I spoke with Dr. Amr Khafagy about his recent book The Economics of Financial Cooperatives (Routledge, 2019). Amr is Research Assistant at the Countryside and Community Research Institute of the University of Gloucestershire. Building on theories of finance and distribution, and the political economy of finance, this book explains the influence of financial cooperatives on wealth and income distribution, and institutional factors that determine the development of financial cooperatives. The book discusses the dynamics of income and wealth distribution with and without financial cooperatives, and defines the economic objective for financial cooperatives. Through explaining the influence of political institutions and regulations on the development of financial cooperatives, this book examines why financial cooperatives grew in some emerging economies and not in other similar ones. Amr's current main research interests include rural finance and agricultural productivity, financial markets and distribution, income inequality, and the political economy of the Middle East. His previously worked in microfinance in Egypt and India, where he was involved in designing and evaluating rural finance projects, and worked with a range of stakeholders, including farmers and rural households, government representatives/ministry officials, as well as central bank of Egypt and financial institutions. The book is a useful contribution to the study of a typology of firm that is more important in our markets than generally believed. The empirical work by Amr is very original and helpful because it observed the relationship between the presence of financial cooperatives and income inequality in our economies. Andrea Bernardi is Senior Lecturer in Employment and Organization Studies at Oxford Brookes University in the UK. He holds a doctorate in Organization Theory from the University of Milan, Bicocca. He has held teaching and research positions in Italy, China and the UK. Among his research interests are the use of history in management studies, the co-operative sector, and Chinese co-operatives. His latest project is looking at health care in rural China. He is the co-convener of the EAEPE’s permanent track on Critical Management Studies.   Learn more about your ad choices. Visit megaphone.fm/adchoices

New Books in Economics

Amr Khafagy, "The Economics of Financial Cooperatives" (Routledge, 2019)

Megan Tobias Neely and Ken Hou-Lin's new book Divested: Inequality in the Age of Finance (Oxford University Press, 2020) explores the rise of finance in American life over the last forty years and its implications for American workers, families, and economies. The authors argue that finance has transformed from a servant to the economy to its master - from a means of creating a prosperous society to an end in itself. The consequences of this shift are profound: the authors identify the many ways finance is implicated in the yawning growth in inequality in the US and how a financialized society redistributes resources from working people to owners, executives, and financial professionals. Using historical analysis, quantitative and qualitative data, the book offers a clear, comprehensive, and compelling account of one of the most important economic developments of our time. Patrick Sheenan is a graduate student in the Department of Sociology at the University of Texas, Austin. Learn more about your ad choices. Visit megaphone.fm/adchoices

Megan T. Neely and Ken Hou-Lin, "Divested: Inequality in the Age of Finance" (Oxford UP, 2020)

Richard Pomfret’s The Central Asian Economies in the Twenty-First Century (Princeton University Press, 2019) looks at the economies of the five former Soviet Republics of Kazkahstan, Kyrgyzstan, Tajikistan, Turkmenistan, and Uzbekistan, considering the different trajectories of each of the countries. The book provides an overview of the experience of these economies in the 1990s, before looking specifically at each of the independent countries. The book’s final chapters look at problems of regional cooperation and global trade, as well as the influence and impact of major world powers (China, Russia, the EU, and the United States) on Central Asia. This book is useful reading for scholars, diplomats, policy-makers, and anyone else with an active interest in international politics and economy. Nicholas Seay is a PhD candidate at The Ohio State University. Learn more about your ad choices. Visit megaphone.fm/adchoices

Richard Pomfret, "The Central Asian Economies in the Twenty-First Century" (Princeton UP, 2019)

How does the world of book reviews work? In Inside the Critics’ Circle: Book Reviewing in Uncertain Times (Princeton University Press, 2020), Phillipa Chong, assistant professor in sociology at McMaster University, provides a unique sociological analysis of how critics confront the different types of uncertainty associated with their practice. The book explores how reviewers get matched to books, the ethics and etiquette of negative reviews and ‘punching up’, along with professional identities and the future of criticism. The book is packed with interview material, coupled with accessible and easy to follow theoretical interventions, creating a text that will be of interest to social sciences, humanities, and general readers alike. Learn more about your ad choices. Visit megaphone.fm/adchoices

Phillipa Chong, “Inside the Critics’ Circle: Book Reviewing in Uncertain Times” (Princeton UP, 2020)

