Eminently suited to classroom use as well as individual study, Roger Myerson's introductory text provides a clear and thorough examination of the models, solution concepts, results, and methodological principles of noncooperative and cooperative game theory. Myerson introduces, clarifies, and synthesizes the extraordinary advances made in the subject over the past fifteen years, presents an overview of decision theory, and comprehensively reviews the development of the fundamental models: games in extensive form and strategic form, and Bayesian games with incomplete information.

Game Theory will be useful for students at the graduate level in economics, political science, operations research, and applied mathematics. Everyone who uses game theory in research will find this book essential.

Two leading social scientists examine the gender wealth gap in countries with officially egalitarian property law, showing how legal professionals—wittingly and unwittingly—help rich families and men maintain their privilege.

In many countries, property law grants equal rights to men and women. Why, then, do women still accumulate less wealth than men? Combining quantitative, ethnographic, and archival research, The Gender of Capital explains how and why, in every class of society, women are economically disadvantaged with respect to their husbands, fathers, and brothers. The reasons lie with the unfair economic arrangements that play out in divorce proceedings, estate planning, and other crucial situations where law and family life intersect.

Céline Bessière and Sibylle Gollac argue that, whatever the law intends, too many outcomes are imprinted with unthought sexism. In private decisions, old habits die hard: families continue to allocate resources disproportionately to benefit boys and men. Meanwhile, the legal profession remains in thrall to assumptions that reinforce gender inequality. Bessière and Gollac marshal a range of economic data documenting these biases. They also examine scores of family histories and interview family members, lawyers, and notaries to identify the accounting tricks that tip the scales in favor of men.

Women across the class spectrum—from poor single mothers to MacKenzie Scott, ex-wife of Amazon billionaire Jeff Bezos—can face systematic economic disadvantages in divorce cases. The same is true in matters of inheritance and succession in family-owned businesses. Moreover, these disadvantages perpetuate broader social disparities beyond gender inequality. As Bessière and Gollac make clear, the appropriation of capital by men has helped to secure the rigid hierarchies of contemporary class society itself.

Andreu Mas-Colell revolutionized our understanding of competitive markets, price formation, and the behavior of market participants. General Equilibrium and Game Theory offers readers a compendium of his most important scholarly contributions, gathering in a single volume the groundbreaking papers that have solidified his standing as one of the preeminent economic theorists of our time.

Built upon the foundations of neoclassical economics, Mas-Colell’s work is distinguished by a mathematical and analytical elegance that brings theory closer to real-world situations. He overturns the standard assumption of general equilibrium theory—that markets are perfectly competitive and their participants are perfectly rational—and concludes that neither the law of supply and demand nor the existence of equilibrium prices depends on the rationality of agents. Similarly, Mas-Colell (working with Sergiu Hart) challenges classical game theory’s reliance on rational behavior, demonstrating that adaptation and learning shape the dynamics of repeated games.

Addressing central questions of finance, trade, industrial organization, and welfare economics, Mas-Colell shows the surprising power and versatility of differentiability and linear-space mathematical techniques, and he emphasizes the fruitfulness of cooperative game-theory approaches, such as Shapley value theory and the Bargaining Set, for understanding competition and distribution. General Equilibrium and Game Theory is a signal contribution to economic theory and an invaluable resource for anyone wishing to study the craft of a master of economic modeling.

Perhaps the most important economic development of recent years has been the integration process engaged in by European countries. Today other groups of countries throughout the world either contemplate or have already undertaken similar courses of action. Although professional economists have already devoted much attention to the subject, considerable work remains to be done. The present study represents an attempt to advance our scientific knowledge in this direction.

This work is entirely theoretical and fully deductive. Its contribution lies both in the method used and in the conclusions reached. In contrast to most previous studies of customs unions and economic integration, exclusive use is made of general-equilibrium analysis. Because interpretation of mathematical results bearing on comparative statistics of suboptimal situations was found impossible, the author has depended wholly upon geometry. While the geometrical method does not allow inclusion of large numbers of variables, it often leads to, or at least intuitively suggests, important generalizations.

