A timely investigation of the potential economic effects, both realized and unrealized, of artificial intelligence within the United States healthcare system.

In sweeping conversations about the impact of artificial intelligence on many sectors of the economy, healthcare has received relatively little attention. Yet it seems unlikely that an industry that represents nearly one-fifth of the economy could escape the efficiency and cost-driven disruptions of AI.

The Economics of Artificial Intelligence: Health Care Challenges brings together contributions from health economists, physicians, philosophers, and scholars in law, public health, and machine learning to identify the primary barriers to entry of AI in the healthcare sector. Across original papers and in wide-ranging responses, the contributors analyze barriers of four types: incentives, management, data availability, and regulation. They also suggest that AI has the potential to improve outcomes and lower costs. Understanding both the benefits of and barriers to AI adoption is essential for designing policies that will affect the evolution of the healthcare system.

While debates over the consequences of climate change are often pessimistic, historical data from the past two centuries indicate many viable opportunities for responding to potential changes. This volume takes a close look at the ways in which economies—particularly that of the United States—have adjusted to the challenges climate change poses, including institutional features that help insulate the economy from shocks, new crop varieties, irrigation, flood control, and ways of extending cultivation to new geographic areas. These innovations indicate that people and economies have considerable capacity to acclimate, especially when private gains complement public benefits. Options for adjusting to climate change abound, and with improved communication and the emergence of new information and technologies, the potential for adaptation will be even greater in the future.

Troubles in the transportation industries show the need for revising public policies and bringing them up to date. Neither regulatory nor managerial thinking has kept pace with technological changes that destroy many of the monopoly situations that once characterized transportation markets. The authors here assemble information concerning costs, market structures, and demand conditions for the rail, highway, pipeline, water, and air transportation industries. They take into account not only the cost of actual operations but related construction, capital, maintenance, retailing, and storage costs.

The approach is analytical rather than institutional or legalistic. In the view of the authors, the regulatory system should mainly, though not solely, seek to produce conditions ordinarily produced by competition, and should be maintained only as long as it will serve this purpose. The existing regulatory structure is often continued with no regard for its usefulness is a particular situation. Regulation has also been used as a means of perpetuating certain services that are unable to pay their costs but are considered socially desirable. In many cases, discontinuing uneconomic transportation services would unquestionably work undue hardships on innocent individuals. Yet continuance of these services under private enterprise requires higher charges on other transportation services. The question therefore arises of whether the harm done by these increased charges is greater than that which would result from abandoning the uneconomic services; the authors suspect that in a very large number of cases it is.

Insisting that transportation carriers continue to provide socially needed but uneconomic services imposes a standard that clearly conflicts with the cost minimization and efficiency criteria that are generally accepted as the proper managerial goals in a free enterprise economy. Even worse, regulation aimed at maintaining a given service often prevents the introduction of cheaper and better ways of performing certain transportation functions. The result is a net loss to both consumer and producer. The authors comment on the Motor Carrier Act of 1936, the Transportation Act of 1940 and the Weeks' Committee Report, and on the roles of the ICC and the CAB.

Creative work has been celebrated as the highest form of achievement since at least Aristotle. But our understanding of the dynamics and market for creative work--artistic work in particular--often relies on unexamined clichés about individual genius, industrial engineering of talent, and the fickleness of fashion. Pierre-Michel Menger approaches the subject with new rigor, drawing on sociology, economics, and philosophy to build on the central insight that, unlike the work most of us do most of the time, creative work is governed by uncertainty. Without uncertainty, neither self-realization nor creative innovation is possible. And without techniques for managing uncertainty, neither careers nor profitable ventures would surface.

In the absence of clear paths to success, an oversupply of artists and artworks generates boundless differentiation and competition. How can artists, customers, entrepreneurs, and critics judge merit? Menger disputes the notion that artistic success depends solely on good connections or influential managers and patrons. Talent matters. But the disparity between superstardom and obscurity may hinge initially on minor gaps in intrinsic ability. The benefits of early promise in competition and the tendency of elite professionals to team up with one another amplify and disproportionately reward even small differences.

