A New York Times Bestseller
An NPR Best Book of the Year
The epic successor to one of the most important books of the century: at once a retelling of global history, a scathing critique of contemporary politics, and a bold proposal for a new and fairer economic system.
Thomas Piketty’s bestselling Capital in the Twenty-First Century galvanized global debate about inequality. In this audacious follow-up, Piketty challenges us to revolutionize how we think about politics, ideology, and history. He exposes the ideas that have sustained inequality for the past millennium, reveals why the shallow politics of right and left are failing us today, and outlines the structure of a fairer economic system.
Our economy, Piketty observes, is not a natural fact. Markets, profits, and capital are all historical constructs that depend on choices. Piketty explores the material and ideological interactions of conflicting social groups that have given us slavery, serfdom, colonialism, communism, and hypercapitalism, shaping the lives of billions. He concludes that the great driver of human progress over the centuries has been the struggle for equality and education and not, as often argued, the assertion of property rights or the pursuit of stability. The new era of extreme inequality that has derailed that progress since the 1980s, he shows, is partly a reaction against communism, but it is also the fruit of ignorance, intellectual specialization, and our drift toward the dead-end politics of identity.
Once we understand this, we can begin to envision a more balanced approach to economics and politics. Piketty argues for a new “participatory” socialism, a system founded on an ideology of equality, social property, education, and the sharing of knowledge and power. Capital and Ideology is destined to be one of the indispensable books of our time, a work that will not only help us understand the world, but that will change it.
The central Gujarat region of western India is home to the entrepreneurial landowning Patel caste who have leveraged their rural dominance to become a powerful global diaspora of merchants, industrialists, and professionals. Investigating the Patels’ intriguing ascent, Vinay Gidwani analyzes its broad implications for the nature of labor and capital worldwide.
With the Patels as his central case, Gidwani interrogates established concepts of value, development, and the relationship between capital and history. Capitalism, he argues, is not a frame of economic organization based on the smooth, consistent operation of a series of laws, but rather an assemblage of contingent and interrupted logics stitched together into the appearance of a deus ex machina. Following this line of thinking, Gidwani points to ways in which political economy might be freed of its lingering Eurocentrism, raises questions about the adequacy of postcolonial studies’ critique of Marx and capitalism, and opens the possibility of situating capitalism as a geographically uneven social formation in which different normative or value-creating practices are imperfectly sutured together in ways that can equally impair and enable profit and accumulation.
Both theoretically astute and empirically informed, Capital, Interrupted unsettles encrusted understandings of staple concepts within the human sciences such as hegemony, governmentality, caste, and agency and, ultimately, does nothing less than rethink the very constitution of capitalism.
Vinay Gidwani is associate professor of geography and global studies at the University of Minnesota.
The advent of economic neoliberalism in the 1980s triggered a shift in the world economy. In the three decades following World War II, now considered a golden age of capitalism, economic growth was high and income inequality decreasing. But in the mid-1970s this social compact was broken as the world economy entered the stagflation crisis, following a decline in the profitability of capital. This crisis opened a new phase of stagnating growth and wages, and unemployment. Interest rates as well as dividend flows rose, and income inequality widened.
Economists Gérard Duménil and Dominique Lévy show that, despite free market platitudes, neoliberalism was a planned effort by financial interests against the postwar Keynesian compromise. The cluster of neoliberal policies--including privatization, liberalization of world trade, and reduction in state welfare benefits--is an expression of the power of finance in the world economy.
The sequence of events initiated by neoliberalism was not unprecedented. In the late nineteenth century, when economic conditions were similar to those of the 1970s, a structural crisis led to the first financial hegemony culminating in the speculative boom of the late 1920s. The authors argue persuasively for stabilizing the world economy before we run headlong into another economic disaster.
“A timely account of how the 1% holds on to their wealth…Ought to keep wealth managers awake at night.”
—Wall Street Journal
“Harrington advises governments seeking to address inequality to focus not only on the rich but also on the professionals who help them game the system.”
