New Books in Economics

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The Library of Mistakes: A Conversation with Russell Napier Mar 10, 2025

Show notes

The Library of Mistakes is a library located in Edinburgh, Scotland dedicated to financial and economic history. Russell Napier, the founder and keeper of the library is a professor at The Edinburgh Business School and investment manager. In this wide-ranging discussion, Russell discusses his work as a practitioner and a scholar of financial crises. He also discusses how and why he started a library, in addition to his writing on financial history.

Professor Russell Napier is the author of The Solid Ground investment report for institutional investors and co-founder of the investment research portal ERIC- a business he now co-owns with D.C. Thomson.

Caleb Zakarin is editor of the New Books Network.

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Cotton, Central Asia and the New Great Game Mar 10, 2025

Show notes

On this episode, rural sociologist Dr. Irna Hofman explores how Tajikistan’s cotton fields illuminate shifting power dynamics in Central Asia, historically and in the present. She discusses how the Soviet Union once showcased cotton production to visiting delegations—particularly from Muslim-majority countries—as evidence of its development model. Now, as global powers, including Russia, China, and the EU, vie for influence in the region, cotton has again become a strategic commodity—used to forge political ties, secure resources, and drive infrastructure projects. Hofman highlights local communities’ active role in shaping these developments, emphasizing that rural landscapes are not simply backdrops for a “New Great Game,” but sites where broader geopolitical forces and grassroots agency intersect. Through her long-term fieldwork, she illustrates how Tajik farmers navigate and negotiate these overlapping external interests, and in doing so, reframe Central Asia’s future amidst geopolitical tensions.

Dr. Hofman specializes in agrarian and social change in Central Asia, where she has worked since 2012. She completed post-doctoral research at Oxford's Faculty of Asian and Middle Eastern Studies as part of an ERC-funded project "China, law and development." In 2019, she obtained her Ph.D. from Leiden University in the Netherlands with a dissertation focused on the political economy of agrarian transformation in Tajikistan: "Cotton, control, and continuity in disguise: The political economy of agrarian transformation in lowland Tajikistan." Her research interests span political economy, political ecology, and political sociology. In recent years, she has focused on rural labour, gender, and commodity politics. Dr. Hofman is completing a monograph based on her dissertation and post-doctoral research projects. Her research agenda for the coming years centers on the rural everyday of geopolitics, focusing on China's growing assertiveness in the global agrifood regime, shifting geographies of production, and rural labour.

Dr Irna Hofman | School of Geography and the Environment | University of Oxford

@irnahofman

Resources:

Hofman, I. (2024) Seeds of empire or seeds of friendship? The politics of the diffusion of Chinese crop seeds in Tajikistan. Journal of Agrarian Change, 24(2): e12581.
Hofman, I. (2022) Tajikistan. The people's map of global China
Hofman, I. (2021) Migration, crop diversification, and adverse incorporation: Understanding the repertoire of contention in rural Tajikistan. Canadian Journal of Development Studies, 42(4): 499-518.
Hofman, I. (2021). Chinese cotton diplomacy in Tajikistan: greasing the ties by reviving the cotton economy. Research Brief.
Hofman, I. (2018). Politics or profits along the “Silk Road”: What drives Chinese farms in Tajikistan and helps them thrive? In The Geoeconomics and Geopolitics of Chinese Development and Investment in Asia, pp. 183-208. Routledge.

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Abby Innes, "Late Soviet Britain: Why Materialist Utopias Fail" (Cambridge UP, 2023) Mar 09, 2025

Show notes

Why has the United Kingdom, historically one of the strongest democracies in the world, become so unstable? What changed? Late Soviet Britain: Why Materialist Utopias Fail (Cambridge UP, 2023) demonstrates that a major part of the answer lies in the transformation of its state. It shows how Britain championed radical economic liberalisation only to weaken and ultimately break its own governing institutions. The crisis of democracy in rich countries has brought forward many urgent analyses of neoliberal capitalism. This book explores for the first time how the 'governing science' in Leninist and neoliberal revolutions fails for many of the same reasons. These systems may have been utterly opposed in their political values, but Abby Innes argues that when we grasp the kinship in their closed-system forms of economic reasoning and their strategies for government, we may better understand the causes of state failure in what remains an inescapably open-system reality.

Abby Innes is Associate Professor of Political Economy in the European Institute at the LSE.

Morteza Hajizadeh is a Ph.D. graduate in English from the University of Auckland in New Zealand. His research interests are Cultural Studies; Critical Theory; Environmental History; Medieval (Intellectual) History; Gothic Studies; 18th and 19th Century British Literature. YouTube channel. Twitter.

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Luis F. Alvarez Leon, "The Map in the Machine: Charting the Spatial Architecture of Digital Capitalism" (U California Press, 2024) Mar 08, 2025

Show notes

Digital technologies have changed how we shop, work, play, and communicate, reshaping our societies and economies. To understand digital capitalism, we need to grasp how advances in geospatial technologies underpin the construction, operation, and refinement of markets for digital goods and services.

