New Books in Economics

Saint Lucia’s rural landscape is more forested today than at any time in at least seventy-five years (probably much longer). This change is profoundly significant given widespread efforts to achieve sustainable development on small-island states like Saint Lucia. Yet, this seemingly good-news story runs contrary to most conventional narratives about the worsening state of the environment in the Caribbean and elsewhere. How did this remarkable change come about? What role did government, the private sector and other actors play in this? What are the links between this environmental change and wider changes in the Saint Lucian economy, politics and society? Is there more to this story than meets the eye? These questions are explored in this interdisciplinary study of changing human-environment relations since the Second World War.Brad Walter's book The Greening of Saint Lucia: Economic Development and Environmental Change in the West Indies (UWI Press, 2019) is based on the results of a long-term, field-based research project that began in 2006. It entails the application of a novel research methodology for doing human-environment research (ACE: abductive causal eventism) that the author co-developed with a colleague from Rutgers University. This causal-historical methodology allows for the rigorous integration of findings derived from natural and social science sources, including ecological and air photo assessments, interviews, secondary data sources, and archival investigations. Learn more about your ad choices. Visit megaphone.fm/adchoicesSupport our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/economics

When most Westerners think of the Gulf, the first thing that comes to mind is often oil. However, as Adam Hanieh demonstrates in Money, Markets, and Monarchies: The Gulf Cooperation Council and the Political Economy of the Contemporary Middle East (Cambridge UP, 2018), the economies of Saudi Arabia, the UAE, Qatar, Oman, Bahrain, and Kuwait are about more than just the “black gold.” Conglomerates and state-owned firms from this region have become major players throughout the Middle East and the broader global economies in sectors like agribusiness, finance, real estate, and logistics. In the process, processes of class and state formation in the Gulf have become inextricably tied up with political and economic developments in the broader Middle East, as the valorization of Gulf oil surpluses has come to depend on access to markets for land (both urban and rural) throughout the region. Hanieh analyzes how the Gulf states’ quest for food security in the wake of the food price increases of the late 2000s has affected agrarian class relations in Egypt and other countries, how Gulf capital has contributed to market-led remaking of cities throughout the region, and how Gulf control of Arab state financial reserves has given GCC countries tremendous geopolitical and economic leverage over their neighbors.Furthermore, Hanieh shows that the boundary between public and private interests in the Gulf states is blurred by the close relationships between wealthy private businesses and patrimonial monarchies, and capital accumulation in the region depends on the hyper-exploitation of foreign guest workers, who can easily be deported if they demand higher wages or go on strike. Money, Markets, and Monarchies dispels widespread myths about the political economies of the Gulf while providing a distinct vantage point for exploring the complex geographies of global capitalism. Learn more about your ad choices. Visit megaphone.fm/adchoicesSupport our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/economics

Walking the Highwire: Rebalancing the European Economy in Crisis (Palgrave Macmillan, 2020) tells the story of the Eurozone’s crisis from the perspective of an insider who now sits on the European Central Bank’s governing council.Part-policy proposal, part-autobiography, and part-political memoir, at the heart of Walking The Highwire are the four critical years from 2010 to 2014 when Olli Rehn served as European Commissioner for economic and monetary affairs.The book tells us what took a football-mad boy from Southern Savonia to Brussels – via Oxford and Minnesota – and reveals the behind-the-scenes fights and compromises that shaped the crisis and pulled the euro from the brink.Olli Rehn has been governor of the Bank of Finland since 2018, was Finnish minister of economic affairs (2015-2016), European Commissioner for economic and monetary affairs (2010-2014), and commissioner for enlargement (2004-2010). He holds a doctorate from the University of Oxford in international political economy.Tim Gwynn Jones is an economic and political-risk analyst at Medley Global Advisors.  Learn more about your ad choices. Visit megaphone.fm/adchoicesSupport our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/economics

