Listen to a short interview with Stephen MihmHost: Chris Gondek | Producer: Heron & Crane

Few of us question the slips of green paper that come and go in our purses, pockets, and wallets. Yet confidence in the money supply is a recent phenomenon: prior to the Civil War, the United States did not have a single, national currency. Instead, countless banks issued paper money in a bewildering variety of denominations and designs--more than ten thousand different kinds by 1860. Counterfeiters flourished amid this anarchy, putting vast quantities of bogus bills into circulation.

Their success, Stephen Mihm reveals, is more than an entertaining tale of criminal enterprise: it is the story of the rise of a country defined by a freewheeling brand of capitalism over which the federal government exercised little control. It was an era when responsibility for the country's currency remained in the hands of capitalists for whom "making money" was as much a literal as a figurative undertaking.

Mihm's witty tale brims with colorful characters: shady bankers, corrupt cops, charismatic criminals, and brilliant engravers. Based on prodigious research, it ranges far and wide, from New York City's criminal underworld to the gold fields of California and the battlefields of the Civil War. We learn how the federal government issued greenbacks for the first time and began dismantling the older monetary system and the counterfeit economy it sustained.

A Nation of Counterfeiters is a trailblazing work of history, one that casts the country's capitalist roots in a startling new light. Readers will recognize the same get-rich-quick spirit that lives on in the speculative bubbles and confidence games of the twenty-first century.

Some central questions in the natural and social sciences can't be answered by controlled laboratory experiments, often considered to be the hallmark of the scientific method. This impossibility holds for any science concerned with the past. In addition, many manipulative experiments, while possible, would be considered immoral or illegal. One has to devise other methods of observing, describing, and explaining the world.

In the historical disciplines, a fruitful approach has been to use natural experiments or the comparative method. This book consists of eight comparative studies drawn from history, archeology, economics, economic history, geography, and political science. The studies cover a spectrum of approaches, ranging from a non-quantitative narrative style in the early chapters to quantitative statistical analyses in the later chapters. The studies range from a simple two-way comparison of Haiti and the Dominican Republic, which share the island of Hispaniola, to comparisons of 81 Pacific islands and 233 areas of India. The societies discussed are contemporary ones, literate societies of recent centuries, and non-literate past societies. Geographically, they include the United States, Mexico, Brazil, western Europe, tropical Africa, India, Siberia, Australia, New Zealand, and other Pacific islands.

In an Afterword, the editors discuss how to cope with methodological problems common to these and other natural experiments of history.

China’s status in the world of expanding European empires of the nineteenth and early twentieth centuries has long been under dispute. Its unequal relations with multiple powers, secured through a system of treaties rather than through colonization, has invited debate over the degree and significance of outside control and local sovereignty. Navigating Semi-Colonialism examines steam navigation—introduced by foreign powers to Chinese waters in the mid-nineteenth century—as a constitutive element of the treaty system to illuminate both conceptual and concrete aspects of this regime, arguing for the specificity of China’s experience, its continuities with colonialism in other contexts, and its links to global processes.

Focusing on the shipping network of open treaty ports, the book examines the expansion of steam navigation, the growth of shipping enterprise, and the social climate of the steamship in the late nineteenth century as arenas of contestation and collaboration that highlight the significance of partial Chinese sovereignty and the limitations imposed upon it. It further analyzes the transformation of this regime under the nationalism of the Republican period, and pursues a comparison of shipping regimes in China and India to provide a novel perspective on China under the treaty system.

The distinguished International Seminar on Macroeconomics has met annually in Europe for over thirty years. The topics covered in this year’s volume fall into four categories: exchange rates, global business cycles, the financial crisis, and unemployment and the Great Recession. The chapters include a study of capital-account policies that are sometimes used to peg the real exchange rate, and an analysis of panel data from OECD countries that characterizes and explains movements in house prices. Other studies explore central issues to the financial crisis, such as its impact on trade flows, the effects of official bailouts, and the nature and evolution of unemployment during the Great Recession.

The Law of the Sea (LOS) treaty resulted from some of the most complicated multilateral negotiations ever conducted. Difficult bargaining produced a remarkably sophisticated agreement on the financial aspects of deep ocean mining and on the financing of a new international mining entity. This book analyzes those negotiations along with the abrupt U.S. rejection of their results. Building from this episode, it derives important and subtle general rules and propositions for reaching superior, sustainable agreements in complex bargaining situations.

