New Books in Economics

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American Innovation, American Vitality: A Conversation with Chris Buskirk May 22, 2024

Show notes

How can we restore America's frontier spirit, foster innovation, and stave off decay? Chris Buskirk sits down to discuss his new book America and the Art of the Possible: Restoring National Vitality in an Age of Decay. Along the way, he delves into the history of innovation from Augustan Rome to the Scottish Enlightenment to Silicon Valley, whether America is an oligarchy or an aristocracy, how our education system can better support American needs, and more.

Chris Buskirk is the founder, editor, publisher of the magazine American Greatness, as well as a contributing opinion writer for The New York Times. A serial entrepreneur, he is also the Founder & Chief Investment Officer of 1789 Capital.

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

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Mark Robert Rank, "The Poverty Paradox: Understanding Economic Hardship Amid American Prosperity" (Oxford UP, 2023) May 21, 2024

Show notes

The paradox of poverty amidst plenty has plagued the United States throughout the 21st century--why should the wealthiest country in the world also have the highest rates of poverty among the industrialized nations? Based on his decades-long research and scholarship, one of the nation's leading authorities provides the answer. In The Poverty Paradox: Understanding Economic Hardship Amid American Prosperity (Oxford UP, 2023), Mark Robert Rank develops his unique perspective for understanding this puzzle.

The approach is what he has defined over the years as structural vulnerability. Central to this new way of thinking is the distinction between those who lose out at the economic game versus why the game produces losers in the first place. Americans experiencing poverty tend to have certain characteristics placing them at a greater risk of impoverishment. Yet poverty results not from these factors, but rather from a lack of sufficient opportunities in society. In particular, the shortage of decent paying jobs and a strong safety net are paramount.

Based upon this understanding, Rank goes on to detail a variety of strategies and programs to effectively alleviate poverty in the future. Implementing these policies has the added benefit of reinforcing several of the nation's most important values and principles. The Poverty Paradox represents a game changing examination of poverty and inequality. It provides the essential blueprint for finally combatting this economic injustice in the years ahead.

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Joseph E. Stiglitz, "The Road to Freedom: Economics and the Good Society" (Norton, 2024) May 20, 2024

Show notes

In his latest book, The Road to Freedom: Economics and the Good Society (W. W. Norton, 2024), Nobel laureate Joseph E. Stiglitz rethinks the nature of freedom and its relationship to capitalism.

While many agree that freedom is good and we want more of it, we don’t agree about what it is, whose freedom we’re talking about, or what outcomes we desire.

Stiglitz asks the question: whose freedom are we talking about, and what happens when one person’s freedom means a loss of freedom for someone else?

Narratives of neoliberalism have been accepted as gospel despite decades of research showing that less regulation and more trust in the 'hidden hand' of free market economics do not produce greater prosperity or freedom for most individuals.

Stiglitz examines how unregulated markets reduce economic opportunities for majorities by prioritizing the freedom of corporations and wealthy individuals over that of individuals, resulting in the siphoning wealth from the many to ensure the freedom of the few, from property and intellectual rights to education and opportunity.

The Road to Freedom re-evaluates of what constitutes a good society and provides a roadmap to achieve it.

Recommended reading: The Groves of Academe by Mary McCarthy

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Elise Andaya, "Pregnant at Work: Low-Wage Workers, Power, and Temporal Injustice" (NYU Press, 2024) May 19, 2024

Show notes

The low-wage service industry is one of the fastest-growing employment sectors in the US economy. Its workers disproportionately tend to be low-income and minority women. Service sector work entails rigid forms of temporal discipline manifested in work requirements for flexible, last-minute, and round-the-clock availability, as well as limited to no eligibility for sick and parental leaves, all of which impact workers’ ability to care for themselves and their dependents.

Pregnant at Work: Low-Wage Workers, Power, and Temporal Injustice(NYU Press, 2024) examines the experiences of pregnant service sector workers in New York City as they try to navigate the time conflicts between precarious low-wage service labor and safety net prenatal care. Through interviews and fieldwork in a prenatal clinic of a public hospital, Elise Andaya vividly describes workers’ struggles to maintain expected tempos of labor as their pregnancies progress as well as their efforts to schedule and attend prenatal care, where waiting is a constant factor—a reflection of the pervasive belief that poor people’s time is less valuable than that of other people.