—Richard Cooper, Foreign Affairs
“An insight unlike any other into how wealth management works.”
—Felix Martin, New Statesman
“One of those rare books where you just have to stand back in awe and wonder at the author’s achievement…Harrington offers profound insights into the world of the professional people who dedicate their lives to meeting the perceived needs of the world’s ultra-wealthy.”
—Times Higher Education
How do the ultra-rich keep getting richer, despite taxes on income, capital gains, property, and inheritance? Capital without Borders tackles this tantalizing question through a groundbreaking multi-year investigation of the men and women who specialize in protecting the fortunes of the world’s richest people. Brooke Harrington followed the money to the eighteen most popular tax havens in the world, interviewing wealth managers to understand how they help their high-net-worth clients dodge taxes, creditors, and disgruntled heirs—all while staying just within the letter of the law. She even trained to become a wealth manager herself in her quest to penetrate the fascinating, shadowy world of the guardians of the one percent.
El Salvador is widely considered one of the most successful United Nations peacebuilding efforts, but record homicide rates, political polarization, socioeconomic exclusion, and corruption have diminished the quality of peace for many of its citizens. In Captured Peace: Elites and Peacebuilding in El Salvador, Christine J. Wade adapts the concept of elite capture to expand on the idea of “captured peace,” explaining how local elites commandeered political, social, and economic affairs before war’s end and then used the peace accords to deepen their control in these spheres.
While much scholarship has focused on the role of gangs in Salvadoran unrest, Wade draws on an exhaustive range of sources to demonstrate how day-to-day violence is inextricable from the economic and political dimensions. In this in-depth analysis of postwar politics in El Salvador, she highlights the local actors’ primary role in peacebuilding and demonstrates the political advantage an incumbent party—in this case, the Nationalist Republican Alliance (ARENA—has throughout the peace process and the consequences of this to the quality of peace that results.
Castles, Battles, and Bombs reconsiders key episodes of military history from the point of view of economics—with dramatically insightful results. For example, when looked at as a question of sheer cost, the building of castles in the High Middle Ages seems almost inevitable: though stunningly expensive, a strong castle was far cheaper to maintain than a standing army. The authors also reexamine the strategic bombing of Germany in World War II and provide new insights into France’s decision to develop nuclear weapons. Drawing on these examples and more, Brauer and Van Tuyll suggest lessons for today’s military, from counterterrorist strategy and military manpower planning to the use of private military companies in Afghanistan and Iraq.
"In bringing economics into assessments of military history, [the authors] also bring illumination. . . . [The authors] turn their interdisciplinary lens on the mercenary arrangements of Renaissance Italy; the wars of Marlborough, Frederick the Great, and Napoleon; Grant's campaigns in the Civil War; and the strategic bombings of World War II. The results are invariably stimulating."—Martin Walker, Wilson Quarterly
"This study is serious, creative, important. As an economist I am happy to see economics so professionally applied to illuminate major decisions in the history of warfare."—Thomas C. Schelling, Winner of the 2005 Nobel Prize in Economics
Nostalgia for the imagined warm family gatherings of yesteryear has colored our understanding of family celebrations. Elizabeth Pleck examines family traditions over two centuries and finds a complicated process of change in the way Americans have celebrated holidays such as Christmas, Easter, Thanksgiving, Chinese New Year, and Passover as well as the life cycle rituals of birth, coming of age, marriage, and death. By the early nineteenth century carnivalesque celebrations outside the home were becoming sentimental occasions that used consumer culture and displays of status and wealth to celebrate the idea of home and family. The 1960s saw the full emergence of a postsentimental approach to holiday celebration, which takes place outside as often as inside the home, and recognizes changes in the family and women's roles, as well as the growth of ethnic group consciousness.
This multicultural, comparative history of American family celebration, rich in detail and spiced with telling anecdotes and illustrations and a keen sense of irony, offers insight into the significance of ethnicity and consumer culture in shaping what people regard as the most memorable moments of family life.
