Spiderweb Capitalism: How Global Elites Exploit Frontier Markets
By: Kimberly Kay Hoang – University of Chicago
Kimberly Kay Hoang traveled more than 350,000 miles and conducted hundreds of in-depth interviews with private wealth managers, fund managers, entrepreneurs, C-suite executives, bankers, auditors, and other financial professionals. She traces the flow of capital from offshore funds in places like the Cayman Islands, Samoa, and Panama to special-purpose vehicles and holding companies in Singapore and Hong Kong, and how it finds its way into risky markets onshore in Vietnam and Myanmar. Hoang reveals the strategies behind spiderweb capitalism and examines the moral dilemmas of making money in legal, financial, and political gray zones.
Kimberly Kay Hoang has done groundbreaking fieldwork shedding light on the complex web of offshore subsidiaries through which capital is channeled and protected in emerging markets. This book, which summarizes this work in a clear and engaging manner, is essential reading to understand global twenty-first-century capitalism.”
—Gabriel Zucman, UC Berkeley
Escape from Model Land: How Mathematical Models Can Lead Us Astray and What We Can Do About It
By: Erica Thompson – London School of Economics’ Data Science Institute
In Escape from Model Land, statistician Erica Thompson illuminates the hidden dangers of models. She demonstrates how models reflect the biases, perspectives, and expectations of their creators. Thompson shows us why understanding the limits of models is vital to using them well. A deeper meditation on the role of mathematics, this is an essential book for helping us avoid either confusing the map with the territory or throwing away the map completely, instead pointing to more nuanced ways to Escape from Model Land.
Data, computing power, AI, and the models that use them will continue to proliferate. The wisdom, life experience, and humility to make the best use of those powerful tools will remain scarce. This delightfully wide-ranging book offers heaps of the latter to help us generate genuine insights from the former.
Charles J. Wheelan, Dartmouth College
The Great Polarization: How Ideas, Power, and Policies Drive Inequality
Edited by: Rudiger L. von Arnim, Joseph E. Stiglitz – University of Utah, Columbia University
The Great Polarization brings together scholars from disparate fields to examine the causes and consequences of this dramatic rise in inequality. Contributors demonstrate that institutions, norms, policy, and political power—not the “natural” operation of the market—determine the distribution of wealth and income. The book underscores the role of ideas and ideologies, showing how neoclassical economics and related beliefs have functioned in public debates to justify inequality. Together, these essays bear out an inescapable conclusion: inequality is a choice. The rules of the economy have been rewritten to favor those at the top, entrenching the imbalances of power that widen the gap between the very rich and everyone else.
Contributors reconsider the data on inequality, examine the policies that have led to this predicament, and outline potential ways forward. Using both theoretical and empirical analysis and drawing on the knowledge of experts in policy, political economy, economics, and other disciplines, The Great Polarization offers a kaleidoscopic view of the processes that have shaped today’s stark hierarchies.
An Exchange Rate History of the United Kingdom: 1945–1992
By: Alain Naef – UC Berkeley
How did the Bank of England manage sterling crises? This book steps into the shoes of the Bank’s foreign exchange dealers to show how foreign exchange intervention worked in practice. The author reviews the history of sterling over half a century, using new archives, data and unseen photographs. This book traces the sterling crises from the end of the War to Black Wednesday in 1992. The resulting analysis shows that a secondary reserve currency such as sterling plays an important role in the stability of the international system. The author goes on to explore the lessons the Bretton Woods system on managed exchange rates has for contemporary policy makers in the context of Brexit. This is a crucial reference for scholars in economics and history examining past and current prospects for the international financial system. This title is also available as Open Access on Cambridge Core.
