Social Economics

Milton Friedman was, alongside John Maynard Keynes, the most influential economist of the twentieth century. His work was instrumental in the turn toward free markets that defined the 1980s, and his full-throated defenses of capitalism and freedom resonated with audiences around the world. It’s no wonder the last decades of the twentieth century have been called “the Age of Friedman”—or that analysts have sought to hold him responsible for both the rising prosperity and the social ills of recent times. Historian Jennifer Burns tells Friedman’s extraordinary story with the nuance it deserves.

The economic ground is shifting beneath our feet. The world is becoming more volatile, and people are understandably worried about their financial futures. In this urgent and accessible guide to the crises and opportunities that lie ahead, economist and former Governor of the Bank of Canada Stephen Poloz maps out the powerful tectonic forces that are shaping our future, and the ideas that will allow us to master them.

Over the last 40 years our choices have narrowed, our opportunities have shrunk, and our lives have become governed by a handful of very large and very powerful corporations. Today, practically everything we buy, everywhere we shop, and every service we secure comes from a heavily concentrated market. This is a world where four major banks control most of our money, four airlines shuttle most of us around the country, and four major cell phone providers connect most of our communications.

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.

For six months between 1966 and 1967, Wayne Johnston and his family lived in a wreck of a house across from his grandparents in Goulds, Newfoundland. At seven, Wayne was sickly and skinny, unable to keep food down, plagued with insomnia and a relentless cough that no doctor could diagnose, though they had already removed his tonsils, adenoids and appendix. To the neigh­bours, he was known as “Jennie’s boy,” a back­handed salute to his tiny, ferocious mother, who felt judged for Wayne’s condition at the same time as worried he might never grow up.

Today we think statistics are the enemy, numbers used to mislead and confuse us. That’s a mistake, Tim Harford says in The Data Detective. We shouldn’t be suspicious of statistics - we need to understand what they mean and how they can improve our lives: they are, at heart, human behavior seen through the prism of numbers and are often “the only way of grasping much of what is going on around us”.

In PALO ALTO, the first comprehensive, global history of Silicon Valley, Malcolm Harris examines how and why Northern California evolved in the particular, consequential way it did, tracing the ideologies, technologies, and policies that have been engineered there over the course of 150 years of Anglo settler colonialism, from IQ tests to the "tragedy of the commons," racial genetics, and "broken windows" theory.

Stephanie Kelton's brilliant exploration of modern monetary theory (MMT) dramatically changes our understanding of how we can best deal with crucial issues ranging from poverty and inequality to creating jobs, expanding health care coverage, climate change, and building resilient infrastructure. Any ambitious proposal, however, inevitably runs into the buzz saw of how to find the money to pay for it, rooted in myths about deficits that are hobbling us as a country.

Uncover the historical and social roots of caste discrimination in Who Were the Shudras? by Dr. B. R. Ambedkar. This groundbreaking work challenges the traditional narratives of Hindu society, offering a meticulous examination of the origins and status of the Shudra caste. Ambedkar's critical analysis and visionary insights call for a re-evaluation of social hierarchies and advocate for equality and justice.

Data is fundamental to the modern world. From economic development, to healthcare, to education and public policy, we rely on numbers to allocate resources and make crucial decisions. But because so much data fails to take into account gender, treating men as the default and women as atypical, bias and discrimination are baked into our systems. And women pay tremendous costs for this bias in time, money, and often with their lives. Celebrated feminist advocate Caroline Criado Perez investigates the shocking root cause of gender inequality and research in Invisible Women.

Levitt and co-author Stephen J. Dubner show that economics is, at root, the study of incentives: how people get what they want, or need, especially when other people want or need the same thing. In Freakonomics, they explore the hidden side of...well, everything. The inner working of a crack gang...the truth about real-estate agents...the secrets of the Klu Klux Klan. What unites all these stories is a belief that the modern world is even more intriguing than we think. All it takes is a new way of looking, and Freakonomics will redefine the way we view the modern world.

Yanis Varoufakis has appeared before heads of nations, assemblies of experts, and countless students around the world. Now, he faces his most important - and difficult - audience yet. Using clear language and vivid examples, Varoufakis offers a series of letters to his young daughter about the economy: how it operates, where it came from, how it benefits some while impoverishing others. Taking bankers and politicians to task, he explains the historical origins of inequality among and within nations, questions the pervasive notion that everything has its price, and shows why economic instability is a chronic risk.

Innovation is the main event of the modern age, the reason we experience both dramatic improvements in our living standards and unsettling changes in our society. Forget short-term symptoms like Donald Trump and Brexit, it is innovation itself that explains them and that will itself shape the 21st century for good and ill. Yet innovation remains a mysterious process, poorly understood by policy makers and businessmen, hard to summon into existence to order, yet inevitable and inexorable when it does happen.

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?

Enough of the imbalance that is causing the degradation of our environment, the demise of our democracies, and the denigration of ourselves. Enough of the pendulum politics of left and right and paralysis in the political center. We require an unprecedented form of radical renewal. In this book Henry Mintzberg offers a new understanding of the root of our current crisis and a strategy for restoring the balance so vital to the survival of our progeny and our planet.

You may be surprised to learn that microchips are the new oil—the scarce resource on which the modern world depends. Today, military, economic, and geopolitical power are built on a foundation of computer chips. Virtually everything—from missiles to microwaves—runs on chips, including cars, smartphones, the stock market, even the electric grid. Until recently, America designed and built the fastest chips and maintained its lead as the #1 superpower, but America’s edge is in danger of slipping, undermined by players in Taiwan, Korea, and Europe taking over manufacturing.

In an astonishing, tough firsthand reportage, Chris Hedges draws on stories from inside communities across America and reveals how the hurricanes of change have allowed an array of pathologies to arise: the opioid crisis, the retreat into gambling, the corporate coup d'état of government, the pornification of culture, the rise of magical thinking, the emboldening of violence and hate, the plagues of suicides, and the global upheaval caused by catastrophic climate change.

One of the most ambitious legacies of the 20th century was the universal commitment to ensure freedom from want as a human right. But to what extent are countries across the world living up to this commitment? This path-breaking book develops an innovative, evidence-based index for comparing performance on education, food, health, work, and housing across very differently situated countries and over time. It explores the factors influencing performance and provides empirical evidence to resolve some long standing controversies over the principle of "progressive realization".

The current global financial crisis carries a "made in America" label. In this forthright and incisive book, Nobel Laureate Joseph E. Stiglitz explains how America exported bad economics, bad policies, and bad behavior to the rest of the world, only to cobble together a haphazard and ineffective response when the markets finally seized up.

Capitalism, Socialism, and Democracy: Exploring the Evolution of Economic Systems and the Future of Democracy by Joseph A. Schumpeter is a seminal work that examines the dynamics of economic systems and their societal impact. Published in 1942, this influential book introduces the concept of "creative destruction," illustrating how innovation disrupts established industries to drive progress. Schumpeter explores the strengths and vulnerabilities of capitalism, arguing that its success ironically paves the way for its decline through institutional shifts and bureaucratic expansion.