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On October 3, 1968, a military junta led by General Juan Velasco Alvarado took over the government of Peru. In striking contrast to the right-wing, pro–United States/anti-Communist military dictatorships of that era, however, Velasco’s “Revolutionary Government of the Armed Forces” set in motion a left-leaning nationalist project aimed at radically transforming Peruvian society by eliminating social injustice, breaking the cycle of foreign domination, redistributing land and wealth, and placing the destiny of Peruvians into their own hands. Although short-lived, the Velasco regime did indeed have a transformative effect on Peru, the meaning and legacy of which are still subjects of intense debate.

The Peculiar Revolution revisits this fascinating and idiosyncratic period of Latin American history. The book is organized into three sections that examine the era’s cultural politics, including not just developments directed by the Velasco regime but also those that it engendered but did not necessarily control; its specific policies and key institutions; and the local and regional dimensions of the social reforms it promoted. In a series of innovative chapters written by both prominent and rising historians, this volume illuminates the cultural dimensions of the revolutionary project and its legacies, the impact of structural reforms at the local level (including previously understudied areas of the country such as Piura, Chimbote, and the Amazonia), and the effects of state policies on ordinary citizens and labor and peasant organizations.

A political history of the rise and fall of American debt relief.

Americans have a long history with debt. They also have a long history of mobilizing for debt relief. Throughout the nineteenth century, indebted citizens demanded government protection from their financial burdens, challenging readings of the Constitution that exalted property rights at the expense of the vulnerable. Their appeals shaped the country’s periodic experiments with state debt relief and federal bankruptcy law, constituting a pre-industrial safety net. Yet, the twentieth century saw the erosion of debtor politics and the eventual retrenchment of bankruptcy protections.

The Political Development of American Debt Relief traces how geographic, sectoral, and racial politics shaped debtor activism over time, enhancing our understanding of state-building, constitutionalism, and social policy.

This is an auto-narrated audiobook version of this book.

A political history of the rise and fall of American debt relief.

Americans have a long history with debt. They also have a long history of mobilizing for debt relief. Throughout the nineteenth century, indebted citizens demanded government protection from their financial burdens, challenging readings of the Constitution that exalted property rights at the expense of the vulnerable. Their appeals shaped the country’s periodic experiments with state debt relief and federal bankruptcy law, constituting a pre-industrial safety net. Yet, the twentieth century saw the erosion of debtor politics and the eventual retrenchment of bankruptcy protections.

The Political Development of American Debt Relief traces how geographic, sectoral, and racial politics shaped debtor activism over time, enhancing our understanding of state-building, constitutionalism, and social policy.

The transition from authoritarian to democratic government in Brazil unleashed profound changes in government and society that cannot be adequately understood from any single theoretical perspective. The great need, say Graham and Wilson, is a holistic vision of what occurred in Brazil, one that opens political and economic analysis to new vistas. This need is answered in The Political Economy of Brazil, a groundbreaking study of late twentieth-century Brazilian issues from a policy perspective.

The book was an outgrowth of a year-long policy research project undertaken jointly by the Lyndon B. Johnson School of Public Affairs and the Teresa Lozano Long Institute of Latin American Studies, both at the University of Texas at Austin. In this book, several noted scholars focus on specific issues central to an understanding of the political and economic choices that were under debate in Brazil. Their findings reveal that for Brazil the break with the past—the authoritarian regime—could not be complete due to economic choices made in the 1960s and 1970s, and also the way in which economic resources committed at that time locked the government into a relatively limited number of options in balancing external and internal pressures.

These conclusions will be important for everyone working in Latin American and Third World development.

Any student, academic or practitioner wanting to succeed in development studies, radical or mainstream, must understand the World Bank's role and the evolution of its thinking and activities. The Political Economy of Development provides tools for gaining this understanding and applies them across a range of topics.

The research, practice and scholarship of development are always set against the backdrop of the World Bank, whose formidable presence shapes both development practice and thinking. This book brings together academics that specialise in different subject areas of development and reviews their findings in the context of the World Bank as knowledge bank, policy-maker and financial institution. The volume offers a compelling contribution to our understanding of development studies and of development itself.

The Political Economy of Development is an invaluable critical resource for students, policy-makers and activists in development studies.