The findings, summarized in 107 points at the end of the study, can be classified in two distinct categories. On the one hand, a number of results are derived concerning the trade effects of international discrimination and customs unions—that is, the effects on the volumes of exports and imports and on relative international values. On the other hand, the more important portions of this work study the effects of customs unions on the welfare of the union, the welfare of the rest of the world, and the global efficiency of resource allocation in the world as a whole. Inter-country welfare comparisons and the use of cardinal utility indexes are entirely avoided. Rather, the author uses the concept of ordinal utility, and makes extensive use of utility-possibility analysis. With respect to the latter, the study of customs unions actually suggests a new method applicable to a wide range of other suboptimal situations in general equilibrium.

How can exploitation and even class division occur in socialist societies? The question is not merely embarrassing for Marxists and socialists. It is also a deep puzzle for economic theorists. In this original and powerful work, John Roemer proposes a general theory of exploitation which provides a game theoretic framework for expressing any conception of exploitation—feudal, capitalist, or socialist—in a standardized and explicit way, thus permitting a clear comparison of different ethical conceptions. As well as applying the general theory to an analysis of socialist society, Roemer uses it to contrast Marxian and neoclassical conceptions of exploitation. By placing the Marxian conception of exploitation in the context of a more general theory, Roemer provides fresh insights into classical questions, and resolves several old problems in Marxian economics.

The book also contains a formal theory of class formation. Once the behavior and institutional specifications of an economy are given, classes emerge endogenously in the model. In a major theorem Roemer relates the two key characteristics of a person in a given economy: his class position and his status as exploiter or exploited. Finally, he shows that the general theory of exploitation can be viewed as the formal translation into economic language of the theory of historical materialism. In its mathematical power and precision, its skillful use of general equilibrium and game theory, the book will become an important bridge between Marxist and neoclassical economics.

Research powers innovation and technoscientific advance, but it is due for a rethink, one consistent with its deeply holistic nature, requiring deeply human nurturing.

Research is a deeply human endeavor that must be nurtured to achieve its full potential. As with tending a garden, care must be taken to organize, plant, feed, and weed—and the manner in which this nurturing is done must be consistent with the nature of what is being nurtured.

In The Genesis of Technoscientific Revolutions, Venkatesh Narayanamurti and Jeffrey Tsao propose a new and holistic system, a rethinking of the nature and nurturing of research. They share lessons from their vast research experience in the physical sciences and engineering, as well as from perspectives drawn from the history and philosophy of science and technology, research policy and management, and the evolutionary biological, complexity, physical, and economic sciences.

Narayanamurti and Tsao argue that research is a recursive, reciprocal process at many levels: between science and technology; between questions and answer finding; and between the consolidation and challenging of conventional wisdom. These fundamental aspects of the nature of research should be reflected in how it is nurtured. To that end, Narayanamurti and Tsao propose aligning organization, funding, and governance with research; embracing a culture of holistic technoscientific exploration; and instructing people with care and accountability.

Gentlemen Bankers investigates the social and economic circles of one of America’s most renowned and influential financiers to uncover how the Morgan family’s power and prestige stemmed from its unique position within a network of local and international relationships.

At the turn of the twentieth century, private banking was a personal enterprise in which business relationships were a statement of identity and reputation. In an era when ethnic and religious differences were pronounced and anti-Semitism was prevalent, Anglo-American and German-Jewish elite bankers lived in their respective cordoned communities, seldom interacting with one another outside the business realm. Ironically, the tacit agreement to maintain separate social spheres made it easier to cooperate in purely financial matters on Wall Street. But as Susie Pak demonstrates, the Morgans’ exceptional relationship with the German-Jewish investment bank Kuhn, Loeb & Co., their strongest competitor and also an important collaborator, was entangled in ways that went far beyond the pursuit of mutual profitability.

Delving into the archives of many Morgan partners and legacies, Gentlemen Bankers draws on never-before published letters and testimony to tell a closely focused story of how economic and political interests intersected with personal rivalries and friendships among the Wall Street aristocracy during the first half of the twentieth century.

• determine how much time you can spend on research by evaluating your current activity level and goals.
• find the time to do research without giving up your social life or risking your GPA.
• avoid common mistakes in the search, application, or interview that make it harder to find a research experience.
• write emails that get you noticed by busy professors by customizing the included templates.
• prepare for tough interview questions so you’ll impress the interviewer with your answers, and be able to determine if the position is right for you.

