Results by title

A single day in a semilegal market in Lima, Peru, reveals a social world that defies conventional economic logic.

In the heart of Lima’s historic center, the markets of El Hueco (“The Hole”) and sprawling Mesa Redonda pulse with life, with thousands of vendors selling everything from knockoff electronics to religious icons. In A Day in “The Hole,” anthropologist Daniella Gandolfo immerses readers in a single, tumultuous day—the thirty-fourth anniversary of a vendors’ cooperative—while examining the dynamics that sustain these marketplaces.
 
Through a blend of cinematic storytelling and incisive anthropological insight, Gandolfo reveals a world with its own unique codes. She inspects how vendors embrace expenditure over profit and instability over order, and moving through the sights and sounds of El Hueco and Mesa Redonda, she finds a dissident economy that is as much about survival as it is about spectacle. Gandolfo redefines how we think about urban economies and the unexpected ways these defiant communities thrive in this textured portrait of Lima’s markets and the people who animate them.

A major, new, and comprehensive look at six decades of macroeconomic policies across the region

What went wrong with the economic development of Latin America over the past half-century?  Along with periods of poor economic performance, the region’s countries have been plagued by a wide variety of economic crises. This major new work brings together dozens of leading economists to explore the economic performance of the ten largest countries in South America and of Mexico. Together they advance the fundamental hypothesis that, despite different manifestations, these crises all have been the result of poorly designed or poorly implemented fiscal and monetary policies. 

Each country is treated in its own section of the book, with a lead chapter presenting a comprehensive database of the country’s fiscal, monetary, and economic data from 1960 to 2017. The chapters are drawn from one-day academic conferences—hosted in all but one case, in the focus country—with participants including noted economists and former leading policy makers. Cowritten with Nobel Prize winner Thomas J. Sargent, the editors’ introduction provides a conceptual framework for analyzing fiscal and monetary policy in countries around the world, particularly those less developed. A final chapter draws conclusions and suggests directions for further research.

A vital resource for advanced undergraduate and graduate students of economics and for economic researchers and policy makers, A Monetary and Fiscal History of Latin America, 1960–2017 goes further than any book in stressing both the singularities and the similarities of the economic histories of Latin America’s largest countries.

Contributors: Mark Aguiar, Princeton U; Fernando Alvarez, U of Chicago; Manuel Amador, U of Minnesota; Joao Ayres, Inter-American Development Bank; Saki Bigio, UCLA; Luigi Bocola, Stanford U; Francisco J. Buera, Washington U, St. Louis; Guillermo Calvo, Columbia U; Rodrigo Caputo, U of Santiago; Roberto Chang, Rutgers U; Carlos Javier Charotti, Central Bank of Paraguay; Simón Cueva, TNK Economics; Julián P. Díaz, Loyola U Chicago; Sebastian Edwards, UCLA; Carlos Esquivel, Rutgers U; Eduardo Fernández Arias, Peking U; Carlos Fernández Valdovinos (former Central Bank of Paraguay); Arturo José Galindo, Banco de la República, Colombia; Márcio Garcia, PUC-Rio; Felipe González Soley, U of Southampton; Diogo Guillen, PUC-Rio; Lars Peter Hansen, U of Chicago; Patrick Kehoe, Stanford U; Carlos Gustavo Machicado Salas, Bolivian Catholic U; Joaquín Marandino, U Torcuato Di Tella; Alberto Martin, U Pompeu Fabra; Cesar Martinelli, George Mason U; Felipe Meza, Instituto Tecnológico Autónomo de México; Pablo Andrés Neumeyer, U Torcuato Di Tella; Gabriel Oddone, U de la República; Daniel Osorio, Banco de la República; José Peres Cajías, U of Barcelona; David Perez-Reyna, U de los Andes; Fabrizio Perri, Minneapolis Fed; Andrew Powell, Inter-American Development Bank; Diego Restuccia, U of Toronto; Diego Saravia, U de los Andes; Thomas J. Sargent, New York U; José A. Scheinkman, Columbia U; Teresa Ter-Minassian (formerly IMF); Marco Vega, Pontificia U Católica del Perú; Carlos Végh, Johns Hopkins U; François R. Velde, Chicago Fed; Alejandro Werner, IMF.

A/Moral Economics is an interdisciplinary historical study that examines the ways which social “science” of economics emerged through the discourse of the literary, namely the dominant moral and fictional narrative genres of early and mid-Victorian England. In particular, this book argues that the classical economic theory of early-nineteenth-century England gained its broad cultural authority not directly, through the well- known texts of such canonical economic theorists as David Ricardo, but indirectly through the narratives constructed by Ricardo’s popularizers John Ramsey McCulloch and Harriet Martineau.

By reexamining the rhetorical and institutional contexts of classical political economy in the nineteenth century, A/Moral Economics repositions the popular writings of both supporters and detractors of political economy as central to early political economists’ bids for a cultural voice. The now marginalized economic writings of  McCulloch, Martineau, Henry Mayhew, and John Ruskin, as well as the texts of Charles Dickens and J. S. Mill, must be read as constituting in part the entities they have been read as merely criticizing. It is this repressed moral logic that resurfaces in a range of textual contradictions—not only in the writings of Ricardo’s supporters, but, ironically, in those of his critics as well.

