About

Twitter

Facebook

CUP Web site

RSS Feed

New Books

Author Interviews

Author Events

Keep track of new CUP book releases:
e-newsletters

For media inquiries, please contact our
publicity department

CUP Authors Blogs and Sites

American Society of Magazine Editors

Roy Harris / Pulitzer's Gold

Natalie Berkowitz / Winealicious

Leonard Cassuto

Mike Chasar / Poetry and Popular Culture

Erica Chenoweth / "Rational Insurgent"

Juan Cole

Jenny Davidson / "Light Reading"

Faisal Devji

William Duggan

James Fleming / Atmosphere: Air, Weather, and Climate History Blog

David Harvey

Paul Harvey / "Religion in American History"

Bruce Hoffman

Alexander Huang

David K. Hurst / The New Ecology of Leadership

Jameel Jaffer and Amrit Singh

Geoffrey Kabat / "Hyping Health Risks"

Grzegorz W. Kolodko / "Truth, Errors, and Lies"

Jerelle Kraus

Julia Kristeva

Michael LaSala / Gay and Lesbian Well-Being (Psychology Today)

David Leibow / The College Shrink

Marc Lynch / "Abu Aardvark"

S. J. Marshall

Michael Mauboussin

Noelle McAfee

The Measure of America

Philip Napoli / Audience Evolution

Paul Offit

Frederick Douglass Opie / Food as a Lens

Jeffrey Perry

Mari Ruti / The Juicy Bits

Marian Ronan

Michael Sledge

Jacqueline Stevens / States without Nations

Ted Striphas / The Late Age of Print

Charles Strozier / 9/11 after Ten Years

Hervé This

Alan Wallace

James Igoe Walsh / Back Channels

Xiaoming Wang

Santiago Zabala

Press Blogs

AAUP

University of Akron

University of Alberta

American Management Association

Baylor University

Beacon Broadside

University of California

Cambridge University Press

University of Chicago

Cork University

Duke University

University of Florida

Fordham University Press

Georgetown University

University of Georgia

Harvard University

Harvard Educational Publishing Group

University of Hawaii

Hyperbole Books

University of Illinois

Island Press

Indiana University

Johns Hopkins University

University of Kentucky

Louisiana State University

McGill-Queens University Press

Mercer University

University of Michigan

University of Minnesota

Minnesota Historical Society

University of Mississippi

University of Missouri

MIT

University of Nebraska

University Press of New England

University of North Carolina

University Press of North Georgia

NYU / From the Square

University of Oklahoma

Oregon State University

University of Ottawa

Oxford University

Penn State University

University of Pennsylvania

Princeton University

Stanford University

University of Sydney

University of Syracuse

Temple University

University of Texas

Texas A&M University

University of Toronto

University of Virginia

Wilfrid Laurier University

Yale University

Archive for the 'Economics' Category

Friday, October 20th, 2017

Law and the Wealth of Nations

Law and the Wealth of Nations: Finance, Prosperity, and Democracy

Finance and its relation to production form only one aspect of the organization of the economy, an aspect that we commonly associate with dream-destroying constraint rather than, as we also can and should, with transformative opportunity. — Tamara Lothian

Today, we are happy to present the introduction from Law and the Wealth of Nations: Finance, Prosperity, and Democracy, by Tamara Lothian.

Friday, September 1st, 2017

Encoding the Consumer: The Computerization of Credit Reporting and Credit Scoring

Columbia Studies in the History of U.S. Capitalism

“‘A prospective borrower is still asked the familiar questions about his age, marital status, whether he owns or rents a home, how long he has been on the present job,’ the New York Times reported. But there was a key difference in this new regime of credit evaluation. ‘By applying a scientifically determined series of weights to each factor and adding up a total score, the credit manager in thirty seconds is able to reject those applications almost certain to result in charge-offs.’ This new system was statistical credit scoring.” — Josh Lauer

This week, we are featuring two books from our exciting new Columbia Studies in the History of U.S. Capitalism series: Creditworthy: A History of Consumer Surveillance and Financial Identity in America, by Josh Lauer, and From Head Shops to Whole Foods: The Rise and Fall of Activist Entrepreneurs, by Joshua Clark Davis. For this final post of the feature, we have an excerpt from Creditworthy, in which Lauer tells the story of the rise of the rise of the automation of credit evaluation in the 1960s.

