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, May 20th, 2016

“National Income” in the Encyclopaedia Of the Social Sciences

Economic Thought and The Power of a Single Number

“According to Kuznets, the purpose of the economic system was to provide the citizens of a country with goods and services. What was decisive in the recording of national income was the moment at which individuals in the economic cycle achieved their income. Kuznets had a clear and realistic concept: national income had to be thought of in terms of the incomes individuals get, and not as the total value of production.” — Philipp Lepenies

This week, we are featuring two exciting new economics titles: Economic Thought: A Brief History, by Heinz Kurz, and The Power of a Single Number: A Political History of GDP, by Philipp Lepenies. For the final post of the feature, we are happy to present a short excerpt from The Power of a Single Number, in which Lepenies tells the story of how Simon Kuznets got his conception of national income into the 1933 edition of the Encyclopaedia Of The Social Sciences.

“National Income” in the Encyclopaedia Of the Social Sciences (1933)
Philipp Lepenies

It was thanks to his brother that Kuznets—not well known among researchers for his work on national income—was entrusted with the entry for the Encyclopaedia of the Social Sciences. Salomon Kuznets was one of the editor’s closest members of staff, and awarded the contract to Simon, who seized the opportunity to present his view of the topic. His entry presented what was, until then, the most comprehensive methodological and theoretical statement on national income. As opposed to most of the other publications on national income, his was not aimed at an expert audience. It was written in a generally comprehensible way, and made do with few technical details. With this, Kuznets was able to get his views across to a wide audience.

For Kuznets, it was not only income (which could be calculated as consumption, its distribution, and the value of production) that made up the figure national income. He added a fourth category, “income enjoyed,” or the sum total of all subjective feelings, which each individual has in his dual function as producer and consumer. In so doing, Kuznets extended the range of interpretation of national income with a subjective component: the satisfaction resulting from one’s own economic activity. Such feelings, however, were not measurable, so in order to quantify national income, one had to concentrate on the cruder benchmarks of income received and consumed. (more…)

Thursday, May 19th, 2016

The Principle of Effective Demand

Economic Thought and The Power of a Single Number

“Consumption and savings depend first and foremost on the level of national income, but what decides the latter? This is the crucial question. Keynes answered: it is the level of investment demand. Investors, not consumers (alias savers), are the active element in the economic system.” — Heinz Kurz

This week, we are featuring two exciting new economics titles: Economic Thought: A Brief History, by Heinz Kurz, and The Power of a Single Number: A Political History of GDP, by Philipp Lepenies. Today, we are happy to present a short excerpt from Economic Thought, in which Heinz Kurz breaks down John Maynard Keynes’s “principle of effective demand.”

The Principle of Effective Demand
Heinz Kurz

Let us now have a closer look at Keynes’s view that the economic system is typically not fully utilizing its productive resources—it is not “supply-constrained,” as neoclassical economists contend, but “demand-constrained” (except during booms). More specifically, Keynes’s “principle of effective demand” means that there is no reason to assume that aggregate investment demand will always be large enough to employ all of an economy’s productive resources. To see this we must turn to how he determined the two components of private domestic aggregate effective demand—consumption and investment expenditures.

Before doing so, it should be noted that Keynes conceived savings (correctly) as the nondemand of goods and services. The saver keeps a part of his or her money income and does not spend it, that is, does not buy goods. Savings in themselves involve “leakages” in the stream of expenditures and pose the problem of sufficient effective demand. The praise Adam Smith had showered upon the “frugal man” was justified only to the extent to which the saver was at the same time an investor, who spent the saved sums not on consumption goods (food, beverages, clothing, etc.) but instead on investment goods (plant and equipment, raw materials, etc.). In this perspective investments involve “injections” into the stream of expenditures and may compensate for the leakages stemming from savings. (more…)

Wednesday, May 18th, 2016

What It’s All About: A Short Primer on GDP

Economic Thought and The Power of a Single Number

“The success of gross national product and GDP is based on the fact that, with them, politicians were from the outset able to pursue a whole array of goals beyond just documenting economic processes.’” — Philipp Lepenies

This week, we are featuring two exciting new economics titles: Economic Thought: A Brief History, by Heinz Kurz, and The Power of a Single Number: A Political History of GDP, by Philipp Lepenies. Today, we have excerpted “What It’s All About: A Short Primer on GDP,” in which Lepenies quickly summarizes what exactly GDP (and GNP) are, and previews the ways that this “statistical construct became a matter of politics.”