The Israeli occupation of the Palestinian territories since 1967 has many important economic aspects that are often overlooked. In this highly original book, Shir Hever shows that understanding the economic dimensions of the occupation is crucial to unravelling the Israeli-Palestinian conflict.

Hever rejects the premise that Israel keeps control over Palestinian territories for material gain, and also the premise that Israel is merely defending itself from Palestinian aggression. Instead, he argues that the occupation has reached an impasse, with the Palestinian resistance making exploitation of the Palestinians by Israeli business interests difficult, but the Israeli authorities reluctant to give up control.

With traditional economic analysis failing to explain this turn of events, this book will be invaluable for students, activists and journalists struggling to make sense of the complex issues surrounding Israel's occupation.

The historic and increasing interdependence of the Latin American and U.S. economies makes an understanding of the political economies of Latin American nations particularly timely and important. After World War II, many nations initially implemented import substituting industrialization policies. Their outcomes, and the shift in policies, are related to the domestic policies and world economic conditions that led to government deficits, inflation, foreign borrowing, debt renegotiation, and renewed emphasis on common markets and other devices to stimulate trade and investment.

In The Political Economy of Latin America in the Postwar Period, important policy measures are evaluated, such as indexation of prices and contracts; special provisions for financing the government through the Central Bank; stabilization; and deregulation of the economy.

The introduction presents trends in Latin American growth and the factors that influence them. This is followed by parallel studies of the economic development of Argentina, Brazil, Chile, Cuba, Ecuador, Mexico, and Peru from 1945 to the mid-1990s. Noted experts bring their considerable experience to analyzing the content and impact of the economic theories that guided policymaking and their effects on output, income, and quality of life.

Jude L. Fernando explores the paradoxical relationship between NGOs and capitalism, showing that supposedly progressive organisations often promote essentially the same policies and ideas as existing governments.

The book examines how a diverse group of NGOs have shaped state formation in Bangladesh and Sri Lanka. It argues that, rather than influencing state formation for the better, NGOs have been integrated into the capitalist system and their language adopted to give traditional exploitative social relations a transformative appearance.

This enlightening study will give pause to those who see NGOs as drivers of true social change and will encourage students of development studies to make a deeper analysis of state formation.

In this first overview of the Brazilian republican state based on extensive primary source material, Steven Topik demonstrates that well before the disruption of the export economy in 1929, the Brazilian state was one of the most interventionist in Latin America. This study counters the previous general belief that before 1930 Brazil was dominated by an export oligarchy comprised of European and North American capitalists and that only later did the state become prominent in the country’s economic development.

Topik examines the state’s performance during the First Republic (1889–1930) in four sectors—finance, the coffee trade, railroads, and industry. By looking at the controversies in these areas, he explains how domestic interclass and international struggles shaped policy and notes the degree to which the state acted relatively independently of civil society.

Topik’s primary concern is the actions of state officials and whether their decisions reflected the demands of the ruling class. He shows that conflicting interests of fractions of the ruling class and foreign investors gradually led to far greater state participation than any of the participants originally desired, and that the structure of the economy and of society—not the intentions of the actors—best explains the state’s economic presence.

Winner of the 2025 Association of Korean Studies in Europe Book Prize

Over the last 25 years, South Korea has witnessed growing inequality due to the proliferation of non-standard employment, ballooning household debt, deepening export-dependency, and the growth of super-conglomerates such as Samsung and Hyundai. Combined with declining rates of economic growth and turbulent political events, these processes mark a departure from Korea’s past recognition as a high growth “developmental state.”

The Postdevelopmental State radically reframes research into the South Korean economy by foregrounding the efforts of pro-democratic reformers and social movements in South Korea to create an alternative economic model—one that can address Korea’s legacy of authoritarian economic development during the Cold War and neoliberal restructuring since the Asian Financial Crisis of the late 1990s. Understanding these attempts offers insight into the types of economic reforms that have been enacted since the late 1990s as well as the continued legacy of dictatorship-era politics within the Korean political and legal system. By examining the dilemmas economic democracy has encountered over the past 25 years, from the IMF Crisis to the aftermath of the Candlelight Revolution, the book reveals the enormous and comprehensive challenges involved in addressing the legacy of authoritarian economic models and their neoliberal transformations.