• navigate the hidden curriculum of finding a research experience in science, technology, engineering, math, and medicine (STEMM).
• set realistic expectations for their research experience.
• understand why conducting research requires effort and will include some failure and other challenges.
• be active participants in their success in the lab.

Winner of the Bruno Kreisky Prize, Karl Renner Institut
A Financial Times Best Economics Book of the Year
An Economist Best Book of the Year
A Livemint Best Book of the Year


One of the world’s leading economists of inequality, Branko Milanovic presents a bold new account of the dynamics that drive inequality on a global scale. Drawing on vast data sets and cutting-edge research, he explains the benign and malign forces that make inequality rise and fall within and among nations. He also reveals who has been helped the most by globalization, who has been held back, and what policies might tilt the balance toward economic justice.

“The data [Milanovic] provides offer a clearer picture of great economic puzzles, and his bold theorizing chips away at tired economic orthodoxies.”
—The Economist

“Milanovic has written an outstanding book…Informative, wide-ranging, scholarly, imaginative and commendably brief. As you would expect from one of the world’s leading experts on this topic, Milanovic has added significantly to important recent works by Thomas Piketty, Anthony Atkinson and François Bourguignon…Ever-rising inequality looks a highly unlikely combination with any genuine democracy. It is to the credit of Milanovic’s book that it brings out these dangers so clearly, along with the important global successes of the past few decades.
—Martin Wolf, Financial Times

Offering a fresh look at trade during the second industrial revolution, Global Markets Transformed describes a world of commodities on the move—wheat and rice, coffee and tobacco, oil and rubber, all jostling around the planet through a matrix of producers, processors, transporters, and buyers. Steven C. Topik and Allen Wells discuss how innovations in industrial and agricultural production, transportation, commerce, and finance transformed the world economy from 1870 to 1945.

Topik and Wells trace the evolution of global chains of commodities, from basic food staples and stimulants to strategically important industrial materials, that linked the agricultural and mineral-producing areas of Latin America, Asia, and Africa to European and North American consumers and industrialists. People living a great distance apart became economically intertwined as never before. Yet laborers and consumers at opposite ends of commodity chains remained largely invisible to one another. Affluent American automobile owners who were creating the skyrocketing demand for tires, for example, knew almost nothing about poor Brazilian tappers who sweated in the Amazon to supply the rubber necessary for their vehicles.

As commodity chains stretched out around the world, more goods were bound up in markets that benefited some countries more than others. Global Markets Transformed highlights the lessons and legacy of the early years of globalization—when the world’s population doubled, trade quadrupled, industrial output multiplied fivefold, and the gap between rich and poor regions grew ever wider.

George Louis Beer Prize Winner
Wallace K. Ferguson Prize Finalist
A Marginal Revolution Book of the Year

“A groundbreaking contribution…Intellectual history at its best.”
—Stephen Wertheim, Foreign Affairs

Neoliberals hate the state. Or do they? In the first intellectual history of neoliberal globalism, Quinn Slobodian follows a group of thinkers from the ashes of the Habsburg Empire to the creation of the World Trade Organization to show that neoliberalism emerged less to shrink government and abolish regulations than to redeploy them at a global level. It was a project that changed the world, but was also undermined time and again by the relentless change and social injustice that accompanied it.

“Slobodian’s lucidly written intellectual history traces the ideas of a group of Western thinkers who sought to create, against a backdrop of anarchy, globally applicable economic rules. Their attempt, it turns out, succeeded all too well.”
—Pankaj Mishra, Bloomberg Opinion

“Fascinating, innovative…Slobodian has underlined the profound conservatism of the first generation of neoliberals and their fundamental hostility to democracy.”
—Adam Tooze, Dissent

“The definitive history of neoliberalism as a political project.”
—Boston Review

One of the world’s leading experts on international trade explains that we must look beyond globalization to explain rising inequality.

Globalization is not the primary cause of rising inequality. This may come as a surprise. Inequality within nations has risen steadily in recent decades, at a time when countries around the world have eased restrictions on the movement of goods, capital, and labor. Many assume a causal relationship, which has motivated opposition to policies that promote freer trade. Elhanan Helpman shows, however, in this timely study that this assumption about the effects of globalization is more myth than fact.

