Episodios
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In this deeply researched and compelling narrative, journalist Mara Kardas-Nelson examines the complex history and impact of microfinance - the practice of giving small loans to poor people, particularly women, that was once hailed as a revolutionary solution to global poverty. Through intimate portraits of borrowers in Sierra Leone and extensive interviews with key figures in the microfinance movement, Kardas-Nelson reveals how an idea that began with noble intentions became a multi-billion dollar industry with sometimes devastating consequences for the very people it aimed to help.
We Are Not Able to Live in the Sky: The Seductive Promise of Microfinance (Metropolitan Books, 2024) weaves together two parallel narratives: the stories of women in Sierra Leone struggling with high-interest microloans while trying to support their families, and the history of how microfinance evolved from a small experiment into a global phenomenon championed by the likes of Hillary Clinton and Muhammad Yunus. Through careful reporting and historical analysis, Kardas-Nelson explores how problematic ideologies about poverty, entrepreneurship, and individual responsibility shaped the development of microfinance programs, often overlooking local economic realities and existing informal lending practices.
What makes this book particularly valuable is how it challenges conventional narratives about microfinance without dismissing the real needs that drive people to seek these loans. Through detailed portraits of women in Sierra Leone, Kardas-Nelson shows how borrowers navigate a complex web of debt, social obligations, and economic pressures. The author raises important questions about whether encouraging poor people to take on high-interest debt is truly the best way to address poverty, while also examining alternative approaches like direct cash transfers and comprehensive social services.
This timely investigation offers crucial insights for anyone interested in international development, poverty alleviation, and the often unintended consequences of well-meaning interventions in the lives of the world's poor. Through meticulous reporting and thoughtful analysis, Kardas-Nelson challenges readers to think more critically about how we approach poverty alleviation and what truly constitutes meaningful economic development.
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In Savings and Trust: The Rise and Betrayal of the Freedman's Bank (W. W. Norton, 2024), Justene Hill Edwards exposes how the rise and tragic failure of the Freedman’s Bank has shaped economic inequality in America. In the years immediately after the Civil War, tens of thousands of former slaves deposited millions of dollars into the Freedman’s Bank. African Americans envisioned this new bank as a launching pad for economic growth and self-determination. But only nine years after it opened, their trust was betrayed and the Freedman’s Bank collapsed.
Fully informed by new archival findings, historian Justene Hill Edwards unearths a major turning point in American history in this comprehensive account of the Freedman’s Bank and its depositors. She illuminates the hope with which the bank was first envisioned and demonstrates the significant setback that the sabotage of the bank caused in the fight for economic autonomy. Hill Edwards argues for a new interpretation of its tragic failure: the bank’s white financiers drove the bank into the ground, not Fredrick Douglass, its final president, or its Black depositors and cashiers. A page-turning story filled with both well-known figures like Abraham Lincoln, Frederick Douglass, Jay and Henry Cooke, and General O. O. Howard, and less well-known figures like Dr. Charles B. Purvis, John Mercer Langston, Congressman Robert Smalls, and Ellen Baptiste Lubin. Savings and Trust is necessary reading for those seeking to understand the roots of racial economic inequality in America.
Justene Hill Edwards is an associate professor of history at the University of Virginia and the author of both Unfree Markets and a forthcoming Norton Short on the history of inequality in America. She lives in Charlottesville, Virginia. Twitter. Website.
Brian Hamilton is chair of the Department of History and Social Science at Deerfield Academy. Twitter. Website.
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Oil is everywhere. It’s in our cars, it’s in the fertilizer used to grow our food, and it’s in the plastics used to produce and transport our consumer goods, to name just a few prominent uses. How did oil come to occupy its central position in the world economy? How did corporate power shape the uptake, pricing, and distribution of oil and petrochemicals? And how have changes in oil markets affected broader trends in the global economy? In Crude Capitalism: Oil, Corporate Power, and the Making of the World Market (Verso, 2024), my guest Adam Hanieh tackles all of these questions by tracing the history and diverse geographies of oil. His narratives weaves together links between oil, geopolitics, high finance, the evolution of corporate organization, and the environment.
Adam Hanieh is Professor of Political Economy and Global Development at the University of Exeter in the UK. He is currently a Distinguished Visiting Professor at Tsinghua University in Beijing. He is previous books are Lineages of Revolt (2013) and Money, Markets, and Monarchies: The Gulf Cooperation Council and the political economy of the contemporary Middle East (2020).