Understanding wealth in the United States—who has it, how they acquired it, and how they preserve it—is crucial to addressing the economic and political challenges facing the nation. But until now we have had little reliable information. Edward Wolff, one of the world’s great experts on the economics of wealth, offers an authoritative account of patterns in the accumulation and distribution of wealth since 1900.
A Century of Wealth in America demonstrates that the most remarkable change has been the growth of per capita household wealth, which climbed almost eightfold prior to the 2007 recession. But overlaid on this base rate are worrying trends. The share of personal wealth claimed by the richest one percent almost doubled between the mid-1970s and 2013, concurrent with a steep run-up of debt in the middle class. As the wealth of the average family dropped precipitously—by 44 percent—between 2007 and 2013, with black families hit hardest, the debt-income ratio more than doubled. The Great Recession also caused a sharp spike in asset poverty, as more and more families barely survived from one paycheck to the next. In short, the United States has changed from being one of the most economically equal of the advanced industrialized countries to being one of the most unequal.
At a time of deep uncertainty about the future, A Century of Wealth in America provides a sober bedrock of facts and astute analysis. It will become one of the few indispensable resources for contemporary public debate.
Contributors. Charles S. Backman, Thomas R. Cox, John Dargavel, Elizabeth Flint, Lim Hin Fui, G. R. Henning, Kenneth E. Jackson, Hiroaki Kakizawa, Nicholas K. Menzies, Andrew Price, John F. Richards, Jr., M. M. Roche, I. Gustin M. Tantra, Conrad Totman, Richard P. Tucker, Thomas R. Waggener
A thought-provoking journey into the whos and whys of college sports history, Changing the Playbook reveals how the turning points of yesterday and today will impact tomorrow."
Megacities such as Santiago are becoming a worldwide phenomenon. In six of eleven South American countries, over 25 percent of the population lives in a single city. What policies should national governments adopt with regard to dominant metropolises? Is it appropriate to restrict the flow of population to big cities? Or should governments take a laissez-faire attitude and permit city growth?
Focusing on Chile, this book argues that appropriate government action lies between these extremes. The authors espouse spatial policies that mitigate the social costs of congestion and pollution but also ensure that migrants pay the social costs of moving to big cities.
Chronic Condition provides a compelling analysis of the causes of the current health care crisis and of the shortcomings of reform proposals. It also offers an ingenious new framework for reform that, while minimizing government interference, would provide a means for financing care for the less affluent.
Sherry Glied shows that rising health care spending is consistent with a rising standard of living. Since we can, as a nation, afford more health care, reform must address not the overall level of health care costs but the distribution of health care spending.
Prior reform proposals, Glied argues, have failed to account for the tension between the clearly manifested desire for improving the quality of health care and the equally widespread interest in assuring that the less fortunate share in these improvements. After careful analysis of the ill-fated Clinton plan, Glied proposes a new solution that would make the willingness to pay for innovation the means of financing health care improvements for the less affluent. While rejecting the idea that the distribution of health care should be perfectly equal, Glied's proposal would enable all Americans to benefit from the dynamics of the free market.
In Circling the Bases, leading sports economist Andrew Zimbalist continues his discussion and analysis of the major issues and challenges confronting the sports industry in the second decade of the 21st century. Presenting a general overview of the sports business at both the college and professional levels, this volume places concerns such as the antitrust status of sports leagues, the stalled progress of gender equity in college sports, and the control of Performance Enhancing Drugs in historical context.
Zimbalist also provides a deeper understanding of how sports have fared and changed with the sharpening financial crisis and 2009 economic downturn—from the morphing role of salary caps and revenue distribution and the rapid escalation of college coaches' compensation to the financing of sports facilities and the economic impact of hosting the Olympic Games.
In Circling the Bases, Zimbalist continues to show how the business of sports is evolving and how the sports industry is becoming more closely linked with the corporate sector and thus more vulnerable to the vicissitudes of the U.S. and world economies. Zimbalist deftly shows how sports are facing the uncertainties of the future and what the implications are for sports fans, players, owners, and leagues.
