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Race, Liberalism, and Economics
David Colander, Robert E. Prasch, and Falguni A. Sheth, Editors
University of Michigan Press, 2009
Noneconomists often think that economists' approach to race is almost exclusively one of laissez-faire. Racism, Liberalism, and Economics argues that economists' ideas are more complicated. The book considers economists' support of markets in relation to the challenge of race and race relations and argues that their support of laissez-faire has traditionally been based upon a broader philosophical foundation of liberalism and history: what markets have and have not achieved in the past, and how that past relates to the future. The book discusses the concepts of liberalism and racism, the history and use of these terms, and how that history relates to policy issues. It argues that liberalism is consistent with a wide variety of policies and that the broader philosophical issues are central in choosing policies.

The contributors show how the evolution of racist ideas has been a subtle process that is woven into larger movements in the development of scientific thought; economic thinking is embedded in a larger social milieu. Previous discussions of policies toward race have been constrained by that social milieu, and, since World War II, have largely focused on ending legislated and state-sanctioned discrimination. In the past decade, the broader policy debate has moved on to questions about the existence and relative importance of intangible sources of inequality, including market structure, information asymmetries, cumulative processes, and cultural and/or social capital. This book is a product of, and a contribution to, this modern discussion. It is uniquely transdisciplinary, with contributions by and discussions among economists, philosophers, anthropologists, and literature scholars.

The volume first examines the early history of work on race by economists and social scientists more generally. It continues by surveying American economists on race and featuring contributions that embody more modern approaches to race within economics. Finally it explores several important policy issues that follow from the discussion.

". . . adds new insights that contribute significantly to the debate on racial economic inequality in the U.S. The differing opinions of the contributors provide the broad perspective needed to examine this extremely complex issue."
--James Peoples, University of Wisconsin-Milwaukee

"There is an immense economic literature on racial discrimination, employing a variety of models and decomposition methods. This volume makes a unique contribution by focusing on the philosophical assumptions at the root of this analysis and by presenting many sides of the very vigorous debate surrounding these controversial issues."
--Thomas Maloney, University of Utah

"By focusing upon the progress of analytical technique, historians of economic thought have grossly neglected the symbiotic relation of economics to public policy and ideology. This collection of essays offers a most welcome breach of disciplinary apartheid. Seizing upon recent research in the almost forgotten writings about race of Classical economists and their contemporaries, it relates nineteenth-century ideas to current debates about economic discrimination and other manifestations of racism. As the writing is both learned and lively, the book should appeal both to the generally educated reader and to teachers of courses in multiculturalism."
--Melvin Reder, Isidore Brown and Gladys J. Brown Professor Emeritus of Urban and Labor Economics, University of Chicago
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Race, Nation, and Market
Economic Culture in Porfirian Mexico
Richard Weiner
University of Arizona Press, 2004
Prior to the Revolution of 1910, economic ideals were a dominant mode of political and social discourse in Mexico. Scholars have focused considerable attention on the expansion of the market economy during this period—particularly its political, economic, and social importance. Richard Weiner now enhances our understanding of the emergence of modern Mexico by exploring the market's immense symbolic significance. Race, Nation, and Market traces the intellectual strands of economic thought during the late Porfiriato. Even in the face of Díaz's political reign, the market became the dominant theme in national discourse as contemporaries of all political persuasions underscored its social and cultural effects. This work documents the ways in which liberals, radicals, and conservatives employed market rhetoric to establish their political identities and map out their courses of action, and it shows how the market became an emblem linked to the identity of each group. Weiner explains how the dominant political interests—the científicos, the Mexican Liberal Party, and the social Catholics—each conceived economic issues, and he compares how they rhetorically used their conceptions of the market to promote their political objectives. Some worshiped it as a deity that created social peace, political harmony, and material abundance, while others demonized it as a source of social destruction. Weiner delineates their approaches and reveals how distinct notions of race, gender, community, and nationality informed economic culture and contradicted a laissez-faire conception of society and economy. By focusing on these rhetorical contests, Race, Nation, and Market offers a new perspective on social mobilization in late nineteenth-century Mexico as it also explores the related field of Porfirian economic culture and thought, about which little thus far has been written. In the face of today's controversy over globalization, it offers a unique historical perspective on the market's long-standing significance to political activism.
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Radical Inequalities
China's Revolutionary Welfare State in Comparative Perspective
Nara Dillon
Harvard University Press, 2015

The Chinese Communist welfare state was established with the goal of eradicating income inequality. But paradoxically, it actually widened the income gap, undermining one of the most important objectives of Mao Zedong’s revolution. Nara Dillon traces the origins of the Chinese welfare state from the 1940s through the 1960s, when such inequalities emerged and were institutionalized, to uncover the reasons why the state failed to achieve this goal.

