New Books In Economics

Few of us need convincing that the American health insurance system needs reform. But many of the existing proposals focus on expanding one relatively successful piece of the system or building in piecemeal additions. These proposals miss the point. As the Stanford health economist Liran Einav and the MIT economist and MacArthur Genius Amy Finkelstein argue, our health care system was never deliberately designed, but rather pieced together to deal with issues as they became politically relevant. The result is a sprawling yet arbitrary and inadequate mess. It has left 30 million Americans without formal insurance. Many of the rest live in constant danger of losing their coverage if they lose their job, give birth, get older, get healthier, get richer, or move. It's time to tear it all down and rebuild, sensibly and deliberately. Marshaling original research, striking insights from American history, and comparative analysis of what works and what doesn’t from systems around the world, Einav and Finkelstein argu

In Passionate Work: Endurance after the Good Life (Duke UP, 2022), Renyi Hong theorizes the notion of being "passionate about your work" as an affective project that encourages people to endure economically trying situations like unemployment, job change, repetitive and menial labor, and freelancing. Not simply a subject of aspiration, passion has been deployed as a means to build resilience and mend disappointments with our experiences of work.  Tracking the rise of passion in nineteenth-century management to trends like gamification, coworking, and unemployment insurance, Hong demonstrates how passion can emerge in instances that would not typically be understood as passionate. Gamification numbs crippling boredom by keeping call center workers in an unthinking, suspensive state, pursuing even the most banal tasks in hope of career advancement. Coworking spaces marketed toward freelancers combat loneliness and disconnection at the precise moment when middle-class sureties are profoundly threatened. Ultimate

We live today in a global web of interdependence, connected technologically, economically, politically, and socially. As a result of these expanding and deepening interdependencies, it has become impossible fully to control--or foretell--the effects of our actions. The world is rife with unintended consequences. The first law of human ecology--which declares that we can never do merely one thing--is a truth we ignore at our peril. In Indra's Net and the Midas Touch, Leslie Paul Thiele explores the impact of interdependence and unintended consequences on our pursuit of sustainability. Unfortunately, good intentions provide no antidote to the law of unintended consequences, and proffered cures often prove worse than the disease. Biofuels developed for the purpose of reducing carbon emissions, for example, have had the unintended effect of cutting off food supplies to the needy and destroying rain forests. We must fundamentally transform our patterns of thinking and behavior. Thiele offers the intellectual and m

America's once-vibrant small-to-midsize cities--Syracuse, Worcester, Akron, Flint, Rockford, and others--increasingly resemble urban wastelands. Gutted by deindustrialization, outsourcing, and middle-class flight, disproportionately devastated by metro freeway systems that laid waste to the urban fabric and displaced the working poor, small industrial cities seem to be part of America's past, not its future. And yet, Catherine Tumber argues in this provocative book, America's gritty Rust Belt cities could play a central role in a greener, low-carbon, relocalized future. As we wean ourselves from fossil fuels and realize the environmental costs of suburban sprawl, we will see that small cities offer many assets for sustainable living not shared by their big city or small town counterparts, including population density and nearby, fertile farmland available for new environmentally friendly uses. Tumber traveled to twenty-five cities in the Northeast and Midwest--from Buffalo to Peoria to Detroit to Rochester--i

Katie Wells, a Postdoctoral Fritz Fellow with Georgetown University's Tech and Society Initiative, and Kafui Attoh, Associate Professor of Urban Studies in the CUNY School of Labor and Urban Studies, talk about their new book, Disrupting D.C.: The Rise of Uber and the Fall of a City (co-authored with Declan Cullen) (Princeton UP, 2023), with Peoples & Things host, Lee Vinsel. Disrupting D.C. examines how various actors took on a "let Uber deal with it" mindset about social problems, not so much because they had great faith in Uber but because they have profound distrust in city government. Lee Vinsel is an associate professor in the Department of Science, Technology and Society at Virginia Tech. He studies human life with technology, with particular focus on the relationship between government, business, and technological change. His first book, Moving Violations: Automobiles, Experts, and Regulations in the United States, was published by Johns Hopkins University Press in July 2019. Learn more about your ad

Vinod Thomas' book Risk and Resilience in the Era of Climate Change (Palgrave Macmillan, 2023) presents essential insights on the interaction between rising risks and raising the bar for resilience during the climate crisis. Its timeliness lies in applying important findings on risk and resilience to runaway climate change. When risk and resilience are brought together in the context of climate catastrophes, three key messages emerge. The first is that accounting for the root causes of these calamities, and not just their symptoms, is essential to slowing the spike in these events. It is therefore vital to link carbon emissions from human activity to the sharp rise in climate disasters globally. The second is that growth economics and policy must factor in the failure of governments and businesses to tackle spillover harm from economic activities, as seen dramatically with global warming. With climate risks rising, this calls for a fundamental revision in the teaching and practice of business and economics. A

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/economics

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

Big Tech locked us into their systems by making their platforms hard to leave by design. The impossibility of staying connected to people on their platforms after you delete your account has nothing to do with technological limitations: it's an intentional business strategy. In The Internet Con: How to Seize the Means of Computation (Verso, 2023), Cory Doctorow explains how to seize the means of computation, by forcing Silicon Valley to do the thing it fears most: interoperate. Interoperability will tear down the walls between technologies, allowing users leave platforms, remix their media, and reconfigure their devices without corporate permission. This book comes out September 5, 2023. See seizethemeansofcomputation.org for book details. Note: Cory mentioned that the book website is seizethemeansofcommunication.org it is actually seizethemeansofcomputation.org. Jake Chanenson is a computer science Ph.D. student at the University of Chicago. Broadly, Jake is interested in topics relating to HCI, privacy, and

