The 1990s witnessed several acute currency crises among developing nations that invariably spread to other nearby at-risk countries. These episodes—in Mexico, Thailand, South Korea, Russia, and Brazil—were all exacerbated by speculative foreign investments and high-volume movements of capital in and out of those countries. Insufficient domestic controls and a sluggish international response further undermined these economies, as well as the credibility of external oversight agencies like the International Monetary Fund. This timely volume examines the correlation between volatile capital mobility, currency instability, and the threat of regional contagion, focusing particular attention on the emergent economies of Latin America, Southeast Asia, and Eastern Europe.
Together these studies offer a new understanding of the empirical relationship between capital flows, international trade, and economic performance, and also afford key insights into realms of major policy concern.

In the classic bestseller, Capitalism and Freedom, Milton Friedman presents his view of the proper role of competitive capitalism—the organization of economic activity through private enterprise operating in a free market—as both a device for achieving economic freedom and a necessary condition for political freedom. Beginning with a discussion of principles of a liberal society, Friedman applies them to such constantly pressing problems as monetary policy, discrimination, education, income distribution, welfare, and poverty.

"Milton Friedman is one of the nation's outstanding economists, distinguished for remarkable analytical powers and technical virtuosity. He is unfailingly enlightening, independent, courageous, penetrating, and above all, stimulating."-Henry Hazlitt, Newsweek

"It is a rare professor who greatly alters the thinking of his professional colleagues. It's an even rarer one who helps transform the world. Friedman has done both."-Stephen Chapman, Chicago Tribune

Selected by the Times Literary Supplement as one of the "hundred most influential books since the war"

How can we benefit from the promise of government while avoiding the threat it poses to individual freedom? In this classic book, Milton Friedman provides the definitive statement of his immensely influential economic philosophy—one in which competitive capitalism serves as both a device for achieving economic freedom and a necessary condition for political freedom. The result is an accessible text that has sold well over half a million copies in English, has been translated into eighteen languages, and shows every sign of becoming more and more influential as time goes on.

A sweeping, authoritative, and accessible overview of major issues in the global economy from a Marxist perspective.

Contemporary capitalism is always evolving. From digital technologies to cryptocurrencies, current trends in political economy are much discussed, but often little understood. So where can we turn for clarity? As Michael Roberts and Guglielmo Carchedi argue, new trends don't necessarily call for a new theory.

In Capitalism in the 21st Century, the authors show how Marx's law of value explains numerous issues in our modern world. In both advanced economies and the periphery, value theory provides a piercing analytical framework through which we can approach topics as varied as labor, profitability, technology, the environment, the role of China, imperialism, and the state.

An ambitious work that will appeal to both heterodox economists and labor movement activists alike, as it demonstrates the ongoing contemporary relevance of Marxist theory to current trends in political economy.

The exchange rate is a crucial variable linking a nation's domestic economy to the international market. Thus choice of an exchange rate regime is a central component in the economic policy of developing countries and a key factor affecting economic growth.

Historically, most developing nations have employed strict exchange rate controls and heavy protection of domestic industry-policies now thought to be at odds with sustainable and desirable rates of economic growth. By contrast, many East Asian nations maintained exchange rate regimes designed to achieve an attractive climate for exports and an "outer-oriented" development strategy. The result has been rapid and consistent economic growth over the past few decades.

Changes in Exchange Rates in Rapidly Developing Countries explores the impact of such diverse exchange control regimes in both historical and regional contexts, focusing particular attention on East Asia. This comprehensive, carefully researched volume will surely become a standard reference for scholars and policymakers.

Changing the Subject explores ways of engaging across difference. In this first book-length study of the concept of empathy from a rhetorical perspective, Lisa Blankenship frames the classical concept of pathos in new ways and makes a case for rhetorical empathy as a means of ethical rhetorical engagement. The book considers how empathy can be a deliberate, conscious choice to try to understand others through deep listening and how language and other symbol systems play a role in this process that is both cognitive and affective.
 