Pregnant at Work is a compelling examination of the ways in which power and inequalities of race, class, gender, and immigration status are produced and reproduced in the US, including in individual pregnant bodies. The stories of the pregnant workers featured in this book underscore the urgency of movements towards temporal justice and a new politics of care in the twenty-first century.

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Marina Welker, "Kretek Capitalism: Making, Marketing, and Consuming Clove Cigarettes in Indonesia" (U California Press, 2024) May 18, 2024

Show notes

Indonesia is the world's second largest cigarette market: two out of three men smoke, and clove-laced tobacco cigarettes called kretek make up 95 percent of the market. To account for the staggering success of this lethal industry, Kretek Capitalism: Making, Marketing, and Consuming Clove Cigarettes in Indonesia (University of California Press, 2024) moves beyond a focus on the addictive hold of nicotine to examine how kretek manufacturers have adopted global tobacco technologies and enlisted Indonesians to labor on their behalf in fields and factories, at retail outlets and social gatherings, and online. The book charts how Sampoerna, a Philip Morris International subsidiary, uses contracts, competitions, and gender, class, and age hierarchies to extract overtime, shift, seasonal, gig, and unpaid labor from workers, influencers, artists, students, retailers, and consumers. Critically engaging nationalist claims about the commodity's cultural heritage and the jobs it supports, Marina Welker shows how global capitalism has transformed both kretek and the labor required to make and promote it.

Marina Welker is Professor of Anthropology at Cornell University and author of Enacting the Corporation: An American Mining Firm in Post-Authoritarian Indonesia.

Reighan Gillam is an Associate Professor in the Department of Latin American, Latino, and Caribbean Studies at Dartmouth College. Her research examines the ways in which Afro-Brazilian media producers foment anti-racist visual politics through their image creation. She is the author of Visualizing Black Lives: Ownership and Control in Afro-Brazilian Media (University of Illinois Press).

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The Politics of Development: A Conversation with Claire Mcloughlin and David Hudson May 16, 2024

Show notes

Development is political but what does that mean for how we solve some of the biggest challenges facing the world today? A pathbreaking new book, The Politics of Development (Sage, 2024), sets out to answer this question and many more. Why is it so hard to reduce corruption, deliver good quality healthcare, and create more equal societies? And what can be done to remove these blockages, so that politics goes from being the problem to the solution? Join three of the editors – Claire Mcloughlin, David Hudson and People, Power, Politics host Nic Cheeseman – as they talk about the novel approach of their volume (co-edited with Sameen Ali and Kailing Xie) and the many lessons it reveals about why getting it right can be so hard. Listen now to find out why The Politics of Development is “destined to become essential reading” (Duncan Greene)!

Claire Mcloughlin is Associate Professor at the International Development Department, University of Birmingham, and the lead editor of The Politics of Development.

David Hudson is Professor of Politics and Development, also at the International Development Department, University of Birmingham, and an editor of The Politics of Development.

Nic Cheeseman is the Professor of Democracy and International Development at the University of Birmingham and Founding Director of CEDAR, and was also an editor of The Politics of Development.

The People, Power, Politics podcast brings you the latest insights into the factors that are shaping and re-shaping our political world. It is brought to you by the Centre for Elections, Democracy, Accountability and Representation (CEDAR) based at the University of Birmingham, United Kingdom. Join us to better understand the factors that promote and undermine democratic government around the world and follow us on X (Twitter) at @CEDAR_Bham!

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Rajrishi Singhal, "Slip, Stitch and Stumble: The Untold Story of Financial Reforms in India" (Viking, 2024) May 16, 2024

Show notes

India’s stock markets are booming. One calculation from Bloomberg puts India as the world’s fourth-largest equity market, overtaking Hong Kong, as domestic and foreign investors pile into the Indian stock exchange.

But getting to the point where India’s stock markets—and its financial system more broadly—could work effectively took a long time. As Rajrishi Singhal tells it in Slip, Stitch and Stumble: The Untold Story of Financial Reforms in India(Viking, 2024), India’s financial system suffered from antiquated procedures, cartels and a confused paper trail that left the door for abuse wide open.

In this interview, Rajrishi and I talk about India’s financial sector, its earlier dysfunction, how it was fixed—and scammers like Harshad Mehta, “The Big Bull.”

Rajrishi Singhal has been a senior journalist, banker and public policy analyst. He was executive editor at the Economic Times, consulting editor with Mint, research and strategy head at a private sector bank and senior fellow for geoeconomic studies at a Mumbai-based think tank.

You can find more reviews, excerpts, interviews, and essays at The Asian Review of Books. Follow on Twitter at @BookReviewsAsia.

