100 books like American Power after the Financial Crisis

I was in my first year of college when I witnessed (via news reports) the “Battle of Seattle,” where anti-globalization protestors shut down a negotiating round of the World Trade Organization.

Watching the news from Seattle made me want to study the politics of the international economy. Seattle seems to have had a similarly big impact on Slobodian since it pops up in the introductory and concluding chapters of Globalists.

Slobodian’s book tells the story of how a group of dissident economists and lawyers, mainly centered in Geneva, rewrote the postwar international rules to legally “encase” market-based transactions. This effort, which included the creation of the WTO in 1995, made markets more seamlessly globalized. But it also put the increasingly powerful market forces beyond democratic mechanisms of regulation and control, spurring backlash. 

Pistor’s book explains how global finance grew so large, powerful, and unstable. The short answer: elite lawyers did it.

Pistor argues that they did it by creatively devising legal instruments that could turn both tangible (land, for example) and intangible things (like intellectual property) into capital. When lawyers were able to make legal instruments enforceable around the world, capital could become truly global. Why did they do this? Simple: “minting” capital through creative lawyering is extraordinarily lucrative.

Before reading this book, I knew that elite contract lawyers were very well compensated, but I didn’t understand what they were doing and didn’t think of them as key players shaping the international economic order. Pistor’s book informed and corrected my thinking. 

Reading this book in graduate school was revelatory. It was mostly ignored upon publication. But in the subsequent eighty years Hirschman’s insights have become part of the bedrock of my field of international political economy.

The key idea is that countries seeking to enhance and expand their power can use “liberal” commercial strategies to induce economic and political dependency in smaller, weaker partners. It’s dangerous, in other words, to simply assume that more extensive trade and investment flows between countries will engender a more stable, peaceful international system.

Uncontrolled trade can aggravate tensions and facilitate international disorder. Hirschman arrives at a bold idea: surrendering national authority to follow global rules and institutions is the only way to counteract the harmful effects of massive power and wealth inequalities in world politics.

This book is about the planners who set about devising the rules and institutions of the post-WWII international economic order.

The conventional story is that institutions like the IMF and World Bank were mainly creations of American and British policymakers, and the rules enshrined in those institutions reflect narrowly Anglo-American ideas and interests. But Helleiner’s amazing historical research reveals that officials from countries in the so-called “periphery” of the world economy (like China, India, and Brazil) had much more influence in these negotiations than we realized.

Their courageous efforts ensured that some of their developmental ideas (aimed at reducing the massive global wealth and power imbalances) were, in fact, incorporated into the international rules that shaped the postwar economic order. The politics of economic ideas come to life in this book. 

This book, first published in 1989 and then reprinted in 2013, interprets policy and market developments in the early 21st century.

It debunks a perspective that would blame the poor themselves for their own plight and instead explores both cultural and biological causes for poverty. The author provides us with many angles from which to understand why people are poor in America and how poverty is perceived and handled. A lot of the book shows readers how things are for the poor where they live, at the grass-roots level.

A collection of exceptional scholars explore what replaced the New Deal Order’s focus on economic justice at the end of the 1970s with a regime that came to be known as neoliberalism.

This very accessible book approaches the possibility of new forms of life known as solidarity economies and with it a turn toward social-economics.

I appreciate the attempt this history book makes to both take a long view and to create a conceptual framework regarding empirical cases.

Our view of the Great Depression was changed by the Great Recession following the financial crisis of 2008. No one has a better grasp of the similarities and differences between the two major economic shocks of the last 100 years than Barry Eichengreen. Most interesting are Eichengreen’s reflections about the right and wrong lessons the firefighters of the 2008 financial crisis drew from the Great Depression.

I’ve had the pleasure of interviewing Corey Damen Jenkins, whose bold take on traditional interiors have won him a devoted following.

The designer, author, and television personality founded his firm during the 2008 recession and knocked on 779 doors in affluent neighborhoods around Detroit to do it. His patience and persistence are evident in his personal and stunning look at classic interiors; homes that have been reimagined for living now.

With sidebars on practical questions like how to hang a salon-style picture wall, and choosing the right window treatment, Corey is as generous with his advice as he is sharing his talent.

The political parties can be a bit confusing as the names Republican and Democratic have been around for centuries, but hardly resemble the original parties at their formation. To Make Men Free is the best overview of the Grand Old Party, its many evolutions, and its important role in American history. It is also my favorite of the many books written by famed historian Heather Cox Richardson. To Make Men Free would be a great gift for subscribers to Richardson’s newsletter, Letters from an American, or dads who are interested in politics.

Cara Romero’s unique and vibrant voice stayed with me long after I finished the book. Like all immigrants, she’s caught between two worlds. She’s bound to the parents she left behind in her native Dominican Republic, and she cares for her family and friends in Washington Heights, New York. She’s a flawed character who grows during the story because, as she explains, she doesn’t want to hurt anyone. As a parent, I felt for Cara and her estranged son Fernando, separated by vast cultural differences. This is a heartwarming story, where Cara’s compassionate voice is juxtaposed with the bureaucratic lingo of government forms, emphasizing her humanity and the complex lives of immigrants everywhere.