Using newly available archival sources, Dillon focuses on the contradictory role played by labor in the development of the Chinese welfare state. At first, the mobilization of labor helped found a welfare state, but soon labor’s privileges turned into obstacles to the expansion of welfare to cover more of the poor. Under the tight economic constraints of the time, small, temporary differences evolved into large, entrenched inequalities. Placing these developments in the context of the globalization of the welfare state, Dillon focuses on the mismatch between welfare policies originally designed for European economies and the very different conditions found in revolutionary China. Because most developing countries faced similar constraints, the Chinese case provides insight into the development of narrow, unequal welfare states across much of the developing world in the postwar period.

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Radicalism in the States
The Minnesota Farmer-Labor Party and the American Political Economy
Richard M. Valelly
University of Chicago Press, 1989
Concentrated in states outside the Northeast and the South, state-level third-party radical politics has been more widespread than many realize. In the 1920s and 1930s, American political organizations strong enough to mount state-wide campaigns, and often capable of electing governors and members of Congress, emerged not only in Minnesota but in Wisconsin and Washington, in Oklahoma and Idaho, and in several other states.

Richard M. Valelly treats in detail the political economy of the Minnesota Farmer-Labor Party (1918-1944), the most successful radical, state-level party in American history. With the aid of numerous interviews of surviving organizers and participants in the party's existence, Valelly recreates the party's rise to power and subsequent decline, seeking answers to some broad, developmental questions. Why did this type of politics arise, and why did it collapse when it did? What does the party's history tell us about national political change? The answers lie, Valelly argues, in America's transition from the political economy of the 1920s to the New Deal. Combining case study and comparative state politics, he reexamines America's political economy prior to the New Deal and the scope and ironies of the New Deal's reorganization of American politics. The results compellingly support his argument that the federal government's increasing intervention in the economy profoundly transformed state politics. The interplay between national economy policy-making and federalism eventually reshaped the dynamics of interest-group politics and closed off the future of "state-level radicalism." The strength of this argument is highlighted by Valelly's cross-national comparison with Canadian politics. In vivid contrast to the fate of American movements, "province level radicalism" thrived in the Canadian political environment.

In the course of analyzing one of the "supressed alternatives" of American politics, Valelly illuminates the influence of the national political economy on American political development. Radicalism in the States will interest students of economic protest, of national policy-making, of interest-group politics and party politics.
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Rainbow at Midnight
LABOR AND CULTURE IN THE 1940S
George Lipsitz
University of Illinois Press, 1994
Rainbow at Midnight details the origins and evolution of working-class strategies for independence during and after World War II. Arguing that the 1940s may well have been the most revolutionary decade in U.S. history, George Lipsitz combines popular culture, politics, economics, and history to show how war mobilization transformed the working class and how that transformation brought issues of race, gender, and democracy to the forefront of American political culture. This book is a substantially revised and expanded work developed from the author's heralded 1981 Class and Culture in Cold War America.
 
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Rational Expectations and Econometric Practice
Volume 1
Robert E. Lucas Jr. and Thomas J. Sargent, Editors
University of Minnesota Press, 1981

Rational Expectations and Econometric Practice was first published in 1981. Minnesota Archive Editions uses digital technology to make long-unavailable books once again accessible, and are published unaltered from the original University of Minnesota Press editions.

Assumptions about how people form expectations for the future shape the properties of any dynamic economic model. To make economic decisions in an uncertain environment people must forecast such variables as future rates of inflation, tax rates, government subsidy schemes and regulations. The doctrine of rational expectations uses standard economic methods to explain how those expectations are formed.

This work collects the papers that have made significant contributions to formulating the idea of rational expectations. Most of the papers deal with the connections between observed economic behavior and the evaluation of alternative economic policies.

Robert E. Lucas, Jr., is professor of economics at the University of Chicago. Thomas J. Sargent is professor of economics at the University of Minnesota and adviser to the Federal Reserve Bank of Minnesota.

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Rational Expectations and Economic Policy
Edited by Stanley Fischer
University of Chicago Press, 1982
"Several areas in economics today have unprecedented significance and vitality. Most people would agree that stabilization policy ranks with the highest of these. Continuing inflation and periodic serious acceleration of inflation combined with high and secularly rising unemployment combine to give the area high priority. This book brings us up to date on an extremely lively discussion involving the role of expectations, and more particularly rational expectations, in the conduct of stabilization policy. . . . Anyone interested in the role of government in economics should read this important book."—C. Glyn Williams, The Wall Street Review of Books

