Created with Sketch.
New Books in Finance
33 minutes | 18 days ago
Lisa Adkins, et al., "The Asset Economy" (Polity, 2020)
“The key element shaping inequality is no longer the employment relationship but rather whether one is able to buy assets that appreciate at a faster rate than both inflation and wages”.So argue Lisa Adkins, Martijn Konings and Melinda Cooper in The Asset Economy (Polity Press, 2020), extending the argument in Thomas Piketty’s 2014 best-seller Capital in the Twenty-First Century.Inheritance, they claim, is no longer a 19th-century-style transmission of property titles after death but a “strategically timed transfer of funds that need to be leveraged and put to work in the speculative logic of the asset economy”. In the Anglo-Saxon economies at least, households are no longer just a unit of subsistence or consumption but a dynamic Minskyan balance-sheet manager.Lisa Adkins is Head of the School of Social and Political Sciences and Martijn Konings is Professor of Political Economy and Social Theory at the University of Sydney.Tim Gwynn Jones is an economic and political-risk analyst at Medley Global Advisors.
85 minutes | 21 days ago
K. Yazdani and D. M. Menon, "Capitalisms: Towards a Global History" (Oxford UP, 2020)
Capitalisms: Towards a Global History (Oxford University Press, 2020), edited by Kaveh Yazdani and Dilip M. Menon, aims to decenter work on the history of capitalism by looking at the longue durée from the tenth century; at regions as diverse as Song China, South and South East Asia, Latin America and the Ottoman and Safavid Empires; and exploring the plurality of developments over this extended time and space. The authors argue against conventional accounts that locate the origins of capitalism solely within Europe and within the conjuncture of the industrial revolution. The essays emphasize historical conjunctures, flows of commodities, circulation of knowledge and personnel, the role of mercantile capital and small producers and stress throughout the necessity to think beyond present day national boundaries. The volume contends with clichés of Western exceptionalism to make a set of historical arguments about non-Western and interconnected economic developments across the globe, prior to the era of colonialism. It argues fundamentally that the multiple histories of capitalism can be better understood from a truly global perspective.Dr Kaveh Yazdani is Lecturer (akademischer Rat) in economic history, University of Bielefeld. He teaches economic history at the University of Bielefeld, Germany. His scholarly interests include the 'Great Divergence' debate and the history of South and West Asia between the 17th and 20th centuries. He is the author of India, Modernity and the Great Divergence: Mysore and Gujarat (2017).Professor Dilip M. Menon is Mellon Chair of Indian Studies, Director of the Centre for Indian Studies in Africa, University of Witwatersrand, South Africa. He is the author of Caste, Nationalism and Communism in South India: Malabar, 1900-1948 (1994).Alexandra Ortolja-Baird is Lecturer in Early Modern European History at King’s College London. She tweets at @TimeTravelAllie.
46 minutes | 22 days ago
Ewald Nowotny, "Money and Life" (Braumüller Verlag, 2020)
In September 2008, Ewald Nowotny joined the governing council of the European Central Bank. Just two weeks later, Lehman Brothers filed the largest bankruptcy in US history - so triggering a global financial crisis and recession. In September 2019, he retired just before the coronavirus pandemic struck.This book charts the political and literary development of a young Social Democrat economist in postwar Vienna, his education in Austria and the US, and his experience in banking in the pre-Lehman stage of the crisis.For "ECB-watchers", Geld und Leben (Braumüller Verlag, 2020) provides a fascinating insight into the contrasting presidencies of Jean-Claude Trichet and Mario Draghi, into how council meetings are conducted, and the ruses used by members to influence the markets.Now a self-styled "independent economist", Ewald Nowotny was a professor of economics at Vienna and Linz universities, a member of Austria's parliament, a vice-president of the European Investment Bank, and governor of the Austrian National Bank.Tim Gwynn Jones is an economic and political-risk analyst at Medley Global Advisors.