Should climate change policy be subject to a cost-benefit analysis leading to a variety of policy choices? Or is it so critical that the only "proper" path is immediate and extreme carbon reduction, regardless of the costs and the impact of those measures on the welfare of the population? Bjorn Lomborg's new and controversial work, False Alarm: How Climate Change Panic Costs Us Trillions, Hurts the Poor, and Fails to Fix the Planet (Basic Books, 2020) leans strongly in the direction of the former. Conducting that analysis, he comes to some shocking conclusions, notably that the "optimal" mix of global warming and economic activity sees a 6 degree or so increase in global temperatures by the end of the century. Yes, shocking.Other than some low-hanging fruit in carbon reduction through a global carbon tax, he argues that the economic math of more severe carbon reduction is challenging. Instead, Lomborg advocates more investment in poverty reduction that allows people at risk of suffering from climate change to better adapt to higher temperatures and more extreme weather. Less controversially, he supports a massive increase in green energy R&D.Some NBN listeners will likely disagree with Lomborg's stance, perhaps with his basic cost-benefit framework and most certainly with his conclusions, but all participants in the debate should be aware of this approach.Daniel Peris is Senior Vice President at Federated Investors in Pittsburgh. Trained as a historian of modern Russia, he is the author most recently of Getting Back to Business: Why Modern Portfolio Theory Fails Investors. You can follow him on Twitter @Back2BizBook or at http://www.strategicdividendinvestor.com Learn more about your ad choices. Visit megaphone.fm/adchoicesSupport our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/economics

Kerri Arsenault grew up in the rural working-class town of Mexico, Maine. For over 100 years the community orbited around a paper mill that employs most townspeople, including three generations of Arsenault’s own family. Years after she moved away, Arsenault realized the price she paid for her seemingly secure childhood. The mill, while providing livelihoods for nearly everyone, also contributed to the destruction of the environment and the decline of the town’s economic, physical, and emotional health in a slow-moving catastrophe, earning the area the nickname “Cancer Valley.”Mill Town: Reckoning with What Remains (St. Martin's Press, 2020) is an personal investigation, where Arsenault sifts through historical archives and scientific reports, talks to family and neighbors, and examines her own childhood to illuminate the rise and collapse of the working class, the hazards of loving and leaving home, and the ambiguous nature of toxics and disease. Mill Town is a moral wake-up call that asks, Whose lives are we willing to sacrifice for our own survival?Kerri Arsenault is a book critic, book editor at Orion magazine, and a contributing editor at The Literary Hub. Twitter. Website.Brian Hamilton is a Ph.D. candidate at the University of Wisconsin–Madison where he is researching African American environmental history. A Maine native, he lives in Western Massachusetts and teaches at Deerfield Academy. Twitter. Website. Learn more about your ad choices. Visit megaphone.fm/adchoicesSupport our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/economics

Rulers, Religion, and Riches: Why the West Got Rich and the Middle East Did Not (Cambridge UP, 2020) addresses one of the big questions in economics and economic history: why did the modern economy emerge in northwestern Europe at some point in the 17th or 18th century but not in the Middle East? After all, for centuries following the spread of Islam, the Middle East was far ahead of Europe – on both technological and economic terms.Jared Rubin argues that the religion itself is not to blame; the importance of religious legitimacy in Middle Eastern politics was the primary factor. In much of the Muslim world, religious authorities were given an important seat at the political bargaining table, which they used to block important advancements such as the printing press and usury. In Europe, however, the Church played a weaker role in legitimizing rule, especially where Protestantism spread (indeed, the Reformation was successful due to the spread of printing, which was blocked in the Middle East). It was precisely in those Protestant nations, especially England and the Dutch Republic, where the modern economy was born.In this interview, Jared shares with us his opinions on a wide range of topics – from the work of Jared Diamond and the theories of Max Weber, to his serendipitous journey in academia that led him to write his first book.Joshua Tham is an undergraduate reading History at the London School of Economics and Political Science. His research interests include economic history, sociolinguistics, and the "linguistic turn" in historiography. Learn more about your ad choices. Visit megaphone.fm/adchoicesSupport our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/economics

Ravi Palat’s The Making of an Indian Ocean World-Economy, 1250–1650: Princes, Paddy fields, and Bazaars (Palgrave, 2015) counters eurocentric notions of long-term historical change by drawing upon the histories of societies based on wet-rice cultivation to chart an alternate pattern of social evolution and state formation. It traces inter-state linkages and the growth of commercialization without capitalism in the Indian Ocean World.Dr. Ravi Palat is professor of sociology at SUNY Binghamton. His research interests include world-systems analysis, historical sociology, political economy, and the sociology of food. Currently working on cuisine as an element of state formation and the cultivation of a national culture; on the Americas in the making of early modern world-economies in Asia; on the parallel transformations of China and India since the mid-1800s; and on a critique of contemporary area studies. Earlier work centered on the political economy of east and southeast Asia in the context of contemporary transformations of the capitalist world-economy; and on the making of an Indian Ocean world-economy.Ahmed Yaqoub AlMaazmi is a Ph.D. candidate at Princeton University. His research focuses on the intersection of law and the environment across the Western Indian Ocean. He can be reached by email at almaazmi@princeton.edu or on Twitter @Ahmed_Yaqoub. Listeners’ feedback, questions, and book suggestions are most welcome. Learn more about your ad choices. Visit megaphone.fm/adchoicesSupport our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/economics