Menger applies his temporal and causal analysis of behavior under uncertainty to the careers and oeuvres of Beethoven and Rodin. The result is a thought-provoking book that brings clarity to our understanding of a world widely seen as either irrational or so free of standards that only power and manipulation count.

Thomas Piketty—whose Capital in the Twenty-First Century pushed inequality to the forefront of public debate—wrote The Economics of Inequality as an introduction to the conceptual and factual background necessary for interpreting changes in economic inequality over time. This concise text has established itself as an indispensable guide for students and general readers in France, where it has been regularly updated and revised. Translated by Arthur Goldhammer, The Economics of Inequality now appears in English for the first time.

Piketty begins by explaining how inequality evolves and how economists measure it. In subsequent chapters, he explores variances in income and ownership of capital and the variety of policies used to reduce these gaps. Along the way, with characteristic clarity and precision, he introduces key ideas about the relationship between labor and capital, the effects of different systems of taxation, the distinction between “historical” and “political” time, the impact of education and technological change, the nature of capital markets, the role of unions, and apparent tensions between the pursuit of efficiency and the pursuit of fairness.

Succinct, accessible, and authoritative, this is the ideal place to start for those who want to understand the fundamental issues at the heart of one of the most pressing concerns in contemporary economics and politics.

Why should manufacturing firms in many national industries maintain multiple small scale plants when they might produce the same output at a lower unit cost in a single large establishment? What specific benefits are attained through the operation of multiple plants? To address these questions, the authors conducted 125 in-depth interviews with businessmen actively involved in plant size and multi-plant operating decisions. They investigated the experience of twelve industries in six countries (West Germany, France, the United Kingdom, Sweden, Canada, and the United States).

The authors develop an economic theory of plant size and multi-plant decisions and apply it to analyze the statistical and qualitative evidence on factors affecting plant size choices. They then examine the extent of multi-plant operation, its statistical correlate, and the economy actually or potentially realizable from various modes of multi-plant operation. Implications are drawn from antitrust and foreign trade policy, the evolution of scientific business management, and the development of industrial organization knowledge.

A foundational new collection examining the mechanics of privacy in the digital age.

The falling costs of collecting, storing, and processing data have allowed firms and governments to improve their products and services, but have also created databases with detailed individual-level data that raise privacy concerns. This volume summarizes the research on the economics of privacy and identifies open questions on the value of privacy, the roles of property rights and markets for privacy and data, the relationship between privacy and inequality, and the political economy of privacy regulation.

Several themes emerge across the chapters. One is that it may not be possible to solve privacy concerns by creating a market for the right to privacy, even if property rights are well-defined and transaction costs are low. Another is that it is difficult to measure and value the benefits of privacy, particularly when individuals have an intrinsic preference for privacy. Most previous attempts at valuation have focused only on quantifiable economic outcomes, such as innovation. Finally, defining privacy through an economic lens is challenging. The broader academic and legal literature includes many distinct definitions of privacy, and different definitions may be appropriate in different contexts. The chapters explore a variety of frameworks for examining these questions and provide a range of new perspectives on the role of economics research in understanding the benefits and costs of privacy and of data flows. As the digital economy continues to expand the scope of economic theory and research, The Economics of Privacy provides the most comprehensive survey to date of this field and its next steps.

Brendan O’Flaherty brings the tools of economic analysis—incentives, equilibrium, optimization, and more—to bear on contentious issues of race in the United States. In areas ranging from quality of health care and education, to employment opportunities and housing, to levels of wealth and crime, he shows how racial differences among blacks, whites, Hispanics, and Asian Americans remain a powerful determinant in the lives of twenty-first-century Americans. More capacious than standard texts, The Economics of Race in the United States discusses important aspects of history and culture and explores race as a social and biological construct to make a compelling argument for why race must play a major role in economic and public policy. People are not color-blind, and so policies cannot be color-blind either.

Because his book addresses many topics, not just a single area such as labor or housing, surprising threads of connection emerge in the course of O’Flaherty’s analysis. For example, eliminating discrimination in the workplace will not equalize earnings as long as educational achievement varies by race—and educational achievement will vary by race as long as housing and marriage markets vary by race. No single engine of racial equality in one area of social and economic life is strong enough to pull the entire train by itself. Progress in one place is often constrained by diminishing marginal returns in another. Good policies can make a difference, and only careful analysis can figure out which policies those are.