Globalization and Inequality guides us through two decades of research about the connections among international trade, offshoring, and changes in income, and shows that the overwhelming conclusion of contemporary research is that globalization is responsible for only a small rise in inequality. The chief causes remain difficult to pin down, though technological developments favoring highly skilled workers and changes in corporate and public policies are leading suspects. As Helpman makes clear, this does not mean that globalization creates no problems. Critics may be right to raise concerns about such matters as cultural autonomy, child labor, and domestic sovereignty. But if we wish to curb inequality while protecting what is best about an interconnected world, we must start with a clear view of what globalization does and does not do and look elsewhere to understand our troubling and growing divide.

As the world transitions from an industrial society to an information society, agriculture has undergone a dramatic transformation. Food production in the twentieth century was transformed by three revolutions: first mechanical, then genetic, and finally chemical. Now, in the twenty-first century, agriculture is going through at least two more revolutions: an information technology revolution leading to precision farming, and a biotechnology revolution leading to genetically engineered crops.

Organized by Harvard University’s David Rockefeller Center for Latin American Studies with the collaboration of the Scientific Committee for Problems of the Environment, this interdisciplinary volume examines the impact of a variety of new technological, social, and economic trends on the rural environment.

Since the late 1970s, Protestantism has emerged as a major force in the political and economic life of rural Guatemala. Indeed, as Sheldon Annis argues in this book, Protestantism may have helped tip Guatemala's guerrilla war in behalf of the army during the early 1980s.

But what is it about Protestantism—and about Indians— that has led to massive religious conversion throughout the highlands? And in villages today, what are the dynamics that underlie the competition between Protestants and Catholics?

Sheldon Annis addresses these questions from the perspective of San Antonio Aguas Calieutes, an Indian village in the highlands of midwestern Guatemala. Annis skillfully blends economic and cultural analysis to show why Protestantism has taken root. The key "character" in his drama is the village Indian's tiny plot of corn and beans, the milpa, which Annis analyzes as an "idea" as well as an agronomic productive system. By exploring "milpa logic," Annis shows how the economic, environmental, and social shifts of the twentieth century have acted to undercut "the colonial creation of Indianness" and, in doing so, have laid the basis for new cultural identities.

Entertaining and expert, The Gold in the Rings maps the Olympics' course from paragon of purity to billion-dollar profits.

"[A] fascinating study of how people―and their capital―seek to move around a world that is at once hugely interconnected and driven by inequities…definitive, detailed, and unusually nuanced.”
―Atossa Araxia Abrahamian, Foreign Affairs

The first comprehensive on-the-ground investigation of the global market for citizenship, examining the wealthy elites who buy passports, the states and brokers who sell them, and the normalization of a once shadowy practice.

Our lives are in countless ways defined by our citizenship. The country we belong to affects our rights, our travel possibilities, and ultimately our chances in life. Obtaining a new citizenship is rarely easy. But for those with the means—billionaires like Peter Thiel and Jho Low, but also countless unknown multimillionaires—it’s just a question of price.

More than a dozen countries, many of them small islands in the Mediterranean, Caribbean, and South Pacific, sell citizenship to 50,000 people annually. Through six years of fieldwork on four continents, Kristin Surak discovered how the initially dubious sale of passports has transformed into a full-blown citizenship industry that thrives on global inequalities. Some “investor citizens” hope to parlay their new passport into visa-free travel—or use it as a stepping stone to residence in countries like the United States. Other buyers take out a new citizenship as an insurance policy or to escape state control at home. Almost none, though, intend to move to their selected country and live among their new compatriots, whose relationship with these global elites is complex.

A groundbreaking study of a contentious practice that has become popular among the nouveaux riches, The Golden Passport takes readers from the details of the application process to the geopolitical hydraulics of the citizenship industry. It’s a business that thrives on uncertainty and imbalances of power between big, globalized economies and tiny states desperate for investment. In between are the fascinating stories of buyers, brokers, and sellers, all ready to profit from the citizenship trade.

On the faulty intellectual origins of shareholder primacy—and how policy can win back what’s been lost.

