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The market for financial derivatives is far and away the largest and most powerful market in the world, and it is growing exponentially. In 1970 the yearly valuation of financial derivatives was only a few million dollars. By 1980 the sum had swollen to nearly one hundred million dollars. By 1990 it had climbed to almost one hundred billion dollars, and in 2000 it approached one hundred trillion. Created and sustained by a small number of European and American banks, corporations, and hedge funds, the derivatives market has an enormous impact on the economies of nations—particularly poorer nations—because it controls the price of money. Derivatives bought and sold by means of computer keystrokes in London and New York affect the price of food, clothing, and housing in Johannesburg, Kuala Lumpur, and Buenos Aires. Arguing that social theorists concerned with globalization must familiarize themselves with the mechanisms of a world economy based on the rapid circulation of capital, Edward LiPuma and Benjamin Lee offer a concise introduction to financial derivatives.

LiPuma and Lee explain how derivatives are essentially wagers—often on the fluctuations of national currencies—based on models that aggregate and price risk. They describe how these financial instruments are changing the face of capitalism, undermining the power of nations and perpetrating a new and less visible form of domination on postcolonial societies. As they ask: How does one know about, let alone demonstrate against, an unlisted, virtual, offshore corporation that operates in an unregulated electronic space using a secret proprietary trading strategy to buy and sell arcane financial instruments? LiPuma and Lee provide a necessary look at the obscure but consequential role of financial derivatives in the global economy.

While environmental disputes and conflicts over fossil fuel extraction have grown in recent years, few issues have been as contentious in the twenty-first century as those surrounding the impacts of unconventional natural gas and oil development using hydraulic drilling and fracturing techniques—more commonly known as “fracking”—on local communities. In Fractured Communities, Anthony E. Ladd and other leading environmental sociologists present a set of crucial case studies analyzing the differential risk perceptions, socio-environmental impacts, and mobilization of citizen protest (or quiescence) surrounding unconventional energy development and hydraulic fracking in a number of key U.S. shale regions.  Fractured Communities reveals how this contested terrain is expanding, pushing the issue of fracking into the mainstream of the American political arena.