For centuries throughout large portions of the globe, petty agriculturalists and industrialists have set their physical and mental energies to work producing products for direct consumption by their households and for exchange. This twofold household reproduction strategy, according to both Marxist and neoclassical approaches to development, should have disappeared from the global economy as labor was transformed into a producer as well as a consumer of capitalist commodities. But in fact, during the twentieth century, only the United States and Britain seem to have approximated this predicted scenario. Tens of millions of households in contemporary Asia, Africa, and Latin America and millions more in industrialized capitalist economies support themselves through petty commodity production alone or in combination with petty industry wage labor.

Obliging Need provides a detailed and comprehensive analysis of small-scale peasant and artisan enterprise in the Oaxaca Valley of Mexico. The authors show how commodity production is organized and operates in different craft industries, as well as the ways in which it combines with other activities such as household chores, agriculture, wage labor, and petty commerce. They demonstrate how—contrary to developmentalist dogma—small-scale capitalism develops from within Mexico's rural economy.

These findings will be important for everyone concerned with improving the lives and economic opportunities of countryfolk in the Third World. As the authors make clear, political mobilization in rural Mexico will succeed only as it addresses the direct producers' multiple needs for land, credit, more jobs, health insurance, and, most importantly, more equitable remuneration for their labor and greater rewards for their enterprise.

Mexico was second only to the United States as the world's largest oil producer in the years following the Mexican Revolution. As the revolutionary government became institutionalized, it sought to assure its control of Mexico's oil resources through the Constitution of 1917, which returned subsoil rights to the nation. This comprehensive study explores the resulting struggle between oil producers, many of which were U.S. companies, and the Mexican government.

Linda Hall goes beyond the diplomacy to look at the direct impact of a powerful, highly profitable foreign-controlled industry on a government and a nation trying to recover from a major civil war. She draws on extensive research in Mexican archives, including both government sources and the private papers of Presidents Alvaro Obregón and Plutarco Elías Calles, as well as U.S. government and private sources.

Since the North American Free Trade Agreement has expanded United States business ties to Mexico, this study of a crucial moment in U.S.-Mexican business relations will be of interest to a wide audience in business, diplomatic, and political history.

“The ultimate story behind all the stories… In an age when the press is alternately villain or hero, Pressman serves as a kind of medicine man of journalism, telling us how we got from there to here.”—Graydon Carter, former editor of Vanity Fair

In the 1960s and 1970s, the American press embraced a new way of reporting and selling the news. The causes were many: the proliferation of television, pressure to rectify the news media’s dismal treatment of minorities and women, accusations of bias from left and right, and the migration of affluent subscribers to suburbs. As Matthew Pressman’s timely history reveals, during these tumultuous decades the core values that held the profession together broke apart, and the distinctive characteristics of contemporary American journalism emerged.

Simply reporting the facts was no longer enough. In a country facing assassinations, a failing war in Vietnam, and presidential impeachment, reporters recognized a pressing need to interpret and analyze events for their readers. Objectivity and impartiality, the cornerstones of journalistic principle, were not jettisoned, but they were reimagined. Journalists’ adoption of an adversarial relationship with government and big business, along with sympathy for the dispossessed, gave their reporting a distinctly liberal drift. Yet at the same time, “soft news”—lifestyle, arts, entertainment—moved to the forefront of editors’ concerns, as profits took precedence over politics.

Today, the American press stands once again at a precipice. Accusations of political bias are more rampant than ever, and there are increasing calls from activists, customers, advertisers, and reporters themselves to rethink the values that drive the industry. As On Press suggests, today’s controversies—the latest iteration of debates that began a half-century ago—will likely take the press in unforeseen directions and challenge its survival.

In 2013, Chinese leader Xi Jinping announced a campaign for national rejuvenation. The One Belt One Road initiative, or OBOR, has become the largest infrastructure program in history. Nearly every Chinese province, city, major business, bank, and university have been mobilized to serve it, spending hundreds of billions of dollars overseas building ports and railroads, laying fiber cables, and launching satellites. Using a trove of Chinese sources, author Eyck Freymann argues these infrastructure projects are a sideshow. OBOR is primarily a campaign to restore an ancient model in which foreign emissaries paid tribute to the Chinese emperor, offering gifts in exchange for political patronage. Xi sees himself as a sort of modern-day emperor, determined to restore China’s past greatness.

Many experts assume that Xi’s nakedly neo-imperial scheme couldn’t possibly work. Freymann shows how wrong they are. China isn’t preying on victims, Freymann argues. It’s attracting willing partners—including Western allies—from Latin America to Southeast Asia to the Persian Gulf. Even in countries where OBOR megaprojects fail, Freymann finds that political leaders still want closer ties with China.

