Here are 100 books that The Great Reversal fans have personally recommended if you like
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I first got interested in how markets really work when I wrote my Ph.D. dissertation on the “deregulation” movement in the United States, Western Europe, and Japan. I quickly discovered that deregulation never happened in the literal sense. In most cases, governments had to increase regulation to enhance market competition. They needed more rules to get “freer” markets. This sounds paradoxical at first, but it really isn’t. It makes perfect sense once you realize that markets do not arise spontaneously but rather are crafted by the very visible hand of the government. So I took that insight and I have been running with it ever since.
McMillan offers a highly readable and concise book on how economists understand market institutions.
I love to assign this book to my undergraduate students because McMillan makes sense of some fairly complex topics, such as auction design. And he covers a wide range of topics of current interest, such as corporate governance and intellectual property rights.
From the wild swings of the stock market to the online auctions of eBay to the unexpected twists of the world's post-Communist economies, markets have suddenly become quite visible. We now have occasion to ask, "What makes these institutions work? How important are they? How can we improve them?"
Taking us on a lively tour of a world we once took for granted, John McMillan offers examples ranging from a camel trading fair in India to the $20 million per day Aalsmeer flower market in the Netherlands to the global trade in AIDS drugs. Eschewing ideology, he shows us that…
Since 2008, I have conducted research on themes related to International Political Economy. I am currently the co-chair of the research committee on this topic at the International Political Science Association (IPSA) and am passionate about making sense of the interplay between material and symbolic factors that shape capitalism and globalisation. Being based in Brazil, I was stuck when the country—which did not have salient identity cleavages in politics—came to be, after 2008, a hotspot of religious-based right-wing populism associated with the defence of trade liberalisation as globalisation started to face meaningful backlash from White-majority constituencies who are relatively losers of the post-Cold War order in the advanced industrialised democracies.
As post-Cold War globalisation seems to face its fate, I always go back to this book as it offers lessons on the perils of taking for granted economic rationality. The 19th-century liberal order crumbled, and fascism emerged as a solution. In the same vein, is far-right populism a reaction against the consequences of neoliberalism?
Although he does not bring to the centre stage the impact of ethnic-religious cleavages, such a shortcoming only made me wonder whether his riveting account of modernity applies nowadays.
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.
I’m the global health reporter for The New York Times, the latest iteration in 30 years as a foreign correspondent. I’ve covered wars and humanitarian disasters, but it’s health stories that have always drawn me most. Health stories are intimate and personal, but they’re also about politics and economics, and social norms – about power. I’ve written about the Zika virus crisis in Brazil, child malnutrition in India, teen suicide in the Arctic – but no story has drawn me in and kept me riveted like Africa’s AIDS pandemic has over the past 25 years. I intend to keep reporting on it until the day a cure is found.
Wait, this book isn’t about Africa! No: it’s a biography of Dr. Paul Farmer, a co-founder of the medical humanitarian agency Partners in Health who died in 2022, and who had a major influence on how I, and thousands of others, think about providing healthcare in low-resource settings.
This extremely readable biography of Farmer focuses mostly on his work in Haiti – where Farmer did pioneering work on HIV treatment – and while it’s the other side of the world, it’s a crucial text for rethinking how we understand structural inequalities and access to health care.
The seeds of Farmer’s radical approach were taken by many idealistic medical workers into African HIV programs and indeed when he died, he was in Rwanda, where he co-founded the University of Global Health Equity.
Tracy Kidder's critically acclaimed adult nonfiction work, Mountains Beyond Mountains has been adapted for young people by Michael French. In this young adult edition, readers are introduced to Dr. Paul Farmer, a Harvard-educated doctor with a self-proclaimed mission to transform healthcare on a global scale. Farmer focuses his attention on some of the world's most impoverished people and uses unconventional ways in which to provide healthcare, to achieve real results and save lives.
I was born in North Dakota and raised outside of Minneapolis in the 1980s and 1990s, a period marked by the ascendance of global trade and finance. I got hooked on reading, thinking, and talking about the politics of international economic relations in college. Sufficiently hooked, I guess, that I applied to graduate school to try and make it my vocation. My research and teaching to this point have focused on how key political and ideational forces in domestic and world politics – namely, international organizations, shared economic beliefs, social conventions, and material interests – shape the governance of globalized markets and the crafting of countries’ foreign economic policies.
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.
