front cover of Calculated Values
Calculated Values
Finance, Politics, and the Quantitative Age
William Deringer
Harvard University Press, 2018

Modern political culture features a deep-seated faith in the power of numbers to find answers, settle disputes, and explain how the world works. Whether evaluating economic trends, measuring the success of institutions, or divining public opinion, we are told that numbers don’t lie. But numbers have not always been so revered. Calculated Values traces how numbers first gained widespread public authority in one nation, Great Britain.

Into the seventeenth century, numerical reasoning bore no special weight in political life. Complex calculations were often regarded with suspicion, seen as the narrow province of navigators, bookkeepers, and astrologers, not gentlemen. This changed in the decades following the Glorious Revolution of 1688. Though Britons’ new quantitative enthusiasm coincided with major advances in natural science, financial capitalism, and the power of the British state, it was no automatic consequence of those developments, William Deringer argues. Rather, it was a product of politics—ugly, antagonistic, partisan politics. From parliamentary debates to cheap pamphlets, disputes over taxes, trade, and national debt were increasingly conducted through calculations. Some of the era’s most pivotal political moments, like the 1707 Union of England and Scotland and the 1720 South Sea Bubble, turned upon calculative conflicts.

As Britons learned to fight by the numbers, they came to believe, as one calculator wrote in 1727, that “facts and figures are the most stubborn evidences.” Yet the authority of numbers arose not from efforts to find objective truths that transcended politics, but from the turmoil of politics itself.

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Capital Choices
Sectoral Politics and the Variation of Sovereign Wealth
Juergen Braunstein
University of Michigan Press, 2022

Sovereign wealth funds are state-controlled pools of capital that hold financial and real assets, including shares of state enterprises, and manage them to grow the nation’s base of sovereign wealth. The dramatic rise of sovereign wealth funds (SWFs) in both number and size—this group is now larger than the size of global private equity and hedge funds, combined—and the fact that most are located in non-OECD countries, has raised concern about the direction of capitalism. Yet SWFs are not a homogenous group of actors. Why do some countries with large current account surpluses, notably China, create SWFs while others, such as Switzerland and Germany, do not? Why do other countries with no macroeconomic justification, such as Senegal and Turkey, create SWFs? And why do countries with similar macroeconomic features, such as Kuwait and Qatar or Singapore and Hong Kong, choose different types of SWFs?

Capital Choices analyzes the creation of different SWFs from a comparative political economy perspective, arguing that different state-society structures at the sectoral level are the drivers for SWF variation. Juergen Braunstein focuses on the early formation period of SWFs, a critical but little understood area given the high levels of political sensitivity and lack of transparency that surround SWF creation. Braunstein’s novel analytical framework provides practical lessons for the business and finance organizations and policymakers of countries that have created, or are planning to create, SWFs.

[more]

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Capital Choices
Sectoral Politics and the Variation of Sovereign Wealth
Juergen Braunstein
University of Michigan Press, 2019

Sovereign wealth funds are state-controlled pools of capital that hold financial and real assets, including shares of state enterprises, and manage them to grow the nation’s base of sovereign wealth. The dramatic rise of sovereign wealth funds (SWFs) in both number and size—this group is now larger than the size of global private equity and hedge funds, combined—and the fact that most are located in non-OECD countries, has raised concern about the direction of capitalism. Yet SWFs are not a homogenous group of actors. Why do some countries with large current account surpluses, notably China, create SWFs while others, such as Switzerland and Germany, do not? Why do other countries with no macroeconomic justification, such as Senegal and Turkey, create SWFs? And why do countries with similar macroeconomic features, such as Kuwait and Qatar or Singapore and Hong Kong, choose different types of SWFs?

Capital Choices analyzes the creation of different SWFs from a comparative political economy perspective, arguing that different state-society structures at the sectoral level are the drivers for SWF variation. Juergen Braunstein focuses on the early formation period of SWFs, a critical but little understood area given the high levels of political sensitivity and lack of transparency that surround SWF creation. Braunstein’s novel analytical framework provides practical lessons for the business and finance organizations and policymakers of countries that have created, or are planning to create, SWFs.

[more]

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Capital without Borders
Wealth Managers and the One Percent
Brooke Harrington
Harvard University Press, 2020

“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.

