Reopening the canons of the Beat Generation, Blows Like a Horn traces the creative counterculture movement as it cooked in the heat of Bay Area streets and exploded into spectacles, such as the scandal of the Howl trial and the pop culture joke of beatnik caricatures. Preston Whaley shows Beat artists riding the glossy exteriors of late modernism like a wave. Participants such as Lawrence Lipton, Lawrence Ferlinghetti, and at great personal cost, even Jack Kerouac, defied the traditional pride of avant-garde anonymity. They were ambitious to change the culture and used mass-mediated scandal, fame, and distortion to attract knowing consumers to their poetry and prose.

Blows Like a Horn follows the Beats as they tweaked the volume of excluded American voices. It watches vernacular energies marching through Beat texts on their migration from shadowy urban corners and rural backwoods to a fertile, new hyper-reality, where they warped into stereotypes. Some audiences were fooled. Others discovered truths and were changed.

Mirroring the music of the era, the book breaks new ground in showing how jazz, much more than an ambient soundtrack, shaped the very structures of Beat art and social life. Jazz, an American hybrid—shot through with an earned-in-the-woodshed, African American style of spontaneous intelligence—also gave Beat poetry its velocity and charisma. Blows Like a Horn plumbs the actions and the art of celebrated and arcane Beat writers, from Allen Ginsberg to ruth weiss. The poetry, the music, the style—all of these helped transform U.S. culture in ways that are still with us.

More than 630 million Chinese have escaped poverty since the 1980s, reducing the fraction remaining from 82 to 10 percent of the population. This astonishing decline in poverty, the largest in history, coincided with the rapid growth of a private enterprise economy. Yet private enterprise in China emerged in spite of impediments set up by the Chinese government. How did private enterprise overcome these initial obstacles to become the engine of China’s economic miracle? Where did capitalism come from?

Studying over 700 manufacturing firms in the Yangzi region, Victor Nee and Sonja Opper argue that China’s private enterprise economy bubbled up from below. Through trial and error, entrepreneurs devised institutional innovations that enabled them to decouple from the established economic order to start up and grow small, private manufacturing firms. Barriers to entry motivated them to build their own networks of suppliers and distributors, and to develop competitive advantage in self-organized industrial clusters. Close-knit groups of like-minded people participated in the emergence of private enterprise by offering financing and establishing reliable business norms.

This rapidly growing private enterprise economy diffused throughout the coastal regions of China and, passing through a series of tipping points, eroded the market share of state-owned firms. Only after this fledgling economy emerged as a dynamic engine of economic growth, wealth creation, and manufacturing jobs did the political elite legitimize it as a way to jump-start China’s market society. Today, this private enterprise economy is one of the greatest success stories in the history of capitalism.

Fluctuations of commodity prices, most notably of oil, capture considerable attention and have been tied to important economic effects, such as inflation and low rates of economic growth. Commodity Prices and Markets advances our understanding of the consequences of these fluctuations, providing both general analysis and a particular focus on the countries of the Pacific Rim. The volume addresses three distinct subjects: the difficulties in forecasting commodity prices, the effects of exogenous commodity price shocks on the domestic economy, and the relationship between price shocks and monetary policy. The ability to forecast commodity prices is difficult but of great importance to businesses and governments, and this volume will be invaluable to professionals and policy makers interested in the field.

Economists celebrate the market as a device for regulating human interaction without acknowledging that their enthusiasm depends on a set of half-truths: that individuals are autonomous, self-interested, and rational calculators with unlimited wants and that the only community that matters is the nation-state. However, as Stephen A. Marglin argues, market relationships erode community. In the past, for example, when a farm family experienced a setback—say the barn burned down—neighbors pitched in. Now a farmer whose barn burns down turns, not to his neighbors, but to his insurance company. Insurance may be a more efficient way to organize resources than a community barn raising, but the deep social and human ties that are constitutive of community are weakened by the shift from reciprocity to market relations.

Marglin dissects the ways in which the foundational assumptions of economics justify a world in which individuals are isolated from one another and social connections are impoverished as people define themselves in terms of how much they can afford to consume. Over the last four centuries, this economic ideology has become the dominant ideology in much of the world. Marglin presents an account of how this happened and an argument for righting the imbalance in our lives that this ideology has fostered.