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This is episode two Cited Podcast’s new season, the Use & Abuse of Economic Expertise. This season tells stories of the political and scholarly battles behind the economic ideas that shape our world. For a full list of credits, and for the rest of the episodes, visit the series page.
This episode looks at shifting landscape of economic thinking within the Democratic Party. First, historian Lily Geismer, author of Left Behind: The Democrats’ Failed Attempt to Solve Inequality, tells us the story of how the Democrats became captured by the Clintonian ‘Third Way.’ The Third Way argued that economic policy should move away from the sunset industries, like the unionized industrial labour that typically made the Democratic base, and move towards the sunrise industries of tech and finance.
Then, the Biden team came to see this thinking as precipitating the rise of Trumpism. So free-wheeling trade and industrial policy is out, and the Clinton-era neoliberal consensus just is not a consensus anymore–some even claim neoliberalism is dead. Bidenomics replaced it, whatever that is. Yet, Bidenomics was a political dud, and now it looks like it might be on the way out. Where is the US’ economic policy thinking going on November 5th, and beyond? We try to figure that out, with the help of political economist Mark Blyth, author of the forthcoming Inflation: A Guide for Users and Losers.
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From the emergence of money in the ancient world to today’s interconnected landscape of high-frequency trading and cryptocurrency, the story of finance has always taken place on an international stage. Finance is one of the most globalized and networked of human activities, and one of the most important social technologies ever invented.
Atlas of Finance: Mapping the Global Story of Money (Yale University Press, 2024) by Dr. Dariusz Wójcik is the first visually based book dedicated to finance and uses graphics and maps to bring the complex and abstract world of finance down to earth, showing how geography is fundamental for understanding finance, and vice versa. It illuminates the people—including Adam Smith, Karl Marx, and John Maynard Keynes—who have shaped our thinking about global finance; brings to life the ways that place-specific histories, laws, regulations, and institutions influence finance; shows how finance relates to innovation, globalization, and environmental change; and details how finance plays a key part in drawing the landscape of uneven development, inequality, and instability.
This interview was conducted by Dr. Miranda Melcher whose new book focuses on post-conflict military integration, understanding treaty negotiation and implementation in civil war contexts, with qualitative analysis of the Angolan and Mozambican civil wars.
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At a time when critiques of free trade policies are gaining currency, The Neomercantilists: A Global Intellectual History (Cornell UP, 2021) helps make sense of the protectionist turn, providing the first intellectual history of the genealogy of neomercantilism. Eric Helleiner identifies many pioneers of this ideology between the late eighteenth and early twentieth centuries who backed strategic protectionism and other forms of government economic activism to promote state wealth and power. They included not just the famous Friedrich List, but also numerous lesser-known thinkers, many of whom came from outside of the West.
Helleiner's novel emphasis on neomercantilism's diverse origins challenges traditional Western-centric understandings of its history. It illuminates neglected local intellectual traditions and international flows of ideas that gave rise to distinctive varieties of the ideology around the globe, including in Latin America, the Caribbean, Africa, and Asia. This rich history left enduring intellectual legacies, including in the two dominant powers of the contemporary world economy: China and the United States.
The result is an exceptional study of a set of profoundly influential economic ideas. While rooted in the past, it sheds light on the present moment. The Neomercantilists shows how we might construct more global approaches to the study of international political economy and intellectual history, devoting attention to thinkers from across the world, and to the cross-border circulation of thought.
Eric Helleiner is an author and professor of political science and the Faculty of Arts Chair in International Political Economy at the University of Waterloo.
Morteza Hajizadeh is a Ph.D. graduate in English from the University of Auckland in New Zealand. His research interests are Cultural Studies; Critical Theory; Environmental History; Medieval (Intellectual) History; Gothic Studies; 18th and 19th Century British Literature. YouTube channel. Twitter.
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Are financial markets lawless and irrational? It may seem that way from the outside, but for market insiders there are multiples sets of rules that they break at their peril.
Official rules set by law or by the exchanges exist alongside unofficial rules, or floor rules. Between these, it is the floor rules -- the norms followed by other insiders -- that matter most. Breaking an official rule might lead to a fine or even jail. Breaking floor rules can lead to being ostracized from markets as well as social and financial ruin.
