New Books in Economics

Having lived through both China’s Great Leap Forward during primary school, then the Cultural Revolution and the closing of schools for ten years, Beijing-born Weijian Shan, instead of a secondary school education spent six hard years in the Gobi Desert with the Army Construction Corps.Remarkably, the young Shan made it to a PhD program at UC Berkeley where he met his academic advisor, then Professor Janet Yellen, later U.S. Treasury Secretary. (Somewhat ironically now attending to the insolvencies of Silicon Valley Bank and Signature Bank). Shan goes on to become a Wharton School business professor before moving into investment banking and private equity investing making financial business history with the successful takeover and turnaround of failed banks in South Korea and China.Both generous with his time and patient with my questions, Dr. Shan is currently the CEO at PAG, a private equity firm managing assets of some $50 billion. We discussed the books in chronological order with a few tangents that Shan used to both clarify and instruct such as: his 2006 public debate with World Bank economists about Chinese profitability; why his generation truly is a ‘Lost Generation’; his career and transitions including, among other things, the connection between recent financial crises and the basics of sound financial banking systems; lessons from and advice for business negotiation; the importance of leadership, and his two keys to an ‘ownership’ mentality. All within the context of his well-written and interesting narratives providing personal accounts of life during the Cultural Revolution period in China, as well as historic overseas private equity bank deals as described by the publisher, Wiley and Sons, adapted below: Out of the Gobi: My Story of China and America draws a vivid picture of the raw human energy and the will to succeed against all odds. Shan, a former hard laborer who is now one of Asia's best-known financiers, is thoughtful, observant, eloquent, and brutally honest, making him well-positioned to tell the story of a life that is a microcosm of modern China, and of how, improbably, that life became intertwined with America. This powerful and personal perspective on China and America will inform Americans' view of China, humanizing the country, while providing a rare view of America from the prism of a keen foreign observer who lived the American dream. (2019) Money Games: The Inside Story of How American Dealmakers Saved Korea’s Most Iconic Bank is a riveting tale of one of the most successful buyout deals ever: the acquisition and turnaround of what used to be Korea's largest bank by the Asian arm of an American firm, Newbridge Capital. Full of intrigue and suspense, this insider's account is told by the chief architect of the deal itself, the celebrated author and private equity investor Weijian Shan. With billions of dollars at stake, and the nation's economic future on the line, Newbridge Capital sought to become the first foreign firm in history to take control of one of Korea's most beloved financial institutions. (2020) In Money Machine: A Trailblazing American Venture in China, Weijian Shan delivers a compelling account of one of the most significant deals in private equity history: the first and only foreign acquisition of control of a Chinese national bank. Money Machine is the fascinating inside story of the transaction as told by the man who led it, from the intrigues of dealmaking to the complex and uncharted process of securing control by a foreign investor of a Chinese nationwide financial institution, a feat that had never before been attempted, nor has it been repeated. (2023) Keith Krueger teaches at the Sydney Business School at Shanghai University - can be reached at keith.krueger1@uts.edu.au or keithNBn@gmail.com. Learn more about your ad choices. Visit megaphone.fm/adchoicesSupport our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/economics

