New Books in Economics

Crisis Cycle: Challenges, Evolution, and Future of the Euro (Princeton UP, 2025) John Cochrane Luis Garicano Klaus Masuch PRINCETON UNIVERSITY PRESS, 2025 Launched 26 years ago, the euro was never expected to have an easy life but it wasn't supposed to be this hard. A three-year solvency crisis, a string of bailouts, and a rescue by the European Central Bank (ECB) was followed by threats of deflation, negative interest rates, massive purchases of government debt, a global pandemic, a European land war, and an inflation surge. The euro area emerged from these tests but may not survive the next without reforms during this period of relative calm. In Crisis Cycle, economists John Cochrane, Luis Garicano, and Klaus Masuch call for critical reforms to rebuild the system's incentive structure and stop the ECB's unsought mission creep. "A beautiful ship was constructed," they write. "Out at sea, it ran into severe storms. Its captain and crew patched the holes as best they could. Now though it is time to return to the dry dock and fix the ship properly". John Cochrane is a professor of economics at Stanford University, best-known for his work on asset prices and the fiscal theory of the price level. Luis Garicano is an economics professor at the London School of Economics and former vice-chair of the Renew group in the European Parliament. Klaus Masuch recently retired from the ECB, where he was head of the monetary policy strategy department and a negotiator for the "Troika" of official creditors during the sovereign-debt crisis. To see the authors' own book recommendations, click here. Tim Gwynn Jones is an economic and political-risk analyst at Medley Advisors, who also writes 242.news on Substack. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/economics

An exploration of workplace participation and earnings patterns for diverse women in US STEM professions that upends the myth that STEM work benefits women economically. Seen as part economic driver, part social remedy, STEM work is commonly understood to benefit both the US economy and people—particularly women—from underrepresented groups. But what do diverse women find when they work in US STEM occupations? What do STEM jobs really deliver—and for whom? In Disparate Measures: The Intersectional Economics of Women in STEM Work (MIT Press, 2024), Mary Armstrong and Susan Averett challenge the conventional wisdom that a diverse US STEM workforce will bring about economic abundance for the women who participate in it. Combining intersectionality theory and critical data theory with a feminist economic analysis, the authors explore how different groups of diverse women truly fare in US STEM professions.Disparate Measures is centered on eight unique, in-depth case studies, each of which provides an intersectional economic analysis (a term coined by the authors) of diverse women working in STEM occupations. Four case studies prioritize women of color and examine the STEM participation and earnings of Black women, American Indian and Alaska Native women, Asian and Pacific Islander women, and Hispanic women/Latinas; four additional case studies illuminate intersections that are frequently neglected by the STEM inclusivity literature: foreign-born women, women with disabilities, Queer women, and mothers. What the authors find in their groundbreaking, detailed analysis is that the promises of STEM are only partly true: when compared to women not working in STEM, most women are indeed economically elevated by STEM occupations—yet when compared to white men in the same STEM occupations, women's second-class status is usually reaffirmed. The authors conclude by offering seven “big-picture” recommendations for rethinking STEM equity, showing just how we can successfully confront the entrenched patterns of economic disadvantage faced by diverse women in STEM jobs. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/economics