"This is a most timely and valuable contribution. . . . The contributors and commentators are highly distinguished and the editor has usefully collated comments and the ensuing discussion. Unusually for a conference proceedings the book is well indexed and it is also replete with numerous and up-to-date references. . . . This is the first serious book to examine the rational expectations thesis in any depth, and it will prove invaluable to anyone involved with macroeconomic policy generally and with monetary economics in particular."—G. K. Shaw, The Economic Journal
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Reaching for a New Deal
Ambitious Governance, Economic Meltdown, and Polarized Politics in Obama's First Two Years
Theda Skocpol
Russell Sage Foundation, 2011
During his winning presidential campaign, Barack Obama promised to counter rising economic inequality and revitalize America's middle-class through a series of wide-ranging reforms. His transformational agenda sought to ensure affordable healthcare; reform the nation's schools and make college more affordable; promote clean and renewable energy; reform labor laws and immigration; and redistribute the tax burden from the middle class to wealthier citizens. The Wall Street crisis and economic downturn that erupted as Obama took office also put U.S. financial regulation on the agenda. By the middle of President Obama's first term in office, he had succeeded in advancing major reforms by legislative and administrative means. But a sluggish economic recovery from the deep recession of 2009, accompanied by polarized politics and governmental deadlock in Washington, DC, have raised questions about how far Obama's promised transformations can go. Reaching for a New Deal analyzes both the ambitious domestic policy of Obama's first two years and the consequent political backlash—up to and including the 2010 midterm elections. Reaching for a New Deal opens by assessing how the Obama administration overcame intense partisan struggles to achieve legislative victories in three areas—health care reform, federal higher education loans and grants, and financial regulation. Lawrence Jacobs and Theda Skocpol examine the landmark health care bill, signed into law in spring 2010, which extended affordable health benefits to millions of uninsured Americans after nearly 100 years of failed legislative attempts to do so. Suzanne Mettler explains how Obama succeeded in reorienting higher education policy by shifting loan administration from lenders to the federal government and extending generous tax tuition credits. Reaching for a New Deal also examines the domains in which Obama has used administrative action to further reforms in schools and labor law. The book concludes with examinations of three areas—energy, immigration, and taxes—where Obama's efforts at legislative compromises made little headway. Reaching for a New Deal combines probing analyses of Obama's domestic policy achievements with a big picture look at his change-oriented presidency. The book uses struggles over policy changes as a window into the larger dynamics of American politics and situates the current political era in relation to earlier pivotal junctures in U.S. government and public policy. It offers invaluable lessons about unfolding political transformations in the United States.
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Reforming Economic Systems in Developing Countries
Dwight H. Perkins
Harvard University Press, 1991

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Reforming the Welfare State
Recovery and Beyond in Sweden
Edited by Richard B. Freeman, Birgitta Swedenborg, and Robert H. Topel
University of Chicago Press, 2010
Over the course of the twentieth century, Sweden carried out one of the most ambitious experiments by a capitalist market economy in developing a large and active welfare state. Sweden's generous social programs and the economic equality they fostered became an example for other countries to emulate. Of late, Sweden has also been much discussed as a model of how to deal with financial and economic crisis, due to the country's recovery from a banking crisis in the mid-1990s. At that time economists heatedly debated whether the welfare state caused Sweden's crisis and should be reformed—a debate with clear parallels to current concerns over capitalism. 
Bringing together leading economists, Reforming the Welfare State examines Sweden's policies in response to the mid-1990s crisis and the implications for the subsequent recovery. Among the issues investigated are the way changes in the labor market, tax and benefit policies, local government policy, industrial structure, and international trade affected Sweden's recovery. The way that Sweden addressed its economic challenges provides valuable insight into the viability of large welfare states, and more broadly, into the way modern economies deal with crisis.
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Regions That Work
How Cities and Suburbs Can Grow Together
Manuel Pastor, Jr.
University of Minnesota Press, 2000
"This is a remarkable and timely book. A number of scholars and policy analysts have argued the case for uniting city and suburb. However, no study provides more compelling arguments for regional economic integration." William Julius Wilson "There's a simple, sweeping truth in this book. It's that successful twenty-first-century metropolises will be those that learn to combine agendas of economic prosperity, environmental protection, and social equity. American politics will be transformed when the regional-neighborhood ties these authors explain is fully grasped." Neal Peirce "The authors argue that for U.S. regions to prosper, they must provide and preserve opportunity for all citizens and all communities. This is an important book that helps us understand the evolving regional movement-and its potential-in this country." Myron Orfield Offering a new vision of community-based regionalism, this book arrives just as "smart growth" measures and other attempts to link cities and suburbs are beginning to make their mark on the political and analytical scene. The authors make a powerful case for emphasizing equity, arguing that metropolitan areas must reduce poverty in order to grow and that low-income individuals must make regional connections in order to escape poverty. A hard-hitting analysis of Los Angeles demonstrates that the roots of the unrest of 1992 lay in regional economic deterioration and that the recovery was slowed by insufficient attention to the poor. Regions That Work then provides a history and critique of community-development corporations, a statistical analysis of the poverty-growth relationship in seventy-four metro areas, a detailed study of three regions that have produced superior equity outcomes, and a provocative call for new policies and new politics. Manuel Pastor Jr. is professor of Latin American and Latino Studies and director of the Center for Justice, Tolerance, and Community at the University of California, Santa Cruz. Peter Dreier is E. P. Clapp Distinguished Professor of Politics at Occidental College. J. Eugene Grigsby III is director of the Advanced Policy Institute and professor at UCLA's School of Public Policy and Social Research. Marta López-Garza is an assistant professor and holds a joint position in Women's Studies Department and Chicano/Chicana Studies Department at California State University, Northridge.
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Reluctant Partners
Implementing Federal Policy
Robert P. Stoker
University of Pittsburgh Press, 1991

