A SCHOLARLY BOOK REPOSITORY
A Foreign Affairs Best Book of the Year
“An intellectual excursion of a kind rarely offered by modern economics.”
—Foreign Affairs
Thomas Piketty’s Capital in the Twenty-First Century is the most widely discussed work of economics in recent years. But are its analyses of inequality and economic growth on target? Where should researchers go from there in exploring the ideas Piketty pushed to the forefront of global conversation? A cast of leading economists and other social scientists—including Emmanuel Saez, Branko Milanovic, Laura Tyson, and Michael Spence—tackle these questions in dialogue with Piketty.
“A fantastic introduction to Piketty’s main argument in Capital, and to some of the main criticisms, including doubt that his key equation…showing that returns on capital grow faster than the economy—will hold true in the long run.”
—Nature
“Piketty’s work…laid bare just how ill-equipped our existing frameworks are for understanding, predicting, and changing inequality. This extraordinary collection shows that our most nimble social scientists are responding to the challenge.”
—Justin Wolfers, University of Michigan
Washington D.C.’s Arena Stage was the first professional regional theatre in the nation’s capital to welcome a racially integrated audience; the first to perform behind the Iron Curtain; and the first to win the Tony Award for best regional theatre. This behind-the-scenes look at one of the leading theatres in the United States shows how key financial and artistic decisions were made, using a range of archival materials such as letters and photographs as well as interviews with artists and administrators. Close-ups of major productions from The Great White Hope to Oklahoma! illustrate how Arena Stage navigated cultural trends.
More than a chronicle, America in the Round is a critical history that reveals how far the theatre could go with its budget and racially liberal politics, and how Arena both disputed and duplicated systems of power. With an innovative “in the round” approach, the narrative simulates sitting in different parts of the arena space to see the theatre through different lenses—economics, racial dynamics, and American identity.
Sartori weaves the narrative of Bengal’s embrace of culturalism into a worldwide history of the concept, from its origins in eighteenth-century Germany, through its adoption in England in the early 1800s, to its appearance in distinct local guises across the non-Western world. The impetus for the concept’s dissemination was capitalism, Sartori argues, as its spread across the globe initiated the need to celebrate the local and the communal. Therefore, Sartori concludes, the use of the culture concept in non-Western sites was driven not by slavish imitation of colonizing powers, but by the same problems that repeatedly followed the advance of modern capitalism. This remarkable interdisciplinary study will be of significant interest to historians and anthropologists, as well as scholars of South Asia and colonialism.
WOLA-Duke Book Award Finalist
In Blood and Capital: The Paramilitarization of Colombia, Jasmin Hristov examines the complexities, dynamics, and contradictions of present-day armed conflict in Colombia. She conducts an in-depth inquiry into the restructuring of the state’s coercive apparatus and the phenomenon of paramilitarism by looking at its military, political, and legal dimensions. Hristov demonstrates how various interrelated forms of violence by state forces, paramilitary groups, and organized crime are instrumental to the process of capital accumulation by the local elite as well as the exercise of political power by foreign enterprises. She addresses, as well, issues of forced displacement, proletarianization of peasants, concentration of landownership, growth in urban and rural poverty, and human rights violations in relation to the use of legal means and extralegal armed force by local dominant groups and foreign companies.
Hristov documents the penetration of major state institutions by right-wing armed groups and the persistence of human rights violations against social movements and sectors of the low-income population. Blood and Capital raises crucial questions about the promised dismantling of paramilitarism in Colombia and the validity of the so-called demobilization of paramilitary groups, both of which have been widely considered by North American and some European governments as proof of Colombian president Álvaro Uribe’s advances in the wars on terror and drugs.
Addressing this, Vinodh Venkatesh uses contemporary Latin American literature to examine how masculinity is constructed and conceived. The Body as Capital centers socioeconomic and political concerns, anxieties, and paradigms on the male anatomy and on the matrices of masculinities presented in fiction. Developing concepts such as the “market of masculinities” and the “transnational theater of masculinities,” the author explains how contemporary fiction centers the male body and masculine expressions as key components in the relationship between culture, space, and global tensile forces.
Venkatesh includes novels by canonical and newer writers from Mexico, Central America, the Caribbean, Peru, and Chile. He focuses on texts produced after 1990, coinciding with what has popularly been termed the neoliberal experiment. In addition to probing well-known novels such as La fiesta del Chivo and La mujer habitada and their accompanying body of criticism, The Body as Capital defines and examines several masculine tropes that will be of interest to scholars of contemporary Latin American literature and gender studies. Ultimately, Venkatesh argues for a more holistic approximation of discursive gender that will feed into other angles of criticism, forging a new path in the critical debates over gender and sexuality in Latin American writing.
In a model study Jacob Price illuminates the dynamic growth of Britain’s foreign trade in the eighteenth century through an investigation of the investment patterns and credit institutions that financed that expansion. Concentrating on the trade between Britain and the Chesapeake tobacco colonies of Virginia and Maryland, for which a unique set of records exists, Price surveys the ways in which commerce developed and working capital was mobilized in Britain to support expanding overseas trade.
Price develops the clearest picture ever of the financial environment within Britain as it affected Southern colonies in the preindustrial age. He does so by determining the kind of capital resources merchants in foreign trade actually commanded and measuring how much of their own wealth merchants brought to trade. In great and absorbing detail he discusses also the development of merchant-oriented banks in London and other ports, reinvestment of profits, long-term borrowing on bond, and the long-term credit provided to export merchants by wholesalers in textiles, ironmongery, and other industries.
The relationship of debt to the coming of the American Revolution is also treated. Tobacco growers suffered more than others from a psychological unease caused by immense debt and were more revolutionary than farmers with less intensive capital needs and, hence, with lighter debt. This history will enlighten Anglo-American historians, economic historians, and historians of the American revolutionary era.
A New York Times Bestseller
An NPR Best Book of the Year
The epic successor to one of the most important books of the century: at once a retelling of global history, a scathing critique of contemporary politics, and a bold proposal for a new and fairer economic system.