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Capitalism and the Emergence of Civic Equality in Eighteenth-Century France
William H. Sewell Jr.
University of Chicago Press, 2021
There is little doubt that the French Revolution of 1789 changed the course of Western history. But why did the idea of civic equality—a distinctive signature of that revolution—find such fertile ground in France? How might changing economic and social realities have affected political opinions?
 
William H. Sewell Jr. argues that the flourishing of commercial capitalism in eighteenth-century France introduced a new independence, flexibility, and anonymity to French social life. By entering the interstices of this otherwise rigidly hierarchical society, expanded commodity exchange colored everyday experience in ways that made civic equality thinkable, possible, even desirable, when the crisis of the French Revolution arrived. Sewell ties together masterful analyses of a multitude of interrelated topics: the rise of commerce, the emergence of urban publics, the careers of the philosophes, commercial publishing, patronage, political economy, trade, and state finance. Capitalism and the Emergence of Civic Equality in Eighteenth-Century France offers an original interpretation of one of history’s pivotal moments.
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Capitalism in the 21st Century
Through the Prism of Value
Michael Roberts
Pluto Press, 2022
A sweeping, authoritative, and accessible overview of major issues in the global economy from a Marxist perspective.

Contemporary capitalism is always evolving. From digital technologies to cryptocurrencies, current trends in political economy are much discussed, but often little understood. So where can we turn for clarity? As Michael Roberts and Guglielmo Carchedi argue, new trends don't necessarily call for a new theory.

In Capitalism in the 21st Century, the authors show how Marx's law of value explains numerous issues in our modern world. In both advanced economies and the periphery, value theory provides a piercing analytical framework through which we can approach topics as varied as labor, profitability, technology, the environment, the role of China, imperialism, and the state.

An ambitious work that will appeal to both heterodox economists and labor movement activists alike, as it demonstrates the ongoing contemporary relevance of Marxist theory to current trends in political economy.
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Capitalizing on Crisis
The Political Origins of the Rise of Finance
Greta R. Krippner
Harvard University Press, 2011

In the context of the recent financial crisis, the extent to which the U.S. economy has become dependent on financial activities has been made abundantly clear. In Capitalizing on Crisis, Greta Krippner traces the longer-term historical evolution that made the rise of finance possible, arguing that this development rested on a broader transformation of the U.S. economy than is suggested by the current preoccupation with financial speculation.

Krippner argues that state policies that created conditions conducive to financialization allowed the state to avoid a series of economic, social, and political dilemmas that confronted policymakers as postwar prosperity stalled beginning in the late 1960s and 1970s. In this regard, the financialization of the economy was not a deliberate outcome sought by policymakers, but rather an inadvertent result of the state’s attempts to solve other problems. The book focuses on deregulation of financial markets during the 1970s and 1980s, encouragement of foreign capital into the U.S. economy in the context of large fiscal imbalances in the early 1980s, and changes in monetary policy following the shift to high interest rates in 1979.

Exhaustively researched, the book brings extensive new empirical evidence to bear on debates regarding recent developments in financial markets and the broader turn to the market that has characterized U.S. society over the last several decades.

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Cash, Clothes, and Construction
Rethinking Value in Bolivia's Pluri-economy
Kate Maclean
University of Minnesota Press, 2023

A groundbreaking feminist perspective on Movimiento al Socialismo (MAS) rule in Bolivia and the country’s radical transformation under Evo Morales
 

The presidency of Evo Morales in Bolivia (2006–2019) has produced considerable academic scholarship, much of it focused on indigenous social movements or extractivism, and often triumphalist about the successes of Morales’s Movimiento al Socialismo (MAS). Turning a new lens on the movement, Cash, Clothes, and Construction presents the first gender-based analysis of “pluri-economy,” a central pillar of Bolivia’s program under Morales, evaluating the potential of this vision of “an economy where all economies fit” to embrace feminist critiques of capitalism and economic diversity. 

 

Based on more than twelve years of empirical research exploring the remarkable transformations in Bolivia since 2006, this book focuses on three sectors—finance, clothing, and construction—in which indigenous women have defied gendered expectations. Kate Maclean presents detailed case studies of women selling secondhand high street clothes from the United States in the vast, peri-urban markets of Bolivian cities; Aymaran designers of new pollera (traditional Andean dress) fashions, one of whom exhibited her collection in New York City; and the powerful and rich chola paceña, whose real estate investments have transformed the cultural maps of La Paz and El Alto. 

