They can raise taxes, as they did in 1977, cut benefits, as they did in 1983, or reinvent the program, as they attempted in 2005. Unfortunately, every option would impose costs, and legislators are reluctant to act, fearing electoral retribution. Arnold investigates why politicians designed the system as they did and how between 1935 and 1983 they allocated—and reallocated—costs and benefits among workers, employers, and beneficiaries. He also examines public support for the program, and why Democratic and Republican representatives, once political allies in expanding Social Security, have become so deeply polarized about fixing it. As Social Security edges closer to crisis, Fixing Social Security offers a comprehensive analysis of the political fault lines and a fresh look at what can be done—before it is too late. Stephen Pimpare is director of the Public Service & Nonprofit Leadership program and Faculty Fellow at the Carsey School of Public Policy at the University of New Hampshire. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/finance
Building effective state institutions before introducing democracy is widely presumed to improve different development outcomes. Conversely, proponents of this "stateness-first" argument anticipate that democratization before state building yields poor development outcomes. In One Road to Riches?: How State Building and Democratization Affect Economic Development (Cambridge UP, 2021), we discuss several strong assumptions that (different versions of) this argument rests upon and critically evaluate the existing evidence base. In extension, we specify various observable implications. We then subject the "stateness-first" argument to multiple tests, focusing on economic growth as an outcome. First, we conduct historical case studies of two countries with different institutional sequencing histories, Denmark and Greece, and assess the "stateness-first" argument (e.g., by using a synthetic control approach). Thereafter, we draw on an extensive global sample of about 180 countries, measured across 1789-2019 and leverage panel regressions, pre-parametric matching, and sequence analysis to test a number of observable implications. Overall, we find little evidence to support the "stateness-first" argument. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/finance
The past two decades have witnessed sluggish economic growth, mounting inequality, dysfunctional competition, and a host of other ills that have left people wondering what has happened to the future they were promised. Restarting the Future reveals how these problems arise from a failure to develop the institutions demanded by an economy now reliant on intangible capital such as ideas, relationships, brands, and knowledge. In this groundbreaking and provocative book, Jonathan Haskel and Stian Westlake argue that the great economic disappointment of the century is the result of an incomplete transition from an economy based on physical capital, and show how the vital institutions that underpin our economy remain geared to an outmoded way of doing business. The growth of intangible investment has slowed significantly in recent years, making the world poorer, less fair, and more vulnerable to existential threats. Haskel and Westlake present exciting new ideas to help us catch up with the intangible revolution, offering a road map for how to finance businesses, improve our cities, fund more science and research, reform monetary policy, and reshape intellectual property rules for the better. Drawing on Haskel and Westlake’s experience at the forefront of finance and economic policymaking, Restarting the Future: How to Fix the Intangible Economy (Princeton UP, 2022) sets out a host of radical but practical solutions that can lead us into the future. John Emrich has worked for decades years in corporate finance, business valuation and fund management. He has a podcast about the finance/investment space called Kick the Dogma. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/finance
Kendall Square in Cambridge, Massachusetts, has been called “the most innovative square mile on the planet.” It's a life science hub, hosting Biogen, Moderna, Pfizer, Takeda, and others. It's a major tech center, with Google, Microsoft, IBM, Amazon, Facebook, and Apple all occupying big chunks of pricey office space. Kendall Square also boasts a dense concentration of startups, with leading venture capital firms conveniently located nearby. And of course, MIT is just down the block. In Where Futures Converge: Kendall Square and the Making of a Global Innovation Hub (MIT Press, 2022), Robert Buderi offers the first detailed account of the unique ecosystem that is Kendall Square, chronicling the endless cycles of change and reinvention that have driven its evolution. Buderi, who himself has worked in Kendall Square for the past twenty years, tells fascinating stories of great innovators and their innovations that stretch back two centuries. Before biotech and artificial intelligence, there was railroad car innovation, the first long-distance telephone call, the Polaroid camera, MIT's once secret, now famous Radiation Laboratory, and much more. Buderi takes readers on a walking tour of the square and talks to dozens of innovators, entrepreneurs, urban planners, historians, and others. He considers Kendall Square's limitations—it's “gentrification gone rogue,” by one description, with little affordable housing, no pharmacy, and a scarce middle class—and its strengths: the “human collisions” that spur innovation. What's next for Kendall Square? Buderi speculates about the next big innovative enterprises and outlines lessons for aspiring innovation districts. More important, he asks how Kendall Square can be both an innovation hub and a diversity, equity, and inclusion hub. There's a lot of work still to do. Galina Limorenko is a doctoral candidate in Neuroscience with a focus on biochemistry and molecular biology of neurodegenerative diseases at EPFL in Switzerland. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/finance
Is the finance industry fair? In Hedged Out: Inequality and Insecurity on Wall Street (University of California Press, 2022) Megan Tobias Neely, an assistant professor in the Department of Organisation at Copenhagen Business School, explores this question by asking who is successful, and who is excluded, in hedge funds. Drawing on ethnography and interviews, the book sets out how elite, white, masculinity is the dominant demographic of the industry, along with the importance of patronage relationships in perpetuating inequalities. It also explores the narratives and justifications used to explain the persistence of exclusions, even in the context of an industry that is supposed to reward passion and talent. Closing with a powerful call to transform both the finance industry and the world, the book is essential reading across social science and business, as well as for anyone interested in understanding how inequality persists. Dave O'Brien is Professor of Cultural and Creative Industries, at the University of Sheffield. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/finance
This is an age of crisis. That much we can agree on. But a crisis of what? And how do we get out of it? Many on the right call for tax cuts and deregulation. Others on the left rage against the top 1 percent and demand wholesale economic change. Voices on both sides line up against globalization: restrict trade to protect jobs. In The Wolf at the Door: The Menace of Economic Insecurity and How to Fight It (Harvard UP, 2020), two leading political analysts argue that these views are badly mistaken. Michael Graetz and Ian Shapiro focus on what really worries people: not what the rich are making but rather their own insecurity and that of people close to them. Americans are concerned about losing what they have, whether jobs, status, or safe communities. They fear the wolf at the door. The solution is not protectionism or class warfare but a return to the hard work of building coalitions around realistic goals and pursuing them doggedly through the political system. This, Graetz and Shapiro explain, is how earlier reformers achieved meaningful changes, from the abolition of the slave trade to civil rights legislation. The authors make substantial recommendations for increasing jobs, improving wages, protecting families suffering from unemployment, and providing better health insurance and child care, and they guide us through the strategies needed to enact change. These are achievable reforms that would make Americans more secure. The Wolf at the Door is one of those rare books that not only diagnose our problems but also show us how we can address them. Tom Discenna is Professor of Communication at Oakland University whose work examines issues of academic labor and communicative labor more broadly. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/finance
Oligarchy is a threat to the American republic. When too much economic and political power is concentrated in too few hands, we risk losing the “republican form of government” the Constitution requires. Today, courts enforce the constitution as if it had almost nothing to say about this threat. The Anti-Oligarchy Constitution: Reconstructing the Economic Foundations of American Democracy (Harvard University Press, 2022) is a bold call to reclaim an American tradition that argues the constitution imposes a duty on government to fight oligarchy and ensure broadly shared wealth. In this revolutionary retelling of constitutional history, Dr. Joseph Fishkin and Dr. William Forbath show that a commitment to prevent oligarchy once stood at the center of a robust tradition in American political and constitutional thought. Dr. Fishkin and Dr. Forbath argue that “The constitutional order does rest and depend on a political-economic order. That political-economic order does not maintain itself. It requires action (as well as forbearance from action) from each part of the government. The content of what is required changes radically over time in a dynamic way in response to changes in the economy and in politics. But we believe the basic principles of the democracy-of-opportunity tradition remain affirmative constitutional obligations of government today: to prevent an oligarchy from emerging and amassing too much power; to preserve a broad and open middle class as a counterweight against oligarchy and a bulwark of democratic life; and to include everyone, not just those privileged by race or sex, in a democracy of op- portunity that is broad enough to unite us all.” Dr. Fishkin and Dr. Forbath demonstrate that reformers, legislators, and even judges working in this “democracy-of-opportunity” tradition understood that the Constitution imposes a duty on legislatures to thwart oligarchy and promote a broad distribution of wealth and political power. These ideas led Jacksonians to fight special economic privileges for the few, Populists to try to break up monopoly power, and Progressives to fight for the constitutional right to form a union. During Reconstruction, Radical Republicans argued in this tradition that racial equality required breaking up the oligarchy of the Slave Power and distributing wealth and opportunity to former slaves and their descendants. President Franklin Roosevelt and the New Dealers built their politics around this tradition, winning the fight against the “economic royalists” and “industrial despots.” The book argues that our current understanding of what counts as a constitutional argument is anachronistic and limiting. In fact, the authors argue that “advocates of the democracy-of-opportunity tradition and their opponents throughout the long period from the founding through the New Deal disagreed about many things, but they agreed that part of arguing about the Constitution is making claims about what it requires of our political economy. “ This interview was conducted by Dr. Miranda Melcher whose doctoral work focused on post-conflict military integration, understanding treaty negotiation and implementation in civil war contexts, with qualitative analysis of the Angolan and Mozambican civil wars. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/finance
Although the dividing line between private life and public responsibilities can never be definite and clear, there is a moral threshold which is crossed both by those who assume power to change the lives of many men through public action and by those who undertake to represent in a public role the will and interests of many other men. A new responsibility, and even a new kind of responsibility, and new moral conflicts, present themselves. – Stuart Hampshire, foreword to Public and Private Morality (1978) Hampshire’s thoughts help articulate the inherent tensions underlying an institutionalized system of monopoly medicine that has commandeered the myth of free-market ideology in an ongoing and highly successful effort to profit from pharmaceutical patents generated by U.S. government-funded scientific research. This is the broader thesis of investigative journalist Alexander Zaitchik’s latest book, Owning the Sun: A People’s History of Monopoly Medicine from Aspirin to COVID-19 published by Counterpoint in March of 2022. Zaitchik highlights the politics and players from founding fathers to the FDA’s Francis Kelsey to Hayek and the Chicago School in an engaging and well-researched narrative laying bare the situational ethics across the professional domains of the pharmaceutical industry, publicly-funded university research, and medicine more broadly while highlighting the public-private tension baked into our ‘free market’ political economy and its reification of knowledge through patent and intellectual property law. Zaitchik’s narrative deftly outlines how generations of public health and science advocates have attempted to hold the line against pharmaceutical special interests and their allies in government while documenting privatized medicine’s evolution in the U.S. and its globalizing effects. From the controversial arrival of patent-seeking German chemical companies in the late nineteenth century to present-day coordination between industry and philanthropic organizations—including the influential Gates Foundation—that defeated efforts to loosen intellectual property restrictions for countries to produce vaccines against COVID-19. Relevant and smartly written with a disturbing message for everyone who cares about the cost and access of medicine. Listeners will find the book and Zaitchik’s observations in this interview engaging as well as his 2018 article in The New Republic that previews part of the book’s larger thesis: Complement and expand the topic focus with these recent NBN segments: 1) Davos Man: How the Billionaires Devoured the World (2022) written by Peter S. Goodman and interviewed by Caleb Zakarin. 2) Disorder: A History of Reform, Reaction, and Money in American Medicine (2021) written by Peter S. Swanson and interviewed by Stephen Pimpare. Alexander Zaitchik is a freelance journalist and contributor to Atlantic magazine, The New Republic, The Nation and Foreign Policy among others, and has authored four books including this latest just published by Counterpoint Press in Berkeley. Keith Krueger lectures at the SILC Business School in Shanghai University. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/finance
In this podcast Owen Bennett-Jones discusses the future of rational decision making with Professor Olivier Sibony who after 25 years with McKinsey & Company in France, is now at HEC Paris and the Saïd Business School in Oxford University. In 2021 he co-wrote the book Noise: A Flaw in Human Judgment (Little, Brown Spark, 2021) with Cass R. Sunstein and Daniel Kahneman. For those trying to resist the illogicalities of the post truth world, the idea of rational decision-making is perhaps more important than ever. Yet the challenge to rationality comes not only from social media driven myths becoming accepted truths, but also bias and randomness in decision-making. 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/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/finance
In her book Disorder: Hard Times in the 21st Century (Oxford UP, 2022), Cambridge academic Helen Thompson gets beyond the ephemeral and analyses instead the role of more fundamental drivers of events – including the energy markets and the international monetary system. That’s one way in which her book is distinctive. It’s also a very broad book. While much of academic output has a very narrow focus, this book is unusual in attempting a sweeping overview of what’s happening in the world. What role has energy played in disrupting politics especially since the 1970s? How has the US dominance of the international financial system impacted international relations? And how has the EU influenced democratic development in Europe? 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/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/finance
From princes to peasants, musicians to masons, cement plant owners to casual labourers—the State Bank of India (SBI) has been the go-to bank for the people of India. Widely trusted and near-ubiquitous, the SBI has come to symbolise banking across the length and breadth of the Indian nation. This book traces the SBI’s deep connection to India’s economic progress, and the bank’s proactive approach to change and to reinventing itself to meet the evolving needs of a growing nation. In its journey from ‘banking for the classes’ to ‘banking for the masses’, it has continuously striven to blend business goals with social obligations. The SBI of today had its origins in the Presidency banks of the 1800s; the Bank of Bengal, the Bank of Madras and the Bank of Bombay, set up by the British to facilitate trade and the repatriation of remittances to England, were its forebears. In The SBI Story: Two Centuries of Banking (Westland, 2021), Vikrant Pande narrates the compelling circumstances that prompted the founding of the Presidency banks, how they fared back in the day and why they coalesced to emerge as the Imperial Bank in 1921, which in turn was nationalised to form the State Bank of India in 1955. Vikrant Pande spent two decades in the corporate sector, culminating in him being appointed as the provost of India’s first ever vocational education university (TeamLease Skills University) at Vadodara, Gujarat, India. He is now a full-time author and translator, and has published twelve English translations of Marathi bestsellers. His first book, 'In the Footsteps of Rama, Travels with the Ramayana' was released in April 2021. Utsav Saksena is a Research Fellow at the National Institute of Public Finance and Policy (NIPFP), an autonomous institute under the Ministry of Finance, Government of India. He can be reached at utsavsaksena@protonmail.com. Note: opinions expressed in this podcast are personal and do not reflect the official position of the NIPFP or the Ministry of Finance, Government of India. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/finance
Drawing on decades of experience covering the global economy, New York Times' journalist Peter S. Goodman profiles five representative Davos Men-members of the billionaire class-chronicling how their shocking exploitation of the global pandemic has hastened a fifty-year trend of wealth centralization. Alongside this reporting, Goodman delivers textured portraits of those caught in Davos Man's wake, including a former steelworker in the American Midwest, a Bangladeshi migrant in Qatar, a Seattle doctor on the front lines of the fight against COVID, blue-collar workers in the tenements of Buenos Aires, an African immigrant in Sweden, a textile manufacturer in Italy, an Amazon warehouse employee in New York City, and more in his book, Davos Man: How the Billionaires Devoured the World (Custom House, 2022). Peter S. Goodman is the global economic correspondent for The New York Times, based in New York. Caleb Zakarin is the Assistant Editor of the New Books Network (Twitter: @caleb_zakarin). Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/finance
Dark Finance: Illiquidity and Authoritarianism at the Margins of Europe (Stanford University Press, 2020) offers one of the first ethnographic accounts of financial expansion and its political impacts in Eastern Europe. Following workers, managers, and investors in the Macedonian construction sector, Fabio Mattioli shows how financialization can empower authoritarian regimes—not by making money accessible to everyone, but by allowing a small group of oligarchs to monopolize access to international credit and promote a cascade of exploitative domestic debt relations. The landscape of failed deals and unrealizable dreams that is captured in this book portrays finance not as a singular, technical process. Instead, Matttioli argues that finance is a set of political and economic relations that entangles citizens, Eurocrats, and workers in tense paradoxes. Mattioli traces the origins of illiquidity in the reorganization of the European project and the postsocialist perversion of socialist financial practices—a dangerous mix that hid the Macedonian regime's weakness behind a façade of urban renewal and, for a decade, made it seem omnipresent and invincible. Dark Finance chronicles how, one bad deal at a time, Macedonia's authoritarian regime rode a wave of financial expansion that deepened its reach into Macedonian society, only to discover that its domination, like all speculative bubbles, was teetering on the verge of collapse. Mathias Fuelling is a doctoral candidate in History at Temple University, working on a political history of Czechoslovakia in the immediate post-WWII years. He can be found on Twitter at https://twitter.com/bucephalus424 Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/finance
In The Revolution That Wasn't: GameStop, Reddit, and the Fleecing of Small Investors (Portfolio/Penguin, 2022), WSJ columnist Spencer Jakab weaves together personal narratives, the key market institutions, and social media to tell the fascinating tale of the GameStop short squeeze of early 2021. The surprising truth? What appeared to be a watershed moment—a revolution that stripped the ultra-powerful hedge funds of their market influence, placing power back in the hands of everyday investors—only tilted the odds further in the house’s favor. The Revolution That Wasn't is the definitive account of an event that has immediately joined the list of best and worst stock market moments. Daniel Peris is Senior Vice President at Federated Hermes in Pittsburgh. He can be reached at DanielxPeris@gmail.com or via Twitter @HistoryInvestor. His History and Investing blog and Keep Calm & Carry On Investing podcast are at https://strategicdividendinves... Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/finance
Today I talked to Helga Nowotny about her new book In AI We Trust: Power, Illusion and Control of Predictive Algorithms (Polity, 2021). One of the most persistent concerns about the future is whether it will be dominated by the predictive algorithms of AI - and, if so, what this will mean for our behaviour, for our institutions and for what it means to be human. AI changes our experience of time and the future and challenges our identities, yet we are blinded by its efficiency and fail to understand how it affects us. At the heart of our trust in AI lies a paradox: we leverage AI to increase our control over the future and uncertainty, while at the same time the performativity of AI, the power it has to make us act in the ways it predicts, reduces our agency over the future. This happens when we forget that that we humans have created the digital technologies to which we attribute agency. These developments also challenge the narrative of progress, which played such a central role in modernity and is based on the hubris of total control. We are now moving into an era where this control is limited as AI monitors our actions, posing the threat of surveillance, but also offering the opportunity to reappropriate control and transform it into care. As we try to adjust to a world in which algorithms, robots and avatars play an ever-increasing role, we need to understand better the limitations of AI and how their predictions affect our agency, while at the same time having the courage to embrace the uncertainty of the future. Galina Limorenko is a doctoral candidate in Neuroscience with a focus on biochemistry and molecular biology of neurodegenerative diseases at EPFL in Switzerland. To discuss and propose the book for an interview you can reach her at galina.limorenko@epfl.ch. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/finance
Following World War II the American government and philanthropic foundations fundamentally remade American universities into sites for producing knowledge about the world as a collection of distinct nation-states. As neoliberal reforms took hold in the 1980s, visions of the world made popular within area studies and international studies found themselves challenged by ideas and educational policies that originated in business schools and international financial institutions. Academics within these institutions reimagined the world instead as a single global market and higher education as a commodity to be bought and sold. By the 1990s, American universities embraced this language of globalization, and globalization eventually became the organizing logic of higher education. In Making the World Global: U.S. Universities and the Production of the Global Imaginary (Duke UP, 2019), Isaac A. Kamola examines how the relationships among universities, the American state, philanthropic organizations, and international financial institutions created the conditions that made it possible to imagine the world as global. Examining the Center for International Studies, Harvard Business School, the World Bank, the Social Science Research Council, and NYU, Kamola demonstrates that how we imagine the world is always symptomatic of the material relations within which knowledge is produced. Dr. Kamola is currently an Associate Professor of Political Science and President of the American Association of University Professors (AAUP) chapter at Trinity College in Hartford, Connecticut. Sara Katz is a postdoctoral associate in the history department at Duke University. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/finance
Inflation expectations – their formation, predictive accuracy, and influence on business price-setting and household consumption – remain one of the great macroeconomic puzzles and challenges to policymakers. As inflation returns to the developed world after a decade-long abeyance, understanding them matters more than ever. In The Behavioral Economics of Inflation Expectations: Macroeconomics Meets Psychology (Cambridge University Press, 2020), Tobias Rötheli has used two (relatively) new disciplines in the study of expectations: behavioral and experimental economics. Instead of applying a top-down version of rationality - like rational expectations - he uses a bottom-up model of rationality, studying individual behavior in the laboratory and then working up from the data. With some surprising results. Tobias Rötheli has been Professor of Macroeconomics at the University of Erfurt since 2000. A graduate of the University of Bern, he has worked at the Swiss National Bank and been a visiting scholar at Harvard, Stanford and the Federal Reserve Bank of St. Louis. He is the author of five other books and a string of papers; his 2020 paper on The 8½ Equations Version of the Quantity Theory of Money mentioned in the interview can be found at: https://papers.ssrn.com/sol3/D... *The author's own book recommendations are A History of Economic Theory: Classic Contributions 1720-1980 by Jürg Niehans (JHUP, 1994) and Raymond Carver's Collected Stories (Library of America, 2009). Tim Gwynn Jones is an economic and political-risk analyst at Medley Advisors (a division of Energy Aspects). Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/finance
In Making Women Pay: Microfinance in Urban India (Duke UP, 2022), Smitha Radhakrishnan explores India's microfinance industry, which in the past two decades has come to saturate the everyday lives of women in the name of state-led efforts to promote financial inclusion and women's empowerment. Despite this favorable language, Radhakrishnan argues, microfinance in India does not provide a market-oriented development intervention, even though it may appear to help women borrowers. Rather, this commercial industry seeks to extract the maximum value from its customers through exploitative relationships that benefit especially class-privileged men. Through ethnography, interviews, and historical analysis, Radhakrishnan demonstrates how the unpaid and underpaid labor of marginalized women borrowers ensures both profitability and symbolic legitimacy for microfinance institutions, their employees, and their leaders. In doing so, she centralizes gender in the study of microfinance, reveals why most microfinance programs target women, and explores the exploitative implications of this targeting. Smitha Radhakrishnan is Professor of Sociology and Luella LaMer Professor of Women’s Studies at Wellesley College. Her research examines the cultural, financial, and political dimensions of gender and globalization, with particular focus on India, the United States, and South Africa. Her most recent book, Making Women Pay: Microfinance in Urban India, examines exploitative anti-poverty practices that target women. Radhakrishnan’s previous book, Appropriately Indian: Gender and Culture in a Transnational Class (Duke University Press 2011) is a transnational ethnography of Indian IT professionals. She has previously researched the cultural politics of post-apartheid South Africa. Her articles have appeared in World Development, Gender and Society, Theory and Society, and Signs, among other prominent journals. She received her PhD in Sociology from University of California, Berkeley. Saronik Bosu (@SaronikB on Twitter) is a doctoral candidate in English at New York University. He is writing his dissertation on South Asian economic writing. He co-hosts the podcast High Theory and is a co-founder of the Postcolonial Anthropocene Research Network. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/finance
The Economy Studies project emerged from the worldwide movement to modernise economics education, spurred on by the global financial crisis of 2008, the climate crisis, and the COVID-19 pandemic. It envisions a wide variety of economics graduates and specialists, equipped with a broad toolkit, enabling them to collectively understand and help tackle the issues the world faces today. Economy Studies: A Guide to Rethinking Economics Education (Amsterdam University Press, 2021) is a practical guide for (re-)designing economics courses and programs. Based on a clear conceptual framework and ten flexible building blocks, this book offers refreshing ideas and practical suggestions to stimulate student engagement and critical thinking across a wide range of courses. Sam de Muijnck is chief economist at the Dutch independent think tank Our New Economy. Earlier, he was the chair of the Future Generations Think Tank, as well as that of the Dutch branch of the international student movement, ‘Rethinking Economics’. He completed his undergraduate economics degree at the Radboud University in Nijmegen, and then pursued an interdisciplinary research master’s at the University of Amsterdam. Joris Tieleman completed his PhD from the Institute for Housing and Urban Development Studies, Erasmus University Rotterdam. He previously worked as a staff research journalist for the Volkskrant (a Dutch daily), and co-founded the Dutch branch of Rethinking Economics. Utsav Saksena is a Research Fellow at the National Institute of Public Finance and Policy (NIPFP), an autonomous institute under the Ministry of Finance, Government of India. He can be reached at utsavsaksena95@hotmail.com. Note: opinions expressed in this podcast are purely personal and do not reflect the official position of NIPFP or the Ministry of Finance, Government of India. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/finance