Religion has not been a popular target for economic analysis. Yet the tools of economics can offer deep insights into how religious groups compete, deliver social services, and reach out to potential converts—how, in daily life, religions nurture and deploy market power. Sriya Iyer puts these tools to use in an expansive, creative study of India, one of the most religiously diverse countries in the world.

Iyer explores how growth, inequality, education, technology, and social trends both affect and are affected by religious groups. Her exceptionally rich data—drawn from ten years of research, including a survey of almost 600 religious organizations in seven states—reveal the many ways religions interact with social welfare and political conflict. After India’s economy was liberalized in 1991, she shows, religious organizations substantially increased their provision of services, compensating for the retreat of the state. Iyer’s data also indicate that religious violence is more common where economic growth is higher, apparently because growth increases inequality, which sectarian politicians might exploit to encourage hostility toward other religions. As inequality leads to social polarization, religious doctrines become more extreme. But there are hopeful patterns in Iyer’s data, too. Religious organizations, on balance, play a positive role in India’s socioeconomic development, and women’s participation in religious life is on the rise.

The Economics of Religion in India has much to teach us about India and other pluralistic societies the world over, and about the power of economics to illuminate some of societies’ deepest beliefs and dynamics.

This book sets forth both a theory and a comparative empirical analysis of stagflation, that peculiar combination of high unemployment, slow growth, and spurts of high inflation bedeviling the advanced industrial nations during the past fifteen years.

The authors first construct a small macroeconomic model that takes full account of aggregate demand and supply forces in the determination of output, employment, and the price level, in both a single-economy and a multi-economy setting. They then apply the model to provide an understanding of comparative performance of industrial countries in the areas of unemployment, inflation, productivity, and investment growth. They argue convincingly that the decay of the major economies during this period resulted from the supply shocks of the 1970s, such as the two major OPEC oil-price increases, and from the consequent policy-induced decrease in demand in response to inflationary pressures. Their analysis differs markedly from similar studies in that it takes specific account of institutional differences in the labor markets of the various economies. This helps to explain in particular the divergent adjustment profiles of the United States and Europe.

Michael Bruno and Jeffrey D. Sachs make several key recommendations for the mix of demand management and incomes policies necessary to combat stagflation in individual countries as well as for the coordination of macroeconomic policies among the major industrial nations.

The essential work from the Nobel Prize-winning virtuoso of twentieth-century economics, translated to English for the first time.

Few scholars advanced the frontier of economic modeling more than French economist Maurice Allais. Allais’s contributions—beyond his famous Allais’s Paradox—earned him the Nobel Prize and drew comparisons to the works of Paul Samuelson and even some modern mathematical behavioral economists. 

Allais’s accomplishments, however, went largely unread by non-Francophone readers due to the challenge of their translation for publishers. The effects of this gap are immeasurable. As Paul Samuelson wrote, “Had Allais's earliest writings been in English, a whole generation of economic theory would have taken a different course.”

Economy and Interest is the milestone translation of Allais's most influential work, one whose staggering findings predate their accepted formulations by other famed economists decades later. In its sweep and technical virtuosity, Economy and Interest is certain to delight and challenge new generations of English-language readers.

The definitive new translation of Max Weber’s classic work of social theory—arguably the most important book by the foremost social theorist of the twentieth century.

Max Weber’s Economy and Society is the foundational text for the social sciences of the twentieth and twenty-first centuries, presenting a framework for understanding the relations among individual action, social action, economic action, and economic institutions. It also provides a classification of political forms based upon “systems of rule” and “rulership” that has shaped debate about the nature and role of charisma, tradition, legal authority, and bureaucracy.

Keith Tribe’s major new translation presents Economy and Society as it stood when Weber died in June 1920, with three complete chapters and a fragment of a fourth. One of the English-speaking world’s leading experts on Weber’s thought, Tribe has produced a uniquely clear and faithful translation that balances accuracy with readability. He adds to this a substantial introduction and commentary that reflect the new Weber scholarship of the past few decades.