Departing from agonistic win-or-lose rhetoric in the classical Greek tradition that has so strongly influenced Western thinking, Blankenship proposes that we ourselves are changed (“changing the subject” or the self) when we focus on trying to understand rather than simply changing an Other. This work is informed by her experiences growing up in the conservative South and now working as a professor in New York City, as well as the stories and examples of three people working across profound social, political, class, and gender differences: Jane Addams’s activist work on behalf of immigrants and domestic workers in Gilded Age Chicago; the social media advocacy of Brazilian rap star and former maid Joyce Fernandes for domestic worker labor reform; and the online activist work of Justin Lee, a queer Christian who advocates for greater understanding and inclusion of LGBTQ+ people in conservative Christian churches.
 
A much-needed book in the current political climate, Changing the Subject charts new theoretical ground and proposes ways of integrating principles of rhetorical empathy in our everyday lives to help fight the temptations of despair and disengagement. The book will appeal to students, scholars, and teachers of rhetoric and composition as well as people outside the academy in search of new ways of engaging across differences.
 

Rational choice theory has become the basis for much of the recent work done in political science. Yet explanations of many political phenomena elude rational choice theorists. Robert Grafstein offers a modification to rational choice theory that extends its ability to explain social behavior.

Grafstein argues that, instead of basing the analysis on the assumption that an actor will maximise her expected utility or her utility given the probability that the event will happen, we should define rationality as the maximisation of expected utility conditional on the probability that her act will bring the event about. This definition of utility, based on the work of Richard Jeffrey, restores the consequences of an individual's act to rational choice analysis. For example, in making a decision to vote, a conditional expected utility maximiser will compare the likelihood of victory for her preferred candidate given her own participation with the likelihood of a victory given her abstention.

The author shows the theoretical implications of this new definition of rationality and then uses it to explain certain aspects of ethnic identity and mobilization, ideology, and altruism and intertemporal choice. He then explores the implications of this idea for policy analysis and econometrics. This book will provoke a debate about how work based in rational choice theories is done.

Robert Grafstein is Professor of Political Science, University of Georgia.

Taking the Scottish Enlightenment philosopher David Hume as its subject, this book breaks new ground in focusing its lens on a little-studied aspect of Hume’s thinking: his understanding of money.

George Caffentzis makes both an intervention in the field of monetary philosophy and into Marxian conceptions of the relation between philosophy and capitalist development. He vividly charts the ways in which Hume’s philosophy directly informed the project of ‘civilizing’ the people of the Scottish Highlands and pacifying the English proletariat in response to the revolts of both groups at the heart of the empire.

Built on careful historical and philosophical detective work, Civilizing Money offers a stimulating and radical political reading of the ways in which Hume’s fundamental philosophical claims performed concrete political functions.

A natural language discourse is more than an arbitrary sequence of utterances; a discourse exhibits coherence. Despite its centrality to discourse interpretation, coherence rarely plays a role in theories of linguistic phenomena that apply across utterances.

In this book, Andrew Kehler provides an analysis of coherence relationships between utterances that is rooted in three types of 'connection among ideas' first articulated by the philosopher David Hume—Resemblance, Cause or Effect, and Contiguity. Kehler then shows how these relationships affect the distribution of a variety of linguistic phenomena, including verb phrase ellipsis, gapping, extraction from coordinate structures, tense, and pronominal reference. In each of these areas, Kehler demonstrates how the constraints imposed by linguistic form interact with those imposed by the process of establishing coherence to explain data that has eluded previous analyses. his book will be of interest to researchers from the broad spectrum of disciplines from which discourse is studied, as well as those working in syntax, semantics, computational linguistics, psycholinguistics, and philosophy of language.

In a provocative book-length essay, Patricia Lynne argues that most programmatic assessment of student writing in U.S. public and higher education is conceived in the terms of mid-20th century positivism. Since composition as a field had found its most compatible home in constructivism, she asks, why do compositionists import a conceptual frame for assessment that is incompatible with composition theory?

