New Books in Economics

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Annie McClanahan, "Dead Pledges: Debt, Crisis, and Twenty-First Century Culture" (Stanford UP, 2016) Dec 28, 2023

Show notes

When teaching a public course called “The Age of Debt” this winter break, I had the strange realization that one of the the most successful readings in that course, the one which most clearly explained the 2008 crisis and the financialized economy, was written by an English professor. It was Annie McClanahan’s Dead Pledges: Debt, Crisis, and Twenty-First Century Culture (Stanford University Press, 2016). The book is a masterful exploration of the cultural politics of the financial crisis and a powerful mediation on how to make sense of an era of unrepayable debts. As a review in the LA Review of Books notes, McClanahan has resurrected and repurposed the rich tradition of Marxist literary criticism which brought us Raymond Williams, analyzing post-crisis literature, photography, and cinema as cultural texts registering “a new ‘crisis subjectivity’ in the wake of the mortgage meltdown’s shattering revelations.” Dead Pledges is a must read. For whom? Well, anyone living in the 21st century, concerned about insurmountable debts, thinking of how culture and the economy transect each other, and striving for a radical politics fit for the mortgaged times in which we live.

Aparna Gopalan is a Ph.D. student in Social Anthropology at Harvard University. Her research focuses on how managing surplus populations and tapping into fortunes at the “bottom-of-the-pyramid” are twin-logics that undergird poverty alleviation projects in rural Rajasthan.

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The Future of Migration: A Discussion with Hein de Haas Dec 23, 2023

Show notes

Immigration has become one of the biggest issues in all western democracies. And the debate is so charged it's hard to know who to believe. Which is why Hein de Haas has written How Migration Really Works: The Facts About the Most Divisive Issue in Politics(Basic Books, 2023). Listen to him bust some myths 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.

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Devrim Adam Yavuz, "Democracy and Capitalism in Turkey: The State, Power, and Big Business" (Bloomsbury, 2023) Dec 23, 2023

Show notes

While a positive correlation between capitalism and democracy has existed in Western Europe and North America, the example of late-industrializing nations such as Turkey has demonstrated that the two need not always go hand in hand, and sometimes the interests of business coincide more firmly with anti-democratic forces.

In Democracy and Capitalism in Turkey: The State, Power, and Big Business (Bloomsbury, 2023), Devrim Adam Yavuz explores the factors that compelled capitalists in Turkey to adopt a more pro-democratic ideology by examining a leading Turkish business lobby (TÜSIAD) which has been pushing for democratic reform since the 1990s, despite representing some of the largest corporation owners in Turkey and having supported the state's authoritarian tendencies in the past such as the military coup of 1980.

Drawing on roughly 70 interviews with influential members of TÜSIAD and individuals close to them, the book reveals that business leaders were willing to break away from the state due to the conflict between their evolving economic needs and power with a political elite and state that were unwilling to cater to their demands. In so doing, the book provides a rich account of business-state relations in Turkey as well as providing a case study for the wider study of democracy and capitalism in developing nations.

Reuben Silverman is a Postdoctoral Researcher at Stockholm University’s Institute for Turkish Studies.

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Elise Hu, "Flawless: Lessons in Looks and Culture from the K-Beauty Capital" (Dutton, 2023) Dec 21, 2023

Show notes

In August, Representative Alexandria Ocasio-Cortez took to Twitter to complain about how U.S. regulations are holding local sunscreens back compared to the rest of the world. And while she didn’t name any specific country, the video featured headlines that did name one nation: South Korea. On social media, Korean cosmetics are now viewed as the world’s best.

But where did this success come from—and, perhaps, what does it say about South Korea? Elise Hu, during her time in South Korea, tried to find out, researching and reporting on not just the cosmetics industry, but gender politics, the culture of lookism, K-Pop, and cosmetic surgery, all covered in her latest book Flawless: Lessons in Looks and Culture from the K-Beauty Capital (Dutton, 2023)

In this interview, Elise and I talk about South Korea, its world-leading cosmetics industry, and what that says about gender and lookism in this buzzing East Asian economy.

Elise Hu is a correspondent and host at-large for NPR, the American news network; and since April 2020, the inaugural host of TED Talks Daily, the daily podcast from TED that’s downloaded a million times a day in all countries of the world. For nearly four years, she was the NPR bureau chief responsible for coverage of North Korea, South Korea, and Japan.