Thomas Piketty’s bestselling Capital in the Twenty-First Century galvanized global debate about inequality. In this audacious follow-up, Piketty challenges us to revolutionize how we think about politics, ideology, and history. He exposes the ideas that have sustained inequality for the past millennium, reveals why the shallow politics of right and left are failing us today, and outlines the structure of a fairer economic system.
Our economy, Piketty observes, is not a natural fact. Markets, profits, and capital are all historical constructs that depend on choices. Piketty explores the material and ideological interactions of conflicting social groups that have given us slavery, serfdom, colonialism, communism, and hypercapitalism, shaping the lives of billions. He concludes that the great driver of human progress over the centuries has been the struggle for equality and education and not, as often argued, the assertion of property rights or the pursuit of stability. The new era of extreme inequality that has derailed that progress since the 1980s, he shows, is partly a reaction against communism, but it is also the fruit of ignorance, intellectual specialization, and our drift toward the dead-end politics of identity.
Once we understand this, we can begin to envision a more balanced approach to economics and politics. Piketty argues for a new “participatory” socialism, a system founded on an ideology of equality, social property, education, and the sharing of knowledge and power. Capital and Ideology is destined to be one of the indispensable books of our time, a work that will not only help us understand the world, but that will change it.
The book is the first comprehensive study of the American copper industry to include labor markets, unionism, and labor relations as an integral part of its focus. It also undertakes a careful examination of the influences exerted by geography and geology in the shaping of the industry.
The study begins with the formation, development, and later histories of all the principal copper producers, their major business and labor policies, technical innovations, attempts at diversification, and foreign ventures. On the labor side, the book examines the beginnings of unionism in the 1880s; the emergence of the Western Federation of Miners in 1893; the later appearance of the International Union of Mine, Mill and Smelter Workers in 1916. The eventual takeover of the Mine Mill by the Steel workers in 1967 and the reasons for the eventual collapse of the pattern system in 1983 are also carefully considered.
The study emphasizes the role of strategic innovations in shaping American copper history, most prominently in the successive development of underground block-caving and open-pit mining; concentration and flotation; and solvent extraction and electrowinning. The study concludes with an evaluation of the lessons supplied by the past and the prospects for the future of the industry.
When we think about history, we often think about people, events, ideas, and revolutions, but what about the numbers? What do the data tell us about what was, what is, and how things changed over time? Economist Robert E. Gallman (1926–98) gathered extensive data on US capital stock and created a legacy that has, until now, been difficult for researchers to access and appraise in its entirety.
Gallman measured American capital stock from a range of perspectives, viewing it as the accumulation of income saved and invested, and as an input into the production process. He used the level and change in the capital stock as proxy measures for long-run economic performance. Analyzing data in this way from the end of the US colonial period to the turn of the twentieth century, Gallman placed our knowledge of the long nineteenth century—the period during which the United States began to experience per capita income growth and became a global economic leader—on a strong empirical foundation. Gallman’s research was painstaking and his analysis meticulous, but he did not publish the material backing to his findings in his lifetime. Here Paul W. Rhode completes this project, giving permanence to a great economist’s insights and craftsmanship. Gallman’s data speak to the role of capital in the economy, which lies at the heart of many of the most pressing issues today.
A New York Times #1 Bestseller
An Amazon #1 Bestseller
A Wall Street Journal #1 Bestseller
A USA Today Bestseller
A Sunday Times Bestseller
A Guardian Best Book of the 21st Century
Winner of the Financial Times and McKinsey Business Book of the Year Award
Winner of the British Academy Medal
Finalist, National Book Critics Circle Award
What are the grand dynamics that drive the accumulation and distribution of capital? Questions about the long-term evolution of inequality, the concentration of wealth, and the prospects for economic growth lie at the heart of political economy. But satisfactory answers have been hard to find for lack of adequate data and clear guiding theories. In Capital in the Twenty-First Century, Thomas Piketty analyzes a unique collection of data from twenty countries, ranging as far back as the eighteenth century, to uncover key economic and social patterns. His findings will transform debate and set the agenda for the next generation of thought about wealth and inequality.
Piketty shows that modern economic growth and the diffusion of knowledge have allowed us to avoid inequalities on the apocalyptic scale predicted by Karl Marx. But we have not modified the deep structures of capital and inequality as much as we thought in the optimistic decades following World War II. The main driver of inequality—the tendency of returns on capital to exceed the rate of economic growth—today threatens to generate extreme inequalities that stir discontent and undermine democratic values. But economic trends are not acts of God. Political action has curbed dangerous inequalities in the past, Piketty says, and may do so again.
A work of extraordinary ambition, originality, and rigor, Capital in the Twenty-First Century reorients our understanding of economic history and confronts us with sobering lessons for today.
A New York Times #1 Bestseller
An Amazon #1 Bestseller
A Wall Street Journal #1 Bestseller
A USA Today Bestseller
A Sunday Times Bestseller
A Guardian Best Book of the 21st Century
Winner of the Financial Times and McKinsey Business Book of the Year Award
Winner of the British Academy Medal
Finalist, National Book Critics Circle Award
“It seems safe to say that Capital in the Twenty-First Century, the magnum opus of the French economist Thomas Piketty, will be the most important economics book of the year—and maybe of the decade.”
—Paul Krugman, New York Times
“The book aims to revolutionize the way people think about the economic history of the past two centuries. It may well manage the feat.”
—The Economist
“Piketty’s Capital in the Twenty-First Century is an intellectual tour de force, a triumph of economic history over the theoretical, mathematical modeling that has come to dominate the economics profession in recent years.”
—Steven Pearlstein, Washington Post
“Piketty has written an extraordinarily important book…In its scale and sweep it brings us back to the founders of political economy.”
—Martin Wolf, Financial Times
“A sweeping account of rising inequality…Piketty has written a book that nobody interested in a defining issue of our era can afford to ignore.”
—John Cassidy, New Yorker
“Stands a fair chance of becoming the most influential work of economics yet published in our young century. It is the most important study of inequality in over fifty years.”