Psychologists have long understood that social environments profoundly shape our behavior, sometimes for the better, often for the worse. But social influence is a two-way street―our environments are themselves products of our behavior. Under the Influence explains how to unlock the latent power of social context. It reveals how our environments encourage smoking, bullying, tax cheating, sexual predation, problem drinking, and wasteful energy use. We are building bigger houses, driving heavier cars, and engaging in a host of other activities that threaten the planet―mainly because that's what friends and neighbors do. In the wake of the hottest years on record, only robust measures to curb greenhouse gases promise relief from more frequent and intense storms, droughts, flooding, wildfires, and famines. In Under the Influence: Putting Peer Pressure to Work (Princeton UP, 2020), Robert H. Frank describes how the strongest predictor of our willingness to support climate-friendly policies, install solar panels, or buy an electric car is the number of people we know who have already done so. In the face of stakes that could not be higher, the book explains how we could redirect trillions of dollars annually in support of carbon-free energy sources, all without requiring painful sacrifices from anyone. Most of us would agree that we need to take responsibility for our own choices, but with more supportive social environments, each of us is more likely to make choices that benefit everyone. Under the Influence shows how. Stephen Pimpare is Senior Lecturer in the Politics & Society Program and Faculty Fellow at the Carsey School of Public Policy at the University of New Hampshire. He is the author of The New Victorians (New Press, 2004), A Peoples History of Poverty in America (New Press, 2008), winner of the Michael Harrington Award, and Ghettos, Tramps and Welfare Queens: Down and Out on the Silver Screen (Oxford, 2017). Learn more about your ad choices. Visit megaphone.fm/adchoices

Robert Frank, "Under the Influence: Putting Peer Pressure to Work" (Princeton UP, 2020)

Today I spoke with professor Peter J. Boettke the author of a great new book on Friedrich August von Hayek. Dr. Boettke is University Professor of Economics and Philosophy, Director of the F. A. Hayek Program for Advanced Study in Philosophy, Politics, and Economics, at George Mason University, USA. F. A. Hayek: Economics, Political Economy and Social Philosophy (Palgrave Macmillan, 2018) explores the life and work of Austrian-British economist, political economist, and social philosopher, Friedrich Hayek. Professor Boettke correctly argues that: ‘There is certainly little doubt that Hayek was among the most prodigious classical liberal scholars of the twentieth century. Though his 1974 Nobel Prize was in Economic Science, his scholarly endeavors extended well beyond economics.' Peter argued that his political influence (Thatcher, Reagan...) is overemphasized because '...his relationships with those in political power was remote at best as Hayek was never a political consultant to any leader in power; he was always a critical scholar who tried to speak truth to power from the outside.' Andrea Bernardi is Senior Lecturer in Employment and Organization Studies at Oxford Brookes University in the UK. He holds a doctorate in Organization Theory from the University of Milan, Bicocca. He has held teaching and research positions in Italy, China and the UK. Among his research interests are the use of history in management studies, the co-operative sector, and Chinese co-operatives. His latest project is looking at health care in rural China. He is the co-convener of the EAEPE’s permanent track on Critical Management Studies. Learn more about your ad choices. Visit megaphone.fm/adchoices

Peter J. Boettke, "F. A. Hayek: Economics, Political Economy and Social Philosophy" (Palgrave Macmillan, 2018)

In her new book Broke: Hardship and Resilience in a City of Broken Promise (St. Martin's Press, 2019), Jodie Adams Kirshner tells the story of the people of Detroit before, during, and after its bankruptcy, offering lessons about urban governance, post-industrial economics, development, and the usefulness of bankruptcy itself as a tool to aid U.S. cities. Join us to hear the fascinating, infuriating, and heartbreaking stories of Detroiters struggling to build better lives for themselves and their neighborhoods. Stephen Pimpare is Senior Lecturer in the Politics & Society Program and Faculty Fellow at the Carsey School of Public Policy at the University of New Hampshire. He is the author of The New Victorians (New Press, 2004), A People’s History of Poverty in America (New Press, 2008), winner of the Michael Harrington Award, and Ghettos, Tramps and Welfare Queens: Down and Out on the Silver Screen (Oxford, 2017). Learn more about your ad choices. Visit megaphone.fm/adchoices

Jodie Adams Kirshner, "Broke: Hardship and Resilience in a City of Broken Promise" (St. Martin's Press, 2019)