After the Berlin Wall tells the inside story of an international financial institution, the European Bank for Reconstruction and Development (EBRD), created in the aftermath of communism to help the countries of central and eastern Europe transition towards open market-oriented democratic economies. 

The first volume of a history in two parts, After the Berlin Wall charts the EBRD’s life from a fledgling high-risk start-up investing in former socialist countries from 1991 to become an established member of the international financial community, which (as of April 2020) operates in almost 40 countries across three continents. 

This volume describes the multilateral negotiations that created this cosmopolitan institution with a ‘European character’ and the emergence of the EBRD’s unique business model: a focus on the private sector and a mission to deliver development impact with sustainable financial returns. The author recounts the challenges that ‘transition’ countries faced in moving from a defunct to a functioning economic system and maps the EBRD’s response to critical events, from the dissolution of the Soviet Union, to the safe confinement of the Chernobyl disaster site, the debt default in Russia and the onset of the global financial crisis in 2008.

Five years into capitalism's deepest crisis, which has led to cuts and economic pain across the world, Against Austerity addresses a puzzling aspect of the current conjuncture: why are the rich still getting away with it? Why is protest so ephemeral? Why does the left appear to be marginal to political life?

In an analysis which challenges our understanding of capitalism, class and ideology, Richard Seymour shows how ‘austerity’ is just one part of a wider elite plan to radically re-engineer society and everyday life in the interests of profit, consumerism and speculative finance.

But Against Austerity is not a gospel of despair. Seymour argues that once we turn to face the headwinds of this new reality, dispensing with reassuring dogmas, we can forge new collective resistance and alternatives to the current system. Following Brecht, Against Austerity argues that the good old things are over, it's time to confront the bad new ones.

Langston Hughes called it "a great dark tide from the South": the unprecedented influx of blacks into Cleveland that gave the city the nickname "Alabama North." Kimberley L. Phillips reveals the breadth of working class black experiences and activities in Cleveland and the extent to which these were shaped by traditions and values brought from the South. 

Migrants' moves north established complex networks of kin and friends and infused Cleveland with a highly visible southern African American culture. Phillips examines the variety of black fraternal, benevolent, social, and church-based organizations that working class migrants created and demonstrates how these groups prepared the way for new forms of individual and collective activism in workplaces and the city. Giving special consideration to the experiences of working class black women, AlabamaNorth reveals how migrants' expressions of tradition and community gave them a new consciousness of themselves as organized workers and created the underpinning for new forms of black labor activism.

Far into the Atlantic Ocean, the outflow from the Amazon River creates a "sweet sea" of fresh water. At the river's mouth, a vast delta of river channels and marshes, floodplain and upland forests, open and scrub savannas, floating meadows, and mangrove swamps hosts an astonishingly diverse assemblage of plant and animal life. So rich is this biological treasure house that early European explorers deemed it inexhaustible.

In this highly readable book, Nigel Smith explores how human use of the Amazon estuary's natural resources has been affected by technological change, rapid urban growth, and accelerated market integration. Avoiding alarmist rhetoric, he shows how human intervention in the estuary has actually diversified agriculture and helped save floodplain forests from wanton destruction. His findings underscore the importance of understanding the history of land use and the ecological knowledge of local people when formulating development and conservation policies. The book will be of interest to everyone concerned with the fate of tropical forests, conserving biodiversity, and developing natural resources in a sustainable manner.

How the best intentions of African socialism became the useful tools of capitalism.

In the mid-twentieth century, skilled labor was seen as the key to national development. For newly independent African countries, this posed a formidable challenge: to build thriving economies, they needed to rapidly educate workers. As it turns out, that wasn’t their only obstacle.

Ambition and Adjustment reveals how responses to this human capital problem from the political left and right converged in unlikely ways to block Africa’s postcolonial progress. Focusing on nation-building projects in Zambia and Tanzania, Priya Lal recounts how the first generations of Africa’s professional class faced pressures on all sides—from foreign planners prioritizing economic growth and from local socialists decrying higher education and professionalization as wasteful and elitist. When African development stalled, international institutions like the World Bank took up parts of both approaches, justifying structural adjustment programs that defunded African universities and hospitals in the name of social equity. Indeed, Lal shows that neoliberal austerity in the 1990s was packaged in Africa’s socialist narratives from the 1960s.

By unearthing this forgotten history, Ambition and Adjustment upends traditional accounts of postcolonial development, exposing how socialism and capitalism both conflicted and overlapped to shape Africa’s trajectory since independence.

• Workers do not normally choose to be unemployed.
• In our current system, persistent unemployment is not an aberration. It is much more common than full employment, and the outcome of elite policy choices.
• Labor surpluses propped up by flawed unemployment numbers have helped to keep real wages stagnant for more than forty years.
• Prior to the New Deal and the era of big government, laissez-faire policies repeatedly led to depressions with heavy, even catastrophic, job losses.
• Undercounting the unemployed sabotages the creation of government job programs that can lead to more high-paying jobs and full employment.