By casting this as a clash of paradigms, Lynne is able to highlight the ways in which each theory can and cannot influence the shape of assessment within composition. She laments, as do many in composition, that the objectively oriented paradigm of educational assessment theory subjugates and discounts the very social constructionist principles that empower composition pedagogy. Further, Lynne criticizes recent practice for accommodating the big business of educational testing—especially for capitulating to the discourse of positivism embedded in terms like "validity" and "reliability." These terms and concepts, she argues, have little theoretical significance within composition studies, and their technical and philosophical import are downplayed by composition assessment scholars.

There is a need, Lynne says, for terms of assessment that are native to composition. To open this needed discussion within the field, she analyzes cutting-edge assessment efforts, including the work of Broad and Haswell, and she advances a set of alternate terms for evaluating assessment practices, a set of terms grounded in constructivism and composition.

Coming to Terms is ambitious and principled, and it takes a controversial stand on important issues. This strong new volume in assessment theory will be of serious interest to assessment specialists and their students, to composition theorists, and to those now mounting assessments in their own programs.

Most people understand property as something that is owned, a means of creating individual wealth. But in Commodity and Propriety, the first full-length history of the meaning of property, Gregory Alexander uncovers in American legal writing a competing vision of property that has existed alongside the traditional conception. Property, Alexander argues, has also been understood as proprietary, a mechanism for creating and maintaining a properly ordered society. This view of property has even operated in periods—such as the second half of the nineteenth century—when market forces seemed to dominate social and legal relationships.

In demonstrating how the understanding of property as a private basis for the public good has competed with the better-known market-oriented conception, Alexander radically rewrites the history of property, with significant implications for current political debates and recent Supreme Court decisions.

The comparative study of law and the institutions of law have enriched our understanding of the role law plays in our society by comparing law and legal institutions in different countries, but we have lacked a strong theoretical structure. Scholars studying the role of law in society by applying economic theories have offered a parsimonious theoretical structure with which to understand the relationship between law and society but have tended to focus only on American legal issues. Ugo Mattei joins insights from both areas of scholarship in a productive relationship that furthers our understanding of why societies adopt different laws and why some societies share similar laws.
Mattei shows how concepts from economics can be applied to the study of comparative law. He then applies the concepts to several significant problems in comparative law, including the history and sources of law, differences between civil and common law systems, and the reasons for legal change and the movement of law from one country to another. He looks at specific problems in property, contracts, and trust law. Finally he uses the insights he has developed to understand the issues involved in changing law in developing countries and in formerly socialist countries.
This book will be of interest to scholars of law, economics, and development, as well as those interested in transformation in formerly communist states.
Ugo Mattei is Alfred and Hanna Fromm Professor of International and Comparative Law, Hastings College of Law, University of California; and Professor of Civil Law, University of Trento.

David Wallace argues that any understanding of writing studies must include the conception of discourse as an embodied force with real consequences for real people. Informed in important ways by queer theory, Wallace calls to account users of dominant discourses and at the same time articulates a theory base from which to interpret "alternative rhetoric."

To examine the practice of writing from varied margins of society, Compelled to Write offers careful readings of four exemplar American writers, each of whom felt compelled within their own time and place to write in response to systemic injustices in American society.

Sarah Grimké, a privileged white woman advocating for abolition, is forced to defend her right to speak as a woman; Frederick Douglass begins his public career almost as a curiosity (the articulate ex-slave) and ends it as one of the most important rhetors in American history; Gloria Anzaldúa writes not only in multiple languages and dialects but from marginalized positions related to gender, race, class, sexual identity, and physical abled-ness; David Sedaris uses his privileged position as a middle-class white male humorist to speak unabashedly of his sexuality, his addictions, and obsessive-compulsive personality disorder.

Through these writers, Wallace explores a range of strategies that comprise alternative rhetorical practice, and demonstrates how such practice is inflected by social constraints on rhetorical agency and by how writers employ alternative discourses to resist those constraints. Grounding and personalizing Compelled to Write with rich material from his own teaching and his own experience, Wallace considers a number of implications for teachers of writing.

A few centuries ago, capitalism set in motion an explosion of economic productivity. Markets and private property had existed for millennia, but what other key institutions fostered capitalism’s relatively recent emergence? Until now, the conceptual toolkit available to answer this question has been inadequate, and economists and other social scientists have been diverted from identifying these key institutions.          