This study of Bolivia uses Cochabamba as a laboratory to examine the long-term transformation of native Andean society into a vibrant Quechua-Spanish-mestizo region of haciendas and smallholdings, towns and villages, peasant markets and migratory networks caught in the web of Spanish imperial politics and economics. Combining economic, social, and ethnohistory, Brooke Larson shows how the contradictions of class and colonialism eventually gave rise to new peasant, artisan, and laboring groups that challenged the evolving structures of colonial domination. Originally published in 1988, this expanded edition includes a new final chapter that explores the book’s implications for understanding the formation of a distinctive peasant political culture in the Cochabamba valleys over the eighteenth and nineteenth centuries.
Collecting the Now offers a new, in-depth look at the economic forces and institutional actors that have shaped the outlines of postwar art history, with a particular focus on American art, 1960–1990. Working through four case studies, Michael Maizels illuminates how a set of dealers and patrons conditioned the iconic developments of this period: the profusions of pop art, the quixotic impossibility of land art, the dissemination of new media, and the speculation-fueled neo-expressionist painting of the 1980s.
This book addresses a question of pivotal importance to a swath of art history that has already received substantial scholarly investigation. We now have a clear, nuanced understanding of why certain evolutions took place: why pop artists exploded the delimited parameters of aesthetic modernism, why land artists further strove against the object form itself, and why artists returned to (neo-)traditional painting in the 1980s. But remarkably elided by extant scholarship has been the question of how. How did conditions coalesce around pop so that its artists entered into museum collections, and scholarly analyses, at pace unprecedented in the prior history of art? How, when seeking to transcend the delimited gallery object, were land artists able to create monumental (and by extension, monumentally expensive), interventions in the extreme wilds of the Western deserts? And how did the esoteric objects of media art come eventually to scholarly attention in the sustained absence of academic interest or a private market? The answers to these questions lie in an exploration of the financial conditions and funding mechanisms through which these works were created, advertised, distributed, and preserved.
The Commercialization of News in the Nineteenth Century traces the major transformation of newspapers from a politically based press to a commercially based press in the nineteenth century. Gerald J. Baldasty argues that broad changes in American society, the national economy, and the newspaper industry brought about this dramatic shift.
Increasingly in the nineteenth century, news became a commodity valued more for its profitablility than for its role in informing or persuading the public on political issues. Newspapers started out as highly partisan adjuncts of political parties. As advertisers replaced political parties as the chief financial support of the press, they influenced newspapers in directing their content toward consumers, especially women. The results were recipes, fiction, contests, and features on everything from sports to fashion alongside more standard news about politics.
Baldasty makes use of nineteenth-century materials—newspapers from throughout the era, manuscript letters from journalists and politicians, journalism and advertising trade publications, government reports—to document the changing role of the press during the period. He identifies three important phases: the partisan newspapers of the Jacksonian era (1825-1835), the transition of the press in the middle of the century, and the influence of commercialization of the news in the last two decades of the century.
Selling science has become a common practice in contemporary universities. This commodification of academia pervades many aspects of higher education, including research, teaching, and administration. As such, it raises significant philosophical, political, and moral challenges. This volume offers the first book-length analysis of this disturbing trend from a philosophical perspective and presents views by scholars of philosophy of science, social and political philosophy, and research ethics.
The epistemic and moral responsibilities of universities, whether for-profit or nonprofit, are examined from several philosophical standpoints. The contributors discuss the pertinent epistemological and methodological questions, the sociopolitical issues of the organization of science, the tensions between commodified practices and the ideal of “science for the public good,” and the role of governmental regulation and personal ethical behavior. In order to counter coercive and corruptive influences of academic commodification, the contributors consider alternatives to commodified research and offer practical recommendations for establishing appropriate research standards, methodologies and institutional arrangements, and a corresponding normative ethos.