This new edition will become the definitive translation of one of the few indisputably great intellectual works of the past 150 years.

Prominent female voices in journalism provide critical perspectives on the challenges women face in today's news organizations, such as connecting with diverse audiences, educating readers about international issues and cultures, maintaining credibility, negotiating media consolidation and corporate pressures, and overcoming the persistent barriers to professional advancement. A powerful and complex assessment of how women are transforming the news industry, The Edge of Change explores how the news industry might implement further reforms aimed at creating a more inclusive journalistic community.

Contributors are Catalina Camia, Kathleen Carroll, Pamela J. Creedon, Paula Lynn Ellis, Helen E. Fisher, Dorothy Butler Gilliam, Ellen Goodman, Sharon Grigsby, Carol Guzy, Kirsten Scharnberg Hampton, Cathy Henkel, Pamela J. Johnson, Jane Kirtley, Jan Leach, Caroline Little, Wanda S. Lloyd, Arlene Notoro Morgan, June O. Nicholson, Geneva Overholser, Marty Petty, Deb Price, Donna M. Reed, Sandra Mims Rowe, Peggy Simpson, Margaret Sullivan, Julia Wallace, and Keven Ann Willey.

America’s commitment to public schooling once seemed unshakable. But today the movement to privatize K–12 education is stronger than ever. Samuel E. Abrams examines the rise of market forces in public education and reveals how a commercial mindset has taken over.


“[An] outstanding book.”
—Carol Burris, Washington Post

“Given the near-complete absence of public information and debate about the stealth effort to privatize public schools, this is the right time for the appearance of [this book]. Samuel E. Abrams, a veteran teacher and administrator, has written an elegant analysis of the workings of market forces in education.”
—Diane Ravitch, New York Review of Books

“Education and the Commercial Mindset provides the most detailed and comprehensive analysis of the school privatization movement to date. Students of American education will learn a great deal from it.”
—Leo Casey, Dissent

Why—contrary to much expert and popular opinion—more education may not be the answer to skyrocketing inequality.

For generations, Americans have looked to education as the solution to economic disadvantage. Yet, although more people are earning degrees, the gap between rich and poor is widening. Cristina Groeger delves into the history of this seeming contradiction, explaining how education came to be seen as a panacea even as it paved the way for deepening inequality.

The Education Trap returns to the first decades of the twentieth century, when Americans were grappling with the unprecedented inequities of the Gilded Age. Groeger’s test case is the city of Boston, which spent heavily on public schools. She examines how workplaces came to depend on an army of white-collar staff, largely women and second-generation immigrants, trained in secondary schools. But Groeger finds that the shift to more educated labor had negative consequences—both intended and unintended—for many workers. Employers supported training in schools in order to undermine the influence of craft unions, and so shift workplace power toward management. And advanced educational credentials became a means of controlling access to high-paying professional and business jobs, concentrating power and wealth. Formal education thus became a central force in maintaining inequality.

The idea that more education should be the primary means of reducing inequality may be appealing to politicians and voters, but Groeger warns that it may be a dangerous policy trap. If we want a more equitable society, we should not just prescribe more time in the classroom, but fight for justice in the workplace.

What makes civil society organizations effective performers? What are key practices for businesses creating social value activities as a part of their overall operations? Business leaders have long analyzed corporate practices; this book represents an innovative analysis of how one does good in an effective and strategic manner. This book aims to enable social and business leaders to gain a greater understanding of how to achieve high performance in terms of social value creation.

Social Enterprise Knowledge Network is a research partnership encompassing eleven leading management schools—nine in Latin America, one in Spain, and Harvard Business School—with a demonstrated capacity to produce high-quality, original, field-based research in Latin America.

Based on the results of a two-year research process on how social and business organizations in Iberoamerica achieve superior social performance, Effective Management of Social Enterprises presents the most comprehensive and in-depth analysis of such practices ever undertaken in this region. This practitioner-oriented book also enriches the literature on organizational performance, social enterprise, and corporate social responsibility, and on Iberoamerica more generally.