 

Cash, Clothes, and Construction offers a gendered analysis of the mission of MAS to dismantle neoliberalism and decolonize politics and economy from the perspective of the Indigenous women who have radically transformed Bolivia’s economy from the ground up.

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Casualties of Credit
The English Financial Revolution, 1620–1720
Carl Wennerlind
Harvard University Press, 2011

Modern credit, developed during the financial revolution of 1620–1720, laid the foundation for England’s political, military, and economic dominance in the eighteenth century. Possessed of a generally circulating credit currency, a modern national debt, and sophisticated financial markets, England developed a fiscal–military state that instilled fear in its foes and facilitated the first industrial revolution. Yet a number of casualties followed in the wake of this new system of credit. Not only was it precarious and prone to accidents, but it depended on trust, public opinion, and ultimately violence.

Carl Wennerlind reconstructs the intellectual context within which the financial revolution was conceived. He traces how the discourse on credit evolved and responded to the Glorious Revolution, the Scientific Revolution, the founding of the Bank of England, the Great Recoinage, armed conflicts with Louis XIV, the Whig–Tory party wars, the formation of the public sphere, and England’s expanded role in the slave trade. Debates about credit engaged some of London’s most prominent turn-of-the-century intellectuals, including Daniel Defoe, John Locke, Isaac Newton, Jonathan Swift and Christopher Wren. Wennerlind guides us through these conversations, toward an understanding of how contemporaries viewed the precariousness of credit and the role of violence—war, enslavement, and executions—in the safeguarding of trust.

[more]

front cover of The Causes and Consequences of Increasing Inequality
The Causes and Consequences of Increasing Inequality
Edited by Finis Welch
University of Chicago Press, 2001
Despite the economic boom of the 1990s, the gap between the wealthy and the poor in the United States is growing larger. While ample evidence exists to validate perceived trends in wage, income, and overall wealth disparity, there is little agreement on the causes of such inequality and what might be done to alleviate it.

This volume draws together a panel of distinguished scholars who address these issues in terms comprehensible to noneconomists. Their findings are surprising, suggesting that factors such as trade imbalances, immigration rates, and differences in educational resources do not account for recent increases in the inequality of wealth and earnings. Rather, the contributors maintain that these discrepancies can be attributed to workplace demand for high-skilled labor. They also insist that further research must examine the organization of industry in order to better understand the concurrent devaluation of manual labor.

Addressing a topic that is of considerable public interest, this collection helps move the issue of increasing economic inequality in America to the center of the public policy arena.

Contributors: Donald R. Deere, Claudia Goldin, Lawrence F. Katz, James P. Smith, Franco Peracchi, Gary Solon, Eric A. Hanushek, Julie A. Somers, Marvin H. Kosters, William Cline, Finis Welch, Angus Deaton, Charles Murray, Kevin Murphy
[more]

front cover of Chaos and Governance in the Modern World System
Chaos and Governance in the Modern World System
Giovanni Arrighi
University of Minnesota Press, 1999

front cover of Chicago Studies in Political Economy
Chicago Studies in Political Economy
Edited by George J. Stigler
University of Chicago Press, 1988
"There is no question that a well-defined 'Chicago School' of political economy has emerged, built largely around the work of George J. Stigler and his colleagues. Chicago Studies in Political Economy brings together the key works in this field, works that have been extremely influential among economists who study political processes. It is a collection of enormous value."—Roger G. Noll
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Chile
Political Economy of Urban Development
Edward L. Glaeser
Harvard University Press, 2002

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.

[more]

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China-Russia Strategic Alignment in International Politics
Alexander Korolev
Amsterdam University Press, 2022
Post-Cold War China-Russia strategic cooperation has displayed significant development and become an increasingly important factor in contemporary international politics. However, there has been no theory-grounded framework and corresponding measurements that would allow an accurate and systematic assessment of the level of China-Russia alignment and its progress over time. How closely aligned are China and Russia? How to define and measure strategic alignments between states? This book bridges area studies and International Relations literature to develop a set of objective criteria to measure and explain the development of strategic alignment in post-Cold War China-Russia relations. It establishes that on a range of criteria, China-Russia alignment is moving towards a full-fledged alliance. It is solid and comprehensive and continues to show a consistent incremental upward trend. There are strong structural incentives for furthering the China-Russia alignment, and there is little that might hinder the effective functioning of a China-Russia alliance. The alignment framework developed in the book can be applied to other cases of interstate strategic cooperation to facilitate comparisons between different strategic alignments.
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front cover of China’s Crony Capitalism
China’s Crony Capitalism
The Dynamics of Regime Decay
Minxin Pei
Harvard University Press, 2016