A compelling explanation of how the law shapes the distribution of wealth
What is it that transforms a simple object, an idea, or a promise to pay into an asset that creates wealth? Katharina Pistor explains how, behind closed doors in the offices of private attorneys, capital is created-and why this little-known activity is one of the biggest reasons for the widening wealth gap between the holders of capital and everybody else. A powerful new way of thinking about one of the most pernicious problems of our time, The Code of Capital explores the various ways that debt, complex financial…
I became an economist because I realized that economics was a powerful tool that would help society solve vexing problems. While economics has limits, it has so much to offer in terms of better policy design for tackling everything from climate change to economic inequality. My life’s work has been devoted to both economic research and helping others understand the insights of economics. I spent many years in academia teaching economics and writing papers, and I authored Open in an attempt to make the complexities of international economics more transparent. I’ve also had the chance to work firsthand on some of these issues in the early part of the Biden Administration at the US Treasury.
Ed Kleinbard was a treasured colleague, a brilliant commentator, and a giant in the field of tax policy. In his final year of life, perhaps fittingly, Kleinbard devoted himself to a book on the roleof luck in economic outcomes, which opens with a quote from Stendhal. “Waiting for God toreveal himself, I believe that his prime minister, Chance, governs this sad world just as well.”The book argues that luck, and particularly existential luck (to whom and in what circumstancesyou are born), are paramount in determining economic outcomes. Within that context, Kleinbardmakes a strong case for the role of public insurance in areas like health care, education, andchildcare; he also emphasizes the importance of a progressive income tax system.
The American dream of equal opportunity is in peril. America's economic inequality is shocking, poverty threatens to become a heritable condition, and our healthcare system is crumbling despite ever increasing costs.
In this thought-provoking book, Edward D. Kleinbard demonstrates how the failure to acknowledge the force of brute luck in our material lives exacerbates these crises - leading to warped policy choices that impede genuine equality of opportunity for many Americans. What's Luck Got to Do with It? combines insights from economics, philosophy, and social psychology to argue for government's proper role in addressing the inequity of brute luck. Kleinbard…
I became an economist because I realized that economics was a powerful tool that would help society solve vexing problems. While economics has limits, it has so much to offer in terms of better policy design for tackling everything from climate change to economic inequality. My life’s work has been devoted to both economic research and helping others understand the insights of economics. I spent many years in academia teaching economics and writing papers, and I authored Open in an attempt to make the complexities of international economics more transparent. I’ve also had the chance to work firsthand on some of these issues in the early part of the Biden Administration at the US Treasury.
So many features of our modern economy (including trade and technological change) make us better off while creating both winners and losers. Tax policy is important not just for raising revenue to fund civilization, but also for ensuring that such sweeping economic changes have the potential to “lift all boats”. In this book, Burman and Slemrod do an excellent job describing the key features of the American tax system. If every American read this book, we’d have a much better tax policy dialogue.
Arguments about taxation are among the most heated- no other topic is as influential to the role of government and the distribution of costs and benefits in America. But while understanding of our tax system is of vital importance, the complexity can create confusion. Two of America's leading authorities on taxes, Leonard E. Burman and Joel Slemrod, bring clarity in this concise explanation of how our tax system works, how it affects people and businesses, and how it might be improved. The book explores what makes a tax system fair, simple, and efficient, why our system falls short, and whether…
I became an economist because I realized that economics was a powerful tool that would help society solve vexing problems. While economics has limits, it has so much to offer in terms of better policy design for tackling everything from climate change to economic inequality. My life’s work has been devoted to both economic research and helping others understand the insights of economics. I spent many years in academia teaching economics and writing papers, and I authored Open in an attempt to make the complexities of international economics more transparent. I’ve also had the chance to work firsthand on some of these issues in the early part of the Biden Administration at the US Treasury.
When I began researching the economics of immigration, I expected to find that my prejudice in favor of immigrants needed more nuance. However, even more than I suspected, the economic literature is resounding in describing the many large economic benefits of immigration. Streets of Golddescribes how essential immigration has been to American economic success, and it provides a strong argument for a more open immigration policy.
Immigration is one of the most fraught, and possibly most misunderstood, topics in American social discourse-yet, in most cases, the things we believe about immigration are based largely on myth, not facts. Using the tools of modern data analysis and ten years of pioneering research, new evidence is provided about the past and present of the American Dream, debunking myths fostered by political opportunism and sentimentalized in family histories, and draw counterintuitive conclusions, including:
* Upward Mobility: Children of immigrants from nearly every country, especially those of poor immigrants, do better economically than children of U.S.-born residents - a pattern…
I first got interested in how markets really work when I wrote my Ph.D. dissertation on the “deregulation” movement in the United States, Western Europe, and Japan. I quickly discovered that deregulation never happened in the literal sense. In most cases, governments had to increase regulation to enhance market competition. They needed more rules to get “freer” markets. This sounds paradoxical at first, but it really isn’t. It makes perfect sense once you realize that markets do not arise spontaneously but rather are crafted by the very visible hand of the government. So I took that insight and I have been running with it ever since.