Tuesday, May 17th, 2016

Introducing “Economic Thought”

Economic Thought and The Power of a Single Number

“Does this mean that economics preserves everything that is correct and valuable and disposes of everything that is wrong and misleading? Is the market for economic ideas a perfectly functioning selection mechanism? Unfortunately, the answer is no.’” — Heinz Kurz

This week, we are featuring two exciting new economics titles: Economic Thought: A Brief History, by Heinz Kurz, and The Power of a Single Number: A Political History of GDP, by Philipp Lepenies. Today, we are happy to present Heinz Kurz’s introduction to Economic Thought, in which he lays out his project (“A history of economic thought in some 200 pages? Impossible!”), and explains why understanding how our views of economics have changed over time is crucial in informing our current views of the economy and how it works.

Monday, May 16th, 2016

Book Giveaway! “Economic Thought” and “The Power of a Single Number”

Economic Thought and The Power of a Single Number

On Economic Thought: “An enjoyable and well-organized history of economic thought, which will attract many readers to this highly readable treatise on the ‘dismal science.’” — Amartya Sen, Harvard University

On The Power of a Single Number: “The Power of a Single Number is beautifully written and easily accessible to anyone who wants to know more about what lies behind the world’s most powerful number.” — Robert H. Wade

This week, we are featuring two exciting new economics titles: Economic Thought: A Brief History, by Heinz Kurz, and The Power of a Single Number: A Political History of GDP, by Philipp Lepenies. 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.

We are also offering a FREE copy of both Economic Thought and The Power of a Single Number. To enter our book giveaway, simply fill out the form below with your name and preferred mailing address. We will randomly select our winners on Friday, May 20th at 1:00 pm. Good luck, and spread the word!

Tuesday, December 1st, 2015

RMB Inclusion into SDR: Hyperbole and Reality

The China Boom

The following is a guest post by Ho-fung Hung, author of The China Boom: Why China Will Not Rule the World:

RMB Inclusion into SDR: Hyperbole and Reality
By Ho-fung Hung

As widely expected, IMF decided on Monday to accept RMB, the Chinese currency, into the currency basket that made up its Special Drawing Rights (SDR), rendering the RMB the fifth currency in the basket after USD, euro, British pound, and Japanese yen. Predictably, many will hail the inclusion as a triumph of China’s global financial power, even though they might never hear of SDR until last month and still don’t know what SDR exactly is. If we put RMB’s inclusion in the SDR in its proper historical and global context, we would find that such inclusion does not actually mean much to the Chinese and world economy in the long run. It may even bring some immediate troubles to China’s slowing economy.

The Rise, Fall, and Brief Revival of SDR

IMF created the SDR in 1969 to solve the problem of the inadequacy of hard currencies, such as US dollar and gold, necessary to maintain the Bretton Woods monetary order. Such order was constructed in the Bretton Woods Conference of 1944 and was anchored on the gold convertibility of USD under 1 ounce of gold to 35 USD rate, as well as fixed exchange rates of major currencies with the USD. To warrant the stability of this order, central banks of major capitalist countries needed to accumulate sizeable foreign exchange reserves so that they could intervene to protect their currencies’ peg with the USD at times of currency crisis. The rapid expansion of the world economy in the 1960s fomented a shortfall of USD and gold that jeopardized the stability of the Bretton Woods order. The invention of the SDR is an IMF attempt to tackle such shortfall. (more…)

Wednesday, October 28th, 2015

International Climate Negotiations

Green Capital

“Over the years, the agendas for climate conferences have tackled new issues, even though the negotiations may have been at a standstill or even backsliding in terms of coordinating actions to reduce greenhouse gas emissions. New topics, such as climate change adaptation, the transfer of low-carbon technology, and innovative financial mechanisms, have been introduced through ad hoc working groups without really opening up new perspectives. The march toward increased cooperation in reducing emissions will be facilitated if these general categories are linked to specific questions that participants have raised, by suggesting they join concrete action programs to come up with solutions.” — de Perthuis and Jouvet

This week, our featured book is Green Capital: A New Perspective on Growth, by Christian de Perthuis and Pierre-André Jouvet, translated by Michael Westlake. The 2015 United Nations Climate Change Conference will be held in Paris from November 30 to December 11 of this year. De Perthuis and Jouvet look back at the complicated history of international climate negotiations and try to outline the contours of the “ideal” future climate agreement in the thirteenth chapter of their book, which we have excerpted here.