When Deng Xiaoping launched China on the path to economic reform in the late 1970s, he vowed to build “socialism with Chinese characteristics.” More than three decades later, China’s efforts to modernize have yielded something very different from the working people’s paradise Deng envisioned: an incipient kleptocracy, characterized by endemic corruption, soaring income inequality, and growing social tensions. China’s Crony Capitalism traces the origins of China’s present-day troubles to the series of incomplete reforms from the post-Tiananmen era that decentralized the control of public property without clarifying its ownership.

Beginning in the 1990s, changes in the control and ownership rights of state-owned assets allowed well-connected government officials and businessmen to amass huge fortunes through the systematic looting of state-owned property—in particular land, natural resources, and assets in state-run enterprises. Mustering compelling evidence from over two hundred corruption cases involving government and law enforcement officials, private businessmen, and organized crime members, Minxin Pei shows how collusion among elites has spawned an illicit market for power inside the party-state, in which bribes and official appointments are surreptitiously but routinely traded. This system of crony capitalism has created a legacy of criminality and entrenched privilege that will make any movement toward democracy difficult and disorderly.

Rejecting conventional platitudes about the resilience of Chinese Communist Party rule, Pei gathers unambiguous evidence that beneath China’s facade of ever-expanding prosperity and power lies a Leninist state in an advanced stage of decay.

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front cover of China's Political Worldview and Chinese Exceptionalism
China's Political Worldview and Chinese Exceptionalism
International Order and Global Leadership
Benjamin Ho
Amsterdam University Press, 2021
This book uses the notion of "Chinese exceptionalism" as a framework to analyze China's international politics and foreign policy. It argues that China's approach to international relations is best understood in the context of these claims to exceptionalism and China's broader political world view. In doing so, it fosters a more comprehensive understanding of China's actions within the realms of foreign policy and international politics, and in the context of the preferred world order, norms and rules that the country seeks to promote.
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China's Rise and the Balance of Influence in Asia
William W. Keller
University of Pittsburgh Press, 2007

China's protracted boom and political transformation is a major episode in the history of global political economy.  Beginning in the late 1970s, China experienced a quarter century of extraordinary growth that raised every indicator of material welfare, lifted several hundred million out of poverty, and rocketed China from near autarky to regional and even global prominence.  These striking developments transformed China into a major U.S. trade and investment partner, a regional military power, and a major influence on national economies and cross-national interchange throughout the Pacific region.  Beijing has emerged as a voice for East Asian economic interests and an arbiter in regional and even global diplomacy-from the Asian financial crisis to the North Korean nuclear talks.  China's accession to the World Trade Organization promises to accentuate these trends.

The contributors to this volume provide a multifaceted examination of China in the areas of economics, trade, investment, politics, diplomacy, technology, and security, affording a greater understanding of what relevant policies the United States must develop.  This book offers a counterweight to overwrought concerns about the emerging “Chinese threat” and makes the case for viewing China as a force for stability in the twenty-first century.

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Chinese Asianism, 1894–1945
Craig A. Smith
Harvard University Press

Chinese Asianism examines Chinese intellectual discussions of East Asian solidarity, analyzing them in connection with Chinese nationalism and Sino–Japanese relations. Beginning with texts written after the first Sino–Japanese War of 1894 and concluding with Wang Jingwei’s failed government in World War II, Craig Smith engages with a period in which the Chinese empire had crumbled and intellectuals were struggling to adapt to imperialism, new and hegemonic forms of government, and radically different epistemes. He considers a wide range of writings that show the depth of the pre-war discourse on Asianism and the influence it had on the rise of nationalism in China.

Asianism was a “call” for Asian unity, Smith finds, but advocates of a united and connected Asia based on racial or civilizational commonalities also utilized the packaging of Asia for their own agendas, to the extent that efforts towards international regionalism spurred the construction of Chinese nationalism. Asianism shaped Chinese ideas of nation and region, often by translating and interpreting Japanese perspectives, and leaving behind a legacy in the concepts and terms that persist in the twenty-first century. As China plays a central role in regional East Asian development, Asianism is once again of great importance today.