Freymann tells the monumental story of Xi’s project on the global stage. Drawing on primary documents in five languages, interviews with senior officials, and on-the-ground case studies from Malaysia to Greece, Russia to Iran, Freymann pulls back the veil of propaganda about OBOR, giving readers a page-turning world tour of the burgeoning Chinese empire, a guide for understanding China’s motives and tactics, and clear recommendations for how the West can compete.

For nearly thirty years, from the late 1920s to the late 1950s, the keystone of the entire Soviet collective farm system was the network of MTS (machine-tractor stations) which owned, housed, operated, and repaired heavy farm machinery for the surrounding farms. The MTS played fundamental roles in the development of the political, administrative, and ideological, as well as the economic, foundations of Soviet agriculture. Now, years after the demise of the MTS system, its influence can still be discerned in the structural and operational patterns of the agricultural organization. The story of the MTS, of considerable historical interest in its own right, offers numerous vantage points for studying the evolution of Soviet rule in the countryside. In this exhaustive work Robert Miller analyzes the history of the MTS and relates his findings to the development of Soviet administrative policies.

Using data obtained from provincial Party newspapers, official Soviet documents, fictional literature on village life, and interviews with Soviet agricultural specialists familiar with the MTS, Miller explores the combination of economic and political pressures embodied in the MTS system and traces the growth of a characteristically Soviet approach to the problems of administration. In addition to these broad questions of the interaction of the economics and politics, the author examines several specific problem areas, including the function of ideology in the Soviet domestic decision-making process, the principles and practices of Soviet public administration as applied to agriculture, and the development of patterns of Party control in the countryside.

Miller’s study of the MTS reveals the method of Soviet policy-making and policy-implementation to be highly influenced by the leadership style of such men as Stalin and Khrushchev, though practical economic considerations certainly took precedence in important cases. The author observes that ideologically correct procedure was not always felt to be sufficiently effective in times of crises. Two basic modes of administrative control thus became apparent—one for critical periods and another for relatively “normal” periods. An exceptionally thorough work, One Hundred Thousand Tractors will interest students of comparative politics and comparative public administration as well as Soviet specialists.

A Financial Times Best Economics Book of the Year
A Foreign Affairs Best Book of the Year
A Fareed Zakaria GPS Book of the Week

“A highly intelligent, fact-based defense of the virtues of an open, competitive economy and society.”
—Fareed Zakaria

“A vitally important corrective to the current populist moment…Open points the way to a kinder, gentler version of globalization that ensures that the gains are shared by all.”
—Justin Wolfers

“Clausing’s important book lays out the economics of globalization and, more important, shows how globalization can be made to work for the vast majority of Americans. I hope the next President of the United States takes its lessons on board.”
—Lawrence H. Summers, former Secretary of the Treasury

“Makes a strong case in favor of foreign trade in goods and services, the cross-border movement of capital, and immigration. This valuable book amounts to a primer on globalization.”
—Richard N. Cooper, Foreign Affairs

Critics on the Left have long attacked open markets and free trade agreements for exploiting the poor and undermining labor, while those on the Right complain that they unjustly penalize workers back home. Kimberly Clausing takes on old and new skeptics in her compelling case that open economies are actually a force for good. Turning to the data to separate substance from spin, she shows how international trade makes countries richer, raises living standards, benefits consumers, and brings nations together. At a time when borders are closing and the safety of global supply chains is being thrown into question, she outlines a clear agenda to manage globalization more effectively, presenting strategies to equip workers for a modern economy and establish a better partnership between labor and the business community.

Known to the Greeks as opos or opion, as afiun in Persian and Arabic, and fuyung in Chinese, opium is at once a palliative and a poison. Its exotic origins, its literary associations, and the properties that are, often erroneously, attributed to it have ensured an ongoing air of mystery.

Pierre-Arnaud Chouvy reveals the long and fascinating history of a powerful and addictive drug and explores the changing fortunes of the modern-day illicit opium trade, especially in the remote regions of Asia. He answers key questions: Why have anti-drug policies failed despite four decades of increasing effort? And what are the shortcomings and limitations of forced eradication, alternative development, "silver bullets," and other quick fixes? In answering these questions, Chouvy draws upon geography, anthropology, politics, and development studies. He shows that the history of opium production is unexpectedly linked to the history of Afghanistan.

A compelling account of a narcotic as old as humanity, Opium offers powerful insights into the complex politics and economics of the poppy in the world today.

The Organization of Firms in a Global Economy presents a new research program that is transforming the study of international trade. Driven by the availability of new micro data sets and innovative theoretical models, it focuses on the level of firms, products, and stages of production rather than on countries and industries. It addresses such questions as why only a small proportion of firms in a given industry export and why an even smaller proportion invest abroad; why exporters tend to be more productive than nonexporters; why almost one-third of international trade takes place between units of the same firm and why as much as two-thirds involves multinational firms as exporter, importer, or both; and why international trade may have been the most important driver of organizational changes in the corporation that have been taking place in the last decade.