55 minutes | 25 days ago
J. A. Delton, "The Industrialists: How the National Association of Manufacturers Shaped American Capitalism" (Princeton UP, 2020)
Historians often portray the National Association of Manufacturers (NAM) as a conservative force in debates over free enterprise, battles against unions and government regulation, and the rise of capitalism in the United States. In The Industrialists: How the National Association of Manufacturers Shaped American Capitalism (Princeton UP, 2020), Jennifer Delton (Professor of History at Skidmore College) provides a comprehensive and nuanced political history. Delton focuses on the conservative policy goals of the organization but also its surprisingly progressive tactics and internal conflicts such as welcoming women and workers with disabilities, supporting the UN, embracing aspects of cosmopolitanism, and supporting the ERA, Civil Rights Act, and aspects of affirmative action. Delton deftly identifies the wider economic, ideological, and institutional concerns that drove NAM actors. As the book interrogates how the National Association of Manufacturing did – and did not – work, NAM emerges as a capitalist modernizer. She examines 125 years of massive change in American economic policy with the NAM at its center in order to interrogate manufacturing’s role in the development of capitalism at home and abroad – with implications for how we understand neoliberalism – especially liberal internationalist tendencies. Delton argues that liberal internationalism (associated often with Woodrow Wilson) can be seen as a crucial step toward the international institutions favored by post World War II European neoliberals.The book is divided into three parts. Part one traces the ascent and reorganization of industrial manufacturing from the 1890s to 1940. Part two highlights manufacturing’s dominance in US society and the world (1941-1980) as the US lowered tariffs and pursued free trade. The share of GDP peaked in 1953 when manufacturing represented 25.8% of domestic production. Part three treats the decline in manufacturing (beginning in 1960) and emphasizes deindustrialization, globalization, and the disintegration of the large multidivisional corporations in the 1990s.The book investigates how the globalizing impulse of neoliberalism played out historically in 20th century US politics – more specifically, how liberal internationalist ideas that were promoted by Democrats and antithetical to traditional political conservativism came to be espoused by the Republican party. Delton writes that “this is especially relevant now, as the current head of the Republican party [President Donald Trump, Republican] seems to be undoing the work of neoliberalism and liberal internationalists alike.” NAM’s history helps explain the bipartisan support for economic internationalism, freer trade, and what would later be called neoliberalism, even before the Cold War and Reagan, and even as voters (and Congress) remain extremely divided about these issues. The story of the NAM is full of contradictions, but The Industrialists deftly tracks them all, contextualizing the impacts on the national and global economy.In the podcast, Dr. Delton describes how the NAM archive was shaped by professional staff members – particularly one woman – whose views departed from NAM leaders. The referenced article, “Who Tells Your Story: Contested History at the NAM” is here.Benjamin Warren assisted with this podcast.Susan Liebell is associate professor of political science at Saint Joseph’s University in Philadelphia. She is the author of Democracy, Intelligent Design, and Evolution: Science for Citizenship (Routledge, 2013) and, most recently, “Retreat from the Rule of Law: Locke and the Perils of Stand Your Ground” in the Journal of Politics (July 2020). Email her comments at email@example.com or tweet to @SusanLiebell.
52 minutes | a month ago
JC de Swaan, "Seeking Virtue in Finance: Contributing to Society in a Conflicted Industry" (Cambridge UP, 2020)
JC de Swaan does not shy from a challenge. In his new book, Seeking Virtue in Finance: Contributing to Society in a Conflicted Industry (Cambridge University Press, 2020), de Swaan, argues that it is possible to work in finance and not fall prey to the worst ethical ills of a profit maximizing industry. A lecturer at Princeton and partner in at Wall Street hedge fund, de Swaan spent years chronicling examples of virtuous behavior in finance. He distills his research into four "pillars" of ethical behavior for financial professionals. They include 1. Customers first, 2. Social wealth creation 3. Humanistic leadership and 4. Engaged citizenship. Those are easy to say, but hard to do in an industry not known for those attributes. Seeking Virtue in Finance should be required reading for every associate class on Wall Street, as well as their managers.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 @HistoryInvestor or at http://www.strategicdividendinvestor.com
35 minutes | a month ago
Margaret Heffernan, "Uncharted: How to Map and Navigate the Future Together" (Simon and Schuster, 2020)