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

Tuesday, October 27th, 2015

Introducing Green Capital

Green Capital

“Despite the supportive discourse of international organizations like the OECD and the World Bank, which has lent credibility to the idea of “green growth,” these new environmental concerns remain on the periphery of political and economic decision making. Worse, following the deep recession of 2008–2009, the outlook of decision makers has shortened: what counts now is a rapid return to growth and the reduction of unemployment. As for the color of growth, they seem to say, we’ll think about that later!” — de Perthuis and Jouvet

This week, our featured book is Green Capital: A New Perspective on Growth, by Christian de Perthuis and Pierre-André Jouvet, translated by Michael Westlake. Today, we are happy to present the introduction to Green Capital, in which de Perthuis and Jouvet explain the necessity and possibility of including and prioritizing climate policy in larger policy discussions, as well as giving a quick run-through of the topics that their book covers.

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

Monday, October 26th, 2015

Book Giveaway! Green Capital: A New Perspective on Growth

Green Capital

Green Capital takes us on a salutary journey through biodiversity, water shortages, the energy transition, and much more to stress the importance of ‘natural capital.’ The book provides an accessible discussion of the economic value of the environment and of the tragedy of the commons, and it explains why, despite our reluctance to employ them, price signals are necessary to create the right incentives. A call for greater environmental awareness and more common sense, Green Capital is a must-read for all those interested in environmental policy issues.” — Jean Tirole, Toulouse School of Economics and Nobel Laureate in Economics

This week, our featured book is Green Capital: A New Perspective on Growth, by Christian de Perthuis and Pierre-André Jouvet, translated by Michael Westlake. Throughout the week, we will be featuring content about the book and its authors on our blog as well as on our Twitter feed and our Facebook page.

We are also offering a FREE copy of Green Capital. To enter our book giveaway, simply fill out the form below with your name and preferred mailing address. We will randomly select our winners on Wednesday, October 28th at 5:00 pm. Good luck, and spread the word!

Monday, August 24th, 2015

The Economic Risks of Climate Change

In the following segment from The Leonard Lopate Show, Michael Oppenheimer and Geoffrey Heal, two contributors to Economic Risks of Climate Change: An American Prospectus, discuss their econometric research on human responses to climate, and explain private sector risk-assessment tools:

Economic Risks of Climate Change

Thursday, July 9th, 2015

Thursday Fiction Corner: Henry George and Leo Tolstoy

A Portrait of Henry George, Owned by Leo Tolstoy

Welcome to the Columbia University Press Thursday Fiction Corner! This week, in honor of our new series of Russian literature in translation, the Russian Library, editorial intern Beatrice Collison has delved into the fascinating connections between Leo Tolstoy and the subject of a recent Columbia UP book: Henry George.

Henry George and Leo Tolstoy
By Beatrice Collison

Last month’s feature on the book Henry George and the Crisis of Inequality: Progress and Poverty in the Gilded Age, by Edward T. O’Donnell, emphasized the similarities between contemporary America and that of the “Gilded Age” of the late 19th century, an era marked by rapid progress at the same time as crippling poverty. In 1879, Henry George’s bestselling book Progress and Poverty called out this inequality as unjust, and went on to propose a solution. As 21st century America continues to face many of the same problems as the “Gilded Age,” some scholars and biographers find themselves looking back to Progress and Poverty and to its author for lessons, or even answers. As O’Donnell urges us to reexamine George, perhaps it is fitting to consider other great thinkers of that era, who dealt with persisting questions about inequality, individualism, and laissez-faire government, to name a few. Besides George, there are many American names of that age that come to mind, from Mark Twain (who coined the term “gilded age”) to John D. Rockefeller. As we were reminded earlier this month during a visit to Russia to promote our new series of Russian translations, another, somewhat unexpected name comes up in conjunction with George; this would be Leo Tolstoy, who owned a portrait of George. He also happened to be one of George’s most devoted supporters and admirers—and the admiration was mutual.

