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A revelatory history of how the Federal Reserve finances American power.

Central banks, we are told, are economic superpowers that must remain independent of modern democratic governments. The US Federal Reserve’s presumed insulation from politics affords it autonomy and credibility to control inflation and promote economic stability—or so the story goes.

In The Fiscal Fed, Will Bateman offers a deeply sourced, empirical history that shows the Fed’s primary function is actually, and has always been, fiscal—sustaining the market for Treasury borrowing that makes up the difference between federal spending and federal revenue. Bateman combs Fed meeting transcripts, staff notes, financial accounts, and legal documents to trace loans and public-debt purchases since the central bank’s founding. The result is a milestone work that reveals how, for most of the Fed’s history, its transactions were aimed at government financing—either by providing cheap credit to close budget gaps or by manipulating yields on government debt. The Fed’s support for government finance is a feature, not a bug, of American economic institutions.

Drawing on interviews with archivists and developers, Jones and Jancovic reveal the archive as a dynamic space where deeply entrenched social practices produce disagreements but also resourceful collaborations. They contrast the unprecedented rise of archivist-driven standardization and controversies around non-standard technology with the historical dominance of the film and broadcast industries. Throughout, the authors clarify the role of tech companies, software developers, film pirates, hackers, and other players with poorly understood roles in the process.

A timely look at the state of audiovisual preservation, The Future of Memory provides a history of recent innovations alongside a snapshot of a field in the midst of profound technological change.

Entertaining and expert, The Gold in the Rings maps the Olympics' course from paragon of purity to billion-dollar profits.

A revelatory economic history of America's Gilded Age—and how it wasn't just the Robber Barons who benefited.

The Gilded Age, spanning the late nineteenth and early twentieth centuries, was when Americans got rich. Or, rather, some Americans got rich. Because as much as the era is synonymous with staggering economic growth, it also doubles as America’s cautionary tale for the perils of leaving rich people and institutions unregulated. It was the time of extractive industrialists, worker exploitation, stifled economic mobility, and racial exclusion—lessons that the United States learned the hard way.

Vincent Geloso contests this traditional narrative by revisiting the math in this new empirical account of the Gilded Age. The Great Enrichment is an economic history of America’s rise to affluence, a period that doubled as a remarkable rise of the country’s economic floor. The conventional contrast of Robber Barons against huddled masses is, in Geloso’s analysis, unsubstantiated by economic data. The Gilded Age was the first egalitarian enrichment that humanity witnessed—a time when both rich and poor benefited in ways that were seismic, albeit unequal. Yet the net result was a great leap forward, not the lamentable birth of modern inequality.

Geloso marshals an expanded set of economic measures to account for factors not typically included in the Gilded Age economic story. The Great Enrichment sets a new standard for empirical history in one of America’s most consequential—and perhaps misunderstood—periods.

From the essential chronicler of the world economy, a portrait of the Great Powers in transition.

The world’s two great economic powers are on opposite trajectories. In the United States, decades of neoliberal policies produced a small class of rich elites and gutted the middle class. In China, the same global forces have created a massive new upper class. The result is the greatest reshuffling of global incomes since the Industrial Revolution—a dramatic shakeup of each country’s political order. As the two powers retreat from one another, the implications for their futures, and for the world economy, are uncertain.

In The Great Global Transformation, acclaimed economist Branko Milanovic draws on original research to chart how these seismic shifts will shape the next century of the global economy. As both the US and China retreat into protectionism, Milanovic shows how a new and multipolar world order will follow—and how rising nationalism will have dramatically different effects on the two countries. And he shows us the fight ahead: as plutocracy returns, global war threatens, and a new system silently shapes our nations, driving populist discontent to the breaking point.

A worthy successor to Capitalism, Alone and his other landmark works, Milanovic’s new book announces the arrival of a new era he terms “national market liberalism,” in which liberalism survives in domestic economies, but not necessarily in the social arena. The Great Global Transformation is Milanovic’s indispensable account of the new twenty-first century now underway.
 