—Timothy Shenk, The Nation
The central Gujarat region of western India is home to the entrepreneurial landowning Patel caste who have leveraged their rural dominance to become a powerful global diaspora of merchants, industrialists, and professionals. Investigating the Patels’ intriguing ascent, Vinay Gidwani analyzes its broad implications for the nature of labor and capital worldwide.
With the Patels as his central case, Gidwani interrogates established concepts of value, development, and the relationship between capital and history. Capitalism, he argues, is not a frame of economic organization based on the smooth, consistent operation of a series of laws, but rather an assemblage of contingent and interrupted logics stitched together into the appearance of a deus ex machina. Following this line of thinking, Gidwani points to ways in which political economy might be freed of its lingering Eurocentrism, raises questions about the adequacy of postcolonial studies’ critique of Marx and capitalism, and opens the possibility of situating capitalism as a geographically uneven social formation in which different normative or value-creating practices are imperfectly sutured together in ways that can equally impair and enable profit and accumulation.
Both theoretically astute and empirically informed, Capital, Interrupted unsettles encrusted understandings of staple concepts within the human sciences such as hegemony, governmentality, caste, and agency and, ultimately, does nothing less than rethink the very constitution of capitalism.
Vinay Gidwani is associate professor of geography and global studies at the University of Minnesota.
The celebration of Washington D.C. basketball is long overdue. The D.C. metro area stands second to none in its contributions to the game. Countless figures who have had a significant impact on the sport over the years have roots in the region, including E.B. Henderson, the first African-American certified to teach public school physical education, and Earl Lloyd, the first African-American to take the court in an actual NBA game. The city's Spingarn High School produced two players – Elgin Baylor and Dave Bing – recognized among the NBA’s 50 greatest at the League’s 50th anniversary celebration. No other high school in the country can make that claim.These figures and many others are chronicled in this book, the first-ever comprehensive look at the great high school players, teams and coaches in the D.C. metropolitan area. Based on more than 150 interviews, The Capital of Basketball is first and foremost a book about basketball. But in discussing the trends and evolution of the game, McNamara also uncovers the turmoil in the lives of the players and area residents as they dealt with prejudice, educational inequities, politics, and the ways the area has changed through the years.
Capital of Mind is the second volume in a breathtakingly ambitious new economic history of American higher education. Picking up from the first volume, Exchange of Ideas, Adam R. Nelson looks at the early decades of the nineteenth century, explaining how the idea of the modern university arose from a set of institutional and ideological reforms designed to foster the mass production and mass consumption of knowledge. This “industrialization of ideas” mirrored the industrialization of the American economy and catered to the demands of a new industrial middle class for practical and professional education. From Harvard in the north to the University of Virginia in the south, new experiments with the idea of a university elicited intense debate about the role of scholarship in national development and international competition, and whether higher education should be supported by public funds, especially in periods of fiscal austerity. The history of capitalism and the history of the university, Nelson reveals, are intimately intertwined—which raises a host of important questions that remain salient today. How do we understand knowledge and education as commercial goods? Should they be public or private? Who should pay for them? And, fundamentally, what is the optimal system of higher education for a capitalist democracy?
The history of the modern social sciences can be seen as a series of attempts to confront the challenges of social disorder and revolution wrought by the international expansion of capitalist social relations. In Capital, the State, and War, Alexander Anievas focuses on one particularly significant aspect of this story: the inter-societal or geo-social origins of the two world wars, and, more broadly, the confluence of factors behind the Thirty Years’ Crisis between 1914 and 1945.
Anievas presents the Thirty Years’ Crisis as a result of the development of global capitalism with all its destabilizing social and geopolitical consequences, particularly the intertwined and co-constitutive nature of imperial rivalries, social revolutions, and anti-colonial struggles. Building on the theory of “uneven and combined development,” he unites geopolitical and sociological explanations into a single framework, thereby circumventing the analytical stalemate between “primacy of domestic politics” and “primacy of foreign policy” approaches.
Anievas opens new avenues for thinking about the relations among security-military interests, the making of foreign policy, political economy and, more generally, the origins of war and the nature of modern international order.
FINALIST FOR THE GREGORY BATESON PRIZE FROM THE AMERICAN ANTHROPOLOGICAL ASSOCIATION
Dispelling stereotypes about garment workers in the global apparel industry
Castoffs of Capital examines how female garment workers experience their work and personal lives within the stranglehold of global capital. Drawing on fieldwork in Bangladesh, anthropologist Lamia Karim focuses attention onto the lives of older women aged out of factory work, heretofore largely ignored, thereby introducing a new dimension to the understanding of a female-headed workforce that today numbers around four million in Bangladesh.
Bringing a feminist labor studies lens, Castoffs of Capital foregrounds these women not only as workers but as mothers, wives, sisters, lovers, friends, and political agents. Focusing on relations among work, gender, and global capital’s targeting of poor women to advance its market penetration, Karim shows how women navigate these spaces by adopting new subject formations. She locates these women’s aspirations for the “good life” not only in material comforts but also in their longings for love and sexual fulfillment that help them momentarily forget the precarity of their existence under the shadow of capital.
Through richly detailed ethnographic studies, this innovative and beautifully written book examines the making and unmaking of these women’s wants and desires, loves and tribulations, hopes and despairs, and triumphs and struggles.
Contributors. Leonard Blussé, Wen-Chin Chang, Lucille Chia, Bien Chiang, Nola Cooke, Jean DeBernardi, C. Patterson Giersch, Takeshi Hamashita, Kwee Hui Kian, Li Tana, Lin Man-houng, Masuda Erika, Adam McKeown, Anthony Reid , Sun Laichen, Heather Sutherland, Eric Tagliacozzo, Carl A. Trocki, Wang Gungwu, Kevin Woods, Wu Xiao
In Coastal Lives, Maximilian Viatori and Héctor Bombiella argue that this has not made Peru’s fisheries more sustainable. Through a fine-grained ethnographic and historical account of Lima’s fisheries, the authors reveal that new government regimes of entrepreneurial agency have placed overwhelming burdens on the city’s impoverished artisanal fishers to demonstrate that they are responsible producers and have created failures that can be used to justify closing these fishers’ traditional use areas and to deny their historically sanctioned rights. The result is a critical examination of how neoliberalized visions of nature and individual responsibility work to normalize the dispossessions that have enabled ongoing capital accumulation at the cost of growing social dislocations and ecological degradation.