In an era of shareholder primacy, share price is king. Businesses operate with short-term goals to deliver profits to shareholders, enjoying stability (and bonuses) in the process. While the public bemoans the doctrine for its insularity and wealth-consolidating effects, its influence over corporate governance persists. Good Company offers an exacting argument for why shareholder primacy was never the right model to follow for truly understanding how corporations operate.

Lenore Palladino shows that corporations draw power from public charters—agreements that allow corporations to enjoy all manner of operational benefits. In return, companies are meant to innovate for the betterment of the societies that support them. However, that debt—increasingly wielded for stock buybacks and shareholder bonuses—is not being repaid. Palladino theorizes a modern corporation that plays its intended role while delivering social and economic good in the process and offers tangible policy solutions to make this a reality. Good Company is both an expert introduction to the political economy of the firm—as it was, as it is, as it can be—and a calibrating examination of how public policy can shape companies, and societies, for the better.

The “Pittsburgh Renaissance,” an urban renewal effort launched in the late 1940s, transformed the smoky rust belt city’s downtown. Working-class residents and people of color saw their neighborhoods cleared and replaced with upscale, white residents and with large corporations housed in massive skyscrapers. Pittsburgh’s Renaissance’s apparent success quickly became a model for several struggling industrial cities, including St. Louis, Cleveland, Detroit, Chicago, and Philadelphia. 

In A Good Place to Do Business, Roger Biles and Mark Rose chronicle these urban “makeovers” which promised increased tourism and fashionable shopping as well as the development of sports stadiums, convention centers, downtown parks, and more. They examine the politics of these government-funded redevelopment programs and show how city politics (and policymakers) often dictated the level of success. 

As city officials and business elites determined to reorganize their downtowns, a deeply racialized politics sacrificed neighborhoods and the livelihoods of those pushed out. Yet, as A Good Place to Do Business demonstrates, more often than not, costly efforts to bring about the hoped-for improvements failed to revitalize those cities, or even their downtowns.

Focusing on the alliance between Apple and the notorious Taiwanese manufacturer Foxconn, Jack Linchuan Qiu examines how corporations and governments everywhere collude to build systems of domination, exploitation, and alienation. His interviews, news analysis, and first-hand observation show the circumstances faced by Foxconn workers--circumstances with vivid parallels in the Atlantic slave trade. Ironically, the fanatic consumption of digital media also creates compulsive free labor that constitutes a form of bondage for the user. Arguing as a digital abolitionist, Qiu draws inspiration from transborder activist groups and incidents of grassroots resistance to make a passionate plea aimed at uniting--and liberating--the forgotten workers who make our twenty-first-century lives possible.

The recent announcement that Google will digitize the holdings of several major libraries sent shock waves through the book industry and academe. Google presented this digital repository as a first step towards a long-dreamed-of universal library, but skeptics were quick to raise a number of concerns about the potential for copyright infringement and unanticipated effects on the business of research and publishing. 

Jean-Noël Jeanneney, president of France’s Bibliothèque Nationale, here takes aim at what he sees as a far more troubling aspect of Google’s Library Project: its potential to misrepresent—and even damage—the world’s cultural heritage. In this impassioned work, Jeanneney argues that Google’s unsystematic digitization of books from a few partner libraries and its reliance on works written mostly in English constitute acts of selection that can only extend the dominance of American culture abroad. This danger is made evident by a Google book search the author discusses here—one run on Hugo, Cervantes, Dante, and Goethe that resulted in just one non-English edition, and a German translation of Hugo at that. An archive that can so easily slight the masters of European literature—and whose development is driven by commercial interests—cannot provide the foundation for a universal library. 

As a leading librarian, Jeanneney remains enthusiastic about the archival potential of the Web. But he argues that the short-term thinking characterized by Google’s digital repository must be countered by long-term planning on the part of cultural and governmental institutions worldwide—a serious effort to create a truly comprehensive library, one based on the politics of inclusion and multiculturalism. 

The nonprofit sector is a vital component of our society and is allowed the greatest freedom to operate. The public understandably assumes that since nonprofit organizations are established to do good, the people who run nonprofits are altruistic, and the laws governing nonprofits have reflected this assumption. But as Marion Fremont-Smith argues, the rules that govern how nonprofits operate are inadequate, and the regulatory mechanisms designed to enforce the rules need improvement.

