Peter T. Leeson is the author of the award-winning The Invisible Hook: The Hidden Economics of Piratesand Anarchy Unbound: Why Self-Governance Works Better than You Think. He is the Duncan Black Professor of Economics and Law at George Mason University. Big Think counted Peter among “Eight of the World’s Top Young Economists.”
The shortest, surest guide to understanding the government’s relationship to the economy. The Law was first published in 1850, but its relevance, importance, and accessibility are perennial. Multiply your value by getting the Foundation for Economic Education’s newest edition, which includes Bastiat’s classic essays “The Broken Window” and “The Candlemakers’ Petition.”
Like many people, I am deeply troubled by the death and destruction from violent conflict. When I began my graduate work in economics at Cornell University, I was allowed to apply my economics learning to the problem of war. When I began teaching at Holy Cross College, my colleagues encouraged me to offer courses on the economics of war and peace. After many years of teaching, I compiled Principles of Conflict Economics (with John Carter) to serve as a textbook on economic aspects of conflict. I hope the book might encourage other economics professors and students to learn more about war and how to resolve conflicts nonviolently.
I learned a great deal from this book’s insightful and wide-ranging coverage of the motives of terrorists; economic, political, and social causes and effects of terrorism; and government and private-sector counterterrorism efforts.
I especially like the book’s accessible coverage of leading research results in the field including risk factors for terrorism and conundrums associated with policy efforts to stymie terrorism. I loved how the book offered a fruitful blend of theoretical models, data trends, empirical results, and policy perspectives.
The authors are economists, so the book is strongly economic in approach, yet multidisciplinary perspectives are richly woven into the chapters, giving rise to a true “political economy” of terrorism.
The Political Economy of Terrorism presents a widely accessible political economy approach to the study of terrorism. It applies economic methodology - theoretical and empirical - combined with political analysis and realities to the study of domestic and transnational terrorism. In so doing, the book provides both a qualitative and quantitative investigation of terrorism in a balanced up-to-date presentation that informs students, policy makers, researchers and the general reader of the current state of knowledge. Included are historical aspects, a discussion of watershed events, the rise of modern-day terrorism, examination of current trends, the dilemma of liberal democracies, evaluation of…
I am an academic at the University of Oxford who specializes in international political economy, so I study this topic for a living! I am particularly interested in the politics of international cooperation and economic development. Growing up, I traveled extensively in developing countries across Asia and Africa, which inspired in me a deep curiosity about the determinants of sustained economic growth. I also spent much time in Geneva, where my father frequently worked with United Nations agencies. His anecdotes about these institutions each evening made me wonder what caused some of them to perform effectively and others to perform poorly—and how they could be improved.
This classic work of political economy—one of the first books I read on the subject—begins with the striking observation that few countries follow the advice of economists in setting trade policy. Rather, this choice must be recognized as fundamentally political.
The author sets out an innovative formal framework that explains policy outcomes in terms of the transaction costs that arise in economic interactions (such as trade). This parsimonious yet powerful approach has significantly shaped my understanding of how economic policymaking works in practice.
The Making of Economic Policy begins by observing that most countries' trade policies are so blatantly contrary to all the prescriptions of the economist that there is no way to understand this discrepancy except by delving into the politics. The same is true for many other dimensions of economic policy.
Avinash Dixit looks for an improved understanding of the politics of economic policy-making from a transaction cost perspective. Such costs of planning, implementing, and monitoring an exchange have proved critical to explaining many phenomena in industrial organization. Dixit discusses the variety of similar transaction costs encountered in the political process…
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.
Desan’s work filled multiple gaps in my knowledge regarding the historical circumstances that contributed to modern money.
In my view, it is the best and most comprehensive book for anyone who wants to know how we arrived at current monetary arrangements. The research and writing are masterful, comprehensive, and there are many ‘oh my, I didn’t know that’ moments.
A real eye-opener and an essential read for anyone interested in money, finance, and the emergence of capitalism.
Easily the best and most authoritative book since Dickson’s The Financial Revolution In England – a must-read!
Money travels the modern world in disguise. It looks like a convention of human exchange - a commodity like gold or a medium like language. But its history reveals that money is a very different matter. It is an institution engineered by political communities to mark and mobilize resources. As societies change the way they create money, they change the market itself - along with the rules that structure it, the politics and ideas that shape it, and the benefits that flow from it. One particularly dramatic transformation in money's design brought capitalism to England. For centuries, the English government…
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.
Gold has fascinated humanity for a considerable swathe of history, and it continues to do so today.
I saw this book online and immediately had to get it. I already knew that the creation of modern money as debt was fundamentally rooted in war and geopolitics, but I did not know the extensive history of how gold and war were interconnected over 500 years.
I think that this is a captivating study for anyone who is interested in the links between war, gold, and geopolitical capitalism.
A fascinating and essential read for explaining how we arrived at where we are today.
The world was wild for gold. After discovering the Americas, and under pressure to defend their vast dominion, the Habsburgs of Spain promoted gold and silver exploration in the New World with ruthless urgency. But, the great influx of wealth brought home by plundering conquistadors couldn't compensate for the Spanish government's extraordinary military spending, which would eventually bankrupt the country multiple times over and lead to the demise of the great empire. Gold became synonymous with financial dependability, and following the devastating chaos of World War I, the gold standard came to express the order of the free market system.…
I’m a Brazilian economist working in Paris and dedicated to historical scholarship. I have always been deeply impressed by the political weight carried by economic arguments across Latin America. Debates on economic policy are typically contentious everywhere, but in Latin America, your alignment with different traditions of political economy can go a long way to determine your intellectual and political identity. At the same time, our condition as peripheral societies – and hence net importers of ideas from abroad – raises perennial questions about the meaning of a truly Latin American political economy. I hope this list will be a useful entry point for people similarly interested in these problems.