I spoke with Dr. Carlo D’Ippoliti, Professor of Economics at the Department of statistical sciences, Sapienza University of Rome. We talked about Democratizing the Economics Debate; Pluralism and Research Evaluation. This was published in 2020 by Routledge. It is a great book, almost a manifesto for better economics, divided into three parts: 1 How economics should be; 2 What economics is; 3 What economics could become. The book speaks to colleagues but it is perfectly accessible to students and non specialists too. It is a book about the profession of the economist, its social relevance and responsibility. It is a book about pluralism and the impact of economics on democracy and policy making. It is a book about the metrics that we use to assess the quality of research and the dynamics that dominate the field, from careers to the tyranny of top mainstream journals. More than a decade since the global financial crisis, economics does not exhibit signs of significant change. Mainstream economists act on an idealized image of science, which includes the convergence of all perspectives into a single supposed scientific truth. Democratizing the Economics Debate shows that this idealized image both provides an inadequate description of what science should be and misrepresents the recent past and current state of economics. Economics has always been characterized by a plurality of competing perspectives and research paradigms, however, there is evidence of a worrying global involution in the last 40 years. Even as the production of economics publications has exploded, the economics debate is becoming less plural and increasingly hierarchical. Among several causes, the tendency to conformism has been exacerbated in recent years with the use of formal schemes of research quality evaluation. This book documents how such schemes now cover more than half of all economists worldwide and reviews the impact of biased methods of research evaluation on the stunting of levels of pluralism in economics. The book will be of interest to anyone who worries for the state of the democratic debate. As experts who intervene in the public debate, economists must assure society that they are working in the best possible way, which includes fostering a wide and fair scientific debate. It is this test of social legitimacy that economics currently fails. This contribution perfectly complements two other books that Carlo has recently edited with his colleagues: 'The Routledge Handbook of Heterodox Economics' (Routledge International Handbooks) and 'Classical Economics Today, Essays in Honor of Alessandro Roncaglia' (Anthem Other Canon Economics). Andrea Bernardi is Senior Lecturer in Employment and Organization Studies at Oxford Brookes University in the UK. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/finance
John and Elizabeth continue their conversation with Daniel Souleles, anthropologist at the Copenhagen Business School and author of Songs of Profit, Songs of Loss: Private Equity, Wealth, and Inequality (Lincoln : University of Nebraska Press 2019). Dan’s work fits into a newish approach in anthropology of researching people with greater power and influence than the researchers themselves. That's sometimes called "studying up" and Dan and Elizabeth (who's writing a book about gold, after all!) have both thought a lot about it. Read the transcript here. Read Aneil Tripathy's RTB piece about actuarial time scales and how they shape the sort of anthropology that both he and Souleles practice. Elizabeth Ferry is Professor of Anthropology at Brandeis University. Email: ferry@brandeis.edu. John Plotz is Barbara Mandel Professor of the Humanities at Brandeis University and co-founder of the Brandeis Educational Justice Initiative. Email: plotz@brandeis.edu. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/finance
Enlightened Entrepreneurialism is based on an in-depth filmed conversation between Howard Burton and Margaret Jacob, Distinguished Professor of History at UCLA. Topics examined during this extensive conversation include Margaret Jacob’s motivations to become a historian and her comprehensive analysis of the history of the Industrial Revolution and interpretation of the major economic motivations on the ground, comparing daily life experiences in England, France, Belgium and the Netherlands. A sophisticated understanding of the past naturally involves a composite approach that marries economic motivations with associated cultural factors of educational trends, religious influences and scientific and technological awareness, and more. 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 Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/finance
As people reach for social justice and better lives, they create public goods--free education, public health, open parks, clean water, and many others--that must be kept out of the market. When private interests take over, they strip public goods of their power to lift people up, creating instead a tool to diminish democracy, further inequality, and separate us from each other. The Privatization of Everything: How the Plunder of Public Goods Transformed America and How We Can Fight Back (New Press, 2021), by the founder of In the Public Interest, an organization dedicated to shared prosperity and the common good, chronicles the efforts to turn our public goods into private profit centers. The Privatization of Everything connects the dots across a broad spectrum of issues and raises larger questions about who controls the public things we all rely on, exposing the hidden crisis of privatization that has been slowly unfolding over the last fifty years and giving us a road map for taking our country back. Stephen Pimpare is director of the Public Service & Nonprofit Leadership program and Faculty Fellow at the Carsey School of Public Policy at the University of New Hampshire. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/finance
In this installment of our Recall this Buck series (check out our earlier conversations with Thomas Piketty, Peter Brown and Christine Desan), John and Elizabeth talk with Daniel Souleles, anthropologist at the Copenhagen Business School and author of Songs of Profit, Songs of Loss: Private Equity, Wealth, and Inequality (Lincoln : University of Nebraska Press 2019). Dan's work explores the world of private equity "guys" (who are indeed mostly guys) and the ways they are "suspended in webs of significance [they themselves have] spun" as Clifford Geertz puts it. Further, he explores the ways we are all suspended in these webs through the immense buying and managing power of private equity firms. Private equity investors buy out publicly traded companies, often through enormous debt (which is why these deals used to be called "leveraged buyouts" or LBOs), manage the companies and then sell them. They argue they are creating value by cutting fat in management; typically workers bear the brunt of the debt while executives--and the private equity firm and lawyers and others servicing the deal--receive hefty payments. Dan pulls off a tough feat in his book, helping us see the concerns and motivations of people he's working with as understandable and the people themselves as reasonable and even likeable, while also maintaining his own view of private equity as, generally speaking, a noxious force in society. We end with a discussion of the Occupy movement and how it helped to change public conversations about inequality and the power of finance (another angle on the themes we tackled in our earlier "Brahmin Left" conversations). Mentioned in this episode:
Bryan Burrough and John Helyar, Barbarians at the Gates: The Fall of NJR Nabisco
Karen Ho Liquidated; ethnography of Wall Street, and of "smartness"
Edwin Lefèvre, Reminiscences of a Stock Operator, (John misremembered the title as Confessions of a Stockjobber)
Bret Easton Ellis, American Psycho (1991)
The transcript for this episode is here. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/finance
Deep new rifts are tearing apart the fabric of Britain and other Western societies: thriving cities versus the provinces; the high-skilled elite versus the less educated. As these divides deepen, we have lost the sense of ethical, reciprocal obligations to others that were crucial to the rise of post-war prosperity — and are inherently aligned with how humans are meant to live: in a friendly, collaborative community. So far these rifts have been answered only by ideologies of populism and socialism, leading to the seismic upheavals of Trump, Brexit, and the return of the far-right across much of Europe. Sir Paul Collier’s The Future of Capitalism: Facing the New Anxieties (Harper, 2019), winner of the 2019 Handelsblatt Prize, provides a diagnosis for how these anxieties have arrived, alongside a pragmatic and ambitious prescription for how we can address them. In our conversation, we trace these anxieties of 21st century capitalism back to their ethical, economic, and social roots and discuss ideas to rebuild reciprocal obligations in our society, paving the way to more sustainable, more kind, and more successful future of capitalism. Paul is currently Professor of Economics and Public Policy at the Blavatnik School of Government at the University of Oxford and a Director of the International Growth Centre in London. He is a world-renowned development economist, working with governments around the world; an award-winning author, notably writing The Bottom Billion, on how the world’s poorest countries can achieve prosperity, and most recently Greed is Dead, with Sir John Kay; and frequently writes for magazines such as Prospect and the New Statesman. Host, Leo Nasskau, is an expert on the future of work and interviews authors writing about public policy and political economy — particularly how capitalism can be reformed to deliver sustainable prosperity for all. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/finance
Today I talked to Nika Kabiri about her new book Money off the Table: Decision Science and the Secret to Smarter Investing (Houndstooth Press, 2020). Adam Smith not only helped to create the field of economics; the guy was also a moral philosopher who readily accepted the role of emotions in decision-making. How surprised he might have been to discover that it took decades upon decades for the field to come back to accepting the role that emotions and biases play in decision-making! My guest this week, Nika Kabiri, has no such blind spot. She knows that the Confirmation Bias is among the most important factors to weigh in helping her clients. Along the way, this conversation takes in the movie The Big Short and Jerome Powell and what may lay ahead for the economy. Five types of investors are also discussed, from the more-is-better investor to the what-has-always-worked investor. Like not to be poor? This episode is therefore worth a listen. Nika Kabiri teaches Decision Science at the University of Washington, and is the founder and owner of Kabiri Consulting LLC, where she uses Decision Science to help businesses grow. Dan Hill, PhD, is the author of nine books and leads Sensory Logic, Inc. (https://www.sensorylogic.com). His new book is Blah, Blah, Blah: A Snarky Guide to Office Politics. To check out his related “Dan Hill’s EQ Spotlight” blog, visit https://emotionswizard.com. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/finance
Today I talked to Michele Wucker about her new book You Are What You Risk: The New Art and Science of Navigating an Uncertain World (Pegasus Books, 2021) Your risk fingerprint is a mixture of how personality traits, experiences, and social context have shaped how you approach risk and uncertainty in life. Also crucial is your risk empathy and the degree to which you are risk-savvy, both of which value reading your environment in analyzing the risk you and others face and how people are coping with unknowns. This episode explore risk in terms of a variety of situations and segments of the population. Are millennials risk-averse or risk savvy? Why are white male who are risk-takers people who tend to trust institutions and be anti-egalitarian? How should companies approach mergers and acquisitions when the two companies have very different risk cultures? And finally, which professions tend to be the most prone to over-confidence? In every case, “it depends” is a fair answer but by no means all that you will hear on these and other topics. Michele Wucker has been honored as a Young Global Leader of the World Economic Forum and a Guggenheim Fellow. Her third book, The Gray Rhino, inspired a popular TED talk and has influenced world markets, government policy and business strategies. Dan Hill, PhD, is the author of nine books and leads Sensory Logic, Inc. (https://www.sensorylogic.com). His new book is Blah, Blah, Blah: A Snarky Guide to Office Politics. To check out his related “Dan Hill’s EQ Spotlight” blog, visit https://emotionswizard.com. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/finance
Is it possible that the consensus around what caused the 2008 Great Recession is almost entirely wrong? It's happened before. Just as Milton Friedman and Anna Schwartz led the economics community in the 1960s to reevaluate its view of what caused the Great Depression, the same may be happening now to our understanding of the first economic crisis of this century. Foregoing the usual relitigating of the problems of housing markets and banking crises, renowned monetary economist Scott Sumner argues that the Great Recession came down to one thing: nominal GDP, the sum of all nominal spending in the economy, which the Federal Reserve erred in allowing to plummet. The Money Illusion: Market Monetarism, the Great Recession, and the Future of Monetary Policy (University of Chicago Press, 2021) is an end-to-end case for this school of thought, known as market monetarism, written by its leading voice in economics. Based almost entirely on standard macroeconomic concepts, this highly accessible text lays a groundwork for a simple yet fundamentally radical understanding of how monetary policy can work best: providing a stable environment for a market economy to flourish. Scott Sumner is the Ralph G. Hawtrey Chair of Monetary Policy at the Mercatus Center at George Mason University. He is also Professor Emeritus at Bentley University and Research Fellow at the Independent Institute. Kirk Meighoo is Public Relations Officer for the United National Congress, the Official Opposition in Trinidad and Tobago. His career has spanned media, academia, and politics for three decades. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/finance
Data is now central to the economy, government, and health systems—so why are data and the AI systems that interpret the data in the hands of so few people? Alex Pentland and Alexander Lipton's Building the New Economy: Data As Capital (MIT Press, 2021) calls for us to reinvent the ways that data and artificial intelligence are used in civic and government systems. Arguing that we need to think about data as a new type of capital, the authors show that the use of data trusts and distributed ledgers can empower people and communities with user-centric data ownership, transparent and accountable algorithms, machine learning fairness principles and methodologies, and secure digital transaction systems. It's well known that social media generate disinformation and that mobile phone tracking apps threaten privacy. But these same technologies may also enable the creation of more agile systems in which power and decision-making are distributed among stakeholders rather than concentrated in a few hands. Offering both big ideas and detailed blueprints, the authors describe such key building blocks as data cooperatives, tokenized funding mechanisms, and tradecoin architecture. They also discuss technical issues, including how to build an ecosystem of trusted data, the implementation of digital currencies, and interoperability, and consider the evolution of computational law systems. Galina Limorenko is a doctoral candidate in Neuroscience with a focus on biochemistry and molecular biology of neurodegenerative diseases at EPFL in Switzerland. To discuss and propose the book for an interview you can reach her at galina.limorenko@epfl.ch. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/finance
It's time to rethink how we create and allocate money In Outgrowing Capitalism: Rethinking Money to Reshape Society and Pursue Purpose (Fast Company Press, 2021), Marco Dondi sheds light on the fact that most people do not have the economic security to focus on purpose and life fulfillment. He proposes that this is not the way things have to be; there is an alternative. In a quest to change our economic system to cater for everyone, he identifies deep issues in how money is created and allocated and connects these to capitalism. He shows that the assumptions and circumstances that made capitalism a success are no longer true today and then describes a new socio-economic model, Monetism. Dondi's solution is to provide a pragmatic roadmap to institutionalize Monetism and solve societal issues that seemed as permanent as time. Kirk Meighoo is Public Relations Officer for the United National Congress, the Official Opposition in Trinidad and Tobago. His career has spanned media, academia, and politics for three decades. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/finance
In this episode, Daniel Peris, the host of the “Keep Calm and Carry On Investing” podcast, and David Finegold have a wide-ranging discussion of economics and governance questions inherent in K-12 and higher education. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/finance
Jeffrey Hooke's The Myth of Private Equity: An Inside Look at Wall Street's Transformative Investments (Columbia Business School, 2021) is a scathing indictment of the high-flying world of private equity. Piece by piece, Hooke takes apart the PE value proposition and shows, instead of the claimed "higher returns and lower volatility", a startling record of poor performance, exorbitant fees, completely opaque reporting, and a network of enablers that allow the business model to proceed. Daniel Peris is Senior Vice President at Federated Hermes in Pittsburgh. He can be reached at DanielxPeris@gmail.com or via Twitter @HistoryInvestor. His History and Investing blog and Keep Calm & Carry On Investing podcast are at https://strategicdividendinves... Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/finance
Neoclassical economic theory shows that under the right conditions, prices alone can guide markets to efficient outcomes. But what if it it’s hard to find the right price? In many important markets, a buyer’s willingness to pay for one good (say, the right to use a certain part of the radio spectrum range in San Francisco) will depend on the price of another complementary good (the right to use that same spectrum in Los Angeles). The number of possible combinations can rapidly become incalculably complex. Such complex markets require new collaborations between economists and computer scientists to create designs that are both incentive compatible and computationally tractable. In Discovering Prices: Auction Design in Markets with Complex Constraints (Columbia UP, 2017), 2020 Economics Nobel Memorial Prize winner Paul Milgrom discusses some of the new economics theory he has developed to help address these challenging contexts, in which neither unfettered market forces nor top-down planning will work well. In our interview we explore these ideas in the context of the most complex auction ever created, the FCC’s broadcast incentive auction. This auction, designed and planned by a team led by Professor Milgrom with his company Auctionomics, purchased underutilized broadcast spectrum from television stations and sold it onward to telecoms providers. This reallocation helped improve wireless network performance and pave the way for 5G wireless services, while also generating over $7 billion for the US treasury. Host Peter Lorentzen is an Associate Professor in the Department of Economics at the University of San Francisco, where he leads a new digital economy-focused Master's program in Applied Economics. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/finance
In Who Gets What — and Why: The New Economics of Matchmaking and Market Design (Mariner Books, 2015), Nobel Memorial Prize Winner Alvin Roth explains his pioneering work in the study of matching markets such as kidney exchange, marriage, job placements for new doctors and new professors, and enrollments in schools or colleges. In these markets, “buyers” and “sellers” must each chose the other, and getting the prices right is only a small part of what makes for a successful transaction, if cash is even involved at all. Roth’s work has led the way in taking microeconomics outside the halls of academic theory to become a practical “engineering” tool for policymakers and businesses. In our interview, we range far beyond the examples from the book to discuss the implications of his work for the design of tech’s market-making “platform” businesses like Airbnb, Amazon, Lyft, or Uber, the challenges he faces when countries or people view some kinds of transactions as “repugnant” or morally unacceptable, and the reasons why San Francisco’s school district (unlike Boston’s or New York’s) chose not to implement the un-gameable school choice plan his team devised for them. Host Peter Lorentzen is an Associate Professor in the Department of Economics at the University of San Francisco, where he leads a new digital economy-focused Master's program in Applied Economics. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/finance
How can ideas from sociology help us understand history and economics? In Trade and Nation: How Companies and Politics Reshaped Economic Thought (Columbia UP, 2021), Emily Erikson, Associate Professor of Sociology at Yale and Academic Director of the Fox International Fellowship, explores the major shift, which occurred during the seventeenth century, in the history and philosophy of economics. The book combines computational methods from sociology with a detailed and close engagement with historical sources and the philosophy of economics. It demonstrates how a key set of merchants proved highly influential in setting the terms of economics, in the context of the specific conditions and institutional settings in England during the period. The book also offers comparative analysis, adding depth to the numerous methods of testing its core hypothesis about what really drove the changes in economics. Clearly written, and deeply engaging, the book is essential reading for scholars in economics and the social sciences, as well as in history and the humanities. Dave O'Brien is Chancellor's Fellow, Cultural and Creative Industries, at the University of Edinburgh's College of Art. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/finance
Few revolutions in economics have been as under-covered in general literature as the emergence and development of competition theory and policymaking. Political threats to break up the tech giants or restrain Russian gas pipelines make the headlines while academic lawyers churn out textbooks on 130 years of precedent and practicing lawyers test its limits. What has been missing is an up-to-date, general legislative and intellectual history of how and why politicians, lawyers, and economists in capitalist democracies decided they needed to step in and correct the market. Why did this happen first in the US in that crucial quarter-century preceding the first world war? The Foundations of Antitrust: Events, Ideas, and Doctrines by Gregory Werden (Carolina Academic Press, 2020) fills that gap, examines the overlaps between legal innovation and common law, and busts a few myths en route. From 1977 until his retirement in 2019, Gregory Werden worked in the Antitrust Division of the US Department of Justice – most recently as Senior Economic Counsel. A PhD economist from the University of Wisconsin, he has published extensively on antitrust policy. *The author's own book recommendation is Trusts: The Recent Combinations in Trade, Their Character, Legality and Mode of Organization, and the Rights, Duties and Liabilities of Their Managers and Certificate Holders by William W Cook (Gale - Making of Modern Law, 2020; originally published by L. K. Strouse, 1888) Tim Gwynn Jones is an economic and political-risk analyst at Medley advisors (a division of Energy Aspects). Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/finance
Moving Beyond Modern Portfolio Theory: Investing that Matters (Routledge, 2021) tells the story of how Modern Portfolio Theory (MPT) revolutionized the investing world and the real economy, but is now showing its age. MPT has no mechanism to understand its impacts on the environmental, social and financial systems, nor any tools for investors to mitigate the havoc that systemic risks can wreck on their portfolios. It's time for MPT to evolve. The authors, Jon Lukomnik and James Hawley, propose a new imperative to improve finance's ability to fulfil its twin main purposes: providing adequate returns to individuals and directing capital to where it is needed in the economy. They show how some of the largest investors in the world focus not on picking stocks, but on mitigating systemic risks, such as climate change, so as to improve the risk/return profile of the market as a whole. The author's "Investing that matters" embraces MPT's focus on diversification and risk adjusted return, but understands them in the context of the real economy and the total return needs of investors. Whether an investor, an MBA student, a Finance Professor or a sustainability professional, Moving Beyond Modern Portfolio Theory: Investing That Matters is thought-provoking and relevant. Daniel Peris is Senior Vice President at Federated Hermes in Pittsburgh. He can be reached at DanielxPeris@gmail.com or via Twitter @HistoryInvestor. His History and Investing blog and Keep Calm & Carry On Investing podcast are at https://strategicdividendinves... Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/finance
In the late nineteenth century, as much of the world adopted some variant of the gold standard, China remained the most populous country still using silver. Yet China had no unified national currency; there was not one monetary standard but many. Silver coins circulated alongside chunks of silver and every transaction became an "encounter of wits." China and the End of Global Silver, 1873–1937 (Cornell UP, 2020) focuses on how officials, policy makers, bankers, merchants, academics, and journalists in China and around the world answered a simple question: how should China change its monetary system? Far from a narrow, technical issue, Chinese monetary reform is a dramatic story full of political revolutions, economic depressions, chance, and contingency. As different governments in China attempted to create a unified monetary standard in the late nineteenth and early twentieth century, the United States, England, and Japan tried to shape the direction of Chinese monetary reform for their own benefit. Austin Dean argues convincingly that the Silver Era in world history ended owing to the interaction of imperial competition in East Asia and the state-building projects of different governments in China. When the Nationalist government of China went off the silver standard in 1935, it marked a key moment not just in Chinese history but in world history. Austin Dean is Assistant Professor of History at the University of Nevada, Las Vegas. His work has appeared in Modern China and the Journal of American-East Asian Relations. He is on twitter @thelicentiate. Ghassan Moazzin is an Assistant Professor at the Hong Kong Institute for the Humanities and Social Sciences and the Department of History at the University of Hong Kong. He works on the economic and business history of 19th and 20th century China, with a particular focus on the history of foreign banking, international finance and electricity in modern China. His first book, tentatively titled Foreign Banks and Global Finance in Modern China: Banking on the Chinese Frontier, 1870–1919, is forthcoming with Cambridge University Press. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/finance
Do you trust corporations? Do you trust politicians? Do you trust the science? Does anyone trust anyone anymore? In Why Trust Matters: An Economist's Guide to the Ties That Bind Us (Columbia UP, 2021), Professor Ben Ho reveals the surprising importance of trust to how we understand our day-to-day economic lives. Starting with the earliest societies and proceeding through the evolution of the modern economy, he explores its role across an astonishing range of institutions and practices, surveying and synthesizing research across economics, political science, psychology, and other disciplines, and presents his own cutting-edge behavioral economics research on the role of apologies in restoring trust. He argues that we trust far more than we may realize, and that mostly this is a good thing. Check out the New Yorker's review of the book. Ben Ho is an associate professor at Vassar College. Ho applies economic tools like game theory and experimental design to topics like apologies, trust, identity, inequality and climate change. Before Vassar, he taught MBA students at Cornell, served as lead energy economist at the White House Council of Economic Advisers, and worked/consulted for Morgan Stanley and several tech startups. Professor Ho also teaches at Columbia University where he is a faculty affiliate for the Center for Global Energy Policy. His work has been featured in the New York Times and the Wall Street Journal. Ho holds seven degrees from Stanford and MIT in economics, education, political science, math, computer science and electrical engineering. Peter Lorentzen is economics professor at the University of San Francisco. He heads USF's Applied Economics Master's program, which focuses on the digital economy. His research is mainly on China's political economy. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/finance
Statistical graphing was born in the seventeenth century as a scientific tool, but it quickly escaped all disciplinary bounds. Today graphics are ubiquitous in daily life. In their just-published A History of Data Visualization and Graphic Communication (Harvard UP, 2021), Michael Friendly and Howard Wainer detail the history of graphs and tables, how they help solve problems, and even changed the way we think. You'll never look at an excel chart the same way again.... Daniel Peris is Senior Vice President at Federated Hermes in Pittsburgh. He can be reached at DanielxPeris@gmail.com or via Twitter @HistoryInvestor. His History and Investing blog and Keep Calm & Carry On Investing podcast are at https://strategicdividendinves... Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/finance
Is there an ideal portfolio of investment assets, one that perfectly balances risk and reward? In Pursuit of the Perfect Portfolio (Princeton UP, 2021) examines this question by profiling and interviewing ten of the most prominent figures in the finance world—Jack Bogle, Charley Ellis, Gene Fama, Marty Leibowitz, Harry Markowitz, Bob Merton, Myron Scholes, Bill Sharpe, Bob Shiller, and Jeremy Siegel. We learn about the personal and intellectual journeys of these luminaries—which include six Nobel Laureates and a trailblazer in mutual funds—and their most innovative contributions. In the process, we come to understand how the science of modern investing came to be. Each of these finance greats discusses their idea of a perfect portfolio, offering invaluable insights to today’s investors. Inspiring such monikers as the Bond Guru, Wall Street’s Wisest Man, and the Wizard of Wharton, these pioneers of investment management provide candid perspectives, both expected and surprising, on a vast array of investment topics—effective diversification, passive versus active investment, security selection and market timing, foreign versus domestic investments, derivative securities, nontraditional assets, irrational investing, and so much more. While the perfect portfolio is ultimately a moving target based on individual age and stage in life, market conditions, and short- and long-term goals, the fundamental principles for success remain constant. Aimed at novice and professional investors alike, In Pursuit of the Perfect Portfolio is a compendium of financial wisdom that no market enthusiast will want to be without. Marshall Poe is the founder and editor of the New Books Network. He can be reached at marshallpoe@newbooksnetwork.com. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/finance
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 the pandemic. With its strategic review over, the history lessons from this book will be an essential guide to ECB thinking as it prepares a slow and careful unwinding of its emergency policy settings. Massimo Rostagno has been the ECB’s Director General Monetary Policy since August 2017 and has worked at the central bank since 1998. He has served as head of the Monetary Policy Strategy Division and Director Monetary Policy and, before that, worked at the Banca d’Italia and the International Monetary Fund. He holds a PhD in economics from the University of California, Los Angeles. (Any views expressed are personal and not necessarily those of the ECB). *The author's own book recommendations are Capital in the Twenty-First Century by Thomas Piketty (Harvard University Press, 2014) and The Populist Temptation: Economic Grievance and Political Reaction in the Modern Era by Barry Eichengreen (OUP USA, 2018). Tim Gwynn Jones is an economic and political-risk analyst at Medley Global (Energy Aspects). Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/finance
In a world that purports to know more about the future than any before it, why do we still need speculation? Insubstantial speculations – from utopian thinking to high-risk stock gambles – often provoke backlash, even when they prove prophetic. Why does this hypothetical way of thinking generate such controversy? Gayle Rogers, author of Speculation: A Cultural History from Aristotle to AI (Columbia UP, 2021), speaks with Pierre d’Alancaisez about the intellectual history of speculation: from the mirror and the watch tower, the Calvinist reformation, the scientific revolution, through Jane Austen, to the founding of the United States, and the shape of contemporary capitalism – with booms, manias, busts, and bubbles along the way. Unraveling these histories and many other disputes, Rogers argues that what has always been at stake in arguments over speculation, and why it so often appears so threatening, is the authority to produce and control knowledge about the future. Gayle Rogers is professor and chair of English at the University of Pittsburgh. Pierre d’Alancaisez is a contemporary art curator, cultural strategist, researcher. Sometime scientist, financial services professional. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/finance