Don’t forget to enter our book giveaway for a chance to win a free copy of both books!

Friday, September 1st, 2017

The Forgotten World of Communist Bookstores

Columbia Studies in the History of U.S. Capitalism

“As avowed anticapitalists, communists made for unlikely business owners. But as entrepreneurs, their objective was to promote ideology and cover costs, not maximize profits…. Their politics were also paradoxical. Unwavering supporters of Stalin abroad, American communists were relentless champions of democracy and civil liberties at home. And their bookstores helped them circulate a domestic agenda of racial and social equality.” — Joshua Clark Davis

This week, we are featuring two books from our exciting new Columbia Studies in the History of U.S. Capitalism series: Creditworthy: A History of Consumer Surveillance and Financial Identity in America, by Josh Lauer, and From Head Shops to Whole Foods: The Rise and Fall of Activist Entrepreneurs, by Joshua Clark Davis. In today’s post, we are delighted to share an excerpt from Joshua Clark Davis’s article on communist bookstores in Jacobin Magazine. You can read the article in full at the Jacobin website.

Don’t forget to enter our book giveaway for a chance to win a free copy of both books!

The Forgotten World of Communist Bookstores
By Joshua Clark Davis

Their names proclaimed a new age: The Modern. The Progressive. The New Era. The New World. Others looked to the past, evoking American political heroes like Thomas Paine and Abraham Lincoln.

They were targets of FBI investigations and congressional hearings on “un-American activities.” J. Edgar Hoover condemned them for selling publications that “indoctrinate . . . members and sympathizers” of the Communist Party and “propagandize the non-communist masses.”

While largely forgotten today, communist bookstores were one of the most important public spaces for Marxism in the United States in the twentieth century. Most Americans didn’t personally know a communist. But in cities across the country, radicals made their presence known at unassuming bookstores. Teeming with texts by Marx, Engels, and Lenin, these stores also stocked the Daily Worker and the latest publications by party officials from the United States, the Soviet Union, and other countries around the world.

Communist bookstores provided a critical public space for radicals, operating in virtually every major American city. Chicago, Los Angeles, and New York had several apiece. Smaller and ostensibly less radical locales such as Birmingham, Houston, and Omaha, had communist bookstores, too.

Decades before alt-right trolls viciously attacked left-wing writers online, right-wing extremists targeted communist booksellers, accusing them of the most insidious crimes imaginable. “Visit any Communist bookstore in the United States and you will find books printed in Moscow and Peking in English for one, two, and three-year-old babies,” warned Fred Schwarz, author of the 1956 redbaiting bestseller You Can Trust the Communists (To Be Communists). “The Communists want the children. They do not care so much about the adults whom they consider as already contaminated with the disease of Capitalism and consequently of little use to them.”

It’s not entirely clear when communists first sold books in the US. But almost as soon as they split off from the Socialist Party of America to form their own parties in 1919, communists opened their own bookstores, too.

Communist booksellers immediately became targets of state repression as they faced an intense postwar backlash against so-called subversion. In 1919, the New York legislature established a committee to investigate “seditious activities” in the state. As part of the investigation, a group of fifty state police officers and right-wing volunteers led by Deputy Attorney General Samuel Berger raided the People’s House bookshop of the Rand School of Social Science, then New York’s premier radical educational center. The investigators seized communist books and papers, but prosecutors eventually failed to convict the bookstore’s employees of sedition.

As avowed anticapitalists, communists made for unlikely business owners. But as entrepreneurs, their objective was to promote ideology and cover costs, not maximize profits. Red bookstores spread rapidly as the ranks of the consolidated Communist Party of the United States of America (CPUSA) swelled during the Depression. By the end of the 1930s, roughly fifty communist bookstores were open for business. Their politics were also paradoxical. Unwavering supporters of Stalin abroad, American communists were relentless champions of democracy and civil liberties at home. And their bookstores helped them circulate a domestic agenda of racial and social equality.

Communists in the US were sophisticated marketers. International Publishers (IP), the official CPUSA publishing house operated by Alexander Trachtenberg, oversaw an extensive network for distributing communist publications in the US. Trachtenberg, a Ukrainian Jew who had fled Russian pogroms for the United States in 1906, managed IP since it was founded by the party and wealthy socialist A. A. Heller in 1924. The CP paid in advance for texts written by party leaders, typically placing bulk orders in the range of five thousand copies prior to publication but sometimes distributing as many as one hundred thousand. Every party branch across the country had an official “literature agent” that worked with the bookstores and IP to make sure that official texts ended up in the hands of party members (who received a discount of up to 60 percent on publications).