The authors’ innovative approach to the politics of constructing and degrading coastal lives will interest a wide range of scholars in cultural anthropology, environmental humanities, and Latin American studies, as well as policymakers and anyone concerned with inequality, global food systems, and multispecies ecologies.
Unlike the papers of some other great economists, those of Kenneth Arrow are being read and studied today with even greater care and attention than when they first appeared in the journals. The publication of his collected papers will therefore be welcomed by economists and other social scientists and in particular by graduate students, who can draw from them the deep knowledge and the discernment in selection of scientific problems that only a master can offer. The author has added headnotes to certain well-known papers, describing how he came to write them.
The study of production is central to economic theory, and capital and its accumulation are two of the most interesting aspects of the modern production process. Capital may take the form of inventories of inputs, inventories of outputs, or machines and other fixed goods. The essential and unique aspect of all types of capital is that it must be accumulated as the result of prior stages of the production process. This gives the dynamic theory of production a recursive structure that can be exploited by economic analysis. The optimization of production under recursive conditions lends itself to general mathematical methods of dynamic programming and optimal control theory. This is the main theme of the essays included in this fifth volume of Kenneth Arrow's Collected Papers.
In this detailed cultural history, Michael Mark Cohen argues that a legal, ideological, and representational politics of conspiracy contributed to the formation of a genuinely revolutionary mass culture in the United States, starting with the 1886 Haymarket bombing. Drawing on a wealth of primary sources, The Conspiracy of Capital offers a new history of American radicalism and the alliance between the modern business corporation and national security state through a comprehensive reassessment of the role of conspiracy laws and conspiracy theories in American social movements.
These incisive writings link the fate of the labor movement to the transformations in the shape of world capitalism, to the rise of the civil rights movement, and to the activists and intellectuals who have played such important roles. Tracing broad patterns of political thought, Lichtenstein offers important perspectives on the relationship of labor and the state, the tensions that sometimes exist between a culture of rights and the idea of solidarity, and the rise of conservatism in politics, law, and intellectual life. The volume closes with portraits of five activist intellectuals whose work has been vital to the conflicts that engage the labor movement, public policy, and political culture.
The long-awaited follow-up to The Key to the City—a finalist for the National Book Critics Circle Award in 1986—Anne Winters's The Displaced of Capital emanates a quiet and authoritative passion for social justice, embodying the voice of a subtle, sophisticated conscience.
The "displaced" in the book's title refers to the poor, the homeless, and the disenfranchised who populate New York, the city that serves at once as gritty backdrop, city of dreams, and urban nightmare. Winters also addresses the culturally, ethnically, and emotionally excluded and, in these politically sensitive poems, writes without sentimentality of a cityscape of tenements and immigrants, offering her poetry as a testament to the lives of have-nots. In the central poem, Winters witnesses the relationship between two women of disparate social classes whose friendship represents the poet's political convictions. With poems both powerful and musical, The Displaced of Capital marks Anne Winters's triumphant return and assures her standing as an essential New York poet.
Addressing these questions, the contributors focus chiefly on three themes: the actual use of debt and equity financing by corporations in recent years; the factors that drive the financial markets' pricing of debt and equity securities; and the relationship between corporations' real investment decisions and their financial decisions. While some of the papers are primarily expository, others break new ground. Extending his previous work, Robert Taggart finds a closer relationship between corporate and government debt than has been supposed. Zvi Bodie, Alex Kane, and Robert McDonald conclude in their study that the volatility of interest rates under the Volcker regime has led to a rise in real interest rates because of investors' demand for a greater risk premium. All of the papers present empirical findings in a useful analytical framework.
For its new findings and for its expert overview of issues central to an understanding of the U.S. economy, Financing Corporate Capital Formation should be of both historical and practical interest to students of economics and practitioners in the corporate and financial community.
Cazdyn focuses on three key moments of historical contradiction: colonialism, post-war reconstruction, and globalization. Considering great classics of Japanese film, documentaries, works of science fiction, animation, and pornography, he brings to light cinematic attempts to come to terms with the tensions inherent in each historical moment—tensions between the colonizer and the colonized, between the individual and the collective, and between the national and the transnational. Paying close attention to political context, Cazdyn shows how formal inventions in the realms of acting, film history and theory, thematics, documentary filmmaking, and adaptation articulate a struggle to solve implacable historical problems. This innovative work of cultural history and criticism offers explanations of historical change that challenge conventional distinctions between the aesthetic and the geopolitical.
Ralph examines Senegal’s crucial and pragmatic decisions related to its development and how they garnered international favor, decisions such as its opposition to Soviet involvement in African liberation—despite itself being a socialist state—or its support for the US-led war on terror—despite its population being predominately Muslim. He shows how such actions have given Senegal an inflated political and economic position and status as a highly credit-worthy nation even as its domestic economy has faltered. Exploring these and many other aspects of Senegal’s political economy and its interface with the international community, Ralph demonstrates that the international reputation of any nation—not just Senegal—is based on deep structural biases.
Some contributors highlight how expedited flows of information allow business professionals to develop new knowledge practices. They analyze dynamics ranging from the decision-making processes of the Federal Reserve Board to the legal maneuvering necessary to buttress a nascent Japanese market in over-the-counter derivatives. Others focus on the social consequences of globalization and new modes of communication, evaluating the introduction of new information technologies into African communities and the collaborative practices of open-source computer programmers. Together the essays suggest that social relations, rather than becoming less relevant in the high-tech age, have become more important than ever. This finding dovetails with the thinking of many corporations, which increasingly employ anthropologists to study and explain the “local” cultural practices of their own workers and consumers. Frontiers of Capital signals the wide-ranging role of anthropology in explaining the social and cultural contours of the New Economy.