What does it take to both fit in and yet also prosper and grow as a person in the workplace?In today's interview, I discuss this question and others with noted psychologist Arthur B. Markman.Markman is a professor of Psychology and Marketing at the University of Texas at Austin, where he also runs the university’s Human Dimensions of Organizations program. Besides his books, Art writes blogs for Psychology Today and Fast Company, and has a radio show/podcast called Two Guys on Your Head.Topics covered in this episode include: The emotions that often get exhibited in relation to each of the Big 5 traits of Openness, Conscientiousness, Extraversion, Agreeableness and Neuroticism – as well as how a “dream team” working on a special project will embody a variety of those traits. What it means to be a boss who punishes negligence instead of failure. What are the kinds of signals you should be alert to in a job interview in order to get a grasp on what kind of corporate culture you might be stepping into. Dan Hill, PhD, is the author of eight books and leads Sensory Logic, Inc. (https://www.sensorylogic.com). To check out his “Faces of the Week” blog, visit https://emotionswizard.com.  Learn more about your ad choices. Visit megaphone.fm/adchoicesSupport our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/economics

First published in 1992 before the creation of the euro, Paul De Grauwe’s Economics of Monetary Union (Oxford University Press, 2020) has become a standard text for undergraduates seeking to understand this remarkable but “fragile” project.Updated every two years and now in its 13th edition, the book can hardly keep up with economic and policy developments in the 19-nation Euro Area.But De Grauwe, who is still teaching at the London School of Economics after retiring from the Katholieke Universiteit Leuven, can always be relied upon to plug the gaps with policy ideas. In the latest of these, he made the case for the European Central Bank to monetize governments’ pandemic-related deficits.Paul De Grauwe is the John Paulson Chair in European Political Economy at the LSE’s European Institute.Tim G. Jones is an economic and political-risk analyst at Medley Global Advisors. Learn more about your ad choices. Visit megaphone.fm/adchoicesSupport our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/economics

Many on the Left see the European Union as a fundamentally benign project with the potential to underpin ever greater cooperation and progress. If it has drifted rightward, the answer is to fight for reform from within.In this iconoclastic polemic, economist Costas Lapavitsas demolishes this view. In The Left Case Against the EU (Polity, 2018), he contends that the EU's response to the Eurozone crisis represents the ultimate transformation of the union into a neoliberal citadel that institutionally embeds austerity, privatization, and wage cuts.Concurrently, the rise of German hegemony has divided the EU into an unstable core and dependent peripheries. These related developments make the EU impervious to meaningful reform. The solution is therefore a direct challenge to the EU project that stresses popular and national sovereignty as preconditions for true internationalist socialism.Lapavitsas's powerful manifesto for a left opposition to the EU upends the wishful thinking that often characterizes the debate and will be a challenging read for all on the Left interested in the future of Europe.Costas Lapavitsas is Professor of Economics at the School of Oriental and African Studies, University of London. His research during the last few years has focused on the Eurozone and the financialization of capitalism. He has published widely in the academic field and writes frequently for the international and the Greek press. In January 2015 he was elected in the Greek Parliament with the incoming SYRIZA party, but left in August 2015 when the third bail-out of Greece was signed.His most recent books include Capitalism in the Ottoman Balkans, with P. Cakiroglu, I.B.Tauris, 2019, The Left Case Against the EU, Polity Press, 2018, Against the Troika: Crisis and Austerity in the Eurozone, with H. Flassbeck, Verso, 2015, and Profiting Without Producing, Verso, 2013.Daniel Lucas is a student at the University of Groningen, studying European and International law. Please contact through daniellucas2001@gmail.com Learn more about your ad choices. Visit megaphone.fm/adchoicesSupport our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/economics