Banking on Reform examines the political determinants of recent reforms to monetary policy institutions in the industrial democracies. With these reforms, political parties have sought to draw on the political credibility of an independent central bank to cope with electoral consequences of economic internalization and deindustrialization.

New Zealand and Italy made the initial efforts to grant their central banks independence. More recently, France, Spain, Britain, and Sweden have reformed their central banks' independence. Additionally, members of the European Union have implemented a single currency, with an independent European central bank to administer monetary policy.

Banking on Reform stresses the politics surrounding the choice of these institutions, specifically the motivations of political parties. Where intraparty conflicts have threatened the party's ability to hold office, politicians have adopted an independent central bank. Where political parties have been secluded from the political consequences of economic change, reform has been thwarted or delayed. The drive toward a single currency also reflects these political concerns. By delegating monetary policy to the European level, politicians in the member states removed a potentially divisive issue from the domestic political agenda, allowing parties to rebuild their support constructed on the basis of other issues. William T. Bernhard provides a variety of evidence to support his argument, such as in-depth case accounts of recent central bank reforms in Italy and Britain, the role of the German Bundesbank in the policy process, and the adoption of the single currency in Europe. Additionally, he utilizes quantitative and statistical tests to enhance his argument.

This book will appeal to political scientists, economists, and other social scientists interested in the political and institutional consequences of economic globalization.

William T. Bernhard is Assistant Professor of Political Science, University of Illinois, Urbana-Champaign.

Today, Bernie Sanders is a household name, a wildly popular presidential candidate and an icon for progressive Democrats in the United States. But back in the 1980s, this “democratic socialist”—though some folks would prefer the term “social democrat”—was mayor of Burlington, Vermont, where his administration attempted radical reforms. Some efforts were successful, but when a waterfront deal failed, it was not due to Sanders' efforts; he would rather compromise and have a net gain than be an ideological purist.
 
In his preface to this reissue of the 1990 book, Challenging the Boundaries of Reform, W. J. Conroy reflects on the recent legacy of Sanders, his Agenda for America, and his appeal to young voters. His book then looks back to identify Sanders’ experience in Burlington by examining several case studies that unfolded amidst a conservative trend nationally, an unsympathetic state government, and a hostile city council.
 
Ultimately, Conroy asks what lessons can be drawn from the case of Burlington that would aid the American left in its struggle to capture both government and civil society? 
 

As the United States transitioned from a rural nation to an urbanized, industrial giant between the War of 1812 and the early twentieth century, ordinary people struggled over the question of what it meant to be American. As Brian Roberts shows in Blackface Nation, this struggle is especially evident in popular culture and the interplay between two specific strains of music: middle-class folk and blackface minstrelsy.

The Hutchinson Family Singers, the Northeast’s most popular middle-class singing group during the mid-nineteenth century, is perhaps the best example of the first strain of music. The group’s songs expressed an American identity rooted in communal values, with lyrics focusing on abolition, women’s rights, and socialism. Blackface minstrelsy, on the other hand, emerged out of an audience-based coalition of Northern business elites, Southern slaveholders, and young, white, working-class men, for whom blackface expressed an identity rooted in individual self-expression, anti-intellectualism, and white superiority. Its performers embodied the love-crime version of racism, in which vast swaths of the white public adored African Americans who fit blackface stereotypes even as they used those stereotypes to rationalize white supremacy. By the early twentieth century, the blackface version of the American identity had become a part of America’s consumer culture while the Hutchinsons’ songs were increasingly regarded as old-fashioned. Blackface Nation elucidates the central irony in America’s musical history: much of the music that has been interpreted as black, authentic, and expressive was invented, performed, and enjoyed by people who believed strongly in white superiority.  At the same time, the music often depicted as white, repressed, and boringly bourgeois was often socially and racially inclusive, committed to reform, and devoted to challenging the immoralities at the heart of America’s capitalist order.