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 fail – they responded to systemic incentives and goals. SoRelle explains how angry borrowers' experiences with nearly invisible government policies teach them to focus their attention primarily on banks and lenders instead of demanding that lawmakers address predatory behavior. As a result, advocacy groups have been mostly unsuccessful in mobilizing borrowers in support of stronger consumer financial protections. The absence of safeguards on consumer financing is particularly dangerous because the consequences extend well beyond harm to individuals--they threaten the stability of entire economies. In addition to explaining the political dynamics of failure, SoRelle identifies possible remedies. This multi-method scholarship contributes to our understanding of policy feedback in an important and timely case study. Dr. Mallory E. SoRelle is an assistant professor at the Sanford School of Public Policy at Duke University. Her research interrogates how public policies are produced by, and how they reproduce, socioeconomic and political inequality in the United States. She has worked in both electoral politics and consumer advocacy. The podcast drops the week of the 10th anniversary of the Consumer Financial Protection Bureau. Susan Liebell is an associate professor of political science at Saint Joseph’s University in Philadelphia. Why Diehard Originalists Aren’t Really Originalists appeared in the Washington Post’s Monkey Cage and “Sensitive Places: Originalism, Gender, and the Myth Self-Defense in District of Columbia v. Heller” can be found in July 2021’s Polity. Email her comments at sliebell@sju.edu or tweet to @SusanLiebell. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/finance
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/finance
In 1800 a Belfast linen merchant named Alexander Brown emigrated with his wife and eldest son to Baltimore. Today his family’s name lives on in the investment firm Brown Brothers Harriman, a company that has long played an outsized role in American history. As Zachary Karabell details in his book Inside Money: Brown Brothers Harriman and the American Way of Power (Penguin, 2021), a key factor in its endurance over the country’s long and often tumultuous financial history has been the importance it has accorded to the values of trust and reputation which Alexander Brown championed. These he taught to his sons, who branched out beyond Baltimore and Liverpool and spearheaded the transition from trade into finance. By the second generation the Browns were fixtures in both London and New York, from where their respective firms endured the Civil War and grew as the country expanded. By the end of the 19th century Brown Brothers was among the nation’s elite financial firms. Karabell shows how their founder’s values were shared by the others of a new emergent ruling, who were educated at a handful of top schools and who moved easily between finance and politics. Though Brown Brothers steered clear of the volatile transactions that were associated with the Gilded Age, they formed ties with some of its participants, most notably railroad tycoon and financier E. H. Harriman. It was the financial firm created by Harriman’s sons Averell and Roland that merged with Brown Brothers in 1930 to create Brown Brothers Harriman, which nurtured a generation of cabinet members, governors, and United States senators. As Karabell demonstrates, these leaders carried forward the ideals Alexander Brown advocated, which have not only shaped America’s role in the world but have ensured the firm’s survival while its counterparts around them have risen and fallen in the unrestrained pursuit of wealth. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/finance
Why do many startups fail? Tom Eisenmann, Professor of Entrepreneurship at Harvard Business School realised that even he didn’t really know the answer, despite a lifetime teaching entrepreneurship, and decided to write a book to answer exactly that question. You can hear him go into detail on the NBN Entrepreneurship and Leadership Channel interviewed by experienced entrepreneurs Richard Lucas and Kimon Fountoukidis. Whether you want to start a business one day, or just have better conversations with people who are in business, don’t miss this “book of the day” podcast. He draws attention to a critical gap in the Lean Startup methodology which can save both dollars and time if correctly applied. This idea alone makes the podcast worth listening to. The NBN Entrepreneurship and Leadership podcast aims to educate and entertain, sharing insights based on the personal story of our carefully selected guests aiming for the atmosphere of an informal conversation in a bar or over a cup of coffee. In this episode we do go a little further into Tom’s background that normal, and give an entrepreneurial take on his ideas. He does a great job of explaining his ideas, and there is much for any entrepreneur to learn. If you want your startup to succeed, you need to understand why startups fail. That question caught Harvard Business School professor Tom Eisenmann by surprise when he realized he couldn't answer it. So he launched a multiyear research project to find out. In Why Startups Fail: A New Roadmap for Entrepreneurial Success (Currency, 2021), Eisenmann reveals his findings: six distinct patterns that account for the vast majority of startup failures. * Bad Bedfellows. Startup success is thought to rest largely on the founder's talents and instincts. But the wrong team, investors, or partners can sink a venture just as quickly. * False Starts. In following the oft-cited advice to "fail fast" and to "launch before you're ready," founders risk wasting time and capital on the wrong solutions. * False Promises. Success with early adopters can be misleading and give founders unwarranted confidence to expand. * Speed Traps. Despite the pressure to "get big fast," hypergrowth can spell disaster for even the most promising ventures. * Help Wanted. Rapidly scaling startups need lots of capital and talent, but they can make mistakes that leave them suddenly in short supply of both. * Cascading Miracles. Silicon Valley exhorts entrepreneurs to dream big. But the bigger the vision, the more things that can go wrong. About our guest Tom Eisenmann is the Howard H. Stevenson Professor of Business Administration at Harvard Business School (HBS) and the faculty co-chair of the Arthur Rock Center for Entrepreneurship. Since joining the HBS faculty in 1997, he’s led The Entrepreneurial Manager, an introductory course taught to all first-year MBAs, and launched fourteen electives on all aspects of entrepreneurship, including one on startup failure. Eisenmann has authored more than one hundred HBS case studies and his writing has appeared in The Wall Street Journal, Harvard Business Review, and Forbes. About Kimon Fountoukidis Twitter Linkedin Kimon is the founder of both Argos Multilingual and PMR. Both companies were founded in the mid 90s with zero capital and both have gone on to become market leaders in their respective sectors. Kimon was born in New York and moved to Krakow, Poland in 1993. Listen to his story here, About Richard Lucas Twitter Linkedin Richard is a business and social entrepreneur who founded or invested in more than 30 businesses, including investments in Argos Multilingual, PMR and, in 2020, the New Books Network. Richard has been a TEDx event organiser, supports the pro-entrepreneurship ecosystem, and leads entrepreneurship workshops at all levels: from pre- to business schools. Richard was born in Oxford and moved to Poland in 1991. Read more here. Listen to his story in an autobiographical TEDx talk here, Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/finance
In spite of Karl Marx's proclamation that money would become obsolete under Communism, the ruble remained a key feature of Soviet life. In fact, although Western economists typically concluded that money ultimately played a limited role in the Soviet Union, Kristy Ironside argues that money was both more important and more powerful than most histories have recognized. After the Second World War, money was resurrected as an essential tool of Soviet governance. Certainly, its importance was not lost on Soviet leaders, despite official Communist Party dogma. Money, Ironside demonstrates, mediated the relationship between the Soviet state and its citizens and was at the center of both the government's and the people's visions for the maturing Communist project. A strong ruble--one that held real value in workers' hands and served as an effective labor incentive--was seen as essential to the economic growth that would rebuild society and realize Communism's promised future of abundance. In A Full-Value Ruble: The Promise of Prosperity in the Postwar Soviet Union (Harvard UP, 2021), Ironside shows how Soviet citizens turned to the state to remedy the damage that the ravages of the Second World War had inflicted upon their household economies. From the late 1940s through the early 1960s, progress toward Communism was increasingly measured by the health of its citizens' personal finances, such as greater purchasing power, higher wages, better pensions, and growing savings. However, the increasing importance of money in Soviet life did not necessarily correlate to improved living standards for Soviet citizens. The Soviet government's achievements in "raising the people's material welfare" continued to lag behind the West's advances during a period of unprecedented affluence. These factors combined to undermine popular support for Soviet power and confidence in the Communist project. Kristy Ironside is an Assistant Professor of Russian history at McGill University. She focuses on the economic, social, and political history of the Soviet Union. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/finance
A War on Global Poverty: The Lost Promise of Redistribution and the Rise of Microcredit (Princeton UP, 2021) provides a fresh account of US involvement in campaigns to end global poverty in the 1970s and 1980s. From the decline of modernization programs to the rise of microcredit, Joanne Meyerowitz looks beyond familiar histories of development and explains why antipoverty programs increasingly focused on women as the deserving poor. When the United States joined the war on global poverty, economists, policymakers, and activists asked how to change a world in which millions lived in need. Moved to the left by socialists, social democrats, and religious humanists, they rejected the notion that economic growth would trickle down to the poor, and they proposed programs to redress inequities between and within nations. In an emerging “women in development” movement, they positioned women as economic actors who could help lift families and nations out of destitution. In the more conservative 1980s, the war on global poverty turned decisively toward market-based projects in the private sector. Development experts and antipoverty advocates recast women as entrepreneurs and imagined microcredit—with its tiny loans—as a grassroots solution. Meyerowitz shows that at the very moment when the overextension of credit left poorer nations bankrupt, loans to impoverished women came to replace more ambitious proposals that aimed at redistribution. Based on a wealth of sources, A War on Global Poverty looks at a critical transformation in antipoverty efforts in the late twentieth century and points to its legacies today. Stephen Pimpare is director of the Public Service & Nonprofit Leadership program and Faculty Fellow at the Carsey School of Public Policy at the University of New Hampshire. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/finance
Can classical economics help figure out climate change and support policies that slow global warming? Yale Sterling Professor of Economics William Nordhaus thinks so. In his new book, The Spirit of Green: The Economics of Collisions and Contagions in a Crowded World (Princeton UP, 2021), Nordhaus tackles the "externality" that is pollution and carbon emissions. By making several adjustments to how we treat this externality in economic terms, it can be brought back into the "system" whereby sensible regulation, market relations, and innovation can lead to markedly lower levels of pollution and greenhouse gas emissions. The most important of those adjustments is getting the price of carbon right. In many parts of the world, there is no formal price of carbon. Setting it at $40 per ton (or higher) will not be easy, not least because competing nation-states will need to agree to and abide by a universal carbon tax. Despite these challenges, Nordhaus ends on an optimistic note. We have the means, we have the technology.... And as an example, he points to how a Covid vaccine was developed in record time after adjustments to the system of incentives and regulations. Daniel Peris is Senior Vice President at Federated Hermes in Pittsburgh. He can be reached at DanielxPeris@gmail.com or via Twitter @HistoryInvestor. His History and Investing blog and Keep Calm & Carry On Investing podcast are at https://strategicdividendinves... Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/finance
I spoke with Bobby Lee about his book 'The promise of Bitcoin: The Future of Money and How It Can Work for You' (McGraw-Hill, 2021). Bobby Lee is a very interesting character, among the leading figures in the field of cryptocurrency. He is the founder and CEO of Ballet, a cryptocurrency startup. He is the cofounder of BTCC, the longest-running bitcoin exchange and leading financial platform worldwide. He also serves on the board of the Bitcoin Foundation, a nonprofit organization that has built wider awareness of bitcoin, one of the industry’s most influential groups. Before founding BTCC, Lee was vice president of technology of Walmart. Previously, Lee was a software engineer at Yahoo!, where he led the development of the earliest online communities. We started the conversation mentioning the mysterious figure of Satoshi Nakamoto. We covered the actions currently being taken by central banks in the field and we spoke about the case of China. We also discussed why criminals are interested in using Bitcoin. The book is a very good tool for those like me who were only vaguely aware of the cryptocurrency sector. Bobby offers a compelling argument for how this digital currency could impact the global economy. A financial revolution is materializing before our eyes. The way individuals, organizations, and governments conduct transactions—from purchasing a book online to acquiring major corporations to delivering billions in financial aid—will look vastly different in the near future. According to Bobby, Bitcoin is spearheading this transformation and may be the best investment opportunity of our time, yet most people have yet to understand its promise. In this book, Lee, one of the earliest, most successful pioneers in the cryptocurrency space, debunks myths and dispels fears that surround Bitcoin, arguing that this rational, logical system is superior to traditional monetary systems. He cites signs of Bitcoin’s widening acceptance: a growing community of users worldwide and multiple initiatives for investing in and holding bitcoin among major financial services organizations and institutional investors who control trillions in assets. Lee offers a primer on the best strategies for investing in this digital currency. He discusses the pros and cons, and covers the complicated yet more profitable method of acquiring bitcoin, mining. He offers predictions for the future, including price, trajectory, use, and participation in the larger economy—as well as developments in regulation, technology, business, and society. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/finance
The inside story of the world's most famous board game-a buried piece of American history with an epic scandal that continues today. The Monopolists: Obsession, Fury, and the Scandal Behind the World's Favorite Board Game (Bloomsbury, 2015) reveals the unknown story of how Monopoly came into existence, the reinvention of its history by Parker Brothers and multiple media outlets, the lost female originator of the game, and one man's lifelong obsession to tell the true story about the game's questionable origins. Most think it was invented by an unemployed Pennsylvanian who sold his game to Parker Brothers during the Great Depression in 1935 and lived happily--and richly--ever after. That story, however, is not exactly true. Ralph Anspach, a professor fighting to sell his Anti-Monopoly board game decades later, unearthed the real story, which traces back to Abraham Lincoln, the Quakers, and a forgotten feminist named Lizzie Magie who invented her nearly identical Landlord's Game more than thirty years before Parker Brothers sold their version of Monopoly. Her game--underpinned by morals that were the exact opposite of what Monopoly represents today--was embraced by a constellation of left-wingers from the Progressive Era through the Great Depression, including members of Franklin Roosevelt's famed Brain Trust. A gripping social history of corporate greed that illuminates the cutthroat nature of American business over the last century, The Monopolists reads like the best detective fiction, told through Monopoly's real-life winners and losers. Mary Pilon is a journalist, screenwriter, and author of the bestselling books "The Monopolists" and "The Kevin Show" as well as co-host and co-author of “Twisted: The Story of Larry Nassar and the Women Who Brought Him Down.” Her work regularly appears in the New Yorker, Esquire, Bloomberg BusinessWeek, Vice, New York, and The New York Times, among other publications. Dr. Lee Pierce (they & she) is Assistant Professor of Rhetorical Communication at State University of New York at Geneseo and host of the podcast RhetoricLee Speaking. Connect with Lee on Gmail and social media @rhetoriclee. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/finance
I spoke with Prof. Tim Jackson about his latest book: Post Growth, Life after Capitalism, published by Polity Books in 2021. The book starts with a reflection on the event of the past few months. The success in 2019 of the school strikes for climate, the attention that Greta Thunberg received even in Davos, and the arrival of the pandemic that changed our priorities. Even the 2009 crisis challenged the degrowth movement when we experienced the consequences of the recession. I have asked how do we keep the focus on sustainability? This book and his work in general are about the need for a change in our economic paradigms. But we are still tied to old ideas and institutions. Keynes that many progressive politicians and economists frequently refer to, cannot be really claimed to be offering revolutionary ideas for our times. Still, the book mentions an essay by Keynes from 1930 where he appears clearly interested in what should come after the immediate actions (growth) needed to overcome the great depression. We discussed how the shift in economic paradigm can follow different patterns in the rich nations and in the developing ones. Finally, referring to the final chapter, 'Dolphins in Venice', we talked about what could happen at the end of the pandemic to our cultural and consumption preferences. Capitalism is broken. The relentless pursuit of more has delivered climate catastrophe, social inequality and financial instability—and left us ill prepared for life in a global pandemic. Weaving together philosophical reflection, economic insight and social vision, Tim Jackson’s passionate and provocative book dares us to imagine a world beyond capitalism—a place where relationship and meaning take precedence over profits and power. Post Growth is both a manifesto for system change and an invitation to rekindle a deeper conversation about the nature of the human condition. Dr Tim Jackson holds degrees in mathematics (MA, Cambridge), philosophy (MA, Uni Western Ontario) and physics (PhD, St Andrews). He is Director of the Centre for the Understanding of Sustainable Prosperity and Professor of Sustainable Development at the University of Surrey in the UK. Andrea Bernardi is Senior Lecturer in Employment and Organization Studies at Oxford Brookes University in the UK. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/finance
For years, American Jewish philanthropy has been celebrated as the proudest product of Jewish endeavors in the United States, its virtues extending from the local to the global, the Jewish to the non-Jewish, and modest donations to vast endowments. Yet, as Lila Corwin Berman illuminates in The American Jewish Philanthropic Complex: The History of a Multibillion-Dollar Institution (Princeton University Press, 2020), the history of American Jewish philanthropy reveals the far more complicated reality of changing and uneasy relationships among philanthropy, democracy, and capitalism. With a fresh eye and lucid prose, and relying on previously untapped sources, Berman shows that from its nineteenth-century roots to its apex in the late twentieth century, the American Jewish philanthropic complex tied Jewish institutions to the American state. The government’s regulatory efforts―most importantly, tax policies―situated philanthropy at the core of its experiments to maintain the public good without trammeling on the private freedoms of individuals. Jewish philanthropic institutions and leaders gained financial strength, political influence, and state protections within this framework. However, over time, the vast inequalities in resource distribution that marked American state policy became inseparable from philanthropic practice. By the turn of the millennium, Jewish philanthropic institutions reflected the state’s growing investment in capitalism against democratic interests. But well before that, Jewish philanthropy had already entered into a tight relationship with the governing forces of American life, reinforcing and even transforming the nation’s laws and policies. The American Jewish Philanthropic Complex uncovers how capitalism and private interests came to command authority over the public good, in Jewish life and beyond. Lila Corwin Berman is Professor of History at Temple University. Host: Schneur Zalman Newfield is an Assistant Professor of Sociology at Borough of Manhattan Community College, City University of New York, and the author of Degrees of Separation: Identity Formation While Leaving Ultra-Orthodox Judaism (Temple University Press, 2020). Visit him online at ZalmanNewfield.com. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/finance
In The Other Side of the Coin: Public Opinion toward Social Tax Expenditures (Russell Sage Foundation, 2021), political scientists Christopher Ellis and Christopher Faricy examine public opinion towards social tax expenditures—the other side of the American social welfare state—and their potential to expand support for such social investment. Tax expenditures seek to accomplish many of the goals of direct government expenditures, but they distribute money indirectly, through tax refunds or reductions in taxable income, rather than direct payments on goods and services or benefits. They tend to privilege market-based solutions to social problems such as employer-based tax subsidies for purchasing health insurance versus government-provided health insurance. Drawing on nationally representative surveys and survey experiments, Ellis and Faricy show that social welfare policies designed as tax expenditures, as opposed to direct spending on social welfare programs, are widely popular with the general public. Contrary to previous research suggesting that recipients of these subsidies are often unaware of indirect government aid—sometimes called “the hidden welfare state”—Ellis and Faricy find that citizens are well aware of them and act in their economic self-interest in supporting tax breaks for social welfare purposes. The authors find that many people view the beneficiaries of social tax expenditures to be more deserving of government aid than recipients of direct public social programs, indicating that how government benefits are delivered affects people’s views of recipients’ worthiness. Importantly, tax expenditures are more likely to appeal to citizens with anti-government attitudes, low levels of trust in government, or racial prejudices. As a result, social spending conducted through the tax code is likely to be far more popular than direct government spending on public programs that have the same goals. The first empirical examination of the broad popularity of tax expenditures, The Other Side of the Coin provides compelling insights into constructing a politically feasible—and potentially bipartisan—way to expand the scope of the American welfare state. Stephen Pimpare is director of the Public Service & Nonprofit Leadership program and Faculty Fellow at the Carsey School of Public Policy at the University of New Hampshire. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/finance
In this podcast Michael Blakey describes how as a strongly dyslexic child his relationship with schooling and formal education was very challenging. He credits his parents with putting him in environments where he developed a lot of resilience - going to boarding schools from the age of seven, and only later in life realising that this was unusual. His early experiences retailing sweets and vodka at school, led to large scale warehouse parties in the US, flipping real estate in London and making enough money to start a seed fund with his brother. We learn about his habit of acting first, and then figuring things out, how he wants both financial success and impact, the questions he asks when trying to decide who to invest in, and how not to approach him. About Michael Blakey Michael’s entrepreneurial journey started when he was young. He supported his way through college, in the US, by running a number of events in the city. Michael loves buildingthings – including companies. Michael attributes his atypical journey to becoming a successful entrepreneur-turned-investor to having struggled for years in school, owing to his dyslexia. As a result, he was always on the lookout for ways to succeed outside of school. In turn, it is exactly this kind of differentiation and drive that he looks for in Founders as an investor today. In 2000 he founded Avonmore Developments, with his brother Simon, to invest in early-stage companies across UK. Since then, they have invested in over 40 companies and have achieved 11 successful exits to date. In 2013 he moved to SE Asia and set-up Cub Capital that has invested in 12 early-stage companies across the region including Anchanto, Quincus and MyDoc. He has already achieved 1 exit with Crème Simon. Most recently, Michael co-founded Cocoon Capital, an early-stage VC fund, which is looking to invest in enterprise and deep tech companies throughout SE Asia. To date Cocoon has invested in 20 companies including Sensorflow, See-Mode and Buymed. As is his want the structure of Cocoon is very different than your typical fund, as his entrepreneurial spirit always wants him to challenge the status quo. During Michael’s career he’s been named ‘UK Angel Investor of the Year 2015’ by the UK Business Angel Association, selected as one of the ‘Maserati 100’ and voted by AngelsNews into the list of ‘Business Angels You Should Know’. These accolades were not attributed to Michael only in recognition of his successful investments, but for the relentless support he gives to the founding and management teams of the companies he invests in as well as his generous contributions over the years towards building the start-up and investor ecosystems in the UK and now SE Asia. The NBN Entrepreneurship and Leadership podcast aims to educate and inform, sharing insights based on the personal story of our carefully selected guests aiming for the atmosphere of an informal conversation in a bar or over a cup of coffee. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/finance
The emergence of individual and commercial insurance in Early Modern Europe required an understanding of probability. In Probable Justice: Rethinking the Politics of Risk (U Chicago Press, 2020), Rachel Friedman highlights the political thinking that developed side by side with the advances in statistical methods. By the 20th century, small scale, group insurance had become national programs with profound political implications. Friedman's work traces how what she calls probabilistic social insurance played a key role in the emergence of the modern welfare state. And we discuss where we go from here, post-pandemic, when all insurances systems have been put to the test. Daniel Peris is Senior Vice President at Federated Hermes in Pittsburgh. He can be reached at DanielxPeris@gmail.com or via Twitter @HistoryInvestor. His History and Investing blog and Keep Calm & Carry On Investing podcast are at https://strategicdividendinves... Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/finance
Following the 2008 financial crisis, the Federal Reserve’s monetary policy placed much greater focus on stabilizing the market than on helping struggling Americans. As a result, the richest Americans got a lot richer while the middle class shrank and economic and wealth inequality skyrocketed. In Engine of Inequality, Karen Petrou offers pragmatic solutions for creating more inclusive monetary policy and equality-enhancing financial regulation as quickly and painlessly as possible. Instead of proposing legislation that would never pass Congress, the author provides an insider's look at politically plausible, high-impact financial policy fixes that will radically shift the equality balance. Offering an innovative, powerful, and highly practical solution for immediately turning around the enormous nationwide problem of economic inequality, this groundbreaking book:
Presents practical ways America can and should tackle economic inequality with fast-acting results;
Provides revealing examples of exactly how bad economic inequality in America has become no matter how hard we all work;
Demonstrates that increasing inequality is disastrous for long-term economic growth, political action, and even personal happiness;
Explains why your bank's interest rates are still only a fraction of what they were even though the rich are getting richer than ever, faster than ever;
Reveals the dangers of FinTech and BigTech companies taking over banking; Shows how Facebook wants to control even the dollars in your wallet; and
Discusses who shares the blame for our economic inequality, including the Fed, regulators, Congress, and even economists.
Engine of Inequality: The Fed and the Future of Wealth in America (Wiley, 2021) should be required reading for leaders, policymakers, regulators, media professionals, and all Americans wanting to ensure that the nation’s financial policy will be a force for promoting economic equality. Stephen Pimpare is director of the Public Service & Nonprofit Leadership program and Faculty Fellow at the Carsey School of Public Policy at the University of New Hampshire. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/finance
Today I talked to Pedro Gustavo Teixeira about his new book The Legal History of the European Banking Union: How European Law Led to the Supranational Integration of the Single Financial Market (Hart, 2020) Since 1950, the political and economic integration of Europe has tended to accelerate through functional mini-unions: coal and steel, nuclear power, and – in the wake of the coronavirus pandemic - it could well be healthcare next. The most recent of these mini-federations is the European Banking Union; born out of necessity at the height of the sovereign-debt crisis in 2012-13 but, as this new history emphasises, built on foundations laid in the 1970s. Within three years of its political green light, the EBU's core agencies - the Single Supervisory Mechanism (SSM) under the authority of the European Central Bank and the Single Resolution Mechanism - were in place yet, while huge changes have taken place, critical business has been left unfinished. "A regime geared towards ever more integration with distributive consequences, but without stabilisation capacity in the form of risk-sharing among member states and largely insulated from democratic politics will likely not be sustainable", writes Pedro Gustavo Teixeira. Pedro Gustavo Teixeira is director-general of governance and operations of the Single Supervisory Mechanism of the European Central Bank, secretary of its Supervisory Board, and a lecturer at the institute for law and finance at the Goethe University in Frankfurt. (Any views expressed are personal and not necessarily those of the ECB). *The author's own book recommendation is Dark Continent: Europe's Twentieth Century by Mark Mazower (Penguin, 1999 - latest edition 2018). Tim Gwynn Jones is an economic and political-risk analyst at Medley Global Advisors. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/finance