In Floor Rules: Insider Culture in Financial Markets (Yale UP, 2024), Mark W. Geiger tells compelling stories of market disturbances in which insider rules played a key role. He examines the norms, customs, values, and operating modes of insiders at the center of financial markets that trade money, stocks, bonds, futures, and other financial derivatives. These core insiders are a relatively small group who govern the markets.
The book tells the riveting story of Benjamin Hutchinson, who made national news for his dramatic 1888 wheat market corner in Chicago, in which he outsmarted four powerful traders who had joined to force him out of the market, survived a life-threatening physical assault on the trading floor, and almost brought down the Chicago wheat market.
It also unpacks the LIBOR scandal of 2008 in which bankers in major international firms manipulated interbank loan rates to inflate their own profits at the expense of investors and at tremendous risk to the industry.
Geiger analyzes the cultural history of market trading, describes the role of insiders, and suggests where this peculiar, ingrown culture is heading in an era of technological change.
The book releases on October 29, the 95th anniversary of the Black Tuesday crash of 1929, the beginning of the Great Depression.
Related resources:
Mark Geiger's personal website and portfolio of generative AI artwork
Author recommended reading:
Den of Thieves by James B. Stewart
Phishing for Phools: The Economics of Manipulation and Deception by George A. Akerlof and Robert J. Shiller
Hosted by Meghan Cochran
NOTE: Kluge Fellow at the Library of Congress should have been pronounced with a hard "g" as in kloo-ghee.
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Economics sometimes feels like a physics–so sturdy, so objective, and so immutable. Yet, behind every clean number or eye-popping graph, there is usually a rather messy story, a story shaped by values, interests, ideologies, and petty bureaucratic politics. In Cited Podcast’s new mini-series, the Use and Abuse of Economic Expertise, we tell the hidden stories of the economic ideas that shape our world. For future episodes of our series, and a full list of credits, visit our series page.
On episode one, we begin at the beginning: the invention of the modern economy, or at least the idea of the economy. It starts with one measure: the GDP, or gross domestic product. It’s a measure that comes to define what we mean by ‘the economy.’ Before GDP, we did not really speak in those terms. Cited producer Alec Opperman talks to sociologist Dan Hirshman, who brings the story of the man who pioneered the GDP, Simon Kuznets. Yet, the GDP was not the measure the Kuznets hoped it would be. It’s a story that reveals the surprisingly contentious politics of counting things up.
Plus, what about alternatives to GDP? The Genuine Progress Indicator, the Human Development Index, the Green GDP, and so on. These measures are said to be more progressive, as they often capture things we value (like, care work for instance), and subtracting out things we could use less off (like, environmental degradation). Scholars and policy wonks have been raging about these types of measures for decades, but they have not taken off. Why? Economic historian Dirk Philipsen, author of The Little Big Number: How GDP Came to Rule the World and What to Do About It (Princeton UP, 2017), talks to Alec about why a good number alone is never enough to change the world.
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Sequels, reboots, franchises, and songs that remake old songs—does it feel like everything new in popular culture is just derivative of something old? Contrary to popular belief, the reason is not audiences or marketing, but Wall Street. In this book, Andrew deWaard shows how the financial sector is dismantling the creative capacity of cultural industries by upwardly redistributing wealth, consolidating corporate media, harming creative labor, and restricting our collective media culture. Moreover, financialization is transforming the very character of our mediascapes for branded transactions. Our media are increasingly shaped by the profit-extraction techniques of hedge funds, asset managers, venture capitalists, private equity firms, and derivatives traders. Illustrated with examples drawn from popular culture, Derivative Media: How Wall Street Devours Culture (University of California Press, 2024) offers readers the critical financial literacy necessary to understand the destructive financialization of film, television, and popular music—and provides a plan to reverse this dire threat to culture.
A free digital version of this title is available here.
Andrew deWaard is Assistant Professor of Media and Popular Culture at the University of California, San Diego, and coauthor of The Cinema of Steven Soderbergh: Indie Sex, Corporate Lies, and Digital Videotape.
Peter C. Kunze is assistant professor of communication at Tulane University.