Constitutional principles at the core of the United States government divide authority between market and state and within the structure of the state itself. This diffusion of authority is valuable because it defends against the excesses of national government, causing federal policy initiatives to be more attuned to the concerns of local jurisdictions, and creating a context in which free enterprise may flourish.

However, this diffusion of authority weakens the control that federal officials enjoy over resources vital to the implementation of national policy. To implement their plans, federal policy formulators must often call upon autonomous participants such as state or local governments, advocacy groups, or commercial interests. When federal policy challenges the perspectives, interest, or priorities of these participants, they become reluctant partners. These implementation participants enjoy substantial autonomy, making their cooperation in pursuit of federal policy goals uncertain and difficult to achieve. How, then, can the federal government secure the cooperation it needs to implement policy when the act of implementation empowers potential adversaries?

Reluctant Partners explores these problems and proposes strategies to reduce the impediments to cooperation and promote policy coordination. Drawing upon theories of regime development and cooperation, Stoker suggests the “implementation regime framework” to analyze the difficulties of realizing cooperation in the implementation process. The framework is illustrated with numerous vignettes and two extensive case studies: the National School Lunch Program and federal nuclear waste disposal policy.

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Remaking New York
Primitive Globalization And The Politics Of Urban Community
William Sites
University of Minnesota Press, 2003

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Remaking New Zealand and Australian Economic Policy
Ideas, Institutions and Policy Communities
Shaun Goldfinch
Georgetown University Press, 2000

During the 1980s and early 1990s, Australia and New Zealand extensively deregulated their economies to create two of the most open markets in the industrialized world. Drawing on interviews with more than 180 leading policymakers in Australia and New Zealand—including former prime ministers, ministers of finance, treasurers, and public servants—Shaun Goldfinch analyzes the factors that made the deregulation process different in each country.

Describing specific policies—including liberalization of financial and capital markets, lowering of trade barriers, the floating of the exchange rate, and privatization—he compares the "crash-through" approach that characterized reform in New Zealand with the "bargained consensus" that underpinned change in Australia. In Australia, influences on policy were relatively diffuse and implementations open and decentralized. New Zealand’s more centralized government structure resulted in a concentration of influence and less deliberation. He contrasts rapid and gradual change, arguing that the latter may yield better policy results and prevent political instability.

Shedding new light on the economic policymaking process, including the role of economic ideas, institutions, and policy elites, this book will appeal to both students and professionals in interested in public policy, comparative politics, and economics.

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A Report of the International Commission for Central American Recovery and Development
William L. Ascher and Ann Hubbard, eds.
Duke University Press, 1989
The 1980s were one of the most turbulent decades in Central America’s history, a history that has been marked by more than its share of strife and upheaval. The wars, economic hardship, and political unrest and instability that have dominated news of the region have been years in the making, the products of flawed and inequitable economic, social, and political structures.
The International Commission for Central American Recovery and Development (ICCARD) was formed to provide a thorough diagnosis and analysis of Central America’s problems and to draft a comprehensive long-term strategy to move the region from decline to development. In this report ICCARD—through forty-five international experts in economics, public policy, management, and development it assembled for this purpose—attempts to rise above rhetoric and simplistic remedies to focus on well-reasoned, thorough, and realistic approaches to economic and social development.
This volume reviews the unequal access of marginal groups to political and economic participation, the precarious situation of Central American financial institutions, the international debt situation, the prospects for regional political and economic integration, and other aspects of regional development. Each of these challenges is addressed by specific recommendations to the Central American governments, the governments of the industrialized nations, and international organizations.
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Rescued by Europe?
Social and Labour Market Reforms in Italy from Maastricht to Berlusconi
Maurizio Ferrera and Elisabetta Gualmini
Amsterdam University Press, 2004
As a result of its political and economic turmoil for much of the postwar period, Italy was considered the "bad seed" in the European community. Harsh ideological divisions, chronic executive instability, inefficient bureaucracy, uneven socio-economic development, organized crime, and unbalanced public finances all contributed to this negative perception of the nation. Yet a massive economic and social overhaul was launched in the 1990s as part of Italy's efforts to meet the famous Maastricht requirements in order to join the Economic and Monetary Union (EMU).