Mungo Keulemans talks about growing up in South Africa, working in the family business, his army experiences, his move to Europe, Japan and back to Europe. We hear about his entrepreneurial journey in the family business in Poland, and after its sale to one of the world’s leading companies, his time in the larger corporation and his return to entrepreneurial life leading to his investment and CEO role at PMR. The NBN Entrepreneurship and Leadership podcast aims to educate and entertain, sharing insights based on the personal story of our carefully selected guests aiming for the atmosphere of an informal conversation in a bar or over a cup of coffee. About our guest Mungo Keulemans is the CEO of PMR - the leading market research provider, industry event organiser and dedicated market research consultancy for the Construction/Pharma/Retail/ICT markets in Poland and Central Europe. Previously an entrepreneur, Innovator, business development, product manager, marketing manager, sales manager, business development director. Strong knowledge of complete value chains for Automation and manufacturing processes in Automotive, FPD, EMS, F&B/CPG, Life Science, infrastructure. As an Industrial engineer built experience with advanced industrial automation, process design and project management/execution. Believer in corporate commitment to improving the environment, responsibility towards fostering ethical practices & development of human capital. Useful links PMR Watch on Youtube here About the NBN The New Books Network was founded in 2007 as a podcast interviewing the authors of academic books, and has grown to the largest author interview podcast in the world publishing 12 podcasts a day in more than 90 specialist areas, with over a million downloads a month. Read about the founder Marshall Poe and the NBN here. In recent years it has expanded beyond its “author interview origins”. Historically NBN only did audio recordings. E&L is the first NBN podcast distributed on Youtube. About Kimon Fountoukidis Twitter Linkedin Kimon is the founder of both Argos Multilingual and PMR. Both companies were founded in the mid 90s with zero capital and both have gone on to become market leaders in their respective sectors. Kimon was born in New York and moved to Krakow, Poland in 1993. Listen to his story here, About Richard Lucas Twitter Linkedin Richard is a business and social entrepreneur who founded or invested in more than 30 businesses, including investments in Argos Multilingual, PMR and, in 2020, the New Books Network. Richard has been a TEDx event organiser, supports the pro-entrepreneurship ecosystem, and leads entrepreneurship workshops at all levels: from pre- to business schools. Richard was born in Oxford and moved to Poland in 1991. Read more here. Listen to his story in an autobiographical TEDx talk here, Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/finance
Today I talked to Adam Bryant about his new book (co-authored with Kevin Sharer), The CEO Test: Master the Challenges That Make or Break All Leaders (Harvard Business Press, 2021). Adam Bryant is managing director of Merryck & Co, a leadership development and mentoring firm. Before then, Adam was a journalist for 30 years, including at the New York Times where he authored the “Corner Office” column. He’s a speaker, teacher, and frequent contributor on CNBC. This episode is rooted in the seven parts of what a good CEO needs to master, from a simplified game plan that rank-and-file employees can follow to not trying to artificially resolve the various paradoxes intrinsic to being a leader, such as Creating Freedom and Structure and to Be Compassionate and Demanding. Along the way, the conversation delved into creating a company culture where there’s no daylight between what leaders say and do when it comes to values that define the organization. Also of note, why do so many leaders find it hard to coach the people around them to improve? And what are leaders missing that accounts for so many Mergers & Acquisitions not working out? Dan Hill, PhD, is the author of eight books and leads Sensory Logic, Inc. (https://www.sensorylogic.com). To check out his related “Dan Hill’s EQ Spotlight” blog, visit https://emotionswizard.com. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/finance
“Economics is the long-run driver” in the history of Europe’s monetary union, writes Richard Pomfret in the first of a new Cambridge Elements series on the Economics of European Integration: The Road to Monetary Union (Cambridge University Press, 2021). “Politics often determined the timing of the next step ... but it has not determined the direction of change”. In this "Element" – intended to be “longer than standard journal articles yet shorter than normal-length book manuscripts”, according to series editor Nauro Campos – Pomfret runs through the 50-year history of the project but with that core theme. While decisive political moments like German reunification are acknowledged, it is the economic drivers – the development of common policies, the single market and global value chains – that assume a central role in the process. Richard Pomfret is professor of economics at the University of Adelaide and was, until 2020, the Jean Monnet Chair in the Economics of European Integration. Before moving to Australia in 1992, he was a professor at Johns Hopkins University in Washington, Bologna and Nanjing. *The author's own book recommendations are Kleptopia: How Dirty Money is Conquering the World by Tom Burgis (William Collins, 2020), and Visitation by Jenny Erpenbeck (Granta Books, 2018 - translated by Susan Bernofsky). Tim Gwynn Jones is an economic and political-risk analyst at Medley Global Advisors. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/finance
In this episode Florian Feas describes his route into setting up Slator: to solve problems he became aware of, as a result of working in the translation industry in senior positions. He outlines the importance of having a co-founder with complementary skills and how SaaS business tools enabled him to scale his business fast and cost effectively We draw out lessons that any entrepreneur can benefit from hearing. Florian Faes is the Managing Director of Slator, a business media and advisory firm for the global language industry he co-founded in 2015. Prior to Slator, Florian spent nearly a decade in Asia, heading regional operations for a Swiss headquartered language service provider. Florian is the co-host of the SlatorPod podcast and publisher of LocJobs.com, a job board for the translation and localization industry. Florian likes to spend time on Switzerland's slopes and mountain trails. The NBN Entrepreneurship and Leadership podcast aims to educate and inform, sharing insights based on the personal story of our carefully selected guests aiming for the atmosphere of an informal conversation in a bar or over a cup of coffee. About our guest Florian Faes is the Managing Director of Slator, a business media and advisory firm for the global language industry he co-founded in 2015. Prior to Slator, Florian spent nearly a decade in Asia, heading regional operations for a Swiss headquartered language service provider. Florian is the co-host of the SlatorPod podcast and publisher of LocJobs.com, a job board for the translation and localization industry. Florian likes to spend time on Switzerland's slopes and mountain trails. See this episode on Youtube here https://youtu.be/4AudyTHg6Zg About the NBN The New Books Network was founded in 2007 as a podcast interviewing the authors of academic books, and has grown to the largest author interview podcast in the world publishing 12 podcasts a day in more than 90 specialist areas, with over a million downloads a month. Read about the founder Marshall Poe and the NBN here. In recent years it has expanded beyond its “author interview origins”. Historically NBN only did audio recordings. E&L is the first NBN podcast distributed on Youtube. About Kimon Fountoukidis Twitter Linkedin Kimon is the founder of both Argos Multilingual and PMR. Both companies were founded in the mid 90s with zero capital and both have gone on to become market leaders in their respective sectors. Kimon was born in New York and moved to Krakow, Poland in 1993. Listen to his story here, About Richard Lucas Twitter Linkedin Richard is a business and social entrepreneur who founded or invested in more than 30 businesses, including investments in Argos Multilingual, PMR and, in 2020, the New Books Network. Richard has been a TEDx event organiser, supports the pro-entrepreneurship ecosystem, and leads entrepreneurship workshops at all levels: from pre- to business schools. Richard was born in Oxford and moved to Poland in 1991. Read more here. Listen to his story in an autobiographical TEDx talk here, Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/finance
Are we in the midst of a financial bubble? Do the current valuations of the electronic vehicle stocks or their SPACs make you raise an eyebrow? The trouble with bubbles is that they are hard to spot from within, and much easier to define and analyze after the fact. In their new book, Boom and Bust: A Global History of Financial Bubbles (Cambridge University Press, 2020), William Quinn and John D. Turner analyze past instances of extreme speculation to come up with a typology of the phenomenon. Using what they call the Bubble Triangle of Marketability, Easy Money, and overt Speculation, they have created a tool for financial economists, and the rest of us, to judge what makes a bubble and what makes it pop. Given the unusual nature of the capital markets at the present time, you will want to be familiar with their analysis as you view your own investments. Daniel Peris is Senior Vice President at Federated Hermes in Pittsburgh. He can be reached at DanielxPeris@gmail.com or via Twitter @HistoryInvestor. His History and Investing blog and Keep Calm & Carry On Investing podcast are at https://strategicdividendinvestor.com Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/finance
In this episode we talk to Ashutosh about his upbringing and journey into corporate life, and the lessons that taught him. His route into entrepreneurship to build the “Boots of India”,which grew to be India’s largest retail pharmacy chain, and his life post-exit as an author and podcaster. The NBN Entrepreneurship and Leadership podcast aims to educate and entertain, sharing insights based on the personal story of our carefully selected guests aiming for the atmosphere of an informal conversation in a bar or over a cup of coffee. This episode can be viewed on Youtube here. About our guest Ashutosh hosts the very successful video and podcast series titled “The Brand Called You – Converse with the Future” (www.tbcy.in) bringing the stories of successful entrepreneurs, professionals and senior corporate leaders to thousands of listeners. He is a certified Business Coach and coaches / mentors several CEOs in India on business matters, governance, strategic planning, succession planning, personal accountability, people and culture issues. (www.equationcoaching.com). A published author of 6 best-selling books, he has written on Startups, Entrepreneurship, Retirement in the 21st Century, Personal Branding, Work Life Balance and Fiction. His latest book on personal branding is titled “The Brand Called You”. He writes regularly for Times of India and can often be seen on National Television panel discussions on political affairs. Ashutosh founded Guardian Pharmacy in India in 2003 and built it into India's second largest Pharmacy Chain. He exited from the business in 2016. Prior to that he worked for ITC Limited for 17 years leaving in 1996 and thereafter with US Aerospace companies for 8 years as their Head of Asia. Ashutosh served on the board of GAVI, The Vaccine Alliance (www.gavi.org) for 8 years. He sits on several boards and advises companies on strategy and governance matters. He was the Chairman of Bizdome, the Startup Incubator of IIM Rohtak till 2018. He is a YPO member and was Chairman of YPO South Asia Gold (2017-19). He was recognised as a Global Leader for Tomorrow by the World Economic Forum in 1994. His wife Vera is a Historian and teaches at the American Embassy School, New Delhi. His older son, Varun works for American Express in Singapore as their Director Marketing and his younger son Ashwin works for Procter and Gamble in Cincinnati as their Director Sales. A keen golfer, he plays the Indian flute, enjoys reading and listening to Indian classical music About the NBN The New Books Network was founded in 2007 as a podcast interviewing the authors of academic books, and has grown to the largest author interview podcast in the world publishing 12 podcasts a day in more than 90 specialist areas, with over a million downloads a month. Read about the founder Marshall Poe and the NBN here. In recent years it has expanded beyond its “author interview origins”. Historically NBN only did audio recordings. E&L is the first NBN podcast distributed on Youtube. About Kimon Fountoukidis Twitter Linkedin Kimon is the founder of both Argos Multilingual and PMR. Both companies were founded in the mid 90s with zero capital and both have gone on to become market leaders in their respective sectors. Kimon was born in New York and moved to Krakow, Poland in 1993. Listen to his story here, About Richard Lucas Twitter Linkedin Richard is a business and social entrepreneur who founded or invested in more than 30 businesses, including investments in Argos Multilingual, PMR and, in 2020, the New Books Network. Richard has been a TEDx event organiser, supports the pro-entrepreneurship ecosystem, and leads entrepreneurship workshops at all levels: from pre- to business schools. Richard was born in Oxford and moved to Poland in 1991. Read more here. Listen to his story in an autobiographical TEDx talk here, Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/finance
For decades, a secret army of tax attorneys, accountants and wealth managers has been developing into the shadowy Wealth Defense Industry. These ‘agents of inequality’ are paid millions to hide trillions for the richest 0.01%. In The Wealth Hoarders: How Billionaires Pay Millions to Hide Trillions (Polity, 2021), inequality expert Chuck Collins, who himself inherited a fortune, interviews the leading players and gives a unique insider account of how this industry is doing everything it can to create and entrench hereditary dynasties of wealth and power. He exposes the inner workings of these “agents of inequality”, showing how they deploy anonymous shell companies, family offices, offshore accounts, opaque trusts, and sham transactions to ensure the world’s richest pay next to no tax. He ends by outlining a robust set of policies that democratic nations can implement to shut down the Wealth Defense Industry for good. This shocking exposé of the insidious machinery of inequality is essential reading for anyone wanting the inside story of our age of plutocratic plunder and stashed cash. Stephen Pimpare is director of the Public Service & Nonprofit Leadership program and Faculty Fellow at the Carsey School of Public Policy at the University of New Hampshire. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/finance
Veronique Ozkaya shares her teenage experience working in the family business, why she wanted to get away from her hometown, her brief career as a diplomat, and rapid rise to a leading position in the translation industry. Veronique shares her insights into gender diversity (or its absence) in the industry, and her approach to leadership. The NBN Entrepreneurship and Leadership podcast aims to educate and entertain, sharing insights based on the personal stories of our carefully selected guests in the atmosphere of an informal conversation in a bar or over a cup of coffee. About our guest Veronique is a seasoned international leader with experience building and strengthening the sales and marketing functions for organizations with high growth ambitions. Extensive experience in Localization – helping industry leaders grow market share in international markets with services such as translation, internationalization, software development, engineering, and testing. Fluent in French, English, Turkish, and functional in German. Your hosts, Kimon and Richard, together with Veronique, are all shareholders in Argos Multilingual, the company which Veronique leads. Veronique on Linkedin About the NBN The New Books Network was founded in 2007 as a podcast interviewing the authors of academic books, and has grown to the largest author interview podcast in the world publishing 12 podcasts a day in more than 90 specialist areas, with over a million downloads a month. Read about the founder Marshall Poe and the NBN here. In recent years it has expanded beyond its “author interview origins”. Historically NBN only did audio recordings. E&L is the first NBN podcast distributed on Youtube. About Kimon Fountoukidis Twitter Linkedin Kimon is the founder of both Argos Multilingual and PMR. Both companies were founded in the mid 90s with zero capital and both have gone on to become market leaders in their respective sectors. Kimon was born in New York and moved to Krakow, Poland in 1993. Listen to his story here, About Richard Lucas Twitter Linkedin Richard is a business and social entrepreneur who founded or invested in more than 30 businesses, including investments in Argos Multilingual, PMR and, in 2020, the New Books Network. Richard has been a TEDx event organiser, supports the pro-entrepreneurship ecosystem, and leads entrepreneurship workshops at all levels: from pre- to business schools. Richard was born in Oxford and moved to Poland in 1991. Read more here. Listen to his story in an autobiographical TEDx talk here, Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/finance
In this magnum opus, Paul Vallely guides the reader on a journey through the history and meaning of giving in religion and society. Vivid with anecdote and scholarly insight, this magisterial survey – from the ancient Greeks to today's high-tech geeks – provides an original take on the history of philanthropy. It shows how giving has, variously, been a matter of honor, altruism, religious injunction, political control, moral activism, enlightened self-interest, public good, personal fulfillment and plutocratic manipulation. Its narrative moves from the Greek man of honor and Roman patron, via the Jewish prophet and Christian scholastic – through Puritan proto-capitalist, Enlightenment activist and Victorian moralist – to the robber-baron philanthropist, the welfare socialist, the celebrity activist and today's wealthy mega-giver. In the process it discovers that philanthropy lost an essential element as it entered the modern era. The book then embarks on a journey to determine where today's philanthropists come closest to recovering that missing dimension. Philanthropy: From Aristotle to Zuckerberg (Bloomsbury Continuum, 2020) explores the successes and failures of philanthrocapitalism, examines its claims and contradictions, and asks tough questions of top philanthropists and leading thinkers – among them Richard Branson, Eliza Manningham-Buller, Jonathan Ruffer, David Sainsbury, John Studzinski, Bob Geldof, Naser Haghamed, Lenny Henry, Jonathan Sacks, Rowan Williams, Ngaire Woods, and the presidents of the Rockefeller and Soros foundations, Rajiv Shah and Patrick Gaspard. In extended conversations they explore the relationship between philanthropy and family, faith, society, art, politics, and the creation and distribution of wealth. Highly engaging and meticulously researched, Paul Vallely's authoritative account of philanthropy then and now critiques the excessive utilitarianism of much modern philanthrocapitalism and points to how philanthropy can rediscover its soul. Renee Garfinkel, Ph.D. is a psychologist, writer, Middle East television commentator and host of The New Books Network’s Van Leer Jerusalem Series on Ideas. Write her at r.garfinkel@yahoo.com. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/finance
Few topics have as many myths, stereotypes, and misperceptions surrounding them as that of poverty in America. The poor have been badly misunderstood since the beginnings of the country, with the rhetoric only ratcheting up in recent times. Our current era of fake news, alternative facts, and media partisanship has led to a breeding ground for all types of myths and misinformation to gain traction and legitimacy. Poorly Understood: What America Gets Wrong about Poverty (Oxford UP, 2021) is the first book to systematically address and confront many of the most widespread myths pertaining to poverty. Mark Robert Rank, Lawrence M. Eppard, and Heather E. Bullock powerfully demonstrate that the realities of poverty are much different than the myths; indeed in many ways they are more disturbing. The idealized image of American society is one of abundant opportunities, with hard work being rewarded by economic prosperity. But what if this picture is wrong? What if poverty is an experience that touches the majority of Americans? What if hard work does not necessarily lead to economic well-being? What if the reasons for poverty are largely beyond the control of individuals? And if all of the evidence necessary to disprove these myths has been readily available for years, why do they remain so stubbornly pervasive? These are much more disturbing realities to consider because they call into question the very core of America's identity. Armed with the latest research, Poorly Understood not only challenges the myths of poverty and inequality, but it explains why these myths continue to exist, providing an innovative blueprint for how the nation can move forward to effectively alleviate American poverty. Stephen Pimpare is director of the Public Service & Nonprofit Leadership program and Faculty Fellow at the Carsey School of Public Policy at the University of New Hampshire. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/finance
In this episode Kimon and Richard explain why they are launching the NBN Entrepreneurship and Leadership podcast, the topics they are going to delve into with their guests and what aspects of their guests’ entrepreneurial journeys they are most interested in. What has been the role of background and upbringing, social and family pressures, education (or lack of it), and their attitudes to competition and luck. Despite their common business history Kimon and Richard highlight differences in their experiences and how they believe their varying perspectives will lead to a solid exploration of what can be learned from the guests. If you want to get a sense of what this channel is all about, and why it should be interesting to listeners who are into entrepreneurship and leadership, this is a great place to start. The NBN Entrepreneurship and Leadership podcast aims to educate and entertain, sharing insights based on the personal story of our carefully selected guests aiming for the atmosphere of an informal conversation in a bar or over a cup of coffee. Follow our channels on Facebook, Linkedin and Twitter. View the episode on Youtube here. You can listen to the episode on the NBN here. About the NBN The New Books Network was founded in 2007 as a podcast interviewing the authors of academic books, and has grown to the largest author interview podcast in the world publishing 12 podcasts a day in more than 90 specialist areas, with over a million downloads a month. Read about the founder Marshall Poe and the NBN here. In recent years it has expanded beyond its “author interview origins”. Historically NBN only did audio recordings. E&L is the first NBN podcast distributed on Youtube. About Kimon Fountoukidis Twitter Linkedin Kimon is the founder of both Argos Multilingual and PMR. Both companies were founded in the mid 90s with zero capital and both have gone on to become market leaders in their respective sectors. Kimon was born in New York and moved to Krakow, Poland in 1993. Listen to his story here. About Richard Lucas Twitter Linkedin Richard is a business and social entrepreneur who founded or invested in more than 30 businesses, including investments in Argos Multilingual, PMR and, in 2020, the New Books Network. Richard has been a TEDx event organiser, supports the pro-entrepreneurship ecosystem, and leads entrepreneurship workshops at all levels: from pre- to business schools. Richard was born in Oxford and moved to Poland in 1991. Read more here. Listen to his story in an autobiographical TEDx talk here. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/finance
It’s hard to avoid innovation these days. Nearly every product gets marketed as being disruptive, whether it’s genuinely a new invention or just a new toothbrush. But in this manifesto on the state of American work, historians of technology Lee Vinsel and Andrew L. Russell argue that our way of thinking about and pursuing innovation has made us poorer, less safe, and—ironically—less innovative. Drawing on years of original research and reporting, The Innovation Delusion: How Our Obsession with the New Has Disrupted the Work That Matters Most (Currency, 2020) shows how the ideology of change for its own sake has proved a disaster. Corporations have spent millions hiring chief innovation officers while their core businesses tank. Computer science programs have drilled their students on programming and design, even though the overwhelming majority of jobs are in IT and maintenance. In countless cities, suburban sprawl has left local governments with loads of deferred repairs that they can’t afford to fix. For anyone concerned by the crumbling state of our roads and bridges or the direction our economy is headed, The Innovation Delusion is a deeply necessary reevaluation of a trend we can still disrupt. Mathew Jordan is a university instructor, funk musician, and clear writing enthusiast. I study science and its history, in the hope that understanding the past can help us make sense of the present and build a better future. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/finance
Fifteen years ago in Stockholm, Daniel Ek and Martin Lorentzon had a big idea. The music industry was playing a desperate game of whack-a-mole with piracy via file sharing but this was proving as hopeless as the War on Drugs. Why not, they thought, use the new torrenting technologies to bring piracy in from the cold and make themselves rich in the process? In 2006, they founded Spotify with a handful of engineers, no licences and no revenue. Today, Spotify is the world's most popular audio streaming subscription service with 345 million users and a market capitalization of $60 billion. How did the shy computer nerd and hyperactive investor tame hostile music labels and withstand competition from US tech giants more than ten times their size? Still struggling to achieve sustained profitability in cut-throat market segments, will Ek’s latest foray into podcasting eventually free Spotify of its dependency on the music labels or suffer the same fate as Spotify TV? The Spotify Play: How CEO and Founder Daniel Ek Beat Apple, Google, and Amazon in the Race for Audio Dominance (Diversion Books, 2021) is the new English-language update of Spotify Untold – their 2019 Swedish business biography – Sven Carlsson and Jonas Leijonhufvud put Europe’s only tech giant under the microscope using information gleaned from interviews more than 80 sources and a mountain of public and private documents. The book has been translated into 15 languages and will soon be turned into a Netflix Originals miniseries. Sven Carlsson is a technology reporter at Swedish Radio and and Jonas Leijonhufvud a business journalist at Di Digital. *The authors own book recommendations are Super Pumped: The Battle for Uber by Mike Isaac (W. W. Norton, 2019) and Say Nothing: A True Story Of Murder and Memory In Northern Ireland by Patrick Radden Keefe (William Collins, 2018). Tim Gwynn Jones is an economic and political-risk analyst at Medley Global Advisors. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/finance
Even without the loss of the City of London from its jurisdiction, the EU has gone through a decade-long revolution in financial supervision and regulation since Lehman Brothers’ bankruptcy in 2008. The directives and regulations introduced in the wake of the crisis took years to negotiate, implement and stress-test against political reality in the last five years. The second wave of the crisis, which exposed the “doom loop” between fiscally weak states and their pet banks, spawned the European Banking Union but left some crucial remedial work undone. In this update of their 2015 edition of European Banking and Financial Law (Routledge, 2020), Matthias Haentjens and Pierre de Gioia Carabellese provide a comprehensive description and analysis of this growing body of new law, its origins, and policy implications. Matthias Haentjens is professor of law, director of the Hazelhoff Centre for Financial Law at the University of Leiden, and a deputy judge in the district court of Amsterdam. *His book recommendations are Stalingrad by Vasily Grossman (1952 – translated by Robert Chandler – Harvill Secker, 2019) and Made at Home by Giorgio Locatelli (Fourth Estate, 2017). Tim Gwynn Jones is an economic and political-risk analyst at Medley Global Advisors. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/finance
Covid-19 is the global threat that owns today’s headlines, but the threat of international and domestic terrorism is still very much with us. Specifically, the widespread upheaval, uncertainty and global anxiety occasioned by the COVID-19 pandemic has been seen by terror organizations as a golden opportunity to tie their messaging to information about the disease and intensify their propaganda for purposes of recruitment and incitement to violence. Whether it’s Boko Haram or ISIS, Hezbollah or Hamas, or the range of hate groups acting around the globe, terrorism continues to be a threat to decent people everywhere. N. Darshan-Leitner and S. M. Katz's book Harpoon: Inside the Covert War Against Terrorism's Money Masters (Hachette, 2017) is a revelatory account of the cloak-and-dagger Israeli campaign to target the finances fueling terror organizations--an effort that became the blueprint for U.S. efforts to combat threats like ISIS and drug cartels. ISIS boasted $2.4 billion of revenue back in 2015, yet for too long the global war on terror overlooked financial warfare as an offensive strategy. "Harpoon," the creation of Mossad legend Meir Dagan, directed spies, soldiers, and attorneys to disrupt and destroy money pipelines and financial institutions that paid for the bloodshed perpetrated by Hamas, Hezbollah, and other groups. Written by an attorney who worked with Harpoon and a bestselling journalist, Harpoon offers a gripping story of the Israeli-led effort, now joined by the Americans, to choke off the terrorists' oxygen supply, money, via unconventional warfare. Renee Garfinkel, Ph.D. is a psychologist, writer, Middle East television commentator and host of The New Books Network’s Van Leer Jerusalem Series on Ideas. Write her at VanLeerIdeas@gmail.com or tweet @embracingwisdom Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/finance
George Orwell once said that “the word ‘fascism’ has now no meaning except in so far as it signifies ‘something not desirable’”. The word ‘neoliberalism’ knows exactly how it feels. How did a term coined by a group of anti-authoritarian German economists in the 1930s to label a philosophy that stressed the role of the state in ensuring efficient competition turn into more of an insult than a description 50 years later? Has the nationalist tide that swept through Washington, London, Rome, Brasília, and Budapest brought the neoliberal era to end or helped relaunch its “third wave”? What differentiates neo- from ordo- from classical liberalism? In this second edition of Neoliberalism: A Very Short Introduction (Oxford University Press, 2021), Manfred Steger and Ravi Roy seek to answer these questions, and retell the history of an idea, its mutations and its future. Manfred Steger is Professor of Sociology at the University of Hawaiʻi at Mānoa. Ravi Roy is Associate Professor of Political Science and W. Edwards Deming Fellow in Public Affairs at Southern Utah University. *The authors’ book recommendations are Other People's Money: Masters of the Universe or Servants of the People? by John Kay (Profile Books, 2016) and Imperium by Robert Harris (Arrow, 2009). Tim Gwynn Jones is an economic and political-risk analyst at Medley Global Advisors. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/finance
Financial inclusion has been one of the most prominent issues on the international development agenda in recent years, as access to payments, remittances, credit, savings and insurance services have been shown to improve economic resilience and livelihoods. While bank account access remains low in many developing countries, widespread access to mobile phones is providing a platform to push financial access even into remote areas. The Covid-19 pandemic has only reinforced the importance of digital finance, which provides a safe, socially-distanced means to transact, including for distribution of social assistance transfers. In this episode, Dr Russell Toth spoke to Dr Thushara Dibley about his work on digital finance schemes and how owning a mobile phone can help lift people out of poverty in Myanmar.
