New Books In Economics

Reaching net zero emissions will not be the end of the climate struggle, but only the end of the beginning. For centuries thereafter, temperatures will remain elevated; climate damages will continue to accrue and sea levels will continue to rise. Even the urgent and utterly essential task of reaching net zero cannot be achieved rapidly by emissions reductions alone. To hasten net zero and minimize climate damages thereafter, we will also need massive carbon removal and storage. We may even need to reduce incoming solar radiation in order to lower unacceptably high temperatures. Such unproven and potentially risky climate interventions raise mind-blowing questions of governance and ethics.  Wake Smith's book Pandora's Toolbox: The Hopes and Hazards of Climate Intervention (Cambridge UP, 2022) offers readers an accessible and authoritative introduction to both the hopes and hazards of some of humanity's most controversial technologies, which may nevertheless provide the key to saving our world. Galina Limorenko

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

In From Big Oil to Big Green: Holding the Oil Industry to Account for the Climate Crisis (MIT Press, 2022), Marco Grasso examines the responsibility of the oil and gas industry for the climate crisis and develops a moral framework that lays out its duties of reparation and decarbonization to allay the harm it has done. By framing climate change as a moral issue and outlining the industry's obligation to tackle it, Grasso shows that Big Oil is a central, yet overlooked, agent of climate ethics and policy. Grasso argues that by indiscriminately flooding the global economy with fossil fuels—while convincing the public that halting climate change is a matter of consumer choice, that fossil fuels are synonymous with energy, and that a decarbonized world would take civilization back to the Stone Age—Big Oil is morally responsible for the climate crisis. He explains that it has managed to avoid being held financially accountable for past harm and that its duty of reparation has never been theoretically developed or

Hello media fans - The ABC is Australia's public broadcaster, for TV, digital and radio. Think BBC and CBC and NPR.  Who Needs the ABC?: How Digital Disruption and Political Dysfunction Threaten the Australian Broadcasting Corporation's Existence (Scribe, 2022) by Matthew Ricketson and Patrick Mullins (Scribe 2022), charts how, in its 90th year, the best-trusted news organisation in Australia arrived at its current plight: doing the most it ever has, with less than it needs, under a barrage of constant criticism. This book examines the profound changes that have swept through the Australian media, technology, and political landscapes in the past decade, and explores the tense relationship between the ABC and governments of both stripes over the last 40 years. It dispels any complacency about the ABC’s future by charting the very real threat now posed by the Liberal– National Party coalition, and the damage that it has done to the ABC while in office. Who Needs the ABC? identifies the vital role that the ABC p

Contemporary Housing Struggles: A Structural Field of Contention Approach (Palgrave Macmillan, 2022) provides a comparative study of housing contention in Budapest and Bucharest in 2008-2021. The financialization of housing and the resulting inequalities, expulsions and social contention are a central characteristic of today’s capitalist crisis. These two East European cities that fall outside the usual focus of urban movements research provide an illuminating case of similar structural conditions governed by different political constellations at the national and local scales. Instead of searching for unilinear narratives connecting structural tensions to politicized claims, the book offers an in-depth contextual analysis of multiple forms of contention, their (often unintentional) interactions, and their broader political-structural background, including tensions surrounded by political silence. The authors analyze the two cases and their comparative lessons through what they propose as a “structural field o

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 fa

Stabilizing the world's climates means cutting carbon dioxide pollution. There's no way around it. But what if that's not enough? What if it's too difficult to accomplish in the time allotted or, worse, what if it's so late in the game that even cutting carbon emissions to zero, tomorrow, wouldn't do? Enter solar geoengineering. The principle is simple: attempt to cool Earth by reflecting more sunlight back into space. The primary mechanism, shooting particles into the upper atmosphere, implies more pollution, not less. If that doesn't sound scary, it should. There are lots of risks, unknowns, and unknowables. In Geoengineering: The Gamble (Polity, 2021), climate economist Gernot Wagner provides a balanced take on the possible benefits and all-too-real risks, especially the so-called "moral hazard" that researching or even just discussing (solar) geoengineering would undermine the push to cut carbon emissions in the first place. Despite those risks, he argues, solar geoengineering may only be a matter of time