You can find more reviews, excerpts, interviews, and essays at The Asian Review of Books, including its review of Flawless. 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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Christine Abely, "The Russia Sanctions: The Economic Response to Russia's Invasion of Ukraine" (Cambridge UP, 2024) Dec 21, 2023

Show notes

February 2024 will mark the tenth anniversary of Russia’s seizure of Ukrainian territory in Crimea and the Donbas and two years since its full-scale invasion.

While military assistance from Ukraine’s allies has been gradual and cautious, retaliatory sanctions have been impressive. "The sanctions imposed against Russia beginning in late winter 2022 were sweeping, historic and rolled out with stunning rapidity,” writes Christine Abely in The Russia Sanctions: The Economic Response to Russia's Invasion of Ukraine (Cambridge University Press, 2023).

Yet, until now at least, most Russians have been insulated from their effects. As the war reaches an attritional stalemate and Putin waits for NATO's resolve to fracture, the sanctions and their lagged effects are taking on critical importance.

Christine Abely is an assistant professor at New England Law in Boston. Previously, she taught at Boston University School of Law after a career at Massachusetts law firms specialising in business litigation, and international trade and sanctions law. While she has published papers on sanctions, food and sports law, The Russia Sanctions is her first book.

*The authors' book recommendations are Backfire: How Sanctions Reshape the World Against US Interests by Agathe Demarais (Columbia University Press, 2022) and The Box: How the Shipping Container Made the World Smaller and the World Economy Bigger by Marc Levinson (Princeton University Press, second edition 2016).

Tim Gwynn Jones is an economic and political-risk analyst at Medley Advisors, who also writes the twenty4two newsletter on Substack and hosts the In The Room podcast series.

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Chetan Choithani, "Migration, Food Security and Development: Insights from Rural India" (Cambridge UP, 2023) Dec 17, 2023

Show notes

Migration, Food Security and Development: Insights from Rural India(Cambridge UP, 2023) examines the role of migration as a livelihood strategy in influencing food access among rural households. Migration forms a key component of livelihoods for an increasing number of rural households in many developing countries. Importantly, there is now a growing consensus among academics and policymakers on the potential positive effects of migration in promoting human development. Concurrently, the significance of food security as an important development objective has grown tremendously, and the Sustainable Development Goals agenda envisages eliminating all forms of malnutrition. However, the academic and policy discussions on these two issues have largely proceeded in silos, with little attention devoted to the relationship they bear with each other. Using the conceptual frameworks of 'entitlements' and 'sustainable livelihoods', this book seeks to fill this gap in the context of India - a country with the most food-insecure people in the world and where migration is integral to rural livelihoods.

Chetan Choithani is an Assistant Professor in the Inequality and Human Development Programme at the School of Social Sciences, National Institute of Advanced Studies, India. The broad disciplinary domain of Chetan's work is development studies. Within this area, his research and teaching interests include migration and urbanisation, food and nutrition, livelihoods, gender, and social policy and how they relate to development, particularly in the Indian context. Chetan has done extensive fieldwork in remote parts of India, and his research uses primary, field-based insights to engage with and inform larger issues of development. Chetan has published two authored books and several articles in leading peer-reviewed journals. His latest book-length publication is Migration, Food Security and Development: Insights from Rural India, published by Cambridge University Press in 2023.

Rituparna Patgiri has a PhD in Sociology from Jawaharlal Nehru University (JNU), New Delhi. Her research interests lie in the areas of food, media, gender and public. She is also one of the co-founders of Doing Sociology. Patgiri can be reached at @Rituparna37 on Twitter.

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Alice Cavalieri, "Italian Budgeting Policy: Between Punctuations and Incrementalism" (Palgrave Macmillan, 2023) Dec 16, 2023

Show notes

European governments are emerging from 15 years of on-again, off-again crises that upended their budgetary positions. From close to balance in 2008, the aggregate budget deficit for governments using the euro is now 3% of output while public debt is up from 66% to 90%.

These "processes happened more forcefully", writes Alice Cavalieri in Italian Budgeting Policy: Between Punctuations and Incrementalism (Palgrave MacMillan, 2023). Since 2008, Italy's primary account excluding interest payments has turned from a substantial surplus to a deficit while public debt surged from 100% to 140% of output. At the same time, Italy’s politics have fragmented – leading to the formation of seven governments in ten years – and, for 15 months in 2018-2019, Western Europe’s first-ever administration run only by populists.