James Sebenius shows how agreements were possible among the parties because and not in spite of differences in their values, expectations, and attitudes toward time and risk. He shows how linking separately intractable issues can generate a zone of possible agreement. He analyzes the extensive role of a computer model in the LOS talks. Finally, he argues that in many negotiations neither the issues nor the parties are fixed and develops analytic techniques that predict how the addition or deletion of either issues or parties may affect the process of reaching agreement.

This masterly book substantially extends Howard Raiffa's earlier classic, The Art and Science of Negotiation. It does so by incorporating three additional supporting strands of inquiry: individual decision analysis, judgmental decision making, and game theory. Each strand is introduced and used in analyzing negotiations.

The book starts by considering how analytically minded parties can generate joint gains and distribute them equitably by negotiating with full, open, truthful exchanges. The book then examines models that disengage step by step from that ideal. It also shows how a neutral outsider (intervenor) can help all negotiators by providing joint, neutral analysis of their problem.

Although analytical in its approach--building from simple hypothetical examples--the book can be understood by those with only a high school background in mathematics. It therefore will have a broad relevance for both the theory and practice of negotiation analysis as it is applied to disputes that range from those between family members, business partners, and business competitors to those involving labor and management, environmentalists and developers, and nations.

This pathbreaking study traces the rise--and subsequent fall--of the United Packinghouse Workers of America (UPWA). Roger Horowitz looks at local leaders and meatpacking workers in Chicago, Kansas City, Sioux City, and Austin, Minnesota, closely examining the unionizing of the workplace and the prominent role of black workers and women in UPWA. 

Horowitz shows how three major firms in U.S. meat production and distribution became dominant by virtually eliminating union power. The union's decline, he argues, reflected massive pressure by capital for lower labor costs and greater control over the work process. In the end, the victorious firms were those that had been most successful at increasing the rate of exploitation of their workers, who now labor in conditions as bad as those of a century ago.

The telegraph and the telephone were the first electrical communications networks to become hallmarks of modernity. Yet they were not initially expected to achieve universal accessibility. In this pioneering history of their evolution, Richard R. John demonstrates how access to these networks was determined not only by technological imperatives and economic incentives but also by political decision making at the federal, state, and municipal levels.

In the decades between the Civil War and the First World War, Western Union and the Bell System emerged as the dominant providers for the telegraph and telephone. Both operated networks that were products not only of technology and economics but also of a distinctive political economy. Western Union arose in an antimonopolistic political economy that glorified equal rights and vilified special privilege. The Bell System flourished in a progressive political economy that idealized public utility and disparaged unnecessary waste.

The popularization of the telegraph and the telephone was opposed by business lobbies that were intent on perpetuating specialty services. In fact, it wasn’t until 1900 that the civic ideal of mass access trumped the elitist ideal of exclusivity in shaping the commercialization of the telephone. The telegraph did not become widely accessible until 1910, sixty-five years after the first fee-for-service telegraph line opened in 1845.

Network Nation places the history of telecommunications within the broader context of American politics, business, and discourse. This engrossing and provocative book persuades us of the critical role of political economy in the development of new technologies and their implementation.

A Foreign Affairs Best Book of the Year
A BBC History Magazine Best Book of the Year

“Excellent…A fascinating, authoritative account of the paths for China’s future explored during a decade long buried by official, state-sponsored history.”—Julia Lovell, Foreign Policy

“A vivid and readable account…Exceptionally well-researched.” —Andrew Nathan, Foreign Affairs

"The definitive book on China in the 1980s in terms of the depth of research and originality of the argument." ―Minxin Pei, author of The Sentinel State

"A gift to our understanding of today’s China."―Evan Osnos, author of Age of Ambition

On a hike in Guangdong Province in January 1984, Deng Xiaoping was warned that his path was a steep and treacherous one. “Never turn back,” the Chinese leader replied. That became a mantra as the government forged ahead with reforms in the face of heated contestation over the nation’s future.

Recovering the debates of China in the 1980s, Julian Gewirtz traces the Communist Party’s diverse attitudes toward markets, state control, and sweeping technological change, as well as freewheeling public argument over political liberalization. Deng Xiaoping’s administration considered bold proposals from within the party and without, but after Tiananmen, Beijing systematically erased these discussions of alternative directions. Using newly available Chinese sources, Gewirtz details how the leadership purged the key reformist politician Zhao Ziyang, quashed the student movement, recast the transformations of the 1980s as the inevitable products of consensus, and indoctrinated China and the international community in the new official narrative.

Never Turn Back offers a revelatory look at how different China’s rise might have been and at the foundations of strongman rule under Xi Jinping, who has intensified the policing of history to bolster his own authority.