Political Scientist Hernán Flom has written a fascinating and nuanced analysis of how the criminal drug markets operate in Argentina and Brazil. Instead of tracking the path that illegal drugs take or examining how the criminal justice system works in Latin American countries, Flom has focused, instead, on the illegal drug markets as economic and political institutions to examine how they actually operates within Brazil and Argentina. From this perspective, we learn quite a lot about market forces, civilian and police institutions, and “law and order” approaches in both these countries. The Informal Regulation of Criminal Markets in Latin America (Cambridge UP, 2022) provides a comparative analysis of the criminal markets in these two countries—Brazil and Argentina—as well as differentiating between how these markets work in larger, urban centers, and in smaller cities. This effectively teases out distinctions between how police work with or against these criminal markets, and how the local and national politicians often articulate distinct approaches to how to manage criminal enterprises.The Informal Regulation of Criminal Markets in Latin America examines patterns in the relationships between police, politicians, drug cartels, and criminal actors. These patterns are not necessarily new, but as Flom makes clear, they operate in different ways in different venues and with regard to different types of informal arrangements. In doing a cross national comparison as well as internal comparisons within country, Flom has been able to get at some distinctions that come from the colonial past that has also led to different racial configurations in these comparative urban environments. The research also measures different levels of both police and criminal violence, to gage the kinds of relationships that may be in place between these often-opposing entities. The relationship between the police, as subnational units, and politicians also figures into the various levels of police violence. The Informal Regulations of Criminal Markets in Latin America gets at the key variables that come into play in regard to police conduct and the kinds of policies that politicians are both articulating and trying to implement—often through the police.This is a multi-dimensional analysis that explores criminal markets from important and unique perspectives. Flom worked at the National Ministry of Security in Argentina during the course of this research, and he is able to bring his scholarly expertise as well as his own experience to the research and analysis, making this a particularly rich comparison across countries and urban centers within those countries.Lilly J. Goren is a professor of political science at Carroll University in Waukesha, WI. She is co-editor of The Politics of the Marvel Cinematic Universe (University Press of Kansas, 2022), as well as co-editor of the award winning book, Women and the White House: Gender, Popular Culture, and Presidential Politics (University Press of Kentucky, 2012), Email her comments at lgoren@carrollu.edu or tweet to @gorenlj. Learn more about your ad choices. Visit megaphone.fm/adchoicesSupport our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/economics

Algorithms and apps analyze data and tell you how to beat the traffic, what books to buy, what music to listen to, and even who to date—often with great results. But what do you do when you face the big decisions of life—the "wild problems" of who to marry, whether to have children, where to move, how to forge a life well-lived—that can’t be solved by measurement or calculation?In Wild Problems: A Guide to the Decisions That Define Us (Portfolio, 2022), president of Shalem College and host of EconTalk, Russ Roberts offers puzzled rationalists a way to address these wild problems. He suggests spending less time and energy on the path that promises the most happiness, and more time on figuring out who you actually want to be. He draws on the experience of great artists, writers, and scientists of the past who found creative ways to navigate life’s biggest questions. And he lays out strategies for reducing the fear and the loss of control that inevitably come when a wild problem requires a leap in the dark.Ultimately, Roberts asks us to see ourselves and our lives less as a problem to be solved than a mystery to be experienced. There's no right decision waiting to be uncovered by an app or rational analysis. Reality is harder than that and, perhaps, a little more interesting.Renee Garfinkel, Ph.D. is a psychologist, writer, Middle East television commentator and host of The New Books Network’s Van Leer Jerusalem Series on Ideas. Write her at reneeg@vanleer.org.il. She's on Twitter @embracingwisdom. She blogs here. Learn more about your ad choices. Visit megaphone.fm/adchoicesSupport our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/economics

Like other global frontiers, the Cambodia-Vietnam borderlands are a hotspot for migration, land claims, and markets for newly introduced commodities. These topics and more are the focus of Sango Mahanty’s recent book, Unsettled Frontiers: Market Formation in the Cambodia-Vietnam Borderlands (Cornell University Press, 2022). The book argues that frontier agricultural markets emerge from diverse commodity networks that constitute a dynamic and disruptive market ‘rhizome.’ In this podcast, Sango addresses several related themes, including: the relationship between frontiers and borderlands in this region; the role of rural migration and land-claiming in frontier markets; the nexus between market formation and state formation; and what it means to think ‘rhizomically’ about frontier markets. Sango also touches on how these insights translate to ongoing processes of social and environmental change, such as those imposed by climate change.Sango Mahanty is Professor in the Resources, Environment, and Development Program at the ANU Crawford School of Public Policy. Sango is a critical geographer who studies the politics of green economies, frontier markets and nature-society transformations in Cambodia and Vietnam.Professor Michele Ford is the Director of the Sydney Southeast Asia Centre, a university-wide multidisciplinary center at the University of Sydney, Australia. Learn more about your ad choices. Visit megaphone.fm/adchoicesSupport our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/economics

