My interest in political economy dates back to my student years where I combined the study of the history of political economy, economics, and philosophy. Whether apologists or critics of capitalism, both groups appreciate the centrality of economic exchange among people who live in communities where absolute autonomy and self-sufficiency are unattainable. My concern with reframing political economy is also informed by the all too hushed scandal of capitalism, namely, the reliance on slavery for the accumulation of wealth for more than a century after the establishment of the USA. The reckoning with this atrocity animates much of my present thinking about political economy in general and capitalism in particular.
I wrote
The Quest for Prosperity: Reframing Political Economy
Polanyi’s book is a classic treatment of the relationship between economics (or the economy) and the legal and political frameworks that allow it to work. Historically informed and well documented, Polanyi makes the argument that market capitalism (without any intervention and regulation) not only does not work as smoothly as expected, but causes hardships for a great many participants.
In this classic work of economic history and social theory, Karl Polanyi analyzes the economic and social changes brought about by the "great transformation" of the Industrial Revolution. His analysis explains not only the deficiencies of the self-regulating market, but the potentially dire social consequences of untempered market capitalism. New introductory material reveals the renewed importance of Polanyi's seminal analysis in an era of globalization and free trade.
Mazzucato points out that the great technological breakthroughs we enjoy in the 21st century were not, despite propaganda to that effect, the result of corporate R&D, but instead were underwritten by the US government and its various agencies. This means that the government takes enormous financial risks, such as developing the Internet, GPS, and other technologies, while corporate America enjoys the fruit of these risks by licensing patents owned by the government.
In this sharp and controversial expose, Mariana Mazzucato debunks the pervasive myth that the state is a laggard, bureaucratic apparatus at odds with a dynamic private sector. She reveals in detailed case studies, including a riveting chapter on the iPhone, that the opposite is true: the state is, and has been, our boldest and most valuable innovator. Denying this history is leading us down the wrong path. A select few get credit for what is an intensely collective effort, and the US government has started disinvesting from innovation. The repercussions could stunt economic growth and increase inequality. Mazzucato teaches us…
In an accessible language and with multiple real-life examples, Madrick systematically critically engages every humdrum idea of principle attributed to the presumed success of capitalism. Following to a great extent Karl Marx’s lead on the self-destruction of the economic system we call capitalism, Madrick updates the critique to the 21st century and shows, time and again, why capitalism is not only prone to recessions and depressions but will bring about its own demise.
A bold indictment of some of our most accepted mainstream economic theories—why they’re wrong, and how they’ve been harming America and the world.
Budget deficits are bad. A strong dollar is good. Controlling inflation is paramount. Pay reflects greater worker skills. A deregulated free market is fair and effective. Theories like these have become mantras among American economists both liberal and conservative over recent decades. Validated originally by patron saints like Milton Friedman, they’ve assumed the status of self-evident truths across much of the mainstream. Jeff Madrick, former columnist for The New York Times and Harper’s, argues compellingly that a…
Lessig’s book argues that the pretense we live in America in a capitalist economy that follows the rules of the markets, with profit maximization and copyright protection (dating back to the Constitution), is by now completely discarded. Focusing on the entertainment industry and the arts, Lessig illustrates the limits of such thinking given the conduct of millions who download music, films, and videos without permission and continue to “remix” them within the legal limits of “fair use.”
The reigning authority on intellectual property in the Internet age, Lawrence Lessig spotlights the newest and possibly the most harmful culture — a war waged against those who create and consume art. America's copyright laws have ceased to perform their original, beneficial role: protecting artists' creations while allowing them to build on previous creative works. In fact, our system now criminalizes those very actions. Remix is an urgent, eloquent plea to end a war that harms every intrepid, creative user of new technologies. It also offers an inspiring vision of the postwar world where enormous opportunities await those who view…
With numerous examples that range from comedy clubs, football strategies, recipes, and the fashion industry, this book explains how the myth of copyright protection as the hallmark of market capitalism makes no sense. Instead of the argument that the only way to incentivize people to invent and create, what this book outlines is the many cases in which not only this is not the case but instead a robust competitive environment thrives without capitalist ways of thinking. Notions of creative cooperation make up for ruthless competition, and the expectation of legal protection only shows that without regulatory powers market forces cannot function.
From the shopping mall to the corner bistro, knockoffs are everywhere in today's marketplace. Conventional wisdom holds that copying kills creativity, and that laws that protect against copies are essential to innovation-and economic success. But are copyrights and patents always necessary? In The Knockoff Economy, Kal Raustiala and Christopher Sprigman provocatively argue that creativity can not only survive in the face of copying, but can thrive.
The Knockoff Economy approaches the question of incentives and innovation in a wholly new way-by exploring creative fields where copying is generally legal, such as fashion, food, and even professional football. By uncovering these…
Envisioning a different mode of economic relations requires a rethinking of the classical frames of references we commonly take for granted. The implicit assumptions that we carry into critical debates are the stumbling blocks for finding useful solutions to age-old economic problems. And these impediments constrict our political imagination.
This book asks what are these frames of references? How many of them are worthy of retaining, while others might be discarded? And what new framings should be adopted in order to bring about a less crisis-prone and morally acceptable mode of human interaction? Each chapter interrogates a different frame of reference, including culturally-embedded concepts of human nature, scarcity and abundance, markets, and the human condition.
Reading was a childhood passion of mine. My mother was a librarian and got me interested in reading early in life. When John F. Kennedy was running for president and after his assassination, I became intensely interested in politics. In addition to reading history and political biographies, I consumed newspapers and television news. It is this background that I have drawn upon over the decades that has added value to my research.
It didn’t begin with Donald Trump. When the Republican Party lost five straight presidential elections during the 1930s and 1940s, three things happened: (1) Republicans came to believe that presidential elections are rigged; (2) Conspiracy theories arose and were believed; and (3) The presidency was elevated to cult-like status.
Long before Trump, each of these phenomena grew in importance. The John Birch Society and McCarthyism became powerful forces; Dwight D. Eisenhower was the first “personal president” to rise above the party; and the development of what Harry Truman called “the big lie,” where outrageous falsehoods came to be believed. Trump…
Grand Old Unraveling: The Republican Party, Donald Trump, and the Rise of Authoritarianism
It didn't begin with Donald Trump. The unraveling of the Grand Old Party has been decades in the making. Since the time of FDR, the Republican Party has been home to conspiracy thinking, including a belief that lost elections were rigged. And when Republicans later won the White House, the party elevated their presidents to heroic status-a predisposition that eventually posed a threat to democracy. Building on his esteemed 2016 book, What Happened to the Republican Party?, John Kenneth White proposes to explain why this happened-not just the election of Trump but the authoritarian shift in the party as a…