Despite repeated instances of negligent management, self-interest at the expense of the charity, and outright fraud, nonprofits continue to receive minimal government regulation. In this time of increased demand for corporate accountability, the need to strengthen regulation of nonprofits is obvious. Fremont-Smith addresses this need from a historical, legal, and organizational perspective. She combines summaries and analysis of the substantive legal rules governing the behavior of charitable officers, directors, and trustees with descriptions of the federal and state regulatory schemes designed to enforce these rules. Her unique and exhaustive historical survey of the law of nonprofit organizations provides a foundation for her analysis of the effectiveness of current law and proposals for its improvement.

Because the world has long seen Sweden as a pioneer of democratic socialism, the success or failure of social experiments there has had momentous impact on the development of similar programs elsewhere. Now, in this penetrating inquiry undertaken by one of Sweden's leading political scientists, the problems and practices of Swedish trade unions are fully revealed.

Leif Lewin is interested in finding answers to several central questions: How “democratic” are Sweden's unions? How are they governed? How have they avoided the institutional inequities that plague some American unions? What sacrifices have Swedish unions had to make in order to solve their problems?

Lewin has gone directly to the people concerned, receiving from some 3,000 union members and leaders the information that forms the basis of his study. But his book is more than an empirical analysis of trade union democracy. It is also a strikingly successful example for all social scientists who have struggled to apply a hypothetical model of “democracy” to the ambiguous, often turbulent world around them. Above all, Lewin shows how the democratic ideal of individual intellectual and moral enrichment can be approached through participation in collective decision making. Thoughtful and balanced, his book addresses many of the problems that are just now being faced by social planners, economists, and union organizers everywhere.

The dramatic growth of government over the course of the twentieth century since the New Deal prompts concern among libertarians and conservatives and also among those who worry about government’s costs, efficiency, and quality of service. These concerns, combined with rising confidence in private markets, motivate the widespread shift of federal and state government work to private organizations. This shift typically alters only who performs the work, not who pays or is ultimately responsible for it. “Government by contract” now includes military intelligence, environmental monitoring, prison management, and interrogation of terrorism suspects.

Outsourcing government work raises questions of accountability. What role should costs, quality, and democratic oversight play in contracting out government work? What tools do citizens and consumers need to evaluate the effectiveness of government contracts? How can the work be structured for optimal performance as well as compliance with public values?

Government by Contract explains the phenomenon and scope of government outsourcing and sets an agenda for future research attentive to workforce capacities as well as legal, economic, and political concerns.

The redistribution of income has been a key element in Peruvian governmental policy. Both the Belaunde and Velasco regimes professed a deep concern with economic injustice, and they have been regarded as models of peaceful progress toward social justice. Despite its good intentions, Richard Webb shows, the government has had little impact on the rigid imbalance of wealth in Peru. The rich have continued to get richer faster than the poor have got less poor. Inequality has grown, and those most in need of improvement have benefited least. The tax structure has actually become more regressive. with taxes raised most on middle-income groups and least on the very rich.

Overall, the Peruvian government's economic policy has been mildly progressive, but not progressive enough to have an appreciable effect on the widespread poverty. What is needed, Webb argues, are movements of capital from the modern sector of the economy to the traditional sector to create new jobs for the poor. "Finally, substantial redistribution seems to require changes in attitude. The elimination of poverty must precede a concern for equity per se, and the needs of the very poor must acquire the status of rights rather than claims to compassion."

In many countries, public sector institutions impose heavy burdens on economic life: heavy and arbitrary taxes retard investment, regulations enrich corrupt bureaucrats, state firms consume national wealth, and the most talented people turn to rent-seeking rather than productive activities. As a consequence of such predatory policies--described in this book as the grabbing hand of the state--entrepreneurship lingers and economies stagnate.

The authors of this collection of essays describe many of these pathologies of a grabbing hand government, and examine their consequences for growth. The essays share a common viewpoint that political control of economic life is central to the many government failures that we observe. Fortunately, a correct diagnosis suggests the cures, including the best strategies of fighting corruption, privatization of state firms, and institutional building in the former socialist economies. Depoliticization of economic life emerges as the crucial theme of the appropriate reforms. The book describes the experiences with the grabbing hand government and its reform in medieval Europe, developing countries, transition economies, as well as today's United States.