With Conceptualizing Capitalism, Geoffrey M. Hodgson offers readers a more precise conceptual framework. Drawing on a new theoretical approach called legal institutionalism, Hodgson establishes that the most important factor in the emergence of capitalism—but also among the most often overlooked—is the constitutive role of law and the state. While private property and markets are central to capitalism, they depend upon the development of an effective legal framework. Applying this legally grounded approach to the emergence of capitalism in eighteenth-century Europe, Hodgson identifies the key institutional developments that coincided with its rise. That analysis enables him to counter the widespread view that capitalism is a natural and inevitable outcome of human societies, showing instead that it is a relatively recent phenomenon, contingent upon a special form of state that protects private property and enforces contracts. After establishing the nature of capitalism, the book considers what this more precise conceptual framework can tell us about the possible future of capitalism in the twenty-first century, where some of the most important concerns are the effects of globalization, the continuing growth of inequality, and the challenges to America’s hegemony by China and others.

With a groundbreaking, interdisciplinary approach to German political and social theory, Confronting Mass Democracy and Industrial Technology provides fresh insight into the thought of many of the most influential intellectual figures of the twentieth century. Its essays detail the manner in which a wide range of German intellectuals grappled with the ramifications and implications of democracy, technology, knowledge, and control from the late Kaisserreich to the Weimar Republic, from the Third Reich and the Federal Republic through recently unified Germany.
Scholars representing the fields of political science, philosophy, history, law, literature, and cultural studies devote essays to the work of Nietzsche, Weber, Heidegger, Lukács, Schmitt, Marcuse, Adorno, and Habermas. They also discuss the writings of such figures as Brecht and Freud, who are not primarily thought of as political theorists, and explore the thought of Helmut Plessner and reformist theorists from East Germany who have been little studied in the English language. In the process of debating the nature and responsibilities of the modern state in an era of mass politics, unparalleled military technology, capacity for surveillance, and global media presence, the contributors question whether technology is best understood as an instrument of human design and collective control or as an autonomous entity that not only has a will and life of its own but one that forms the very fabric of modern humanity.

Contributors. Seyla Benhabib, Richard J. Bernstein, Peter C. Caldwell, Richard Dienst, David Dyzenhaus, Andrew Feenberg, Nancy S. Love, John P. McCormick, Jan-Werner Müller, Gia Pascarelli, William E. Scheuerman, Steven B. Smith, Tracy B. Strong, Richard Wolin

 

In recent years, the global creative economy has experienced unprecedented growth. In tandem with that, considerable research has been conducted to determine what exactly the creative economy is, what occupations are grouped under that name, and how it is to be measured. Organizations on various scales, from the United Nations to local governments, have released “creative” or “cultural” economy reports, developed policies for creative urban renewal, and directed attention to creative place making—the purposeful infusion of creative activity into specific urban environments.

Parallel to these research and policy interests, academic institutions and professional organizations have begun to develop training programs for future professionals in the creative and cultural industries. In this book, more than fifty scholars from across the globe shed light on this phenomenon of cultural entrepreneurship. Readers will find conceptual frameworks for building new programs for the creative industries, examples of pedagogical approaches and skills-based training, and concrete examples of program and course implementation.

Introducing this collection of essays, Françoise Lionnet and Shu-mei Shih argue that looking back—investigating the historical, intellectual, and political entanglements of contemporary academic disciplines—offers a way for scholars in the humanities to move critical debates forward. They describe how disciplines or methodologies that seem distinct today emerged from overlapping intellectual and political currents in the 1960s and early 1970s, in the era of decolonization, the U.S. civil rights movement, and antiwar activism. While both American ethnic studies programs and “French theory” originated in decolonial impulses, over time, French theory became depoliticized in the American academy. Meanwhile, ethnic studies, and later also postcolonial studies, developed politically and historically grounded critiques of inequality. Suggesting that the abstract universalisms of Euro-American theory may ultimately be the source of its demise, Lionnet and Shih advocate the creolization of theory: the development of a reciprocal, relational, and intersectional critical approach attentive to the legacies of colonialism. This use of creolization as a theoretical and analytical rubric is placed in critical context by Dominique Chancé, who provides a genealogy of the concept of creolization. In their essays, leading figures in their fields explore the intellectual, disciplinary, and ethical implications of the creolized theory elaborated by Lionnet and Shih. Édouard Glisssant links the extremes of globalization to those of colonialism and imperialism in an interview appearing for the first time in English in this volume. The Creolization of Theory is a bold intervention in debates about the role of theory in the humanities.

