New Books in Economics

There’s a lot more to money than its exchange value, as Allison Truitt reveals in her smartly written and lively study, Dreaming of Money in Ho Chi Minh City (University of Washington Press, 2013)about how people in Vietnam’s largest city negotiate relations with one another, the state, the global marketplace and the spirit world through dollars and dong, On the streets of Ho Chi Minh City, remitted greenbacks cease to be the stuff of the currency trader or foreign state. Here, they take on new and distinctive roles. They mingle with their counterfeits, the one burned at cemeteries and shrines to satisfy ancestral debts, the other sent by relatives living abroad to acknowledge the debt-bond owed by those who have left the country to those who remain behind. They celebrate the transnational yet also beckon to the intimate. And, they challenge the communist party to reorder its narrative of modernity so as to maintain the primacy of its role in political and administrative affairs. As Truitt herself puts it, Dreaming of Money in Ho Chi Minh City tells a story of “monetary pluralism rather than tightly wound institutional bets, of the sensuous pleasures of cash rather than calculations of derivatives”. It also tells a story of power: of the claims to power that states make through the production of territorial currency, and of how those claims are undermined by the ways that people use money for their own purposes. Learn more about your ad choices. Visit megaphone.fm/adchoicesSupport our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/economics

Brett Sheehan‘s new book traces the interwoven histories of capitalism and the Song family under a series of five authoritarian governments in North China. Based on a wide range of sources a range of sources including family papers, missionary archives, corporate records, government documents, newspapers, oral histories, novels, and interviews, Industrial Eden: A Chinese Capitalist Vision (Harvard UP, 2015) explores a family of “capitalists without capitalism.” The book follows the development of Song Chuandian and his son Song Feiqing into businessmen in order to inform and transform how we understand the modern history of the Chinese economy in its social and political context. The evidence of the Song family, Sheehan compellingly argues, allows us to understand the impact of European and Japanese imperialism on the Chinese economy and Chinese business practices in a new way. At the same time, there is no single, culturally-determined set of “Chinese business practices”: in the example of Song Feiqing, we see a hybrid of Confucian paternalism, Christianity, industrialism, hygiene, discipline, and more. Though the authoritarian governments that ruled China in the twentieth century varied widely, Industrial Eden shows that Chinese states and businesspeople came both to accept a government role in business that became increasingly intrusive, and to expect increasingly more from the state over time. The book also pays careful attention to the ways that this story informs the history of missionary activity, commodities, nationalism, labor, diaspora, and disciplining of the modern subject in nineteenth and twentieth century China. Learn more about your ad choices. Visit megaphone.fm/adchoicesSupport our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/economics

The functioning of the global economy remains as relevant a topic as ever before. Commentators continue to debate the causes and consequences of the financial crisis that hit the United States from 2007-2008. They also continue to ask questions such as: How long will China keep purchasing the treasury bonds that the U.S. government needs to help finance its ever-increasing debt? Just how long can the dollar remain the global reserve currency before being replaced by another national currency or some sort of international monetary unit? Will the global flows of capital facilitated by “free-floating” exchange rates eventually undermine the healthy functioning of international economy and usher in another global depression? In his new book The Summit: Bretton Woods, 1944 (Pegasus Books, 2014), journalist Ed Conway uses the story of the Bretton Woods Summit to help readers better understand the difficulties involved in creating a stable and prosperous global monetary system. In easy-to-follow and engaging prose, he recounts the rise and fall of the gold standard. Drawing on many previously unused sources, he also explains how actors as different as the British economist John Maynard Keynes and U.S. treasury official Harry Dexter White worked to create a more flexible, cooperative global monetary system that would prevent future World Wars and Great Depressions. Conway’s section on the Summit tells the fascinating stories of how the participants ended up creating the Bretton Woods framework by linking the dollar to gold and creating the International Monetary Fund and World Bank. Unlike many accounts of the Bretton Woods Summit that paint the gathering as a dull economic conference, Conway’s book succeeds in portraying the human drama of the event and the complex ways that personalities influenced the final agreements. In ways that will appeal to the general reader and expert alike, he embeds his cogent economic analysis within stories as diverse as the drinking songs that attendees belted out at the Mount Washington Hotel bar and the volleyball match that took place between U.S. and Soviet officials. A magician and dance instructor also make appearances in the story. Like any good book should, Conway gives readers much food for thought. While the Bretton Woods framework had many faults, it largely coincided with the longest economic expansion in human history. Even if this framework’s inherent limitations make it an impractical option today, policymakers would be wise to reflect on how their predecessors worked to promote global economic stability. As history shows, they could do worse than the motley collection of individuals who came to Bretton Woods in 1944. Learn more about your ad choices. Visit megaphone.fm/adchoicesSupport our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/economics

