New Books in Finance – Détails, épisodes et analyse

The Library of Mistakes is a library located in Edinburgh, Scotland dedicated to financial and economic history. Russell Napier, the founder and keeper of the library is a professor at The Edinburgh Business School and investment manager. In this wide-ranging discussion, Russell discusses his work as a practitioner and a scholar of financial crises. He also discusses how and why he started a library, in addition to his writing on financial history. Professor Russell Napier is the author of The Solid Ground investment report for institutional investors and co-founder of the investment research portal ERIC- a business he now co-owns with D.C. Thomson. Caleb Zakarin is editor of the New Books Network. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/finance

Critics on the Left have long attacked open markets and free trade agreements for exploiting the poor and undermining labor, while those on the Right complain that they unjustly penalize workers back home. In Open: The Progressive Case for Free Trade, Immigration, and Global Capital (Harvard University Press, 2019), Kimberly Clausing takes on old and new skeptics in her compelling case that open economies are actually a force for good. Turning to the data to separate substance from spin, she shows how international trade makes countries richer, raises living standards, benefits consumers, and brings nations together. At a time when borders are closing and the safety of global supply chains is being thrown into question, she outlines a clear agenda to manage globalization more effectively, presenting strategies to equip workers for a modern economy and establish a better partnership between labor and the business community. Kimberly Clausing holds the Eric M. Zolt Chair in Tax Law and Policy at the UCLA School of Law. During the first part of the Biden Administration, Clausing was the Deputy Assistant Secretary for Tax Analysis in the US Department of the Treasury, serving as the lead economist in the Office of Tax Policy. Prior to coming to UCLA, Clausing was the Thormund A. Miller and Walter Mintz Professor of Economics at Reed College. Professor Clausing is also a nonresident senior fellow at the Peterson Institute for International Economics, a member of the Council on Foreign Relations, and a research associate at the National Bureau of Economic Research. She has worked on economic policy research with the International Monetary Fund, the Hamilton Project, the Brookings Institution, the Tax Policy Center, and the Center for American Progress. She has testified before the House Ways and Means Committee, the Senate Committee on Finance, the Senate Committee on the Budget, and the Joint Economic Committee. Professor Clausing received her B.A. from Carleton College in 1991 and her Ph.D. from Harvard University in 1996, both in economics. Other New Books Networks interviews on related themes include Yale economist Penny Goldberg, former Chief Economist of the World Bank, on The Unequal Effects of Globalization, Princeton economist Leah Boustan on how immigrants have contributed to and rapidly assimilated into US society, and University of Massachusetts economist Isabella Weber on China's process of integration into the world economy. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/finance

International Development Law: Rule of Law, Human Rights & Global Finance (Springer, 2020) describes how international development works, its shortcomings, its theoretical and practical foundations, along with prescriptions for the future. It provides the reader with new perspectives on the origins of global poverty, identifies legal impediments to sustainable economic growth, and provides a better understanding of the challenges faced by the international community in resolving global poverty issues. The text is structured into two basic parts: the first part deals with the theoretical and philosophic foundations of the subject, and the second part sets forth issues relating to the international financial architecture, namely, international borrowing practices, privatization, and emerging economies.  In particular, the book provides new, innovative analysis on corruption as an impediment to sustainable development. The three interlocking facets of corruption are examined: transnational organized crime, Islamic-based international terrorism, and corruption within emerging economies and the international banking system. Thus fresh new analysis adds depth and clarity to a field that heretofore has been scattered and superficial. Finally, the “right to development” within the international human rights discourse is critically reviewed, particularly in light of new jurisprudence emerging from the African context.This book offers a fresh, new and balanced legal perspective on the development process. The text has been rigorously researched and has many practical facets based on the author’s professional experience within the international development field. It is an invaluable research and teaching tool since it takes a multidisciplinary approach to putting complex issues, legal trends and political questions into a clear, new perspective that is highly analytical as well as accessible to the reader. The author's elegant legal prose is both powerful and persuasive. Rumu Sarkar is Adjunct Law Professor at Case Western Reserve University School of Law. Caleb Zakarin is editor at the New Books Network. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/finance