How global health practices can end up reorganizing practices of care for the people and communities they seek to serve
Commodities of Care examines the unanticipated effects of global health interventions, ideas, and practices as they unfold in communities of men who have sex with men (MSM) in China. Targeted for the scaling-up of HIV testing, Elsa L. Fan examines how the impact of this initiative has transformed these men from subjects of care into commodities of care: through the use of performance-based financing tied to HIV testing, MSM have become a source of economic and political capital.
In ethnographic detail, Fan shows how this particular program, ushered in by global health donors, became the prevailing strategy to control the epidemic in China in the late 2000s. Fan examines the implementation of MSM testing and its effects among these men, arguing that the intervention produced new markets of men, driven by the push to meet testing metrics.
Fan shows how men who have sex with men in China came to see themselves as part of a global “MSM” category, adopting new selfhoods and socialities inextricably tied to HIV and to testing. Wider trends in global health programming have shaped national public health responses in China and, this book reveals, have radically altered the ways health, disease, and care are addressed.
In the face of the gradual saturation of US public education by the logics of neoliberalism, educators often find themselves at a loss to respond, let alone resist. Through state defunding and many other “reforms” fueled by austerity politics, a majority of educators are becoming casual labor in US universities while those who hang onto secure employment are pressed to act as self-supporting entrepreneurs or do more with less. Focusing on the discipline of writing studies, this collection addresses the sense of crisis that many educators experience in this age of austerity.
The chapters in this book chronicle how neoliberal political economy shapes writing assessments, curricula, teacher agency, program administration, and funding distribution. Contributors also focus on how neoliberal political economy dictates the direction of scholarship, because the economic and political agenda shaping the terms of work, the methods of delivery, and the ways of valuing and assessing writing also shape the primary concerns and directions of scholarship.
Composition in the Age of Austerity offers critical accounts of how the restructuring of higher education is shaping the daily realities of composition programs. The book documents the effects and implications of the current restructuring, examines how cherished rhetorical ideals actually leave the field unprepared to respond effectively to defunding and corporatizing trends, and establishes points of departure for collective response.
When does a reigning great power of the international system supplement military containment of a challenging power by restricting its economic exchanges with that state? Scholars of great power politics have traditionally focused on examining a reigning power’s military containment of a challenging power. In direct contrast, Compound Containment demonstrates that these conventional studies are flawed without a sound understanding of the multilayered aspects of containment strategy in great power politics. Since economic capacity and military power are intimately linked to one another, countering a challenging power requires addressing both economic and military dimensions. Nonetheless, this nexus of security and economy in a reigning power’s response to a challenging power cannot be explained by traditional theories that dominate research in international security. Author Dong Jung Kim fills a gap in the scholarship on great power competition by investigating when a reigning power will make its military containment of a challenging power “compound” by simultaneously employing restrictive economic measures. Its main theoretical claims are corroborated by an analysis of key historical cases of reigning power-challenging power competition. This book also offers policy prescriptions for the United States by examining whether the United States is in a position to complement military containment of China with restrictive economic measures.
A superb work in the social history of American industry
A Gettysburg College "Top 200 Civil War Books" selection
Mayflower Award Winner for 1970
"Before the global credit system began its collapse in 2007, Mark Taylor had connected the dots between increasingly complex financial instruments and larger cultural forces. Anyone who wants to understand the disappearing foundation of our financial markets needs to read this book immediately."—Michael Lewitt, editor, The HCM Market Letter
The colonial society and economy of Latin America were based on local communities of three principal types: Spanish towns, Indian villages, and landed estates or haciendas. Of these, it was the latter that provided the economic foundations for the aristocratic social system. This book tells how and why the Spaniards who settled the Peruvian coastal valleys originally came to establish their estates. Some of the questions it attempts to answer are: Why did the hacienda system arise in the second half of the sixteenth century? Was it primarily a product of Spanish history and culture? Was it an inevitable result of the conquest? What did it owe to Indian customs and traditions? To local geography? To economic and social conditions?