Nicholas Gordon is an editor for a global magazine, and a reviewer for the Asian Review of Books. He can be found on Twitter at@nickrigordon.

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Elizabeth O’Brien Ingleson, "Made in China: When US-China Interests Converged to Transform Global Trade" (Harvard UP, 2024) May 16, 2024

Show notes

For centuries, the vastness of the Chinese market tempted foreign companies in search of customers. But in the 1970s, when the United States and China ended two decades of Cold War isolation, China’s trade relations veered in a very different direction. In Made in China: When US-China Interests Converged to Transform Global Trade (Harvard University Press, 2024) Dr. Elizabeth Ingleson shows how the interests of US business and the Chinese state aligned to reframe the China market: the old dream of plentiful customers gave way to a new vision of low-cost workers by the hundreds of millions. In the process, the world’s largest communist state became an indispensable component of global capitalism.

Drawing on Chinese- and English-language sources, including previously unexplored corporate papers, Ingleson traces this transformation to the actions of Chinese policymakers, US diplomats, maverick entrepreneurs, Chinese American traders, and executives from major US corporations including Boeing, Westinghouse, J. C. Penney, and Chase Manhattan Bank. Long before Walmart and Apple came to China, businesspeople such as Veronica Yhap, Han Fanyu, Suzanne Reynolds, and David Rockefeller instigated a trade revolution with lasting consequences. And while China’s economic reorganisation was essential to these connections, Ingleson also highlights an underappreciated but crucial element of the convergence: the US corporate push for deindustrialization and its embrace by politicians.

Reexamining two of the most significant transformations of the 1970s—US-China rapprochement and deindustrialization in the United States—Made in China takes bilateral trade back to its faltering, uncertain beginnings, identifying the tectonic shifts in diplomacy, labor, business, and politics in both countries that laid the foundations of today’s globalized economy.

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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Kunal M. Parker, "The Turn to Process: American Legal, Political, and Economic Thought, 1870-1970" (Cambridge UP, 2023) May 16, 2024

Show notes

In The Turn to Process: American Legal, Political, and Economic Thought, 1870-1970(Cambridge University Press, 2023), Kunal M. Parker explores the massive reorientation of American legal, political, and economic thinking between 1870 and 1970. Over this period, American conceptions of law, democracy, and markets went from being oriented around truths, ends, and foundations to being oriented around methods, processes, and techniques. No longer viewed as founded in justice and morality, law became a way of doing things centered around legal procedure. Shedding its foundations in the 'people,' democracy became a technique of governance consisting of an endless process of interacting groups. Liberating themselves from the truths of labor, markets and market actors became intellectual and political techniques without necessary grounding in the reality of human behavior. Contrasting nineteenth and twentieth century legal, political, and economic thought, this book situates this transformation in the philosophical crisis of modernism and the rise of the administrative state.

Kunal M. Parker is a Professor of Law and Dean's Distinguished Scholar at the University of Miami.

Caleb Zakarin is editor of the New Books Network.

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Raghuram G. Rajan and Rohit Lamba, "Breaking the Mold: India’s Untraveled Path to Prosperity" (Princeton UP, 2024) May 15, 2024

Show notes

The whole world has a stake in India's future, and that future hinges on whether India can develop its economy and deliver for its population--now the world's largest--while staying democratic. India's economy has overtaken the United Kingdom's to become the fifth-largest in the world, but it is still only one-fifth the size of China's, and India's economic growth is too slow to provide jobs for millions of its ambitious youth. Blocking India's current path are intense global competition in low-skilled manufacturing, increasing protectionism and automation, and the country's majoritarian streak in politics. In Breaking the Mold: India’s Untraveled Path to Prosperity(Princeton UP, 2024), Raghuram Rajan and Rohit Lamba show why and how India needs to blaze a new path if it's to succeed.

India diverged long ago from the standard development model, the one followed by China--from agriculture to low-skilled manufacturing, then high-skilled manufacturing and, finally, services--by leapfrogging intermediate steps. India must not turn back now. Rajan and Lamba explain how India can accelerate growth by prioritizing human capital, expanding opportunities in high-skilled services, encouraging entrepreneurship, and strengthening rather than weakening its democratic traditions. It can chart a path based on ideas and creativity even at its early stage of development.

Filled with vivid examples and written with incisive candor, Breaking the Mold shows how India can break free of the stumbling blocks of the past and embrace the enormous possibilities of the future.

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