Violent conflict and its aftermath are pressing problems, particularly for international development initiatives. However, the results of development in conflict contexts have generally been disappointing and their preventative potential thus questionable. Lives Amid Violence: Transforming Development in the Wake of Conflict (Bloomsbury, 2023) by Dr. Mareike Schomerus argues that this is because practitioners adhere to a mental model that emphasises linearity, certainty, and causality, assuming that violence is best addressed through work plans that deliver state-building, stabilisation and services. Based on ten years of multi-method research from, in, and on conflict-affected countries, this book challenges this approach.Drawing on a significant collaborative body of scholarship, Dr. Schomerus puts forward original and generalizable conclusions about how lives amid violence persist, offering an invitation to abandon restricting mental models and to embrace creative ways of thinking and working. These include paying attention to the long-term effects of conflict on individual behaviour and decision-making, the social realities of economic life, the role service delivery plays in negotiations between citizens and states, and to creating meaningful relationships. Transformation also requires reflection and therefore the book concludes with constructive suggestions on how to practice these insights to better support those whose lives are shaped by violence.This book is available open access here. This interview was conducted by Dr. Miranda Melcher whose doctoral work focused on post-conflict military integration, understanding treaty negotiation and implementation in civil war contexts, with qualitative analysis of the Angolan and Mozambican civil wars. Learn more about your ad choices. Visit megaphone.fm/adchoicesSupport our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/economics

During the first months of the pandemic, governments worldwide agreed that ‘following the science’ with hard lockdowns and vaccine mandates was the best way to preserve life. But evidence is mounting that ‘the science’ was all politics and time reveals the horrific human and economic cost of these policies.The Covid Consensus: The Global Assault on Democracy and the Poor—A Critique from the Left (Hurst, 2023) provides an internationalist-left perspective on the world’s Covid-19 response, which has had devastating consequences for democratic rights and the poor worldwide. As the fortunes of the richest soared, nationwide shutdowns devastated small businesses, the working classes, and the Global South’s informal economies.Toby Green and Thomas Fazi argue that these policies grossly exacerbated existing trends of inequality, mediatisation and surveillance, with grave implications for the future. Rich in human detail, The Covid Consensus tackles head-on the refusal of the global political class and mainstream media to report the true extent of the erosion of democratic processes and the socioeconomic assault on the poor.Toby Green and Thomas Fazi speak to Pierre d’Alancaisez about the emergence of a global consensus, the abject failure of the left to hold power to account, and the sometimes fine line between critique and conspiracy theorising.Richard Seymour’s critique of the book on Politics, Theory, Other.Toby Green is Professor of African History at King’s College London, and author of A Fistful of Shells and The Rise of the Trans-Atlantic Slave Trade in Western Africa.Thomas Fazi is the author and co-author of several books on economic and political issues, including Reclaiming the State. His article with Toby Green for UnHerd, The Left’s Covid Failure, was translated into ten languages. He is a regular contributor to Compact.Pierre d’Alancaisez is a contemporary art curator, cultural strategist, researcher. Sometime scientist, financial services professional. Learn more about your ad choices. Visit megaphone.fm/adchoicesSupport our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/economics

In this episode, we discuss Arve Hansen’s new book Consumption and Vietnam’s New Middle Classes: Societal Transformations and Everyday Life (Springer, 2022). In this book, Hansen studies the dramatic changes in consumption patterns in Vietnam over the past decades, focusing on how everyday life changes in the context of rapid economic development and capitalist transformations.How does a consumer society emerge and take shape in Vietnam’s socialist market economy? What is consumer socialism? Why should we study the consumption patterns of Asia’s new middle classes, and are there similarities between the middle classes in Vietnam and India? To discuss these questions, we are joined by the author and Manisha AnantharamanManisha Anantharaman, associate professor of Justice, Community and Leadership at Saint Mary's College of California in the Bay Area. She teaches and does research on the politics of sustainability, and has among many other things written extensively on the ‘environmentalism’ of India’s middle classes.Arve Hansen is a human geographer at the Centre for Development and the Environment at the University of Oslo, teaching and researching consumption and sustainability with particular focus on Vietnam. He also leads the Norwegian Network for Asian Studies with Kenneth Bo Nielsen.Kenneth Bo Nielsen is an Associate Professor at the dept. of Social Anthropology at the University of Oslo and one of the leaders of the Norwegian Network for Asian Studies.The Nordic Asia Podcast is a collaboration sharing expertise on Asia across the Nordic region, brought to you by the Nordic Institute of Asian Studies (NIAS) based at the University of Copenhagen, along with our academic partners: the Centre for East Asian Studies at the University of Turku, and Asianettverket at the University of Oslo.We aim to produce timely, topical and well-edited discussions of new research and developments about Asia. Learn more about your ad choices. Visit megaphone.fm/adchoicesSupport our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/economics