Concentrating on seven major valleys of the central coast, the author investigates varying local conditions and circumstances as they appear in wills, bills of sale, contracts, and other notarial documents. The story begins with the indigenous coastal societies before the conquest and concludes with the consolidation of the hacienda system in the early seventeenth century.
This book is written as a survey for students who are interested in the nature and role of consumer culture in modern societies. Drawing on a wide range of studies and disciplines, Celia Lury examines the rise of consumer culture and the changing relations between the production and consumption of cultural goods. Rejecting the Marxist principle of production as the lone economic determinant in capitalist society, Lury presents consumerism as an equally active player in the free market. Rather than existing as opposites, production and consumerism are seen as complements, feeding off each other in an endless cycle. As the author writes, “the use or appropriation of an object is more often than not both a moment of consumption and production, of undoing and doing, of destruction and construction.”
Lury weaves unique arguments over the expansive nature of consumption, including explanations as to how poorer segments of society do in fact contribute to consumer culture and how a commodity moves beyond its function and assumes a cultural and symbolic meaning. Not only does the author explore the way an individual’s position in social groups structured by class, gender, race and age affects the nature of his or her participation in consumer culture, but also how this culture itself is instrumental in the defining of social and political groups and the forming of an individual’s self-identity.
Clearly written and well illustrated, Consumer Culture is a lively and engaging introduction to a topic which is of growing importance in media and cultural studies and in the sociology of culture. It will enable readers to understand and ultimately to have better control over the means of consumption.
Seeing the consequences of competitive school choice policy through students’ eyes
While policymakers often justify school choice as a means to alleviate opportunity and achievement gaps, an unanticipated effect is increased competition over access to coveted, high-performing schools. In A Contest without Winners, Kate Phillippo follows a diverse group of Chicago students through the processes of researching, applying to, and enrolling in public high school. Throughout this journey, students prove themselves powerful policy actors who carry out and redefine competitive choice.
Phillippo’s work amplifies the voices of students—rather than the parents, educators, public intellectuals, and policymakers who so often inform school choice research—and investigates how students interact with and emerge from competitive choice academically, developmentally, and civically. Through students’ experiences, she shows how competitive choice legitimates and exacerbates existing social inequalities; collides with students’ developmental vulnerability to messages about their ability, merit, and potential; and encourages young people’s individualistic actions as they come to feel that they must earn their educational rights. From urban infrastructure to income inequality to racial segregation, Phillippo examines the factors that shape students’ policy enactment and interpretation, as policymakers and educators ask students to compete for access to public resources.
With competitive choice, even the winners—the lucky few admitted to their dream schools—don’t outright win. A Contest without Winners challenges meritocratic and market-driven notions of opportunity creation for young people and raises critical questions about the goals we have for public schooling.
Criminal justice expenditures have more than doubled since the 1980s, dramatically increasing costs to the public. With state and local revenue shortfalls resulting from the recent recession, the question of whether crime control can be accomplished either with fewer resources or by investing those resources in areas other than the criminal justice system is all the more relevant.
Poor health habits (drinking, smoking, lack of exercise) obviously take their toll on individuals and their families. The costs to society are less obvious but certainly more far-reaching. This investigation is the first to quantify the financial burden these detrimental habits place on American taxpayers. Willard Manning and his colleagues measure the direct costs of poor health habits (fire damage, motor vehicle accidents, legal fees), as well as collectively financed costs (medical care, employee sick leave, group health and life insurance, nursing home care, retirement pensions, liability insurance). Consider two co-workers covered by their employer's health plan: both pay the same premium, yet if one drinks heavily, the other--through their mutual insurance program--involuntarily funds the resulting health problems.
After laying out their conceptual framework, methods, and analytical approach, the authors describe precisely how and to what extent drinking, smoking, and lack of exercise are currently subsidized, and make recommendations for reducing or reallocating the expense. They present, for example, a persuasive case for raising excise taxes on alcohol. The authors correlate their data to make costs comparable, to avoid double counting, and to determine the exact costs of each of these poor health habits and some of their findings are quite surprising.