This book examines the processes Italy underwent to become part of the integrated European community and skillfully analyzes the consequences of the "Maastricht process" by exploring the effect it had on governmental and social actions and modes of orientation. Rescued by Europe? offers sharp insights into the importance of welfare state reform to current Berlusconi government, and how the weakening of the European Union's constraints has renewed the resistance to further changes. Ferrera and Gualmini ultimately argue that the constraints and opportunities linked to European integration have been the driving forces behind Italy's positive expansions, yet even with these reforms, there is still a long road ahead for European integration and Italy's political future.
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Restoring Natural Capital
Science, Business, and Practice
Edited by James Aronson, Suzanne J. Milton, and James N. Blignaut; Foreword by Peter H. Raven
Island Press, 2007
How can environmental degradation be stopped? How can it be reversed? And how can the damage already done be repaired? The authors of this volume argue that a two-pronged approach is needed: reducing demand for ecosystem goods and services and better management of them, coupled with an increase in supply through environmental restoration.

Restoring Natural Capital brings together economists and ecologists, theoreticians, practitioners, policy makers, and scientists from the developed and developing worlds to consider the costs and benefits of repairing ecosystem goods and services in natural and socioecological systems. It examines the business and practice of restoring natural capital, and seeks to establish common ground between economists and ecologists with respect to the restoration of degraded ecosystems and landscapes and the still broader task of restoring natural capital. The book focuses on developing strategies that can achieve the best outcomes in the shortest amount of time as it:

• considers conceptual and theoretical issues from both an economic
and ecological perspective
• examines specific strategies to foster the restoration of natural
capital and offers a synthesis and a vision of the way forward

Nineteen case studies from around the world illustrate challenges and achievements in setting targets, refining approaches to finding and implementing restoration projects, and using restoration of natural capital as an economic opportunity. Throughout, contributors make the case that the restoration of natural capital requires close collaboration among scientists from across disciplines as well as local people, and when successfully executed represents a practical, realistic, and essential tool for achieving lasting sustainable development.
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Resurrecting the Granary of Rome
Environmental History and French Colonial Expansion in North Africa
Diana K. Davis
Ohio University Press, 2007

Tales of deforestation and desertification in North Africa have been told from the Roman period to the present. Such stories of environmental decline in the Maghreb are still recounted by experts and are widely accepted without question today. International organizations such as the United Nations frequently invoke these inaccurate stories to justify environmental conservation and development projects in the arid and semiarid lands in North Africa and around the Mediterranean basin. Recent research in arid lands ecology and new paleoecological evidence, however, do not support many claims of deforestation, overgrazing, and desertification in this region.

Diana K. Davis’s pioneering analysis reveals the critical influence of French scientists and administrators who established much of the purported scientific basis of these stories during the colonial period in Algeria, Morocco, and Tunisia, illustrating the key role of environmental narratives in imperial expansion. The processes set in place by the use of this narrative not only systematically disadvantaged the majority of North Africans but also led to profound changes in the landscape, some of which produced the land degradation that continues to plague the Maghreb today.

Resurrecting the Granary of Rome exposes many of the political, economic, and ideological goals of the French colonial project in these arid lands and the resulting definition of desertification that continues to inform global environmental and development projects. The first book on the environmental history of the Maghreb, this volume reframes much conventional thinking about the North African environment. Davis’s book is essential reading for those interested in global environmental history.

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Rethinking the Financial Crisis
Alan S. Blinder
Russell Sage Foundation, 2013
Some economic events are so major and unsettling that they “change everything.” Such is the case with the financial crisis that started in the summer of 2007 and is still a drag on the world economy. Yet enough time has now elapsed for economists to consider questions that run deeper than the usual focus on the immediate causes and consequences of the crisis. How have these stunning events changed our thinking about the role of the financial system in the economy, about the costs and benefits of financial innovation, about the efficiency of financial markets, and about the role the government should play in regulating finance? In Rethinking the Financial Crisis, some of the nation’s most renowned economists share their assessments of particular aspects of the crisis and reconsider the way we think about the financial system and its role in the economy. In its wide-ranging inquiry into the financial crash, Rethinking the Financial Crisis marshals an impressive collection of rigorous and yet empirically-relevant research that, in some respects, upsets the conventional wisdom about the crisis and also opens up new areas for exploration. Two separate chapters–by Burton G. Malkiel and by Hersh Shefrin and Meir Statman – debate whether the facts of the financial crisis upend the efficient market hypothesis and require a more behavioral account of financial market performance. To build a better bridge between the study of finance and the “real” economy of production and employment, Simon Gilchrist and Egan Zakrasjek take an innovative measure of financial stress and embed it in a model of the U.S. economy to assess how disruptions in financial markets affect economic activity—and how the Federal Reserve might do monetary policy better. The volume also examines the crucial role of financial innovation in the evolution of the pre-crash financial system. Thomas Philippon documents the huge increase in the size of the financial services industry relative to real GDP, and also the increasing cost per financial transaction. He suggests that the finance industry of 1900 was just as able to produce loans, bonds, and stocks as its modern counterpart—and it did so more cheaply. Robert Jarrow looks in detail at some of the major types of exotic securities developed by financial engineers, such as collateralized debt obligations and credit-default swaps, reaching judgments on which make the real economy more efficient and which do not. The volume’s final section turns explicitly to regulatory matters. Robert Litan discusses the political economy of financial regulation before and after the crisis. He reviews the provisions of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010, which he considers an imperfect but useful response to a major breakdown in market and regulatory discipline. At a time when the financial sector continues to be a source of considerable controversy, Rethinking the Financial Crisis addresses important questions about the complex workings of American finance and shows how the study of economics needs to change to deepen our understanding of the indispensable but risky role that the financial system plays in modern economies.
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Revolutionary Commerce
Globalization and the French Monarchy
Paul Cheney
Harvard University Press, 2010

