The financial and economic crisis that began in 2008 is the most alarming of our lifetime because of the warp-speed at which it is occurring. How could it have happened, especially after all that we’ve learned from the Great Depression? Why wasn’t it anticipated so that remedial steps could be taken to avoid or mitigate it? What can be done to reverse a slide into a full-blown depression? Why have the responses to date of the government and the economics profession been so lackluster? Richard Posner presents a concise and non-technical examination of this mother of all financial disasters and of the, as yet, stumbling efforts to cope with it. No previous acquaintance on the part of the reader with macroeconomics or the theory of finance is presupposed. This is a book for intelligent generalists that will interest specialists as well.
Among the facts and causes Posner identifies are: excess savings flowing in from Asia and the reckless lowering of interest rates by the Federal Reserve Board; the relation between executive compensation, short-term profit goals, and risky lending; the housing bubble fuelled by low interest rates, aggressive mortgage marketing, and loose regulations; the low savings rate of American people; and the highly leveraged balance sheets of large financial institutions.
Posner analyzes the two basic remedial approaches to the crisis, which correspond to the two theories of the cause of the Great Depression: the monetarist—that the Federal Reserve Board allowed the money supply to shrink, thus failing to prevent a disastrous deflation—and the Keynesian—that the depression was the product of a credit binge in the 1920s, a stock-market crash, and the ensuing downward spiral in economic activity. Posner concludes that the pendulum swung too far and that our financial markets need to be more heavily regulated.
Winner, Book Award, Associaton for Borderland Studies, 2008
The U.S. and Mexican border regions have experienced rapid demographic and economic growth over the last fifty years. In this analysis, Joan Anderson and James Gerber offer a new perspective on the changes and tensions pulling at the border from both sides through a discussion of cross-border economic issues and thorough analytical research that examines not only the dramatic demographic and economic growth of the region, but also shifts in living standards, the changing political climate, and environmental pressures, as well as how these affect the lives of people in the border region.
Creating what they term a Border Human Development Index, the authors rank the quality of life for every U.S. county and Mexican municipio that touches the 2,000-mile border. Using data from six U.S. and Mexican censuses, the book adeptly illustrates disparities in various aspects of economic development between the two countries over the last six decades.
Anderson and Gerber make the material accessible and compelling by drawing an evocative picture of how similar the communities on either side of the border are culturally, yet how divided they are economically. The authors bring a heightened level of insight to border issues not just for academics but also for general readers. The book will be of particular value to individuals interested in how the border between the two countries shapes the debates on quality of life, industrial growth, immigration, cross-border integration, and economic and social development.
Until the early nineteenth century, “risk” was a specialized term: it was the commodity exchanged in a marine insurance contract. Freaks of Fortune tells the story of how the modern concept of risk emerged in the United States. Born on the high seas, risk migrated inland and became essential to the financial management of an inherently uncertain capitalist future.
Focusing on the hopes and anxieties of ordinary people, Jonathan Levy shows how risk developed through the extraordinary growth of new financial institutions—insurance corporations, savings banks, mortgage-backed securities markets, commodities futures markets, and securities markets—while posing inescapable moral questions. For at the heart of risk’s rise was a new vision of freedom. To be a free individual, whether an emancipated slave, a plains farmer, or a Wall Street financier, was to take, assume, and manage one’s own personal risk. Yet this often meant offloading that same risk onto a series of new financial institutions, which together have only recently acquired the name “financial services industry.” Levy traces the fate of a new vision of personal freedom, as it unfolded in the new economic reality created by the American financial system.
Amid the nineteenth-century’s waning faith in God’s providence, Americans increasingly confronted unanticipated challenges to their independence and security in the boom and bust chance-world of capitalism. Freaks of Fortune is one of the first books to excavate the historical origins of our own financialized times and risk-defined lives.
From Quarry to Cornfield provides an innovative model for examining the technology of hoe production and its contribution to the agriculture of Mississippian communities.
Lithic specialist Charles Cobb examines the political economy in Mississippian communities through a case study of raw material procurement and hoe production and usage at the Mill Creek site on Dillow Ridge in southwest Illinois. Cobb outlines the day-to-day activities in a Mississippian chiefdom village that flourished from about A.D. 1250 to 1500. In so doing, he provides a fascinating window into the specialized tasks of a variety of "day laborers" whose contribution to the community rested on their production of stone hoes necessary in the task of feeding the village. Overlooked in most previous studies, the skills and creativity of the makers of the hoes used in village farming provide a basis for broader analysis of the technology of hoe use in Mississippian times.
Although Cobb's work focuses on Mill Creek, his findings at this site are representative of the agricultural practices of Mississippian communities throughout the eastern United States. The theoretical underpinnings of Cobb's study make a clear case for a reexamination of the accepted definition of chiefdom, the mobilization of surplus labor, and issues of power, history, and agency in Mississippian times. In a well-crafted piece of writing, Cobb distinguishes himself as one of the leaders in the study of lithic technology. From Quarry to Cornfield will find a well-deserved place in the ongoing discussions of power and production in the Mississippian political economy.
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
Are humans hard-wired to make good decisions about managing their privacy in an increasingly public world? Or are we helpless victims of surveillance through our use of invasive digital media? Exploring the chasm between the tyranny of surveillance and the ideal of privacy, this book traces the origins of personal data collection in digital technologies including artificial intelligence (AI) embedded in social network sites, search engines, mobile apps, the web, and email. The Future of Digital Surveillance argues against a technologically deterministic view—digital technologies by nature do not cause surveillance. Instead, the shaping of surveillance technologies is embedded in a complex set of individual psychology, institutional behaviors, and policy principles.
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