Acclaimed economist James K. Galbraith sounds an urgent alarm: how conventional economic ideas and policies are unequipped to account for the most daunting challenges of our geopolitical moment.

Amid a mounting sense of American decline, Americans live with a new kind of dissonance: economists announcing that everything is fundamentally fine. Where growth is steady, unemployment is low, prices are (somewhat) stable, and stocks are high—what’s there to worry about? 

The Power to Destroy shows that this dissonance reflects a failure to evolve. James K. Galbraith’s incisive history of economic policy in this century is grounded in the fundamental problem that today’s experts are still deploying tools from all yesterday’s wars: obsolete economic ideas, measures, and doctrines focused on market functioning and crude economic indicators like output and prices. These methods, many of them honed a century ago against a vastly different social landscape, offer little hope in the face of today’s more existential threats. 

Such conventional policies, Galbraith argues, are increasingly ill-equipped to counter the daunting challenges of our moment—from inflation to trade sanctions, industrial cold wars, and climate change—and, left unacknowledged, are accelerating the end of the US economy as we know it. Shortcomings include the weak responses to the inflation of 2021-2022; the sanctions war against Russia; the rise of China; the weak and ineffective attempt at industrial revival; and the impending demographic crisis. All have roots in a flawed body of outdated economic thought that has been sustained for ideological rather than practical reasons. They now promise to hinder the United States in the emerging multipolar world. 

As Galbraith makes plain, for all the virtues of the market system, governments and their policies make markets possible. The ideas behind the policies—for better or worse—will determine the fate of the US economy—and new and better ideas are urgently needed. The alternative—sticking with economic ideas and policies we know and currently use—brings the power to destroy us all. 

2023 Marysa Navarro Best Book Prize, New England Council of Latin American Studies (NECLAS)

A study of the intersection of rural populations, state formation, and the origins of political conflict in Peru.

On the eve of the twentieth century, Peru seemed like a profitable and yet fairly unexploited country. Both foreign capitalists and local state makers envisioned how remote highland areas were essential to a sustainable national economy. Mobilizing Andean populations lay at the core of this endeavor. In his groundbreaking book, The Rural State, Javier Puente uncovers the surprising and overlooked ways that Peru’s rural communities formed the political nation-state that still exists today.

Puente documents how people living in the Peruvian central sierra in the twentieth century confronted emerging and consolidating powers of state and capital and engaged in an ongoing struggle over increasingly elusive subsistence and autonomies. Over the years, policy, politics, and social turmoil shaped the rural, mountainous regions of Peru until violent unrest, perpetrated by the Shining Path and other revolutionary groups, unveiled the extent, limits, and fractures of a century-long process of rural state formation. Examining the conflicts between one rural community and the many iterations of statehood in the central sierra of Peru, The Rural State offers a fresh perspective on how the Andes became la sierra, how pueblos became comunidades, and how indígenas became campesinos.

Longlisted for the 2024 Financial Times Book of the Year. How life and the economy became a black box—a collection of systems no one understands, producing outcomes no one likes.
 
Passengers get bumped from flights. Phone menus disconnect. Automated financial trades produce market collapse. Of all the challenges in modern life, some of the most vexing come from our relationships with automation: a large system does us wrong, and there’s nothing we can do about it.

The problem, economist Dan Davies shows, is accountability sinks: systems in which decisions are delegated to a complex rule book or set of standard procedures, making it impossible to identify the source of mistakes when they happen. In our increasingly unhuman world—lives dominated by algorithms, artificial intelligence, and large organizations—these accountability sinks produce more than just aggravation. They make life and economy unknowable—a black box for no reason.

In The Unaccountability Machine, Davies lays bare how markets, institutions, and even governments systematically generate outcomes that no one—not even those involved in making them—seems to want. Since the earliest days of the computer age, theorists have foreseen the dangers of complex systems without personal accountability. In response, British business scholar Stafford Beer developed an accountability-first approach to management called “cybernetics,” which might have taken off had his biggest client (the Chilean government) not fallen to a bloody coup in 1973.

With his signature blend of economic and journalistic rigor, Davies examines what’s gone wrong since Beer, including what might have been had the world embraced cybernetics when it had the chance. The Unaccountability Machine is a revelatory and resonant account of how modern life became predisposed to dysfunction.