According to a popular saying, “Nothing succeeds like success.” As concernswhat economists and political scientists call “development”–that is, progress towards libertyand prosperity–the saying seems to be true. As a general rule, the countries that were relatively free and relatively prosperous 100 years ago are the ones that are relatively free and relatively prosperous today.200 years ago? Yes, more or less. 300 years ago? Well, probably. 400 years ago? A good argument could be made… Why? According to one argument, the difference is caused by the rich praying on the poor. In a word, imperialism. But if you survey countries around the world, it’s not clear whether imperialism (and colonization) hurt or helped development. The Spanish thoroughly imperialized Mexico, and it’s pretty prosperous; no one really got into the interior of Africa and it’s not.  And what are we to make of developmental differences within, say, prosperous Europe? No real imperialism there; a lot of bloody war, but no imperialism as such. Germany is free and prosperous. Russia is not free and not prosperous. Why is that? In their impressive and refreshing bookThe Long Process of Development: Building Markets and States in Pre-industrial England, Spain and their Colonies (Cambridge University Press, 2014),Jerry F. Hough and Robin Grier argue that it’s not so much imperialism that impedes development, but style of governance and, especially, time. If autocratic governments do nothing buttake rents, thesocieties they rule will not develop, not ever, no matter how long or hard the governmentstry to development them. If they are even semi-popular and pro-trade, they will develop, though it will take a very, very long time. There’s no magic built. You can’t simply import democracy and capitalism and hope for a rapid transitionto freedom and prosperity.The process of development takes centuries. Learn more about your ad choices. Visit megaphone.fm/adchoicesSupport our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/economics

Our guest today tells us that the seemingly straightforward field of logistics lies at the heart of contemporary globalization, imperialism, and economic inequality. Listen to Deb Cowen, the author of The Deadly Life of Logistics: Mapping Violence in Global Trade (University of Minnesota Press, 2014), discuss how the field of logistics reshaped global capitalism, undermined worker power, and even transformed how we think about life and death. Learn more about your ad choices. Visit megaphone.fm/adchoicesSupport our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/economics

Today we’ll focus on the history of resistance to the New Deal. In her book Invisible Hands: The Businessmen’s Crusade Against the New Deal (W. W. Norton,2010), Kimberly Phillips-Fein details how many of the most prominent elites had their ideas and practices shaped by groups that were part of organized resistance to the New Deal. She argues that this history helps revise common understandings of the rise of conservatism in the 1970s and after. Learn more about your ad choices. Visit megaphone.fm/adchoicesSupport our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/economics

Robert Putnam is the author of Our Kids: The American Dream in Crisis (Simon and Schuster, 2015). Putnam is the Peter and Isabel Malkin Professor of Public Policy at Harvard University. He has written fourteen books including the best-seller, Bowling Alone: The Collapse and Revival of American Community. Few political scientists command attention like Robert Putnam. For that reason, scholars and the wider public are eager for his take on our current state of affairs. His latest book, Our Kids, paints a grim picture of US life in the twentieth century. The social mobility that Putnam associates with his childhood growing up in Ohio is largely gone, replaced by deep income inequality and increasingly rigid class boundaries. Putnam demonstrates this with a combination of individual stories and supporting social science evidence all that point to education (or inadequate education) as the key determining factor. But in the end Putnam is not a pessimist, instead he sees opportunities for social change. The book ends with a series of recommendations, most non-political, but all aimed to address the country’s mobility problem. Learn more about your ad choices. Visit megaphone.fm/adchoicesSupport our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/economics

