I advise private and public sector clients on the unlocking of value from public assets.
After a few years in investment banking in Asia and Europe, I was asked to lead the comprehensive restructuring of Sweden’s USD70bn national portfolio of commercial assets—the first attempt by a European government to systematically address the ownership and management of government enterprises and real estate. This experience has allowed me to work in over thirty countries and serve as a Non-Executive Director. Ultimately sharing the collective experience in two books written together with Stefan Fölster—The Public Wealth of Nations—which was awarded The Economist and Financial Time’s best book of the year, as well as The Public Wealth of Cities.
Would you rather that your local football team or even the national team was selected through family ties or political connections? How did meritocracy—the idea that people should be advanced according to their talents rather than their birth—become the world's ruling ideology? Why is meritocracy now under attack from both right and left? Adrian Wooldridge shows what transformative effects it has had everywhere it has been adopted, especially once women were brought into the meritocratic system. He also shows how meritocracy has now become corrupted and argues that the recent stalling of social mobility is the result of the failure to complete the meritocratic revolution. Rather than abandoning meritocracy, he says, we should call for its renewal.
'This unique and fascinating history explains why the blame now being piled upon meritocracy for many social ills is misplaced-and that assigning responsibilities to the people best able to discharge them really is better than the time-honoured customs of corruption, patronage, nepotism and hereditary castes. Wooldridge upends many common assumptions and provides an indispensable back story to this fraught and pressing issue.' Steven Pinker
'The Aristocracy of Talent provides an important and needed corrective to contemporary critiques of meritocracy. It puts meritocracy in an illuminating historical and cross-cultural perspective that shows how crucial the…
I’m a Canadian political economist working in Australia as an Associate Professor in International Relations and Political Economy at the University of Wollongong, just south of Sydney. I’ve been fascinated by the history of capitalism and money since post-graduate school. Eventually I had some time to do a deep dive into the existing scholarly literature on money and have so far written two books on the topic and multiple articles. I hope you enjoy my book recommendations as much as I enjoyed reading them.
I would argue that the history of capitalism is also the history of money. You can’t understand one without the other.
The Currency of Empire is masterfully written and researched.
Why I loved this book so much is not only because it filled many gaps in my knowledge of the history of money in the United States, but also that it has a keen focus on political power and the different interests among the colonists and England.
If you want to understand how money and monetary systems are created within relations of power this book is essential for you. Another must-read that should not be missed.
In The Currency of Empire, Jonathan Barth explores the intersection of money and power in the early years of North American history, and he shows how the control of money informed English imperial action overseas.
The export-oriented mercantile economy promoted by the English Crown, Barth argues, directed the plan for colonization, the regulation of colonial commerce, and the politics of empire. The imperial project required an orderly flow of gold and silver, and thus England's colonial regime required stringent monetary regulation. As Barth shows, money was also a flash point for resistance; many colonists acutely resented their subordinate economic station,…
Growing up I was fanatical about football - playing, watching, reading and talking about it. I was also a little obsessed with its numbers, and apparently liked to recalculate league tables and goal differences in my head as the results came in on the BBC vidiprinter. Fast forward to University in the 1980s - a time when studying football’s business aspects was not common - I wrote my dissertation on the ‘Capital structure of Scottish football’. A Scottish perspective has remained present in much of my work, and I hope it also allows a little more distance when reflecting on the success and challenges faced by football in England.
David Conn’s book was first released in 1997, just a few years after the inception of the English Premier League.
It was the first critical evaluation of the new business of football, in which he sought to understand what was being lost as the game was transformed into a branch of the entertainment industry, while at the same time accepting the many unarguable benefits that were accompanying that transformation.
Its quality and importance are evidenced by the fact that it has been republished at least five times.
It remains essential reading for anyone who wants to understand more about the opaque world of football finance, governance, and ownership.
In eight years English football has been transformed. In 1989 clubs were banned from Europe and the Hillsborough disaster exposed football's crumbling grounds. Today football is cleaned up and is also big business. Since the Taylor report forced English clubs to spend #600 million rebuilding their grounds, and since Sky and the BBC put #1 billion into the game, serious businessmen have arrived in football, and have mostly been welcomed because of the money they were "investing" into the "long-term health of the game". This book examines the transformation and asks is it still a game or a business?
Jasper Becker is a foreign correspondent who spent decades reporting on China and the Far East. His the author of numerous books including Hungry Ghosts – Mao’s Secret Famine, Rogue Regime – Kim Jong Il and the looming threat of North Korea, City of Heavenly Tranquillity, and most recently Made in China – Wuhan, COVID and the Quest for Biotech Supremacy.