Contributors. Jean Comaroff, John L. Comaroff, Greg Downey, Melissa S. Fisher, Douglas R. Holmes, George E. Marcus, Siobhán O’Mahony, Aihwa Ong, Annelise Riles, Saskia Sassen, Paul A. Silverstein, AbdouMaliq Simone, Neil Smith, Caitlin Zaloom
Two leading social scientists examine the gender wealth gap in countries with officially egalitarian property law, showing how legal professionals—wittingly and unwittingly—help rich families and men maintain their privilege.
In many countries, property law grants equal rights to men and women. Why, then, do women still accumulate less wealth than men? Combining quantitative, ethnographic, and archival research, The Gender of Capital explains how and why, in every class of society, women are economically disadvantaged with respect to their husbands, fathers, and brothers. The reasons lie with the unfair economic arrangements that play out in divorce proceedings, estate planning, and other crucial situations where law and family life intersect.
Céline Bessière and Sibylle Gollac argue that, whatever the law intends, too many outcomes are imprinted with unthought sexism. In private decisions, old habits die hard: families continue to allocate resources disproportionately to benefit boys and men. Meanwhile, the legal profession remains in thrall to assumptions that reinforce gender inequality. Bessière and Gollac marshal a range of economic data documenting these biases. They also examine scores of family histories and interview family members, lawyers, and notaries to identify the accounting tricks that tip the scales in favor of men.
Women across the class spectrum—from poor single mothers to MacKenzie Scott, ex-wife of Amazon billionaire Jeff Bezos—can face systematic economic disadvantages in divorce cases. The same is true in matters of inheritance and succession in family-owned businesses. Moreover, these disadvantages perpetuate broader social disparities beyond gender inequality. As Bessière and Gollac make clear, the appropriation of capital by men has helped to secure the rigid hierarchies of contemporary class society itself.
Maitra’s archive is transnational and multimodal. Moving from anticolonial polemics to psychoanalysis to diasporic experimental literature to postcolonial feminist and queer media, he lays bare the cunning by which capitalism produces and fragments identity through an intermedial “aesthetic dissonance” with the commodity form. Maitra’s novel contribution to theories of identity and to the concept of mediation will interest a wide range of scholars in media studies, critical race and postcolonial studies, and critical aesthetics.
In the Shadows of State and Capital tells the story of how Ecuadorian peasants gained, and then lost, control of the banana industry. Providing an ethnographic history of the emergence of subcontracting within Latin American agriculture and of the central role played by class conflict in this process, Steve Striffler looks at the quintessential form of twentieth-century U.S. imperialism in the region—the banana industry and, in particular, the United Fruit Company (Chiquita). He argues that, even within this highly stratified industry, popular struggle has contributed greatly to processes of capitalist transformation and historical change.
Striffler traces the entrance of United Fruit into Ecuador during the 1930s, its worker-induced departure in the 1960s, the troubled process through which contract farming emerged during the last half of the twentieth century, and the continuing struggles of those involved. To explore the influence of both peasant activism and state power on the withdrawal of multinational corporations from banana production, Striffler draws on state and popular archives, United Fruit documents, and extensive oral testimony from workers, peasants, political activists, plantation owners, United Fruit administrators, and state bureaucrats. Through an innovative melding of history and anthropology, he demonstrates that, although peasant-workers helped dismantle the foreign-owned plantation, they were unable to determine the broad contours through which the subsequent system of production—contract farming—emerged and transformed agrarian landscapes throughout Latin America.
By revealing the banana industry’s impact on processes of state formation in Latin America, In the Shadows of State and Capital will interest historians, anthropologists, and political scientists, as well as scholars of globalization and agrarian studies.
Despite the World Bank’s profound impact on economic, political, and social conditions during the post–World War II era, cultural critics who rigorously theorize other institutions of colonialism and globalization have largely ignored the institution. Working to correct this blind spot, Bret Benjamin’s Invested Interests presents the first extended cultural analysis of the World Bank.
In Invested Interests, Benjamin contends that the World Bank has, from its inception, trafficked in culture. From the political context in which the Bank was chartered to its evolution into an interventionist development agency with vast, unchecked powers, Benjamin explores the Bank’s central role in the global dissemination of Fordist-Keynesianism, its conflicted support for nationalism and the nation-state, and its emerging awareness of the relationships between economics and culture. Benjamin argues that the Bank shapes, and is in turn shaped by, historical pressures of the age—most significantly the rise of third world national liberation movements. Reading a broad array of midcentury archival materials, Benjamin examines not only the Bank’s own growing attentiveness to cultural work but also its prominent place in the thinking of such anti-imperialist intellectuals as Aimé Césaire, Frantz Fanon, and Richard Wright.
Benjamin maps the Bank’s contemporary rhetorical maneuvering in the wake of ever-intensifying protests, offering close readings of the World Bank’s corporate literature, the activities of the antiglobalization World Social Forum, and the writings of prominent Bank critic Arundhati Roy, including her novel The God of Small Things.
Deftly investigating the World Bank’s ideological struggles over six decades, Invested Interests develops a conceptually and politically nuanced critique of the Bank as a cultural institution deeply enmeshed in the last century’s historical transformations of imperial power and anti-imperial struggle.
Bret Benjamin is associate professor of English and director of undergraduate studies at the University of Albany, SUNY.
Owing to Yucatan’s relative isolation, many assume that the history and economy of the peninsula have evolved in a distinctive way, apart from the central government in Mexico City and insulated from world social and economic factors. The essays in this volume suggest that this has not been the case: the process of development in Yucatan has been linked firmly to national and global forces of change over the past two centuries. The essays are by U.S., Mexican, Canadian, and Belizean social scientists representing both well-established and younger scholars. The result is a perspective on Yucatan’s historical development that is at once international, interdisciplinary, and intergenerational.
If our oil addiction is so bad for us, why don’t we kick the habit? Looking beyond the usual culprits—Big Oil, petro-states, and the strategists of empire—Lifeblood finds a deeper and more complex explanation in everyday practices of oil consumption in American culture. Those practices, Matthew T. Huber suggests, have in fact been instrumental in shaping the broader cultural politics of American capitalism.
