Exile Economics
By: Ben Chu – Policy and Analysis Correspondent at BBC Verify
Nations are turning away from each other. Faith in globalisaton has been fatally undermined by the pandemic, the energy crisis, surging trade frictions and swelling great power rivalry. A new vision is vying to replace what we’ve known for many decades. This vision – Exile Economics – entails a rejection of interdependence, a downgrading of multilateral collaboration and a striving for greater national self-sufficiency. The supporters of this new order argue it will establish genuine security, prosperity and peace. But is this promise achievable? Or a seductive delusion?
Through the stories of globally traded commodities – from silicon to steel and from soybeans to solar panels – economics journalist Ben Chu illustrates the intricate web of interdependence that has come to bind nations together – and underlines the dangers of this new push to isolationism. Exile Economics is an essential guide to this new world in all its promise and peril.
In this beautifully written and researched book, Ben Chu lays out clearly and compellingly why seeking self-sufficiently, in everything from food to energy, technology to talent, is more likely to undermine than strengthen growth and security given the interdependency of modern supply chains
Andy Haldane, former chief economist of the Bank of England
Private Finance, Public Power: A History of Bank Supervision in America
By: Peter Conti-Brown, Sean H. Vanatta – University of Pennsylvania, University of Glasgow
Banks in America are private institutions with private shareholders, boards of directors, profit motives, customers, and competitors. And yet the public plays a key role in deciding what risks are taken as well as how, when, and to what end. Public-private negotiations over financial governance has evolved into an essential ecosystem of banking risk management. In Private Finance, Public Power, Peter Conti-Brown and Sean Vanatta offer a new history of finance and public policy in the United States by examining the idiosyncratic way the nation manages financial risk across the public-private divide. Covering two centuries, from the founding of the Republic to the early 1980s, Conti-Brown and Vanatta describe the often-contested, sometimes chaotic, engagement of bankers, politicians, bureaucrats, and others in the overlapping spaces of the public-private system of bank supervision.
Conti-Brown and Vanatta trace the different supervisory frameworks that evolved over time, from the imposition of private liability on bank shareholders to the development of the central bank to the creation of federal deposit insurance. Negotiations took place at federal and state levels, but, over time, the federal government assumed most of the responsibility for managing financial risk. Moreover, federal supervisory officials began to undertake more varied tasks, including monitoring racial discrimination and managing financial concentration. Conti-Brown and Vanatta introduce a diverse cast of characters—bankers, politicians, bureaucrats, and others—and show how they navigated two hundred years of financial panics, scandals, and crises to build the system that structures modern America’s banking system.
The Democratic Marketplace – How a More Equal Economy Can Save Our Political Ideals
By: Lisa Herzog – University of Groningen
Democracy has been hollowed out by capitalism. A narrow view of markets and their aims—prioritizing efficiency, profit, and growth—now dominates thinking about democracy itself. Citizens are ignorant of the deep principles of self-governance, having long since adopted a facile equation between democracy and voting as a consumer choice. Lisa Herzog argues that democracy is still possible, but only if democratic values get embedded in everyday experience—including economic experience. That requires new ways of thinking about markets and their goals.
The Democratic Marketplace theorizes the foundational structures of a democratic economy, in which markets are not just tools for maximizing profit via exploitation and extraction. To this end, employees are empowered to participate in corporate governance. Economic disparities are curbed so that citizens can negotiate their inevitable differences on a truly equal footing. And while a democratic economy need not eschew growth, it does renounce today’s growth-at-all-costs expectations, instead balancing growth with goals like ecological sustainability and the preservation of time outside of work. Democratic economics also entails implementing reforms in ways that take seriously the perspectives, experiences, and skills of the whole population.
Human Capital for Humans – An Accessible Introduction to the Economic Science of People
By: Pablo A. Peña – University of Chicago
University of Chicago economist Gary Becker won the Nobel Prize largely for his advancement of human capital theory—the idea that investing in a person’s knowledge and skills has a wide range of economic effects. Becker’s writing on the subject was technical, but his teaching, especially in his famous doctoral course at Chicago, remains legendary for its accessibility, brilliance, and applications to everyday life.
In Human Capital for Humans, economist and former Becker student Pablo A. Peña channels this classroom approach to produce an accessible, essential guide to understanding the science that has become synonymous with modern life and the economy. With an illustrative and immersive style, Peña unpacks the human capital approach to domains such as parenting, aging, marriage, health, and household labor. The result is not only intellectually elevated, but an essential introduction for learners and teachers of this subject across business, management, economics, policy, and beyond.
