This book provides a careful historical analysis of the co-evolution of educational attainment and the wage structure in the United States through the twentieth century. The authors propose that the twentieth century was not only the American Century but also the Human Capital Century. That is, the American educational system is what made America the richest nation in the world. Its educational system had always been less elite than that of most European nations. By 1900 the U.S. had begun to educate its masses at the secondary level, not just in the primary schools that had remarkable success in the nineteenth century.

The book argues that technological change, education, and inequality have been involved in a kind of race. During the first eight decades of the twentieth century, the increase of educated workers was higher than the demand for them. This had the effect of boosting income for most people and lowering inequality. However, the reverse has been true since about 1980. This educational slowdown was accompanied by rising inequality. The authors discuss the complex reasons for this, and what might be done to ameliorate it.

Is economic equality necessary for social peace? Why do the strong oppress and impoverish the weak? How are developing nations overcoming the legacy of colonialism? These are a few of the many thought-provoking concerns addressed in this book. The first in a new series—The W. E. B. Du Bois Lectures—it tackles a wide range of topics dealing with the economics of racial conflict in important areas of the world. Race is often introduced as a key factor, whether it is or not, in such highly controversial subjects as colonialism, federalism, dual labor markets, affirmative action, multinational corporations, the international economic order, and of course discrimination itself. W. Arthur Lewis discerns the ways in which race and economics affect individuals and groups, bringing a personal viewpoint to the problems faced by both less-developed and more-developed countries.

How many black vice-presidents should a major North American corporation employ? Do East Indians and Canadians demonstrate more aptitude for business than West Indians? Does affirmative action work in education or business? Though he boldly confronts grave national and international problems, Lewis does so with wisdom, equanimity, optimism, even a touch of humor. His individualistic and commonsensical thoughts and opinions may not please or satisfy everyone, but they cannot fail to intrigue and invite discussion.

Zvi Griliches was a modern master of empirical economics. In this short book, he recounts what he and others have learned about the sources of economic growth. This book conveys the way he tackled research problems. For Griliches, economic theorizing without measurement is merely the fashioning of parables, but measurement without theory is blind. Judgment enables one to strike the right balance.

The book begins with economists' first attempts to measure productivity growth systematically in the 1930s. In the mid-1950s these efforts culminated in a startling puzzle. The growth of measured inputs like labor and capital explained only a fraction of the growth of national output. Economists called this phenomenon "efficiency" or "technical change" or "the residual." However, Griliches observes that the most accurate name was a "measure of our ignorance." What explained the rest of economic growth quickly became one of the most important questions in economics.

Over the next thirty years, Griliches and his colleagues and students looked for various components of the residual in education (the formation of human capital), investment (the formation of physical capital), and research and development. In 1973, after the oil price shocks, productivity growth slowed and the residual almost disappeared. Since the shocks were a short-term phenomenon, they could not account for the slowdown. A main focus of this book is therefore the puzzle of the productivity slowdown and how to date it and how to explain it.

Reassessing the Cambodian genocide through the lens of global capitalist development.

James Tyner reinterprets the place of agriculture under the Khmer Rouge, positioning it in new ways relative to Marxism, capitalism, and genocide. The Cambodian revolutionaries’ agricultural management is widely viewed by critics as irrational and dangerous, and it is invoked as part of wider efforts to discredit leftist movements. Researching the specific functioning of Cambodia’s transition from farms to agriculture within the context of the global economy, Tyner comes to a different conclusion. He finds that analysis of “actually existing political economy”—as opposed to the Marxist identification the Khmer Rouge claimed—points to overlap between Cambodian practice and agrarian capitalism.

Tyner argues that dissolution of the traditional Khmer family farm under the aegis of state capitalism is central to any understanding of the mass violence unleashed by the Khmer Rouge. Seen less as a radical outlier than as part of a global shift in farming and food politics, the Cambodian tragedy imparts new lessons to our understanding of the political economy of genocide.

The current products liability crisis is both familiar and puzzling: million-dollar awards for apparently frivolous claims, inadequate settlements for thousands of people with severe injuries, skyrocketing insurance premiums, an overburdened judicial system. The adverse effects of this crisis on product innovation may be particularly detrimental to the extent that they deprive consumers of newer and safer goods. W. Kip Viscusi offers the first comprehensive and objective analysis of the crisis. He employs extensive, original empirical data to diagnose the causes and to assess the merits of alternative reform policies.

Drawing on both liability insurance trends and litigation patterns, Viscusi shows that the products liability crisis is not simply a phenomenon of the 1980s but has been developing for several decades. He argues that the principal causes have been the expansion of the doctrine of design defect, the emergence of mass toxic torts, and the increase in lawsuits involving hazard warnings. This explanation differs sharply from that of most other scholars, who blame the doctrine of strict liability. Viscusi reformulates the concept of design defect, grounding it in sound economic analysis. He also evaluates public policy regarding hazard warnings and proposes a new national approach.