Russell Toth is a Senior Lecturer in the School of Economics at the University of Sydney. He is a development microeconomist, focusing on the development of the private sector in Southeast Asia and the Pacific, on topics such as financial systems, digitisation, agricultural value chains, and small and medium enterprises. His research often involves partnering with private and public sector organisations to evaluate programs intended to improve private sector development outcomes. He holds a Ph.D. in economics from Cornell University. You can follow Russell on Twitter @russell_toth. For more information or to browse additional resources, visit the Sydney Southeast Asia Centre’s website here. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/finance
Today the salary cap is an NBA institution, something fans take for granted as part of the fabric of the league or an obstacle to their favorite team’s chances to win a championship. In the early 1980s, however, a salary cap was not only novel but nonexistent. The Cap: How Larry Fleisher and David Stern Built the Modern NBA (University of Nebraska Press, 2020) tells the fascinating, behind-the-scenes story of the deal between the NBA and the National Basketball Players Association that created the salary cap in 1983, the first in all of sports, against the backdrop of a looming players’ strike on one side and threatened economic collapse on the other. Joshua Mendelsohn illustrates how the salary cap was more than just professional basketball’s economic foundation—it was a grand bargain, a compromise meant to end the chaos that had gripped the sport since the early 1960s. The NBA had spent decades in a vulnerable position financially and legally, unique in professional sports. It entered the 1980s badly battered, something no one knew better than a few legendary NBA figures: Larry Fleisher, general counsel and negotiator for the National Basketball Players Association; Larry O’Brien, the commissioner; and David Stern, who led negotiations for the NBA and would be named the commissioner a few months after the salary cap deal was reached. As a result, in 1983 the NBA and its players made a novel settlement. The players gave up infinite pay increases, but they gained a guaranteed piece of the league’s revenue and free agency to play where they wished—a combination that did not exist before in professional sports but as a result became standard for the NBA, NFL, and NHL as well. The Cap explores in detail not only the high-stakes negotiations in the early 1980s but all the twists and turns through the decades that led the parties to reach a salary cap compromise. It is a compelling story that involves notable players, colorful owners, visionary league and union officials, and a sport trying to solidify a bright future despite a turbulent past and present. This is a story missing from the landscape of basketball history. Paul Knepper used to cover the Knicks for Bleacher Report. His first book, The Knicks of the Nineties: Ewing, Oakley, Starks and the Brawlers That Almost Won It All was published in September 2020. You can reach Paul at paulknepper@gmail.com and follow him on Twitter @paulieknep. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/finance
Twenty-eight years after Francis Fukuyama declared the “end of history” and pronounced Western-style liberalism as the culmination of a Hegelian narrative of progress, pundits and academics of all stripes find themselves struggling to explain the failed prediction that China’s increased activity in international markets would inevitably lead to increasing political and social liberalization in that country. With his ground-breaking book, Network Origins of the Global Economy: East vs. West in a Complex Systems Perspective, out from Cambridge University Press in 2020, Hilton L. Root takes a road less-traveled in contemporary economics and brings the analytical tools of systems theory to bear on this perplexing question, believing that a study of network structure might be able to shed more light than the traditional tools of economic analysis. This clearly argued and eminently readable book accounts for much of the current state of affairs by tracing the contrasting historical evolution of Europe as a Small World Network constituted by the dense connectivity of dynastic marriages between the continent’s royal houses, and China as a Hub and Spoke Network with communications flowing outward through the branches of its vast and robustly structured bureaucracy from a primary central node. Other networked social factors under consideration are the development of Europe’s blend of Germanic custom and Roman law, and China’s tradition of the ideal Confucian gentleman and its deep commitment to merit rather than birthright as the condition for ascending the ranks of administrative power structures. Emerging from this thoughtful and well-researched study is a compelling explanatory narrative of Europe’s ongoing capacity to adapt to rapid change and China’s pattern of long stretches of stability, sudden collapse, and subsequent resurrection of largely unchanged network structure. This adventurous scholarly work simultaneously opens new theoretical doors for economists and provides systems scholars with access to new dimensions of application. Tom Scholte is a Professor of Directing and Acting in the Department of Theatre and Film at the University of British Columbia located on the unceded, ancestral, and traditional territory of the Musqueam people. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/finance
The Idea of Development in Africa: A History (Cambridge UP, 2020) challenges prevailing international development discourses about the continent, by tracing the history of ideas, practices, and 'problems' of development used in Africa. In doing so, it offers an innovative approach to examining the history and culture of development through the lens of the development episteme, which has been foundational to the 'idea of Africa' in western discourses since the early 1800s. The study weaves together an historical narrative of how the idea of development emerged with an account of the policies and practices of development in colonial and postcolonial Africa. The book highlights four enduring themes in African development, including their present-day ramifications: domesticity, education, health, and industrialization. Offering a balance between historical overview and analysis of past and present case studies, Elisabeth McMahon and Corrie Decker demonstrate that Africans have always co-opted, challenged, and reformed the idea of development, even as the western-centric development episteme presumes a one-way flow of ideas and funding from the West to Africa. Elisa Prosperetti is a Visiting Assistant Professor in African history at Mount Holyoke College. Her research focuses on the connected histories of education and development in postcolonial West Africa. Contact her at here. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/finance
Reinventing Bankruptcy Law: A History of the Companies’ Creditors Arrangement Act (University of Toronto Press, 2020) explodes conventional wisdom about the history of the Companies’ Creditors Arrangement Act and in its place offers the first historical account of Canada’s premier corporate restructuring statute. The book adopts a novel research approach that combines legal history, socio-legal theory, ideas from political science, and doctrinal legal analysis. Meticulously researched and multi-disciplinary, Reinventing Bankruptcy Law provides a comprehensive and concise history of CCAA law over the course of the twentieth century, framing developments within broader changes in Canadian institutions including federalism, judicial review, and statutory interpretation. Examining the influence of private parties and commercial practices on lawmaking, Virginia Torrie argues that CCAA law was shaped by the commercial needs of powerful creditors to restructure corporate borrowers, providing a compelling thesis about the dynamics of legal change in the context of corporate restructuring. Torrie exposes the errors in recent case law to devastating effect and argues that courts and the legislature have switched roles – leading to the conclusion that contemporary CCAA courts function like a modern-day Court of Chancery. This book is essential reading for the Canadian insolvency community as well as those interested in Canadian institutions, legal history, and the dynamics of change. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/finance
Money Games: The Inside Story of How American Dealmakers Saved Korea’s Most Iconic Bank (Wiley, 2020) by Weijian Shan’s, is a riveting tale of one of the most successful buyout deals ever: the acquisition and turnaround of what used to be Korea’s largest bank by the American firm Newbridge Capital. Full of intrigue and suspense, this insider's account is told by the chief architect of the deal itself, the celebrated author and private equity investor Weijian Shan. With billions of dollars at stake, and the nation's economic future on the line, Newbridge Capital sought to become the first foreign firm in history to take control of one of Korea’s most beloved financial institutions. In a proud country still reeling from a humiliating International Monetary Fund bailout in the Asian Financial Crisis, Newbridge Capital had to muster every ounce of skill, determination, and patience to bring the deal to closing. Shan takes readers inside the battle to win control of the bank—a delicate, often exasperating process that meant balancing the goals of Newbridge with those of the government, bank employees, and Korea's powerful industrial titans. The author describes how Newbridge transformed and rebuilt the struggling bank into a shining example of modern banking—as well as a massively profitable investment. In the secret world of private equity, few buyouts have been written about with such clarity, detail, and insight—and none with such completeness, covering not only the dealmaking but also the transformation and eventual exit of the investment. It is difficult to introduce the author, Weijian Shan, in a few words. He holds an MA and a PhD from the University of California, Berkeley, and an MBA from the University of San Francisco. He lives in Hong Kong; he is chairman and CEO of PAG, a private equity firm. Prior to PAG, he was a partner at TPG, a private equity firm based in San Francisco. He also worked at the World Bank in Washington and at JP Morgan. He led a number of landmark transactions, including the acquisitions of Korea First Bank and China's Shenzhen Development Bank, both of which made his investors billions of dollars in profits and were made into case studies by Harvard Business School. He also held teaching positions, first in China then at the Wharton School of the University of Pennsylvania, where he founded the China Economic Review. Shan is a frequent contributor to journals and newspapers such as The New York Times, Financial Times, and WSJ. Weijian Shan’s first book ‘Out of the Gobi: My Story of China and America’, was called ‘a deeply affecting memoir’ by the Wall Street Journal and one of The Financial Times’ 2019 top ten Best Books of the Year. It details Shan’s raw will to succeed, and survive, against all odds as a former hard laborer as a member of the Inner Mongolia Construction Army Corp, to become one of the more respected and successful financiers in the ‘new China. Out of the Gobi was published in 2019 by Wiley and became a bestseller. In my interview with him, we spoke about the context of the Asian financial crisis and the international rescue efforts. We discussed how private equity can be a force for good ad create value. I asked what can we learn from the Asian financial crisis of 1998 that we can apply to our current global financial crisis. We also discussed the potential of Asia / West relations. This is in fact an important theme in his previous book too. In short, Money Games is a great book (more than what the title could let you guess) that a diverse readership will find interesting: economists, political scientists, businessmen, policymakers. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/finance
In the wake of the 2008-09 financial crisis, Adam Fergusson's When Money Dies: The Nightmare of the Weimar Hyperinflation became an unlikely publishing hit more than three decades after its release. Yet, even though few people knew the details of the 1923 crisis, stories and images from interbellum Germany are things of legend. The same cannot be said of the many other hyperinflationary episodes in the past century and especially the two most severe: the first in postwar Hungary and the second just 13 years ago in Zimbabwe. Hyperinflation in Zimbabwe: Background, Impact, and Policy (Palgrave, 2019) investigates what drove a process that, at its peak, led to 80-billion-percent inflation and the death of the country’s money. Tara McIndoe Calder, who lived through the crisis and now works as an economist in Dublin, examines what happened in her homeland but also the wider meaning of hyperinflation, how to measure it accurately, its common causes and how to stop it. Tara McIndoe Calder has been an economist at the Central Bank of Ireland since 2011 specialising in debt issues, after completing a PhD at Trinity College Dublin on money demand, aid shocks, and the impact of land reform in Zimbabwe. *Her own book recommendations are Invisible Women by Caroline Criado Perez (Vintage, 2019), and both Half of a Yellow Sun and Americana by Chimamanda Ngozi Adichie (Fourth Estate, 2014) Tim Gwynn Jones is an economic and political-risk analyst at Medley Global Advisors. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/finance
With the coronavirus pandemic, Modern Monetary Theory met its moment. A sudden and massive loss of output globally was met with an unprecedented response by governments and central banks and at least some official regret about excessive fiscal austerity after the 2008-09 crisis. Stephanie Kelton's The Deficit Myth: Modern Monetary Theory and the Birth of the People's Economy found a ready audience and remains in the New York Times Hardcover Nonfiction Best-Seller List six months after publication. Yet, one criticism of her book and of MMT generally is that its proponents, examples and policy proposals are overwhelmingly American and built on assumptions about having a sovereign and dominant global currency. Dirk Ehnts, a leading MMT proponent, seeks to address this criticism in Modern Monetary Theory and European Macroeconomics (Routledge, 2016). In 2020, he published an updated edition in German as Money and Credit: A European Perspective (Metropolis, 2020). Dirk Ehnts earned his doctorate at the Carl von Ossietzky University in Oldenburg and has worked as an academic economist at the Berlin School of Economics and Law, the Free University Berlin, Bard College Berlin, the Technical University of Chemnitz and the University of Flensburg. In 2019, he organised the first European MMT conference and has scheduled the second for September 2021. *His own book recommendation is Reclaiming the State by William Mitchell and Thomas Fazi (Pluto Press, 2017). Tim Gwynn Jones is an economic and political-risk analyst at Medley Global Advisors. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/finance
In International Aid and Democracy Promotion: Liberalization at the Margins (Routledge, 2020), Political Scientist Bann Seng Tan investigates the link between foreign aid and the promotion of democracy, using theory, statistical tests, and illustrative case studies. The book challenges the field of development to recognise that democracy promotion is unlike other development goals. With a goal like economic development, the interests of the recipient and the donor coincide; whereas, with democratisation, authoritarian recipients have strong reasons to oppose what donors seek. The different motivations of donors and recipients must be considered if democracy aid is to be effective. The author examines how donors exercise their leverage over aid recipients, and, more importantly, why, using selectorate theory to understand the incentives of both aid donors and recipients. International Aid and Democracy Promotion will be of great interest to academics and students of development and democratisation, as well as policy makers with authority over foreign aid allocation. Ashoka University generously funded Open Access for this book. This means students can get a digital copy of the book for free. Medha Prasanna is an MA candidate at the Elliott School of International Affairs, George Washington University. Her current research focuses on International Organizations and Human Rights Law. You can learn more about her here or email her medp16@gwu.edu Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/finance
Paul Donovan's Profit and Prejudice: The Luddites of the Fourth Industrial Revolution (Routledge, 2020) is a great example of what Robert Shiller has championed as narrative economics--pointing out the power and real-world economic import of stories, of narratives. In this case, Donovan highlights the cost of prejudice and how it will become even more expensive as we enter the fourth industrial revolution, a period in which human capital will be critically important to the success of any endeavor. Prejudice is bad for business and the economy, he concludes. Donovan argues for "Fighting Back"--the title of a chapter--to confront the economic cost of prejudice, but it will be an uphill battle. Daniel Peris is Senior Vice President at Federated Investors in Pittsburgh. Trained as a historian of modern Russia, he is the author most recently of Getting Back to Business: Why Modern Portfolio Theory Fails Investors. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/finance
Every day, TARGET - Europe's cross-border payments system - processes transactions worth €2.5 trillion. Under its decentralised model, TARGET generates balances between the national central banks. These were tiny at its creation but today – after a decade spanning the financial crisis, the sovereign-debt crisis and now the pandemic recession – Germany’s TARGET balance exceeds €1 trillion. In his The Economics of Target Balances: From Lehman to Corona (Palgrave Macmillan), Hans-Werner Sinn says these balances are a “fever thermometer” for the health of the financial system. The system as it is designed, he argues, is unsustainable. Hans-Werner Sinn is Emeritus Professor of Economics and Public Finance at the University of Munich and was president of the Ifo Institute for Economic Research from 1999 until 2016. Tim Gwynn Jones is an economic and political-risk analyst at Medley Global Advisors. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/finance
Consumers may love their products and services but, among politicians and activists, the big-technology companies are fast developing a reputation as the Robber Barons of the 21st century. Google recently joined Apple, Amazon and Microsoft as a so-called “tera-cap” – companies valued at more than a trillion dollars. Add Facebook and the five tech giants alone account for a quarter of the S&P500. How have they managed this in such a short timeframe? Their critics claim that Mark Zuckerberg, Jeff Bezos, Sundar Pichai, Satya Nadella and Tim Cook are just digital versions of Henry Ford, Andrew Carnegie, Andrew Mellon, Cornelius Vanderbilt, and John D. Rockefeller – monopolists who control entry nto their markets. Not so simple, claims Nicolas Petit in Big Tech and the Digital Economy: The Moligopoly Scenario (Oxford University Press, 2020). Concerns about privacy or the dissemination of “fake news” are valid but “looking at these predicaments through monopoly lenses is like using Facebook to get your news. It seems to do the job. But it might well be fake”. “The picture of big tech firms as monopolists is intuitively attractive but analytically wrong,” he writes. “A better picture is one of big tech firms as moligopolists, that is firms that coexist as monopolists and oligopolists”. Nicolas Petit is the Joint Chair in Competition Law at the European University Institute and the Robert Schuman Center for Advanced Studies in Florence. Tim Gwynn Jones is an economic and political-risk analyst at Medley Global Advisors. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/finance
“The key element shaping inequality is no longer the employment relationship but rather whether one is able to buy assets that appreciate at a faster rate than both inflation and wages”. So argue Lisa Adkins, Martijn Konings and Melinda Cooper in The Asset Economy (Polity Press, 2020), extending the argument in Thomas Piketty’s 2014 best-seller Capital in the Twenty-First Century. Inheritance, they claim, is no longer a 19th-century-style transmission of property titles after death but a “strategically timed transfer of funds that need to be leveraged and put to work in the speculative logic of the asset economy”. In the Anglo-Saxon economies at least, households are no longer just a unit of subsistence or consumption but a dynamic Minskyan balance-sheet manager. Lisa Adkins is Head of the School of Social and Political Sciences and Martijn Konings is Professor of Political Economy and Social Theory at the University of Sydney. Tim Gwynn Jones is an economic and political-risk analyst at Medley Global Advisors. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/finance
Capitalisms: Towards a Global History (Oxford University Press, 2020), edited by Kaveh Yazdani and Dilip M. Menon, aims to decenter work on the history of capitalism by looking at the longue durée from the tenth century; at regions as diverse as Song China, South and South East Asia, Latin America and the Ottoman and Safavid Empires; and exploring the plurality of developments over this extended time and space. The authors argue against conventional accounts that locate the origins of capitalism solely within Europe and within the conjuncture of the industrial revolution. The essays emphasize historical conjunctures, flows of commodities, circulation of knowledge and personnel, the role of mercantile capital and small producers and stress throughout the necessity to think beyond present day national boundaries. The volume contends with clichés of Western exceptionalism to make a set of historical arguments about non-Western and interconnected economic developments across the globe, prior to the era of colonialism. It argues fundamentally that the multiple histories of capitalism can be better understood from a truly global perspective. Dr Kaveh Yazdani is Lecturer (akademischer Rat) in economic history, University of Bielefeld. He teaches economic history at the University of Bielefeld, Germany. His scholarly interests include the 'Great Divergence' debate and the history of South and West Asia between the 17th and 20th centuries. He is the author of India, Modernity and the Great Divergence: Mysore and Gujarat (2017). Professor Dilip M. Menon is Mellon Chair of Indian Studies, Director of the Centre for Indian Studies in Africa, University of Witwatersrand, South Africa. He is the author of Caste, Nationalism and Communism in South India: Malabar, 1900-1948 (1994). Alexandra Ortolja-Baird is Lecturer in Early Modern European History at King’s College London. She tweets at @TimeTravelAllie. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/finance
In September 2008, Ewald Nowotny joined the governing council of the European Central Bank. Just two weeks later, Lehman Brothers filed the largest bankruptcy in US history - so triggering a global financial crisis and recession. In September 2019, he retired just before the coronavirus pandemic struck. This book charts the political and literary development of a young Social Democrat economist in postwar Vienna, his education in Austria and the US, and his experience in banking in the pre-Lehman stage of the crisis. For "ECB-watchers", Geld und Leben (Braumüller Verlag, 2020) provides a fascinating insight into the contrasting presidencies of Jean-Claude Trichet and Mario Draghi, into how council meetings are conducted, and the ruses used by members to influence the markets. Now a self-styled "independent economist", Ewald Nowotny was a professor of economics at Vienna and Linz universities, a member of Austria's parliament, a vice-president of the European Investment Bank, and governor of the Austrian National Bank. Tim Gwynn Jones is an economic and political-risk analyst at Medley Global Advisors. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/finance
Historians often portray the National Association of Manufacturers (NAM) as a conservative force in debates over free enterprise, battles against unions and government regulation, and the rise of capitalism in the United States. In The Industrialists: How the National Association of Manufacturers Shaped American Capitalism (Princeton UP, 2020), Jennifer Delton (Professor of History at Skidmore College) provides a comprehensive and nuanced political history. Delton focuses on the conservative policy goals of the organization but also its surprisingly progressive tactics and internal conflicts such as welcoming women and workers with disabilities, supporting the UN, embracing aspects of cosmopolitanism, and supporting the ERA, Civil Rights Act, and aspects of affirmative action. Delton deftly identifies the wider economic, ideological, and institutional concerns that drove NAM actors. As the book interrogates how the National Association of Manufacturing did – and did not – work, NAM emerges as a capitalist modernizer. She examines 125 years of massive change in American economic policy with the NAM at its center in order to interrogate manufacturing’s role in the development of capitalism at home and abroad – with implications for how we understand neoliberalism – especially liberal internationalist tendencies. Delton argues that liberal internationalism (associated often with Woodrow Wilson) can be seen as a crucial step toward the international institutions favored by post World War II European neoliberals. The book is divided into three parts. Part one traces the ascent and reorganization of industrial manufacturing from the 1890s to 1940. Part two highlights manufacturing’s dominance in US society and the world (1941-1980) as the US lowered tariffs and pursued free trade. The share of GDP peaked in 1953 when manufacturing represented 25.8% of domestic production. Part three treats the decline in manufacturing (beginning in 1960) and emphasizes deindustrialization, globalization, and the disintegration of the large multidivisional corporations in the 1990s. The book investigates how the globalizing impulse of neoliberalism played out historically in 20th century US politics – more specifically, how liberal internationalist ideas that were promoted by Democrats and antithetical to traditional political conservativism came to be espoused by the Republican party. Delton writes that “this is especially relevant now, as the current head of the Republican party [President Donald Trump, Republican] seems to be undoing the work of neoliberalism and liberal internationalists alike.” NAM’s history helps explain the bipartisan support for economic internationalism, freer trade, and what would later be called neoliberalism, even before the Cold War and Reagan, and even as voters (and Congress) remain extremely divided about these issues. The story of the NAM is full of contradictions, but The Industrialists deftly tracks them all, contextualizing the impacts on the national and global economy. In the podcast, Dr. Delton describes how the NAM archive was shaped by professional staff members – particularly one woman – whose views departed from NAM leaders. The referenced article, “Who Tells Your Story: Contested History at the NAM” is here. Benjamin Warren assisted with this podcast.
Susan Liebell is associate professor of political science at Saint Joseph’s University in Philadelphia. She is the author of Democracy, Intelligent Design, and Evolution: Science for Citizenship (Routledge, 2013) and, most recently, “Retreat from the Rule of Law: Locke and the Perils of Stand Your Ground” in the Journal of Politics (July 2020). Email her comments at sliebell@sju.edu or tweet to @SusanLiebell. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/finance
JC de Swaan does not shy from a challenge. In his new book, Seeking Virtue in Finance: Contributing to Society in a Conflicted Industry (Cambridge University Press, 2020), de Swaan, argues that it is possible to work in finance and not fall prey to the worst ethical ills of a profit maximizing industry. A lecturer at Princeton and partner in at Wall Street hedge fund, de Swaan spent years chronicling examples of virtuous behavior in finance. He distills his research into four "pillars" of ethical behavior for financial professionals. They include 1. Customers first, 2. Social wealth creation 3. Humanistic leadership and 4. Engaged citizenship. Those are easy to say, but hard to do in an industry not known for those attributes. Seeking Virtue in Finance should be required reading for every associate class on Wall Street, as well as their managers. Daniel Peris is Senior Vice President at Federated Investors in Pittsburgh. Trained as a historian of modern Russia, he is the author most recently of Getting Back to Business: Why Modern Portfolio Theory Fails Investors. You can follow him on Twitter @HistoryInvestor or at http://www.strategicdividendinvestor.com Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/finance
Today I spoke with Dr Margaret Heffernan about her latest book, Uncharted: How to Map and Navigate the Future Together (Simon and Schuster, 2020). Margaret produced programmes for the BBC for 13 years. She then moved to the US where she became a businesswomen. She is the author of six books and a successful TED Talk speaker. She is also a Professor of Practice at the University of Bath. In her 2012 TED Talk, ‘Dare to disagree’, she told the story Alice Stewart. This is the story of how clear, certain medical data, are not always enough to change rapidly our professional rules and personal habits. In her 2019 TED Talk she argued that the more we rely on technology to make us efficient, the fewer skills we have to confront the unexpected. That’s why we need less technology and ‘more messy human skills - imagination, humility, bravery - to solve problems in business, government and life in an unpredictable age’. In her new book, she explores the people and organizations who aren’t daunted by uncertainty: ‘We are addicted to prediction, desperate for certainty about the future. But the complexity of modern life won’t allow that; experts in forecasting are reluctant to look more than 400 days out’. Uncertainty is clearly an important construct in both macroeconomics and behavioural economics. This book starts with an anecdote on the early life of a great American economist, Irving Fisher. His swimming accident and the discovery of his tuberculosis contributed to the development his research interest in stability and monetary economics. Ranging freely through history and from business to science, government to friendships, this refreshing book challenges us to resist the false promises of technology and efficiency and instead to mine our own creativity and humanity for the capacity to create the futures we want and can believe in. 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 Milano-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. He is the co-convener of the EAEPE’s permanent track on Co-operative economy and collective ownership. Currently he is associate editor of The Review of Evolutionary Political Economy (REPE) Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/finance
For readers – including non-economists – who want to get to grips with the nature and scale of the last financial crisis, how it was managed and mismanaged, and its particular impact on a small, open economy, Patrick Honohan's book Currency, Credit and Crisis: Central Banking in Ireland and Europe (Cambridge UP, 2020) This is, in part, because it covers complex issues yet is written for a non-specialist audience. But mostly it’s because, as Olivier Blanchard says, this is “financial crisis, seen from the driver’s seat". Honohan is not just an accomplished monetary economist with a lot to say but he was also, from 2009 to 2015, the governor of the Central Bank of Ireland and a member of the Governing Council of the European Central Bank. His book combines a monetary and financial history of Ireland since independence, theory and history around the formation of the Euro Area, an assessment of lessons learned from the crisis, and a behind-the-scenes memoir of how the crisis was fought. Tim Gwynn Jones is an economic and political-risk analyst at Medley Global Advisors. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/finance
Modern finance isn't really all that modern. Three centuries ago, Great Britain's need for money to fight its wars, the appearance of joint stock companies, and the emerging quantification of all aspects of life converged to create new notions and forms of money and investments. And then there was a spectacular bubble in 1720. The South Sea stock rose and fell quickly, but the financing structures remained and last to this day in evolved form. In his new book Money for Nothing: The Scientists, Fraudsters, and Corrupt Politicians Who Reinvented Money, Panicked a Nation, and Made the World Rich (Random House, 2020), MIT Professor Thomas Levenson tells the rip-roading tale. Daniel Peris is Senior Vice President at Federated Investors in Pittsburgh. Trained as a historian of modern Russia, he is the author most recently of Getting Back to Business: Why Modern Portfolio Theory Fails Investors. You can follow him on Twitter @HistoryInvestor or at http://www.strategicdividendinvestor.com Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/finance
The work of Alfred Charles Pigou may not be as well known to people today as that of his contemporary John Maynard Keynes, but as Ian Kumekawa details in his book The First Serious Optimist: A. C. Pigou and the Birth of Welfare Economics (Princeton University Press, 2017), over the course of his long career Pigou advanced ideas that remain very relevant today. As Kumekawa describes, Pigou entered the field of economics at an important point in its evolution. As a student of Alfred Marshall, Pigou embraced his mentor’s more analytical approach to the subject, though without the same determination to separate it from political theory. This placed Pigou at the center of many of the issues of economics that the public faced in the early 20th century, to which Pigou contributed widely, particularly in the area of welfare economics. Pigou’s own ideas on these subjects evolved in response to his experiences with events, as he shifted from his early reform-minded liberalism to skepticism about the motivations of political leaders before he embraced once more the possibility of meaningful political change in the aftermath of the Second World War. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/finance
Gene Ludwig cares. The former banker, government regulator, and serial entrepreneur cares deeply about the hollowing out of the American middle class over the past several decades, not least of all in his hometown of York, PA. So he gathered the country's best and brightest in 2019 for a conference at Yale Law School to come up with specific policy proposals that can reverse that process. The details of what has happened make for difficult but necessary reading. In The Vanishing American Dream: A Frank Look at the Economic Realities Facing Middle- and Lower-Income Americans (Disruption Books) the policy proposals to rebuild the middle class are divided into those at the federal level, and those at the local level. Many readers will find the former typical and expected, but the latter constitute the most engaging part of the book. Both sorts of policies will be hard to implement given the country's current state of division, but Ludwig does not back down from the challenge. Gene Ludwig is the founder of the Promontory family of companies and Canapi LLC, the largest financial technology venture fund in the United States. He is the CEO of Promontory Financial Group, an IBM company, and chairman of Promontory MortgagePath, a technology-based, mortgage fulfillment and solutions company. Daniel Peris is Senior Vice President at Federated Investors in Pittsburgh. Trained as a historian of modern Russia, he is the author most recently of Getting Back to Business: Why Modern Portfolio Theory Fails Investors. You can follow him on Twitter @HistoryInvestor or at http://www.strategicdividendinvestor.com Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/finance
I spoke with Prof. Christopher Marquis, Samuel C. Johnson Professor in Global Sustainable Enterprise and Professor of Management at Cornell University. His latest research book tells the story of an ambitious certification programme that aims to signal to customers and shareholders those small and large corporations that are responsible and caring with their workers, customers, with the planet and the local communities where they operate. Businesses have a big role to play in a capitalist society. They can tip the scales toward the benefit of the few, with toxic side effects for all, or they can guide us toward better, more equitable long-term solutions. In Better Business: How the B Corp Movement Is Remaking Capitalism (Yale UP, 2020), Marquis tells the story of the rise of a new corporate form—the B Corporation. Founded by a group of friends who met at Stanford, these companies undergo a rigorous certification process, overseen by the B Lab, and commit to putting social benefits, the rights of workers, community impact, and environmental stewardship on equal footing with financial shareholders. In our conversation Christopher mentioned the origin of the book and why he believes in the work done by B Lab. The book is divided into 11 chapter and is full of interesting practical examples. In the talk we also mentioned the notion of ‘benefit corporation’, in the US and elsewhere. I have asked the author why we should trust the founders of the B Movement and their certification programme. He answered with some examples and convincing arguments. We then focused on chapter 1, ‘Interdependencies not Externalities’, chapter 6, ‘Employees as the Heart of the Company’, chapter 10, ‘Big Isn’t Always Bad’, and eventually chapter 11, ‘Convincing Consumers to Care’. We concluded with his plans for the next book. Informed by over a decade of research and animated by interviews with the movement’s founders and leading figures, Marquis’s book explores the rapid growth of companies choosing to certify as B Corps, both in the United States and internationally, and explains why the future of B Corporations is vital for us all. 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 China. He is the co-convener of the EAEPE’s permanent track on Co-operative economy and collective ownership. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/finance
Is there a consensus on the best response to global warming? Not even close. Left and right both bring their own tools, math, and, most notably, agendas--climate related and non-climate related--to their policy prescriptions. Economist Robert Pollin has teamed up with Noam Chomsky to produce a manifesto for the New Green Deal in Climate Crisis and the Global Green New Deal: The Political Economy of Saving the Planet (Verso). Their plan attempts to keep the planet from heating up too much while simultaneously redressing the economic wrongs that they blame substantially on unfettered capitalism. Not everyone will agree that eco-socialism is the answer to global warming, but all participants in the debate will want to understand the wide range of policy proposals that are being brought to the table. Noam Chomsky is Institute Professor Emeritus at the Massachusetts Institute of Technology and Laureate Professor at the University of Arizona. Robert Pollin is Professor of Economics and founding Co-Director of the Political Economy Research Institute (PERI) at the University of Massachusetts-Amherst. Daniel Peris is Senior Vice President at Federated Investors in Pittsburgh. Trained as a historian of modern Russia, he is the author most recently of Getting Back to Business: Why Modern Portfolio Theory Fails Investors. You can follow him on Twitter @HistoryInvestor or at http://www.strategicdividendinvestor.com Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/finance
What is money? No, really, what is money? It turns out the answer is not so simple. During the course of the 20th century, most of us have gotten used to the notion of a single medium of exchange based on Federal Reserve notes which we call dollars. They look the same, feel the same, and have the same use everywhere in the country. We are so comfortable with that medium of exchange that we are now increasingly doing away with the paper and accepting a digital version of said money. The convenience of having a single and stable currency as a medium of exchange did no exist in the early republic. Joshua Greenberg's Bank Notes and Shinplasters: The Rage for Paper Money in the Early Republic (University of Pennsylvania Press) describes the many types of money in circulation at the time and how all participants in the economic system had to master the discounting of paper money from one institution to another, from one town to another, from one transaction to another. It constituted an entire sub-culture, and an excellent lens to view the economic history of the pre-Civil War period. Joshua R. Greenberg is the editor of Commonplace: the journal of early American life. Daniel Peris is Senior Vice President at Federated Investors in Pittsburgh. Trained as a historian of modern Russia, he is the author most recently of Getting Back to Business: Why Modern Portfolio Theory Fails Investors. You can follow him on Twitter @Back2BizBook or at http://www.strategicdividendinvestor.com Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/finance
There is no shortage of books on the growing impact of data collection and analysis on our societies, our cultures, and our everyday lives. David Hand's new book Dark Data: Why What You Don't Know Matters (Princeton University Press, 2020) is unique in this genre for its focus on those data that aren't collected or don't get analyzed. More than an introduction to missingness and how to account for it, this book proposes that the whole of data analysis can benefit from a "dark data" perspective—that is, careful consideration of not only what is seen but what is unseen. David assembles wide-ranging examples, from the histories of science and finance to his own research and consultancy, to show how this perspective can shed new light on concepts as classical as random sampling and survey design and as cutting-edge as machine learning and the measurement of honesty. I expect the book to inspire the same enjoyment and reflection in general readers as it is sure to in statisticians and other data analysts. Suggested companion work: Caroline Criado Perez, Invisible Women: Data Bias in a World Designed for Men. Cory Brunson (he/him) is a Research Assistant Professor at the Laboratory for Systems Medicine at the University of Florida. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/finance
The UK’s transition from legally withdrawing from the EU to leaving the union’s single market will come to an end at midnight on December 31 with no successor trade agreement yet in place. For the UK’s financial sector, which accounts for 7% of the country’s economy and a million of its jobs, whether there is such an agreement and what shape it takes really matters. In Brexit and Financial Regulation (Oxford University Press, 2020), co-editors Jonathan Herbst and Simon Lovegrove have corralled 26 lawyers from 12 leading firms and chambers to explain why. Between them, they cover the history of the withdrawal process, the likely impact of Brexit on regulations of everything from how bankers are rewarded for success to how insolvent banks are wound up, and what could happen next in the negotiations. Jonathan Herbst is Global Head of Financial Services Regulation at law firm Norton Rose Fulbright. Tim Gwynn Jones is an economic and political-risk analyst at Medley Global Advisors. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/finance
When most Westerners think of the Gulf, the first thing that comes to mind is often oil. However, as Adam Hanieh demonstrates in Money, Markets, and Monarchies: The Gulf Cooperation Council and the Political Economy of the Contemporary Middle East (Cambridge UP, 2018), the economies of Saudi Arabia, the UAE, Qatar, Oman, Bahrain, and Kuwait are about more than just the “black gold.” Conglomerates and state-owned firms from this region have become major players throughout the Middle East and the broader global economies in sectors like agribusiness, finance, real estate, and logistics. In the process, processes of class and state formation in the Gulf have become inextricably tied up with political and economic developments in the broader Middle East, as the valorization of Gulf oil surpluses has come to depend on access to markets for land (both urban and rural) throughout the region. Hanieh analyzes how the Gulf states’ quest for food security in the wake of the food price increases of the late 2000s has affected agrarian class relations in Egypt and other countries, how Gulf capital has contributed to market-led remaking of cities throughout the region, and how Gulf control of Arab state financial reserves has given GCC countries tremendous geopolitical and economic leverage over their neighbors. Furthermore, Hanieh shows that the boundary between public and private interests in the Gulf states is blurred by the close relationships between wealthy private businesses and patrimonial monarchies, and capital accumulation in the region depends on the hyper-exploitation of foreign guest workers, who can easily be deported if they demand higher wages or go on strike. Money, Markets, and Monarchies dispels widespread myths about the political economies of the Gulf while providing a distinct vantage point for exploring the complex geographies of global capitalism. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/finance
Walking the Highwire: Rebalancing the European Economy in Crisis (Palgrave Macmillan, 2020) tells the story of the Eurozone’s crisis from the perspective of an insider who now sits on the European Central Bank’s governing council. Part-policy proposal, part-autobiography, and part-political memoir, at the heart of Walking The Highwire are the four critical years from 2010 to 2014 when Olli Rehn served as European Commissioner for economic and monetary affairs. The book tells us what took a football-mad boy from Southern Savonia to Brussels – via Oxford and Minnesota – and reveals the behind-the-scenes fights and compromises that shaped the crisis and pulled the euro from the brink. Olli Rehn has been governor of the Bank of Finland since 2018, was Finnish minister of economic affairs (2015-2016), European Commissioner for economic and monetary affairs (2010-2014), and commissioner for enlargement (2004-2010). He holds a doctorate from the University of Oxford in international political economy. Tim Gwynn Jones is an economic and political-risk analyst at Medley Global Advisors. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/finance
Should climate change policy be subject to a cost-benefit analysis leading to a variety of policy choices? Or is it so critical that the only "proper" path is immediate and extreme carbon reduction, regardless of the costs and the impact of those measures on the welfare of the population? Bjorn Lomborg's new and controversial work, False Alarm: How Climate Change Panic Costs Us Trillions, Hurts the Poor, and Fails to Fix the Planet (Basic Books, 2020) leans strongly in the direction of the former. Conducting that analysis, he comes to some shocking conclusions, notably that the "optimal" mix of global warming and economic activity sees a 6 degree or so increase in global temperatures by the end of the century. Yes, shocking. Other than some low-hanging fruit in carbon reduction through a global carbon tax, he argues that the economic math of more severe carbon reduction is challenging. Instead, Lomborg advocates more investment in poverty reduction that allows people at risk of suffering from climate change to better adapt to higher temperatures and more extreme weather. Less controversially, he supports a massive increase in green energy R&D. Some NBN listeners will likely disagree with Lomborg's stance, perhaps with his basic cost-benefit framework and most certainly with his conclusions, but all participants in the debate should be aware of this approach. Daniel Peris is Senior Vice President at Federated Investors in Pittsburgh. Trained as a historian of modern Russia, he is the author most recently of Getting Back to Business: Why Modern Portfolio Theory Fails Investors. You can follow him on Twitter @Back2BizBook or at http://www.strategicdividendinvestor.com Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/finance
First published in 1992 before the creation of the euro, Paul De Grauwe’s Economics of Monetary Union (Oxford University Press, 2020) has become a standard text for undergraduates seeking to understand this remarkable but “fragile” project. Updated every two years and now in its 13th edition, the book can hardly keep up with economic and policy developments in the 19-nation Euro Area. But De Grauwe, who is still teaching at the London School of Economics after retiring from the Katholieke Universiteit Leuven, can always be relied upon to plug the gaps with policy ideas. In the latest of these, he made the case for the European Central Bank to monetize governments’ pandemic-related deficits. Paul De Grauwe is the John Paulson Chair in European Political Economy at the LSE’s European Institute. Tim G. Jones is an economic and political-risk analyst at Medley Global Advisors. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/finance
Many on the Left see the European Union as a fundamentally benign project with the potential to underpin ever greater cooperation and progress. If it has drifted rightward, the answer is to fight for reform from within. In this iconoclastic polemic, economist Costas Lapavitsas demolishes this view. In The Left Case Against the EU (Polity, 2018), he contends that the EU's response to the Eurozone crisis represents the ultimate transformation of the union into a neoliberal citadel that institutionally embeds austerity, privatization, and wage cuts. Concurrently, the rise of German hegemony has divided the EU into an unstable core and dependent peripheries. These related developments make the EU impervious to meaningful reform. The solution is therefore a direct challenge to the EU project that stresses popular and national sovereignty as preconditions for true internationalist socialism. Lapavitsas's powerful manifesto for a left opposition to the EU upends the wishful thinking that often characterizes the debate and will be a challenging read for all on the Left interested in the future of Europe. Costas Lapavitsas is Professor of Economics at the School of Oriental and African Studies, University of London. His research during the last few years has focused on the Eurozone and the financialization of capitalism. He has published widely in the academic field and writes frequently for the international and the Greek press. In January 2015 he was elected in the Greek Parliament with the incoming SYRIZA party, but left in August 2015 when the third bail-out of Greece was signed. His most recent books include Capitalism in the Ottoman Balkans, with P. Cakiroglu, I.B.Tauris, 2019, The Left Case Against the EU, Polity Press, 2018, Against the Troika: Crisis and Austerity in the Eurozone, with H. Flassbeck, Verso, 2015, and Profiting Without Producing, Verso, 2013. Daniel Lucas is a student at the University of Groningen, studying European and International law. Please contact through daniellucas2001@gmail.com Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/finance
Warning: Economics. In this episode, we begin with Eisler’s testimony before the skeptical Senators of the Committee on Banking and Currency in Washington, D.C. on January 20, 1934, in which he proposed that the nation adopt a dual currency system to control inflation and end the Great Depression. I (a non-economist) talk about what this means with noted economist Miles Kimball, who has recently brought renewed attention to Eisler’s plan in his own work. We also learn about Eisler’s theory of who actually wrote what we call the Gospel of John, talk with Steven Wasserstrom about Eisler’s brief involvement with Carl Jung and the Eranos Conference, and interpret a “dream poem” that Eisler recorded at his mother’s house in 1936. Guests: Guests: Miles Kimball (The University of Colorado-Boulder), Steven Wasserstrom (Reed College). Voice of Robert Eisler: Caleb Crawford Additional voices: Brian Evans Music: “Shibbolet Baseda,” recorded by Elyakum Shapirra and His Israeli Orchestra. Funding provided by the Ohio University Humanities Research Fund and the Ohio University Honors Tutorial College Internship Program. Special thanks to the Warburg Institute.