Like the Greeks who sailed with Jason in search of the Golden Fleece, the new Argonauts--foreign-born, technically skilled entrepreneurs who travel back and forth between Silicon Valley and their home countries--seek their fortune in distant lands by launching companies far from established centers of skill and technology. Their story illuminates profound transformations in the global economy.

Economic geographer AnnaLee Saxenian has followed this transformation, exploring one of its great paradoxes: how the "brain drain" has become "brain circulation," a powerful economic force for development of formerly peripheral regions. The new Argonauts--armed with Silicon Valley experience and relationships and the ability to operate in two countries simultaneously--quickly identify market opportunities, locate foreign partners, and manage cross-border business operations.

The New Argonauts extends Saxenian's pioneering research into the dynamics of competition in Silicon Valley. The book brings a fresh perspective to the way that technology entrepreneurs build regional advantage in order to compete in global markets. Scholars, policymakers, and business leaders will benefit from Saxenian's firsthand research into the investors and entrepreneurs who return home to start new companies while remaining tied to powerful economic and professional communities in the United States.

For Americans accustomed to unchallenged economic domination, the fast-growing capabilities of China and India may seem threatening. But as Saxenian convincingly displays in this pathbreaking book, the Argonauts have made America richer, not poorer.

Why is America losing its competitive edge in basic industries ranging from automobile manufacture to consumer electronics? The reason, Michael Best shows, is the rigid command and control structures that are typical of big business in America. America firms lack the organizational flexibility of the "new competition" practiced by companies in Italy, West Germany, and Japan. The secret to the success of these foreign firms is that they are organized from top to bottom to pursue continuous improvements in methods, products, and processes. They seek competitive advantage not through lowest-cost production but through superior product design. This requires an unusual degree of organizational flexibility, which in turn demands organizational commitments to problem solving, constant attention to detail, and an integration of thought and action in the work place.

The New Competition posits a strategic tension between market competition and cooperation in successful industrial societies. Instead of bargaining with suppliers and customers at arm's length, firms can forge consultative relations with them, facilitating the flow of valuable advice, suggestions, and information and crucially modifying a key processor design. Instead of engaging in price rivalry, companies can pursue product-related rivalries that increase their international competitiveness. Best envisions a new role for national industrial policy—one not of bailing out sick firms in dying industries but of shaping industrial sectors and markets. It would encourage firms to cooperate in terms of the form that competition takes, one that involves products instead of prices.

Cost-benefit analysis (CBA) has been an important policy tool of government since the 1980s, when the Reagan administration ordered that all major new regulations be subjected to a rigorous test of whether their projected benefits would outweigh their costs. Not surprisingly, CBA has been criticized by many who claim that it neglects, especially on the benefit side, important values that are hard to measure.

In this book, the authors reconceptualize cost-benefit analysis, arguing that its objective should be overall well-being rather than economic efficiency. They show why the link between preferences and well-being is more complicated than economists have thought. Satisfying a person's preference for some outcome is welfare-enhancing only if he or she is self-interested and well-informed. Also, cost-benefit analysis is not a super-procedure but simply a way to identify welfare-maximizing policies. A separate kind of analysis is required to weigh rights and equal treatment.

This book not only places cost-benefit analysis on a firmer theoretical foundation, but also has many practical implications for how government agencies should undertake cost-benefit studies.

The surprising finding of this book is that, contrary to conventional wisdom, global income inequality is decreasing. Critics of globalization and others maintain that the spread of consumer capitalism is dramatically polarizing the worldwide distribution of income. But as the demographer Glenn Firebaugh carefully shows, income inequality for the world peaked in the late twentieth century and is now heading downward because of declining income inequality across nations. Furthermore, as income inequality declines across nations, it is rising within nations (though not as rapidly as it is declining across nations). Firebaugh claims that this historic transition represents a new geography of global income inequality in the twenty-first century.

This book documents the new geography, describes its causes, and explains why other analysts have missed one of the defining features of our era—a transition in inequality that is reducing the importance of where a person is born in determining his or her future well-being.

“Essential reading for all who have a vested interest in the rise of AI.” —Daryl Li, AI & Society

“Thought-provoking…Explores how we can best try to ensure that robots work for us, rather than against us, and proposes a new set of laws to provide a conceptual framework for our thinking on the subject.” —Financial Times

“Pasquale calls for a society-wide reengineering of policy, politics, economics, and labor relations to set technology on a more regulated and egalitarian path…Makes a good case for injecting more bureaucracy into our techno-dreams, if we really want to make the world a better place.” —Wired

“Pasquale is one of the leading voices on the uneven and often unfair consequences of AI in our society...Every policymaker should read this book and seek his counsel.” —Safiya Noble, author of Algorithms of Oppression

Too many CEOs tell a simple story about the future of work: if a machine can do what you do, your job will be automated, and you will be replaced. They envision everyone from doctors to soldiers rendered superfluous by ever-more-powerful AI.

