New Books in Finance

In 1647, the French author Étienne Cleirac asserted in his book Les us, et coustumes de la mer that the credit instruments known as bills of exchange had been invented by Jews. In The Promise and Peril of Credit: What a Forgotten Legend about Jews and Finance Tells Us about the Making of European Commercial Society (Princeton University Press, 2019), Francesca Trivellato draws upon the economic, c...

If you are reading this, you have probably run into the "Chicago" model at some point or another, in terms of public policy, orthodox modern finance, macro or micro economics, or any other arena where theoretical abstractions about human behavior (generally but not exclusively about or derived from economics) have been turned into specific and often highly rigid and mechanistic policy guidelines....

Recent economic crises have made the centrality of debt, and the instability it creates, increasingly apparent. In Beyond Debt: Islamic Experiments in Global Finance (University of Chicago Press, 2018), anthropologist Daromir Rudnyckyj illustrates how the Malaysian state, led by the central bank, is seeking to make the country’s capital Kuala Lumpur the central node of global financial activity co...

Think that today's debates about the role of the Federal Reserve Bank, financial regulation, "too big to fail", etc. are new?  Think again. Who should control banks, who should regulate banks, what should banks even do--these questions have been debated since the founding of the Republic.  Replace CNBC's David Faber with Alexander Hamilton, and Joe Kernan with Thomas Jefferson (or James Madison) a...

Lumbering late Tsarist Russia and international finance? Is there anything there?  The Bolsheviks and finance? How can there be anything there?   It turns out that the answer to both questions is yes.  In Dr. Hassan Malik's meticulously researched new book, Bankers and Bolsheviks: International Finance and the Russian Revolution (Princeton University Press, 2018), the Tsarist government's relation...

You mean accounting has a history?  Yes, it does, and it should matter to you, because the accounting profession, and the audit function that it serves, affects all the companies in your 401(k) program.  Remember WorldCom, remember Enron? Every time a large holding of yours writes off the goodwill from a failed acquisition--there are too many examples to recite here--you've just had an accounting...

Is microfinance the magic bullet that will end global poverty or is it yet another a form of predatory lending to the poor? In her new book Financializing Poverty: Labor and Risk in Indian Microfinance (Stanford University Press, 2018), Sohini Kar brings ethnography to bear on this urgent question. Drawing on fieldwork with a for-profit microfinance institution (MFI) and its intended beneficiaries...

The vast chasm between classical economics and the humanities is widely known and accepted. They are profoundly different disciplines with little to say to one another. Such is the accepted wisdom. Fortunately, Professors Gary Saul Morson and Morton Schapiro, both of Northwestern University, disagree.  In their new book, Cents and Sensibility: What Economics Can Learn from the Humanities (Princeto...

Today we spoke with with Dirk H. Ehnts to talk about his new book Modern Monetary Theory and European Macroeconomics (Routledge, 2017). This is a very accessible text for those interested in discovering how monetary policy works and those interested in approaching the debate on the challenges of the Euro area. We talked about the notions of endogenous and exogenous money and how central banks and...

In his engaging and original book The Wisdom of Finance: Discovering Humanity in the World of Risk and Return (Houghton Mifflin Harcourt, 2017), Harvard Professor Mihir A. Desai takes on the daunting task of explaining the world of finance through the prism of the humanities, yes the humanities. Using stories from literature, film, music, popular culture and daily life, Desai argues that rather th...

Of what use is history, particularly for economists and people in finance? If you’ve ever wondered about this, you should read Daniel Peris‘s book Getting Back to Business: Why Modern Portfolio Theory Fails Investors and How You Can Bring Common Sense to Your Portfolio (McGraw-Hill Education, 2018). Before he became a portfolio manager, Peris was a professional historian. He was trained as such, w...

We spoke with Ilene Grabel, Professor at the University of Denver and Co-director of the MA program in Global Finance, Trade & Economic Integration at the Josef Korbel School of International Studies. Ilene just published a very timely, interesting and important book on the evolution of the global financial governance and its institutions: When Things Don’t Fall Apart: Global Financial Governance...