Bibliography and Further Reading Buiter, Willem H. “Is Numérairology the Future of Monetary Economics? Unbundling Numéraire and Medium of Exchange Through a Virtual Currency and a Shadow Exchange Rate.” NBER Working Papers 12839. National Bureau of Economic Research, Inc., 2007. DOI:10.3386/w12839. Buiter, Willem H. and Panigirtzoglou, Nikolaos. “Overcoming the Zero Bound: Gesell vs. Eisler. Discussion of Mitsuhiro Fukao’s “The Effects of ‘Gesell’ (Currency) Taxes in Promoting Japan’s Economic Recovery.” International Economics and Economic Policy 2, no. 2/3 (2005): 189-200. Eisler, Robert. The Enigma of the Fourth Gospel. London: Methuen & Co., 1938. ———. Stable Money: The Remedy for the Economic World Crisis: A Programme of Financial Reconstruction for the International Conference. London: The Search Publishing Co., Ltd., 1932. ———. This Money Maze: A Way Out of the Economic World Crisis. London: The Search Publishing Co., Ltd., 1931. ———. Das Geld: Seine geschichtliche Entstehung und gesellschaftliche Bedeutung. Munich: Diatypie, 1924. Eisler, Robert and Alec Wilson. The Money Machine: A Simple Introduction to the Eisler Plan. London: The Search Publishing Co., Ltd., 1933. Gold Reserve Act of 1934: Hearings Before the Committee on Banking and Currency, United States Senate, Seventy-Third Congress, Second Session on S. 2366: A Bill to Protect the Currency System of the United States, to Provide for the Better Use of the Monetary Gold Stock of the United States, and for Other Purposes, Revised January 19-23, 1934. Washington, D.C.: United States Government Printing Office, 1934 Hakl, Hans Thomas. Eranos: An Alternative Intellectual History of the Twentieth Century. Montreal: McGill-Queen’s University Press, 2013. Keynes, John Maynard, Paul R. Krugman, and Robert Jacob Alexander Skidelsky. The General Theory of Employment, Interest, and Money. Cham, Switzerland: Palgrave Macmillan, 2018. Kimball, Miles. “Pro Gauti Eggertsson.” Confessions of a Supply Side Liberal. June 27, 2016. Last Accessed July 7, 2020. Wasserstrom, Steven M. Religion after Religion: Gershom Scholem, Mircea Eliade, and Henry Corbin at Eranos. Princeton: Princeton University Press, 1999. Follow us on Twitter: @averysquarepeg Associate Professor Brian Collins is the Drs. Ram and Sushila Gawande Chair in Indian Religion and Philosophy at Ohio University. He can be reached at collinb1@ohio.edu. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/finance
Since the last-but-one financial crisis abated and governments responded to better times by clawing back their stimulus packages, a once-obscure economic philosophy has been gaining a growing following on the left. But, following the extraordinary policy response to the COVID-19 pandemic, even some conservative commentators and policy makers are showing an interest in Modern Monetary Theory or MMT. Not so fast, warns Gerald Epstein in his What's Wrong with Modern Money Theory? A Policy Critique (Palgrave Macmillan, 2019). While this progressive economist welcomes any resistance to austerian economics and the policy rethink that the new theory is triggering, he warns against MMT's seductive appeal and its significant practical shortcomings. Gerald Epstein co-directs the Political Economy Research Institute (PERI) at the University of Massachusetts, Amherst. Tim Jones is an economic and political-risk analyst at Medley Global Advisors (FT Group) in London. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/finance
How do you value something? It seems simple enough. Since the beginning of commerce thousands of years ago, people have been asserting the value of enterprises. Yet, the math and specific logic of that exercise is only about a century old. For thirty of those years, Tim Koller and his colleagues at McKinsey, the consultancy, have been in the forefront of how to think about value and how to measure it. The first edition of Valuation: Measuring and Managing the Value of Companies (Wiley) came out in 1990; this is the seventh iteration, so Koller has been through numerous ups and downs. His calm and cool reasoning should be required reading for all business managers and investors. Daniel Peris is Senior Vice President at Federated Investors in Pittsburgh. Trained as a historian of modern Russia, he is the author most recently of Getting Back to Business: Why Modern Portfolio Theory Fails Investors. You can follow him on Twitter @HistoryInvestor or at http://www.strategicdividendinvestor.com Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/finance
Keynes was not only an economist but the preeminent anti-authoritarian thinker of the 20th century, one who devoted his life to the belief that art and ideas could conquer war and deprivation. As a moral philosopher, political theorist, and statesman, Keynes led an extraordinary life that took him from intimate turn-of-the-century parties in London's Bloomsbury art scene to the fevered negotiations in Paris that shaped the Treaty of Versailles, from stock market crashes on two continents to diplomatic breakthroughs in the mountains of New Hampshire to wartime ballet openings at London's extravagant Covent Garden. Along the way, he reinvented Enlightenment liberalism to meet the harrowing crises of the 20th century and, in the United States, his ideas became both the foundation of a burgeoning economics profession and a flash point in the broader political struggle of the Cold War. Part biography and part intellectual history, Price of Peace: Money, Democracy, and the Life of John Maynard Keynes (Random House, 2020) from journalist Zachary Carter puts Keynes’s thinking on democracy and the good life into the centre of his thought with transformative implications for today's debates over inequality and the politics that shape the global order. Zachary D. Carter is a senior reporter at HuffPost, where he covers Congress, the White House, and economic policy. Tim Jones is an economic and political-risk analyst at Medley Global Advisors (FT Group) in London. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/finance
How are we going to address inequality and put the economy on a sounder footing? Today I talked to Eric Lonergan and Mark Blyth about their new book Angrynomics (Agenda Publishing/Columbia University Press, 2020). Lonergan is an economist and macro fund manager in London whose writings often appear in The Financial Times. Blyth is a political economist at Brown University who received his PhD in political science from Columbia University. Topics covered in this episode include: --An exploration of how the emotions of anger, fear and disgust animate both the long-term economic stresses in society and those brought on by the Covid-19 crisis. --What the differences are between moral outrage versus tribal outrage. --Descriptions of three, potentially viable and game-changing solutions, including among them a “data dividend” and the creation of national wealth funds like those in Norway and beyond. Dan Hill, PhD, is the author of eight books and leads Sensory Logic, Inc. (https://www.sensorylogic.com). To check out his “Faces of the Week” blog, visit https://emotionswizard.com. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/finance
In this episode (# 2), we discuss Eisler’s early years as a member of the Jewish bourgeoisie in turn-of-the-century Vienna with historian Steven Beller. We also hear from the closest living relative of Robert Eisler, his grand-nephew Richard Regen. Philosopher Tom Hurka provides some background for understanding the arguments Eisler is making in Studies in Value Theory, especially his critiques of hedonism and aesthetic philosophy. Finally, we look at the events surrounding Eisler’s dramatic arrest and trial for attempted art theft in Udine in 1907 and discuss its short- and long-term consequences. Voice of Robert Eisler: Caleb Crawford Additional voices: Brian Evans Editing and engineering: March Washelesky Music: “Shibbolet Baseda,” recorded by Elyakum Shapirra and his Israeli Orchestra. Guests: Steven Beller (independent scholar), Tom Hurka (Chancellor Henry N. R. Jackman Distinguished Professor of Philosophical Studies at the University of Toronto), Richard Regen (grand-nephew of Robert and Lili Eisler). Funding provided by the Ohio University Humanities Research Fund and the Ohio University Honors Tutorial College Internship Program. Special thanks to the Warburg Institute, the Griffith Institute at the University of Oxford, and to the Friends Historical Library at Swarthmore College. Bibliography and further reading: -Beller, Steven, ed. Rethinking Vienna 1900. New York: Berghahn Books, 2012. -Beller, Steven. Vienna and the Jews, 1867–1938: A Cultural History. New York: Cambridge University Press. 1989. -Eisler, Robert. “The Empiric Basis of Moral Obligation.” Ethics, Vol. 59, No. 2, Part 1 (Jan., 1949), pp. 77-94. -Eisler, Robert. “Der Wille zum Schmerz, Ein psychologisches Paradox.” Jahresbericht der Philosophischen Gesellschaft an der Universitat zu Wien (1904), pp. 63-79. -Eisler, Robert. Studien zur Werttheorie. Leipzig: Verlag von Duncker & Humblot, 1902. -Fabian, Reinhard and Peter M. Simons. “The Second Austrian School of Value Theory.” In Austrian Economics: Historical and Philosophical Background, ed. by Wolfgang Grassl and Barry Smith, pp. 29-78. Washington Square, NY: New York University Press, 1986. -Frondzi, Risieri. What Is Value? An Introduction to Axiology. Second edition. La Salle, IL: Open Court Publishing Company, 1971. -Grassl, Wolfgang. “Toward a Unified Theory of Value: From Austrian Economics to Austrian Philosophy.” Paper presented at 19th-20th Century Austrian Thought and its Legacy, November 1-3, 2012, University of Texas at Arlington. Associate Professor Brian Collins is the Drs. Ram and Sushila Gawande Chair in Indian Religion and Philosophy at Ohio University. He can be reached at collinb1@ohio.edu. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/finance
In today’s ultra-polarized and highly partisan political environment, Welfare for the Rich: How Your Tax Dollars End Up in Millionaires' Pockets―And What You Can Do About It (Post Hill Press, 2020) is one of the rare books written to appeal to engaged and open-minded citizens from across the political spectrum. Welfare for the Rich is the first book to describe and analyze the many ways that federal and state governments provide handouts—subsidies, grants, tax credits, loan guarantees, price supports, and many other payouts—to millionaires, billionaires, and the companies they own and run. Welfare for millionaire farmers comes to more than $50 billion annually. Subsidies to giant corporations exceeds $100 billion. This shocking waste of taxpayer money is rigorously documented in Welfare for the Rich, along with the political action committees, and special interest groups that keep this distorted system going. Many journalists, scholars, and activists have focused on one or more of these dysfunctional programs. A few of the most egregious examples have even become famous. But Welfare for the Rich is the first attempt to paint a comprehensive, easily accessible picture of a system largely designed by the richest Americans—through lobbyists, lawyers, political action committees, special interest groups, and other powerful influencers—with the specific goal of making sure the government keeps wealth and power flowing from the many to the few. Phil Harvey is an entrepreneur who has founded a thriving business, a philanthropist who has created several important nonprofit organizations, and the author of five books. Lisa Conyers is director of policy studies for the DKT Liberty Project. Kirk Meighoo is a TV and podcast host, former university lecturer, author and former Senator in Trinidad and Tobago. He hosts his own podcast, Independent Thought & Freedom, where he interviews some of the most interesting people from around the world who are shaking up politics, economics, society and ideas. You can find it in the iTunes Store or any of your favorite podcast providers. You can also subscribe to his YouTube channel. If you are an academic who wants to get heard nationally, please check out his free training at becomeapublicintellectual.com. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/finance
Brian Greene is a Professor of Mathematics and Physics at Columbia University in the City of New York, where he is the Director of the Institute for Strings, Cosmology, and Astroparticle Physics, and co-founder and chair of the World Science Festival. He is well known for his TV mini-series about string theory and the nature of reality, including the Elegant Universe, which tied in with his best-selling 2000 book of the same name. In this episode, we talk about his latest popular book Until the End of Time: Mind, Matter, and Our Search for Meaning in an Evolving Universe (Random House, 2020) Until the End of Time gives the reader a theory of everything, both in the sense of a “state of the academic union”, covering cosmology and evolution, consciousness and computation, and art and religion, and in the sense of showing us a way to apprehend the often existentially challenging subject matter. Greene uses evocative autobiographical vignettes in the book to personalize his famously lucid and accessible explanations, and we discuss these episodes further in the interview. Greene also reiterates his arguments for embedding a form of spiritual reverie within the multiple naturalistic descriptions of reality that different areas of human knowledge have so far produced. John Weston is a University Teacher of English in the Language Centre at Aalto University, Finland. His research focuses on academic communication. He can be reached at john.weston@aalto.fi and @johnwphd. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/finance
You mean big business is good, contributes to our general welfare, and is not generally guilty--with notable exceptions--of all of the charges made against it? That's the argument libertarian economist Tyler Cowen makes in his book Big Business: A Love Letter to an American Anti-Hero (St. Martins, 2019) Most NBN listeners will raise an eyebrow to that claim, but most of those same NBN listeners are up for a good back-and-forth on the virtues and demerits of our market system. And to that end, being familiar with Cowen's arguments--made in this book and his many other publications and platforms--is very useful. The shift in the reputational balance between government and big business as a result of the Covid-19 crisis is another reason to consider Cowen's argument. Daniel Peris is Senior Vice President at Federated Investors in Pittsburgh. Trained as a historian of modern Russia, he is the author most recently of Getting Back to Business: Why Modern Portfolio Theory Fails Investors. You can follow him on Twitter @HistoryInvestor or at http://www.strategicdividendinvestor.com Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/finance
John Hervey Wheeler (1908–1978) was one of the civil rights movement's most influential leaders. In articulating a bold vision of regional prosperity grounded in full citizenship and economic power for African Americans, this banker, lawyer, and visionary would play a key role in the fight for racial and economic equality throughout North Carolina. Utilizing previously unexamined sources from the John Hervey Wheeler Collection at the Atlanta University Center Robert W. Woodruff Library, Brandon K. Winford's John Hervey Wheeler, Black Banking, and the Economic Struggle for Civil Rights (University Press of Kentucky, 2019) explores the black freedom struggle through the life of North Carolina's most influential black power broker. After graduating from Morehouse College, Wheeler returned to Durham and began a decades-long career at Mechanics and Farmers (M&F) Bank. He started as a teller and rose to become bank president in 1952. In 1961, President Kennedy appointed Wheeler to the President's Committee on Equal Employment Opportunity, a position in which he championed equal rights for African Americans and worked with Vice President Johnson to draft civil rights legislation. One of the first blacks to attain a high position in the state's Democratic Party, Wheeler became the state party's treasurer in 1968, and then its financial director. Wheeler urged North Carolina's white financial advisors to steer the region toward the end of Jim Crow segregation for economic reasons. Straddling the line between confrontation and negotiation, Wheeler pushed for increased economic opportunity for African Americans while reminding the white South that its future was linked to the plight of black southerners. Today I talked to Brandon K. Winford Dr. Brandon K. Winford is an assistant professor of history at the University of Tennessee. He is a historian of the late-nineteenth and twentieth-century United States and African American history with areas of specialization in civil rights and black business history. Adam McNeil is a PhD Student in colonial and revolutionary-era Black women’s history. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/finance
Howard Friedman's new book Ultimate Price: The Value We Place on Life (University of California Press, 2020) should be required reading for anyone sitting down to watch the evening news. The Covid-19 crisis is, unfortunately, a new broad-based instance in the valuation of human life. And I do mean value: in terms of cash dollars. Ultimate Price covers the ways that companies, courts, nations, and individuals have come to put a price tag on individual existence. While the book was written prior to the current situation, it provides an excellent starting point to understand what we are observing as governments, companies, healthcare providers, and individuals make life-and-death decisions. Daniel Peris is Senior Vice President at Federated Investors in Pittsburgh. Trained as a historian of modern Russia, he is the author most recently of Getting Back to Business: Why Modern Portfolio Theory Fails Investors. You can follow him on Twitter @HistoryInvestor or at http://www.strategicdividendinvestor.com Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/finance
Slavery and the University: Histories and Legacies (University of Georgia Press, 2019), edited by Leslie M. Harris, James T. Campbell, and Alfred L. Brophy, is the first edited collection of scholarly essays devoted solely to the histories and legacies of this subject on North American campuses and in their Atlantic contexts. Gathering together contributions from scholars, activists, and administrators, the volume combines two broad bodies of work: (1) historically based interdisciplinary research on the presence of slavery at higher education institutions in terms of the development of proslavery and antislavery thought and the use of slave labor; and (2) analysis on the ways in which the legacies of slavery in institutions of higher education continued in the post–Civil War era to the present day. The collection features broadly themed essays on issues of religion, economy, and the regional slave trade of the Caribbean. It also includes case studies of slavery’s influence on specific institutions, such as Princeton University, Harvard University, Oberlin College, Emory University, and the University of Alabama. Though the roots of Slavery and the University stem from a 2011 conference at Emory University, the collection extends outward to incorporate recent findings. As such, it offers a roadmap to one of the most exciting developments in the field of U.S. slavery studies and to ways of thinking about racial diversity in the history and current practices of higher education. Today I spoke with Leslie Harris about the book. Dr. Harris is a professor of history at Northwestern University. She is the coeditor, with Ira Berlin, of Slavery in New York and the coeditor, with Daina Ramey Berry, of Slavery and Freedom in Savannah (Georgia). Adam McNeil is a History PhD student at Rutgers University-New Brunswick. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/finance
It seems easier for us today to imagine the thoroughgoing deterioration of the earth and of nature than the breakdown of late capitalism; perhaps that is due to some weakness in our imaginations - Fredric Jameson, The Seeds of Time Thomas Piketty, the French economist, was dubbed the modern Marx by The Economist in the wake of his bestselling Capital in the 21st Century, which presented historical data reaching back to the eighteenth century and focused on the dynamics of the distribution of wealth and income and the destabilizing force represented by: r > g – that is, the private rate of return on capital over time can be much higher than the rate of growth of income and output. Readers noted however, in addition to pointing out this ‘central contradiction of capitalism’ Professor Piketty was also clear that the purpose of social science is not to produce mathematical certainties that substitute for inclusive democratic debate. More importantly, he made the case for the progressive taxation of capital, and among many other things for going back to using the term ‘political economy’ for the field of economics – all of which did not render his analysis Marxist, although admittedly, the label made for more catchy magazine column titles in 2014. Six years in the making Piketty has extended the hopeful reach of his analysis by including a much larger global sampling of historical data – not just Western market economies this time, and by expanding the focus to include the political and ideological in his comparative analysis of capital accumulation and ‘inequality regimes’. The professor does so with the same underlying optimism and realistic eye on promoting the social learning process in which we all find ourselves as individuals within various cultures and societies. Enter his expanded interdisciplinary contribution to comparative political economy – Capital and Ideology (Harvard University Press, 2020) – essential reading. Thomas Piketty is a professor at the Paris School of Economics, and a Director of The School of Advanced Studies in Social Sciences. Keith Krueger lectures at the SHU-UTS Business School in Shanghai. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/finance
"Most lawyers, most actors, most soldiers and sailors, most athletes, most doctors, and most diplomats feel a certain solidarity in the face of outsiders, and, in spite of other differences, they share fragments of a common ethic in their working life, and a kind of moral complicity." – Stuart Hampshire, Justice is Conflict. There are many more examples of professional solidarity, however fragmented and tentative, sharing the link of a common ethic that helps make systems, and the analysis of them, possible in the larger political economy. Writing from a law professor’s vantage point, Katharina Pistor, in her new book, The Code of Capital: How the Law Creates Wealth and Inequality (Princeton University Press, 2019) explains how even though law is a social good it has been harnessed as a private commodity over time that creates private wealth, and plays a significant role in the increasing disparity of financial outcomes. As she points out in this interview, and her chapter ‘Masters of the Code’, it is ‘critical to have lawyers in the room’, and they clearly have the lead role in her well-researched and nuanced thesis centered on the decentralized institution of private law. Professor Pistor builds on Rudden’s ‘feudal calculus’ providing the long view of legal systems in maintaining and creating wealth and draws on historical analogies including the enclosure movements as she interweaves her analysis of capital asset creation with a broader critique of professional and institutional agency. Polanyi and Piketty figure into Pistor’s analysis among many others, as does the help of the state’s coercive backing as she draws on the breadth of her own governance research and analysis of the collapsed socialist regimes in the 1990s, and a research pivot toward western market economies following the 2008 Global Financial Crisis. Professor Pistor is a comparative scholar with a keen interdisciplinary eye for the relationship between law, values, and markets, dovetailing larger concepts with detailed descriptions of the coding of ‘stocks, bonds, ideas, and even expectations—assets that exist only in law.’ All of which informs her inquiry into why some legal systems have been more accommodating to capital’s coding cravings and others less so, as she describes the process by which capital is created. She moves beyond legal realism’s less granular critiques, and as reviewers such as Samuel Moyn have suggested – this book ‘deserves to be the essential text of any movement today that concerns itself with law and political economy’. Katharina Pistor is the Edwin B. Parker Professor of Comparative Law, and the Director of the Center on Global Legal Transformation at Columbia Law School. Keith Krueger lectures at the SHU-UTS Business School in Shanghai. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/finance
Paradox is a sophisticated kind of magic trick. A magician's purpose is to create the appearance of impossibility, to pull a rabbit from an empty hat. Yet paradox doesn't require tangibles, like rabbits or hats. Paradox works in the abstract, with words and concepts and symbols, to create the illusion of contradiction. There are no contradictions in reality, but there can appear to be. In Sleight of Mind: 75 Ingenious Paradoxes in Mathematics, Physics, and Philosophy (MIT Press, 2020), Matt Cook and a few collaborators dive deeply into more than 75 paradoxes in mathematics, physics, philosophy, and the social sciences. As each paradox is discussed and resolved, Cook helps readers discover the meaning of knowledge and the proper formation of concepts―and how reason can dispel the illusion of contradiction. The journey begins with “a most ingenious paradox” from Gilbert and Sullivan's Pirates of Penzance. Readers will then travel from Ancient Greece to cutting-edge laboratories, encounter infinity and its different sizes, and discover mathematical impossibilities inherent in elections. They will tackle conundrums in probability, induction, geometry, and game theory; perform “supertasks”; build apparent perpetual motion machines; meet twins living in different millennia; explore the strange quantum world―and much more. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/finance
I spoke with Dr. Amr Khafagy about his recent book The Economics of Financial Cooperatives (Routledge, 2019). Amr is Research Assistant at the Countryside and Community Research Institute of the University of Gloucestershire. Building on theories of finance and distribution, and the political economy of finance, this book explains the influence of financial cooperatives on wealth and income distribution, and institutional factors that determine the development of financial cooperatives. The book discusses the dynamics of income and wealth distribution with and without financial cooperatives, and defines the economic objective for financial cooperatives. Through explaining the influence of political institutions and regulations on the development of financial cooperatives, this book examines why financial cooperatives grew in some emerging economies and not in other similar ones. Amr's current main research interests include rural finance and agricultural productivity, financial markets and distribution, income inequality, and the political economy of the Middle East. His previously worked in microfinance in Egypt and India, where he was involved in designing and evaluating rural finance projects, and worked with a range of stakeholders, including farmers and rural households, government representatives/ministry officials, as well as central bank of Egypt and financial institutions. The book is a useful contribution to the study of a typology of firm that is more important in our markets than generally believed. The empirical work by Amr is very original and helpful because it observed the relationship between the presence of financial cooperatives and income inequality in our economies. 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/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/finance
Megan Tobias Neely and Ken Hou-Lin's new book Divested: Inequality in the Age of Finance (Oxford University Press, 2020) explores the rise of finance in American life over the last forty years and its implications for American workers, families, and economies. The authors argue that finance has transformed from a servant to the economy to its master - from a means of creating a prosperous society to an end in itself. The consequences of this shift are profound: the authors identify the many ways finance is implicated in the yawning growth in inequality in the US and how a financialized society redistributes resources from working people to owners, executives, and financial professionals. Using historical analysis, quantitative and qualitative data, the book offers a clear, comprehensive, and compelling account of one of the most important economic developments of our time. Patrick Sheenan is a graduate student in the Department of Sociology at the University of Texas, Austin. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/finance
How does the world of book reviews work? In Inside the Critics’ Circle: Book Reviewing in Uncertain Times (Princeton University Press, 2020), Phillipa Chong, assistant professor in sociology at McMaster University, provides a unique sociological analysis of how critics confront the different types of uncertainty associated with their practice. The book explores how reviewers get matched to books, the ethics and etiquette of negative reviews and ‘punching up’, along with professional identities and the future of criticism. The book is packed with interview material, coupled with accessible and easy to follow theoretical interventions, creating a text that will be of interest to social sciences, humanities, and general readers alike. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/finance
Today I spoke with professor Peter J. Boettke the author of a great new book on Friedrich August von Hayek. Dr. Boettke is University Professor of Economics and Philosophy, Director of the F. A. Hayek Program for Advanced Study in Philosophy, Politics, and Economics, at George Mason University, USA. F. A. Hayek: Economics, Political Economy and Social Philosophy (Palgrave Macmillan, 2018) explores the life and work of Austrian-British economist, political economist, and social philosopher, Friedrich Hayek. Professor Boettke correctly argues that: ‘There is certainly little doubt that Hayek was among the most prodigious classical liberal scholars of the twentieth century. Though his 1974 Nobel Prize was in Economic Science, his scholarly endeavors extended well beyond economics.' Peter argued that his political influence (Thatcher, Reagan...) is overemphasized because '...his relationships with those in political power was remote at best as Hayek was never a political consultant to any leader in power; he was always a critical scholar who tried to speak truth to power from the outside.' 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/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/finance
