New Books in Economics

Ronald P. Formisano has written Plutocracy in America: How Increasing Inequality Destroys the Middle Class and Exploits the Poor (Johns Hopkins UP, 2015). Formisano is the William T. Bryan Chair of American History and professor emeritus of history at the University of Kentucky. Are those in the United States living in a plutocracy? Formisano offers a full-throated “definitely, yes.” His wide-ranging book explores the nature of inequality, the role political institutions play in perpetuating inequality, and several ways to change the status quo. Plutocracy in America is a provocative read about the status of the country today. Learn more about your ad choices. Visit megaphone.fm/adchoicesSupport our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/economics

Though the conventional history of the U.S.-led “War on Drugs” locates the origins of this conflict in a reaction to the domestic culture of excess of the 1960s, a new book argues that international drug control efforts are actually decades older, and much more imbricated with the history of U.S. access to international markets, than we have previously thought. Suzanna Reiss’s We Sell Drugs: The Alchemy of US Empire (University of California Press, 2014) uncovers this history by tracing the transnational geography and political economy of coca commodities–stretching from Peru and Bolivia into the United States, and back again. The book examines how economic controls put in place during WWII transformed the power of the U.S. pharmaceutical industry in Latin America and beyond, and gave rise to new definitions of legality and illegality–definitions that were largely premised on who grew, manufactured, distributed, and consumed drugs, and not on the qualities of the drugs themselves. Drug control, she shows, is a powerful tool for ordering international trade, national economies, and society’s habits and daily lives. Learn more about your ad choices. Visit megaphone.fm/adchoicesSupport our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/economics

Shellen Wu‘s new book is a fascinating and timely contribution to the histories of China, science, technology, and the modern world. Empires of Coal: Fueling China’s Entry into the Modern World Order, 1860-1920 (Stanford University Press, 2015) brings readers into the nineteenth century industrialization of China, when coal became the “fuel of a ‘new’ imperialism.” Wu’s book asks how China came to matter in a new modern world order of the nineteenth century that was built on a perception that coal was a measure of a country’s standing in the world. In answering that question, Empires of Coal looks carefully at the importance of mining (including state management and legal regulation thereof) to the political economy of late imperial China. As geology developed into an independent discipline separate from geography, it help colonizers cement their power by aiding efforts to extract valuable mineral deposits from the colonies. Wu traces the archive produced in this context as coal became crucial not just to foreign interest in China, but also to China’s interest in mineral resources, exploring a wide range of maps, translations, letters, essays, journals, textbooks, and other materials. The book also situates this story within a history of mineral sciences, scientists, and engineers in China. It will be required reading for anyone interested in the entanglement of science, technology, and modernity in global history. Learn more about your ad choices. Visit megaphone.fm/adchoicesSupport our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/economics

Christine Desan, teaches about the international monetary system, the constitutional law of money, constitutional history, political economy, and legal theory at Harvard Law School. In this podcast we discuss her new book, Making Money: Coin, Currency, and the Coming of Capitalism (Oxford University Press, 2015). Per the books jacket, “Money travels the modern world in disguise. It looks like a convention of human exchange – a commodity like gold or a medium like language. But its history reveals that money is a very different matter. It is an institution engineered by political communities to mark and mobilize resources. As societies change the way they create money, they change the market itself – along with the rules that structure it, the politics and ideas that shape it, and the benefits that flow from it. One particularly dramatic transformation in money’s design brought capitalism to England. For centuries, the English government monopolized money’s creation. The Crown sold people coin for a fee in exchange for silver and gold. “Commodity money” was a fragile and difficult medium; the first half of the book considers the kinds of exchange and credit it invited, as well as the politics it engendered. Capitalism arrived when the English reinvented money at the end of the 17th century. When it established the Bank of England, the government shared its monopoly over money creation for the first time with private investors, institutionalizing their self-interest as the pump that would produce the money supply. The second half of the book considers the monetary revolution that brought unprecedented possibilities and problems. The invention of circulating public debt, the breakdown of commodity money, the rise of commercial bank currency, and the coalescence of ideological commitments that came to be identified with the Gold Standard – all contributed to the abundant and unstable medium that is modern money. All flowed as well from a collision between the individual incentives and public claims at the heart of the system. The drama had constitutional dimension: money, as its history reveals, is a mode of governance in a material world. That character undermines claims in economics about money’s neutrality. The monetary design innovated in England would later spread, producing the global architecture of modern money.” Some of the topics we cover are: * How the work’s assertion that money is a mode of governance in a material world undermines claims in economics about money’s neutrality. * The “free minting” system and why legal enforcement was essential to it. * The radical redesign of money that began in the 17th century. Learn more about your ad choices. Visit megaphone.fm/adchoicesSupport our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/economics

Video games have become an important cultural and economic force in our media environment. In his new book, The Video Game Business (British Film Institute, 2014), scholar Randy Nichols provides an overview of the increasingly diverse global market for video games. Nichols locates the origins of the video game industry back to the dawn of the computer age in the 1960s. He then explores the emergence of an industry around video games, noting the interdependence of hardware and software across a number of key “epochs”: from consoles to computer gaming to the explosion of mobile gaming. Throughout the book, Nichols explores key moments of transition in video games by providing institutional profiles of key industrial players in the industry. His critical analysis of power in the video game industry also explores the role of labor and audiences. Learn more about your ad choices. Visit megaphone.fm/adchoicesSupport our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/economics