How did gasoline and countless other petroleum products become so central to our notions of the American way of life? Huber traces the answer from the 1930s through the oil shocks of the 1970s to our present predicament, revealing that oil’s role in defining popular culture extends far beyond material connections between oil, suburbia, and automobility. He shows how oil powered a cultural politics of entrepreneurial life—the very American idea that life itself is a product of individual entrepreneurial capacities. In so doing he uses oil to retell American political history from the triumph of New Deal liberalism to the rise of the New Right, from oil’s celebration as the lifeblood of postwar capitalism to increasing anxieties over oil addiction.
Lifeblood rethinks debates surrounding energy and capitalism, neoliberalism and nature, and the importance of suburbanization in the rightward shift in American politics. Today, Huber tells us, as crises attributable to oil intensify, a populist clamoring for cheap energy has less to do with American excess than with the eroding conditions of life under neoliberalism.
In this highly original reexamination of North American poetry in English from Ezra Pound to the present day, Christopher Nealon demonstrates that the most vital writing of the period is deeply concerned with capitalism. This focus is not exclusive to the work of left-wing poets: the problem of capitalism’s effect on individuals, communities, and cultures is central to a wide variety of poetry, across a range of political and aesthetic orientations. Indeed, Nealon asserts, capitalism is the material out of which poetry in English has been created over the last century.
Much as poets of previous ages continually examined topics such as the deeds of King Arthur or the history of Troy, poets as diverse as Jack Spicer, John Ashbery, and Claudia Rankine have taken as their “matter” the dynamics and impact of capitalism—not least its tendency to generate economic and political turmoil. Nealon argues persuasively that poets’ attention to the matter of capital has created a corresponding notion of poetry as a kind of textual matter, capable of dispersal, retrieval, and disguise in times of crisis. Offering fresh readings of canonical poets from W. H. Auden to Adrienne Rich, as well as interpretations of younger writers like Kevin Davies, The Matter of Capital reorients our understanding of the central poetic project of the last century.
In Measuring Capital in the New Economy, Carol Corrado, John Haltiwanger, Daniel Sichel, and a host of distinguished collaborators offer new approaches for measuring capital in an economy that is increasingly dominated by high-technology capital and intangible assets. As the contributors show, high-tech capital and intangible assets affect the economy in ways that are notoriously difficult to appraise. In this detailed and thorough analysis of the problem and its solutions, the contributors study the nature of these relationships and provide guidance as to what factors should be included in calculations of different types of capital for economists, policymakers, and the financial and accounting communities alike.
At the dawn of the twentieth century, the US-Mexico border was home to some of the largest and most technologically advanced industrial copper mines. This despite being geographically, culturally, and financially far-removed from traditional urban centers of power. Mining the Borderlands argues that this was only possible because of the emergence of mining engineers—a distinct technocratic class of professionals who connected capital, labor, and expertise.
Mining engineers moved easily between remote mining camps and the upscale parlors of east coast investors. Working as labor managers and technical experts, they were involved in the daily negotiations, which brought private US capital to the southwestern border. The success of the massive capital-intensive mining ventures in the region depended on their ability to construct different networks, serving as intermediaries to groups that rarely coincided.
Grossman argues that this didn’t just lead to bigger and more efficient mines, but served as part of the ongoing project of American territorial and economic expansion. By integrating the history of technical expertise into the history of the transnational mining industry, this in-depth look at borderlands mining explains how American economic hegemony was established in a border region peripheral to the federal governments of both Washington, D.C. and Mexico City.
Mexico City became one of the centers of architectural modernism in the Americas in the first half of the twentieth century. Invigorated by insights drawn from the first published histories of Mexican colonial architecture, which suggested that Mexico possessed a distinctive architecture and culture, beginning in the 1920s a new generation of architects created profoundly visual modern buildings intended to convey Mexico’s unique cultural character. By midcentury these architects and their students had rewritten the country’s architectural history and transformed the capital into a metropolis where new buildings that evoked pre-conquest, colonial, and International Style architecture coexisted.
Through an exploration of schools, a university campus, a government ministry, a workers’ park, and houses for Diego Rivera and Luis Barragán, Kathryn O’Rourke offers a new interpretation of modern architecture in the Mexican capital, showing close links between design, evolving understandings of national architectural history, folk art, and social reform. This book demonstrates why creating a distinctively Mexican architecture captivated architects whose work was formally dissimilar, and how that concern became central to the profession.
EDITOR'S INTRODUCTION
INTRODUCTION
1. THE MONETARY POLICY OF THE UNITED STATES AFTER THE RECOVERY FROM THE 1920 CRISIS (1925)
2. SOME REMARKS ON THE PROBLEM OF IMPUTATION (1926)
3. ON THE PROBLEM OF THE THEORY OF INTEREST (1927)
4. INTERTEMPORAL PRICE EQUILIBRIUM AND MOVEMENTS IN THE VALUE OF MONEY (1928)
5. THE FATE OF THE GOLD STANDARD (1932)
6. CAPITAL CONSUMPTION (1932)
7. ON 'NEUTRAL MONEY' (1933)
8. TECHNICAL PROGRESS AND EXCESS CAPACITY (1936)
Two reviews
MARGINAL UTILITY AND ECONOMIC CALCULATION (1925)
THE EXCHANGE VALUE OF MONEY (1929)
NAME INDEX
Delving into narrative histories, prose fiction, and social philosophy, Hill analyzes the rhetoric, narrative form, and intellectual genealogy of late-nineteenth-century texts that contributed to the creation of national history in each of the three countries. He discusses the global political economy of the era, the positions of the three countries in it, and the reasons that arguments about history loomed large in debates on political, economic, and social problems. Examining how the writing of national histories in the three countries addressed political transformations and the place of the nation in the world, Hill illuminates the ideological labor national history performed. Its production not only naturalized the division of the world by systems of states and markets, but also asserted the inevitability of the nationalization of human community; displaced dissent to pre-modern, pre-national pasts; and presented the subject’s acceptance of a national identity as an unavoidable part of the passage from youth to adulthood.