It is not too difficult to see some basic similarities in both men’s lives and experiences that may have contributed to this reciprocal fondness. Though they lived through the “Gilded Age” in different countries—George in the US, and Tolstoy in Russia—both George and Tolstoy were highly attuned to similar forms of social and economic inequality in their respective societies; the same hypocrisy appeared to them, though different events. George lived through some of the United States’ greatest feats of the century (the unveiling of the Statue of Liberty, the completion of the Atlantic Cable, and the opening of the Brooklyn Bridge, for instance), but also saw the extreme poverty that lay just beneath the surface, a poverty that the privileged attempted to justify by arguments ranging from religious to scientific (social Darwinism comes to mind). Tolstoy lived through similar times of inequality, including many years of political, economic, and social unrest in Russia. He was alive when serfdom was still legal, as well as when it was outlawed—though many of the same injustices persisted even after the emancipation of serfs in 1861. Tolstoy in fact writes about George’s political philosophy in relation to the politics and immorality of serfdom. Clearly, he believed that Russia experienced many similar problems to the US, and that George’s philosophy could be useful not just to Americans. (more…)

Tuesday, June 16th, 2015

Why Henry George Matters in This Second Gilded Age — Edward T. O’Donnell

Henry George and the Crisis of Inequality

The following post is by Edward T. O’Donnell, author of Henry George and the Crisis of Inequality: Progress and Poverty in the Gilded Age:

What value does the story of Henry George, a self-taught economist from the late nineteenth century, hold for Americans living in the early 21st century? Quite a lot, if we stop to consider the ways in which contemporary American society has come to resemble America in the late-nineteenth century, a period popularly known as the Gilded Age. As in our times, that era was marked by a dramatic increase in income inequality. It also witnessed a sharp and disturbing rise in the numbers of Americans living in poverty, even as Wall Street boomed and overall productivity soared. The Gilded Age was also marked by a surge in the size and power—and political influence—of large corporations and banks. And the politics of late-nineteenth century American society were characterized by extreme partisanship and paralysis. Indeed, the parallels between then and now are so striking that many contemporary progressive reformers, activists, and commentators have taken to referring to the era in which we now live as the Second Gilded Age.

If we are indeed living in a Second Gilded Age, then we can gain important insights into potential solutions to our economic, social, and political problems by taking a close look at the first Gilded Age. In particular, it is instructive to examine the people who emerged in this period to demand reforms—many of which were enacted in the subsequent Progressive Era. Henry George was one of these figures and he gained an enormous following among a wide cross section of American society.

George was a little-known journalist living in California in the 1870s when, moved by the aforementioned troubling trends of the Gilded Age, he began to study economics and history with an eye toward writing a book. The result of this effort was a book published in 1879 titled Progress and Poverty. The book is still in print and available in many languages. As its title suggests, George focused on a vexing question: why amidst so much material and technological progress was poverty increasing? This was, George warned, “the riddle which the Sphinx of Fate puts to our civilization, and which not to answer is to be destroyed.”

The book became a best seller and launched George as one of the era’s best-known and most influential reformers. The solution George proposed—a “single-tax” on land values—appealed to some of his followers. But far more were drawn to and inspired by the broad claims he made regarding American’s republican heritage and values. And here we see where George speaks to the concerns of our age.

(more…)

Friday, April 10th, 2015

The Greening of Asia: Businesses’ Role in the World’s Biggest-Ever Environmental Clean-Up

The Greening of Asia

“The best way to move forward is in a three-way partnership, where government sets clear and forceful policies, business creates and invests in products and services to help clean up the environmental mess and civil society acts as an arbiter to see that governments and businesses do what they say.” — Mark L. Clifford

This week our featured book is The Greening of Asia: The Business Case for Solving Asia’s Environmental Emergency, by Mark L. Clifford. 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. Today, in the final day of the week’s feature, we are happy to present an excerpt from an article written by Mark Clifford in The World Financial Review in which he discusses how “[t]he challenge of improving Asia’s environment has been translated into business opportunities.”