Another story is possible. In virtually every walk of life, robotic systems can make labor more valuable, not less. Frank Pasquale tells the story of nurses, teachers, designers, and others who partner with technologists, rather than meekly serving as data sources for their computerized replacements. This cooperation reveals the kind of technological advance that could bring us all better health care, education, and more, while maintaining meaningful work. These partnerships also show how law and regulation can promote prosperity for all, rather than a zero-sum race of humans against machines.

Policymakers must not allow corporations or engineers alone to answer questions about how far AI should be entrusted to assume tasks once performed by humans, or about the optimal mix of robotic and human interaction. The kind of automation we get—and who it benefits—will depend on myriad small decisions about how to develop AI. Pasquale proposes ways to democratize that decision-making, rather than centralize it in unaccountable firms. Sober yet optimistic, New Laws of Robotics offers an inspiring vision of technological progress, in which human capacities and expertise are the irreplaceable center of an inclusive economy.

This volume looks at the changing face of policy advising from the perspective of the author's forty years of work in and for developing countries. Both a personal memoir and an essay on the nature of the development profession, the book will be of particular interest to those just starting their careers as policy advisers.

The main lesson to be learned, says the author, is that "there is no common formula for solving a country's problems. Each society must come up with its own formula, in which economic policy is only one important variable in a complex equation. We missionaries can best help our counterparts carry out this daunting task by teaching more than preaching, and by insisting that they themselves take full responsibility for their recommendations and actions."

Richard D. Mallon is a Fellow Emeritus of the Harvard Institute for International Development. He has provided macroeconomic policy and planning advice in fifteen countries.

In an increasingly complex and interdependent world, states resort to a bewildering array of regulatory agreements to deal with problems as disparate as climate change, nuclear proliferation, international trade, satellite communications, species destruction, and intellectual property. In such a system, there must be some means of ensuring reasonably reliable performance of treaty obligations. The standard approach to this problem, by academics and politicians alike, is a search for treaties with "teeth"--military or economic sanctions to deter and punish violation.

The New Sovereignty argues that this approach is misconceived. Cases of coercive enforcement are rare, and sanctions are too costly and difficult to mobilize to be a reliable enforcement tool. As an alternative to this "enforcement" model, the authors propose a "managerial" model of treaty compliance. It relies on the elaboration and application of treaty norms in a continuing dialogue between the parties--international officials and nongovernmental organizations--that generates pressure to resolve problems of noncompliance. In the process, the norms and practices of the regime themselves evolve and develop.

The authors take a broad look at treaties in many different areas: arms control, human rights, labor, the environment, monetary policy, and trade. The extraordinary wealth of examples includes the Iran airbus shootdown, Libya's suit against Great Britain and the United States in the Lockerbie case, the war in Bosnia, and Iraq after the Gulf War.

The authors conclude that sovereignty--the status of a recognized actor in the international system--requires membership in good standing in the organizations and regimes through which the world manages its common affairs. This requirement turns out to be the major pressure for compliance with treaty obligations. This book will be an invaluable resource and casebook for scholars, policymakers, international public servants, lawyers, and corporate executives.

The discovery of the New World was initially a cause for celebration. But the vast amounts of gold that Columbus and other explorers claimed from these lands altered Spanish society. The influx of such wealth contributed to the expansion of the Spanish empire, but also it raised doubts and insecurities about the meaning and function of money, the ideals of court and civility, and the structure of commerce and credit. New World Gold shows that, far from being a stabilizing force, the flow of gold from the Americas created anxieties among Spaniards and shaped a host of distinct behaviors, cultural practices, and intellectual pursuits on both sides of the Atlantic.

Elvira Vilches examines economic treatises, stories of travel and conquest, moralist writings, fiction, poetry, and drama to reveal that New World gold ultimately became a problematic source of power that destabilized Spain’s sense of trust, truth, and worth. These cultural anxieties, she argues, rendered the discovery of gold paradoxically disastrous for Spanish society. Combining economic thought, social history, and literary theory in trans-Atlantic contexts, New World Gold unveils the dark side of Spain’s Golden Age.