Two Canadian socialist thinkers have published a new book on the successes and failures, the crises, contradictions and conflicts in present-day capitalism. In The Making of Global Capitalism: The Political Economy of American Empire (Verso, 2013), Leo Panitch and Sam Gindin trace the evolution of the international capitalist system over the last century. (Panitch is a professor of political science at Toronto’s York University while Gindin holds the Packer Chair in Social Justice at York.) They argue that today’s global capitalism would not have been possible without American leadership especially after the two World Wars and that the U.S. Treasury and Federal Reserve were more crucial in extending and maintaining American power than the Pentagon or the CIA. The U.S. capitalist empire is an “informal” one, they write, in which Americans set the terms for international trade and investment in partnership with other sovereign, but less powerful states. Panitch and Gindin also disagree with those who contend that China is set to replace the U.S. as the world’s economic superpower. They write that China does not have the institutional capacity to manage the crisis-prone, global capitalist system — a burden that, for the foreseeable future, will continue to be carried by the American empire. The Making of Global Capitalism: The Political Economy of American Empire won the 2013 Deutscher Prize awarded for books which exemplify “the best and most innovative new writing in or about the Marxist tradition.” The New Books Network spoke with co-author Leo Panitch during his recent visit to Halifax, Nova Scotia. Learn more about your ad choices. Visit megaphone.fm/adchoicesSupport our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/economics

Nicolas Rasmussen‘s new book maps the intersection of biotechnology and the business world in the last decades of the twentieth century. Gene Jockeys: Life Science and the Rise of Biotech Enterprise (Johns Hopkins University Press, 2014) takes readers into the fascinating world of entrepreneur-biologists as they developed five of the first products of genetic engineering. Based on a documentary archive that includes oral history interviews and corporate documents resulting from patent litigation, Rasmussen’s book emphasizes the agency of the biologists in in driving the development of first-generation recombinant DNA drugs like insulin, human growth hormone, and interferon. After an introduction to the development of basic molecular biology in a Cold War context – and paying special attention to the ways that Kuhn’s notion of “normal science” helped shape the discipline – the ensuing chapters each present a case study that illustrates an important aspect of the history of biotech’s rise as manifest in laboratories, courtrooms, universities, freezers, markets, and the public arena. Gene Jockeys closes with a chapter that considers the policy lessons that can be taken from this story. Learn more about your ad choices. Visit megaphone.fm/adchoicesSupport our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/economics

Michael Kwass‘s new book, Contraband: Louis Mandrin and the Making of a Global Underground is much more than an exciting biography of the notorious eighteenth-century smuggler whose name remains legendary in contemporary France. Focusing on the rise and fall of a mythic, early-modern French bandit, Kwass’s study moves between the micro- and the macro-historical, revealing the crucial role that smuggling played in a French economic and political landscape that must be understood in global perspective. The book shows how the underground economy that emerged during the ancien regime developed in close relationship to the trade practices and regulation attempts of the French state. The opposite was also true. State efforts to regulate trade in tobacco and calico from the reign of Louis XIV onwards contributed to the development of illicit activity and networks, and the desire to quash the economic underground, in turn, provoked changes in economic policy, legislation, and perceptions of the need for reform in the years leading up to the French Revolution. Revisiting the history of the “consumer revolution” of the eighteenth century, Contraband draws our attention to the violence and struggle that accompanied the proliferation of goods and markets associated with “modernity.” In our interview, Michael underlines his aim to write a history inspired by, and in conversation with, more recent events and debates about “the dark side of globalization”. This makes the book a must-read for anyone interested in the longer-term history of the forms of contraband, regulation, and resistance that shape the economic, political, and cultural networks (both legal and illicit) of the present on a global scale. Learn more about your ad choices. Visit megaphone.fm/adchoicesSupport our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/economics