• Philip J. Stern, Empire, Incorporated. The Corporations That Built British Colonialism (Belknap Press of Harvard University Press in 2023), by. • Quinn Slobodian, Crack-Up Capitalism: Market Radicals and the Dream of a World Without Democracy (Penguin, 2023). Adam Smith wrote that, “Political economy belongs to no nation; it is of no country: it is the science of the rules for the production, the accumulation, the distribution, and the consumption of wealth.” However Adam Smith regarded the science of political economy, in practical terms, one is quite hard pressed to find a case where governments—be it an empire, republic, or nation—were completely left out of the picture. At least, that is how it’s been historically. Questions about how people and other types of entities organize and generate capital, AND the role that governments play in all of this, fill libraries. The ramifications of the dynamics and rules surrounding money have proved so consequential—and increasingly so, in our increasingly technologized world—that it is no surprise that historians have devoted much energy to the study of political economy. Political economy, in the broadest terms, is the subject of our conversation today. Today on History Ex we put two recent books that bring important perspectives to these questions in conversation with each other. Today’s books both deal with entrepreneurial endeavors, usually “abroad”, or beyond the Metropole. While Philip Stern’s examination of early modern British corporations explains the myriad ways private initiatives sought government legitimacy and became entangled in the business of governance during the age of empires, Quinn Slobodian trenchantly reveals how some entrepreneurs and ideologues seek to escape governments in the age of nation-states. Our authors find points of convergence as well as divergence in aims, methods, and outcomes of the people at the center of their books. Stern and Slobodian discuss methodologies and chronologies, the ideologies that animated their actors, how memory and history were mobilized in promoting various visions; they probe the historian’s perennial challenges of disentangling ideologies from interest, explain how similar actions in different historical contexts can demand different interpretations; and more. Listen in! Philip Stern is an associate professor of History at Duke University in Durham, North Carolina. His work focuses on various aspects of the legal, political, intellectual, and business histories that shaped the British Empire. He is also the author of The Company-State: Corporate Sovereignty and the Early Modern Foundations of the British Empire in India (Oxford University Press, 2011) and many other scholarly works. Quinn Slobodian is a professor of the history at Wellesley College in Massachusetts. He is also the author of the award-winning Globalists: The End of Empire and the Birth of Neoliberalism (Harvard University Press, 2018), which has been translated into six languages, and a frequent contributor to the Guardian, New Statesman, The New York, Times, Foreign Policy, Dissent and the Nation. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/economics

Biological justification for all forms of inequality has a long history, with the claim that particular groups suffer disproportionately from inherited flaws of ability and character used to explain a remarkably wide variety of inequalities. Providing an important critique of that biodeterminist history and how the Human Genome Project has inspired some contemporary scientists and economists to follow a similar path of ascribing socioeconomic outcomes to genetic inheritance, The American Gene: Unnatural Selection Along Class, Race, and Gender Lines (Routledge, 2025) details new research that suggests that the social and economic environment can affect how genes express themselves in specific human traits and social outcomes. Using the three cases of the American white working class, Black Americans and American women, the authors demonstrate that relying on nature as an explanation is seriously flawed - showing that the socioeconomic inheritance created by the conditions in which these populations worked and lived offer a far better explanation than nature for the stratified results. This book is the story of an American history rife with unnecessary misery and the waste of human potential, along with the liberating effect of understanding the degree to which its citizens are the product of social inheritance and the potential power of a nurturing economy and society that equality promises. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/economics

Inside the Competitor's Mindset: How to Predict Their Next Move and Position Yourself for Success (MIT Press, 2023) offers a roadmap to help leaders predict, understand, and react to their competitors’ moves. It is a valuable tool to help companies stay ahead of their competitors when the competition is intensifying. To make the right choice when a competitor is working hard to prevent it is difficult. This book demystifies the process. For organizations developing systematic tools to effectively predict competitor behavior, this book provides a powerful, fact-based approach to building insight into A must-read for anyone seeking to better understand their competitors. This book shares proven methods for thinking like the competition and understand why they act the way they do. The keys are cognitive empathy and an approach that focuses on why competitors behave as they do. The book presents a systematic approach to competitive intelligence that starts with frameworks that get inside a competitor’s mindset, predict their reactions and assess their actions. The book stresses the importance of collecting forward-looking, predictive data; explains how to use war games, Black Hat exercises, mock negotiations, and premortems to build competitive insight; and makes the case for creating a dedicated competitive insight function within the organization. Reading this book will enable you to anticipate how competitors will react to moves you make. It ingeniously applies lessons from archaeologists, paleontologists, NICU nurses, and homicide detectives to better gather and analyze information when it is not possible to ask direct questions; Alfred Marcus, Edson Spencer Professor of Strategy and Technology University of Minnesota Carlson School of Management. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/economics

Our impact on future generations has never been greater, and the challenges we face are increasingly long-term. Future-Generation Government proposes ways that we can reward our governments for making durable policy decisions that anticipate future crises. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/economics