Although alcohol is generally forbidden in Muslim countries, beer has been an important part of Egyptian identity for much of the last century. Egypt’s Stella beer (which only coincidentally shares a name with the Belgian beer Stella Artois) became a particularly meaningful symbol of the changes that occurred in Egypt after British Occupation.

Weaving cultural studies with business history, Egypt’s Beer traces Egyptian history from 1880 to 2003 through the study of social, economic, and technological changes that surrounded the production and consumption of Stella beer in Egypt, providing an unparalleled case study of economic success during an era of seismic transformation. Delving into archival troves—including the papers of his grandfather, who for twenty years was CEO of the company that produced Stella—Omar D. Foda explains how Stella Beer achieved a powerful presence in all popular forms of art and media, including Arabic novels, songs, films, and journalism. As the company’s success was built on a mix of innovation, efficient use of local resources, executive excellence, and shifting cultural dynamics, this is the story of the rise of a distinctly Egyptian “modernity” seen through the lens of a distinctly Egyptian brand.

After World War II, and particularly in the early 1950s, Brazil’s major industrial region suffered a chronic electric power shortage resulting from the inadequate expansion of the Brazilian Traction, Light, and Power Company, the most important utility in the country. “The Light,” as it is called in Brazil, was reluctant to commit itself to continuing investment because of the impossibility of securing a satisfactory price for its product. The intractability of the rate problem, and the consequent insufficiency of supply, stemmed primarily from the foreign ownership of the company. The Light was the classic case of a foreign utility enjoying monopoly privileges to supply a public service. Proposed rate increases, construed as predatory by the public and the host government, met with strong popular resistance.

Throughout this period of stalemate, however, power production grew at a pace that was high by any standards. This impressive growth was to some extent the result of the government’s entry into the power sector as producer, coexisting with the foreign utility. State-controlled companies were gradually taking over the function of power generation while the Light began to recede into distribution, an activity more suited to its reluctance to make heavy financial commitments.

Judith Tendler, taking as her point of departure the different technological and administrative characteristics of power generation and distribution, illustrates how a modus vivendi was finally established which allowed the industry as a whole to expand in spite of strong antagonism between the private and public sectors. In this topical case study, the author sharpens our vision of the development scene by pointing up opportunities for progress that are embedded in seemingly trivial properties of technology.

Nowadays most consumers are aware of the European dimensions of their electricity supply. But what ideas lie behind this European network? In constructing electricity networks, Europe performed a Janus-faced function. On the one hand, a European network would bolster economic growth and peace. On the other, economic growth through electrification would increase military potential.
By combining a wide array of rarely used sources, this book unravels how engineers, industrialists, and policymakers used ideas of Europe to gain support for building a European system. By focusing on transnational and European actors, this book is a valuable addition to existing national histories of electrification. It is an original contribution to the history of technology, while also making the role of technology visible in more mainstream European history.

The empirical chapters show how ideas of European cooperation in general became intertwined with network planning during the Interwar period, although the Depression and WWII prevented a European electricity network from being constructed. The subsequent chapters describe the influence of the Marshall Plan on European network-building, focusing on both its economic and military aspects. The last chapter portrays how the Iron Curtain was contested. The troubled expansion of networks and capacity in Western Europe provided an underpinning for political rapprochement with the East in the 1970s and 1980s. Political and economic turmoil after 1989 accelerated this process, leading to an interconnected European system by 1995.

In addition to providing the full text, Uihlein and the contributors trace Ricker’s career and delve into his practice of teaching. Subject experts explore specific topics. Thomas Leslie surveys contemporary construction practices in Chicago. Tom F. Peters considers Ricker’s writings in the context of the time while Rachel Will looks at masonry know-how and testing. Donald Friedman examines the teaching of iron and steel construction.

An illuminating look at a field and a legacy, The Elements of Construction rediscovers a figure that shaped the teaching of architecture and trained a generation that forever changed Chicago.

The poignant rise and fall of an idealistic immigrant who, as CEO of a major conglomerate, tried to change the way America did business before he himself was swallowed up by corporate corruption.