As Preda discovers through extensive research, the public was once much more skeptical. For investing to become accepted, a deep-seated prejudice against speculation had to be overcome, and Preda reveals that over the course of the eighteenth and nineteenth centuries groups associated with stock exchanges in New York, London, and Paris managed to redefine finance as a scientific pursuit grounded in observational technology. But Preda also notes that as the financial data in which they trafficked became ever more difficult to understand, charismatic speculators emerged whose manipulations of the market undermined the benefits of widespread investment. And so, Framing Finance ends with an eye on the future, proposing a system of public financial education to counter the irrational elements that still animate the appeal of finance.

A Financial Times Book of the Year
A ProMarket Book of the Year

“Superbly argued and important…Donald Trump is in so many ways a product of the defective capitalism described in The Great Reversal. What the U.S. needs, instead, is another Teddy Roosevelt and his energetic trust-busting. Is that still imaginable? All believers in the virtues of competitive capitalism must hope so.”
—Martin Wolf, Financial Times

“In one industry after another…a few companies have grown so large that they have the power to keep prices high and wages low. It’s great for those corporations—and bad for almost everyone else.”
—David Leonhardt, New York Times

“Argues that the United States has much to gain by reforming how domestic markets work but also much to regain—a vitality that has been lost since the Reagan years…His analysis points to one way of making America great again: restoring our free-market competitiveness.”
—Arthur Herman, Wall Street Journal

Why are cell-phone plans so much more expensive in the United States than in Europe? It seems a simple question, but the search for an answer took one of the world’s leading economists on an unexpected journey through some of the most hotly debated issues in his field. He reached a surprising conclusion: American markets, once a model for the world, are giving up on healthy competition.

In the age of Silicon Valley start-ups and millennial millionaires, he hardly expected this. But the data from his cutting-edge research proved undeniable. In this compelling tale of economic detective work, we follow Thomas Philippon as he works out the facts and consequences of industry concentration, shows how lobbying and campaign contributions have defanged antitrust regulators, and considers what all this means. Philippon argues that many key problems of the American economy are due not to the flaws of capitalism or globalization but to the concentration of corporate power. By lobbying against competition, the biggest firms drive profits higher while depressing wages and limiting opportunities for investment, innovation, and growth. For the sake of ordinary Americans, he concludes, government needs to get back to what it once did best: keeping the playing field level for competition. It’s time to make American markets great—and free—again.

This timely study of the recent migration tides explores the political and economic factors that have influenced the rise of immigration in postwar Europe and the United States. It seeks to explain immigration in terms of the globalization of labor markets and the expansion of civil rights for marginal groups in the liberal democracies.

Immigration raises emotional issues of nationalism and citizenship. Territorial norms of community and nationhood come into conflict with the liberal ideal of free, rational individuals seeking a better life for themselves and their families. Yet immigration has been an essential ingredient in economic growth. How then can liberal states reconcile economic pressures to maintain adequate supplies of labor with political pressures to protect citizenship and safeguard rights that are accorded, in principle, to every member of society?

Three prominent democracies—France, Germany, and the United States—are chosen for study because their experience illustrates the dilemma that liberal states must face when trying to control immigration. The author carefully distinguishes differences in the factors that influence each state’s struggle to resolve the status of the “guest” worker and the “illegal” immigrant. Yet he finds that the accretion of rights for aliens and the globalization of markets have led to a convergence of immigration policies in the industrialized West.

This study confronts the double paradox of state-regulated labor migration: while markets benefit from open borders that allow them to meet the demand for migrant workers, the boundaries of citizenship impose a degree of limitation on cross-border migration. At the same time, the exclusivity of citizenship requires closed membership, yet civil and human rights undermine the state’s capacity to exclude foreigners once they are inside the country. By considering how Malaysia and Spain have responded to the demand for foreign labor, this book analyzes the unavoidable clash of markets, citizenship, and rights. 