The definitive account of the housing bubble that caused the Great Recession—and earned Wall Street fantastic profits.

The American housing bubble of the 2000s caused the worst global financial crisis since the Great Depression. In this definitive account, Adam Levitin and Susan Wachter pinpoint its source: the shift in mortgage financing from securitization by Fannie Mae and Freddie Mac to “private-label securitization” by Wall Street banks. This change set off a race to the bottom in mortgage underwriting standards, as banks competed in laxity to gain market share.

The Great American Housing Bubble tells the story of the transformation of mortgage lending from a dysfunctional, local affair, featuring short-term, interest-only “bullet” loans, to a robust, national market based around the thirty-year fixed-rate mortgage, a uniquely American innovation that served as the foundation for the middle class.

Levitin and Wachter show how Fannie and Freddie’s market power kept risk in check until 2003, when mortgage financing shifted sharply to private-label securitization, as lenders looked for a way to sustain lending volume following an unprecedented refinancing wave. Private-label securitization brought a return of bullet loans, which had lower initial payments—enabling borrowers to borrow more—but much greater back-loaded risks. These loans produced a vast oversupply of underpriced mortgage finance that drove up home prices unsustainably. When the bubble burst, it set off a destructive downward spiral of home prices and foreclosures.

Levitin and Wachter propose a rebuild of the housing finance system that ensures the widespread availability of the thirty-year fixed-rate mortgage, while preventing underwriting competition and shifting risk away from the public to private investors.

An Economist Best Book of the Year
A Financial Times Best Economics Book of the Year
A Fast Company “7 Books Microsoft CEO Satya Nadella Says You Need to Lead Smarter”

Between 1820 and 1990, the share of world income going to today’s wealthy nations soared from twenty percent to almost seventy. Since then, that share has plummeted to where it was in 1900. As the renowned economist Richard Baldwin reveals, this reversal of fortune reflects a new age of globalization that is drastically different from the old. The nature of globalization has changed, but our thinking about it has not.

Baldwin argues that the New Globalization is driven by knowledge crossing borders, not just goods. That is why its impact is more sudden, more individual, more unpredictable, and more uncontrollable than before—which presents developed nations with unprecedented challenges as they struggle to maintain reliable growth and social cohesion. It is the driving force behind what Baldwin calls “The Great Convergence,” as Asian economies catch up with the West.

“In this brilliant book, Baldwin has succeeded in saying something both new and true about globalization.”
—Martin Wolf, Financial Times

“A very powerful description of the newest phase of globalization.”
—Larry Summers, former U.S. Secretary of the Treasury

“An essential book for understanding how modern trade works via global supply chains. An antidote to the protectionist nonsense being peddled by some politicians today.”
—The Economist

“[An] indispensable guide to understanding how globalization has got us here and where it is likely to take us next.”
—Alan Beattie, Financial Times

In 2001, India had 4 million cell phone subscribers. Ten years later, that number had exploded to more than 750 million. Over just a decade, the mobile phone was transformed from a rare and unwieldy instrument to a palm-sized, affordable staple, taken for granted by poor fishermen in Kerala and affluent entrepreneurs in Mumbai alike. The Great Indian Phone Book investigates the social revolution ignited by what may be the most significant communications device in history, one which has disrupted more people and relationships than the printing press, wristwatch, automobile, or railways, though it has qualities of all four.

In this fast-paced study, Assa Doron and Robin Jeffrey explore the whole ecosystem of the cheap mobile phone. Blending journalistic immediacy with years of field-research experience in India, they portray the capitalists and bureaucrats who control the cellular infrastructure and wrestle over bandwidth rights, the marketers and technicians who bring mobile phones to the masses, and the often poor, village-bound users who adapt these addictive and sometimes troublesome devices to their daily lives. Examining the challenges cell phones pose to a hierarchy-bound country, the authors argue that in India, where caste and gender restrictions have defined power for generations, the disruptive potential of mobile phones is even greater than elsewhere.

The Great Indian Phone Book is a rigorously researched, multidimensional tale of what can happen when a powerful and readily available technology is placed in the hands of a large, still predominantly poor population.