At 8 a.m. on February 3, 1975, Eli Black leapt to his death from the 44th floor of Manhattan’s Pan Am building. The immigrant-turned-CEO of United Brands—formerly United Fruit, now Chiquita—Black seemed an embodiment of the American dream. United Brands was transformed under his leadership—from the “octopus,” a nickname that captured the corrupt power the company had held over Latin American governments, to “the most socially conscious company in the hemisphere,” according to a well-placed commentator. How did it all go wrong?

Eli and the Octopus traces the rise and fall of an enigmatic business leader and his influence on the nascent project of corporate social responsibility. Born Menashe Elihu Blachowitz in Lublin, Poland, Black arrived in New York at the age of three and became a rabbi before entering the business world. Driven by the moral tenets of his faith, he charted a new course in industries known for poor treatment of workers, partnering with labor leaders like Cesar Chavez to improve conditions. But risky investments, economic recession, and a costly wave of natural disasters led Black away from the path of reform and toward corrupt backroom dealing.

Now, two decades after Google’s embrace of “Don’t be evil” as its unofficial motto, debates about “ethical capitalism” are more heated than ever. Matt Garcia presents an unvarnished portrait of Black’s complicated legacy. Exploring the limits of corporate social responsibility on American life, Eli and the Octopus offers pointed lessons for those who hope to do good while doing business.

The popular notion of a lone scientist privately toiling long hours in a laboratory, striking upon a great discovery, and announcing it to the world is a romanticized fiction. Vincent Kiernan's Embargoed Science reveals the true process behind science news: an elite few scholarly journals control press coverage through a mechanism known as an embargo. The journals distribute advance copies of their articles to hundreds and sometimes thousands of journalists around the world, on the condition that journalists agree not to report their stories until a common time, several days later. When the embargo lifts, airwaves and newspaper pages are flooded with stories based on the journal's latest issue.

In addition to divulging the realities behind this collusive practice, Kiernan offers an unprecedented exploration of the embargo's impact on public and academic knowledge of science and medical issues. He surveys twenty five daily U.S. newspapers and relates his in-depth interviews with reporters to examine the inner workings of the embargo and how it structures our understanding of news about science. Kiernan ultimately argues that this system fosters "pack journalism" and creates an unhealthy shield against journalistic competition. The result is the uncritical reporting of science and medical news according to the dictates of a few key sources.

China is emerging as a truly global economic and political power. China’s impact on Latin America and the Caribbean region is mixed, however—fostering a trade market for some countries, but creating competition for others.

This pioneering volume, produced by the Inter-American Development Bank’s Integration and Regional Programs Department and Research Department, provides a comprehensive overview of China’s economic policy and performance over recent decades and contrasts them with the Latin American experience. What are the underlying factors behind China’s competitive edge? What are the strategic implications of China’s rise for growth and development in Latin America? These questions open new avenues for thinking about revitalizing development strategies in Latin America in the face of China’s successful development and reduction of poverty. This insightful report is a must-read for analysts, policymakers, and development practitioners, not only in Latin America and the Caribbean, but wherever China’s presence is being felt.

The Emergence of China is a copublication of the David Rockefeller Center for Latin American Studies and the Inter-American Development Bank.

In this magisterial study, Michael Smith explains how France left behind small-scale merchant capitalism for the large corporate enterprises that would eventually dominate its domestic economy and project French influence throughout the world.

Arguing against the long-standing view that French economic and business development was crippled by missed opportunities and entrepreneurial failures, Smith presents a story of considerable achievement. French companies made major contributions to the Second Industrial Revolution of 1880-1930, especially in ferrous and non-ferrous metallurgy, electrochemicals, industrial gases, and motor vehicles. Rejecting the notion that France took a separate route to economic modernity, Smith argues that it tracked other industrial nations along a path dominated by large-scale production and corporate enterprise. Technological and organizational capabilities acquired by French companies prior to 1930 played a key role in the country's rapid economic recovery after World War II and its broader economic success in the second half of the twentieth century. Smith also addresses the distinctive characteristics of French economic and business development, including the pivotal role of the French state, the pervasive influence of French financiers, and the significance of labor conflict.

This superb account is an invaluable contribution to business history and the history of modern France.

The first history of the involvement of American business in direct foreign investment explores a number of pertinent questions: What was the genesis of U.S. business interests in overseas markets? What perspectives guided the financial and social policies of the pioneering companies? In what way did the activities of American business abroad influence U.S. foreign policy?