A 1941 advertisement in the Daily Worker suggests the CP’s sales priorities that year. The ad for the Workers Book Shop in New York announced “150,000 volumes to be sold” in “the greatest sale in our history.” In addition to classics like the collected works of Lenin and Marx and Engels’s writings on the American Civil War, the store offered less remembered (and more intimidating) titles like J. B. S. Haldane’s Marxist Philosophy and the Sciences, David Guest’s A Textbook of Dialectical Materialism, and Eugen Varga and Lev Mendelsohn’s New Data for Lenin’s Imperialism for as little as 49 cents apiece.

Despite these challenges, surviving communist bookstores enjoyed a small renaissance in the late 1960s and 1970s. The New Communist Movement — an ultra-left offshoot of the New Left — launched an array of Marxist-Leninist organizations and sought to radicalize existing unions in these years. But in the 1980s and ’90s, two unforeseen transformations overwhelmed this modest uptick in activity.

First, and most dramatically, nearly twenty Communist governments fell in a three-year-stretch. The Soviets had directed American Communists and overseen their bookstores for decades, so the Berlin Wall’s collapse and the implosion of state socialism — despite being a boon for free expression in the Eastern Bloc — had a deleterious effect on communist bookstores in the US.

Second, there was the rise of bookstore chains. As stores like Barnes & Noble and Borders aggressively expanded in the mid-to-late 1990s, they began to sell many of the books that had once been the specialty of more radical independents — not only Marxist booksellers, but also black leftist and feminist bookstores. And as online booksellers like Amazon became household names by the end of the decade, Americans could purchase virtually any book with an ISBN number with a just few clicks of a mouse. Today, many bestselling communist texts are available for free online on sites like Marxists.org.

Some radical brick-and-mortar bookstores still operate today. Few identify strictly as communist, and even fewer are associated with the CPUSA, a party that has struggled in recent decades to reach even ten thousand members. Newer independent radical bookstores such as Red Emma’s in Baltimore and Bluestockings in New York’s East Village draw customers with cafes and frequent speaker events.

Venture into one of these shops and you’ll glimpse the legacy of a bygone era, one in which communist bookstores — despite facing considerable financial and political hardships — helped their customers envision radical worlds that were often otherwise unimaginable in America.

Read the article in full at the Jacobin Magazine website.

Wednesday, August 30th, 2017

Introducing Creditworthy

Columbia Studies in the History of U.S. Capitalism

“How did Americans become faceless names and numbers in an enigmatic network of credit records, scoring systems, and information brokers? How did financial identity become such an important marker of our personal trustworthiness and worth?” — Josh Lauer

This week, we are featuring two books from our exciting new Columbia Studies in the History of U.S. Capitalism series: Creditworthy: A History of Consumer Surveillance and Financial Identity in America, by Josh Lauer, and From Head Shops to Whole Foods: The Rise and Fall of Activist Entrepreneurs, by Joshua Clark Davis. Today, we are happy to present an excerpt from the introduction to Creditworthy.

Don’t forget to enter our book giveaway for a chance to win a free copy of both books!

Tuesday, August 29th, 2017

Introducing From Head Shops to Whole Foods

Columbia Studies in the History of U.S. Capitalism

“The title of this book serves two purposes. By using the phrase ‘from head shops to whole foods,’ I am referencing the wide range of businesses this book examines. But, more importantly, I am highlighting a marked transition away from the collective goals of political progress that some, although not most, activist enterprises made between the late 1970s and the end of the twentieth century.” — Joshua Clark Davis

This week, we are featuring two books from our exciting new Columbia Studies in the History of U.S. Capitalism series: Creditworthy: A History of Consumer Surveillance and Financial Identity in America, by Josh Lauer, and From Head Shops to Whole Foods: The Rise and Fall of Activist Entrepreneurs, by Joshua Clark Davis. Today, we are kicking the feature off with an excerpt from the introduction to From Head Shops to Whole Foods.

Don’t forget to enter our book giveaway for a chance to win a free copy of both books!