Combining the intellectual history of the Enlightenment, Atlantic history, and the history of the French Revolution, Paul Cheney explores the political economy of globalization in eighteenth-century France.

The discovery of the New World and the rise of Europe's Atlantic economy brought unprecedented wealth. It also reordered the political balance among European states and threatened age-old social hierarchies within them. In this charged context, the French developed a "science of commerce" that aimed to benefit from this new wealth while containing its revolutionary effects. Montesquieu became a towering authority among reformist economic and political thinkers by developing a politics of fusion intended to reconcile France's aristocratic society and monarchical state with the needs and risks of international commerce. The Seven Years' War proved the weakness of this model, and after this watershed reforms that could guarantee shared prosperity at home and in the colonies remained elusive. Once the Revolution broke out in 1789, the contradictions that attended the growth of France's Atlantic economy helped to bring down the constitutional monarchy.

Drawing upon the writings of philosophes, diplomats, consuls of commerce, and merchants, Cheney rewrites the history of political economy in the Enlightenment era and provides a new interpretation of the relationship between capitalism and the French Revolution.

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The Revolutionary Imagination in the Americas and the Age of Development
María Josefina Saldaña-Portillo
Duke University Press, 2003
In The Revolutionary Imagination in the Americas and the Age of Development, María Josefina Saldaña-Portillo boldly argues that crucial twentieth-century revolutionary challenges to colonialism and capitalism in the Americas have failed to resist—and in fact have been constitutively related to—the very developmentalist narratives that have justified and naturalized postwar capitalism. Saldaña-Portillo brings the critique of development discourse to bear on such exemplars of revolutionary and resistant political thought and practice as Ernesto “Che” Guevara, Malcolm X, the Sandinista government of Nicaragua, and the Guatemalan guerrilla resistance. She suggests that for each of these, developmentalist constructions frame the struggle as a heroic movement from unconsciousness to consciousness, from a childlike backwardness toward a disciplined and self-aware maturity.

Reading governmental reports, memos, and policies, Saldaña-Portillo traces the arc of development narratives from its beginnings in the 1944 Bretton Woods conference through its apex during Robert S. McNamara's reign at the World Bank (1968–1981). She compares these narratives with models of subjectivity and agency embedded in the autobiographical texts of three revolutionary icons of the 1960s and 1970s—those of Che Guevara, Guatemalan insurgent Mario Payeras, and Malcolm X—and the agricultural policy of the Sandinista National Liberation Front (FSLN). Saldaña-Portillo highlights a shared paradigm of a masculinist transformation of the individual requiring the "transcendence" of ethnic particularity for the good of the nation. While she argues that this model of progress often alienated the very communities targeted by the revolutionaries, she shows how contemporary insurgents such as Rigoberta Menchú, the Zapatista movement, and queer Aztlán have taken up the radicalism of their predecessors to retheorize revolutionary subjectivity for the twenty-first century.

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The Rise of the Entrepreneurial State
State and Local Economic Development Policy in the United States
Peter K. Eisinger
University of Wisconsin Press, 1989
The Rise of the Entrepreneurial State charts the development of state and local government initiatives to influence the market and strengthen economic development policies. This trend marked a decisive break from governments’ traditionally small role in the affairs of private industry that defined the relationship between the public and private sector for the first half of the twentieth century. The turn to state and local government intervention signaled a change in subnational politics that, in many ways, transcended partisan politics, regional distinctions ,and racial alliances.