In The Map in the Machine: Charting the Spatial Architecture of Digital Capitalism (U California Press, 2024), Luis F. Alvarez Leon examines these advances, from MapQuest and Google Maps to the rise of IP geolocation, ridesharing, and a new Earth Observation satellite ecosystem. He develops a geographical theory of digital capitalism centered on the processes of location, valuation, and marketization to provide a new vantage point from which to better understand, and intervene in, the dominant techno-economic paradigm of our time. By centering the spatiality of digital capitalism, Alvarez Leon shows how this system is the product not of seemingly intangible information clouds but rather of a vast array of technologies, practices, and infrastructures deeply rooted in place, mediated by geography, and open to contestation and change.

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Kimberly Clausing, "Open: The Progressive Case for Free Trade, Immigration, and Global Capital" (Harvard UP, 2019) Mar 08, 2025

Show notes

Critics on the Left have long attacked open markets and free trade agreements for exploiting the poor and undermining labor, while those on the Right complain that they unjustly penalize workers back home. In Open: The Progressive Case for Free Trade, Immigration, and Global Capital (Harvard University Press, 2019), Kimberly Clausing takes on old and new skeptics in her compelling case that open economies are actually a force for good. Turning to the data to separate substance from spin, she shows how international trade makes countries richer, raises living standards, benefits consumers, and brings nations together. At a time when borders are closing and the safety of global supply chains is being thrown into question, she outlines a clear agenda to manage globalization more effectively, presenting strategies to equip workers for a modern economy and establish a better partnership between labor and the business community.

Kimberly Clausing holds the Eric M. Zolt Chair in Tax Law and Policy at the UCLA School of Law. During the first part of the Biden Administration, Clausing was the Deputy Assistant Secretary for Tax Analysis in the US Department of the Treasury, serving as the lead economist in the Office of Tax Policy. Prior to coming to UCLA, Clausing was the Thormund A. Miller and Walter Mintz Professor of Economics at Reed College. Professor Clausing is also a nonresident senior fellow at the Peterson Institute for International Economics, a member of the Council on Foreign Relations, and a research associate at the National Bureau of Economic Research. She has worked on economic policy research with the International Monetary Fund, the Hamilton Project, the Brookings Institution, the Tax Policy Center, and the Center for American Progress. She has testified before the House Ways and Means Committee, the Senate Committee on Finance, the Senate Committee on the Budget, and the Joint Economic Committee. Professor Clausing received her B.A. from Carleton College in 1991 and her Ph.D. from Harvard University in 1996, both in economics.

Other New Books Networks interviews on related themes include Yale economist Penny Goldberg, former Chief Economist of the World Bank, on The Unequal Effects of Globalization, Princeton economist Leah Boustan on how immigrants have contributed to and rapidly assimilated into US society, and University of Massachusetts economist Isabella Weber on China's process of integration into the world economy.

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Social Death by Debt: China's Lending Boom Reshapes Lives Mar 07, 2025

Show notes

China's household debt has exploded from 11% of GDP in 2006 to over 62% today—a profound transformation in a traditionally savings-focused society. How is this reshaping social relationships and daily life?

In this episode, Dr. Jiaqi Guo from the University of Turku reveals findings from her corpus analysis of China's largest debt support forum. Her research uncovers the practice of "contact bombing" (爆通讯录), where collectors harass debtors' entire social networks, causing what Chinese debtors call "social death" (社死).

With minimal institutional protection, desperate debtors are forming underground support networks and developing their own legal expertise. This cultural shift exposes a human dimension of China's economic growth that statistics alone cannot capture.

Dr. Jiaqi Guo is a University Lecturer in Chinese at the University of Turku, Finland.

This episode is hosted by Hanna Holttinen, University Teacher in Chinese language at the University of Turku, Finland.

The Nordic Asia Podcast is a collaboration sharing expertise on Asia across the Nordic region, brought to you by the following academic partners: Asia Centre, University of Tartu (Estonia), Asian studies, University of Helsinki (Finland), Centre for Asian Studies, Vytautas Magnus University (Lithuania), Centre for East Asian Studies, University of Turku (Finland) and Centre for East and South-East Asian Studies, Lund University (Sweden) and Norwegian Network for Asian Studies.

We aim to produce timely, topical and well-edited discussions of new research and developments about Asia.

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Maria Kaika and Luca Ruggiero, "Class Meets Land: The Embodied History of Land Financialization" (U California Press, 2024) Mar 06, 2025

Show notes

Class Meets Land: The Embodied History of Land Financialization (University of California Press, 2024) by Dr. Maria Kaika & Dr. Luca Ruggiero reveals something seemingly counterintuitive: that nineteenth-century class struggles over land are deeply implicated in the transition to twenty-first-century financial capitalism. Challenging our understanding of land financialization as a recent phenomenon propelled by high finance, Dr. Kaika and Dr. Ruggiero foreground 150 years of class struggle over land as a catalyst for assembling the global financial constellation. Narrating the close-knit histories of industrial land, industrial elites, and the working class, the authors offer a novel understanding of land financialization as a “lived” process: the outcome of a relentless, socially embodied historical unfolding, in which shifts in land’s material, economic, and symbolic roles impact both local everyday lives and global capital flows.

