Here are 100 books that The Wealth and Poverty of Nations fans have personally recommended if you like
The Wealth and Poverty of Nations.
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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.
As a professional statistician, I am naturally interested in AI and data science. However, in our current information age, everyone, in all segments of society, needs to understand the basics of AI and data science. These basics include such things as what these disciplines are, what they can contribute to society, and perhaps most importantly, what can go wrong. However, I have found that much of the literature on these topics is highly technical and beyond the reach of most readers. These books are specifically selected because they are readable by virtually everyone, and yet convey the key concepts needed to be data-literate in the 21st century. Enjoy!
A “Black Swan” is a highly unlikely event that occurs with massive consequences. Think of 9/11 or the astonishing success of Google or Amazon.
The main issue relative to Black Swans, as explained by Talib, is that after the fact people are drawn to concocting detailed explanations that make them seem less random, and more predictable. In other words, people develop causal explanations that are completely wrong, but sound reasonable, and will then use them to predict the future.
In the words of Nate Silver, they invent a “signal” to explain what is in reality “noise.” These explanations also create a false sense of security about our ability to predict future events. In short, we fool ourselves into thinking that we know more than we actually do.
The most influential book of the past seventy-five years: a groundbreaking exploration of everything we know about what we don’t know, now with a new section called “On Robustness and Fragility.”
A black swan is a highly improbable event with three principal characteristics: It is unpredictable; it carries a massive impact; and, after the fact, we concoct an explanation that makes it appear less random, and more predictable, than it was. The astonishing success of Google was a black swan; so was 9/11. For Nassim Nicholas Taleb, black swans underlie almost everything about our world, from the rise of religions…
I began this veil as a mathematics major and a first generation college student. It was not easy and I had no great plans or ambitions. I was good at math. But as I read books like these, and many others, I changed my horizons altogether, saw a place for myself and a purpose previously lacking. Economic History resembles my first love of math, but with persons and human behavior included. The latter is endlessly fascinating, as is the tendency of “experts” to misread and make broad assumptions that I, ever skeptical, wish to test where I can. I like being engaged intellectually for its own sake, and, from books like Tristram Shandy, have always endeavored to take my work seriously, but not myself as a human being.
It is a novel and a prolonged non-sequitur about life and worldly existence that speaks to me both as a person and as a professional. I read it in college and was astounded by the psychological depth and whimsy. “A cock and bull story, but one of the best…I have ever heard.” I think of that line from Sterne when I write my own work or read others;
With a new Introduction by Cedric Watts, Research Professor of English, University of Sussex.
Laurence Sterne's The Life and Opinions of Tristram Shandy, Gentleman is a huge literary paradox, for it is both a novel and an anti-novel. As a comic novel replete with bawdy humour and generous sentiments, it introduces us to a vivid group of memorable characters, variously eccentric, farcical and endearing. As an anti-novel, it is a deliberately tantalising and exuberantly egoistic work, ostentatiously digressive, involving the reader in the labyrinthine creation of a purported autobiography.
This mercurial eighteenth-century text thus anticipates modernism and postmodernism. Vibrant and…
I began this veil as a mathematics major and a first generation college student. It was not easy and I had no great plans or ambitions. I was good at math. But as I read books like these, and many others, I changed my horizons altogether, saw a place for myself and a purpose previously lacking. Economic History resembles my first love of math, but with persons and human behavior included. The latter is endlessly fascinating, as is the tendency of “experts” to misread and make broad assumptions that I, ever skeptical, wish to test where I can. I like being engaged intellectually for its own sake, and, from books like Tristram Shandy, have always endeavored to take my work seriously, but not myself as a human being.
The book is, like the others I have recommended, decidedly distinctive and untraditional. It traces the convoluted history of capitalist thought prior to its advent (which is itself the subject of ceaseless debate). Reducing forces to “passion” and “order” made me look at a complicated subject in a new way.