Until a few years ago, models of international trade did not recognize the heterogeneity of firms and exporters, and could not provide good explanations of international production networks. Now such models exist and are explored in this volume.

In a pioneering work, Jeffrey Fear overturns the dominant understanding of German management as “backward” relative to the U.S. and uncovers an autonomous and sophisticated German managerial tradition. Beginning with founder August Thyssen—the Andrew Carnegie of Germany—Fear traces the evolution of management inside the Thyssen-Konzern and the Vereinigte Stahlwerke (United Steel Works) between 1871 and 1934.

Fear focuses on the organization and internal dynamics of the company. He demonstrates that initiatives often flowed from middle managers, rather than from the top down. Shattering stereotypes of the overly bureaucratic and rigid German firm, Fear portrays a decentralized and flexible system that underscores the dynamic and entrepreneurial nature of German business. He fundamentally revises the scholarship on Alexander Gerschenkron and Germany’s Sonderweg, and critiques Max Weber’s concept of the corporation and capital accounting. He develops a loosely coupled relationship among enterprise strategy, organization, the structure of responsibility, and its accounting system, which links information, knowledge, and power inside the firm. This method of organizing control is central to understanding corporate governance.

Original and provocative, this work will generate much debate among historians, organizational theorists, and management and accounting scholars.

Between 1995 and 2007, financial elites in more than a dozen western European countries engaged in a cross-border battle to create some twenty new stock markets, many of which were explicitly modeled on the American Nasdaq.

The resulting high-risk, high-reward markets facilitated wealth creation, rewarded venture capitalists, and drew major U.S. financial players to Europe. But they also chipped away at the European social compacts between national governments and citizens, opening the door of smaller company finance to the broad trend of marketization and its bounties, and further subjecting European households and family businesses to the rhythms of global capital.

Elliot Posner explores the causes of Europe’s emergence as a global financial power, addressing classic and new questions about the origins of markets and their relationship to politics and bureaucracy. In doing so, he attributes the surprising large-scale transformation of Europe’s capital markets to the rise of the European Union as a global political force. The effect of Europe’s financial ascendance will have major ramifications around the world, and Posner’s analysis will push market participants, policymakers, and academics to rethink the sources of financial change in Europe and beyond.

The rapid growth of Taiwan’s postwar “miracle” economy is most frequently credited to the leading role of the state in promoting economic development. Megan Greene challenges this standard interpretation in the first in-depth examination of the origins of Taiwan’s developmental state.

Greene examines the ways in which the Guomindang state planned and promoted scientific and technical development both in mainland China between 1927 and 1949 and on Taiwan after 1949. Using industrial science policy as a lens, she shows that the state, even during its most authoritarian periods, did not function as a monolithic entity. State planners were concerned with maximizing the use of Taiwan’s limited resources for industrial development. Political leaders, on the other hand, were most concerned with the state’s political survival. The developmental state emerged gradually as a result of the combined efforts of technocrats and outsiders, including academicians and foreign advisors. Only when the political leadership put its authority and weight behind the vision of these early planners did Taiwan’s developmental state fully come into being.

In Taiwan’s combination of technocratic expertise and political authoritarianism lie implications for our understanding of changes taking place in mainland China today.

Women workers and the revolutionary origins of the modern welfare state

In May 1790, the French National Assembly created spinning workshops (ateliers de filature) for thousands of unemployed women in Paris. These ateliers disclose new aspects of the process which transformed Old Regime charity into revolutionary welfare initiatives characterized by secularization, centralization, and entitlements based on citizenship. This study is the first to examine women and the welfare state in its formative period at a time when modern concepts of human rights were elaborated.

In The Origins of the Welfare State, Lisa DiCaprio reveals how the women working in the ateliers, municipal welfare officials, and the national government vied to define the meaning of revolutionary welfare throughout the Revolution. Presenting demands for improved wages and working conditions to a wide array of revolutionary officials, the women workers exercised their rights as "passive citizens" capaciously and shaped the meanings of work, welfare, and citizenship. Looking backward to the Old Regime and forward to the nineteenth century, this study explores the interventionist spirit that characterized liberalism in the eighteenth century and serves as a bridge to the history of entitlements in the nineteenth and twentieth centuries.

The Florentine musician Jacopo Peri (1561-1633) is known as the composer of the first operas--they include the earliest to survive complete, Euridice (1600), in which Peri sang the role of Orpheus. A large collection of recently discovered account books belonging to him and his family allows for a greater exploration of Peri's professional and personal life. Richard Goldthwaite, an economic historian, and Tim Carter, a musicologist, have done much more, however, than write a biography: their investigation exposes the remarkable value of such financial documents as a primary source for an entire period.