The passage of the 1831 Truck Act was intended to end throughout the United Kingdom the practice of paying employees in truck, or goods, rather than in money. As Christopher Frank reveals in Workers, Unions and Payments in Kind: The Fight for Real Wages in Britain, 1820-1914 (Routledge, 2019), though, this merely redefined a struggle that continued through the Victorian era into the early 20th century. As Frank demonstrates, employers soon developed ways to work around the ban in the law, which proved difficult to enforce. While as early as the 1850s governments considered new legislation to clamp down further on truck, efforts to do so ran into both laissez-faire and paternalistic arguments that together successfully frustrated passage of new measures. It was only with the increasing influence of the New Model Unions and the growing enfranchisement of workers from the 1860s onward that the issue became more of an electoral priority. While this pressure led to new legislation in 1887 and again in 1896 that improved enforcement of the ban on truck as well as introducing restrictions on fines and other pay deductions, concerns about wage theft persisted for workers up to the start of the First World War, when Britain’s entry into the conflict disrupted further pursuit of legislative amelioration. Learn more about your ad choices. Visit megaphone.fm/adchoices

Christopher Frank, "Workers, Unions and Payments in Kind: The Fight for Real Wages in Britain, 1820-1914" (Routledge, 2020)

R. Scott Huffard Jr. is the author of Engines of Redemption: Railroads and the Reconstruction of Capitalism in the New South, published by the University of North Carolina Press in 2019. Engines of Redemption is a fascinating history of capitalism in the South, which tells the story of how railroads revitalized the region following the Civil War. Huffard examines the myriad of was that railroads were used to secure political and economic growth and power in the South throughout the Reconstruction era. Railroads, however, were not always seen as a blessing, and Huffard pays close attention to how the rapid southern growth of the locomotive was accompanied by rising anxieties, from race to disease. R. Scott Huffard Jr. is Assistant Professor of History at Lees-McRae College. Derek Litvak is a Ph.D. student in the department of history at the University of Maryland. Learn more about your ad choices. Visit megaphone.fm/adchoices

R. Scott Huffard, Jr., "Redemption: Railroads and the Reconstruction of Capitalism in the New South" (UNC Press, 2019)

If you’re a grad student facing the ugly reality of finding a tenure-track job, you could easily be forgiven for thinking about a career change. However, if you’ve spent the last several years working on a PhD, or if you’re a faculty member whose career has basically consisted of higher ed, switching isn’t so easy. PhD holders are mostly trained to work as professors, and making easy connections to other careers is no mean feat. Because the people you know were generally trained to do the same sorts of things, an easy source of advice might not be there for you. Thankfully, for anybody who wishes there was a guidebook that would just break all of this down, that book has now been written. Going Alt-Ac: A Guide to Alternative Academic Careers (Stylus Publishing, 2020) by Kathryn E. Linder, Kevin Kelly, and Thomas J. Tobin offers practical advice and step-by-step instructions on how to decide if you want to leave behind academia and how to start searching for a new career. If a lot of career advice is too vague or too ambiguous, this book corrects that by outlining not just how to figure out what you might want to do, but critically, how you might go about accomplishing that. Zeb Larson is a recent graduate of The Ohio State University with a PhD in History. His research deals with the anti-apartheid movement in the United States. To suggest a recent title or to contact him, please send an e-mail to zeb.larson@gmail.com. Learn more about your ad choices. Visit megaphone.fm/adchoices

K. Linder et al., "Going Alt-Ac: A Guide to Alternative Academic Careers" (Stylus Publishing, 2020)

The neoliberal consensus, once thought to be undefeatable, seems to have been broken both in the wake of the fiscal crisis of 2008, as well as a series of surprise movements and elections throughout the world in the last several years. But many scholars argue that it remains alive and well, just in a changed, mutated form. This is the theme that motivates the recent anthology Mutant Neoliberalism: Market Rule and Political Rupture (Fordham University Press, 2020). The book features ten essay by a cast of writers covering the ways in which neoliberalism is mutating to stay alive in a changing environment. William Callison is a visiting assistant professor of Government and Law at Lafayette College. Zachary Manfredi is an Equal Justice Works Fellow at the Asylum Seeker Advocacy Project. Stephen Dozeman is a freelance writer. Learn more about your ad choices. Visit megaphone.fm/adchoices