Since the last-but-one financial crisis abated and governments responded to better times by clawing back their stimulus packages, a once-obscure economic philosophy has been gaining a growing following on the left. But, following the extraordinary policy response to the COVID-19 pandemic, even some conservative commentators and policy makers are showing an interest in Modern Monetary Theory or MMT. Not so fast, warns Gerald Epstein in his What's Wrong with Modern Money Theory? A Policy Critique (Palgrave Macmillan, 2019). While this progressive economist welcomes any resistance to austerian economics and the policy rethink that the new theory is triggering, he warns against MMT's seductive appeal and its significant practical shortcomings. Gerald Epstein co-directs the Political Economy Research Institute (PERI) at the University of Massachusetts, Amherst. Tim Jones is an economic and political-risk analyst at Medley Global Advisors (FT Group) in London.   Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/finance

Before becoming a financial analyst and then a portfolio manager in New York, Daniel Peris worked as a tenure-track professor of Soviet history. I sat down with Dan and talked about his painful but ultimately successful 1990s transition from academia to finance. We chatted about how historical methods and perspectives shaped Dan's unique approach to investing, a style that he has been popularizing in his books and online blogs. Dan talked about the skills he acquired during his training as a historian that helped him succeed in finance. We talked about weighing professional risk in academia and in finance, about doubts that accompanied Dan's journey from one industry to another, his forthcoming book The Ownership Dividend (2024), and what history grads can do to broaden their career prospects.  Peris is also the author of The Strategic Dividend Investor (2011) and Getting Back to Business: Why Modern Portfolio Theory Fails Investors and How You Can Bring Common Sense to Your Portfolio (2018). His blog "History and Investing" is here.  Patryk Babiracki is a historian, researcher and writer; professor & MA student advisor at the University of Texas at Arlington. PhD from Johns Hopkins. Promoter of #AppliedHistory: using historical concepts, frameworks, and methodologies to solve real-world organizational problems. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/finance

Richard Vague really really cares about private-sector debt. And he thinks you should too. In A Brief History of Doom: Two Hundred Years of Financial Crises (University of Pennsylvania Press, 2019), Vague sees the rise and fall of private sector debt as the key factor explaining the cycle of economic crises experienced by developed and major developing economies over the past two centuries. The early stages of a lending cycle look and feel good. Everyone is happy, the lenders think they are smart, the borrowers feel they have everything under control. Then the lenders and borrowers take it to another level, and then another, and then it collapses, time and time again. Where are now? The good news is that debt/GDP levels aren't too bad, but in certain sectors of the economy and certain countries, they are flashing red, brightly. Read the book to find which sectors and countries. Vague makes his data available to researchers here.  Daniel Peris is Senior Vice President at Federated Investors in Pittsburgh. Trained as a historian of modern Russia, he is the author most recently of Getting Back to Business: Why Modern Portfolio Theory Fails Investors. You can follow him on Twitter@Back2BizBook or at http://www.strategicdividendinvestor.com Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/finance

Is the University of Chicago-blessed, "greed is good" near-term profits approach to business wearing out its welcome? James O'Toole's The Enlightened Capitalists: Cautionary Tales of Business Pioneers Who Tried to Do Well by Doing Good(HarperBusiness, 2019) is a welcome addition to the current debate about what is the right balance between the near-term profit motive and long-term social goals in running a business. O'Toole, an emeritus professor of business ethics at USC, argues that entrepreneurs have and can be financially successful and still treat their employees, partners, and customers with respect. He provides two dozen case studies of founders and leaders, ranging from Milton Hershey to Robert Wood Johnson to Herb Kelleher, who tried to do more than just make a quick buck. These pioneers believed that if they practiced a form of ethical capitalism, the profits would roll in. And they did. The challenge that O'Toole recognizes from the outset is that the culture these founders created rarely survived their own tenures at the top, and that the unrelenting pressure of the market ultimately wears down even the most well-intentioned business leader. In the end, he concludes that large publicly traded corporations face the greatest pressures, while smaller, private or trust-held businesses have an easier time of creating and sustaining a positive culture. The Enlightened Capitalists is a must read for every aspiring business leader and investor, even those who are convinced that they are on the "right" side of the debate. The judgments can shift rapidly. Even a spectacularly successful New Economy company that had for years as its motto "Don't be evil" (since replaced with "Do the right thing") can quickly end up being vilified in the media and charged by regulators for its monopoly-like behavior. As Kermit might say, it's not easy being good (or green.) Daniel Peris is Senior Vice President at Federated Investors in Pittsburgh. Trained as a historian of modern Russia, he is the author most recently of Getting Back to Business: Why Modern Portfolio Theory Fails Investors. You can follow him on Twitter @Back2BizBook or at http://www.strategicdividendinvestor.com Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/finance