This book from Cambridge University Professor Tim Minshall provides an enlightening view of how the world of manufacturing world has an immense influence on our lives. We all reside in a world of multiple manufactured products, which include our clothing, food, furniture, electronics, automobiles, and so many other products upon which we rely, including commercial aviation, pharmeceuticals, baked good, and medical devices. Nonetheless, the processes by which these items are made and enter our lives are nearly unknown to us. How often do we think about from where these items come, how they are made, and how they come into our lives? Professor Minshall delivers answers in How Things Are Made: A Journey Through the Hidden World of Manufacturing (Ecco, 2025). The book traces the amazing paths that everyday products take to enter our lives, showing how products are designed, delivered, and assembled in small shops and giant factories throughout the work. The book depicts the role that global shipping hubs plays as well as the role that home delivery is playing in providing us with the products we want and upon which we depend. The book also delves into the important question of how we can improve the resiliency of the global manufacturing system. What makes the book special is that Professor Minshall pays substantial attention to the impacts of global manufacturing on nature and on how we can move to a more sustainable future. Brimming with vitality and sparkling examples, this book depicts the grand system of global of manufacturing that allows us to have all the products we need for virtually every aspect of our existence. By making sense of this astonishing and largely concealed world, Professor Minshall is enabling us to make better choices for ourselves, our communities, and the planet. Alfred Marcus is Edson Spencer Professor Chair of Strategy and Technology Leadership at the Carlson School of Management, University of Minnesota. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/economics

Hosts Nina dos Santos and Owen Bennett-Jones are joined by crypto journalist Matt Binder and longtime observer of U.S. politics and policy Edward Luce to explore the staggering wealth being generated by the Trump family’s crypto empire. We also hear from Sergei Sergienko, a crypto entrepreneur who has made and lost hundreds of millions in the crypto markets. Sergei has also faced down gangsters who tried to extort his wealth—an attack that mirrors a recent spate of kidnappings and abductions of crypto players in Paris. Join us for a modern tale of global grift that is changing how the American presidency can function and do deals on the world stage. Guests Matt Binder – Journalist and host of the Scam Economy podcast Edward Luce – U.S. national editor and columnist at the Financial Times. His forthcoming biography of Zbigniew Brzezinski, Zbig: The Life of Zbig Brzezinski, America’s Great Power Prophet, will be published in May 2025 by Simon & Schuster (U.S.) and Bloomsbury (U.K.). Sergei Sergienko – CEO at Chrono.tech; Australian entrepreneur and leading blockchain expert Producer: Pearse LynchExecutive Producer: Lucinda Knight Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/economics

Today I interviewed Charles Hecker about Zero Sum. The Arc of International Business in Russia (Oxford UP, 2025). Hecker, a journalist and business consultant, speaks with dozens of Western business executives, bankers, and financiers who reaped immense profits for themselves and their companies in the Russian market, which suddenly opened to foreigners after decades of state planning and economic autarky. These “riskophile” Westerners recall the early post-Soviet Russia as an unchartered territory where business “had a body count” and “violence was cheap, routine and almost casual”. In the 2000s Russia, now stabilized by Putin, offered unparalleled opportunities for those who had learnt to navigate its murky, gray environment. While some expressed concern over the unchallenged primacy of the supreme ruler presiding over arbitrary redistribution of property in favor of his cronies and the rapid consolidation of state ownership, the squeamish were far outnumbered by the opportunistic. Following Russia’s large-scale invasion of Ukraine in February 2022 and the subsequent imposition of sweeping Western sanctions forced most Westerners to flee, often selling their companies for a fraction of their value and, in some cases, even giving it for free to their Russian partners. Looking back some regret “looking the other way” at the rampant corruption and lawlessness, while others admit that enrichment in Russia was always destined to be short-lived. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/economics

Following a group of US Midwest farmers who purchased tracts of land in the tropical savanna of eastern Brazil, Welcome to Soylandia: Transnational Farmers in the Brazilian Cerrado (Cornell University Press, 2025) by Dr. Andrew Ofstehage investigates industrial farming in the modern developing world. Seeking adventure and profit, the transplanted farmers created what Dr. Ofstehage calls "flexible farms" that have severed connections with the basic units of agriculture: land, plants, and labor. But while the transnational farmers have destroyed these relationships, they cannot simply do as they please. Regardless of their nationality, race, and capital, they must contend with pests, workers, the Brazilian state, and the land itself. Welcome to Soylandia explores the frictions that define the new relationships of flexible farming—a paradigm that Dr. Ofstehage shows is ready to be reproduced elsewhere in Brazil and exported to the rest of the globe, including the United States. Through this compelling ethnography, Dr. Ofstehage takes readers on a tour of Soylandia and the new world of industrial agriculture, globalized markets, international development, and environmental change that it heralds. This interview was conducted by Dr. Miranda Melcher whose 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. You can find Miranda’s interviews on New Books with Miranda Melcher, wherever you get your podcasts. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/economics