Ortner tracked down nearly all 304 of her classmates. She interviewedabout 100 in person and spoke with most of the rest by phone, recording her classmates’ vivid memories of time, place, and identity. Ortner shows how social class affected people’s livesin many hidden and unexamined ways. She also demonstrates that the Class of ‘58’s extreme upward mobility must be understood in relation to the major identity movements of the twentieth century—the campaign against anti-Semitism, the Civil Rights movement, and feminism.
A multisited study combining field research with an interdisciplinary analytical framework, New Jersey Dreaming is a masterly integration of developments at the vanguard of contemporary anthropology. Engaging excerpts from Ortner's field notes are interspersed throughout the book. Whether recording the difficulties and pleasures of studying one's own peer group, the cultures of driving in different parts of the country, or the contrasting experiences of appointment-making in Los Angeles and New York, they provide a rare glimpse into the actual doing of ethnographic research.
In an original and evocative journey through modern Paris from the mid-eighteenth century to World War II, Patrice Higonnet offers a delightful cultural portrait of a multifaceted, continually changing city. In examining the myths and countermyths of Paris that have been created and re-created over time, Higonnet reveals a magical urban alchemy in which each era absorbs the myths and perceptions of Paris past, adapts them to the cultural imperatives of its own time, and feeds them back into the city, creating a new environment.
Paris was central to the modern world in ways internal and external, genuine and imagined, progressive and decadent. Higonnet explores Paris as the capital of revolution, science, empire, literature, and art, describing such incarnations as Belle Epoque Paris, the Commune, the surrealists' city, and Paris as viewed through American eyes. He also evokes the more visceral Paris of alienation, crime, material excess, and sensual pleasure.
Insightful, informative, and gracefully written, Paris illuminates the intersection of collective and individual imaginations in a perpetually shifting urban dynamic. In describing his Paris of the real and of the imagination, Higonnet sheds brilliant new light on this endlessly intriguing city.
Editors Benjamin S. Grossberg and Clare Rossini selected poems to reflect broad themes of labor, history and economic forces, social equity, and the environment. In addition, they asked each poet to provide a brief prose comment to introduce their work. Some give broad statements on the nature of wealth in America today; others are intimate, offering insight into how life experiences inform their writing; still others reflect on the art of poetry itself and its unique power to speak to economic pressures of the moment.
Contributors include Mary Jo Bang, Xochiquetzal Candelaria, Alan Chazaro, Mark Doty, Denise Duhamel, Tony Hoagland, Yusef Komunyakaa, Dorianne Laux, Kimiko Hahn, Sharon Olds, George Perreault, Robert Pinsky, Minnie Bruce Pratt, Afaa Michael Weaver, David Wojahn, and others.
Each essay presents readers with the extraordinary production and consumption of culture by Polish Jews in literature, film, cabaret, theater, the visual arts, architecture, and music. They show how this process was defined by a reciprocal cultural exchange that flourished between cities at the periphery—from Lwów and Wilno to Kraków and Łódź—and international centers like Warsaw, thereby illuminating the place of Polish Jews within urban European cultures.
Companion website (https://polishjewishmusic.iu.edu)
This pathbreaking volume, edited by anthropologists John L. Comaroff and Jean Comaroff, explores the reasons behind the increasingly assertive politics of custom in many corners of Africa. Chiefs come in countless guises—from university professors through cosmopolitan businessmen to subsistence farmers–but, whatever else they do, they are a critical key to understanding the tenacious hold that “traditional” authority enjoys in the late modern world. Together the contributors explore this counterintuitive chapter in Africa’s history and, in so doing, place it within the broader world-making processes of the twenty-first century.
The Pure Theory of Capital, F. A. Hayek’s long-overlooked, little-understood volume, was his most detailed work in economic theory. Originally published in 1941 when fashionable economic thought had shifted to John Maynard Keynes, Hayek’s manifesto of capital theory is now available again for today’s students and economists to discover.
With a new introduction by Hayek expert Lawrence H. White, who firmly situates the book not only in historical and theoretical context but within Hayek’s own life and his struggle to complete the manuscript, this edition commemorates the celebrated scholar’s last major work in economics. Offering a detailed account of the equilibrium relationships between inputs and outputs in an economy, Hayek’s stated objective was to make capital theory—which had previously been devoted almost entirely to the explanation of interest rates—“useful for the analysis of the monetary phenomena of the real world.” His ambitious goal was nothing less than to develop a capital theory that could be fully integrated into the business cycle theory.
Nathan Sayre now takes a close look at how the ranching ideal has come into play in the conversion of a large tract of Arizona rangeland from private ranch to National Wildlife Refuge. He tells how the Buenos Aires Ranch, a working operation for a hundred years, became not only a rallying point for multiple agendas in the "rangeland conflict" after its conversion to a wildlife refuge but also an expression of the larger shift from agricultural to urban economies in the Southwest since World War II.
The U.S. Fish and Wildlife Service bought the Buenos Aires Ranch in 1985, removed all livestock, and attempted to restore the land to its "original" grassland in order to protect an endangered species, the masked bobwhite quail. Sayre examines the history of the ranch and the bobwhite together, exploring the interplay of social, economic, and ecological issues to show how ranchers and their cattle altered the land—for better or worse—during a century of ranching and how the masked bobwhite became a symbol for environmentalists who believe that the removal of cattle benefits rangelands and wildlife.
Sayre evaluates both sides of the Buenos Aires controversy—from ranching's impact on the environment to environmentalism's sometimes misguided efforts at restoration—to address the complex and contradictory roles of ranching, endangered species conservation, and urbanization in the social and environmental transformation of the West. He focuses on three dimensions of the Buenos Aires story: the land and its inhabitants, both human and animal; the role of government agencies in shaping range and wildlife management; and the various species of capital—economic, symbolic, and bureaucratic—that have structured the activities of ranchers, environmentalists, and government officials.