Today I spoke with Dr Margaret Heffernan about her latest book, Uncharted: How to Map and Navigate the Future Together (Simon and Schuster, 2020). Margaret produced programmes for the BBC for 13 years. She then moved to the US where she became a businesswomen. She is the author of six books and a successful TED Talk speaker. She is also a Professor of Practice at the University of Bath.In her 2012 TED Talk, ‘Dare to disagree’, she told the story Alice Stewart. This is the story of how clear, certain medical data, are not always enough to change rapidly our professional rules and personal habits.In her 2019 TED Talk she argued that the more we rely on technology to make us efficient, the fewer skills we have to confront the unexpected. That’s why we need less technology and ‘more messy human skills - imagination, humility, bravery - to solve problems in business, government and life in an unpredictable age’.In her new book, she explores the people and organizations who aren’t daunted by uncertainty: ‘We are addicted to prediction, desperate for certainty about the future. But the complexity of modern life won’t allow that; experts in forecasting are reluctant to look more than 400 days out’.Uncertainty is clearly an important construct in both macroeconomics and behavioural economics. This book starts with an anecdote on the early life of a great American economist, Irving Fisher. His swimming accident and the discovery of his tuberculosis contributed to the development his research interest in stability and monetary economics.Ranging freely through history and from business to science, government to friendships, this refreshing book challenges us to resist the false promises of technology and efficiency and instead to mine our own creativity and humanity for the capacity to create the futures we want and can believe in.Andrea Bernardi is Senior Lecturer in Employment and Organization Studies at Oxford Brookes University in the UK. He holds a doctorate in Organization Theory from the University of Milano-Bicocca. He has held teaching and research positions in Italy, China and the UK. Among his research interests are the use of history in management studies, the co-operative sector, and Chinese co-operatives. He is the co-convener of the EAEPE’s permanent track on Co-operative economy and collective ownership. Currently he is associate editor of The Review of Evolutionary Political Economy (REPE)
48 minutes | 2 months ago
Patrick Honohan, "Currency, Credit and Crisis: Central Banking in Ireland and Europe" (Cambridge UP, 2020)
For readers – including non-economists – who want to get to grips with the nature and scale of the last financial crisis, how it was managed and mismanaged, and its particular impact on a small, open economy, Patrick Honohan's book Currency, Credit and Crisis: Central Banking in Ireland and Europe (Cambridge UP, 2020)This is, in part, because it covers complex issues yet is written for a non-specialist audience. But mostly it’s because, as Olivier Blanchard says, this is “financial crisis, seen from the driver’s seat". Honohan is not just an accomplished monetary economist with a lot to say but he was also, from 2009 to 2015, the governor of the Central Bank of Ireland and a member of the Governing Council of the European Central Bank.His book combines a monetary and financial history of Ireland since independence, theory and history around the formation of the Euro Area, an assessment of lessons learned from the crisis, and a behind-the-scenes memoir of how the crisis was fought.Tim Gwynn Jones is an economic and political-risk analyst at Medley Global Advisors.
65 minutes | 2 months ago
Thomas Levenson "Money for Nothing" (Random House, 2020)
Modern finance isn't really all that modern. Three centuries ago, Great Britain's need for money to fight its wars, the appearance of joint stock companies, and the emerging quantification of all aspects of life converged to create new notions and forms of money and investments. And then there was a spectacular bubble in 1720. The South Sea stock rose and fell quickly, but the financing structures remained and last to this day in evolved form. In his new book Money for Nothing: The Scientists, Fraudsters, and Corrupt Politicians Who Reinvented Money, Panicked a Nation, and Made the World Rich (Random House, 2020), MIT Professor Thomas Levenson tells the rip-roading tale.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 @HistoryInvestor or at http://www.strategicdividendinvestor.com
44 minutes | 2 months ago
Ian Kumekawa, "The First Serious Optimist: A. C. Pigou and the Birth of Welfare Economics" (Princeton UP, 2017)
The work of Alfred Charles Pigou may not be as well known to people today as that of his contemporary John Maynard Keynes, but as Ian Kumekawa details in his book The First Serious Optimist: A. C. Pigou and the Birth of Welfare Economics (Princeton University Press, 2017), over the course of his long career Pigou advanced ideas that remain very relevant today. As Kumekawa describes, Pigou entered the field of economics at an important point in its evolution. As a student of Alfred Marshall, Pigou embraced his mentor’s more analytical approach to the subject, though without the same determination to separate it from political theory. This placed Pigou at the center of many of the issues of economics that the public faced in the early 20th century, to which Pigou contributed widely, particularly in the area of welfare economics. Pigou’s own ideas on these subjects evolved in response to his experiences with events, as he shifted from his early reform-minded liberalism to skepticism about the motivations of political leaders before he embraced once more the possibility of meaningful political change in the aftermath of the Second World War.