This unique study will be indispensable to public health policy specialists and researchers, as well as to health economists.
Drawing on years of fieldwork, Enriquez shows how forcing artists to adopt “neutral” market solutions reinforces, and generates, overlapping racial and class-based inequalities. Lacking the social and financial resources of their middle-class peers, working-class musicians find it difficult to uphold institutional goals of connecting the city’s cultural roots to global markets and consumers. Enriquez also links the artists’ situation to that of cultural and creative workers around the world. As she shows, musical sponsorship in Recife and the contemporary gig economy elsewhere employ processes that, far from being neutral, uphold governmental and corporate ideologies that produce social stratification.
Rich and vibrant, The Costs of the Gig Economy offers a rare English-language portrait of the changing musical culture in Recife.
As the coronavirus ravages the globe, its aftermaths have brought gender inequalities to the forefront of many conversations. Countries in the Middle East and North Africa have been slow to prepare for, adapt to, and mitigate the COVID-19 health crisis and its impacts on governance, economics, security, and rights. Women’s physical well-being, social safety nets, and economic participation have been disproportionately affected, and with widespread shutdowns and capricious social welfare programs, women are exiting the workplace and the classroom, carrying the caregiving burden.
With feminist foregrounding, Rita Stephan's collection COVID and Gender in the Middle East gathers an impressive group of local scholars, activists, and policy experts. The book examines a range of national and localized responses to gender-specific issues around COVID’s health impact and the economic fallout and resulting social vulnerabilities, including the magnified marginalization of Syrian refugees; the inequitable treatment of migrant workers in Bahrain; and the inadequate implementation of gender-based violence legislation in Morocco. An essential global resource, this book is the first to provide empirical evidence of COVID’s gendered effects.
Harold James examines the vulnerability and fragility of processes of globalization, both historically and in the present. This book applies lessons from past breakdowns of globalization—above all in the Great Depression—to show how financial crises provoke backlashes against global integration: against the mobility of capital or goods, but also against flows of migration. By a parallel examination of the financial panics of 1929 and 1931 as well as that of 2008, he shows how banking and monetary collapses suddenly and radically alter the rules of engagement for every other type of economic activity.
Increased calls for state action in countercyclical fiscal policy bring demands for trade protection. In the open economy of the twenty-first century, such calls are only viable in very large states—probably only in the United States and China. By contrast, in smaller countries demand trickles out of the national container, creating jobs in other countries. The international community is thus paralyzed, and international institutions are challenged by conflicts of interest. The book shows the looming psychological and material consequences of an interconnected world for people and the institutions they create.
This book explores the organization of creative industries, including the visual and performing arts, movies, theater, sound recordings, and book publishing. In each, artistic inputs are combined with other, "humdrum" inputs. But the deals that bring these inputs together are inherently problematic: artists have strong views; the muse whispers erratically; and consumer approval remains highly uncertain until all costs have been incurred.
To assemble, distribute, and store creative products, business firms are organized, some employing creative personnel on long-term contracts, others dealing with them as outside contractors; agents emerge as intermediaries, negotiating contracts and matching creative talents with employers. Firms in creative industries are either small-scale pickers that concentrate on the selection and development of new creative talents or large-scale promoters that undertake the packaging and widespread distribution of established creative goods. In some activities, such as the performing arts, creative ventures facing high fixed costs turn to nonprofit firms.
To explain the logic of these arrangements, the author draws on the analytical resources of industrial economics and the theory of contracts. He addresses the winner-take-all character of many creative activities that brings wealth and renown to some artists while dooming others to frustration; why the "option" form of contract is so prevalent; and why even savvy producers get sucked into making "ten-ton turkeys," such as Heaven's Gate. However different their superficial organization and aesthetic properties, whether high or low in cultural ranking, creative industries share the same underlying organizational logic.
This book argues that the current financial turmoil signals a crisis in globalisation that will directly challenge the free market economic model.