Dr. William Elliott III, associate professor in the School of Social Welfare at the University of Kansas, and Melinda Lewis, associate professor of practice in the School of Social Welfare at the University of Kansas, explore the landscape of the US higher education student loan situation in The Real College Debt Crisis: How Student Borrowing Threatens Financial Well-Being and Erodes the American Dream (Praeger 2015). Using real-life examples along with academically rooted studies, the authors attempt to answer the question, “Does the student who goes to college and graduates but has outstanding student debt achieve similar financial outcomes to the student who graduates from college without student debt?” Co-author Melinda Lewis joins New Books in Education for the interview to discuss the book. For questions or comments on the podcast, you can also find the host on Twitter at @PoliticsAndEd. You can also find the authors on Twitter at @melindaklewis and Dr. Elliott’s organization at @AssetsEducation. Learn more about your ad choices. Visit megaphone.fm/adchoicesSupport our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/economics

Credit, debt and default are embedded into everyday life, whether as a constant part of people’s daily routines or as a constantly discussed topic in news media. Joe Deville‘s new book, Lived Economies of Default: Consumer Credit, Debt Collection and the Capture of Affect, helps to make sense of this by asking how this core part of the social world functions.The book draws on science and technology studies and theories of affect, to lay bare the practices of attaching the debtor to debt, and to getting debts to be repaid. The book has case studies of credit cards, collections agencies, telephone calls and letters, revealing the reality of default and debt in contemporary society. The book will appeal widely, not only to sociology, organization studies and anthropology, but also to politics, psychology, and the wider humanities. Learn more about your ad choices. Visit megaphone.fm/adchoicesSupport our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/economics

What meaning does money have in psychic life? And where does clinical psychoanalytic work fall in the realm of commerce? Does money play an inherently alienating role with regards to the psychoanalytic subject? Or might it contain meaning crucial to the patient’s progress? In Money Talks in Therapy, Society, and Life (Routledge, 2011), Brenda Berger and Stephanie Newman present a collection covering a wide range on the topic from varied psychoanalytic perspectives. With contributions from Muriel Dimen, Robert Glick, Theodore Jacobs, and others, money is understood in terms of psychosexuality, greed, envy, narcissism, sexuality, loss, the economics among candidates in psychoanalytic training institutes, and its ever-present roll in the transference/countertransference matrix. In the interview Berger describes the ways in which money was split off and denied in clinical psychoanalysis in the years leading up to the economic crash of 2008, and how this was followed by a re-emergence within the field after 2008. Berger offers compelling clinical examples to illuminate the ways in which landscape shifted dramatically after the crash, as money became, more and more, a container for psychic meaning. We discuss the ways in which the loss of money often facilitated deepening shifts within the treatment, as well as the psychic implications of financial fallout and what the current economic realities might mean for psychoanalysis in general. Brenda Berger is Assistant Clinical Professor of Medical Psychology in Psychiatry and Senior Associate Director for Psychology at the Columbia University Center for Psychoanalytic Training and Research. Dr. Berger is in private practice in New York City and Larchmont, NY, working with couples, individuals, and groups. Learn more about your ad choices. Visit megaphone.fm/adchoicesSupport our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/economics

Social media is now a pervasive element of many people’s lives. in order to best understand this phenomenon we need a comprehensive theory of the political economy of social media. In Culture and Economy in the Age of Social Media (Routledge, 2015), Christian Fuchs, a professor of social media at the University of Westminster, brings together a range of media, social and economic theorists to explain social media. Using Raymond Williams to draw attention to the material conditions of control, production and use of social media, including case studies from the USA and China. Most notably the book insists on understanding the international division of labour behind the seemingly ephemeral aspects of online interactions. The book is essential reading for all of those active online, as well as those working in the political economy and critical theory traditions. It is available here. Learn more about your ad choices. Visit megaphone.fm/adchoicesSupport our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/economics

Philip A. Wallach is the author of To The Edge: Legality, Legitimacy, and the Responses to the 2008 Financial Crisis (Brookings Institution Press, 2015). Wallach is a fellow in Governance Studies at the Brookings Institution. There has been a lot written about the financial crisis of the late 2000s, but little with the attention to important concepts from political science. Wallach investigates the various federal strategies to address the meltdown of the financial sector from the perspective of legitimacy, seeking to understand what we can learn about this idea from the unprecedented expansion of federal power. From efforts to save the failing investment banks, Bear Stearns, Lehman Brothers, AIG, to the passage of the Troubled Asset Relief Program (TARP), federal officials applied a largely ad-hoc approach that Wallach deems “adhocracy” often substituting expedience for legal authority. While this worked in the short-term, Wallach probes where this leaves the country and speculates about what will come in the future. Learn more about your ad choices. Visit megaphone.fm/adchoicesSupport our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/economics