From trade to technology to military might, competition between the United States and China dominates the foreign policy landscape. But this battle for global influence is also playing out in a strange and unexpected arena: the movies. The film industry, Wall Street Journal reporter Erich Schwartzel explains, is the latest battleground in the tense and complex rivalry between these two world powers. In recent decades, as China has grown into a giant of the international economy, it has become a crucial source of revenue for the American film industry. Hollywood studios are now bending over backward to make movies that will appeal to China’s citizens—and gain approval from severe Communist Party censors. At the same time, and with America’s unwitting help, China has built its own film industry into an essential arm of its plan to export its national agenda to the rest of the world. The competition between these two movie businesses is a Cold War for this century, a clash that determines whether democratic or a

In When Art Isn’t Real: The World's Most Controversial Objects under Investigation (Leuven University Press, 2022), Dr. Andrew Shortland and Dr. Patrick Degryse examine how an initially valueless object becomes worth hundreds of millions. And vice versa. The art world is a multi-billion-dollar industry which captures world headlines on a regular basis, for both good and bad reasons. This book deals with one of the most-discussed areas of controversy: high-profile objects that have experts arguing about their veracity. Some may have been looted, others may be fakes, some may be heavily restored or misattributed. Often, in these cases, analytical science is called on to settle a dispute. The authors of this book have decades of experience in this field, working on a range of objects dating from prehistory to the twentieth century. They present seven of the most famous cases from the Getty Kouros to the Turin Shroud – some of which are still contested, and examine how a few words from a connoisseur or scientist

Today I talked to Richard Chataway about his book The Behaviour Business: How to Apply Behavioural Science for Business Success (Harriman House, 2020). Ever seen the TED talk video on Youtube where Capuchin monkeys get enraged when some receive cucumbers and other monkeys more delicious grapes for completing the same task? Welcome to the inequality basis, whereby a lack of fairness drives all of us crazy. Whether it’s a matter of employees getting different pay for the same job, or consumers feeling like some people get better deals than others, feelings of injustice or disappointment or pride---you name it—drive our behavior. How often is what people say and how they feel and behave identical? Not especially, says my guest this week. Indeed, Richard Chataway would estimate that verbal input might at best get you 50% of the way to understanding how somebody might behave in actuality. Other topics covered in this episode include why inspiring disgust helped an anti-smoking campaign do so well and how Hilton Ho

Why does the monarchy matter? In Running the Family Firm: How the Monarchy Manages Its Image and Our Money (Manchester UP, 2021),  Laura Clancy, a Lecturer in Media and Lancaster University, considers the British monarchy in the context of contemporary financialised capitalism, exposing the tensions and contradictions between the public face of royalty and the reality of the infrastructures, labour relations, financial arrangements, and political economies of Britain’s ‘family firm’. The book uses a huge range of examples, from the monarchy’s role in politics and public life, through to the personalities that drive much media coverage. Rich with detailed case studies and analysis, the book is essential reading across the social sciences and humanities, as well as for anyone interested in understanding how power and elites function in Britain today. 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 Supp

Our species has amassed unprecedented knowledge of nature, which we have tried to use to seize control of life and bend the planet to our will. In A Natural History of the Future: What the Laws of Biology Tell Us about the Destiny of the Human Species (Basic Book, 2021), biologist Rob Dunn argues that such efforts are futile. We may see ourselves as life's overlords, but we are instead at its mercy. In the evolution of antibiotic resistance, the power of natural selection to create biodiversity, and even the surprising life of the London Underground, Dunn finds laws of life that no human activity can annul. When we create artificial islands of crops, dump toxic waste, or build communities, we provide new materials for old laws to shape. Life's future flourishing is not in question. Ours is. As ambitious as Edward Wilson's Sociobiology and as timely as Elizabeth Kolbert's The Sixth Extinction, A Natural History of the Future sets a new standard for understanding the diversity and destiny of life itself. Galina

Andrew Leon Hanna's book 25 Million Sparks: The Untold Story of Refugee Entrepreneurs (Cambridge UP, 2022) takes readers inside the Za'atari refugee camp to follow the stories of three courageous Syrian women entrepreneurs: Yasmina, a wedding shop and salon owner creating moments of celebration; Malak, a young artist infusing color and beauty throughout the camp; and Asma, a social entrepreneur leading a storytelling initiative to enrich children's lives. Anchored by these three inspiring stories, as well as accompanying artwork and poetry by Malak and Asma, the narrative expands beyond Za'atari to explore the broader refugee entrepreneurship phenomenon in more than twenty camps and cities across the globe. What emerges is a tale of power, determination, and dignity - of igniting the brightest sparks of joy, even when the rest of the world sees only the darkness. A significant portion of the author's proceeds from this book is being contributed to support refugee entrepreneurs in Za'atari and around the world