Italy’s budgetary framework has been tested like no other. “The budget unmasks politicians,” writes Cavalieri. “In contrast to other political documents, the budget cannot be exploited as a mere showcase of policy positions without any future but is rather a litmus test of actual policy priorities. It leaves no room for imagination, as it translates policy commitments into a quantifiable amount of financial resources, listing revenues and expenses for a delimited time period and conveying the services that the state wants to provide to its citizens and what specific services and to what extent citizens are entitled to them. Thus, it is not simply a document, it is a political act".

Alice Cavalieri is a research fellow at the Department of Political and Social Sciences at the University of Trieste. Before that, she spent two years as a Postdoctoral Researcher at the University of Turin, having obtained her PhD at the Scuola Superiore Sant'Anna in Pisa.

*The author's own book recommendations are Political Recruitment: Gender, Race and Class in the British Parliament by Pippa Norris and Joni Lovenduski (Cambridge University Press, 1994) and The Handmaid’s Tale by Margaret Atwood (Virago, 1987).

Tim Gwynn Jones is an economic and political-risk analyst at Medley Advisors, who also writes the twenty4two newsletter on Substack and hosts the In The Room podcast series.

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The Future of Global Economic Governance: A Discussion with Jamie Martin Dec 16, 2023

Show notes

With increasing talk of de-dollarization and the Gulf attempts to get more influence in the IMF it’s a good time to talk about the world’s international financial institutions – and their role globalization and its future. Listen to Owen Bennett-Jones in conversation with Jamie Martin author of The Meddlers: Sovereignty, Empire, and the Birth of Global Economic Governance (Harvard UP, 2022).

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Niall G MacKenzie et al., "Varieties of Capitalism Over Time" (Routledge, 2022) Dec 13, 2023

Show notes

Varieties of Capitalism Over Time(Routledge, 2022) looks at how varieties of capitalism emerge over time and across different geographies, and is comprised of submissions from scholars around the globe. Covering a wide range of territories including Europe, the Americas, Africa, and Asia across both the nineteenth and twentieth centuries, this edited volume considers the roles that the state and business working together play in the emergence of different economic systems. Whilst most analyses focus on identifying different types of capitalism, the chapters in this volume instead focus on how these different types develop, the drivers of their emergence, and the people and organisations behind the developments. The geographical spread of analyses allows the reader to delve into how different countries have managed and even created their economic systems providing comparative insights into our understanding of how different national economic models develop over time.

This book was originally published as a special issue of Business History.

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

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Paul Crosthwaite et al., "Invested: How Three Centuries of Stock Market Advice Reshaped Our Money, Markets, and Minds" (U Chicago Press, 2022) Dec 10, 2023

Show notes

Who hasn’t wished for a surefire formula for riches and a ticket to the good life? For three centuries, investment advisers of all kinds, legit and otherwise, have guaranteed that they alone can illuminate the golden pathway to prosperity—despite strong evidence to the contrary. In fact, too often, they are singing a siren song of devastation. And yet we keep listening.

Invested: How Three Centuries of Stock Market Advice Reshaped Our Money, Markets, and Minds (U Chicago Press, 2022) tells the story of how the genre of investment advice developed and grew in the United Kingdom and the United States, from its origins in the eighteenth century through today, as it saturates our world. The authors analyze centuries of books, TV shows, blogs, and more, all promising techniques for amateur investors to master the ways of the market: from Thomas Mortimer’s pathbreaking 1761 work, Every Man His Own Broker, through the Gilded Age explosion of sensationalist investment manuals, the early twentieth-century emergence of a vernacular financial science, and the more recent convergence of self-help and personal finance. Invested asks why, in the absence of evidence that such advice reliably works, guides to the stock market have remained perennially popular. The authors argue that the appeal of popular investment advice lies in its promise to level the playing field, giving outsiders the privileged information of insiders. As Invested persuasively shows, the fantasies sold by these writings are damaging and deceptive, peddling unrealistic visions of easy profits and the certainty of success, while trying to hide the fact that there is no formula for avoiding life’s economic uncertainties and calamities.

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