The decades of the 1960s, ’70s, and ’80s were a time of growth and change in producing, marketing, and collecting Native American artwork and craftwork. During this time William R. Wright amassed a collection notable for its broad representation of twentieth-century Native American products. Focusing on the Southwest, he included contemporary Pueblo ceramics, Navajo and Hopi textiles, Navajo, Hopi, and Zuni jewelry, and baskets from some forty different Native American groups. The objects Wright gathered, which are now part of the collections of the Peabody Museum of Archaeology and Ethnology, reflect developments in the intersecting worlds of makers, markets, and collectors, including the challenges faced by makers to successfully balance tradition and innovation in their work and their lives.

This volume examines selected objects from the Wright collection to explore the market-influenced environment of modern Native American makers and their work, from what some consider the low end of tourist art multiples to the high end of unique, signed fine art objects.

Taken for granted as the natural order of things, peace at sea is in fact an immense and recent achievement—but also an enormous strategic challenge if it is to be maintained in the future. In Maritime Strategy and Global Order, an international roster of top scholars offers historical perspectives and contemporary analysis to explore the role of naval power and maritime trade in creating the international system.

The book begins in the early days of the industrial revolution with the foundational role of maritime strategy in building the British Empire. It continues into the era of naval disorder surrounding the two world wars, through the passing of the Pax Britannica and the rise of the Pax Americana, and then examines present-day regional security in hot spots like the South China Sea and Arctic Ocean. Additional chapters engage with important related topics such as maritime law, resource competition, warship evolution since the end of the Cold War, and naval intelligence.

A first-of-its-kind collection, Maritime Strategy and Global Order offers scholars, practitioners, students, and others with an interest in maritime history and strategic issues an absorbing long view of the role of the sea in creating the world we know.

Long before Deng Xiaoping’s market-based reforms, commercial relationships bound the Chinese Communist Party to international capitalism and left lasting marks on China’s trade and diplomacy.

China today seems caught in a contradiction: a capitalist state led by a Communist party. But as Market Maoists shows, this seeming paradox is nothing new. Since the 1930s, before the Chinese Communist Party came to power, Communist traders and diplomats have sought deals with capitalists in an effort to fuel political transformation and the restoration of Chinese power. For as long as there have been Communists in China, they have been reconciling revolutionary aspirations at home with market realities abroad.

Jason Kelly unearths this hidden history of global commerce, finding that even Mao Zedong saw no fundamental conflict between trading with capitalists and chasing revolution. China’s ties to capitalism transformed under Mao but were never broken. And it was not just goods and currencies that changed hands. Sustained contact with foreign capitalists shaped the Chinese nation under Communism and left deep impressions on foreign policy. Deals demanded mutual intelligibility and cooperation. As a result, international transactions facilitated the exchange of ideas, habits, and beliefs, leaving subtle but lasting effects on the values and attitudes of individuals and institutions.

Drawing from official and commercial archives around the world, including newly available internal Chinese Communist Party documents, Market Maoists recasts our understanding of China’s relationship with global capitalism, revealing how these early accommodations laid the groundwork for China’s embrace of capitalism in the 1980s and after.

Market signaling, a phrase formulated by A. Michael Spence, means the activities and characteristics of individuals which are visible to somebody else and convey information in a market, such as the job market. This study attempts to explain the informational content of market signals.

In many markets, people are screened. Employers screen job applicants. Banks screen loan applicants. In screening processes like these, the attributes of individuals, such as education, previous experience, personal appearance, sex, and race may be read as signals. Thus education may be a signal of an ability to do a certain kind of job. Spence finds that when education is regarded as a job-market signal there is a systematic tendency to overinvest in it.

The author also extends the concept of “market equilibrium” to include signaling. A signaling equilibrium, when applied to a job market, is defined as a situation in which employers’ beliefs about the relationship between (1) applicants’ signals and (2) their productivity are confirmed by their performance after they are hired. Spence uses this concept to derive insights into the efficiency of a market system for allocating jobs to people and people to jobs. His approach gives economists and policy makers a way of looking at the welfare properties of various signals and of studying the informational structures of particular markets.