This book written in 1922 by the Austrian economist at the University of Vienna is one of the few truly foundational works in political economy. Mises takes apart the theory of the Marxist moneyless planned economy which Lenin and then Stalin tried to apply to the Soviet Union. Mises lucidly explains why not only that it could never work but would lead to catastrophic and unending shortages, dictatorship, repression, and arbitrary rule enforced by a militarized one-party state. Although Mises had no knowledge of China, it is the best book to read in order to understand what happened in China in the 20th century.
First published in German in 1933 and in English in 1960, Epistemological Problems of Economics presents Ludwig von Mises’s views on the logical and epistemological features of social interpretation as well as his argument that the Austrian theory of value is the core element of a general theory of human behavior that transcends traditional limitations of economic science.
This volume is unique among Mises’s works in that it contains a collection of essays in which he contested the theories of intellectuals he respected such as Carl Menger, Eugen von Böhm-Bawerk, and Max Weber. Mises describes how value theory applies to…
I am an economics professor and have been interested in applying economic methods to study political decision-making since my days as a graduate student. Too often, we think about government in terms of what we would like government to do rather than what government actually is capable of doing. In many cases, political decision-makers would be unable to obtain sufficient information to actually carry out the policies we think would be ideal, and even if they have the information, often they don’t have the incentive to do so. An economic approach to politics offers a more realistic way to understand political decision-making.
Olson focuses on the impact of interest groups on public policy. He emphasizes the way that economic interests lobby governments to produce policies favorable to them, but at the expense of the general public. Interests lobby for subsidies, tax breaks, trade barriers to protect them from foreign competition, regulatory barriers to inhibit domestic competitors, and more. Over time, the connection between interest groups and policymakers strengthens, so that increasingly, profits are the result of political connections rather than producing value for consumers. The growth of interest group influence over time leads to the decline of nations.
"A convincing book that could make a big difference in the way we think about modern economic problems."-Peter Passell, New York Times Book Review
"Clearly, this is no ordinary theory. Equally clearly, it sprang from the mind of no ordinary economist."-James Lardner, Washington Post
The years since World War II have seen rapid shifts in the relative positions of different countries and regions. Leading political economist Mancur Olson offers a new and compelling theory to explain these shifts in fortune and then tests his theory against evidence from many periods of history and many parts of the world.
I grew up listening to my grandfathers tell stories about the Great Depression (1930s). My cousins would want me to go out and play, but I wanted to stay indoors and listen to the stories. The Depression proved my grandfathers were not the best cotton farmers, but they were good storytellers, and I ended up an economics professor. Along the way, I ran across a thought from renowned British philosopher Francis Bacon: “Histories make men wise, poets, witty, mathematics, subtle;” Modern economics has gone in for subtlety, and maybe is a little too careless of wisdom. This thought sent me delving deeper into economic history, and I ended up writing five books in economics history.
Here is a stimulating and suggestive book, in 18 close-packed chapters, rich in fresh and illuminating insights. The scope, depth, and harmony of this book, strengthened with minute elaboration and carefulness, make it a work of permanent value. Missed here is the dogmatic readiness to force many intricate and diverse things to accommodate themselves to a few simple formulas. The book’s very descriptive title reveals its subject, which is presented with the utmost clearness, thoughtful intelligence, and adequacy of analysis, It is a welcomed reminder that time is the greatest innovator, spawning economic developments missed by the blind mechanisms of theoretical formulas. There is the accuracy of knowledge throughout, thoroughness in setting it forth, and admirable clearness.
In the century after the Civil War, an economic revolution improved the American standard of living in ways previously unimaginable. Electric lighting, indoor plumbing, motor vehicles, air travel, and television transformed households and workplaces. But has that era of unprecedented growth come to an end? Weaving together a vivid narrative, historical anecdotes, and economic analysis, The Rise and Fall of American Growth challenges the view that economic growth will continue unabated, and demonstrates that the life-altering scale of innovations between 1870 and 1970 cannot be repeated. Gordon contends that the nation's productivity growth will be further held back by the…
I have been studying, writing, and teaching economic history for nearly four decades. I was drawn to the field because it let me combine my passion for understanding how the past and present are connected with my fascination with the insights derived from the natural sciences. When I started studying economic history, the discipline was still relatively new, having grown out of pioneering research in the 1950s and 1960s by a small band of innovative scholars. During my career, I have met many of these intellectual giants personally, and I have watched the discipline of economic history mature and grow in both its methods and intellectual scope.
The British Industrial Revolution is the single most important event in shaping the modern world. Since 1800 the standard of living in Western Industrial nations has increased nearly 40-fold, and in the last half-century, this prosperity has spread more widely. Writing in an engaging style, Clark offers a unique and provocative account of these changes and their causes.