Monday, August 28th, 2017

Book Giveaway! Creditworthy and From Head Shops to Whole Foods

Columbia Studies in the History of U.S. Capitalism

“Lucid and packed with fascinating detail, Creditworthy is an essential guide to the intersection of finance and surveillance.” — Frank Pasquale

“[From Head Shops to Whole Foods] is critical for understanding contemporary companies that celebrate ethical practices and social change.” — Ibram X. Kendi

This week, we are featuring two books from our exciting new Columbia Studies in the History of U.S. Capitalism series: Creditworthy: A History of Consumer Surveillance and Financial Identity in America, by Josh Lauer, and From Head Shops to Whole Foods: The Rise and Fall of Activist Entrepreneurs, by Joshua Clark Davis. Throughout the week, we will be featuring content about both books and their authors on our blog as well as on our Twitter feed and our Facebook page.

Monday, February 27th, 2017

In memoriam: Kenneth J. Arrow

Kenneth J. Arrow

Like many others, we were incredibly saddened to learn of the recent passing of Kenneth J. Arrow. Arrow’s work has so deeply shaped the course of economics for the past sixty years that, in a sense, every modern economist is his student. His ideas, style of research, and breadth of vision have been a model for generations of the boldest and most creative economists. Columbia University Press has been honored to publish the Kenneth J. Arrow Lecture Series, which highlights economists whose work builds on Arrow’s scholarship as well as his innovative spirit.

Read Arrow’s commentary on Joseph Stiglitz and Bruce Greenwald’s work on learning and knowledge from the first volume of the Arrow Lecture Series, Creating a Learning Society, below:

Thursday, February 16th, 2017

Boom and bust returns as oil market loses its swing

Crude Volatility

“While it is possible the unmanaged interplay of supply and demand will yield more stable prices in coming years and decades, it is more likely future trends will resemble the past, featuring surprising shifts, sustained imbalances, and upheaval.” — Robert McNally

This week, our featured book is Crude Volatility: The History and the Future of Boom-Bust Oil Prices, by Robert McNally. Today, we are happy to repost an article by Robert McNally that “>originally appeared in the Financial Times:

Boom and bust returns as oil market loses its swing: For the first time in years, the global oil market is lacking a swing producer
By Robert McNally

Even in these hyper-partisan times, loathing for Opec still unites most Americans. Yet paradoxically, over four decades from the early 1930s to early 1970s, the United States was Opec, and much better at oil supply manipulation and price fixing than today’s Opec ever was.

Up until 1972, independent US oilmen and oil states like Texas acquiesced to heavyhanded government regulations over oil, imposing monthly quotas on producers. This was all done to vanquish chronic booms and busts that vexed the oil industry, consumers, investors, and officials.

This paradox bears directly on the epic, structural shift currently under way in the global oil market, with far-reaching repercussions not only for oil and energy, but also economic growth, security, and the environment. Wildly gyrating oil prices over the past decade mark the demise of Opec as an effective supply manager and the return of free crude oil markets. The resulting unwelcome and likely protracted return of boom-bust oil prices constitutes a major and under-appreciated financial, economic, and geopolitical risk to consumers, businesses, the incoming administration and governments worldwide. (more…)

Wednesday, February 15th, 2017

Old Numbers, New Data

Crude Volatility

“I decided to write this book to explore more deeply how oil’s history can clarify recent trends and shed light on tomorrow’s path, and to present my findings to the general reader as well as the energy expert.” — Robert McNally

This week, our featured book is Crude Volatility: The History and the Future of Boom-Bust Oil Prices, by Robert McNally. In today’s post, we feature an excerpt from the preface to Crude Volatility, with some illuminating graphs. (Click on the images to see them full-size!)

Tackling this topic presented formidable challenges, not the least of which was getting good historical data and information. For “barrel counters,” the search for better data is a never-ending and arduous quest. Historical data on prices and spare production capacity—central to this book—are especially scarce and patchy. I am therefore delighted and proud that my able research assistant Fernando Ferreira and I were able to unearth historical data and present two novel data sets, neither of which (to my knowledge) existed until now.

The first data set is a continuous, market-based price series for U.S. crude prices extending back to 1859 and continuing to the present on a monthly basis. Constructing this series entailed digging up prices based on field quotations, exchange-traded pipeline certificates (a proxy for crude oil prices), prices paid by Standard Oil’s purchasing agency, and data from the American Petroleum Institute and the Energy Information Administration.