Mira Wilkins recounts the histories of early foreign investment by such familiar companies as Singer, United Fruit, Edison, American Smelting and Refining, Anaconda Copper, American Telephone, and International Harvester. Refuting a well-established myth, she demonstrates that early American foreign investment was not confined to the extractive industries and utilities, and shows that, by 1914, while America remained a debtor nation in international accounts, a large number of U.S. multinational manufacturing corporations had already come into existence. Indeed, the percentage of the 1914 gross national product attributed to direct foreign investment equals that percentage of the 1966 GNP.

Though wholly self-contained, this works joins with the author’s subsequent volume, The Maturing of Multinational Enterprise: American Business Abroad from 1914 to 1970, to form the first overall history of American business abroad from our earliest times to the late twentieth century.

“A landmark book…[a] bold reframing of the history of the British Empire.”
—Caroline Elkins, Foreign Affairs

An award-winning historian places the corporation—more than the Crown—at the heart of British colonialism, arguing that companies built and governed global empire, raising questions about public and private power that were just as troubling four hundred years ago as they are today.

Across four centuries, from Ireland to India, the Americas to Africa and Australia, British colonialism was above all the business of corporations. Corporations conceived, promoted, financed, and governed overseas expansion, making claims over territory and peoples while ensuring that British and colonial society were invested, quite literally, in their ventures. Colonial companies were also relentlessly controversial, frequently in debt, and prone to failure. The corporation was well-suited to overseas expansion not because it was an inevitable juggernaut but because, like empire itself, it was an elusive contradiction: public and private; person and society; subordinate and autonomous; centralized and diffuse; immortal and precarious; national and cosmopolitan—a legal fiction with very real power.

Breaking from traditional histories in which corporations take a supporting role by doing the dirty work of sovereign states in exchange for commercial monopolies, Philip Stern argues that corporations took the lead in global expansion and administration. Whether in sixteenth-century Ireland and North America or the Falklands in the early 1980s, corporations were key players. And, as Empire, Incorporated makes clear, venture colonialism did not cease with the end of empire. Its legacies continue to raise questions about corporate power that are just as relevant today as they were 400 years ago.

Challenging conventional wisdom about where power is held on a global scale, Stern complicates the supposedly firm distinction between private enterprise and the state, offering a new history of the British Empire, as well as a new history of the corporation.

Small business has captured the imagination of both the popular press and politicians. The tradition that has created sympathy for the small entrepreneur has been strengthened in recent years by images of small firms as dynamic, growing, and flexible and of large firms as struggling, outdated, and intractable in the face of changing competitive environments. There is, it appears, an added fervor for America’s support of “the little guy.”

Employers Large and Small draws on existing data and new research to create a more complete picture of the roles of large and small employers, challenging much of the conventional wisdom. It argues that the oft-cited achievement of small firms in generating new jobs is primarily a reflection of the fact that industries in which the typical firm is small have grown rapidly in recent years.

The authors show that there are striking differences between large and small employers—that in fact large employers pay higher wages, offer better fringe benefits, and on average offer a more attractive package of working conditions and compensation. These differences reflect real challenges faced by small firms: they pay more for their nonlabor inputs and for many fringe benefits if they choose to offer them.

Employers Large and Small also goes beyond the workplace, examining the role of large and small employers in politics. Despite the typical portrayal of small business as the underdog in policy disputes, the political resources of small employers are substantial. The PAC contributions of small business, for example, are as large as those of labor unions and nearly two-thirds those of big business.

The authors show that the economic and political differences between large and small employers are sizable, are significant influences in the working lives of Americans, and are at odds with current policy assumptions.

The safety of the work place is now a highly visible public issue. Many are calling for tighter regulation to reduce worker risk, while others feel government intervention is ineffective and costly. Here Kip Viscusi explores how well markets for hazardous jobs actually work. According to classical economics, other things being equal, a worker will demand more pay for a hazardous job than a safe one. However, this assumes that job related hazards are known, when often they are not. Using recent advances in the economics of information, Viscusi develops a theory of individual responses to job hazards under conditions of uncertainty.