Eisinger’s meticulous research uncovers state and local governments’ transition from supply-side to demand-side strategies of market creation. He shows that, instead of relying solely on the supply-side strategies of tax breaks and other incentives to encourage business relocation, some governments promoted innovation and the creation of new business approaches.
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The Risk of Economic Crisis
Edited by Martin Feldstein
University of Chicago Press, 1991
The stunning collapse of the thrift industry, the major stock slump of 1987, rising corporate debt, wild fluctuations of currency exchange rates, and a rash of defaults on developing country debts have revived fading memories of the Great Depression and fueled fears of an impending economic crisis. Under what conditions are financial markets vulnerable to disruption and what economic consequences ensue when these markets break down?

In this accessible and thought-provoking volume, Benjamin M. Friedman investigates the origins of financial crisis in domestic capital markets, Paul Krugman examines the international origins and transmission of financial and economic crises, and Lawrence H. Summers explores the transition from financial crisis to economic collapse. In the introductory essay, Martin Feldstein reviews the major financial problems of the 1980s and discusses lessons to be learned from this experience. The book also contains provocative observations by senior academics and others who have played leading roles in business and government.
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Rival Partners
How Taiwanese Entrepreneurs and Guangdong Officials Forged the China Development Model
Wu Jieh-Min
Harvard University Press, 2022

Taiwan has been depicted as an island facing the incessant threat of forcible unification with the People's Republic of China. Why, then, has Taiwan spent more than three decades pouring capital and talent into China?

In award-winning Rival Partners, Wu Jieh-min follows the development of Taiwanese enterprises in China over twenty-five years and provides fresh insights. The geopolitical shift in Asia beginning in the 1970s and the global restructuring of value chains since the 1980s created strong incentives for Taiwanese entrepreneurs to rush into China despite high political risks and insecure property rights. Taiwanese investment, in conjunction with Hong Kong capital, laid the foundation for the world’s factory to flourish in the southern province of Guangdong, but official Chinese narratives play down Taiwan’s vital contribution. It is hard to imagine the Guangdong model without Taiwanese investment, and, without the Guangdong model, China’s rise could not have occurred. Going beyond the received wisdom of the “China miracle” and “Taiwan factor,” Wu delineates how Taiwanese businesspeople, with the cooperation of local officials, ushered global capitalism into China. By partnering with its political archrival, Taiwan has benefited enormously, while helping to cultivate an economic superpower that increasingly exerts its influence around the world.

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The Road to Serfdom
F. A. Hayek
University of Chicago Press, 1994
A classic work in political philosophy, intellectual and cultural history, and economics, The Road to Serfdom has inspired and infuriated politicians, scholars, and general readers for half a century. Originally published in England in the spring of 1944—when Eleanor Roosevelt supported the efforts of Stalin, and Albert Einstein subscribed lock, stock, and barrel to the socialist program—The Road to Serfdom was seen as heretical for its passionate warning against the dangers of state control over the means of production. For F. A. Hayek, the collectivist idea of empowering government with increasing economic control would inevitably lead not to a utopia but to the horrors of nazi Germany and fascist Italy.

First published by the University of Chicago Press on September 18, 1944, The Road to Serfdom garnered immediate attention from the public, politicians, and scholars alike. The first printing of 2,000 copies was exhausted instantly, and within six months more than 30,000 were sold. In April of 1945, Reader's Digest published a condensed version of the book, and soon thereafter the Book-of-the-Month Club distributed this condensation to more than 600,000 readers. A perennial best-seller, the book has sold over a quarter of a million copies in the United States, not including the British edition or the nearly twenty translations into such languages as German, French, Dutch, Swedish, and Japanese, and not to mention the many underground editions produced in Eastern Europe before the fall of the iron curtain.

After thirty-two printings in the United States, The Road to Serfdom has established itself alongside the works of Alexis de Tocqueville, John Stuart Mill, and George Orwell for its timeless meditation on the relation between individual liberty and government authority. This fiftieth anniversary edition, with a new introduction by Milton Friedman, commemorates the enduring influence of The Road to Serfdom on the ever-changing political and social climates of the twentieth century, from the rise of socialism after World War II to the Reagan and Thatcher "revolutions" in the 1980s and the transitions in Eastern Europe from communism to capitalism in the 1990s.

F. A. Hayek (1899-1992), recipient of the Medal of Freedom in 1991 and co-winner of the Nobel Memorial Prize in Economics in 1974, was a pioneer in monetary theory and the principal proponent of libertarianism in the twentieth century.