The key issue here is frequency of the data. BP helpfully publishes historical crude oil prices back to 1859 on an annual basis. But annual averages fall short of illustrating boom-bust price trends as more frequent and dramatic price swings—daily, weekly, monthly—get lost in the annual average. Unless otherwise noted, all prices cited in this book, including this new monthly historical price series, are in nominal instead of real or inflation-adjusted terms. Using real prices would not change the story from a volatility perspective, but I decided to use nominal prices to better connect the prevailing historical narrative with price changes…

The second unique data set developed for this book is for U.S. spare production capacity extending back to 1940 and continuous data on U.S. and global spare capacity since 1955 (that is, including the Seven Sisters until the early 1970s and OPEC afterward). This entailed exhuming information from various government and industry reports and publications. Currently, EIA’s published OPEC spare production capacity extends back to 2003.

My goal is to contribute to our understanding of the economic and political forces that shaped oil prices in history so as to better understand them today and tomorrow. Whether I have succeeded I leave to you, dear reader, to judge…

(Click on the images to see them full-size!)

Oil Disruptions, Spare Capacity, and Crude Prices

Nominal Crude Oil Prices

Monthly Crude Oil Price Ranges

Tuesday, February 14th, 2017

The Texas Paradox

Crude Volatility

“By beginning the story of oil prices with the birth of the industry, we can better appreciate why oil prices are naturally volatile and why that volatility has posed an enormous problem not only for the oil industry but broader economy, causing oilmen and officials to go to great lengths to stabilize oil prices.” — Robert McNally

This week, our featured book is Crude Volatility: The History and the Future of Boom-Bust Oil Prices, by Robert McNally. To start the week’s feature, we are happy to present an excerpt from the book’s introduction, in which McNally examines the uncomfortable relationship tension between our desire to avoid a situation where monopolies dictate oil prices and a situation where oil prices fluctuate wildly.

Monday, February 13th, 2017

Book Giveaway! Crude Volatility: The History and the Future of Boom-Bust Oil Prices

Crude Volatility

“Robert McNally has written an excellent biography of a world-famous character, known for volatility and violent mood swings, sometimes reviled but always a player in the world economy and politics—the oil price. Insightful and timely, Crude Volatility explores the clash over many decades between “boom and bust” prices and the efforts to harness them. In the current market, McNally explains why volatility is likely to win out over stability—highly significant for what will remain the world’s most important commodity for many years to come.” — Daniel Yergin, Pulitzer Prize-winning author of The Prize and The Quest and Vice Chairman of IHS Markit

This week, our featured book is Crude Volatility: The History and the Future of Boom-Bust Oil Prices, by Robert McNally. Throughout the week, we will be featuring content about the book and its author on our blog as well as on our Twitter feed and our Facebook page.

Friday, February 10th, 2017

Fact or Fiction: how much do you know about the future of the US economy?

Building the New American Economy

This week, our featured book is Building the New American Economy: Smart, Fair, and Sustainable, by Jeffrey D. Sachs, with a foreword by Bernie Sanders. For the final day of the week’s feature, we are happy to present a quiz, based on Building the New American Economy, that tests your knowledge of the present and future of the American economy.

Thursday, February 9th, 2017

Press roundup – Jeffrey Sachs

Building the New American Economy

“The key to resolving America’s ills depends on greater fairness, decency, and honesty lie within our own borders, notably on how we share the benefits of advanced technologies such as robotics and artificial intelligence, and the booming profits they are producing. The real counterpart of falling American working-class incomes is not the rise of Mexican incomes but the soaring profits and incomes now going to the 1 percent. The key solutions for American workers are right at home, not in overseas military adventures, new arms races or self-defeating trade wars.” — Jeffrey Sachs

This week, our featured book is Building the New American Economy: Smart, Fair, and Sustainable, by Jeffrey D. Sachs, with a foreword by Bernie Sanders. For today’s post, we feature a roundup of some of Sachs’ recent writing for major national newspapers.

This past month, Professor Sachs has contributed multiple op-eds to The Boston Globe just a few of which we will describe here. On February 5th, he wrote on “Donald Trump’s dangerous China illusions,” exploring China’s recent history as an emerging global superpower and warning that the United States can no longer assume that it maintains primacy in world affairs as President Trump has argued. On January 29th, Prof. Sachs argued in “The balance sheet on ‘America First’” that only one of President Trump’s economic assertions has a grain of sense in it: that there should be a cutback in federal military spending. Otherwise, Sachs asserts, Trump’s directions in trade and investment policies are misguided. Third, in January 22nd’s “The shifting global landscape,” Prof. Sachs looks back at the publication in 1776 of Adam Smith’s foundational economic text The Wealth of Nations and finds parallels to today’s global climate that indicate a changing of the guard in how we think about and experience economic issues.