In this episode of High Theory, Eli Cook tells us about choice architecture. The term was invented by behavioral economists in 2008 who proposed it as a soft-power model of “libertarian paternalism” to influence consumer choice. Eli traces their concept through a twentieth-century history of structured choices, from personality tests and the five-star rating to the swipes and likes of platform capitalism. He shifts our attention from the rhetoric of consumer choice as freedom to the power of “choice architects” who determine the options for us.Eli takes the term “choice architecture” from Richard Thaler and Cass Sunstein’s book Nudge: Improving Decisions About Health, Wealth, and Happiness (Yale UP, 2008). He mentions the industrial psychologist Walter Dill Scott and the inventors of behavioral economics, Amos Tversky and Daniel Kahneman. Amusingly, there is a New Yorker article about Tversky and Kahneman written by Thaler and Sunstein, called “The Two Friends Who Changed How We Think About How We Think.” (New Yorker 7 Dec 2016). In the full version of our conversation, Eli referenced the work of Sophia Rosenfeld on the longue durée history of choice.Eli Cook is a historian of American capitalism. He works as a Senior Lecturer in History and as head of the American Studies Program at the University of Haifa in Israel. His first book The Pricing of Progress: Economic Indicators and the Capitalization of American Life was published by Harvard University Press in 2017. Last year, he was a fellow at the Stanford Humanities Center where he worked on his new book about choice architecture.Image: © 2023 Saronik Bosu Learn more about your ad choices. Visit megaphone.fm/adchoicesSupport our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/economics

Fear pervades dictatorial regimes. Citizens fear leaders, the regime's agents fear superiors, and leaders fear the masses. The ubiquity of fear in such regimes gives rise to the "dictator's dilemma," where autocrats do not know the level of opposition they face and cannot effectively neutralize domestic threats to their rule. The dilemma has led scholars to believe that autocracies are likely to be short-lived.Yet, some autocracies have found ways to mitigate the dictator's dilemma. As Martin K. Dimitrov shows in Dictatorship and Information: Authoritarian Regime Resilience in Communist Europe and China (Oxford UP, 2023), substantial variability exists in the survival of nondemocratic regimes, with single-party polities having the longest average duration. Offering a systematic theory of the institutional solutions to the dictator's dilemma, Dimitrov argues that single-party autocracies have fostered channels that allow for the confidential vertical transmission of information, while also solving the problems associated with distorted information.To explain how this all works, Dimitrov focuses on communist regimes, which have the longest average lifespan among single-party autocracies and have developed the most sophisticated information-gathering institutions. Communist regimes face a variety of threats, but the main one is the masses. Dimitrov therefore examines the origins, evolution, and internal logic of the information-collection ecosystem established by communist states to monitor popular dissent. Drawing from a rich base of evidence across multiple communist regimes and nearly 100 interviews, Dimitrov reshapes our understanding of how autocrats learn--or fail to learn--about the societies they rule, and how they maintain--or lose--power.Listeners interested in how authoritarian regimes gather information and use it to maintain political control should also check out the NBN interviews with Iza Ding, on how China's bureaucrats make a show of responsiveness even when they can't deliver, Jeremy Wallace, on the role of quantification in China's authoritarianism, Daniel Treisman, on how dictators around the world try to control their public image, Jennifer Pan, on how China uses its limited welfare state to hold power, journalists Josh Chin and Liza Lin on China's surveillance state, and Yao Li, Manfred Elfstrom, and Lynette Ong on China's protests.Martin K. Dimitrov is Professor of Political Science at Tulane University. Peter Lorentzen is economics professor at the University of San Francisco. He heads USF's Applied Economics Master's program, which focuses on the digital economy. His research is mainly on China's political economy. Learn more about your ad choices. Visit megaphone.fm/adchoicesSupport our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/economics

The term "Silk Road" evokes images of trade and exotic luxurious goods and Orientalist images. Today, however, it also is associated with the projection of Chinese power abroad. And as that pairing suggests, the term "Silk Road" in fact has many meanings as Professor Tim Winter has been explaining in his book The Silk Road: Connecting Histories and Futures (Oxford University Press, 2022). Listen to him in conversation 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/adchoicesSupport our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/economics