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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.

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.

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.

"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

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.  

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.

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.

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.

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.