How can development programs deliver benefits to marginalized citizens in ways that expand their rights and freedoms? Political will and good policy design are critical but often insufficient due to resistance from entrenched local power systems.  Rajesh Veeraraghavan's book Patching Development: Information Politics and Social Change in India (Oxford UP, 2021) is an ethnography of one of the largest development programs in the world, the Indian National Rural Employment Guarantee Act (NREGA), and examines in detail NREGA’s implementation in the South Indian state of Andhra Pradesh. It finds that the local system of power is extremely difficult to transform, not because of inertia, but because of coercive counter-strategy from actors at the last mile and their ability to exploit information asymmetries. Upper-level NREGA bureaucrats in Andhra Pradesh do not possess the capacity to change the power axis through direct confrontation with local elites, but instead have relied on a continuous series of responses

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 functi

The great forces of population change – the balance of births, deaths and migrations – have made the world what it is today. They have determined which countries are superpowers and which languish in relative obscurity, which economies top the international league tables and which are at best also-rans. The same forces that have shaped our past and present are shaping our future. Illustrating this through ten illuminating indicators, from the fertility rate in Singapore (one) to the median age in Catalonia (forty-three), Paul Morland shows how demography is both a powerful and an under-appreciated lens through which to view the global transformations that are currently underway. Tomorrow's People: The Future of Humanity in Ten Numbers (Picador, 2022) ranges from the countries of West Africa where the tendency towards large families is combining with falling infant mortality to create the greatest population explosion ever witnessed, to the countries of East Asia and Southern Europe where generations of low bi

The word neoliberalism is often used more as an insult than a description of a set of beliefs. And people can be rather hazy about the beliefs it refers to – although the mix generally includes free markets, privatisation and globalisation and high levels of inequality. In his book The Rise and Fall of the Neoliberal Order: America and the World in the Free Market Era (Oxford UP, 2022), Professor Gary Gerstle of Cambridge University charts how both rightists and leftists embraced neo liberal ideas which prevailed for some three decades until they were challenged by the populist ethno nationalism of Trump and his imitators. But can ethnonationalism prevail? Professor Gerstle argues its too soon to say whether ethnonationalism will become the new post neoliberal orthodoxy Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/economics

Immigration is one of the most fraught, and possibly most misunderstood, topics in American social discourse—yet, in most cases, the things we believe about immigration are based largely on myth, not facts. Using the tools of modern data analysis and ten years of pioneering research, Streets of Gold: America's Untold Story of Immigrant Success (Public Affairs, 2022) provides new evidence about the past and present of the American Dream, debunking myths fostered by political opportunism and sentimentalized in family histories. They make a powerful case for four key facts: Children of immigrants from nearly every country, especially those of poor immigrants, do better economically than children of U.S.-born residents. Immigrants accused of lack of assimilation (such as Mexicans today and the Irish in the past) actually assimilate fastest. Immigration changes the economy in unexpected positive ways and staves off the economic decline that is the consequence of an aging population. Closing the door to immigra

Human fertility rates are declining fast and in twenty years or so the global population will go down fast – not just in affluent countries but in the world as a whole. While many may welcome that outcome, Professor John Aitken who has just written The Infertility Trap: Why Life Choices Impact Your Fertility and Why We Must Act Now (Cambridge UP, 2022), argues that a rapid fall in the numbers of people on earth could cause havoc. 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

It's easy to be pessimistic about inequality. We know it has increased dramatically in many parts of the world over the past two generations. No one has done more to reveal the problem than Thomas Piketty. Now, in this surprising and powerful new work, Piketty reminds us that the grand sweep of history gives us reasons to be optimistic. Over the centuries, he shows, we have been moving toward greater equality. In A Brief History of Equality (Harvard UP, 2022), Piketty guides us with elegance and concision through the great movements that have made the modern world for better and worse: the growth of capitalism, revolutions, imperialism, slavery, wars, and the building of the welfare state. It's a history of violence and social struggle, punctuated by regression and disaster. But through it all, Piketty shows, human societies have moved fitfully toward a more just distribution of income and assets, a reduction of racial and gender inequalities, and greater access to health care, education, and the rights of ci