The Greening of Asia: Businesses’ Role in the World’s Biggest-Ever Environmental Clean-Up
Mark L. Clifford

The East is Black. That, at least, is the conventional wisdom of anyone who has seen pictures of Beijing’s shrouded skies, India’s fetid rivers and the steel mills and cement kilns which blanket much of the countryside with a pall of smog.

Sadly, this dystopian image of Asia’s environmental misery is all too accurate. In China alone, 1.2 million people a year die prematurely from air pollution. Skies in some Indian cities are even dirtier. Large parts of the region are in danger of running out of clean water. Clusters of cancer villages testify to the human cost of fast economic development.

If this sounds like an environmental nightmare, it is. Asia is home to 4.3 billion people, six out of every ten people in the world, as well as to some of the fastest-growing economies. What’s been good for economic growth has come at a high cost for the environment.

Asia’s strategy seemed to be summed up as “get dirty, get rich, get clean.” (more…)

Thursday, April 9th, 2015

Mark Clifford discusses how companies are confronting environmental emergencies in Asia

The Greening of Asia

This week our featured book is The Greening of Asia: The Business Case for Solving Asia’s Environmental Emergency, by Mark L. Clifford. 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. In the video from ChinaFile below, Clifford discusses the many and varied responses of companies throughout Asia to the region’s environmental crises.

The Greening of Asia from ChinaFile on Vimeo.

Wednesday, April 8th, 2015

From Black to Green: Asia’s Challenge

The Greening of Asia

“Just as Asia’s developed economies in Japan, Korea, Taiwan, Hong Kong, and Singapore adjusted to higher wages by improving productivity and relying on better education and more innovation, so Asia will find a way to profitably do more with less in an era of resource constraints.” — Mark Clifford

This week our featured book is The Greening of Asia: The Business Case for Solving Asia’s Environmental Emergency, by Mark L. Clifford. 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. In Mark Clifford’s conclusion, excerpted below, he gives a quick overview of how various countries, cities, and businesses in Asia are responding to environmental challenges, and argues that “Asia will find a way to profitably do more with less in an era of resource constraints.”

Tuesday, April 7th, 2015

Green Shoots Under Soot-Stained Skies

The Greening of Asia

“Asia is approaching a moment of systemic—in some cases, existential—crisis. How Asian countries react to the environmental challenges of pollution, resource shortages, and climate change will determine whether the region will continue along its unmatched path of growth or descend into an increasingly unlivable dystopia.” — Mark L. Clifford

This week our featured book is The Greening of Asia: The Business Case for Solving Asia’s Environmental Emergency, by Mark L. Clifford. 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. Today, we are happy to feature part of an excerpt from the book that originally appeared on the Asian Review of Books: “Green Shoots Under Soot-Stained Skies.”

Green Shoots Under Soot-Stained Skies
Mark L. Clifford

Beijing’s air is “crazy bad,” according to the U.S. Embassy: choking pollution regularly smothers the capital, reducing visibility to near zero, grounding planes, snarling traffic, and forcing city dwellers to don protective face masks while outside. A widely used air quality index, which in the United States rarely goes above 100 and exceeds 300 only during forest fires and other extreme events, approached the 1,000 level in Beijing in early 2013.

The effect, says a Chinese researcher, is to blot out the sun as effectively as a nuclear winter. Office workers in the capital’s skyscrapers cannot see the streets below, as a bitter, blinding pall settles over a city that hosted the 2008 “Green Olympics.” Beijingers call it “air-pocalypse” or “air-mageddon,” and they have become increasingly vocal about their frustration. “I especially want to know if the party secretary or the mayor are in Beijing these days,” a senior editor at People’s Daily wrote on his blog during record smog in January 2013. “If so, how do they guarantee they can breathe safely in Beijing?” (more…)

Monday, April 6th, 2015

Book Giveaway! The Greening of Asia, by Mark Clifford

The Greening of Asia

“In this well-researched and ultimately optimistic account, Clifford makes the case that environmental policies ‘can and must be fixed’ and gives us examples of companies that have worked to find private-sector solutions. In doing so, Clifford sheds much-needed light on the workings and future of the region’s efforts on the environment, and on the need for governments to set clear rules so that business can do its part to solve the region’s environmental crisis.” — Joseph E. Stiglitz

This week our featured book is The Greening of Asia: The Business Case for Solving Asia’s Environmental Emergency, by Mark L. Clifford. 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.