A staunch neoclassical economist, Sherwin Rosen drew inspiration from Adam Smith's Wealth of Nations, particularly his theory of compensating wage differentials, which Rosen felt was central to all economic problems involving product differentiation and spatial considerations. The main theme of his collection is how markets handle diversity, including the determination of value in the presence of diversity, the allocation of idiosyncratic buyers to specialized sellers, and the effects of heterogeneity and sorting on inequality.

Rosen felt that good economics required combining simple but powerful concepts such as optimizing and equilibrium with careful empirical analysis. It was important for the relatively simple rules of behavior implied by rationality to have useful, empirically descriptive content and predictive power. If they did, it was often possible to infer underlying structure (tastes and technology, for example) from actual behavior. Using this approach, Rosen was able to develop powerful insights into such phenomena as the enormous salaries paid to sports and entertainment stars and top business executives. He also explored with fruitful results the premium paid to workers in risky jobs, learning and experience in the labor market, and other labor market phenomena.

Markets in Oaxaca is a study of the regional peasant marketing system in the Valley of Oaxaca, Mexico. It relates the marketing system to other aspects of the regional economy, to neighboring regions, and to the Mexican national economy. Combining ethnographic, theoretical, and regional analyses, it suggests new directions in the fields of peasant and development studies.

Contributors to the volume describe the operation and nature of several marketplaces in the region, analyze village-based artisan production and various specialized economic roles (particularly the role of traders), and describe the operation of several total regional marketing systems. The editors then consider their findings against the background of political, economic, and social structures from the pre-Conquest period to the present. In their conclusion, the editors find the regional peasant economy to be responsive both to the influence of the urban metropolitan sector, on the one hand, and to its own indigenous structural integrity and internal dynamism, on the other.

In addition to the editors, the contributors to Markets in Oaxaca are Ralph L. Beals, Richard L. Berg Jr., Beverly Chiñas, Herbert M. Eder, Charlotte Stolmaker, Carole Turkenik, John C. Warner, Ronald Waterbury, and Cecil R. Welte. Their essays combine analyses of the elements of the system within a comprehensive theoretical framework. Together, they present a complete and integrated view of a peasant economy.

A colorful history of US research universities, and a market-based theory of their global success.

American education has its share of problems, but it excels in at least one area: university-based research. That’s why American universities have produced more Nobel Prize winners than those of the next twenty-nine countries combined. Economist Miguel Urquiola argues that the principal source of this triumph is a free-market approach to higher education.

Until the late nineteenth century, research at American universities was largely an afterthought, suffering for the same reason that it now prospers: the free market permits institutional self-rule. Most universities exploited that flexibility to provide what well-heeled families and church benefactors wanted. They taught denominationally appropriate materials and produced the next generation of regional elites, no matter the students’—or their instructors’—competence. These schools were nothing like the German universities that led the world in research and advanced training. The American system only began to shift when certain universities, free to change their business model, realized there was demand in the industrial economy for students who were taught by experts and sorted by talent rather than breeding. Cornell and Johns Hopkins led the way, followed by Harvard, Columbia, and a few dozen others that remain centers of research. By the 1920s the United States was well on its way to producing the best university research.

Free markets are not the solution for all educational problems. Urquiola explains why they are less successful at the primary and secondary level, areas in which the United States often lags. But the entrepreneurial spirit has certainly been the key to American leadership in the research sector that is so crucial to economic success.

When István Hont died in 2013, the world lost a giant of intellectual history. A leader of the Cambridge School of Political Thought, Hont argued passionately for a global-historical approach to political ideas. To better understand the development of liberalism, he looked not only to the works of great thinkers but also to their reception and use amid revolution and interstate competition. His innovative program of study culminated in the landmark 2005 book Jealousy of Trade, which explores the birth of economic nationalism and other social effects of expanding eighteenth-century markets. Markets, Morals, Politics brings together a celebrated cast of Hont’s contemporaries to assess his influence, ideas, and methods.

Richard Tuck, John Pocock, John Dunn, Raymond Geuss, Gareth Stedman Jones, Michael Sonenscher, John Robertson, Keith Tribe, Pasquale Pasquino, and Peter N. Miller contribute original essays on themes Hont treated with penetrating insight: the politics of commerce, debt, and luxury; the morality of markets; and economic limits on state power. The authors delve into questions about the relationship between states and markets, politics and economics, through examinations of key Enlightenment and pre-Enlightenment figures in context—Hobbes, Rousseau, Spinoza, and many others. The contributors also add depth to Hont’s lifelong, if sometimes veiled, engagement with Marx.