Why are some parts of the world so rich and others so poor? Why did the Industrial Revolution - and the unprecedented economic growth that came with it - occur in eighteenth-century England, and not at some other time, or in some other place? Why didn't industrialization make the whole world rich - and why did it make large parts of the world even poorer? In "A Farewell to Alms", Gregory Clark tackles these profound questions and suggests a new and provocative way in which culture - not exploitation, geography, or resources - explains the wealth, and the poverty, of…
I was trained as a philosopher and have been a professor of philosophy for more than three decades. Beginning with Plato, I have been persuaded that reason is powerful. I am also a social theorist and have published scholarly books on Max Weber, Ferdinand Tönnies, and Raymond Aron. Yet Pareto’s writings have convinced me that people are most often motivated by interests and passions and then use reasons to justify their behavior. Plato showed people as they ought to be; Pareto showed them as they are. Philosophy is important, but so is Pareto’s social psychology.
Joseph Femia has chosen 21 outstanding essays about Vilfredo Pareto, which are divided into three sections: Methodology, Social Theory, and Politics and Political Theory.
All 21 are important historical investigations of Pareto’s thinking. The best are two by Norberto Bobbio and those by James Lane and by A.J. Baker. Most importantly, Femia’s collection also contains S.E. Finer’s “Pareto and Pluto-democracy.”
As a philosopher who crosses several disciplines (sociology, economics, and theology), I really appreciated the way in which Pareto was shown in this book to transcend the boundaries between economics and sociology. There was no one except for Max Weber, who could move among disciplines as easily as Vilfredo Pareto.
This collection examines the work of the Italian economist and social theorist Vilfredo Pareto, highlighting the extraordinary scope of his thought, which covers a vast range of academic disciplines. The volume underlines the enduring and contemporary relevance of Pareto's ideas on a bewildering variety of topics; while illuminating his attempt to unite different disciplines, such as history and sociology, in his quest for a 'holistic' understanding of society. Bringing together the world's leading experts on Pareto, this collection will be of interest to scholars working in the fields of sociology and social psychology, monetary theory and risk analysis, philosophy and…
We are law professors at the Hebrew University of Jerusalem. Eyal Zamir is interested in the intersections of law, economics, ethics, and psychology. In addition to theoretical studies of these issues, he engages in experimental legal studies, as well. Barak Medina studies constitutional law, human rights, and economic analysis of law. He is interested in constitutional interpretation and the interaction between common-sense morality, public opinion and adjudication.
This collection of essays by some of the leading contemporary scholars in ethics and in economics provides both critical surveys of the various interactions between these two bodies of thought and original suggestions for future advancements in this important intersection.
The collection includes both general and theoretical inquiries and more specific applications. It may be of interest both to academics (scholars and students) and to policymakers and laypersons.
Economics and ethics are both valuable tools for analyzing the behavior and actions of human beings and institutions. Adam Smith, the father of modern economics, considered them two sides of the same coin, but since economics was formalized and mathematicised in the late 1800s and early 1900s, the fields have largely followed separate paths.
The Oxford Handbook of Ethics and Economics provides a timely and thorough survey of the various ways ethics can, does, and should inform economic theory and practice. The first part of the book, Foundations, explores how the most prominent schools of moral philosophy relate to economics;…
I consider FDR the greatest of all presidents for leading America with distinction in the domestic crisis of the Great Depression and the foreign crisis of World War 2 and creating the modern presidency that survives today in the essential form he established. I have written books on Dwight Eisenhower, Richard Nixon, and Ronald Reagan during fifty years as a US history professor in UK universities. I always intended to write a book about how FDR reinvented the presidency that these Republicans inherited, something I finally did in ‘retirement’. My five chosen books explain the challenging times he faced and the leadership skills he displayed in meeting them.
This is a vivid retelling of the US production miracles that enabled America and its Allies to win World War 2. Instead of overwhelming readers with dry numbers, the book comes alive by focusing on the human dimension. Klein credits FDR for understanding that the US had to become the ‘Arsenal of Democracy’ to win the war, while lionizing innovative industrialists and engineers who turned this vision into reality and the federal officials who cleared the way for their operations to succeed. He also highlights the struggles of the millions who endured disruption and discomfort in migrating to undertake war work far from their home regions. This is essential reading to understand the home front in America’s greatest foreign war.
The colossal scale of World War II required a mobilization effort greater than anything attempted in all of the world's history. The United States had to fight a war across two oceans and three continents--and to do so, it had to build and equip a military that was all but nonexistent before the war began. Never in the nation's history did it have to create, outfit, transport, and supply huge armies, navies, and air forces on so many distant and disparate fronts.
The Axis powers might have fielded better-trained soldiers, better weapons, and better tanks and aircraft, but they could…