Sachs has also written frequently for Project Syndicate, where this month he published pieces on “Why Millenials Will Reject Trump” – the keys are their diversity, the particular nature of the economic challenges they face, and their awareness of the effects of climate change – and on “Learning to Love a Multipolar World,” exploring the roots of the vastly changed position the United States finds itself in in international politics.

Wednesday, February 8th, 2017

Bernie Sanders on creating an economy that works for all

Building the New American Economy

“What I heard and what I continue to hear is that Americans have had enough of establishment politicians and establishment economists who have claimed for far too long that we must choose between economic growth, economic fairness, and environmental sustainability. They have sold us a bill of goods that says we can’t have all three. Well, they are wrong. To my mind, widely shared prosperity, economic fairness, and environmental sustainability must go hand in hand.” — Bernie Sanders

This week, our featured book is Building the New American Economy: Smart, Fair, and Sustainable, by Jeffrey D. Sachs, with a foreword by Bernie Sanders. Today, we are thrilled to present an excerpt from Bernie Sanders’s foreword.

Tuesday, February 7th, 2017

Why We Need to Build a New American Economy

Building the New American Economy

“My core contention is that with the right choices, America’s economic future is bright. Indeed, we are the lucky beneficiaries of a revolution in technologies that can raise prosperity, slash poverty, increase leisure time, extend healthy lives, and protect the environment.” — Jeffrey Sachs

This week, our featured book is Building the New American Economy: Smart, Fair, and Sustainable, by Jeffrey D. Sachs, with a foreword by Bernie Sanders. To start the week’s feature off, we are happy to present an excerpt from the first chapter, in which Sachs explains his purpose in writing the book, and starts to delve into what it would take to build a new American economy for all.

Monday, February 6th, 2017

Book Giveaway! Building the New American Economy, by Jeffrey D. Sachs

Building the New American Economy

“Jeffrey Sachs remains one of the most thought-provoking economists in the world today because he dares to challenge presidents of both parties and the orthodoxies that bind them to disastrous policies. His critiques are fierce and his solutions fearless in the face of political and academic groupthink. That makes Professor Sachs a rarity in public life and this book an absolute necessity.” — Joe Scarborough

This week, our featured book is Building the New American Economy: Smart, Fair, and Sustainable, by Jeffrey D. Sachs, with a foreword by Bernie Sanders. Throughout the week, we will be featuring content about the book and its author on our blog as well as on our Twitter feed and our Facebook page.

Wednesday, January 11th, 2017

Conserving the Environment is Crucial but Simple

Endangered Economies

“External costs pose the biggest threat to the environment by preventing nature and the economy from working together. External costs occur when a third party must pick up the tab for the negative consequences of a transaction. A transaction that occurs every day is a good example: let’s say I buy gasoline, burn it in my car, and harm people who inhale the exhaust fumes or whose climate is altered by greenhouse gases generated. The people who are injured did not purchase and burn the gas—I did. Yet I do not pay for the harm done.” — Geoffrey Heal

This week, our featured book is Endangered Economies: How the Neglect of Nature Threatens Our Prosperity, by Geoffrey Heal. Today, we are happy to present a guest post from Heal, in which he argues that environmental conservation is crucial to our prosperity, and indeed to the future of our civilization, and is easier than most people think. He also provides four relatively simple reforms that will transform how our economies interact with the environment and make a pristine environment compatible with growth and prosperity.

Don’t forget to enter our book giveaway for a chance to win a free copy of Endangered Economies!

Conserving the Environment is Crucial but Simple
By Geoffrey Heal

Our dependence on nature runs deep. There is no denying that a pristine environment improves our health, lengthens our lives and makes us more productive. Yet in our lifetimes, catastrophic environmental change will occur because of four basic, correctable errors in the design of our economic systems. We can fix the most egregious flaws in the system to correct our neglect of nature and allow the economy and the environment to coexist and nurture one other.