I was joined in Oxford by Ben Clift, Professor of Political Economy, Deputy Head of Department and Director of Research at the Department of Politics and International Studies of the University of Warwick. Ben has just published a very important, timely and interesting book on the IMF: The IMF and the Politics of Austerity in the Wake of the Global Financial Crisis by Ben Clift (Oxford University...

In Austrian Reconstruction and the Collapse of Global Finance, 1921–1931 (Harvard University Press, 2018), Nathan Marcus, analyzes the events that took place around the financial crisis in Austria after World War I. When Austria was the first interwar country in Europe to suffer a hyperinflation the League of Nations stepped in to offer financial support and advice. But a total collapse of the fin...

Michael Sandel is Anne T. and Robert M. Bass Professor of Government at Harvard University. Sandel is an internationally renowned political philosopher who Newsweek has lauded as “the world’s most relevant living philosopher.” His latest project is a video series titled What Money Can’t Buy, which has Michael and an international group of college students exploring the question “What, if anything,...

Tommie Shelby is Caldwell Titcomb Professor of African and African-American Studies, and Professor of Philosophy at Harvard University. His research focuses on political equality and problems of economic, social, and criminal justice. His most recent book is Dark Ghettos: Injustice, Dissent, and Reform, which is published by Harvard University Press.  The "Why We Argue" podcast is produced by the ...

I was joined by Pasquale Tridico, Professor of Political Economy at Roma Tre University in Italy. His latest book, Inequality in Financial Capitalism, was published by Routledge in 2017. The issue of inequality has regained attention in the economic and political debate. This is due to both an increase in income inequality, in particular among rich countries but not only, and an increasing interes...

In the decades following the end of the Second World War, the British economy evolved from a manufacturing-based economy to one driven by service industries, most notably finance. As Aled Davies explains in his book The City of London and Social Democracy: The Political Economy of Finance in Post-war Britain (Oxford University Press, 2017), this shift posed a challenge to the prevailing concept of...

Almost 10 years after the great financial crisis, how has the finance industry regained its preeminent social position? In Trust, Power and Public Relations in Financial Markets (Routledge, 2017) Clea Bourne, a Lecturer in PR, Advertising and Marketing at Goldsmiths, University of London, explores the relationship between PR and different types of trust in finance. The book offers a nuanced unders...

Accounts of late-nineteenth-century US expansionism commonly refer to an open-door empire and an imperialism spurred by belief in free trade. In his new book The “Conspiracy” of Free Trade: The Anglo-American Struggle over Empire and Economic Globalization, 1846-1896 (Cambridge University Press, 2016), Marc-William Palen challenges this commonplace. Instead, he notes, American adherents to Richard...

Lawrence Jacobs and Desmond King are the authors of Fed Power: How Finance Wins (Oxford UP, 2016). Jacobs is the Walter F. and Joan Mondale Chair for Political Studies and Director of the Center for the Study of Politics and Government in the Hubert H. Humphrey School and the Department of Political Science at the University of Minnesota. King is the Andrew W. Mellon Professor of American Governme...

What stories do we tell about finance? How does financial print culture shape our lives? Our guest today explores the narratives we have been told, and tell, about finance. A literary scholar, Leigh Claire La Berge writes about the representations of finance in years after 1979 and how many of the stories we tell about finance–that it is abstract and exceedingly complicated–took hold in this era....

Brett Scott is the author of The Heretic’s Guide to Global Finance: Hacking the Future of Money (Pluto Press, 2013). Scott is a journalist, urban deep ecologist, and Fellow at the Finance Innovation Lab. While much of Scott’s book focuses on explaining various aspects of the financial services section, the heart of the book is a call to action. Scott infuses this call with a variety of first-hand...

When you buy a stock, you’re buying a piece of a company. The funny thing is that most people who own stocks either don’t know that or, if they do, don’t act like owners. They could care less about the business itself. They don’t care whether it turns a profit, how big that profit is, or whether they are going to get a cut of the profit. All they care about is the stock price: up = good; down = ba...

[Re-posted with permission from Jenny Attiyeh’s ThoughtCast] Simon Johnson, the Professor of Entrepreneurship at MIT’s Sloan School of Management, and former chief economist at the International Monetary Fund, is an outspoken critic of the US government response to the financial crisis. Now he takes on the “too big to fail” banks which continue to threaten our economy.  In his latest book, called...