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Civil War and State Formation
The Political Economy of War and Peace in Liberia
Felix Gerdes
Campus Verlag, 2013
The scene of two devastating civil wars since 1989, Liberia had widely been considered a failed state until the international professional Ellen Johnson Sirleaf was democratically elected president in 2005. This book investigates the political economy of civil war and democratic peace, arguing that the civil wars did not represent state decay, but exhibited dynamics characteristic of state formation. In the analysis of post-war developments, which emphasizes the intertwining of corruption and democracy under the new regime, Felix Gerdes details both political progress and persistent structural deficits of the polity.  
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Class Matters
Inequality and Exploitation in 21st-Century Britain
Charles Umney
Pluto Press, 2018
Despite many changes to society, education, and the labor market, social class remains a fundamental force in British life in the twenty-first century. Yet we have lacked any compelling Marxist analysis of class in Britain today—until now. Charles Umney here moves Marx from the mills and mines that drove his analysis in his era into our own, with its call centers, office blocks, and fast food chains. Showing how Marxist concepts remain powerfully explanatory, Umney argues that understanding them is vital to fights against pay inequality, decreasing job security, and managerial control of the labor process. Class, Umney shows, must be understood as a dynamic and exploitative process integral to capitalism, rather than as a simple descriptive category, if we are going to better understand why capital continues to gain at the expense of labor.
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Coins, Trade, and the State
Economic Growth in Early Medieval Japan
Ethan Isaac Segal
Harvard University Press, 2011

Framed by the decline of the Heian aristocracy in the late 1100s and the rise of the Tokugawa shogunate in the early 1600s, Japan’s medieval era was a chaotic period of diffuse political power and frequent military strife. This instability prevented central authorities from regulating trade, issuing currency, enforcing contracts, or guaranteeing property rights. But the lack of a strong central government did not inhibit economic growth. Rather, it created opportunities for a wider spectrum of society to participate in trade, markets, and monetization.

Peripheral elites—including merchants, warriors, rural estate managers, and religious leaders—devised new ways to circumvent older forms of exchange by importing Chinese currency, trading in local markets, and building an effective system of long-distance money remittance. Over time, the central government recognized the futility of trying to stifle these developments, and by the sixteenth century it asserted greater control over monetary matters throughout the realm.

Drawing upon diaries, tax ledgers, temple records, and government decrees, Ethan Isaac Segal chronicles how the circulation of copper currency and the expansion of trade led to the start of a market-centered economy and laid the groundwork for Japan’s transformation into an early modern society.

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Collective Choice and Social Welfare
An Expanded Edition
Amartya Sen
Harvard University Press, 2017

Originally published in 1970, this classic study has been recognized for its groundbreaking role in integrating economics and ethics, and for its influence in opening up new areas of research in social choice, including aggregative assessment. It has also had a large influence on international organizations, including the United Nations, notably in its work on human development. The book showed that the “impossibility theorems” in social choice theory—led by the pioneering work of Kenneth Arrow—do not negate the possibility of reasoned and democratic social choice.

Sen’s ideas about social choice, welfare economics, inequality, poverty, and human rights have continued to evolve since the book’s first appearance. This expanded edition preserves the text of the original while presenting eleven new chapters of fresh arguments and results.

“Expanding on the early work of Condorcet, Pareto, Arrow, and others, Sen provides rigorous mathematical argumentation on the merits of voting mechanisms…For those with graduate training, it will serve as a frequently consulted reference and a necessity on one’s book shelf.”
—J. F. O’Connell, Choice

[more]

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Collision Course
Economic Change, Criminal Justice Reform, and Work in America
Kathleen Auerhahn
Rutgers University Press, 2022
This book is about the convergence of trends in two American institutions – the economy and the criminal justice system. The American economy has radically transformed in the past half-century, led by advances in automation technology that have permanently altered labor market dynamics. Over the same period, the U.S. criminal justice system experienced an unprecedented expansion at great cost.  These costs include not only the $80 billion annually in direct expenditures on criminal justice, but also the devastating impacts experienced by justice-involved individuals, families, and communities. 
 