The result is a work of interpretation that does justice to Hont’s influence while developing its own provocative and illuminating arguments. Markets, Morals, Politics will be a valuable companion to readers of Hont and anyone concerned with political economy and the history of ideas.

Using a sample of European newspapers and their TV listings as a stepping stone, Media, Markets and Public Spheres presents an overview of changes in European public spheres over the last fifty years. With in-depth analyses of structural changes in press and broadcasting, changing relations between media, and changes in media policies, this book explores how and why the media decisively influence most aspects of society. Media, Markets and Public Spheres will be useful to students in media and communication studies and European studies, as well as for those studying sociology and political science.

Part travelogue, part cookbook, Mercados takes us on a tour of Mexico’s most colorful destinations—its markets—led by an award-winning, preeminent guide whose passion for Mexican food attracted followers from around the globe. Just as David Sterling’s Yucatán earned him praise for his “meticulously researched knowledge” (Saveur) and for producing “a labor of love that well documents place, people and, yes, food” (Booklist), Mercados now invites readers to learn about local ingredients, meet vendors and cooks, and taste dishes that reflect Mexico’s distinctive regional cuisine.

Serving up more than one hundred recipes, Mercados presents unique versions of Oaxaca’s legendary moles and Michoacan’s carnitas, as well as little-known specialties such as the charcuterie of Chiapas, the wild anise of Pátzcuaro, and the seafood soups of Veracruz. Sumptuous color photographs transport us to the enormous forty-acre, 10,000-merchant Central de Abastos in Oaxaca as well as tiny tianguises in Tabasco. Blending immersive research and passionate appreciation, David Sterling’s final opus is at once a must-have cookbook and a literary feast for the gastronome.

In Peruvian Street Lives, Seligmann argues that the sometimes invisible and informal economic, social, and political networks market women establish may appear disorderly and chaotic, but in fact often keep dysfunctional economies and corrupt bureaucracies from utterly destroying the ability of citizens to survive from day to day. Seligmann asks why the constructive efforts of market women to make a living provoke such negative social perceptions from some members of Peruvian society, who see them as symbols and actual catalysts of social disorder. At the same time, Seligmann shows how market women eke out a living, combat discrimination, and transgress racial and gender ideologies within the rich and expressive cultural traditions they have developed.

The “free market” has been a hot topic of debate for decades. Proponents tout it as a cure-all for just about everything that ails modern society, while opponents blame it for the very same ills. But the heated rhetoric obscures one very important, indeed fundamental, fact—markets don’t just run themselves; we create them.

Starting from this surprisingly simple, yet often ignored or misunderstood fact, Alex Marshall takes us on a fascinating tour of the fundamentals that shape markets and, through them, our daily economic lives. He debunks the myth of the “free market,” showing how markets could not exist without governments to create the structures through which we assert ownership of property, real and intellectual, and conduct business of all kinds. Marshall also takes a wide-ranging look at many other structures that make markets possible, including physical infrastructure ranging from roads and railroads to water systems and power lines; mental and cultural structures such as common languages and bodies of knowledge; and the international structures that allow goods, services, cash, bytes, and bits to flow freely around the globe.

Sure to stimulate a lively public conversation about the design of markets, this broadly accessible overview of how a market economy is constructed will help us create markets that are fairer, more prosperous, more creative, and more beautiful.

Concerned primarily with oligopoly, this work includes a general study of pricing in three different markets—perfect competition, perfect monopoly, and imperfect competition. The solutions of these markets offered by Cournot, Smithies, Chamberlin, Stackelberg, Fellner, and Robinson are presented mathematically, followed by the author’s own version of the theory of rational pricing in oligopoly.

Previous authors have not allowed for all the variables arising from profit and price situations in the market. Here, more realistic assumptions and more complex analyses indicate that sellers in oligopoly situations do not always need to arrange specific agreements—hence, that “administered” pricing does not inevitably occur when the market is dominated by a few producers.