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Discussing money is always accompanied by controversy as well as enchantment. Debating what money is and how it performs its main functions in the contemporary economy is fundamental to understanding the social consequences of money transformation associated with the digital revolution. This book explores the links between the current and prospective properties of money, its production, and its relationship to the concepts of value, the common good, and innovation.
Contested Money: Towards a New Social Contract (Routledge, 2023) opens a debate on the role that money could play in a different paradigm based on a renewed conception of monetary properties and functions that are capable of having a positive impact on social and individual welfare. Massó outlines the fundamentals of this monetary model, which would operate as a parallel currency, where the processes of monetary and value creation are connected in a new deal between the citizen and the state, grounded on an approach of reciprocal rights and responsibilities.
This book will appeal to scholars, students, and, more broadly, readers interested in a contemporary understanding of what money is, how it is being transformed, and the role that it can play in redefining the twenty-first-century social contract.
Matilde Massó is an Associate Professor of Sociology in the Department of Sociology and Communication Sciences at the University of A Coruña (UDC). Her main research interests focus on the transformations of money, the role of culture and emotions in economic processes, and how technological innovation is shaping a new conception of the economy concerning theories of justice. She has extensive experience leading research projects in economic sociology, particularly in financialization studies, the sociology of money, and financial innovation. Her recent publications include Contested Money (Routledge, 2024) and Why Money Matters? (Journal of Economic Issues, 2023). Additionally, she was awarded a Marie Curie IF Action in 2016.
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When U.S. presidents clash with corporate titans, what tips the balance of power?
In The Power and the Money: The Epic Clashes Between Commanders in Chief and Titans of Industry (Regnery History, 2024), acclaimed presidential historian Tevi Troy takes readers on a riveting journey through the biggest battles between CEOs and the nation's commander in chief. He unearths the untold stories - both political and personal - that have shaped America.
Troy shows how the vast reach of the federal government become a critical fact of life for every business, entrepreneur, and innovator. Today, companies find themselves navigating a competitive landscape defined by stringent regulations, so top CEOs and key business leaders must influence the legislative and regulatory system. As public affairs teams and government relations experts put forward strategies to survive Washington, CEOs have become the most important warrior on the frontlines. The Power and the Money shows how some of the nation's most important CEOs forged (and fumbled) relationships with the president.
Troy also shows how the most powerful man in the world depends on CEOs. CEOs provide assistance in the form of personnel, policy insights, and campaign cash, but they also become essential foils for presidents, serving as both allies and convenient enemies.
The Power and the Money reveals an intricate web of power, where CEOs need presidents, and presidents need CEOs. Troy shows how each must step carefully - or risk unpredictable costs and collateral damage. From heavyweights John D. Rockefeller and Mark Zuckerberg to Katherine Graham, Elon Musk, and more, Troy takes readers inside the friendships and the conflicts that shook the American economy and re-shaped America.
Drawing on his experiences as bestselling historian and former senior White House aide, Troy offers unique insights and details that shed light on the growing, intertwining behemoths of government and big business - and what it means for the future of our nation.
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Commercial Banking in Kenya: A History from Colonisation to Digital Age (Routledge, 2024) investigates the impact of commercial banks in Kenya right through from their origins, to their role during the colonial period, the process of adaptation following independence, and up to their responses to new challenges and economic policies in the twenty-first century. The British colonisation of East Africa required the development of diverse political, social and economic institutions to advance and exercise control over the territories and their populations. Multinational commercial banks were among the first institutions, with the National Bank of India, Standard Bank of South Africa and Barclays Bank DCO all setting up business in Kenya, whilst continuing to maintain close relationships with the UK and other colonial actors. This book assesses the impact of commercial banks during the last years of colonial domination and the tools they used to adapt in the first decades of independence. The book concludes by considering how the colonial banking system has influenced the development of modern financial institutions in Kenya in the twenty-first century. This book argues that commercial banks are fundamental to understanding African colonies, and the foundations over which the financial system of contemporary Africa was constructed. It will be of interest to researchers of banking, economic history, the colonial period, and African studies.
Christian Velasco was born in Mexico City and studied History at the National Autonomous University of Mexico (UNAM), where he specialized in economic history. In 2013, he was awarded a master's degree at the London School of Economics, with a comparative study of banking in Ghana and Botswana. The University of Warwick awarded him a PhD in 2019, working under the supervision of David Anderson and Daniel Branch, with a dissertation titled The Kenyan Banking System: From Colonial Expansion to Independence Uncertainty, 1950–1970. He is currently full-time academic staff at the Centro de Investigación y Docencia Económica (CIDE) in Mexico City.