Recently, a widespread consensus has emerged that the era of “mass incarceration” is at an end, reflected in a declining prison population. Criminal justice reforms such as diversion and problem-solving courts, a renewed focus on reentry, and drug policy reform have as their goal keeping more individuals with justice system involvement out of prisons, in the community and subsequently in the labor force, which lacks the capacity to accommodate these additional would-be workers. This poses significant problems for criminal justice practice, which relies heavily on employment as a signal of offenders’ intentions to live a law-abiding lifestyle. The diminished capacity of the economy to utilize the labor of all who have historically been expected to work presents significant challenges for American society. Work, in the American ethos is the marker of success, masculinity and how one “contributes to society.” What are the consequences of ignoring these converging structural trends? This book examines these potential consequences, the meaning of work in American society, and suggests alternative redistributive and policy solutions to avert the collision course of these economic and criminal justice policy trends.
 
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Commonwealth
A Study of the Role of Government in the American Economy: Massachusetts, 1774–1861, Revised Edition
Oscar Handlin and Mary Flug Handlin
Harvard University Press

Commonwealth, when first published in 1947, was a pioneer effort to investigate the historical role of government in the American economy. It revealed for the first time the importance of political action in the development of the American free enterprise system. The present edition has been revised by the authors to take into account the research of the past two decades. Focusing on Massachusetts as a key state, Oscar and Mary Flug Handlin describe the changes in the ways the government dealt with the economy from the period of independence to the Civil War, and they analyze the social groups whose interests and ideas influenced the character of those changes.

The Handlins have re-examined both their original conclusions and the procedures by which they arrived at their formulation of the problem. They have not found it necessary to make substantial textual revisions, for both their research methods and their conclusions have stood the test of time, and their basic concepts have already been incorporated into the literature. However, they have made stylistic changes and have drastically altered their documentation, rigorously pruning the old footnotes and incorporating into the new notes important recent books and articles which treat the political and economic history of the period and the local history of the stale.

There are two significant additions to the book: a new preface and a new appendix that explain the theoretical framework through a description and demonstration of the change in the authors’ attitude and focus during the course of their original research.

This revision of Commonwealth is as cogent as the original edition, more useful to scholars because of its incorporation of the latest scholarly literature, and, as a result of the reduction in documentation, more attractive to the general reader.

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Communities of Work
Rural Restructuring in Local and Global Contexts
William W. Falk
Ohio University Press, 2003

The image of rural America portrayed in this illuminating study is one that is vibrant, regionally varied, and sometimes heroic. Communities of Work focuses on the ways in which rural people and places are affected by political, social, and economic forces far outside their control and how they sustain themselves and their communities in response.

Bringing together the two fundamental concepts of community—where the relationships and practices of daily life occur—and work, in which an elementary exchange occurs, Communities of Work bridges several fields of study. Presented here is the contextual and embedded nature of social relations and the complexity involved in understanding them. Through the use of multiple case studies, the authors apply diverse theories and methods in seeking an integrated outcome, one captured by “communities of work.”

Beginning with a description of the broad changes in work and economic activities across the United States, ranging from the Ohio River Valley to a western boomtown, the book shifts its focus to the interplay of work, family, and local networks in time and place. Activities range from fishing in the Mississippi Delta to farming and family life in the Midwest. The authors then highlight how rural people and places respond to extra-local, increasingly global forces in settings as diverse as rural South Carolina and Wisconsin.

A certain communitarian theme runs through Communities of Work. It is about people and communities not merely reacting, but instead responding in ways that reflect their local culture, while being cognizant of the larger world within which they live.

[more]

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The Competitive City
The Political Economy of Suburbia
Mark Schneider
University of Pittsburgh Press, 1991
This timely and important book, which won a special citation from the American Political Science Association’s Urban Affairs Section for its “major theoretical development,” analyzes the effect of competition among suburban communities to attract residents and business with the best public services and the lowest taxes.  Using data from a large sample of suburban cities, Mark Schneider offers a theoretical extension of the Tiebout-Peterson approach to understanding public policies and integrates this perspective with recent work on the power of bureaucrats to control budgets.
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Competitiveness and Death
Trade and Politics in Cars, Beef, and Drugs
Gary Winslett
University of Michigan Press, 2021
Competitiveness and Death examines the increase and reduction of regulatory barriers to trade across three industries: environmental, labor, and safety rules on automobiles, consumer protection regulations on meat, and intellectual property regulations on medicines. The fundamental negotiation in trade and regulatory policymaking occurs between businesses, activists, and government officials.