We are also offering a FREE copy of The Greening of Asia. To enter our book giveaway, simply fill out the form below with your name and preferred mailing address. We will randomly select our winners on Friday, April 10th at 1:00 pm. Good luck, and spread the word!

Friday, March 20th, 2015

A Genealogy of Morgan Stanley

Genealogy of American Finance

This week our featured book is Genealogy of American Finance, by Robert E. Wright and Richard Sylla, with a foreword from Charles M. Royce. Today, for the final day of the feature, we’ve excerpted a sample chapter focused on one of the Big 50: Morgan Stanley.

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

Thursday, March 19th, 2015

Charles Royce’s Foreword to Genealogy of American Finance

Genealogy of American Finance

This week our featured book is Genealogy of American Finance, by Robert E. Wright and Richard Sylla. Today, we are happy to present Charles M. Royce’s foreword to Wright and Sylla’s book, in which Royce focuses on the importance of the Museum of American Finance both in the process of creating the Genealogy and in a broader cultural context.

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

Foreword
By Charles M. Royce, CEO, The Royce Funds

I was introduced to the leadership of the Museum of American Finance through my friend and television personality, Consuelo Mack, who serves on the Museum’s Board of Trustees. During the course of my initial conversation with President David Cowen, I brought up an idea I have had for years, which is to trace the genealogies — or family trees — of the major American financial firms. I have been working in finance for more than 50 years and have witnessed first-hand many dramatic changes in the industry. So many firms that existed when I first began investing are no longer around.

Given that my firm looks for “value” in companies when we invest, I asked David if there was value in this idea. His response was that, indeed, this would be an invaluable research tool. This book is the first output of that discussion.

As the only independent finance museum in the nation, the Museum often fields calls from researchers inquiring about what happened to certain firms or banks — now defunct or acquired. Many times those questions have been difficult to answer. Moreover, the two main regulatory bodies, The Federal Reserve and the FDIC, do not have complete information and are, therefore, also unable to also answer those questions. According to the Museum’s exhibit team, an area of the “Banking in America” exhibit featuring an abridged genealogy of the Bank of America was the single largest piece of research that went into any section of the Museum’s permanent exhibits. This is largely because more than one hundred years’ worth of merger and acquisition data is so difficult to come by.

My conversations with David and the Museum team resulted in my commitment to underwrite a massive research project to compile these family trees and house them in a central location. It has taken well over a year of research — which included hundreds of hours of archival legwork — to compile these genealogies and make them publicly available.

I applaud Professors Wright and Sylla for their research and writing efforts, which have made this project a reality. As a Columbia University MBA, I am pleased to note that my alma mater has enthusiastically embraced this idea as well, and that this beautiful book has been produced by Columbia Business School Publishing.

Now, if the Museum receives a research inquiry about past financial firms, the staff is able to answer where that firm’s history fits into the modern financial landscape. Or, better yet, people can access the information themselves via this book or the Museum’s website.

This project sheds tremendous light into the dynamic nature of our nation’s financial history. One can never completely understand the future without a comprehension of the past. In an easy-to-read and understandable manner, this book gives a narrative history that is accessible to all — from the newcomer working at a bank to the finance professional, from the student to the scholar, from the practitioner to the regulator.

Please enjoy the book, as each chapter will transport you back in time to see the birth and growth of these 50 financial institutions.

Wednesday, March 18th, 2015

An Overview of the Big 50 Banks

Genealogy of American Finance

This week our featured book is Genealogy of American Finance, by Robert E. Wright and Richard Sylla, with a foreword from Charles M. Royce. Today, we’ve excerpted “Overview of the Big 50,” a set of infographics provided by Wright and Sylla that give context for their discussion of the Big 50 Banks.

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