This record of Peri's wide-ranging investments and activities in the marketplace enables the first detailed account of the Florentine economy in the late sixteenth and early seventeenth centuries, and also opens a completely new perspective on one of Europe's principal centers of capitalism. His economic circumstances reflect continuities and transformations in Florentine society, and the strategies for negotiating them, under the Medici grand dukes. At the same time they allow a reevaluation of Peri the singer and composer that elucidates the cultural life of a major artistic center even in changing times, providing a quite different view of what it meant to be a musician in late Renaissance Italy.

From a major British political thinker and activist, a passionate case that both the left and right have lost their faith in ordinary people and must learn to find it again.

This is an age of polarization. It’s us vs. them. The battle lines are clear, and compromise is surrender.

As Out of the Ordinary reminds us, we have been here before. From the 1920s to the 1950s, in a world transformed by revolution and war, extreme ideologies of left and right fueled utopian hopes and dystopian fears. In response, Marc Stears writes, a group of British writers, artists, photographers, and filmmakers showed a way out. These men and women, including J. B. Priestley, George Orwell, Barbara Jones, Dylan Thomas, Laurie Lee, and Bill Brandt, had no formal connection to one another. But they each worked to forge a politics that resisted the empty idealisms and totalizing abstractions of their time. Instead they were convinced that people going about their daily lives possess all the insight, virtue, and determination required to build a good society. In poems, novels, essays, films, paintings, and photographs, they gave witness to everyday people’s ability to overcome the supposedly insoluble contradictions between tradition and progress, patriotism and diversity, rights and duties, nationalism and internationalism, conservatism and radicalism. It was this humble vision that animated the great Festival of Britain in 1951 and put everyday citizens at the heart of a new vision of national regeneration.

A leading political theorist and a veteran of British politics, Stears writes with unusual passion and clarity about the achievements of these apostles of the ordinary. They helped Britain through an age of crisis. Their ideas might do so again, in the United Kingdom and beyond.

From New York to Singapore, from Chicago to London, the trading floors of the world’s financial markets are icons of global capitalism. Images of them are used on the news all the time—traders burying their heads in their hands when the market is down, their arms flailing in a frenzy when fortunes are rising—to convey the current state of the economy. But these marketplaces, and the cultural life that sustains them, are dissolving into the ether of the digital age: powerful financial institutions are shutting down the trading pits, replacing face-to-face exchanges with an electronic network where traders sit, face to screen, finger to mouse, and compete in a global arena made up of digits and charts. 

Out of the Pits considers the implications of this sea change for everyone involved, from the traders and brokers to the market as a whole. Caitlin Zaloom takes us down to the floor at the Chicago Board of Trade and into a digital dealing room in the City of London. Drawing on her own firsthand experiences as a clerk and a trader and on her unusual access to these key sites of global finance, she explainshow changes at the world’s leading financial exchanges have transformed economic cultures and the craft of speculation; how people and places are responding to the digital transition; how traders are remaking themselves to compete in the contemporary marketplace; and how brokers, business managers, and software designers are collaborating to build new financial markets. 

A penetrating and richly detailed account of how cities, culture, and technology shape everyday life in the new global economy, Out of the Pits will be must reading for business buffs or anyone who has ever wondered how financial markets work.

The investor-owned corporation is the conventional form for structuring large-scale enterprise in market economies. But it is not the only one. Even in the United States, noncapitalist firms play a vital role in many sectors. Employee-owned firms have long been prominent in the service professions--law, accounting, investment banking, medicine--and are becoming increasingly important in other industries. The buyout of United Airlines by its employees is the most conspicuous recent instance. Farmer-owned produce cooperatives dominate the market for most basic agricultural commodities. Consumer-owned utilities provide electricity to one out of eight households. Key firms such as MasterCard, Associated Press, and Ace Hardware are service and supply cooperatives owned by local businesses. Occupant-owned condominiums and cooperatives are rapidly displacing investor-owned rental housing. Mutual companies owned by their policyholders sell half of all life insurance and one-quarter of all property and liability insurance. And nonprofit firms, which have no owners at all, account for 90 percent of all nongovernmental schools and colleges, two-thirds of all hospitals, half of all day-care centers, and one-quarter of all nursing homes.

Henry Hansmann explores the reasons for this diverse pattern of ownership. He explains why different industries and different national economies exhibit different distributions of ownership forms. The key to the success of a particular form, he shows, depends on the balance between the costs of contracting in the market and the costs of ownership. And he examines how this balance is affected by history and by the legal and regulatory framework within which firms are organized.

With noncapitalist firms now playing an expanding role in the former socialist countries of Eastern Europe and Asia as well as in the developed market economies of the West, The Ownership of Enterprise will be an important book for business people, policymakers, and scholars.