Gary Winslett builds on new trade theories to explain when and why businesses are most likely to lobby governments to reduce these regulatory trade barriers. He argues that businesses prevail when they can connect with broader concerns about national economic competitiveness. He examines how activist organizations overcome collective action problems and defend regulatory differences, arguing that they succeed when they can link their desire for barriers with preventing needless death. Competitiveness and Death provides a political companion to new trade theories in economics, questioning cleavage-based explanations of trade politics, demonstrating the underappreciated importance of activists, suggesting the limits of globalization, providing in-depth examination of previously ignored trade negotiations, qualifying the California Effect (the shift toward stricter regulatory standards), and showing the relative rarity of regulations used as disguised protectionism.
 
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Conflicting Counsels to Confuse the Age
A Documentary Study of Political Economy in Qing China, 1644–1840
Helen Dunstan
University of Michigan Press, 1996
Conflicting Counsels to Confuse the Age translates and analyzes thirty-eight memorials to the throne and other Qing documents dealing with important issues of Chinese political economy, providing thoughtful and provocative commentary. Subjects covered by the texts include water control, mining, grain trade, pawnshops, brewing, and commercial shipping. The documents also contain detailed discussions of how the state should control wealth, self-interest, profit, hoarding, and the market.
In translating these primary sources, Helen Dunstan invites fellow specialists in Chinese studies, including Qing historians, to watch Qing officials and others thinking through problems of political economy and developing arguments to persuade colleagues or superiors. By emphasizing their rhetorical nature and genre conventions, Dunstan offers a reminder that it is improper to use the “information” in such texts without attention to the author’s purpose, and without grasping the rhetorical structure of the text as a whole. As a model for close reading, Conflicting Counsels aims to induce greater sensitivity to the nature of Qing records.
The second purpose of Conflicting Counsels is to help dispel the notion that economic liberalism is necessarily a Western, “modern” phenomenon. Many of the texts translated record areas of tension and controversy in eighteenth-century approaches to a central project of Confucian paternalist administration, “nourishing the people” (yangmin). Although Dunstan attempts to present both sides fairly, some materials included present the opinion that, in certain vital matters, it was better for the state to stand aside, and leave society’s own economic institutions, trade in particular, to handle things. While not a majority, the texts that build some kind of market mechanism argument should be of greatest interest to Qing historians.
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Congress and Economic Policy Making
Darrell M. West
University of Pittsburgh Press, 1987

Economic policymaking has perpetually been one of the central dilemmas facing Congress, leading to huge budget deficits and disagreements among legislators about spending priorities and tax policies.

This book examines congressional decision making on economic policy during the Reagan administration. It looks at legislative actions on Reaganomics, tax reform, and the politics of deficit reduction, and shows the importance of looking not just at the consequences of these decisions but also at the legislative processes that led to them.

Using an “activist-based” approach and previously unexamined data, Darrell West shows that district activists, often more conservative than the public at large, exerted a disproportionate and misleading effect on congressional voting. When this support eventually proved unstable, a more skeptical Congress began to eventually back away from the president's policies. This move had serious consequences for deficit reduction and policy initiation, and also influenced the final shape of the tax reform package adopted in 1986.
 