50 minutes | 2 months ago
Gene Ludwig, "The Vanishing American Dream" (Disruption Books, 2020)
Gene Ludwig cares. The former banker, government regulator, and serial entrepreneur cares deeply about the hollowing out of the American middle class over the past several decades, not least of all in his hometown of York, PA. So he gathered the country's best and brightest in 2019 for a conference at Yale Law School to come up with specific policy proposals that can reverse that process.The details of what has happened make for difficult but necessary reading. In The Vanishing American Dream: A Frank Look at the Economic Realities Facing Middle- and Lower-Income Americans (Disruption Books) the policy proposals to rebuild the middle class are divided into those at the federal level, and those at the local level.Many readers will find the former typical and expected, but the latter constitute the most engaging part of the book. Both sorts of policies will be hard to implement given the country's current state of division, but Ludwig does not back down from the challenge.Gene Ludwig is the founder of the Promontory family of companies and Canapi LLC, the largest financial technology venture fund in the United States. He is the CEO of Promontory Financial Group, an IBM company, and chairman of Promontory MortgagePath, a technology-based, mortgage fulfillment and solutions company.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 @HistoryInvestor or at http://www.strategicdividendinvestor.com
36 minutes | 2 months ago
Christopher Marquis, "Better Business: How the B Corp Movement Is Remaking Capitalism" (Yale UP, 2020)
I spoke with Prof. Christopher Marquis, Samuel C. Johnson Professor in Global Sustainable Enterprise and Professor of Management at Cornell University. His latest research book tells the story of an ambitious certification programme that aims to signal to customers and shareholders those small and large corporations that are responsible and caring with their workers, customers, with the planet and the local communities where they operate.Businesses have a big role to play in a capitalist society. They can tip the scales toward the benefit of the few, with toxic side effects for all, or they can guide us toward better, more equitable long-term solutions.In Better Business: How the B Corp Movement Is Remaking Capitalism (Yale UP, 2020), Marquis tells the story of the rise of a new corporate form—the B Corporation. Founded by a group of friends who met at Stanford, these companies undergo a rigorous certification process, overseen by the B Lab, and commit to putting social benefits, the rights of workers, community impact, and environmental stewardship on equal footing with financial shareholders.In our conversation Christopher mentioned the origin of the book and why he believes in the work done by B Lab. The book is divided into 11 chapter and is full of interesting practical examples. In the talk we also mentioned the notion of ‘benefit corporation’, in the US and elsewhere.I have asked the author why we should trust the founders of the B Movement and their certification programme. He answered with some examples and convincing arguments. We then focused on chapter 1, ‘Interdependencies not Externalities’, chapter 6, ‘Employees as the Heart of the Company’, chapter 10, ‘Big Isn’t Always Bad’, and eventually chapter 11, ‘Convincing Consumers to Care’. We concluded with his plans for the next book.Informed by over a decade of research and animated by interviews with the movement’s founders and leading figures, Marquis’s book explores the rapid growth of companies choosing to certify as B Corps, both in the United States and internationally, and explains why the future of B Corporations is vital for us all.Andrea Bernardi is Senior Lecturer in Employment and Organization Studies at Oxford Brookes University in the UK. He holds a doctorate in Organization Theory from the University of Milan, Bicocca. He has held teaching and research positions in Italy, China and the UK. Among his research interests are the use of history in management studies, the co-operative sector, and Chinese co-operatives. His latest project is looking at health care in China. He is the co-convener of the EAEPE’s permanent track on Co-operative economy and collective ownership.