This interview was conducted by Dr. Miranda Melcher whose new book focuses on post-conflict military integration, understanding treaty negotiation and implementation in civil war contexts, with qualitative analysis of the Angolan and Mozambican civil wars.

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S4E28 Over Ruled: The Human Toll of Too Much Law--A Conversation with Janie Nitze Mar 05, 2025

Show notes

In the latest episode of Madison’s Notes, I spoke with Janie Nitze, co-author of Over Ruled: The Human Toll of Too Much Law(Harper, 2004), a book written alongside Supreme Court Justice Neil Gorsuch. Janie, a Harvard-educated attorney and former clerk for Justices Sonia Sotomayor and Neil Gorsuch, discussed the growing complexity of laws in America and their impact on everyday citizens. The book shares stories of ordinary Americans—fishermen in Florida, families in Montana, monks in Louisiana, and more—who find themselves caught in legal mazes created by an overwhelming and often opaque system of regulations.

Janie explained that while laws are necessary to maintain order and freedom, the sheer volume and complexity of modern regulations can undermine those principles. She highlighted how excessive laws, many of which are created by unelected agency officials, disproportionately affect those without wealth or power. Through these stories, Over Ruled shows how overregulation can erode trust in the legal system and create unintended consequences for individuals navigating their lives.

Janie’s perspective, shaped by her work at the Supreme Court, the Department of Justice, and the Privacy and Civil Liberties Oversight Board, provided a clear look at the challenges of balancing regulation and individual liberty. Over Ruled is a timely exploration of these issues, and this episode offers a deeper understanding of the human cost of too much law. Tune in to hear Janie’s insights and learn more about the stories behind the book.

Madison’s Notes is the podcast of Princeton University’s James Madison Program in American Ideals and Institutions.

Contributions to and/or sponsorship of any speaker does not constitute departmental or institutional endorsement of the specific program, speakers or views presented.

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Kate Fortmueller and Luci Marzola, "Hollywood Unions" (Rutgers UP, 2024) Mar 04, 2025

Show notes

Hollywood Unions(Rutgers UP, 2024) is a unique collection that tells the stories of the unions and guilds that have organized motion picture and television labor: IATSE, the DGA, SAG-AFTRA, and the WGA. The Hollywood unions represent a wide swath of the workers making media: from directors and stars to grips and makeup artists. People today know some of these organizations from their glitzy annual awards celebrations, but the unions’ actual importance is in bargaining with the Association of Motion Picture and Television Producers (AMPTP) on behalf of 331,000 workers in the motion picture and television industry. The Hollywood unions are not neutral institutions but rather have long histories of jurisdictional battles, competitions with rival unions, and industry-altering strikes. They have supported the industry’s workers through the Great Depression, World War II, the McCarthy era, the collapse of the studio system, the rise of television, runaway production, fights for gender parity, the digital revolution, and a global pandemic. The history of these unions has contributed to making media work sustainable in the long term and helped shape the conditions and production cultures of Hollywood.

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Erik Baker, "Make Your Own Job: How the Entrepreneurial Work Ethic Exhausted America" (Harvard UP, 2025) Mar 02, 2025

Show notes

How Americans think about work changed profoundly over the course of the twentieth century. Thrift and persistence came to seem old-fashioned. Successful workers were increasingly expected to show initiative and enthusiasm for change—not just to do their jobs reliably but to create new opportunities for themselves and for others. Our culture of work today is more demanding than ever, even though workers haven't seen commensurate rewards.

Make Your Own Job: How the Entrepreneurial Work Ethic Exhausted America (Harvard University Press, 2025) by Dr. Erik Baker explains how this entrepreneurial work ethic took hold, from its origins in late nineteenth-century success literature to the gig economy of today, sweeping in strange bedfellows: Marcus Garvey and Henry Ford, Avon ladies and New Age hippies. Business schools and consultants exhorted managers to cultivate the entrepreneurial spirit in their subordinates, while an industry of self-help authors synthesized new ideas from psychology into a vision of work as “self-realization.” Policy experts embraced the new ethic as a remedy for urban and Third World poverty. Every social group and political tendency, it seems, has had its own exemplary entrepreneurs.

Dr. Baker argues that the entrepreneurial work ethic has given meaning to work in a world where employment is ever more precarious––and in doing so, has helped legitimize a society of mounting economic insecurity and inequality. From the advent of corporate capitalism in the Gilded Age to the economic stagnation of recent decades, Americans have become accustomed to the reality that today’s job may be gone tomorrow. Where work is hard to find and older nostrums about diligent effort fall flat, the advice to “make your own job” keeps hope alive.

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