Why do we always assume it was the New Right that was at the centre of constructing neoliberalism? How might corporatism have advanced neoliberalism? And, more controversially, were the trade unions only victims of neoliberal change, or did they play a more contradictory role? In How Labour Built Neoliberalism: Australia’s Accord, the Labour Movement and the Neoliberal Project (Haymarket 2019), Elizabeth Humphrys examines the role of the Labour Party and trade unions in constructing neoliberalism in Australia, and the implications of this for understanding neoliberalism's global advance. These questions are central to understanding the present condition of the labour movement and its prospects for the future. Dr Elizabeth Humphrys is a political economist and the Head Of Discipline, Social And Political Sciences at University of Technology Sydney. She is interested in the impact of economic crisis and climate change on workers, and how workplaces can be made safer and more equitable. She takes a multidiscipli

Why are our lives filled with so much stuff? In Crap: A History of Cheap Stuff in America (U Chicago Press, 2023), Wendy Woloson, Professor and Chair in the Department of History at Rutgers University, tells the history of these objects and things, from the early years of peddlers through to modern gadgets, and everything in between. In telling this story the book tells a history of America itself, looking at the rise of consumerism, advertising, television, and corporate life, as well as tracking changes in morals, sentiments, humour, and personal habits. Packed with brilliant details, and sweeping in scope, the book will be widely read across the humanities and social sciences, as well as by anyone seeking to understand the modern world. 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/economics

In 1986 the Khian Sea, carrying thousands of tons of incinerator ash from Philadelphia, began a two-year journey, roaming the world's oceans in search of a dumping ground. Its initial destination and then country after country refused to accept the waste. The ship ended up dumping part of its load in Haiti under false pretenses, and the remaining waste was illegally dumped in the ocean. Two shipping company officials eventually received criminal convictions. In The Toxic Ship: The Voyage of the Khian Sea and the Global Waste Trade (University of Washington Press, 2023), Simone M. Müller uses the ship's voyage as a lens to elucidate the global trade in hazardous waste—the movement of material ranging from outdated consumer products and pesticides to barges filled with all sorts of toxic discards—from the 1970s to the present day, exploring the story's international nodes and detailing the downside of environmental conscientiousness among industrial nations as waste is pushed outward. Müller also highlights the

Immanuel Wallerstein's world-systems theory can help to better understand and describe developments of the 21st century. The contributors of Wallerstein 2.0: Thinking and Applying World-Systems Theory in the 21st Century (Transcript Publishing, 2023) address ways to reread Wallerstein's theoretical thoughts in the humanities and social sciences. The presented interdisciplinary approach of this anthology intends to highlight the broader value of Wallerstein's ideas, even almost five decades after the famous sociologist and economic historian first expressed them. Frank Jacob is a professor of global history at Nord Universitet, Norway. 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/economics

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/economics

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

Certain cities—most famously New York, London, and Tokyo—have been identified as “global cities,” whose function in the world economy transcends national borders. Without the same fanfare, formerly peripheral and secondary cities have been growing in importance, emerging as global cities in their own right. The striking similarity of the skylines of Dubai, Miami, and Singapore is no coincidence: despite following different historical paths, all three have achieved newfound prominence through parallel trends. In this groundbreaking book, Alejandro Portes and Ariel C. Armony demonstrate how the rapid and unexpected rise of these three cities recasts global urban studies. They identify the constellation of factors that allow certain urban places to become “emerging global cities”—centers of commerce, finance, art, and culture for entire regions. The book traces the transformations of Dubai, Miami, and Singapore, identifying key features common to these emerging global cities. It contrasts them with “global hopef

The expansion of space travel is much discussed but always seems subject to delay. Why is that and when will it happen on a much larger scale? Douglas Ligor has been considering that issue for the Rand corporation – and he talks to Owen Bennett-Jones about the prospects for space travel. Ligor is co-author of Assessing the Readiness for Human Commercial Spaceflight Safety Regulations (Rand, 2023) and International Space Traffic Management: Charting a Course for Long-Term Sustainability (Rand, 2023). 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/economics

Why is Memphis home to hundreds of motor carrier terminals and distribution centers? Why does the tiny island-nation of Singapore handle a fifth of the world's maritime containers and half the world's annual supply of crude oil? Which jobs can replace lost manufacturing jobs in advanced economies? Some of the answers to these questions are rooted in the phenomenon of logistics clusters—geographically concentrated sets of logistics-related business activities. In Logistics Clusters, supply chain management expert Yossi Sheffi explains why Memphis, Singapore, Chicago, Rotterdam, Los Angeles, and scores of other locations have been successful in developing such clusters while others have not. Sheffi outlines the characteristic “positive feedback loop” of logistics clusters development and what differentiates them from other industrial clusters; how logistics clusters “add value” by generating other industrial activities; why firms should locate their distribution and value-added activities in logistics clusters;

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 bec

A sweeping history of the American health care state that reveals the public has been intentionally misled about the true role of government. The US government has always invested federal, state and local dollars in public health protection and prevention. Despite this public funding, however, Americans typically believe the current system is predominantly comprised of private actors with little government interference.  In Grow and Hide: The History of America's Health Care State (Oxford UP, 2023), Colleen M. Grogan details the history of the American health care state and argues that the public has been intentionally misled about the true role of government. The US created a publicly financed system while framing it as the opposite in what Grogan terms the "grow-and-hide regime." Today, the state's role is larger than ever, yet it remains largely hidden because stakeholders-namely, private actors and their allies in government-have repeatedly, and successfully, presented the illusion of minimal government i