Other publications discussed during the interview are:
Rouse, M. , Bátiz-Lazo, B., and Carbo-Valverde, S. (2023) ‘M-Pesa and the role of the entrepreneurial state in a cashless technology to deliver an inclusive financial sector’, Essays in Economic and Business History, 41, pp. 109-133.
Velasco, C. (2022), "The African Savers and the Post Office Savings Bank in Colonial Kenya (1910–1954)," The Journal of Imperial and Commonwealth History, DOI: 10.1080/03086534.2021.2020426
Willis, J. & Velasco, C. (2024), "Saving, Inheritance and Future-Making in 1940s Kenya," Past & Present, https://doi.org/10.1093/pastj/gtae013
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What threatens American democracy and the rule of law? In her new book, Corporatocracy: How to Protect Democracy from Dark Money and Corrupt Politicians (NYU Press, 2024),
legal scholar and campaign spending expert Ciara Torres-Spelliscy argues that the USA’s privately-funded campaign finance system – combined with corporate greed and antidemocratic strains in the modern Republican Party – endangers American democracy. As she sees it, unseen political actors and untraceable dark money influence our elections, while anti-democratic rhetoric threatens a tilt towards authoritarianism.
Drawing on key Supreme Court cases such as Citizens United, Professor Torres-Spelliscy explores how corporations have undermined democratic norms, practices, and laws. From bankrolling regressive politicians to funding ghost candidates with dark money, the book exposes how corporations subvert the will of the American people – yet courts struggle to hold corporate interests and corrupt politicians accountable. If American democracy is going to survive in the long term, then the deep pockets of the largest corporations cannot be allowed to join focus with the anti-democratic fringe. Professor Torres-Spelliscy fears a repeat of the January 6th insurrection – but with expansive corporate sponsorship.
Professor Torres Spelliscy outlines the ways in which Corporate forces might be held accountable by the courts, their shareholders, and citizens themselves. Along with other reforms, she proposes a democracy litmus test that requires loyalty to democracy in politics and the economy.
The end of the podcast features her insights on how oil interests crypto “techno bros” have invested in the outcome of the November 2024 election.
Ciara Torres-Spelliscy is a Professor of Law at Stetson Law. She is also a Brennan Center Fellow at NYU Law School who has testified before Congress as an expert on campaign finance and has helped draft Supreme Court briefs. Previously, she authored Corporate Citizen (Carolina 2016) and Political Brands (Elgar 2019). She has recently written about public financing and the Eric Adams indictments and crypto spending in the 2024 election.
Mentioned in the podcast:
Judd Legum's work on corporate PACs in his Substack, Popular Information
Photo with Barack Obama for which Jho Low paid $20 million can be seen here
Example of 2022 media attempts to identify “sedition caucus” and election deniers for voters
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There was nothing inevitable or natural about the rise of US finance capitalism in the early twentieth century.
In Dollars and Dominion: US Bankers and the Making of a Superpower, Mary Bridges shows how US foreign banking began as a side hustle of Gilded Age tycoons and evolved into a more staid, bureaucratized network for bolstering US influence overseas. The early waves of US bankers built a network of international branch banks that relied on the power of the US government, copied the example of British foreign bankers, and built new alliances with local elites.
Overseas bank branches provided sites for experimentation in how to fuse US political will with local innovations and on-the-ground improvisation. In the process, branch bankers constructed a flexible and durable new infrastructure that supported the growth of US power abroad.
Using details from ledger entries and other sources, Bridges shows how these branch bankers divided their local communities into groups of “us” and "them," either as potential clients or local populations. In doing so, they constructed a new architecture of US trade finance that relied on long-standing inequalities and hierarchies of privilege. Thus, ideas developed by wealthy white men became part of the enduring fabric of financial infrastructure. She also shows how bank branches could accommodate these hierarchies to make room for new ideas about serving local markets, in response to financial pressures of the 1920s and after the Great Depression cut off other avenues of growth.
Bridges also tells the story of how US bankers created a market based on a new financial asset enabled by the Federal Reserve System called bankers' acceptance and began to collect vast amounts of foreign credit information.