In the late 1990s, West Texas was full of rundown towns and pumpjacks, aging reminders of the oil rush of an earlier era. Today, the towns are thriving as 300-foot-tall wind turbines tower above those pumpjacks. Wind energy has become Texas’s latest boom, with the Lone Star State now leading the nation. How did this dramatic transformation happen in a place that fights federal environmental policies at every turn? In The Great Texas Wind Rush, environmental reporters Kate Galbraith and Asher Price tell the compelling story of a group of unlikely dreamers and innovators, politicos and profiteers.

The tale spans a generation and more, and it begins with the early wind pioneers, precocious idealists who saw opportunity after the 1970s oil crisis. Operating in an economy accustomed to exploiting natural resources and always looking for the next big thing, their ideas eventually led to surprising partnerships between entrepreneurs and environmentalists, as everyone from Enron executives to T. Boone Pickens, as well as Ann Richards, George W. Bush and Rick Perry, ended up backing the new technology. In this down-to-earth account, the authors explain the policies and science that propelled the “windcatters” to reap the great harvest of Texas wind. They also explore what the future holds for this relentless resource that is changing the face of Texas energy.

Popular anger against the financial system has never been higher, yet the practical workings of the system remain opaque to many people. The Heretic's Guide to Global Finance aims to bridge the gap between protest slogans and practical proposals for reform.

Brett Scott is a campaigner and former derivatives broker who has a unique understanding of life inside and outside the financial sector. He builds up a framework for approaching it based on the three principles of 'Exploring', 'Jamming' and 'Building', offering a practical guide for those who wish to deepen their understanding of, and access to, the inner workings of financial institutions.

Scott covers aspects frequently overlooked, such as the cultural dimensions of the financial system, and considers major issues such as agricultural speculation, carbon markets and tar-sands financing. Crucially, it also showcases the growing alternative finance movement, showing how everyday people can get involved in building a new, democratic, financial system.

What lies at the center of the Mexican colonial experience? Should Mexican colonial society be construed as a theoretical monolith, capitalist from its inception, or was it essentially feudal, as traditional historiography viewed it? In this pathfinding study, Enrique Semo offers a fresh vision: that the conflicting social formations of capitalism, feudalism, and tributary despotism provided the basic dynamic of Mexico's social and economic development.

Responding to questions raised by contemporary Mexican society, Semo sees the origin of both backwardness and development not in climate, race, or a heterogeneous set of unrelated traits, but rather in the historical interaction of each social formation. In his analysis, Mexico's history is conceived as a succession of socioeconomic formations, each growing within the "womb" of its predecessor. Semo sees the task of economic history to analyze each of these formations and to construct models that will help us understand the laws of its evolution. His premise is that economic history contributes to our understanding of the present not by formulating universal laws, but by studying the laws of development and progression of concrete economic systems.

The History of Capitalism in Mexico opens with the Conquest and concludes with the onset of the profound socioeconomic transformation of the last fifty years of the colony, a period clearly representing the precapitalist phase of Mexican development. In the course of his discussion, Semo addresses the role of dependency—an important theoretical innovation—and introduces the concept of tributary despotism, relating it to the problems of Indian society and economy. He also provides a novel examination of the changing role of the church throughout Mexican colonial history. The result is a comprehensive picture, which offers a provocative alternative to the increasingly detailed and monographic approach that currently dominates the writing of history.

Originally published as Historia del capitalismo en México in 1973, this classic work is now available for the first time in English. It will be of interest to specialists in Mexican colonial history, as well as to general readers.

Yun Wen uses the Huawei story as a microcosm to understand China's evolving digital economy and the global rise of the nation's corporate power. Rejecting the idea of the transnational corporation as a static institution, she explains Huawei's formation and restructuring as a historical process replete with contradictions and complex consequences. She places Huawei within the international political economic framework to capture the dynamics of power structure and social relations underlying corporate China's globalization. As she explores the contradictions of Huawei's development, she also shows the ICT firm's complicated interactions with other political-economic forces.

Comprehensive and timely, The Huawei Model offers an essential analysis of China's dynamic development of digital economy and the global technology powerhouse at its core.