When teaching a public course called “The Age of Debt” this winter break, I had the strange realization that one of the the most successful readings in that course, the one which most clearly explained the 2008 crisis and the financialized economy, was written by an English professor. It was Annie McClanahan’s Dead Pledges: Debt, Crisis, and Twenty-First Century Culture (Stanford University Press, 2016). The book is a masterful exploration of the cultural politics of the financial crisis and a powerful mediation on how to make sense of an era of unrepayable debts. As a review in the LA Review of Books notes, McClanahan has resurrected and repurposed the rich tradition of Marxist literary criticism which brought us Raymond Williams, analyzing post-crisis literature, photography, and cinema as cultural texts registering “a new ‘crisis subjectivity’ in the wake of the mortgage meltdown’s shattering revelations.” Dead Pledges is a must read. For whom? Well, anyone living in the 21st century, concerned about insurmountable debts, thinking of how culture and the economy transect each other, and striving for a radical politics fit for the mortgaged times in which we live. Aparna Gopalan is a Ph.D. student in Social Anthropology at Harvard University. Her research focuses on how managing surplus populations and tapping into fortunes at the “bottom-of-the-pyramid” are twin-logics that undergird poverty alleviation projects in rural Rajasthan. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/finance

February 2024 will mark the tenth anniversary of Russia’s seizure of Ukrainian territory in Crimea and the Donbas and two years since its full-scale invasion. While military assistance from Ukraine’s allies has been gradual and cautious, retaliatory sanctions have been impressive. "The sanctions imposed against Russia beginning in late winter 2022 were sweeping, historic and rolled out with stunning rapidity,” writes Christine Abely in The Russia Sanctions: The Economic Response to Russia's Invasion of Ukraine (Cambridge University Press, 2023). Yet, until now at least, most Russians have been insulated from their effects. As the war reaches an attritional stalemate and Putin waits for NATO's resolve to fracture, the sanctions and their lagged effects are taking on critical importance. Christine Abely is an assistant professor at New England Law in Boston. Previously, she taught at Boston University School of Law after a career at Massachusetts law firms specialising in business litigation, and international trade and sanctions law. While she has published papers on sanctions, food and sports law, The Russia Sanctions is her first book. *The authors' book recommendations are Backfire: How Sanctions Reshape the World Against US Interests by Agathe Demarais (Columbia University Press, 2022) and The Box: How the Shipping Container Made the World Smaller and the World Economy Bigger by Marc Levinson (Princeton University Press, second edition 2016). Tim Gwynn Jones is an economic and political-risk analyst at Medley Advisors, who also writes the twenty4two newsletter on Substack and hosts the In The Room podcast series. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/finance

With increasing talk of de-dollarization and the Gulf attempts to get more influence in the IMF it’s a good time to talk about the world’s international financial institutions – and their role globalization and its future. Listen to Owen Bennett-Jones in conversation with Jamie Martin author of The Meddlers: Sovereignty, Empire, and the Birth of Global Economic Governance (Harvard UP, 2022). Owen Bennett-Jones is a freelance journalist and writer. A former BBC correspondent and presenter he has been a resident foreign correspondent in Bucharest, Geneva, Islamabad, Hanoi and Beirut. He is recently wrote a history of the Bhutto dynasty which was published by Yale University Press. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/finance