Graham Turner shows that the housing bubbles in the West were deliberately created to mask the damage inflicted by companies shifting production abroad in an attempt to boost profits. As these bubbles burst, economic growth in many developed countries will inevitably tumble. The Japanese crisis of the 1990s shows that banks and governments may struggle to contain the fallout. The problem has not been limited to the US, UK and Europe: housing bubbles have become endemic across wide swathes of emerging market economies. As the West slides, these countries will see an implosion of their credit bubbles too, shaking their faith in the free market.
Turner is an experienced and successful economic forecaster, whose opinions are sought by large international banks and top financial journalists. Drawing from his first hand experience of the Japanese property crash of the 1990s, he presents his analysis in a clear and persuasive style, showing that the end of housing market growth spells disaster for neoliberal globalisation.
Credit economies constituted "economies of regard" in which reputation depended on embodied performances of credibility. Crowston explores the role of fashionable appearances and sexual desire in leveraging credit and reconstructs women's vigorous participation in its gray markets. The scandalous relationship between Queen Marie Antoinette and fashion merchant Rose Bertin epitomizes the vertical loyalties and deep social divides of the credit regime and its increasingly urgent political stakes.
In vivid, inventive, and engaging prose, Pandian weaves together ethnographic encounters, archival investigations, and elements drawn from Tamil poetry, prose, and popular cinema. Tacking deftly between ploughed soils and plundered orchards, schoolroom lessons and stationhouse registers, household hearths and riverine dams, he reveals moral life in the postcolonial present as a palimpsest of traces inherited from multiple pasts. Pursuing these legacies through the fragmentary play of desire, dream, slander, and counsel, Pandian calls attention not only to the moral potential of ordinary existence, but also to the inescapable force of accident, chance, and failure in the making of ethical lives. Rarely are the moral coordinates of modern power sketched with such intimacy and delicacy.
Many scholars of Latin America have argued that the introduction of coffee forced most people to become landless proletarians toiling on large plantations. Cultivating Coffee tells a different story: small and medium-sized growers in Nicaragua were a vital part of the economy, constituting the majority of the farmers and holding most of the land.
Alongside these small commercial farmers was a group of subsistence farmers, created by the state’s commitment to supplying municipal lands to communities. These subsistence growers became the workforce for their coffee-growing neighbors, providing harvest labor three months a year. Mostly illiterate, perhaps largely indigenous, they nonetheless learned the functioning of the new political and economic systems and used them to acquire individual plots of land.
Julie Charlip’s Cultivating Coffee joins the growing scholarship on rural Latin America that demonstrates the complexity of the processes of transition to expanded export agriculture in the nineteenth and twentieth centuries, emphasizing the agency of actors at all levels of society. It also sheds new light on the controversy surrounding landholding in Nicaragua during the Sandinista revolution.
Around the globe, people leave their homes to better themselves, to satisfy needs, and to care for their families. They also migrate to escape undesirable conditions, ranging from a lack of economic opportunities to violent conflicts at home or in the community. Most studies of migration have analyzed the topic at either the macro level of national and global economic and political forces, or the micro level of the psychology of individual migrants. Few studies have examined the "culture of migration"—that is, the cultural beliefs and social patterns that influence people to move.
Cultures of Migration combines anthropological and geographical sensibilities, as well as sociological and economic models, to explore the household-level decision-making process that prompts migration. The authors draw their examples not only from their previous studies of Mexican Oaxacans and Turkish Kurds but also from migrants from Europe, sub-Saharan Africa, the Pacific, and many parts of Asia. They examine social, economic, and political factors that can induce a household to decide to send members abroad, along with the cultural beliefs and traditions that can limit migration. The authors look at both transnational and internal migrations, and at shorter- and longer-term stays in the receiving location. They also consider the effect that migration has on those who remain behind. The authors' "culture of migration" model adds an important new dimension to our understanding of the cultural beliefs and social patterns associated with migration and will help specialists better respond to increasing human mobility.
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