My view of markets has been heavily influenced by my colleague from the Sociology Department downstairs, Neil Fligstein.
He follows Polanyi in posing a direct challenge to the basic assumptions of economics. He argues that firms seek stability, not necessarily profit maximization. That is, they want to stabilize prices and keep the firm intact.
He also brings power to the center of his view of markets. Incumbent firms engage in power struggles. They use business strategies, like collusion, and political strategies, like lobbying for favorable regulations, to insulate themselves from disruptive competition.
Market societies have created more wealth, and more opportunities for more people, than any other system of social organization in history. Yet we still have a rudimentary understanding of how markets themselves are social constructions that require extensive institutional support. This groundbreaking work seeks to fill this gap, to make sense of modern capitalism by developing a sociological theory of market institutions. Addressing the unruly dynamism that capitalism brings with it, leading sociologist Neil Fligstein argues that the basic drift of any one market and its actors, even allowing for competition, is toward stabilization. The Architecture of Markets represents a…
I was attracted to the study of interest groups for two main reasons. First, not too many scholars study interest groups and lobbying. This means I might have something to contribute. Second, interest groups are fascinating. Almost every interest you can think of has an interest group trying to affect (or retard) change. Every year, for example, I get to regale my students with stories about little-known interest groups such as the American Frozen Food Institute, the Pink Pistols (a pro-gun LGBTQ group), the California Prune Board, and Declassify UAP (an anti-UFO secrecy group). Talking and learning about interest groups is fun.
The late William Browne pioneered the study of interest group influence. His empirical studies noted that interest groups often get what they want from government because they ask for relatively small changes in policy to which no one objects.
In this book, he reflects on his work and that of others. He concludes that interest groups are an integral part of the American political system and that they seldom manage to strongarm the government into doing things that lots of ordinary Americans do not support.
This book is good because it is the rare academic piece that sings the praises of interest groups and acknowledges all the good they do. After all, most Americans, whether they believe it or not, identify with, support, or belong to some interest group.
And as Browne points out, interest groups have been integral to the adoption of some of the most important and beneficial…
Synthesizing theory, personal research, and prior studies on interest groups and other lobbies, William P. Browne offers a new, insightful overview of organized political interests and explains how and why they affect public policy. Drawing on his extensive experience researching interest groups, Browne assesses the impact that special interests have long had in shaping policy. He explains how they fit into the policymaking process and into society, how they exercise their influence, and how they adapt to changing circumstances. Browne describes the diversity of existing interests-associations, businesses, foundations, churches, and others-and explores the multidimensional tasks of lobbying, from disseminating information…
I was attracted to the study of interest groups for two main reasons. First, not too many scholars study interest groups and lobbying. This means I might have something to contribute. Second, interest groups are fascinating. Almost every interest you can think of has an interest group trying to affect (or retard) change. Every year, for example, I get to regale my students with stories about little-known interest groups such as the American Frozen Food Institute, the Pink Pistols (a pro-gun LGBTQ group), the California Prune Board, and Declassify UAP (an anti-UFO secrecy group). Talking and learning about interest groups is fun.
I recommend this book because it is about lobbying and it is funny. “Lobbying” and “funny” are not usually words you see in the same sentence. I am pretty cynical, but not as cynical as the author of this book.
Our protagonist, Nick Naylor, is a tobacco lobbyist with no shame and a lot of money. His opponents, including a self-righteous anti-tobacco senator from Vermont, are not much better than Naylor, obsessed as they are with attention and power. Most lobbyists are not like Nick Naylor. But some are.
The book skewers platitudes about “freedom” and “personal choice,” which are familiar lobbyist tropes.
Nobody blows smoke like Nick Naylor. He’s a spokesman for the Academy of Tobacco Studies–in other words, a flack for cigarette companies, paid to promote their product on talk and news shows. The problem? He’s so good at his job, so effortlessly unethical, that he’s become a target for both anti-tobacco terrorists and for the FBI. In a country where half the people want to outlaw pleasure and the other want to sell you a disease, what will become of the original Puff Daddy?