On the first American edition of The Road to Serfdom:
"One of the most important books of our generation. . . . It restates for our time the issue between liberty and authority with the power and rigor of reasoning with which John Stuart Mill stated the issue for his own generation in his great essay On Liberty. . . . It is an arresting call to all well-intentioned planners and socialists, to all those who are sincere democrats and liberals at heart to stop, look and listen."—Henry Hazlitt, New York Times Book Review, September 1944

"In the negative part of Professor Hayek's thesis there is a great deal of truth. It cannot be said too often—at any rate, it is not being said nearly often enough—that collectivism is not inherently democratic, but, on the contrary, gives to a tyrannical minority such powers as the Spanish Inquisitors never dreamt of."—George Orwell, Collected Essays
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Ronald Reagan and the House Democrats
Gridlock, Partisanship, and the Fiscal Crisis
Karl Gerard Brandt
University of Missouri Press, 2009
When Democrats in the House of Representatives locked horns with President Ronald Reagan over the latter’s fiscal policies, the ensuing conflict reinforced the seismic shift in the political landscape that the 1980 election had brought. Karl Brandt now tells the story of how the New Deal Democratic coalition was able to sustain itself in the face of an unprecedented Republican assault—in a conflict whose reverberations are still being felt today.
            After a bipartisan conservative House coalition passed Reagan’s budget and tax cuts in 1981, conservative Democrats became worried about the increasingly large deficits produced by Reaganomics and questioned the administration’s spending priorities. In one of the few studies of congressional politics in the 1980s, Brandt describes the House Democratic leadership’s efforts to rebuild party unity while facing challenges from conservative Democrats, the Reagan administration, and the emerging fiscal crisis. He tells how Democrats worked hard to rein in party conservatives, to craft consensus-oriented policies palatable to all Democrats, and over the coming years to force the president and the Senate to compromise over fiscal policy.
            Drawing on primary source materials unavailable in the 1980s—including transcripts from closed-door meetings and internal House documents—Brandt chronicles the events that resulted in the deepening of the fiscal crisis, examines the growth of an intensely partisan political environment, and provides insight into the dynamics of creating a national budget. He cuts through conservative rhetoric to show how Reagan’s fiscal policies deepened federal deficits and reveals how the partisan struggles of the Reagan years redefined the Democrats along more centrist lines.
            When the dust had settled, the Democratic Party had become more unified in the face of budget conflict and had proved that it could practice fiscal conservatism and make tough budget choices when necessary. Carefully argued and thoroughly researched, Brandt’s work brings historical perspective to this important chapter in recent history as it explores conflicting visions of the economy, American society, and the very future of the nation.
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The Rural State
Making Comunidades, Campesinos, and Conflict in Peru's Central Sierra
Javier Puente
University of Texas Press, 2022

2023 Marysa Navarro Best Book Prize, New England Council of Latin American Studies (NECLAS)

A study of the intersection of rural populations, state formation, and the origins of political conflict in Peru.


On the eve of the twentieth century, Peru seemed like a profitable and yet fairly unexploited country. Both foreign capitalists and local state makers envisioned how remote highland areas were essential to a sustainable national economy. Mobilizing Andean populations lay at the core of this endeavor. In his groundbreaking book, The Rural State, Javier Puente uncovers the surprising and overlooked ways that Peru’s rural communities formed the political nation-state that still exists today.

Puente documents how people living in the Peruvian central sierra in the twentieth century confronted emerging and consolidating powers of state and capital and engaged in an ongoing struggle over increasingly elusive subsistence and autonomies. Over the years, policy, politics, and social turmoil shaped the rural, mountainous regions of Peru until violent unrest, perpetrated by the Shining Path and other revolutionary groups, unveiled the extent, limits, and fractures of a century-long process of rural state formation. Examining the conflicts between one rural community and the many iterations of statehood in the central sierra of Peru, The Rural State offers a fresh perspective on how the Andes became la sierra, how pueblos became comunidades, and how indígenas became campesinos.

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The Russians in Germany
A History of the Soviet Zone of Occupation, 1945–1949
Norman M. Naimark
Harvard University Press, 1995

In 1945, when the Red Army marched in, eastern Germany was not “occupied” but “liberated.” This, until the recent collapse of the Soviet Bloc, is what passed for history in the German Democratic Republic. Now, making use of newly opened archives in Russia and Germany, Norman Naimark reveals what happened during the Soviet occupation of eastern Germany from 1945 through 1949. His book offers a comprehensive look at Soviet policies in the occupied zone and their practical consequences for Germans and Russians alike—and, ultimately, for postwar Europe.

In rich and lucid detail, Naimark captures the mood and the daily reality of the occupation, the chaos and contradictions of a period marked by rape and repression, the plundering of factories, the exploitation of German science, and the rise of the East German police state. Never have these practices and their place in the overall Soviet strategy, particularly the political development of the zone, received such thorough treatment. Here we have our first clear view of how the Russians regarded the postwar settlement and the German question, how they made policy on issues from reparations to technology transfer to the acquisition of uranium, how they justified their goals, how they met them or failed, and how they changed eastern Germany in the process. The Russians in Germany also takes us deep into the politics of culture as Naimark explores the ways in which Soviet officers used film, theater, and education to foster the Bolshevization of the zone.

Unique in its broad, comparative approach to the Soviet military government in Germany, this book fills in a missing—and ultimately fascinating—chapter in the history of modern Europe.

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