In this volume, Albert Hirschman reconstructs the intellectual climate of the seventeenth and eighteenth centuries to illuminate the intricate ideological transformation that occurred, wherein the pursuit of material interests--so long condemned as the deadly sin of avarice--was assigned the role of containing the unruly and destructive passions of man. Hirschman here offers a new interpretation for the rise of capitalism, one that emphasizes the continuities between old and new, in contrast to the assumption of a sharp break that is a common feature of both Marxian and Weberian thinking. Among the insights presented here is the ironical finding that capitalism…
I’m an economist, now in my fiftieth year as a professor at Harvard. While much of my work has focused on economic policy – questions like the effects of government budget deficits, guidelines for the conduct of U.S. monetary policy, and what actions to take in response to a banking or more general financial crisis – in recent years I’ve also addressed broader issues surrounding the connections between economics and society. Several years ago, in The Moral Consequences of Economic Growth, I examined the implications of our economy’s growth, or stagnation, for the social, political, and ultimately moral character of our society. My most recent book explores the connections between economic thinking and religious thinking.
Everyone knows that the Puritans settled in Boston and the Quakers settled in Philadelphia. What I found surprising is Baltzell’s argument that the two cities’ founding religions shaped their respective character for hundreds of years afterward. And, he says, the difference between Puritanism and Quakerism explains why Boston and Philadelphia played such different roles in American history.
Based on the biographies of some three hundred people in each city, this book shows how such distinguished Boston families as the Adamses, Cabots, Lowells, and Peabodys have produced many generations of men and women who have made major contributions to the intellectual, educational, and political life of their state and nation. At the same time, comparable Philadelphia families such as the Biddles, Cadwaladers, Ingersolls, and Drexels have contributed far fewer leaders to their state and nation. From the days of Benjamin Franklin and Stephen Girard down to the present, what leadership there has been in Philadelphia has largely been…
I’m an economist, now in my fiftieth year as a professor at Harvard. While much of my work has focused on economic policy – questions like the effects of government budget deficits, guidelines for the conduct of U.S. monetary policy, and what actions to take in response to a banking or more general financial crisis – in recent years I’ve also addressed broader issues surrounding the connections between economics and society. Several years ago, in The Moral Consequences of Economic Growth, I examined the implications of our economy’s growth, or stagnation, for the social, political, and ultimately moral character of our society. My most recent book explores the connections between economic thinking and religious thinking.
Bell, one of the greatest sociologists of the twentieth century, argues that having the right culture is essential for capitalism (or any other economic or political system) to flourish – and I certainly agree. But he goes further: he worries that over time the economic gains that capitalism delivers end up undermining the cultural conditions that allow capitalism to flourish in the first place. His book is about the role of culture more broadly, not religion in particular, but religion certainly fits within the overall argument.
With a new afterword by the author, this classic analysis of Western liberal capitalist society contends that capitalism,and the culture it creates,harbors the seeds of its own downfall by creating a need among successful people for personal gratification,a need that corrodes the work ethic that led to their success in the first place. With the end of the Cold War and the emergence of a new world order, this provocative manifesto is more relevant than ever.
I’m an economist, now in my fiftieth year as a professor at Harvard. While much of my work has focused on economic policy – questions like the effects of government budget deficits, guidelines for the conduct of U.S. monetary policy, and what actions to take in response to a banking or more general financial crisis – in recent years I’ve also addressed broader issues surrounding the connections between economics and society. Several years ago, in The Moral Consequences of Economic Growth, I examined the implications of our economy’s growth, or stagnation, for the social, political, and ultimately moral character of our society. My most recent book explores the connections between economic thinking and religious thinking.
One of the most significant episodes in the influence of religious thinking on economic thinking in America was the emergence of the Social Gospel, in the last two decades of the nineteenth century and the early decades of the twentieth. And one of the most powerful advocates of the Social Gospel was the Baptist minister and university theologian Walter Rauschenbusch. Evans’s biography vividly tells the story of the Social Gospel movement as well as Rauschenbusch’s leading role within it. Of the many clergymen about whom I write about in my own book, Rauschenbusch is perhaps the one whose ideas I most admire.
Given the 2005 Award of Merit by Christianity Today, Christopher Evans' The Kingdom is Always but Coming follows the life and career of American theologian Walter Rauschenbusch, the preeminent spokesperson at the center of the social gospel movement. Perceptive, well-informed, and ably written, Evans' biography is a superb introduction to both Rauschenbusch's life and his thought.