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Contesting Austerity
Social Movements and the Left in Portugal and Spain (2008-2015)
Tiago Carvalho
Amsterdam University Press, 2022
Despite the historical and political similarities between Portugal and Spain, the contentious responses to austerity diverged in terms of number, rhythm and players. This book compares the contentious responses to austerity in Portugal and Spain during the Eurozone crisis and the Great Recession between 2008 and 2015. While in Spain a sustained wave of mobilisation lasted for three years, involving various players and leading to a transformation of the party system, in Portugal social movements were only able to mobilise in specific instances, trade unions dominated protest and, by the end of the cycle, institutional change was limited. Contesting Austerity shows that the different trajectories and outcomes in these two countries are connected to the nature and configurations of the players in the mobilisation process. While in Spain actors’ relative autonomy from one another led to deeper political transformation, in Portugal the dominance of the institutional actors limited the extent of that change.
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Coping with Crisis
Government Reactions to the Great Recession
Nancy Bermeo
Russell Sage Foundation, 2013
The financial crisis that erupted on Wall Street in 2008 quickly cascaded throughout much of the advanced industrial world. Facing the specter of another Great Depression, policymakers across the globe responded in sharply different ways to avert an economic collapse. Why did the response to the crisis—and its impact on individual countries—vary so greatly among interdependent economies? How did political factors like public opinion and domestic interest groups shape policymaking in this moment of economic distress? Coping with Crisis offers a rigorous analysis of the choices societies made as a devastating global economic crisis unfolded. With an ambitiously broad range of inquiry, Coping with Crisis examines the interaction between international and domestic politics to shed new light on the inner workings of democratic politics. The volume opens with an engaging overview of the global crisis and the role played by international bodies like the G-20 and the WTO. In his survey of international initiatives in response to the recession, Eric Helleiner emphasizes the limits of multilateral crisis management, finding that domestic pressures were more important in reorienting fiscal policy. He also argues that unilateral decisions by national governments to hold large dollar reserves played the key role in preventing a dollar crisis, which would have considerably worsened the downturn. David R. Cameron discusses the fiscal responses of the European Union and its member states. He suggests that a profound coordination problem involving fiscal and economic policy impeded the E.U.'s ability to respond in a timely and effective manner. The volume also features several case studies and country comparisons. Nolan McCarty assesses the performance of the American political system during the crisis. He argues that the downturn did little to dampen elite polarization in the U.S.; divisions within the Democratic Party—as well as the influence of the financial sector—narrowed the range of policy options available to fight the crisis. Ben W. Ansell examines how fluctuations in housing prices in 30 developed countries affected the policy preferences of both citizens and political parties. His evidence shows that as housing prices increased, homeowners expressed preferences for both lower taxes and a smaller safety net. As more citizens supplement their day-to-day income with assets like stocks and housing, Ansell's research reveals a potentially significant trend in the formation of public opinion. Five years on, the prospects for a prolonged slump in economic activity remain high, and the policy choices going forward are contentious. But the policy changes made between 2007 and 2010 will likely constrain any new initiatives in the future. Coping with Crisis offers unmatched analysis of the decisions made in the developed world during this critical period. It is an essential read for scholars of comparative politics and anyone interested in a comprehensive account of the new international politics of austerity.
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Crafting History in the Northern Plains
A Political Economy of the Heart River Region, 1400–1750
Mark D. Mitchell
University of Arizona Press, 2013
The histories of post-1500 American Indian and First Nations societies reflect a dynamic interplay of forces. Europeans introduced new technologies, new economic systems, and new social forms, but those novelties were appropriated, resisted, modified, or ignored according to indigenous meanings, relationships, and practices that originated long before Europeans came to the Americas. A comprehensive understanding of the changes colonialism wrought must therefore be rooted in trans-Columbian native histories that span the centuries before and after the advent of the colonists.
 
In Crafting History in the Northern Plains Mark D. Mitchell illustrates the crucial role archaeological methods and archaeological data can play in producing trans-Columbian histories. Combining an in-depth analysis of the organization of stone tool and pottery production with ethnographic and historical data, Mitchell synthesizes the social and economic histories of the native communities located at the confluence of the Heart and Missouri rivers, home for more than five centuries to the Mandan people.
 
Mitchell is the first researcher to examine the impact of Mandan history on the developing colonial economy of the Northern Plains. In Crafting History in the Northern Plains, he demonstrates the special importance of native history in the 1400s and 1500s to the course of European colonization.
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front cover of The Crisis of Capitalist Democracy
The Crisis of Capitalist Democracy
Richard A. Posner
Harvard University Press, 2010

Following his timely and well-received A Failure of Capitalism, Richard Posner steps back to take a longer view of the continuing crisis of democratic capitalism as the American and world economies crawl gradually back from the depths to which they had fallen in the autumn of 2008 and the winter of 2009.

By means of a lucid narrative of the crisis and a series of analytical chapters pinpointing critical issues of economic collapse and gradual recovery, Posner helps non-technical readers understand business-cycle and financial economics, and financial and governmental institutions, practices, and transactions, while maintaining a neutrality impossible for persons professionally committed to one theory or another. He calls for fresh thinking about the business cycle that would build on the original ideas of Keynes. Central to these ideas is that of uncertainty as opposed to risk. Risk can be quantified and measured. Uncertainty cannot, and in this lies the inherent instability of a capitalist economy.

As we emerge from the financial earthquake, a deficit aftershock rumbles. It is in reference to that potential aftershock, as well as to the government’s stumbling efforts at financial regulatory reform, that Posner raises the question of the adequacy of our democratic institutions to the economic challenges heightened by the greatest economic crisis since the Great Depression. The crisis and the government’s energetic response to it have enormously increased the national debt at the same time that structural defects in the American political system may make it impossible to pay down the debt by any means other than inflation or devaluation.

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