William Callison and Zachary Manfredi, "Mutant Neoliberalism: Market Rule and Political Rupture" (Fordham UP, 2020)

Is planning for America anathema to the pursuit of life, liberty and happiness? Is it true, as thinkers such as Friedrich Von Hayek, Milton Friedman, and Ayn Rand have claimed, that planning leads to dictatorship, that the state is economically inefficient, and that prosperity is owed primarily to the workings of a free market? To answer these questions Ian Wray’s book goes in search of an America shaped by government, plans and bureaucrats, not by businesses, bankers and shareholders. He demonstrates that government plans did not damage American wealth. On the contrary, they built it, and in the most profound ways. In three parts, No Little Plans: How Government Built America’s Wealth and Infrastructure (Routledge, 2019) is an intellectual roller coaster. Part I takes the reader downhill, examining the rise and fall of rational planning, and looks at the converging bands of planning critics, led on the right by the Chicago School of Economics, on the left by the rise of conservation and the ‘counterculture’, and two brilliantly iconoclastic writers – Jane Jacobs and Rachel Carson. In Part II, eight case studies take us from the trans-continental railroads through the national parks, the Federal dams and hydropower schemes, the wartime arsenal of democracy, to the postwar interstate highways, planning for New York, the moon shot and the creation of the internet. These are stories of immense government achievement. Part III looks at what might lie ahead, reflecting on a huge irony: the ideology which underpins the economic and political rise of Asia (by which America now feels so threatened) echoes the pragmatic plans and actions which once secured America’s rise to globalism. Ian Wray is Visiting Professor in Civic Design and Heseltine Institute Fellow at the University of Liverpool. He is a Fellow of the Academy of Social Sciences and Vice Chair of World Heritage UK. Learn more about your ad choices. Visit megaphone.fm/adchoices

Ian Wray, "No Little Plans: How Government Built America’s Wealth and Infrastructure" (Routledge, 2019)

Safi Bahcall's Loonshots: How to Nurture the Crazy Ideas That Win Wars, Cure Diseases, and Transform Industries (St. Martin's Press, 2019) reveals a surprising new way of thinking about the mysteries of group behavior that challenges everything we thought we knew about nurturing radical breakthroughs. Bahcall, a physicist and entrepreneur, shows why teams, companies, or any group with a mission will suddenly change from embracing new ideas to rejecting them, just as flowing water will suddenly change into brittle ice. Mountains of print have been written about culture. Loonshots identifies the small shifts in structure that control this transition, the same way that temperature controls the change from water to ice. Using examples that range from the spread of fires in forests to the hunt for terrorists online, and stories of thieves and geniuses and kings, Bahcall shows how a new kind of science can help us become the initiators, rather than the victims, of innovative surprise. Over the past decade, researchers have been applying the tools and techniques of this new science―the science of phase transitions―to understand how birds flock, fish swim, brains work, people vote, diseases erupt, and ecosystems collapse. Loonshots is the first to apply this science to the spread of breakthrough ideas. Bahcall distills these insights into practical lessons creatives, entrepreneurs, and visionaries can use to change our world. Along the way, readers will learn what James Bond and Lipitor have in common, what the movie Enigma Game got wrong about WWII, and what really killed Pan Am, Polaroid, and the Qing Dynasty. Cody Gough and Ashley Hamer are the hosts of the excellent podcast Curiosity Daily. Subscribe to Curiosity Daily here. Learn more about your ad choices. Visit megaphone.fm/adchoices

Safi Bahcall, "Loonshots: How to Nurture the Crazy Ideas That Win Wars, Cure Diseases, and Transform Industries" (St. Martins, 2019)

How should we understand inequality? In A Sense of Inequality (Roman and Littlefield, 2020), Wendy Bottero, a Reader in Sociology at the University of Manchester offers a detailed and challenging new approach to how we conceive of, how we study, and how we might challenge, social inequality. The book contends we need a new approach to the everyday subjective experience of inequality, appreciating people’s constrained resistance to often highly unequal social situations. Whilst never downplaying the reality of inequality, the book challenges social theories that ignore everyday practices in explanations of the persistence of inequality. Empirically detailed, with extensive global examples, as well as theoretically rich, the book is essential reading across the social sciences. Learn more about your ad choices. Visit megaphone.fm/adchoices

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New Books in Economics

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