More generally, the author sketches a comprehensive social risk policy, in which tort liability interacts with government health and safety regulation to foster a coherent set of institutional responses to health and safety risks. Reforming Products Liability will be of special interest to lawyers, judges, policymakers, economists, and all those interested in legal policy and health and safety issues.

Are rent controls and zoning regulations unconstitutional? Should the Supreme Court strike down the Endangered Species Act when its administration interferes with the use of private property? These questions are currently debated under the doctrine of regulatory takings, and William Fischel’s book offers a new perspective on the issue.

Regulatory Takings argues that the issue is not so much about the details of property law as it is about the fairness of politics. The book employs jurisprudential theories, economic analysis, historical investigation, and political science to show why local land use regulations, such as zoning and rent control, deserve a higher degree of judicial scrutiny than national regulations. Unlike other books on this topic, Regulatory Takings goes beyond case law to buttress its arguments. Its reality checks range from reviews of statistical evidence to local inquiries about famous takings cases such as Pennsylvania Coal v. Mahon and Lucas v. South Carolina Coastal Commission. The gap between legal theory and on-the-ground practice is one reason that Fischel investigates alternative means of protecting property rights.

Local governments are often deterred from unfairly regulating portable assets by their owners’ threat of “exit” from the jurisdiction. State and federal government regulations are disciplined by property-owner coalitions whose “voice” is clearly audible in the statehouses and in Congress.

Constitutional courts need to preserve their resources for use in areas in which politics is loaded against the property owner. Regulatory Takings advances an economic standard to decide when a local regulation crosses the border from legitimate police power to a taking that requires just compensation for owners who are adversely affected.

HGTV has perfected stories about creating and capturing value in the housing market. But according to Robert Goldman, this lifestyle network’s beloved flagship programs, Flip or Flop, Property Brothers, and Fixer Upper—where people revitalize modern spaces and reinvent property values—offer “fairy tales” in the wake of the 2008 economic crisis. The cable channel’s seductive, bingeable programs may show how to find and extract value from properties, but, in fact, they insidiously ignore the realities of the real estate and mortgage markets, housing inequality, gentrification, economic insecurity, and even homelessness. In effect, HGTV has turned house flipping into a master narrative about getting ahead in America during an era of otherwise uneasy economic prospects.

HGTV pictures its insular moral economy as an alternative to a crisis-ridden neoliberal finance system that shaped landscapes of foreclosure and financial uncertainty for millions of households. Renovating Value explores the circuitry of consumer credit and debt, and a rent-gap model of gentrification that charts a path to the rehabilitation of Value. Goldman shrewdly critiques the aspirational myth of adding value to a home simply by using imagination, elbow grease, and aesthetic know-how.

Winner of the SHEAR Book Prize
Honorable Mention, Avery O. Craven Award

“Few books have captured the lived experience of slavery as powerfully.”
—Ari Kelman, Times Literary Supplement

“[One] of the most impressive works of American history in many years.”
—The Nation

“An important, arguably seminal, book…Always trenchant and learned.”
—Wall Street Journal

A landmark history, by the author of National Book Critics Circle Award finalist The Broken Heart of America, that shows how slavery fueled Southern capitalism.

When Jefferson acquired the Louisiana Territory, he envisioned an “empire for liberty” populated by self-sufficient white farmers. Cleared of Native Americans and the remnants of European empires by Andrew Jackson, the Mississippi Valley was transformed instead into a booming capitalist economy commanded by wealthy planters, powered by steam engines, and dependent on the coerced labor of slaves. River of Dark Dreams places the Cotton Kingdom at the center of worldwide webs of exchange and exploitation that extended across oceans and drove an insatiable hunger for new lands. This bold reconsideration dramatically alters our understanding of American slavery and its role in U.S. expansionism, global capitalism, and the upcoming Civil War.

Walter Johnson deftly traces the connections between the planters’ pro-slavery ideology, Atlantic commodity markets, and Southern schemes for global ascendency. Using slave narratives, popular literature, legal records, and personal correspondence, he recreates the harrowing details of daily life under cotton’s dark dominion. We meet the confidence men and gamblers who made the Valley shimmer with promise, the slave dealers, steamboat captains, and merchants who supplied the markets, the planters who wrung their civilization out of the minds and bodies of their human property, and the true believers who threatened the Union by trying to expand the Cotton Kingdom on a global scale.

But at the center of the story are the enslaved people who pulled down the forests, planted the fields, picked the cotton—who labored, suffered, and resisted on the dark underside of the American dream.

“Shows how the Cotton Kingdom of the 19th-century Deep South, far from being a backward outpost of feudalism, was a dynamic engine of capitalist expansion built on enslaved labor.”
—A. O. Scott, New York Times

“River of Dark Dreams delivers spectacularly on the long-standing mission to write ‘history from the bottom up.’”
—Maya Jasanoff, New York Review of Books