The creation of the Buenos Aires National Wildlife Refuge has been a symbolic victory for environmentalists, but it comes at the cost of implicitly legitimizing the ongoing fragmentation and suburbanization of Arizona's still-wild rangelands. Sayre reveals how the polarized politics of "the rangeland conflict" have bound the Fish and Wildlife Service to a narrow, ineffectual management strategy on the Buenos Aires, with greater attention paid to increasing tourism from birdwatchers than to the complex challenge of restoring the masked bobwhite and its habitat. His findings show that the urban boom of the late twentieth century echoed the cattle boom of a century before—capitalizing on land rather than grass, humans rather than cattle—in a book that will serve as a model for restoration efforts in any environment.
The last year has seen the return of inflation as a preoccupation of political decision-makers, economists, and the general public. After two decades of wondering why inflation was so low, despite vast economic stimulus, economists were surprised by the recent surge in price increases. Despite disagreement about what exactly is happening in the economy, there is unanimity in one belief: slowing growth to control inflation. To focus on inflation’s return, Paul Mattick looks at both the past and present, placing current events in the context of capitalism’s history. Exploring the nature of money itself, he provides a concise, jargon-free understanding of recent inflation as well as official efforts to control it, illuminating the state of our contemporary economy.
The publication of Ritual and Capital is the culmination of a series of public readings organized by Wendy’s Subway, a nonprofit organization in Brooklyn, as part of their Spring 2017 Reading Room residency at the Bard Graduate Center. Copublished by the Bard Graduate Center and Wendy’s Subway, Ritual and Capital is the first title in the BGCX series, a publication series designed to expand time-based programming after the events themselves have ended. Springing from the generative spontaneity of conversation, performance, and hands-on engagement as their starting points, these experimental publishing projects will provide space for continued reflection and research in a form that is inclusive of a variety of artists and makers.
Rulers and Capital in Historical Perspective explains why modern banking and credit systems emerged in the nineteenth century only in certain countries that then subsequently industrialized and became developed.
Tracing the contemporaneous cases of India and the United States over time, Abhishek Chatterjee identifies the factors that were crucial to the development and regulation of a modern banking and credit system in the United States during the first third of the nineteenth century. He contrasts this situation with India’s, where the state never formally incorporated a sophisticated private credit system, and thus relegated it to the sphere of the informal economy.
Chatterjee identifies certain features in both societies, often—though not always—associated with colonialism, that tended to restrict the formation of modern institutionalized money and credit markets. Rulers and Capital in Historical Perspective demonstrates thatnotwithstanding the many other differences between the North American colonies (prior to independence), and India, the same facets of their relationships with Great Britain prevented the emergence of a modern banking system in the two respective societies.
Birla reveals how the categories of public and private infiltrated colonial commercial law, establishing distinct worlds for economic and cultural practice. This bifurcation was especially apparent in legal dilemmas concerning indigenous or “vernacular” capitalists, crucial engines of credit and production that operated through networks of extended kinship. Focusing on the story of the Marwaris, a powerful business group renowned as a key sector of India’s capitalist class, Birla demonstrates how colonial law governed vernacular capitalists as rarefied cultural actors, so rendering them illegitimate as economic agents. Birla’s innovative attention to the negotiations between vernacular and colonial systems of valuation illustrates how kinship-based commercial groups asserted their legitimacy by challenging and inhabiting the public/private mapping. Highlighting the cultural politics of market governance, Stages of Capital is an unprecedented history of colonial commercial law, its legal fictions, and the formation of the modern economic subject in India.
“[The book’s] most important contribution, however, is undoubtedly with respect to consumption taxes. No one, anywhere, has thought through with such care just how the so-called ‘simplified alternative tax’ (essentially a direct personal consumption tax combined with a cash-flow corporate tax) might work in the real world. Since such taxes are increasingly being considered—if not adopted—all over the world, in developing and developed countries alike, for this reason alone this book should be high on the reading list of all those concerned with the design and implementation of efficient and equitable direct tax systems.”—From the Foreword by Richard M. Bird
Emerging amid the turbulent rise of market finance and wider socioeconomic changes, modern drama enacted vital critiques of art and life under capitalism. Alisa Zhulina shows how fin-de-siècle playwrights such as Henrik Ibsen, August Strindberg, Anton Chekhov, George Bernard Shaw, and Gerhart Hauptmann interrogated the meaning of this newly coined economic concept. Acutely aware of their complicity in the system they sought to challenge, these playwrights staged economic questions as moral and political concerns, using their plays to explore the theories of Adam Smith, Karl Marx and Friedrich Engels, Max Weber, and others within the boundaries of bourgeois theater.
Theater of Capital: Modern Drama and Economic Life reveals the prescient and unsettling visions of life in a new financial and societal reality in now-canonical plays such as A Doll’s House, Miss Julie, and The Cherry Orchard, as well as in lesser-known and long-overlooked works. This wide-ranging study prompts us to reevaluate modern drama and its legacy for the urgent economic and political questions that haunt our present moment.
Understanding Capital is a brilliantly lucid introduction to Marxist economic theory. Duncan Foley builds an understanding of the theory systematically, from first principles through the definition of central concepts to the development of important applications. All of the topics in the three volumes of Capital are included, providing the reader with a complete view of Marxist economics.
Foley begins with a helpful discussion of philosophical problems readers often encounter in tackling Marx, including questions of epistemology, explanation, prediction, determinism, and dialectics. In an original extension of theory, he develops the often neglected concept of the circuit of capital to analyze Marx’s theory of the reproduction of capital. He also takes up central problems in the capitalist economy: equalization of the rates of profit (the “transformation problem”); productive and unproductive labor and the division of surplus value; and the falling rate of profit. He concludes with a discussion of the theory of capitalist crisis and of the relation of Marx’s critique of capitalism to his conception of socialism.
Through a careful treatment of the theory of money in relation to the labor theory of value, Foley clarifies the relation of prices to value and of Marx’s categories of analysis to conventional business and national income accounts, enabling readers to use Marx’s theory as a tool for the analysis of practical problems. The text is closely keyed throughout to the relevant chapters in Capital and includes suggestions for further reading on the topics discussed.
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