Related resources:
Bankers and Empire: How Wall Street Colonized the Caribbean by Peter James Hudson
Infrastructure Is Remaking Geopolitics: How Power Flows from the Systems That Connect the World by Mary Bridges
Author recommended reading:
Plastic Capitalism: Banks, Credit Cards, and the End of Financial Control by Sean H. Vanatta
The War Below: Lithium, Copper, and the Global Battle to Power Our Lives by Ernest Scheyder
Hosted by Meghan Cochran
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State capitalism. Socialism with Chinese characteristics. A socialist market economy. There have been numerous descriptions of the Chinese economy. However, none seems to capture the predatory, at times surreal, nature of the economy of the world’s most populous nation – nor the often bruising and mind-bending experience of doing business with the Middle Kingdom.
Ian Williams, a long-standing reporter on China, has a new argument in Vampire State: The Rise and Fall of the Chinese Economy (Birlinn, 2024).
Rules and agreements mean little. Markets are distorted, statistics fabricated, foreign industrial secrets and technology systematically stolen. Companies and entrepreneurs, at home and abroad, are bullied – often with the collusion of the victims themselves. The Party is in every boardroom and lab, with businesses thriving or dying at its will.
All this is part of realising President Xi Jinping’s ambition of China becoming the world’s pre-eminent economic, technological and military power.
This interview was conducted by Dr. Miranda Melcher whose new book focuses on post-conflict military integration, understanding treaty negotiation and implementation in civil war contexts, with qualitative analysis of the Angolan and Mozambican civil wars.
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In The Black Tax: 150 Years of Theft, Exploitation, and Dispossession in America (U Chicago Press, 2024), Andrew W. Kahrl uncovers the history of inequitable and predatory tax laws in the United States. He examines the structural traps within America’s tax system that have forced Black Americans to pay more for less despite being taxpayers with fewer resources compared to white taxpayers. Kahrl exposes these practices, From Reconstruction up to the present, Kahrl exposes these practices to describe how discrimination continues to take new forms, even as people continue to fight for their rights, their assets, and their power.
Dr. N’Kosi Oates is a curator. He earned his Ph.D. in Africana Studies at Brown University. Find him on Twitter at DrNKosiOates.
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After close to three decades of the hegemony of free market ideas, the state has made a big comeback as an economic actor since the 2008 financial crisis. China’s state-owned companies and international financial institutions have made headlines for their growing influence in the world economy. State-backed investment vehicles based in the Gulf states have made high-profile investments in global real estate markets and professional sports, while their state-owned firms have become world leaders in the logistics and natural resource sectors. Governments around the world – including in the heartlands of advanced capitalism – have promoted the interests of ‘national champion’ companies in strategic economic sectors, bailed out financial institutions by taking toxic assets off of their balance sheets, and implemented industrial policies with the aim of moving into the most profitable segments of global value chains.
What accounts for this renewed prominence of states in global capitalism? Does the increased activism of states mark the end of neoliberal hegemony? And how do contemporary state-led economic initiatives compare to the heyday of Keynesian and developmentalist policy agendas in the decades immediately following World War II?
The book that we are discussing today, The Spectre of State Capitalism (Oxford UP, 2024) by Ilias Alami and Adam Dixon, marks the culmination of a highly productive research project that the authors have led on the compulsions and constraints that shape the ‘new’ state capitalism. The book aims to challenge narratives that pathologize state capitalism as an authoritarian deviation from the ‘normal’ course of free market capitalism while also showing how new forms of state activism depart from earlier models of state-led development.
Ilias Alami is a University assistant professor in the political economy of development at Cambrdige University. His previous book is Money Power and Financial Capital in Emerging Markets (2019). Adam Dixon holds the Adam Smith Chair in Sustainable Capitalism at Heriot Watt University’s Ediburgh Business School. He is the author of several books, most recently Sovereign Wealth Funds: Between States and Markets (2022).
This book is available open access here.
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Developing Asia has been the site of some of the last century's fastest growing economies as well as some of the world's most durable authoritarian regimes. Many accounts of rapid growth alongside monopolies on political power have focused on crony relationships between the state and business. But these relationships have not always been smooth, as anti-corruption campaigns, financial and banking crises, and dramatic bouts of liberalization and crackdown demonstrate. Why do partnerships between political and business elites fall apart over time? And why do some partnerships produce stable growth and others produce crisis or stagnation?