In her new book Broke: Hardship and Resilience in a City of Broken Promise (St. Martin's Press, 2019), Jodie Adams Kirshner tells the story of the people of Detroit before, during, and after its bankruptcy, offering lessons about urban governance, post-industrial economics, development, and the usefulness of bankruptcy itself as a tool to aid U.S. cities. Join us to hear the fascinating, infuriating, and heartbreaking stories of Detroiters struggling to build better lives for themselves and their neighborhoods. Stephen Pimpare is Senior Lecturer in the Politics & Society Program and Faculty Fellow at the Carsey School of Public Policy at the University of New Hampshire. He is the author of The New Victorians (New Press, 2004), A People’s History of Poverty in America (New Press, 2008), winner of the Michael Harrington Award, and Ghettos, Tramps and Welfare Queens: Down and Out on the Silver Screen (Oxford, 2017). Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/finance
If you’re a grad student facing the ugly reality of finding a tenure-track job, you could easily be forgiven for thinking about a career change. However, if you’ve spent the last several years working on a PhD, or if you’re a faculty member whose career has basically consisted of higher ed, switching isn’t so easy. PhD holders are mostly trained to work as professors, and making easy connections to other careers is no mean feat. Because the people you know were generally trained to do the same sorts of things, an easy source of advice might not be there for you. Thankfully, for anybody who wishes there was a guidebook that would just break all of this down, that book has now been written. Going Alt-Ac: A Guide to Alternative Academic Careers (Stylus Publishing, 2020) by Kathryn E. Linder, Kevin Kelly, and Thomas J. Tobin offers practical advice and step-by-step instructions on how to decide if you want to leave behind academia and how to start searching for a new career. If a lot of career advice is too vague or too ambiguous, this book corrects that by outlining not just how to figure out what you might want to do, but critically, how you might go about accomplishing that. Zeb Larson is a recent graduate of The Ohio State University with a PhD in History. His research deals with the anti-apartheid movement in the United States. To suggest a recent title or to contact him, please send an e-mail to zeb.larson@gmail.com. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/finance
Think that Wall Street has nothing to do with the real economy? You are probably not alone in that regard. But it turns out, you are wrong. As William N. Goetzmann demonstrates in his Money Changes Everything: How Finance Made Civilization Possible (Princeton University Press, 2016), the tools of finance were as important for the rise of civilization as were the soldiers, castles and battles. Were it not for property contracts, agreements over imports and exports of grain, how to manage risk in increasingly complex economic ventures, etc we are still living in small agricultural communities eaking out an existence, and with no engagement of the wider world beyond the next village over. For finance professionals, Money Changes Everything offers an additional lesson: you have a history. People have been confronting for millenia the same intellectual and operational challenges that you face today. It might make sense to become familiar with how your predecessors in Ancient Sumeria and Rome and Qing Dynasty China and early modern Europe defined and worked out those same problems. You might be surprised how much you can learn from your predecessors. Daniel Peris is Senior Vice President at Federated Investors in Pittsburgh. Trained as a historian of modern Russia, he is the author most recently of Getting Back to Business: Why Modern Portfolio Theory Fails Investors. You can follow him on Twitter @Back2BizBook or at http://www.strategicdividendinvestor.com Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/finance
With free college in the national conversation, there’s been no better time for Daniel T. Kirsch’s new book Sold My Soul for a Student Loan: Higher Education and the Political Economy of the Future (Praeger, 2019). Kirsch teaches at California State University, Sacramento. American colleges and universities boasts an impressive legacy, but the price of admission for many is now endless debt. As Kirsch shows in the book, increasing educational indebtedness undermines the real value of higher education in US democracy. To help readers understand this dilemma, he examines how the student debt problem emerged and what the long-term effects of this might be. Sold My Soul for a Student Loan examines this vitally important issue from an unprecedented diversity of perspectives, focusing on the fact that student debt is hindering the ability of millions of people to enter the job market, the housing market, the consumer economy, and the political process. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/finance
We’ve all heard that a picture is worth a thousand words, but what if we don’t understand what we’re looking at? Social media has made charts, infographics, and diagrams ubiquitous―and easier to share than ever. We associate charts with science and reason; the flashy visuals are both appealing and persuasive. Pie charts, maps, bar and line graphs, and scatter plots (to name a few) can better inform us, revealing patterns and trends hidden behind the numbers we encounter in our lives. In short, good charts make us smarter―if we know how to read them. However, they can also lead us astray. Charts lie in a variety of ways―displaying incomplete or inaccurate data, suggesting misleading patterns, and concealing uncertainty―or are frequently misunderstood, such as the confusing cone of uncertainty maps shown on TV every hurricane season. To make matters worse, many of us are ill-equipped to interpret the visuals that politicians, journalists, advertisers, and even our employers present each day, enabling bad actors to easily manipulate them to promote their own agendas. In How Charts Lie: Getting Smarter about Visual Information (W. W. Norton, 2019), data visualization expert Alberto Cairo teaches us to not only spot the lies in deceptive visuals, but also to take advantage of good ones to understand complex stories. Public conversations are increasingly propelled by numbers, and to make sense of them we must be able to decode and use visual information. By examining contemporary examples ranging from election-result infographics to global GDP maps and box-office record charts, How Charts Lie demystifies an essential new literacy, one that will make us better equipped to navigate our data-driven world. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/finance
Tired of the mechanical, narrowly rational human behavior of the Chicago school, but not exactly comforted by the emphasis on irrational activity in behavioral economics? So am I. Richard Robb, professor at Columbia and fund manager, offers a third way. In Willful: How We Choose What We Do (Yale University Press, 2019), Robb develops the notion of "for itself" behavior and decision making that can't be reduced to the algorithms of calculating machines, or even those that are adjusted for human foibles. Willful is not a comprehensive theory of decision making, but an effort to reinsert some element of humanity into explanations of how individuals and groups act. It is a work along the lines of "life is a journey, not a destination" but one well enriched by a wide reading of ancient and modern philosophers. Daniel Peris is Senior Vice President at Federated Investors in Pittsburgh. Trained as a historian of modern Russia, he is the author most recently of Getting Back to Business: Why Modern Portfolio Theory Fails Investors. You can follow him on Twitter @Back2BizBook or at http://www.strategicdividendinvestor.com Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/finance
As you may know, university presses publish a lot of good books. In fact, they publish thousands of them every year. They are different from most trade books in that most of them are what you might called "fundamental research." Their authors--dedicated researchers one and all--provide the scholarly stuff upon which many non-fiction trade books are based. So when you are reading, say, a popular history, you are often reading UP books at one remove. Of course, some UP books are also bestsellers, and they are all well written (and, I should say, thoroughly vetted thanks to the peer review system), but the greatest contribution of UPs is to provide a base of fundamental research to the public. And they do a great job of it. How do they do it? Today I talked to Kathryn Conrad, the president of the Association of University Presses, about the work of UPs, the challenges they face, and some terrific new directions they are going. We also talked about why, if you have a scholarly book in progress, you should talk to UP editors early and often. And she explains how! Listen in. Marshall Poe is the editor of the New Books Network. He can be reached at marshallpoe@gmail.com. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/finance
Whether man-made or naturally occurring, large-scale disasters can cause fatalities and injuries, devastate property and communities, savage the environment, impose significant financial burdens on individuals and firms, and test political leadership. Moreover, global challenges such as climate change and terrorism reveal the interdependent and interconnected nature of our current moment: what occurs in one nation or geographical region is likely to have effects across the globe. Our information age creates new and more integrated forms of communication that incur risks that are difficult to evaluate, let alone anticipate. All of this makes clear that innovative approaches to assessing and managing risk are urgently required. When catastrophic risk management was in its inception thirty years ago, scientists and engineers would provide estimates of the probability of specific types of accidents and their potential consequences. Economists would then propose risk management policies based on those experts' estimates with little thought as to how this data would be used by interested parties. Today, however, the disciplines of finance, geography, history, insurance, marketing, political science, sociology, and the decision sciences combine scientific knowledge on risk assessment with a better appreciation for the importance of improving individual and collective decision-making processes. The essays in The Future of Risk Management (University of Pennsylvania Press, 2019), edited by Howard Kunreuther, Robert J. Meyer, Erwann O. Michel-Kerjan, highlight past research, recent discoveries, and open questions written by leading thinkers in risk management and behavioral sciences. The Future of Risk Management provides scholars, businesses, civil servants, and the concerned public tools for making more informed decisions and developing long-term strategies for reducing future losses from potentially catastrophic events. Visit the University of Pennsylvania Press and enter promo code RISK50 during checkout to receive a 50% discount. Valid until November 15, 2019. Beth Windisch is a national security practitioner. You can tweet her @bethwindisch. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/finance
Think economics is the "dismal science" with abstract formulas that have no impact on life as it is actually lived? Think again. In The Economists' Hour: False Prophets, Free Markets, and the Fracture of Society (Little Brown, 2019), Binyamin Appelbaum--former correspondent and now an editorial board member of the New York Times--brings to life how academic economists rose "from the basement" of banks and universities in the post-war period to have a direct impact on almost every aspect of our lives. The end of the draft, unemployment levels, inflation, deregulation, air transport, phone service, patent law, monopolies and anti-trust activity, even the value of human lives--all of these have been directly affected by the activity of economists who emerged on the scene after World War II. Appelbaum traces the transition from the first school of these economists--the Keynesians who advocated a bigger role for government in addressing economic and social problems--to the second school, the Chicago "market" crowd that held sway from the 1970s until the financial crisis or 2008-9. The latter school held that the market had the answer to problems in the economy and society and that government should stay out of the way. Regardless of which side of the debate you find yourself on, you will want to be familiar with the lives and ideas of the individuals who have had such an impact on your life. Daniel Peris is Senior Vice President at Federated Investors in Pittsburgh. Trained as a historian of modern Russia, he is the author most recently of Getting Back to Business: Why Modern Portfolio Theory Fails Investors. You can follow him on Twitter @Back2BizBook or at http://www.strategicdividendinvestor.com.
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Culture matters. And a key element of culture is storytelling. These maxims can be accepted as given, except in modern economics, where the mechanistic framework of modern macroeconomic analysis allows just for formulas. Concerned about the relationship between unemployment levels and inflation? Here's the formula: gW = gWT - f(U − U*) + λ·gPex It's called the Phillips Curve. Your personal experience of unemployment or rising costs, the stories that you tell others or hear from them--about globalization, about jobs being exported, about "disintermediation" through technology, etc--these stories play no role in the economics taught in the classroom, but may have a significant impact on the decisions that you make and the life you may lead. Robert Shiller's new book, Narrative Economics: How Stories Go Viral and Drive Major Economic Events (Princeton, 2019) reminds economists and participants in the economy--that's all of us--of the importance of storytelling in explaining economic developments and explaining how people respond to events. Using the language and methodology of epidemiology, Shiller shows how various economic narratives have "gone viral" and had real economic impacts. Narrative Economics builds on the advances of behavioral economics in recent decades by adding the core element of social activity--storytelling--to our understanding of economic change. Daniel Peris is Senior Vice President at Federated Investors in Pittsburgh. Trained as a historian of modern Russia, he is the author most recently of Getting Back to Business: Why Modern Portfolio Theory Fails Investors. You can follow him on Twitter @Back2BizBook or at http://www.strategicdividendinvestor.com Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/finance
“Free enterprise” is an everyday phrase that connotes an American common sense. It appears everywhere from political speeches to pop culture. And it is so central to the idea of the United States that some even labeled Christopher Columbus and the Pilgrims free enterprisers. In his new book, Free Enterprise: An American History (Yale University Press, 2019), Lawrence Glickman analyses that phrase’s historical meaning and shows how it became common sense. Glickman, a historian and the Stephen and Evalyn Milman Professor in American Studies at Cornell University, traces the phrase from its many 19th-century meanings, of which abolitionists wielded a dominant one (consider the word free), to its conservative reformulation in the 1920s and 30s. He shows how “free enterprise” became the rallying cry of the business community from the 1930s to the Powell Memo in the early 70s. This book is a whirlwind tour of a keyword that has had immense rhetorical power in modern American history and that scholars have yet to critically examine. Glickman’s book provides a compelling example of how historians can study the historical construction of common sense and is a welcome contribution to intellectual history, political history, and the history of capitalism. Dexter Fergie is a PhD student of US and global history at Northwestern University. He is currently researching the 20th-century geopolitical history of information and communications networks. He can be reached by email at dexter.fergie@u.northwestern.edu or on Twitter @DexterFergie.
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I spoke with James C. W. Ahiakpor, he is Professor Emeritus, Department of Economics, at California State University, East Bay, USA. We discussed his new book Macroeconomics without the Errors of Keynes: The Quantity Theory of Money, Saving, and Policy (Routledge, 2019) A provocative title for a very original book that is a critique not only of Keynes but also of some of his followers and his scholarly opponents. This is a sophisticated book and an erudite account and analysis of crucial debates in economics over the past 100 years. I asked what is the origin of the book and why he wrote a book 'against' J.M. Keynes. I also asked to locate Keynes and his relationship with classical economists. We then discussed why macroeconomics needs to be restored to its classical roots and what are the distortions that he attributes to Keynes. Finally we spoke about the implications of his book for contemporary economic and monetary policy debates after the great recession. Professor Ahiakpor argues that modern macroeconomics is in a stalemate, with seven schools of thought attempting to explain the workings of a monetary economy and to derive policies that promote economic growth with price-level stability. He attributes some of those problems to the errors of Keynes and to the reception of his work. The crucial errors made by Keynes are due to his reading of classical macroeconomics, in particular the classical Quantity Theory and the meaning of saving. In light of this, we discussed with James Ahiakpor how to solve those misunderstandings to achieve economic policies consistent with the promotion of the employment and economic growth that Keynes was seeking. This is an advanced book written for scholars of macroeconomics and history of economic thought and of course everybody interested in Keynes, the complexity of his work and possibly some oversights if you will agree with professor Ahiakpor. 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.
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Dividend investors are a small but dedicated band. Ten years into a stock market rally led by no or low-dividend paying companies, they still argue in favor of long-term business ownership rather than betting on near-term prices in the market. They still view a dividend as, in the words of Richard Russell, "a true return on investment. Everything else is hope and speculation." David Bahnsen is just such an investor. As CIO of the Bahnsen Group, he and his team manage $2 billion in assets. His new book, The Case for Dividend Growth: Investing in a Post-Crisis World (Post Hill Press, 2019) is a concise, powerful and up-to-date statement in favor or bringing a tangible cashflow sensibility to stock market investing. I am strongly biased in favor of his approach. But even if you are not, The Case for Dividend Growth offers the valuable perspective on investing of a Registered Investment Advisor. That is, everyday he has to deal with flesh and blood investors, not just utility maximizing Chicago robots. Bahnsen doesn't offer any hot stock tips, but NBN listeners will still benefit from listening to his passionately held views about how to navigate the uncertainty of the stock market. Daniel Peris is Senior Vice President at Federated Investors in Pittsburgh. Trained as a historian of modern Russia, he is the author most recently of Getting Back to Business: Why Modern Portfolio Theory Fails Investors. You can follow him on Twitter @Back2BizBook or at http://www.strategicdividendinvestor.com
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The authors of Chains of Finance: How Investment Management is Shaped (Oxford University Press, 2017) make points that professionals already know and that end-investors ought to know: that there are a lot of cooks in the investment kitchen, and that the investment process is materially shaped by the chain of individuals and institutions that go into manufacturing investment products. Advisors, consultants, compliance, sales, portfolio managers, analysts, traders, distributors, custodians---these job titles are just part of that machinery. And they all interact with one another in a variety of ways. Most people operating in a complex industry understand that there is a lot going on behind the scenes that affects the ultimate outcome of the manufacturing process or service generation. Investment management is the same. Chains of Finance is part of a growing literature in the social studies of finance that highlights that investment is an interactive social process, not a cut and dried application of some algorithm, even when it is promoted as a computer-driven, machine only exercise. Please listen to my interview with one of the authors, Philip Grant, here.... Daniel Peris is Senior Vice President at Federated Investors in Pittsburgh. Trained as a historian of modern Russia, he is the author most recently of Getting Back to Business: Why Modern Portfolio Theory Fails Investors. You can follow him on Twitter @Back2BizBook or at http://www.strategicdividendinvestor.com
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Federal housing finance policy and mortgage-backed securities have gained widespread attention in recent years because of the 2008 financial crisis, but government credit has been part of American life since the nation’s founding. Sarah L. Quinn’s new book dissects the political and social development of these policies in American Bonds: How Credit Markets Shaped a Nation (Princeton University Press, 2019). Quinn is associate professor of sociology at the University of Washington. From the 1780s, when national land credit policy was established, to the postwar foundations of our current housing finance system, Quinn examines the evolution of securitization and federal credit programs. American Bonds shows that since the Westward expansion, the U.S. government has used financial markets to manage America’s complex social divides, and politicians and officials across the political spectrum have turned to land sales, home ownership, and credit to provide economic opportunity without the appearance of market intervention or direct wealth redistribution. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/finance
Trying to follow the key macroeconomic debates that are swirling around DC, CNBC, the WSJ and the NYT? If you are but don't want to go back to graduate school or re-open your college macroeconomics textbook, John Quiggin has a solution. His Economics in Two Lessons: Why Markets Work So Well, and Why They Can Fail So Badly (Princeton University Press, 2019) achieves several goals. First, it frames the current debates, providing a concise, well-written history of macroeconomics and the key twists and turns in economic policy that have brought us to our current state of (general) disagreement on economic policy. Second, he structures his view of macroeconomics as a rebuttal to a 1946 book by Henry Hazlitt in 1946 called Economics in One Lesson. Seventy years later, Quiggin counters Hazlitt's view that markets are "correct," in that their prices accurately reflect opportunity costs for buyers and sellers. Quiggin's second lesson highlights the externalities and factors that distort those opportunity costs and lead to suboptimal outcomes such as extended unemployment, excessive income inequality, and the seemingly intractable problem (from an economics perspective) of pollution. In the final portion of his book, Quiggin argues what policies he thinks would make markets work better by generating a more accurate understanding of opportunity costs. To some, his prescriptions will look like the program of the Left. The great irony is that his goal is to make markets function better, not rid us of them. Whether you agree with his prescriptions are not, this is a very interesting book and a great way for non-economists to get up to speed on current debates and policy issues without having to do a single test for statistical significance or worry about heteroscedasticity. Daniel Peris is Senior Vice President at Federated Investors in Pittsburgh. Trained as a historian of modern Russia, he is the author most recently of Getting Back to Business: Why Modern Portfolio Theory Fails Investors. You can follow him on Twitter @Back2BizBook or at http://www.strategicdividendinvestor.com
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How are markets made? In Automating Finance: Infrastructures, Engineers, and the Making of Electronic Markets (Cambridge University Press, 2019), Juan Pablo Pardo-Guerra, an assistant professor in sociology at the University of California, San Diego, explores the history of the finance industry to understand the role of markets and technologies in contemporary capitalism. The book offers a detailed theoretical engagement with the personalities and technological changes underpinning the modern system of automated finance. It uses the case study of the development of the London Stock Exchange, looking at the social relations embedded in financial markets, before moving to look at the global, American system. Charting the move from trading floors to trading screens, the book considers individuals and broader social systems shaping enabling and constraining behaviour in the world of finance. Overall the book offers a rethinking of the meaning of markets, and is essential reading across social science, history, and management studies. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/finance
Small is beautiful, right? Isn't that what we've all been taught? From Jeffersonian politics to the hallowed family farm, from craft breweries to tech start ups in the garage. Small business is the engine and the soul and the driver of the American system. That's the dominant narrative. And according to Robert Atkinson and Michael Lind, it is really wrong. In their new book, Big is Beautiful: Debunking the Myth of Small Business (MIT Press, 2018), the authors review the empirical evidence and conclude that large businesses create more, generate more intellectual capital, pay better, pollute less, are more diverse, and score higher on pretty much any measure of economic or employee well-being that you can come up with. It is a shocking conclusion, but one that everyone involved in the regulation of business should be aware of. (And, by the way and probably a surprise to many, small business has had its thumb on the regulatory scales for much of the republic's history.) Big is Beautiful goes against--way against--the prevailing narrative about business in this country. Daniel Peris is Senior Vice President at Federated Investors in Pittsburgh. Trained as a historian of modern Russia, he is the author most recently of Getting Back to Business: Why Modern Portfolio Theory Fails Investors. You can follow him on Twitter @Back2BizBook or at http://www.strategicdividendinvestor.com
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The machines have taken over.... For many operating in investment management, it can certainly seem that way: factor investing, algorithmic investing, dynamic hedging instruments, risk management derivatives driven by changes in market prices, etc. dominate much of the investment narrative. And now and again these supposedly superior investment approaches get blamed for causing big blow ups. If portfolio insurance led to a wave of computer selling in 1987, then the chaos generated by the models in 2008-2009 was incomparably larger. So say the critics. But in Financial Models and Society: Villains or Scapegoats (Elgar, 2018), Ekaterina Svetlova begs to differ. She looks at how quantitative models are actually used by investors and finds a whole space where human judgment, intuition and non-model based factors come into play as to when and how and to what degree financial models are actually implemented. This social social of finance is well known in academia; it needs to be better known among practitioners. Listen to her interview here. Daniel Peris is Senior Vice President at Federated Investors in Pittsburgh. Trained as a historian of modern Russia, he is the author most recently of Getting Back to Business: Why Modern Portfolio Theory Fails Investors. You can follow him on Twitter @Back2BizBook or at http://www.strategicdividendinvestor.com
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Richard Vague really really cares about private-sector debt. And he thinks you should too. In A Brief History of Doom: Two Hundred Years of Financial Crises (University of Pennsylvania Press, 2019), Vague sees the rise and fall of private sector debt as the key factor explaining the cycle of economic crises experienced by developed and major developing economies over the past two centuries. The early stages of a lending cycle look and feel good. Everyone is happy, the lenders think they are smart, the borrowers feel they have everything under control. Then the lenders and borrowers take it to another level, and then another, and then it collapses, time and time again. Where are now? The good news is that debt/GDP levels aren't too bad, but in certain sectors of the economy and certain countries, they are flashing red, brightly. Read the book to find which sectors and countries. Vague makes his data available to researchers at http://www.bankingcrisis.org. Daniel Peris is Senior Vice President at Federated Investors in Pittsburgh. Trained as a historian of modern Russia, he is the author most recently of Getting Back to Business: Why Modern Portfolio Theory Fails Investors. You can follow him on Twitter @Back2BizBook or at http://www.strategicdividendinvestor.com
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What can we learn from the financial crisis that brought Hitler to power? How did diplomatic deadlock fuel the rise of authoritarianism? Tobias Straumann shares vital insights with 1931: Debt, Crisis, and the Rise of Hitler (Oxford University Press, 2019). Through his fast-paced narrative, Straumann reveals how inflexible treaties created an inescapable debt trap that spawned Nazism. Caught between investor confidence and domestic political pressure, unrealistic agreements left decision makers little room for maneuver when crisis struck. 1931 reminds us of hard lessons relevant to designing resilient agreements today. Tobias Straumann is a Senior Lecturer at the University of Zurich and teaches economic history both to historians and economists. His research interests span numerous contributions to contemporary European business, monetary, and financial history. 1931 is his fourth book. Ryan Stackhouse is a historian of Europe specializing in modern Germany and political policing under dictatorship. His book exploring Gestapo enforcement practices toward different social groups is nearing completion under the working title A Discriminating Terror. He also cohosts the Third Reich History Podcast and can be reached at john.ryan.stackhouse@gmail.com or @Staxomatix.