Contributors. Étienne Balibar, Dominique Chancé, Pheng Cheah, Leo Ching, Liz Constable, Anne Donadey, Fatima El-Tayeb, Julin Everett, Édouard Glissant, Barnor Hesse, Ping-hui Liao, Françoise Lionnet, Walter Mignolo, Andrea Schwieger Hiepko, Shu-mei Shih

In Critical Moves Randy Martin sets in motion an inquiry into the relationship between dance, politics, and cultural theory. Drawing on his own experiences as a dancer as well as his observations as a cultural critic and social theorist, Martin illustrates how the study and practice of dance can reanimate arrested prospects for progressive politics and social change.
From experimental and concert dance to more popular expressions, Martin engages a range of performances and demonstrates how a critical reflection on dance helps promote fluency in the language of mobilization that political theory alludes to yet rarely speaks. He explores how Bill T. Jones’s Last Supper at Uncle Tom’s Cabin/The Promised Land defies attempts to separate social ideas from aesthetic concerns and celebrates multiculturalism in the face of a singular national culture; he studies the choreography in rapper Ice Cube’s video “Wicked,” which confronts racialized depictions of violent crime; and he discusses how racial difference is negotiated by analyzing a hip hop aerobics class in a nonblack environment.
Revealing how mastery of modern dance technique teaches an individual body to express cultural difference and display its intrinsic diversity, Critical Moves concludes with a reflection on the contribution dance studies can make to other fields within cultural studies and social sciences. As such it becomes an occasion to rethink the terms of history and agency, multiculturalism and nationalism, identity and political economy. This book will appeal not only to scholars and practitioners of dance, but also to a wide cross-section of people concerned with the study of political theory and the history of social movements.

“McCloskey and Ziliak have been pushing this very elementary, very correct, very important argument through several articles over several years and for reasons I cannot fathom it is still resisted. If it takes a book to get it across, I hope this book will do it. It ought to.”

—Thomas Schelling, Distinguished University Professor, School of Public Policy, University of Maryland, and 2005 Nobel Prize Laureate in Economics

“With humor, insight, piercing logic and a nod to history, Ziliak and McCloskey show how economists—and other scientists—suffer from a mass delusion about statistical analysis. The quest for statistical significance that pervades science today is a deeply flawed substitute for thoughtful analysis. . . . Yet few participants in the scientific bureaucracy have been willing to admit what Ziliak and McCloskey make clear: the emperor has no clothes.”

—Kenneth Rothman, Professor of Epidemiology, Boston University School of Health

The Cult of Statistical Significance shows, field by field, how “statistical significance,” a technique that dominates many sciences, has been a huge mistake. The authors find that researchers in a broad spectrum of fields, from agronomy to zoology, employ “testing” that doesn’t test and “estimating” that doesn’t estimate. The facts will startle the outside reader: how could a group of brilliant scientists wander so far from scientific magnitudes? This study will encourage scientists who want to know how to get the statistical sciences back on track and fulfill their quantitative promise. The book shows for the first time how wide the disaster is, and how bad for science, and it traces the problem to its historical, sociological, and philosophical roots.

Stephen T. Ziliak is the author or editor of many articles and two books. He currently lives in Chicago, where he is Professor of Economics at Roosevelt University. Deirdre N. McCloskey, Distinguished Professor of Economics, History, English, and Communication at the University of Illinois at Chicago, is the author of twenty books and three hundred scholarly articles. She has held Guggenheim and National Humanities Fellowships. She is best known for How to Be Human* Though an Economist (University of Michigan Press, 2000) and her most recent book, The Bourgeois Virtues: Ethics for an Age of Commerce (2006).