Back to the future: a heterodox economist rewrites Keynes’s General Theory of Employment, Interest, and Money to serve as the basis for a macroeconomics for the twenty-first century.

John Maynard Keynes’s General Theory of Employment, Interest, and Money was the most influential economic idea of the twentieth century. But, argues Stephen Marglin, its radical implications were obscured by Keynes’s lack of the mathematical tools necessary to argue convincingly that the problem was the market itself, as distinct from myriad sources of friction around its margins.

Marglin fills in the theoretical gaps, revealing the deeper meaning of the General Theory. Drawing on eight decades of discussion and debate since the General Theory was published, as well as on his own research, Marglin substantiates Keynes’s intuition that there is no mechanism within a capitalist economy that ensures full employment. Even if deregulating the economy could make it more like the textbook ideal of perfect competition, this would not address the problem that Keynes identified: the potential inadequacy of aggregate demand.

Ordinary citizens have paid a steep price for the distortion of Keynes’s message. Fiscal policy has been relegated to emergencies like the Great Recession. Monetary policy has focused unduly on inflation. In both cases the underlying rationale is the false premise that in the long run at least the economy is self-regulating so that fiscal policy is unnecessary and inflation beyond a modest 2 percent serves no useful purpose.

Fleshing out Keynes’s intuition that the problem is not the warts on the body of capitalism but capitalism itself, Raising Keynes provides the foundation for a twenty-first-century macroeconomics that can both respond to crises and guide long-run policy.

To speak of mining in newly independent Mexico is to speak of silver. And silver, historically abundant in the Real del Monte–Pachuca district, was the object of the Company of Adventurers in the Mines of Real del Monte. Organized in response to a plea by Pedro Romero de Terreros for help in rehabilitating his famous family’s once-rich properties, the English Real del Monte was led by men convinced that the application of English capital, management practices, and technology to those ruined mines and mills would reap them a profit and would revitalize the new nation’s most promising industry.

The adventurers were to be disappointed. The story of the English company is one of financial disaster: the loss of more than $5 million between its beginning in 1824 and its dissolution in 1849. Yet this failure was ironic, for upon the foundations of the English company was built a modern concern that yielded great rewards to Mexican and American successors to the hapless Englishmen.

A full account of a single risky venture, this inquiry is a microcosm of early foreign economic penetration into the Mexican mining industry. It offers specific solutions to poorly understood historical problems concerning the wave of capital that flowed from Great Britain into Latin America upon the disruption of the Spanish Empire, problems hitherto treated only in generalizations.

HGTV has perfected stories about creating and capturing value in the housing market. But according to Robert Goldman, this lifestyle network’s beloved flagship programs, Flip or Flop, Property Brothers, and Fixer Upper—where people revitalize modern spaces and reinvent property values—offer “fairy tales” in the wake of the 2008 economic crisis. The cable channel’s seductive, bingeable programs may show how to find and extract value from properties, but, in fact, they insidiously ignore the realities of the real estate and mortgage markets, housing inequality, gentrification, economic insecurity, and even homelessness. In effect, HGTV has turned house flipping into a master narrative about getting ahead in America during an era of otherwise uneasy economic prospects.

HGTV pictures its insular moral economy as an alternative to a crisis-ridden neoliberal finance system that shaped landscapes of foreclosure and financial uncertainty for millions of households. Renovating Value explores the circuitry of consumer credit and debt, and a rent-gap model of gentrification that charts a path to the rehabilitation of Value. Goldman shrewdly critiques the aspirational myth of adding value to a home simply by using imagination, elbow grease, and aesthetic know-how.

An essential guide to the role of microeconomic incentives, macro policies, and technological change in enhancing agriculture resilience.

Climate change and the recent COVID-19 pandemic have exposed the vulnerability of global agricultural supply and value chains. There is a growing awareness of the importance of interactions within and between these supply chains for understanding the performance of agricultural markets. This book presents a collection of research studies that develop conceptual models and empirical analyses of risk resilience and vulnerability in supply chains. The chapters emphasize the roles played by microeconomic incentives, macroeconomic policies, and technological change in contributing to supply chain performance. The studies range widely, considering for example how agent-based modeling and remote sensing data can be used to assess the impact of shocks, and how recent shocks such as the COVID-19 pandemic and the African Swine fever in China affected agricultural labor markets, the supply chain for meat products, and the food retailing sector. A recurring theme is the transformation of agricultural supply chains and the volatility of food systems in response to microeconomic shocks. The chapters not only present new findings but also point to important directions for future research.

Oil, the black gold of Texas, has given rise to many a myth. Oil could turn a man overnight into a millionaire—and did, for some. But these myths have obscured what life was really like in the oil patch, a place that was neither the El Dorado of legend nor quite the unredeemed den of sin and iniquity that some feared.

In Roughnecks, Drillers, and Tool Pushers, Gerald Lynch provides a much-needed insider's view of the oil industry, describing life in various oil fields in and around Texas. He also chronicles changes in drilling methods and oil-field technology and how these changes affected him and his fellow oil-field workers. No one else has written a working-class history of the oil fields as colorful and articulate as this one.

The fossil fuel revolution is usually rendered as a tale of historic advances in energy production. In this perspective-changing account, Christopher F. Jones instead tells a story of advances in energy access—canals, pipelines, and wires that delivered power in unprecedented quantities to cities and factories at a great distance from production sites. He shows that in the American mid-Atlantic region between 1820 and 1930, the construction of elaborate transportation networks for coal, oil, and electricity unlocked remarkable urban and industrial growth along the eastern seaboard. But this new transportation infrastructure did not simply satisfy existing consumer demand—it also whetted an appetite for more abundant and cheaper energy, setting the nation on a path toward fossil fuel dependence.

Between the War of 1812 and the Great Depression, low-cost energy supplied to cities through a burgeoning delivery system allowed factory workers to mass-produce goods on a scale previously unimagined. It also allowed people and products to be whisked up and down the East Coast at speeds unattainable in a country dependent on wood, water, and muscle. But an energy-intensive America did not benefit all its citizens equally. It provided cheap energy to some but not others; it channeled profits to financiers rather than laborers; and it concentrated environmental harms in rural areas rather than cities.

Today, those who wish to pioneer a more sustainable and egalitarian energy order can learn valuable lessons from this history of the nation’s first steps toward dependence on fossil fuels.