I’m an economist, now in my fiftieth year as a professor at Harvard. While much of my work has focused on economic policy – questions like the effects of government budget deficits, guidelines for the conduct of U.S. monetary policy, and what actions to take in response to a banking or more general financial crisis – in recent years I’ve also addressed broader issues surrounding the connections between economics and society. Several years ago, in The Moral Consequences of Economic Growth, I examined the implications of our economy’s growth, or stagnation, for the social, political, and ultimately moral character of our society. My most recent book explores the connections between economic thinking and religious thinking.
A classic book by one of our country’s most eminent historians, The Age of Reform traces the interplay between American politics and the clashing forces within American society from the time of Jefferson to the time of Franklin Roosevelt. In between, the great social movements – pro-and anti-slavery, populism, progressivism, the New Deal – all play out on a vast canvas. Religion is not the centerpiece of Hofstadter’s narrative, but it’s there throughout, sometimes on stage and at other times in the background. I’ve been recommending this book to my students for years.
WINNER OF THE PULITZER PRIZE • From the two-time Pulitzer Prize-winning author and preeminent historian comes a landmark in American political thought that examines the passion for progress and reform during 1890 to 1940.
The Age of Reform searches out the moral and emotional motives of the reformers the myths and dreams in which they believed, and the realities with which they had to compromise.
The Spirit of Capitalism: Nationalism and Economic Growth is the second volume of my nationalism trilogy. When I published the first volume,Nationalism: Five Roads to Modernity, the accepted view on the subject of nationalism was that it is a product of economic development, specifically, of industrialization and capitalism. On the basis of historical evidence, I proved that its emergence had nothing to do with these economic phenomena: in fact, it preceded both. Reviews of Nationalism, noting that, for this reason, economic developments could not have caused nationalism, raised the question what relationship, then, did exist between nationalism and the economy, and this led me to investigate it.
The Wealth of Nations is the foundational text of modern economics, reflecting – contrary to the common notion – the clearly national consciousness of its author and demonstrating that modern economic imagination (and activity) is a product of nationalism.
Its nationalist inspiration is the main reason I recommend reading it, for the commonplace interpretations of this classic miss this most interesting aspect of the work. In addition, it is a delightful text.
First published in 1776, the year in which the American Revolution officially began, Smith’s Wealth of Nations sparked a revolution of its own. In it Smith analyzes the major elements of political economy, from market pricing and the division of labor to monetary, tax, trade, and other government policies that affect economic behavior. Throughout he offers seminal arguments for free trade, free markets, and limited government.
Criticizing mercantilists who sought to use the state to increase their nations’ supply of precious metals, Smith points out that a nation’s wealth should be measured by the well-being of its people. Prosperity in…
F. Scott Fitzgerald claimed, “there are no second acts in American lives.” But I am on my third. I started out in the theatre, then became a lawyer, and then a political philosopher. What drove each move is that I was always outraged by injustice and wanted to find a better way to fight against it. For me, reading, writing, and teaching political philosophy turned out to be that way. The books on this list provide important lessons on how certain economic policies can cause injustice while others can cure it. Each has been around for a long time, but they are as relevant today as when they were first written.
A renowned economist and Harvard professor with a bit of a cult following, Schumpeter provides a realistic evaluation of what capitalism is and whether it can survive if it does not do more to help a wider range of people.
First published in 1942, Schumpeter’s fear was the rise of socialism, but what he had to say about the failings of capitalism back then applies with equal force today.
Schumpeter was the originator of the term “creative destruction” to describe how capitalism works, and Part II of the book was the inspiration for my paper, “Can Liberal Capitalism Survive?”
“Joseph Schumpeter’s classic Capitalism, Socialism and Democracy explains the process of capitalism’s 'creative destruction' — a key principle in understanding the logic of globalization." — Thomas L. Friedman, Foreign Policy
In this definitive third and final edition (1950) of his prophetic masterwork, Joseph A. Schumpeter introduced the world to the concept of “creative destruction,” which forever altered how global economics is approached and perceived. Now featuring a new introduction by Pulitzer Prize-winning Schumpeter biographer Thomas K. McCraw, Capitalism, Socialism and Democracy is essential reading for anyone who seeks to understand where the world economy is headed.
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