External costs pose the biggest threat to the environment by preventing nature and the economy from working together. External costs occur when a third party must pick up the tab for the negative consequences of a transaction. A transaction that occurs every day is a good example: let’s say I buy gasoline, burn it in my car, and harm people who inhale the exhaust fumes or whose climate is altered by greenhouse gases generated. The people who are injured did not purchase and burn the gas—I did. Yet I do not pay for the harm done. There are many ways of solving problems like this – problems that involve a social cost. We can levy a charge to reflect the costs to third parties, we can give damaged parties the right to sue, we can regulate activities that affect third parties, and more. What we can’t afford is to continue to ignore this harmful error in our economic policies. (more…)

Tuesday, January 10th, 2017

Environment and Economy—No Conflict

Endangered Economies

“External costs pose the biggest threat to the environment by preventing nature and the economy from working together. External costs occur when a third party must pick up the tab for the negative consequences of a transaction. A transaction that occurs every day is a good example: let’s say I buy gasoline, burn it in my car, and harm people who inhale the exhaust fumes or whose climate is altered by greenhouse gases generated. The people who are injured did not purchase and burn the gas—I did. Yet I do not pay for the harm done.” — Geoffrey Heal

This week, our featured book is Endangered Economies: How the Neglect of Nature Threatens Our Prosperity, by Geoffrey Heal. To start off the week’s feature, we are happy to present an excerpt from the book’s first chapter, in which Heal explains why there’s no real conflict in trying to save the environment and improve the economy.

Don’t forget to enter our book giveaway for a chance to win a free copy of Endangered Economies!

Monday, January 9th, 2017

Book Giveaway! Endangered Economies: How the Neglect of Nature Threatens Our Prosperity, by Geoffrey Heal

Endangered Economies

“In this passionate and readable book, Heal sets out the measures needed to reconcile economic progress with preservation of the planet. They are surprisingly simple and attainable. Heal demonstrates that there is not a trade-off between growth and environmental protection, but that they can and must go hand-and-hand, that growth is not attainable over the long run without protecting the environment.” — Joseph E. Stiglitz, Nobel Laureate in Economics

This week, our featured book is Endangered Economies: How the Neglect of Nature Threatens Our Prosperity, by Geoffrey Heal. Throughout the week, we will be featuring content about the book and its author on our blog as well as on our Twitter feed and our Facebook page.

Friday, July 1st, 2016

A Media Roundup for “The Evolution of Money”

The Evolution of Money

“The reason I think we need a new theory of money is because traditional theories either emphasise one side of money only (such as bullionism vs chartalism) or more or less ignore its properties altogether (like mainstream economics). And they take the relationship with number for granted, which I think is a mistake. It is the most obvious feature of money, and in many ways the most important.” — David Orrell

This week, our featured book is The Evolution of Money, by David Orrell and Roman Chlupatý. For our final post of the week, we’ve collected a number of the best articles and interviews by and about David Orrell, Roman Chlupatý, and The Evolution of Money.

First, you can read an adapted excerpt from The Evolution of Money at Evonomics:

Environmental conflict is therefore hardwired into the design of our monetary system—built for funding wars with kings and empires and now, as Klein documents, with the planet (one that, if it continues, the planet will win—it’s bigger). Dazzling us with number, it distracts us from the costs. This, rather than ideology, is why the GDP produced in a city like Beijing is booming, but people are leaving because they can’t breathe the air (and why, a little late, the National Congress of the Communist Party wrote the goal of an “ecological civilization” into its constitution in 2012). Like a toxic algal bloom on a lake, the economy is doing fine, but it is asphyxiating everything around it.

99Bitcoins has a great interview with David Orrell on cryptocurrency:

“The reason I think we need a new theory of money is because traditional theories either emphasise one side of money only (such as bullionism vs chartalism) or more or less ignore its properties altogether (like mainstream economics). And they take the relationship with number for granted, which I think is a mistake. It is the most obvious feature of money, and in many ways the most important.” — David Orrell

Adbusters featured “The True Value of Money,” an article by David Orrell:

A peculiar feature of orthodox economics is that money is treated as an inert medium of exchange, with no special properties of its own. As a result, money is largely excluded from macroeconomic models, which is one reason the financial crisis of 2007/8 was not predicted (it involved money). In many respects, when viewed through the lens of quantum physics, money behaves a lot like matter – and acknowledging that behavior promises to do to economics what quanta did for physics.

(more…)