Global Economic History

The coronavirus pandemic, the deepening economic crash, dangerously divisive political responses, and exploding social tensions have thrown an already declining American capitalist system into a tailspin. The consequences of these mounting and intertwined crises will shape our future. In this unique collection of over 50 essays, The Sickness Is the System: When Capitalism Fails to Save Us from Pandemics or Itself, Richard D. Wolff argues clearly that "returning to normal" no longer responds adequately to the accumulated problems of US capitalism.

There has always been some gap between rich and poor in this country, but in the last few decades what it means to be rich has changed dramatically. Alarmingly, the greatest income gap is not between the 1 percent and the 99 percent, but within the wealthiest 1 percent of our nation-as the merely wealthy are left behind by the rapidly expanding fortunes of the new global super-rich. Forget the 1 percent; Plutocrats proves that it is the wealthiest 0.1 percent who are outpacing the rest of us at break-neck speed.

Trade disputes are usually understood as conflicts between countries with competing national interests, but as Matthew C. Klein and Michael Pettis show in this book, they are often the unexpected result of domestic political choices to serve the interests of the rich at the expense of workers and ordinary retirees. Klein and Pettis trace the origins of today's trade wars to decisions made by politicians and business leaders in China, Europe, and the United States over the past 30 years.

In Disunited Nations, geopolitical strategist Peter Zeihan presents a series of counterintuitive arguments about the future of a world where trade agreements are coming apart and international institutions are losing their power. Germany will decline as the most powerful country in Europe, with France taking its place. Every country should prepare for the collapse of China, not North Korea. We are already seeing, as Zeihan predicts, a shift in outlook on the Middle East: it is no longer Iran that is the region’s most dangerous threat, but Saudi Arabia.

Branko Milanovic presents a bold new account of the dynamics that drive inequality on a global scale. Drawing on vast data sets and cutting-edge research, he explains the benign and malign forces that make inequality rise and fall within and among nations. He also reveals who has been helped the most by globalization, who has been held back, and what policies might tilt the balance toward economic justice.

Economic sanctions dominate the landscape of world politics today. First developed in the early twentieth century as a way of exploiting the flows of globalization to defend liberal internationalism, their appeal is that they function as an alternative to war. This view, however, ignores the dark paradox at their core: designed to prevent war, economic sanctions are modeled on devastating techniques of warfare.

Before and after World War II, a serendipitous confluence of events created a healthy balance between the market and the polity - between the engine of capitalism and the egalitarian ideals of democracy. A global financial system was devised explicitly to allow nations to manage capitalism. Yet this golden era turned out to be lightning in a bottle. From the 1970s on, a power shift occurred, in which financial regulations were rolled back, taxes were cut, inequality worsened, and disheartened voters turned to far-right faux populism. Can democracy find a way to survive?

Economic growth isn't working, and it cannot be made to work. Offering a counter-history of how economic growth emerged in the context of colonialism, fossil-fueled industrialization, and capitalist modernity, The Future Is Degrowth argues that the ideology of growth conceals the rising inequalities and ecological destructions associated with capitalism, and points to desirable alternatives to it.

Why do stock and housing markets sometimes experience amazing booms followed by massive busts, and why is this happening more and more frequently? In order to answer these questions, William Quinn and John D. Turner take us on a riveting ride through the history of financial bubbles. As they do so, they help us understand why bubbles happen and why some have catastrophic economic, social, and political consequences while others have actually benefited society.

Economics drives the modern world and shapes our lives, but few of us feel we have time to engage with the breadth of ideas in the subject. 50 Economics Classics is the smart person's guide to two centuries of discussion of finance, capitalism, and the global economy. From Adam Smith's Wealth of Nations to Thomas Piketty's best-seller Capital in the Twenty-First Century, here are the great books and seminal ideas, clarified and illuminated for all.

From the man who was in the very middle of this perfect economic storm, On the Brink is Paulson's fast-paced retelling of the key decisions that had to be made with lightning speed. Paulson puts the listener in the room for all the intense moments as he addressed urgent market conditions, weighed critical decisions, and debated policy and economic considerations with of all the notable players.

Following a remarkable epoch of greater dispersion of wealth and opportunity, we are inexorably returning towards a more feudal era marked by greater concentration of wealth and property, reduced upward mobility, demographic stagnation, and increased dogmatism. If the last 70 years saw a massive expansion of the middle class, not only in America but in much of the developed world, today that class is declining and a new, more hierarchical society is emerging. The new class structure resembles that of Medieval times.

The second volume of William T. Vollmann's epic book about the factors and human actions that have led to global warming begins in the coal fields of West Virginia and Eastern Kentucky. Over the course of four years, Vollmann finds hollowed out towns with coal-polluted streams and acidified drinking water; makes covert visits to mountaintop removal mines; and offers documented accounts of unpaid fines for federal health and safety violations and of miners who died because their bosses cut corners to make more money.

Something is wrong with our banking system. We all sense that, but Mervyn King knows it firsthand; his 10 years at the helm of the Bank of England, including at the height of the financial crisis, revealed profound truths about the mechanisms of our capitalist society. In The End of Alchemy, he offers us an essential work about the history and future of money and banking, the keys to modern finance.

A thrilling and vivid work of history, Class War weaves together literature and politics to chart the making and unmaking of social class through revolutionary combat. In a narrative that spans the globe and more than two centuries of history, Mark Steven traces the history of class war from the Haitian Revolution to Black Lives Matter.

Hidden beneath the surface of the internet, a new, stark reality is looming - one that cuts to the very heart of our endless debates about the impact of AI. Anthropologist Mary L. Gray and computer scientist Siddharth Suri team up to unveil how services delivered by companies like Amazon, Google, Microsoft, and Uber can only function smoothly thanks to the judgment and experience of a vast, invisible human labor force. These people doing "ghost work" make the internet seem smart. An estimated 8 percent of Americans have worked at least once in this "ghost economy".

Global trade is of vital interest to citizens as well as policymakers, yet it is widely misunderstood. This compact exposition of the market forces underlying international commerce addresses both of these concerned groups, as well as the needs of students and scholars. Although it contains no equations, it is almost mathematical in its elegance, precision, and power of expression. Understanding Global Trade provides a thorough explanation of what shapes the international organization of production and distribution and the resulting trade flows.

Why has the Eurozone ended up with an unemployment rate more than twice that of the United States more than six years after the collapse of Lehman Brothers? Why did the vast majority of low- and middle-income countries suffer a prolonged economic slowdown in the last two decades of the 20th century? What was the role of the International Monetary Fund in these economic failures?

When China joined the World Trade Organization in 2001, most experts expected the WTO rules and procedures would liberalize China and make it "a responsible stakeholder in the liberal world order". But the experts made the wrong bet. China today is liberalizing neither economically nor politically but, if anything, becoming more authoritarian and mercantilist. In this book, renowned globalization and Asia expert Clyde Prestowitz describes the key challenges posed by China and the strategies America and the Free World must adopt to meet them.

In this landmark work, acclaimed historian Joshua Freeman has created an epic portrait of a nation both galvanized by change and driven by conflict. Beginning in 1945, the economic juggernaut awakened by World War II transformed a country once defined by its regional character into a uniform and cohesive power and set the stage for the United States’ rise to global dominance. Meanwhile, Freeman locates the profound tragedy that has shaped the path of American civic life.