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Think running an insurance company or a bank is hard? Try doing it as an African-American woman in the Jim Crow South. Shennette Garrett-Scott's new book, Banking on Freedom: Black Women in U.S. Finance Before the New Deal (Columbia University Press, 2019) tells the fascinating story of just such an endeavor, first the Independent Order of St. Luke, and then the St. Luke Penny Savings Bank, founded in Richmond in 1903. Along the way, she tells the tale of force-of-nature strong women, particularly Maggie Lena Walker, who wouldn't take no for an answer as she built up a culture of business and entrepreneurship against incredibly long odds and never-ending efforts by regulators and competitors to thwart her efforts. It makes for gripping reading. Daniel Peris is Senior Vice President at Federated Investors in Pittsburgh. Trained as a historian of modern Russia, he is the author most recently of Getting Back to Business: Why Modern Portfolio Theory Fails Investors. You can follow him on Twitter @Back2BizBook or at http://www.strategicdividendinvestor.com
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In 1647, the French author Étienne Cleirac asserted in his book Les us, et coustumes de la mer that the credit instruments known as bills of exchange had been invented by Jews. In The Promise and Peril of Credit: What a Forgotten Legend about Jews and Finance Tells Us about the Making of European Commercial Society (Princeton University Press, 2019), Francesca Trivellato draws upon the economic, cultural, intellectual, and business history of the period to trace the origin of this myth and what its usage in early modern Europe reveals about contemporary views of both commerce and Judaism. Trivellato begins by explaining the development of bills of exchange in the Middle Ages as a means of transferring funds across long distances, ones which helped the expansion of international trade. Though used by both Christians and Jews, concerns about crypto-Judaism among converted Christians in the town of Bordeaux where Cleirac lived may have been key to his belief in their association with the bills. From Cheirac’s book the myth then spread throughout much of western and central Europe during the 18th and 19th centuries, where it was used both to support anti-Semitic views and as examples by philo-Semitic writers such as Montesquieu of the superior commercial ability of Jews. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/finance
The US government is laboring under an enormous debt burden, one that will impact the living standards of future generations of Americans by limiting investment in people and infrastructure. In his new book, Fiscal Therapy: Curing America's Debt Addiction and Investing in the Future (Oxford University Press, 2019), Brookings Institution senior scholar William Gale tackles the challenge head on, addressing what needs to happen to healthcare spending, Social Security, individual taxes, and corporate taxes, in order to make the numbers add up. It makes for sober reading, and the longer we wait, the worse the situation becomes. And the key challenge may not even be fiscal, but political, as the disagreements in Washington over the debt are as deep as the debt is large. Gale ends by making a few simple, inside-Washington suggestions as to how he thinks the political impasse can be broken. Daniel Peris is Senior Vice President at Federated Investors in Pittsburgh. Trained as a historian of modern Russia, he is the author most recently of Getting Back to Business: Why Modern Portfolio Theory Fails Investors. You can follow him on Twitter @Back2BizBook or at http://www.strategicdividendinvestor.com
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Is the University of Chicago-blessed, "greed is good" near-term profits approach to business wearing out its welcome? James O'Toole's The Enlightened Capitalists: Cautionary Tales of Business Pioneers Who Tried to Do Well by Doing Good(HarperBusiness, 2019) is a welcome addition to the current debate about what is the right balance between the near-term profit motive and long-term social goals in running a business. O'Toole, an emeritus professor of business ethics at USC, argues that entrepreneurs have and can be financially successful and still treat their employees, partners, and customers with respect. He provides two dozen case studies of founders and leaders, ranging from Milton Hershey to Robert Wood Johnson to Herb Kelleher, who tried to do more than just make a quick buck. These pioneers believed that if they practiced a form of ethical capitalism, the profits would roll in. And they did. The challenge that O'Toole recognizes from the outset is that the culture these founders created rarely survived their own tenures at the top, and that the unrelenting pressure of the market ultimately wears down even the most well-intentioned business leader. In the end, he concludes that large publicly traded corporations face the greatest pressures, while smaller, private or trust-held businesses have an easier time of creating and sustaining a positive culture. The Enlightened Capitalists is a must read for every aspiring business leader and investor, even those who are convinced that they are on the "right" side of the debate. The judgments can shift rapidly. Even a spectacularly successful New Economy company that had for years as its motto "Don't be evil" (since replaced with "Do the right thing") can quickly end up being vilified in the media and charged by regulators for its monopoly-like behavior. As Kermit might say, it's not easy being good (or green.) Daniel Peris is Senior Vice President at Federated Investors in Pittsburgh. Trained as a historian of modern Russia, he is the author most recently of Getting Back to Business: Why Modern Portfolio Theory Fails Investors. You can follow him on Twitter @Back2BizBook or at http://www.strategicdividendinvestor.com
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If you are reading this, you have probably run into the "Chicago" model at some point or another, in terms of public policy, orthodox modern finance, macro or micro economics, or any other arena where theoretical abstractions about human behavior (generally but not exclusively about or derived from economics) have been turned into specific and often highly rigid and mechanistic policy guidelines. That's the Chicago model. In Where Economics Went Wrong: Chicago's Abandonment of Classical Liberalism(Princeton University Press, 2018), David Colander and Craig Freedman track the transition from the great Classical economists, who went to great lengths to make clear that their abstractions had little direct relevance to policy or would-be policy, to the 20th-century giants at the University of Chicago (Friedman, Stigler, Director), who found themselves responding to aggressive claims from other economists engaged in policy and politics, as well the broader context of ideological challenges to the free market system championed in the West. Their answer was a robust defense of the market and rejection of government involvement in almost all human affairs. Colander and Freedman stay more or less neutral on the ideology; their topic is the methodology. Is abstract economic thought fit for specific policy application or not? John Stuart Mill thought not. David Ricardo and Adam Smith engaged the issue. The Chicago School said sure to policy prescriptions, especially if they countered government involvement championed by economists of different leanings. Whether or not you are an admirer of the Chicago model, you will want to make sure you understand the methodological transition that brought their Ivory Tower views into your everyday affairs. Daniel Peris is Senior Vice President at Federated Investors in Pittsburgh. Trained as a historian of modern Russia, he is the author most recently of Getting Back to Business: Why Modern Portfolio Theory Fails Investors. You can follow him on Twitter @Back2BizBook or at http://www.strategicdividendinvestor.com Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/finance
Recent economic crises have made the centrality of debt, and the instability it creates, increasingly apparent. In Beyond Debt: Islamic Experiments in Global Finance (University of Chicago Press, 2018), anthropologist Daromir Rudnyckyj illustrates how the Malaysian state, led by the central bank, is seeking to make the country’s capital Kuala Lumpur the central node of global financial activity conducted in accordance with Islam. Beyond Debt tracks efforts to re-center international finance in an emergent Islamic global city and, ultimately, to challenge the very foundations of conventional finance. Daromir Rudnyckyj is Associate Professor of anthropology at the University of Victoria. Hillary Kaell co-hosts NBIR and is Associate Professor of Religion at Concordia University in Montreal, Canada.
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Think that today's debates about the role of the Federal Reserve Bank, financial regulation, "too big to fail", etc. are new? Think again. Who should control banks, who should regulate banks, what should banks even do--these questions have been debated since the founding of the Republic. Replace CNBC's David Faber with Alexander Hamilton, and Joe Kernan with Thomas Jefferson (or James Madison) and the arguments about banking, moral hazard, and regulation would be largely the same, though the attire would be quite different. Kathleen Day's new book Broken Bargain: Bankers, Bailouts, and the Struggle to Tame Wall Street (Yale University Press, 2019) provides a detailed two-century history of the give and take between government authority and financial institutions (and the individuals caught between them). The challenges over time have changed--the absence of a single currency in the early 19th century, insufficient credit in the late 19th century, the roaring and patently stupid 1920s, and then the whole range of financial innovations in the postwar period--but the key issues recur over and over again. Day sides in the end with the need for consistent regulation from impartial and empowered bureaucrats, but alas, the last two centuries have shown that they are hard to come by. Not everyone will agree with her take on banks and regulation, but there can be no doubt about the underlying "capitalism is messy" theme running through our history and this book. Daniel Peris is Senior Vice President at Federated Investors in Pittsburgh. Trained as a historian of modern Russia, he is the author most recently of Getting Back to Business: Why Modern Portfolio Theory Fails Investors. You can follow him on Twitter @Back2BizBook or at http://www.strategicdividendinvestor.com
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Lumbering late Tsarist Russia and international finance? Is there anything there? The Bolsheviks and finance? How can there be anything there? It turns out that the answer to both questions is yes. In Dr. Hassan Malik's meticulously researched new book, Bankers and Bolsheviks: International Finance and the Russian Revolution (Princeton University Press, 2018), the Tsarist government's relationship to foreign investors, mostly French bondholders, becomes a lens to judge the efficacy of Sergei Witte, Russia's reformist finance minister and, briefly, prime minister, in the early 20th century. The same approach is applied on the eve of World War I where the state of international investment in Russia provides a perspective on the existing debate as to whether Russia was on the road to recovery or revolution when World War I broke out. During the war and in 1917, Western bankers generally seem indifferent to the risks that are emerging from Russia. Indeed, an American bank, the forerunner to Citibank, was opening up branches in Russia in late 1917 as the Bolsheviks were taking power. Soviet Russia's repudiation of its Western debts now seems like an obvious and inevitable outcome, but Malik documents how it came about and the debates among the Bolsheviks as to how to handle Russia's government debt. Beyond students of Russian history, readers interested in how governments can fail, and how risk can appear in a financial system thought stable and safe will find this book of great interest. Daniel Peris is Senior Vice President at Federated Investors in Pittsburgh. Trained as a historian of modern Russia, he is the author most recently of Getting Back to Business: Why Modern Portfolio Theory Fails Investors. You can follow him on Twitter @Back2BizBook or at http://www.strategicdividendinvestor.com
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You mean accounting has a history? Yes, it does, and it should matter to you, because the accounting profession, and the audit function that it serves, affects all the companies in your 401(k) program. Remember WorldCom, remember Enron? Every time a large holding of yours writes off the goodwill from a failed acquisition--there are too many examples to recite here--you've just had an accounting moment. In The Big Four: The Curious Past and Perilous Future of the Global Accounting Monopoly (Berrett-Koehler Publishers, 2018), Ian D. Gow and Stuart Kells describe the history of the auditing profession and how it has come to be concentrated in four global entities. They assess the current challenges the industry faces and where it could head to address those challenges. People in finance, business owners, and anyone with a 401(k) should find this book of interest. Daniel Peris is Senior Vice President at Federated Investors in Pittsburgh. Trained as a historian of modern Russia, he is the author most recently of Getting Back to Business: Why Modern Portfolio Theory Fails Investors. You can follow him on Twitter @Back2BizBook or at http://www.strategicdividendinvestor.com
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Is microfinance the magic bullet that will end global poverty or is it yet another a form of predatory lending to the poor? In her new book Financializing Poverty: Labor and Risk in Indian Microfinance (Stanford University Press, 2018), Sohini Kar brings ethnography to bear on this urgent question. Drawing on fieldwork with a for-profit microfinance institution (MFI) and its intended beneficiaries in the Indian city of Kolkata, the book brings into view the perils of “financial inclusion” for the poor. Kar argues that new streams of credit are increasingly used to capitalize on poverty rather than to challenge it. Richly peopled, the book evinces a deep commitment to understanding economic life as it is lived and experienced by everyday people rather than through abstract models. We meet founders of MFIs remaking themselves with narratives of social business, loan officers trying to balance the performance of care with pressures of debt-recovery, poor women taking out consumption loans and striving for middle-class identities, and debt-ridden borrowers struggling to manage the costs of living and the pressures of repayment. The experiences of this cast of characters are framed within the larger histories of debt and power in Kolkata, in West Bengal, and in India more broadly. Financializing Poverty combines theoretical sophistication with clear and engaging prose to shed light on the ways in which profit is made off of poverty. The book will be of interest to readers in the fields of anthropology, economics, and development studies, as well as readers interested in South Asia and global poverty. Aparna Gopalan is a Ph.D. student in Social Anthropology at Harvard.
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The vast chasm between classical economics and the humanities is widely known and accepted. They are profoundly different disciplines with little to say to one another. Such is the accepted wisdom. Fortunately, Professors Gary Saul Morson and Morton Schapiro, both of Northwestern University, disagree. In their new book, Cents and Sensibility: What Economics Can Learn from the Humanities (Princeton University Press, 2017), they argue that the mathematically rigid world of classical economics actually has a lot to learn from the world of great literature. Specifically, they argue that “original passions” (the term is from an overlooked work of Adam Smith) in the form of culture, story telling, and addressing ethical questions are found in great works of literature, but lacking in modern economic theory. Good judgment, they write, “cannot be reduced to any theory or set of rules.” Along the way, they weave together Adam Smith, Lev Tolstoy, Jared Diamond, college admissions practices, the US News and World Report rankings, and the family. This is an ambitious and original work. Many will disagree with it, but few will be able to put it down.
Daniel Peris is Senior Vice President at Federated Investors in Pittsburgh. Trained as a historian of modern Russia, he is the author most recently of Getting Back to Business: Why Modern Portfolio Theory Fails Investors. You can follow him on Twitter @Back2BizBook or at http://www.strategicdividendinvestor.com Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/finance
Today we spoke with with Dirk H. Ehnts to talk about his new book Modern Monetary Theory and European Macroeconomics (Routledge, 2017). This is a very accessible text for those interested in discovering how monetary policy works and those interested in approaching the debate on the challenges of the Euro area. We talked about the notions of endogenous and exogenous money and how central banks and commercial banks contribute to the creation of monetary aggregates. We discussed the difficulties of the European common currency project and its future of reform or dissolution. The book introduces the reader to the many relationships between money and other economic variables. In our conversation we also discussed how contemporary politics might affect the reform of the Euro area institutions. This is a very interesting and timely book. It was published in 2016 and there might be soon need for a newer edition in both cases of success or failure of the Euro.
Carlo D’Ippoliti is associate professor of economics at Sapienza University of Rome, and is editor of the open access economics journals PSLQuarterly Review and ‘Moneta e Credito’. His recent publications include the ‘Routledge Handbook of Heterodox Economics’ (Routledge, 2017) and ‘Classical Political Economy Today’ (Anthem, 2018), both as co-editor. 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 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/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/finance
In his engaging and original book The Wisdom of Finance: Discovering Humanity in the World of Risk and Return (Houghton Mifflin Harcourt, 2017), Harvard Professor Mihir A. Desai takes on the daunting task of explaining the world of finance through the prism of the humanities, yes the humanities. Using stories from literature, film, music, popular culture and daily life, Desai argues that rather than being an impenetrable jumble of algorithms used to strip the innocent of their money, the core concepts of modern finance can be used to understand how people make everyday decisions small and large about their lives. Diversification, leverage, risk and return, agency costs—all can be seen and explained without dense mathematical formulas. Whether you agree with this effort or not, you will never read Jane Austen’s Pride and Prejudice or see Mel Brooks’ The Producers the same way again.
Daniel Peris is Senior Vice President at Federated Investors in Pittsburgh. Trained as a historian of modern Russia, he is the author most recently of Getting Back to Business: Why Modern Portfolio Theory Fails Investors. You can follow him on Twitter @Back2BizBook or at http://www.strategicdividendinvestor.com Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/finance
Of what use is history, particularly for economists and people in finance? If you’ve ever wondered about this, you should read Daniel Peris‘s book Getting Back to Business: Why Modern Portfolio Theory Fails Investors and How You Can Bring Common Sense to Your Portfolio (McGraw-Hill Education, 2018). Before he became a portfolio manager, Peris was a professional historian. He was trained as such, wrote books about such, and taught such. In Getting Back to Business, he brings his background in this regard to a little considered question: Why, historically speaking, do we invest money the way we do? The “we” here is your financial advisor and, if you invest your own money, you. And you use something called “Modern Portfolio Theory” or MPT. That theory—like any theory—has a history. It was created by particular people in a particular historical context for a specific historical purpose. It was a tool fit for that specific historical purpose. Peris masterfully traces how it was invented, disseminated, and eventually reached (pardon the expression) “market saturation” among financial advisors. It’s a fascinating story, really an intellectual-institutional history of modern investment thought. But Getting Back to Business more than an academic exercise because Peris is no longer an academic; he manages 20 billion dollars. And his historical exploration has led him to the conclusion that the tool we call “MPT” is no longer fit for purpose. It used to work, but times have changed (partly because of the widespread adoption of MPT itself) and it no longer does, at least in its standard form. Peris has some suggestions about how we might design a new tool, one better fit to modern conditions. This books is a rare beast: applied, relevant, meaningful, news-you-can-use history. Were that there were more books like it. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/finance
We spoke with Ilene Grabel, Professor at the University of Denver and Co-director of the MA program in Global Finance, Trade & Economic Integration at the Josef Korbel School of International Studies. Ilene just published a very timely, interesting and important book on the evolution of the global financial governance and its institutions: When Things Don’t Fall Apart: Global Financial Governance and Developmental Finance in an Age of Productive Incoherence (MIT Press, 2017). In the foreword, Dani Rodrick from Harvard University defines the book as follows: “It happens only rarely and is all the more pleasurable because of it. You pick up a manuscript that fundamentally changes the way you look at certain things. This is one such book. Ilene Grabel has produced a daring and delightful reinterpretation of developments in global finance since the Asian financial crisis of 1997–1998.” The book is an account of the gradual, uneven, disconnected, ad hoc, and pragmatic innovations in global financial governance and developmental finance induced by the global financial crisis. In When Things Don’t Fall Apart, Ilene Grabel challenges the dominant view that the global financial crisis had little effect on the financial institutions. Most observers discount all but grand, systemic ruptures in institutions and policy. Grabel argues instead that the global crisis induced inconsistent and ad hoc discontinuities in global financial governance and developmental finance that are now having profound effects on emerging market and developing economies. Grabel’s chief normative claim is that the resulting incoherence in global financial governance is productive rather than debilitating. In the age of productive incoherence, a more complex, dense, fragmented, and pluripolar form of global financial governance is expanding possibilities for policy and institutional experimentation, policy space for economic and human development, financial stability and resilience, and financial inclusion. All this in a very enjoyable book that students, scholars, policymakers and managers of financial institutions should read right now.
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/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/finance
I was joined in Oxford by Ben Clift, Professor of Political Economy, Deputy Head of Department and Director of Research at the Department of Politics and International Studies of the University of Warwick. Ben has just published a very important, timely and interesting book on the IMF: The IMF and the Politics of Austerity in the Wake of the Global Financial Crisis by Ben Clift (Oxford University Press, 2018). The book provides the first comprehensive analysis of major shifts in IMF fiscal policy thinking as a consequence of the great financial crisis and the Eurozone debt crisis. It widely presents the IMF’s role in the politics of austerity. The book also offers an innovative theory specifying four mechanisms of IMF ideational change – reconciliation, operationalization, corroboration, and authoritative recognition. It combines in-depth content analysis of the Fund’s vast intellectual production with extensive interviews with IMF economists and management. The book is structured in seven chapters plus conclusions: 1: The IMF and the Politics of Austerity in the Wake of the Global Financial Crisis 2: Ideational Change at the IMF after the Crash 3: IMF, Economic Schools of Thought, and Their Normative Underpinnings 4: Analysing the IMF Surveillance of Advanced Economies: The Social Construction of Fiscal Space 5: The Fund’s Fiscal Policy Views and the Politics of Austerity 6: The IMF, the UK Policy Debate, and Debt & Deficit Discourse 7: The IMF and the French Fiscal Rectitude amidst the Eurozone Crisis Conclusion – IMF Intellectual Authority and the Politics of Economic Ideas After the Crash IMF has been strongly criticised by economists, politicians, intellectuals and activists of the protest movements. This book might surprise many of them because it presents a much more pluralist if not heterodox set of economic ideas present and followed by the IMF’s economists and managers. The readers would discover that during the Greek crisis the IMF suggested a more flexible approach. In the case of Britain the IMF criticised the austerity policy of the Coalition Government. And in general the IMF has recently signalled that fiscal rectitude is not enough without support to aggregate demand and that inequality has to be monitored as well. Professor Clift argues that the Fund’s crisis-defining economic ideas, and crisis legacy defining ideas, were important in constructing particular interpretations of the crisis. ‘Fund leadership articulated a Keynesian market failure understanding of the crisis, focussing on deficiencies of aggregate demand, and on the destabilising properties of financial markets. The Fund’s re-emphasising of Keynesian insights into liquidity traps, demand deficiency, higher fiscal multipliers, and the folly of all countries consolidating at once sat outside orthodox economic policy-making ideas at the time. These were not the lessons policy-makers had typically drawn from academic economics before the crisis.’ This book is for those interested in the politics of economic ideas and in the interaction between economics and politics. IMF is presented as an arena where new economic ideas and the dominance of different schools of economic thought emerge. Despite internal politics, institutional rules and member states’ influence, the IMF has shown autonomy and intellectual authority. Our conversation ended talking about the future of the institution particularly looking at the European Union financial integration. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/finance
In Austrian Reconstruction and the Collapse of Global Finance, 1921–1931 (Harvard University Press, 2018), Nathan Marcus, analyzes the events that took place around the financial crisis in Austria after World War I. When Austria was the first interwar country in Europe to suffer a hyperinflation the League of Nations stepped in to offer financial support and advice. But a total collapse of the financial system in 1931 couldn’t be avoided. Nathan Marcus offers a new perspective on the already well researched subject and an individual approach not only with regards to content but also on a methodological level by interlacing multiple perspectives and sources (such as journals and caricatures, literature, anecdotes etc.) with each other to create a wider understanding for the events. Nathan Marcus is an Assistant Professor of Modern European History at the Higher School of Economics, National Research University, Saint Petersburg, Russia. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/finance
Michael Sandel is Anne T. and Robert M. Bass Professor of Government at Harvard University. Sandel is an internationally renowned political philosopher who Newsweek has lauded as “the world’s most relevant living philosopher.” His latest project is a video series titled What Money Can’t Buy, which has Michael and an international group of college students exploring the question “What, if anything, is wrong with a world in which everything is for sale?” You can view the series for free at whatmoneycantbuy.org. The "Why We Argue" podcast is produced by the Humanities Institute at the University of Connecticut as part of the Humility and Conviction in Public Life project. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/finance
Tommie Shelby is Caldwell Titcomb Professor of African and African-American Studies, and Professor of Philosophy at Harvard University. His research focuses on political equality and problems of economic, social, and criminal justice. His most recent book is Dark Ghettos: Injustice, Dissent, and Reform, which is published by Harvard University Press. The "Why We Argue" podcast is produced by the Humanities Institute at the University of Connecticut as part of the Humility and Conviction in Public Life project. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/finance
I was joined by Pasquale Tridico, Professor of Political Economy at Roma Tre University in Italy. His latest book, Inequality in Financial Capitalism, was published by Routledge in 2017. The issue of inequality has regained attention in the economic and political debate. This is due to both an increase in income inequality, in particular among rich countries but not only, and an increasing interest in this topic by researchers, policy makers and political movements. In this book, the author presents figures and insights on several possible causes of inequality but focuses on the role of financial capitalism, characterised by the strong dependency of economies on the financial sector, by the intensification of international trade and capital mobility, and by the flexibilisation of labour markets, the reduction of wage shares and a declining welfare redistribution. A conversation on such a complex topic was also the opportunity to briefly mention collateral issues such as the financial crisis, the failure of the Occupy Wall Street protests, and Brexit.
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/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/finance
In the decades following the end of the Second World War, the British economy evolved from a manufacturing-based economy to one driven by service industries, most notably finance. As Aled Davies explains in his book The City of London and Social Democracy: The Political Economy of Finance in Post-war Britain (Oxford University Press, 2017), this shift posed a challenge to the prevailing concept of social democracy in Britain, one to which politicians, particularly those on the left, struggled to respond. With British industry facing growing competition abroad, successive governments in the 1960s and 1970s sought investment capital in order to maintain that sector’s viability. Efforts were made to encourage institutional investors such as pension and insurance funds to devote more of their industrial investment to long-term development rather than short-term profit, while many on the left of the Labour Party in the 1970s advocated nationalizing the banks as a means of channeling resources into the sector. Such proposals, however, were countered with calls to liberalize and deregulate the financial sector, many of which were advanced by trade associations and other bodies within the financial sector whose growing influence reflected the increasing importance of the City both as a part of the economy and within national politics. Their success in resisting intervention, Davies concludes, presaged the market-driven approach pursued by Margaret Thatcher’s Conservative government after 1979, one which continues to define British policy down to the present day. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/finance
Almost 10 years after the great financial crisis, how has the finance industry regained its preeminent social position? In Trust, Power and Public Relations in Financial Markets (Routledge, 2017) Clea Bourne, a Lecturer in PR, Advertising and Marketing at Goldsmiths, University of London, explores the relationship between PR and different types of trust in finance. The book offers a nuanced understanding of trust, looking at both transparency and obfuscation for states, banks, stock markets and individuals. Alongside a critical theory of the function of PR, there are numerous detailed case studies, across every aspect of modern financial markets, making the book both an in depth assessment as well as a useful introduction to trust, PR and finance. The book is clearly written and accessible, making it essential reading for anyone interested in this most important part of economy and society Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/finance
Accounts of late-nineteenth-century US expansionism commonly refer to an open-door empire and an imperialism spurred by belief in free trade. In his new book The “Conspiracy” of Free Trade: The Anglo-American Struggle over Empire and Economic Globalization, 1846-1896 (Cambridge University Press, 2016), Marc-William Palen challenges this commonplace. Instead, he notes, American adherents to Richard Cobden’s free-trade philosophy faced off against and ultimately lost to a powerful version of protectionist economic nationalism inspired by German-American economic theorist Friedrich List. The success of Listian protectionism spurred closed-door, aggressive US expansionism and also challenged free-trade orthodoxies in Britain, where political-economic policy also shifted toward protectionism by the end of the nineteenth century. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/finance
Lawrence Jacobs and Desmond King are the authors of Fed Power: How Finance Wins (Oxford UP, 2016). Jacobs is the Walter F. and Joan Mondale Chair for Political Studies and Director of the Center for the Study of Politics and Government in the Hubert H. Humphrey School and the Department of Political Science at the University of Minnesota. King is the Andrew W. Mellon Professor of American Government at the University of Oxford and Professorial Fellow, Nuffield College, Oxford. Lawrence Jacobs and Desmond King’s Fed Power follows the Federal Reserve Banks historic development from the 19th century to its current position as the most important institution in the American economy, possessing considerable autonomy to intervene in private markets. Despite its power and considerable resources, Jacobs and King claim that the Fed was asleep at the wheel when the recent economic crisis hit. The Fed acted swiftly to contain the crisis, but in the process exposed its strong favoritism. The authors dissect how the Fed’s programs during the Great Recession funneled enormous sums to a select few in the finance industry while leaving Main Street businesses adrift and millions of homeowners underwater. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/finance
What stories do we tell about finance? How does financial print culture shape our lives? Our guest today explores the narratives we have been told, and tell, about finance. A literary scholar, Leigh Claire La Berge writes about the representations of finance in years after 1979 and how many of the stories we tell about finance–that it is abstract and exceedingly complicated–took hold in this era. Leigh Claire La Berge is Assistant Professor of English in the Department of English at Borough of Manhattan Community College, CUNY. Her book, Scandals and Abstraction: Financial Fiction of the Long 1980s, was recently published by Oxford University Press. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/finance
Brett Scott is the author of The Heretic’s Guide to Global Finance: Hacking the Future of Money (Pluto Press, 2013). Scott is a journalist, urban deep ecologist, and Fellow at the Finance Innovation Lab. While much of Scott’s book focuses on explaining various aspects of the financial services section, the heart of the book is a call to action. Scott infuses this call with a variety of first-hand experiences as a campaigner for radical approaches to disrupt the sector. For this reason, the book acts as a guide to activism, applicable for those interested in global finance, but also other domains that are ripe for criticism. His blog that he mentions at the end of the podcast can be found here. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/finance
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, 2013), he lays out the case to the companies themselves, urging them to stop using their cash to buy their own stock back and instead reward investors with dividends. According to his convincing analysis, a return to dividend payment will benefit both corporations and investors. Listen in and find out why. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/finance
[Re-posted with permission from Jenny Attiyeh’s ThoughtCast] Simon Johnson, the Professor of Entrepreneurship at MIT’s Sloan School of Management, and former chief economist at the International Monetary Fund, is an outspoken critic of the US government response to the financial crisis. Now he takes on the “too big to fail” banks which continue to threaten our economy. In his latest book, called 13 Bankers: The Wall Street Takeover and the Next Financial Meltdown (Pantheon, 2010), which he co-wrote with James Kwak, Simon argues that if the biggest banks aren’t cut down to size, it’s only a matter of time before we face another financial crisis. And once again, the government – aka the taxpayers – will be obliged to step in and bail out these behemoths. In Simon’s words, if they’re too big to fail — they’re too big to exist! Simon Johnson is also a senior fellow at the Peterson Institute for International Economics. And he’s the co-author, again with James Kwak, of the influential economics blog The Baseline Scenario. Simon spoke with ThoughtCast at the Harvard Book Store in Cambridge, Massachusetts. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/finance