In Precarious Ties: Business and the State in Authoritarian Asia (Oxford UP, 2023) (Oxford, 2023), Meg Rithmire offers a novel account of the relationships between business and political elites in three authoritarian regimes in developing Asia: Indonesia under Suharto's New Order, Malaysia under the Barisan Nasional, and China under the Chinese Communist Party. All three regimes enjoyed periods of high growth and supposed alliances between autocrats and capitalists. Over time, however, the relationships between capitalists and political elites changed, and economic outcomes diverged. While state-business ties in Indonesia and China created dangerous dynamics like capital flight, fraud, and financial crisis, Malaysia's state-business ties contributed to economic stagnation.
To understand these developments, Rithmire, a professor at Harvard Business School, presents two conceptual models of state-business relations that explain their genesis and why variation occurs over time. She shows that mutual alignment occurs when an authoritarian regime organizes its institutions, or even its informal practices, to induce capitalists to invest in growth and development. Mutual endangerment, on the other hand, obtains when economic and political elites are entangled in corrupt dealings and invested in perpetuating each other's dominance. The loss of power on one side would bring about the demise of the other. Rithmire contends that the main factors explaining why one pattern dominates over the other are trust between business and political elites, determined during regime formation, and the dynamics of financial liberalization. Empirically rich and sweeping in scope, Precarious Ties offers lessons for all nations in which the state and the private sector are deeply entwined.
Host Peter Lorentzen is an Associate Professor in the Department of Economics at the University of San Francisco. His research examines the political economy of governance and development in China.
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In The Practice of Philanthropy: A Guide for Foundation Boards and Staff (Barlow Publishing, 2024), author Malcolm Macleod addresses the unique challenges of running a foundation, offering practical insights and wisdom from his years of experience in the field. The book explores key elements necessary for creating meaningful impact, including building strong relationships with non-profits, maximizing the potential of a governing board, and effectively managing an endowment. Macleod skillfully weaves in powerful stories of impact, serving as a reminder of the importance of this work, making the book a comprehensive resource for foundation leaders seeking to elevate their influence.
This essential guide not only presents the core principles of grant-making but also provides practical strategies for applying them to create more effective grants. Readers of The Practice of Philanthropy will learn how to master the practice of philanthropy, from recruiting and engaging an exceptional board to achieving superior investment returns and making impactful grants. Additionally, the book offers an insider’s view of how foundations operate and provides actionable advice on running them in a way that maximizes the influence and effectiveness of the grants they distribute.
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In Unexpected Revolutionaries: How Central Banks Made and Unmade Economic Orthodoxy (Cornell University Press, 2024), Dr. Manuela Moschella investigates the institutional transformation of central banks from the 1970s to the present.
Central banks are typically regarded as conservative, politically neutral institutions that uphold conventional macroeconomic wisdom. Yet in the wake of the 2008 global financial crisis and the 2020 COVID-19 crisis, central banks have upended observer expectations by implementing largely unknown and unconventional monetary policies. Far from abiding by well-established policy playbooks, central banks now engage in practices such as providing liquidity support for a wide range of financial institutions and quantitative easing. They have even stretched the remit of monetary policy into issues such as inequality and climate change.
Dr. Moschella argues that the political nature of central banks lies at the heart of these transformations. While formally independent, central banks need political support to justify their policies and powers, and to obtain it, they carefully manage their reputation among their audience selected officials, market actors, and citizens. Challenged by reputational threats brought about by twenty-first-century recessionary and deflationary forces, central banks such as the Federal Reserve System and the European Central Bank strategically deviated from orthodox monetary policies to preempt or manage political backlash and to regain public trust. Central banks thus evolved into a new role only in coordination with fiscal authorities and on the back of public contestation.
Eye-opening and insightful, Unexpected Revolutionaries is necessary reading for discussions on the future of the neoliberal macroeconomic regime, the democratic oversight of monetary policymaking, and the role that central banks canor cannotplay in our domestic economies.
This interview was conducted by Dr. Miranda Melcher whose new book focuses on post-conflict military integration, understanding treaty negotiation and implementation in civil war contexts, with qualitative analysis of the Angolan and Mozambican civil wars.
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