A living illustration of the nexus between Rumania and Latin America in the field of political economy, this work is the English translation of a monograph written in Spanish by Popescu, a Rumanian economist who emigrated to Argentina after WWII.
Still unparalleled in scope, the book retraces the evolution of political economy in Spanish America since the early days of European domination in the continent, highlighting the dissemination of scholastic, physiocratic, and classical economic doctrines as well as their transformation in the hands of Latin Americans.
Tellingly, Raúl Prebisch does not occupy center stage, appearing instead as a simple epilogue to the long odyssey chronicled by Popescu.
This is the first study of the development of economic thought in Latin America. It traces the development of economic ideas during five centuries and across the whole continent. It addresses a wide range of approaches to economic issues including: * the scholastic tradition in Latin American economies * the quantity theory of money * cameralism * human captal theory.
When I started teaching a course on the Political Economy of the Environment at the University of Massachusetts Amherst, little had been written that made the connection between environmental quality and economic inequality. Happily, this has changed over the years. The books recommended here mark the rise of a new environmentalism founded upon recognition that our impact on nature is interwoven closely with the nature of our relationships with each other.
Universal property – property that is inalienable, individual, and belongs in equal measure to all – is a game-changing idea whose time is coming.
Introduced alongside conventional (private and state) property, it can serve the twin goals of reducing inequality and protecting the environment.
For example, by treating the biosphere’s limited capacity to recycle carbon emissions as universal property, and charging for use of this resource, we can both protect climate stability and provide universal basic income via climate-protection dividends.
Peter Barnes has been a leading voice for universal property, following in the footsteps of Tom Paine and Henry George. Do yourself a favor: read this thought-provoking book, and share it with your family and friends.
I grew up in a family exposed to great contrasts of poverty and wealth, in which women were always the ones expected to ‘make nice.” I’ve long been fascinated by the parallels among unfair inequalities based on gender, sexuality, age, race, ethnicity, citizenship, and class, and the ways in which these inequalities are disguised, justified, or just plain ignored. This fascination has driven my successful and very lucky career as a socialist feminist economist and public intellectual.
You may not agree with everything in this book (I don’t) but its extraordinarily compelling critique of profit worship built on utter disregard for the well-being of others illustrates powerful synergies between patriarchal and capitalist norms. At the same time, the care collective offers powerful examples of the ways in which people sometimes rally quite effectively around principles of mutual aid.
The Care Manifesto puts care at the heart of the debates of our current crisis: from intimate care-childcare, healthcare, elder care-to care for the natural world. We live in a world where carelessness reigns, but it does not have to be this way.
The Care Manifesto puts forth a vision for a truly caring world. The authors want to reimagine the role of care in our everyday lives, making it the organising principle in every dimension and at every scale of life. We are all dependent on each other, and only by nurturing these interdependencies can we cultivate a world…
I grew up in a family exposed to great contrasts of poverty and wealth, in which women were always the ones expected to ‘make nice.” I’ve long been fascinated by the parallels among unfair inequalities based on gender, sexuality, age, race, ethnicity, citizenship, and class, and the ways in which these inequalities are disguised, justified, or just plain ignored. This fascination has driven my successful and very lucky career as a socialist feminist economist and public intellectual.
This classic anthology reveals “rational economic man” as a naked and misshapen emperor pretending to be grandly dressed. While unpacking the androcentric (and plain old sexist) assumptions of conventional economic theory, it also provides rich examples of new ways of explaining the links between gender, care, and inequality.
This is the first book to examine the central tenets of economics from a feminist point of view. In these original essays, the authors suggest that the discipline of economics could be improved by freeing itself from masculine biases. Beyond Economic Man raises questions about the discipline not because economics is too objective but because it is not objective enough. The contributors--nine economists, a sociologist, and a philosopher--discuss the extent to which gender has influenced both the range of subjects economists have studied and the way in which scholars have conducted their studies. They investigate, for example, how masculine concerns…
Why do some states appear to be so much more stable and secure than others. Why are some states so much more successful in providing public services such as health care, education, and infrastructure to their citizens than others. As an economic historian interested in the deeper roots of global inequalities in human welfare, the long-run development of states has always been one of the principal themes I have studied. In my view, the fiscal capacity of the state can be considered as the backbone of the state. Understanding the formation of fiscal states thus brings us closer to intricate puzzles of power, policies, and economic development.
This book sheds light on a very important yet greatly understudied theme: how modern tax systems spread across the globe.
Modern taxes refer to the broad-based tax instruments such as income taxes and general consumption taxes that underpin the rise of big government taxes.
The volume introduces a new historical dataset that maps the adoption of these modern taxes, covering both sovereign and colonial states from the 18th to the 21st century.
It shows how the logic of modern tax introductions in non-sovereign states differed from those in sovereign ones. In doing so, this volume goes beyond the methodological nationalism prevalent in fiscal sociology and comparative political economy.
Global Taxation investigates the global transition to modern taxation from the 18th century to today. Modern taxation refers to the broad-based tax instruments that allowed for the emergence of big government as we know it today, including, most prominently, income taxes and general consumption taxes. The volume draws on a new historical dataset of tax introduction worldwide to map the global spread of modern taxes descriptively and to explore its correlates analytically. It makes four contributions to the literature. First, it corrects a pervasive Western bias in historical political economy and fiscal sociology. Most of this literature focuses heavily on…