45 minutes | 2 months ago
R. Pollin and N. Chomsky, "Climate Crisis and the Global Green New Deal: The Political Economy of Saving the Planet" (Verso, 2020)
Is there a consensus on the best response to global warming? Not even close. Left and right both bring their own tools, math, and, most notably, agendas--climate related and non-climate related--to their policy prescriptions.Economist Robert Pollin has teamed up with Noam Chomsky to produce a manifesto for the New Green Deal in Climate Crisis and the Global Green New Deal: The Political Economy of Saving the Planet (Verso). Their plan attempts to keep the planet from heating up too much while simultaneously redressing the economic wrongs that they blame substantially on unfettered capitalism.Not everyone will agree that eco-socialism is the answer to global warming, but all participants in the debate will want to understand the wide range of policy proposals that are being brought to the table.Noam Chomsky is Institute Professor Emeritus at the Massachusetts Institute of Technology and Laureate Professor at the University of Arizona.Robert Pollin is Professor of Economics and founding Co-Director of the Political Economy Research Institute (PERI) at the University of Massachusetts-Amherst.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 @HistoryInvestor or at http://www.strategicdividendinvestor.com
37 minutes | 3 months ago
Joshua Greenberg, "Bank Notes and Shinplasters: The Rage for Paper Money in the Early Republic" (U Pennsylvania Press, 2020)
What is money? No, really, what is money? It turns out the answer is not so simple.During the course of the 20th century, most of us have gotten used to the notion of a single medium of exchange based on Federal Reserve notes which we call dollars. They look the same, feel the same, and have the same use everywhere in the country. We are so comfortable with that medium of exchange that we are now increasingly doing away with the paper and accepting a digital version of said money. The convenience of having a single and stable currency as a medium of exchange did no exist in the early republic.Joshua Greenberg's Bank Notes and Shinplasters: The Rage for Paper Money in the Early Republic (University of Pennsylvania Press) describes the many types of money in circulation at the time and how all participants in the economic system had to master the discounting of paper money from one institution to another, from one town to another, from one transaction to another. It constituted an entire sub-culture, and an excellent lens to view the economic history of the pre-Civil War period.Joshua R. Greenberg is the editor of Commonplace: the journal of early American life.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
76 minutes | 3 months ago
David J. Hand, "Dark Data: Why What You Don't Know Matters" (Princeton UP, 2020)
There is no shortage of books on the growing impact of data collection and analysis on our societies, our cultures, and our everyday lives. David Hand's new book Dark Data: Why What You Don't Know Matters (Princeton University Press, 2020) is unique in this genre for its focus on those data that aren't collected or don't get analyzed. More than an introduction to missingness and how to account for it, this book proposes that the whole of data analysis can benefit from a "dark data" perspective—that is, careful consideration of not only what is seen but what is unseen. David assembles wide-ranging examples, from the histories of science and finance to his own research and consultancy, to show how this perspective can shed new light on concepts as classical as random sampling and survey design and as cutting-edge as machine learning and the measurement of honesty. I expect the book to inspire the same enjoyment and reflection in general readers as it is sure to in statisticians and other data analysts.Suggested companion work: Caroline Criado Perez, Invisible Women: Data Bias in a World Designed for Men.Cory Brunson (he/him) is a Research Assistant Professor at the Laboratory for Systems Medicine at the University of Florida.
32 minutes | 3 months ago
J. Herbst and S. Lovegrove, "Brexit And Financial Regulation" (Oxford UP, 2020)
The UK’s transition from legally withdrawing from the EU to leaving the union’s single market will come to an end at midnight on December 31 with no successor trade agreement yet in place.For the UK’s financial sector, which accounts for 7% of the country’s economy and a million of its jobs, whether there is such an agreement and what shape it takes really matters.In Brexit and Financial Regulation (Oxford University Press, 2020), co-editors Jonathan Herbst and Simon Lovegrove have corralled 26 lawyers from 12 leading firms and chambers to explain why.Between them, they cover the history of the withdrawal process, the likely impact of Brexit on regulations of everything from how bankers are rewarded for success to how insolvent banks are wound up, and what could happen next in the negotiations.Jonathan Herbst is Global Head of Financial Services Regulation at law firm Norton Rose Fulbright.Tim Gwynn Jones is an economic and political-risk analyst at Medley Global Advisors.
75 minutes | 3 months ago
Adam Hanieh, "Money, Markets, and Monarchies: The Gulf Cooperation Council and the Political Economy of the Contemporary Middle East" (Cambridge UP, 2018)
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.
53 minutes | 3 months ago
Olli Rehn, "Walking the Highwire: Rebalancing the European Economy in Crisis" (Palgrave Macmillan, 2020)
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.
52 minutes | 3 months ago
Bjorn Lomborg, "False Alarm: How Climate Change Panic Costs Us Trillions, Hurts the Poor, and Fails to Fix the Planet" (Basic Books, 2020)
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
43 minutes | 3 months ago
Paul De Grauwe, "Economics of Monetary Union" (Oxford UP, 2020)
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.
64 minutes | 4 months ago
Costas Lapavitsas, "The Left Case Against the EU" (Polity, 2018)
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 firstname.lastname@example.org
Terms of Service
© Stitcher 2020