His assumptions are that hazards are uncertain events and that learning about them is a process that takes place over time. He then employs this analysis to study the performance of job markets in matching persons and jobs and in compensating persons for exposure to hazards. Finally he tests his adaptive model of the decision to quit and finds substantial evidence that risks are indeed reflected in wage differentials and quit behavior.

“An extraordinary work of intellectual history as well as a scholarly tour de force, a bracing polemic, and a work of Christian prophecy…McCarraher challenges more than 200 years of post-Enlightenment assumptions about the way we live and work.”
—The Observer

At least since Max Weber, capitalism has been understood as part of the “disenchantment” of the world, stripping material objects and social relations of their mystery and magic. In this magisterial work, Eugene McCarraher challenges this conventional view. Capitalism, he argues, is full of sacrament, whether one is prepared to acknowledge it or not. First flowering in the fields and factories of England and brought to America by Puritans and evangelicals, whose doctrine made ample room for industry and profit, capitalism has become so thoroughly enmeshed in the fabric of our society that our faith in “the market” has become sacrosanct.

Informed by cultural history and theology as well as management theory, The Enchantments of Mammon looks to nineteenth-century Romantics, whose vision of labor combined reason, creativity, and mutual aid, for salvation. In this impassioned challenge to some of our most firmly held assumptions, McCarraher argues that capitalism has hijacked our intrinsic longing for divinity—and urges us to break its hold on our souls.

“A majestic achievement…It is a work of great moral and spiritual intelligence, and one that invites contemplation about things we can’t afford not to care about deeply.”
—Commonweal

“More brilliant, more capacious, and more entertaining, page by page, than his most ardent fans dared hope. The magnitude of his accomplishment—an account of American capitalism as a religion…will stun even skeptical readers.”
—Christian Century

A History Today Book of the Year

A world-renowned astronomer and an esteemed science writer make the provocative argument for space exploration without astronauts.

Human journeys into space fill us with wonder. But the thrill of space travel for astronauts comes at enormous expense and is fraught with peril. As our robot explorers grow more competent, governments and corporations must ask, does our desire to send astronauts to the Moon and Mars justify the cost and danger? Donald Goldsmith and Martin Rees believe that beyond low-Earth orbit, space exploration should proceed without humans.

In The End of Astronauts, Goldsmith and Rees weigh the benefits and risks of human exploration across the solar system. In space humans require air, food, and water, along with protection from potentially deadly radiation and high-energy particles, at a cost of more than ten times that of robotic exploration. Meanwhile, automated explorers have demonstrated the ability to investigate planetary surfaces efficiently and effectively, operating autonomously or under direction from Earth. Although Goldsmith and Rees are alert to the limits of artificial intelligence, they know that our robots steadily improve, while our bodies do not. Today a robot cannot equal a geologist’s expertise, but by the time we land a geologist on Mars, this advantage will diminish significantly.

Decades of research and experience, together with interviews with scientific authorities and former astronauts, offer convincing arguments that robots represent the future of space exploration. The End of Astronauts also examines how spacefaring AI might be regulated as corporations race to privatize the stars. We may eventually decide that humans belong in space despite the dangers and expense, but their paths will follow routes set by robots.

"Globalization" is here. Signified by an increasingly close economic interconnection that has led to profound political and social change around the world, the process seems irreversible. In this book, however, Harold James provides a sobering historical perspective, exploring the circumstances in which the globally integrated world of an earlier era broke down under the pressure of unexpected events.

James examines one of the great historical nightmares of the twentieth century: the collapse of globalism in the Great Depression. Analyzing this collapse in terms of three main components of global economics--capital flows, trade, and international migration--James argues that it was not simply a consequence of the strains of World War I but resulted from the interplay of resentments against all these elements of mobility, as well as from the policies and institutions designed to assuage the threats of globalism. Could it happen again? There are significant parallels today: highly integrated systems are inherently vulnerable to collapse, and world financial markets are vulnerable and unstable. While James does not foresee another Great Depression, his book provides a cautionary tale in which institutions meant to save the world from the consequences of globalization--think WTO and IMF, in our own time--ended by destroying both prosperity and peace.