Economic Theory History

Like F.A. Hayek, Ludwig von Mises moved beyond economics in his later years to address questions regarding the foundation of all social science. But unlike Hayek's attempts, Mises' writings on these matters have received less attention than they deserve. Theory and History, writes Rothbard in his introduction, "remains by far the most neglected masterwork of Mises". Here Mises defends his all-important idea of methodological dualism: one approach to the hard sciences and another for the social sciences.

As the stock market crash of 1929 plunged the world into turmoil, two men emerged with competing claims on how to restore the balance to economies gone awry. John Maynard Keynes, the mercurial Cambridge economist, believed that government had a duty to spend when others would not. He met his opposite in a little-known Austrian economics professor, Friedrich Hayek, who considered attempts to intervene both pointless and potentially dangerous.

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.

As America struggles with an economic debacle akin to the Great Depression, nothing could be timelier than an authoritative account of the New Deal, masterfully written by Michael Hiltzik, author of the acclaimed history of the Hoover Dam, Colossus.

In this richly peopled, vividly rendered narrative, Hiltzik describes how the urgent short-term relief measures of Franklin Roosevelt’s Hundred Days evolved into a transformative concept of the federal role in American life.

Beginning in the 1950s, America entered a period of unprecedented social reform. This remarkable book demonstrates how the social programs of the 1960s and ’70s had the unintended and perverse effect of slowing and even reversing earlier progress in reducing poverty, crime, ignorance, and discrimination. Using widely understood and accepted data, it conclusively demonstrates that the amalgam of reforms from 1965 to 1970 actually made matters worse.

The Making of Modern Economics presents a bold and engaging history of economics—the dramatic story of how the great economic thinkers built today’s rigorous social science. This comprehensive yet accessible introduction to the major economic philosophers begins with Adam Smith and continues through to the present day. It examines the contributions each one made to our understanding of the role of the economist, the science of economics and economic theory.

Guyanese intellectual Walter Rodney emerged as one of the leading thinkers and activists of the anticolonial revolution. In 1980, shortly after founding of the Working People's Alliance in Guyana, the 38-year-old Rodney would be assassinated. In his magnum opus, Rodney incisively argues that grasping "the great divergence" between the West and the rest can only be explained as the exploitation of the latter by the former. This meticulously researched analysis of the repercussions of European colonialism in Africa remains an indispensable study for grasping global inequality today.

With Hope in the Dark, Rebecca Solnit makes a radical case for hope as a commitment to act in a world whose future remains uncertain and unknowable. Drawing on her decades of activism and a wide knowledge of environmental, cultural, and political history, Solnit argues that radicals have a long, neglected history of transformative victories, that the positive consequences of our acts are not always immediately seen, directly knowable, or even measurable.

In the first intellectual history of neoliberal globalism, author Quinn Slobodian follows a group of thinkers from the ashes of the Habsburg Empire to the creation of the World Trade Organization to show that neoliberalism emerged less to shrink government and abolish regulations than to redeploy them at a global level.

The Constitution of Liberty is considered Hayek's classic statement on the ideals of freedom and liberty, ideals that he believes have guided - and must continue to guide - the growth of Western civilization. Here, Hayek defends the principles of a free society, casting a skeptical eye on the growth of the welfare state and examining the challenges to freedom posed by an ever-expanding government.

Andrew Lambert, author of The Challenge - winner of the prestigious Anderson Medal - turns his attention to Athens, Carthage, Venice, the Dutch Republic, and Britain, examining how their identities as "seapowers" informed their actions and enabled them to achieve success disproportionate to their size. Lambert demonstrates how creating maritime identities made these states more dynamic, open, and inclusive than their lumbering continental rivals. Only when they forgot this aspect of their identity did these nations begin to decline.

Following a remarkable epoch of greater dispersion of wealth and opportunity, we are inexorably returning towards a more feudal era marked by greater concentration of wealth and property, reduced upward mobility, demographic stagnation, and increased dogmatism. If the last 70 years saw a massive expansion of the middle class, not only in America but in much of the developed world, today that class is declining and a new, more hierarchical society is emerging. The new class structure resembles that of Medieval times.

Inflation: What It Is, Why It’s Bad, and How to Fix It explains what’s behind the worst inflationary storm in more than forty years—one that is dominating the headlines and shaking Americans by their pocketbooks. The cost-of-living explosion since the COVID pandemic has raised alarms about a possible return of a 1970’s-style “Great Inflation.” Some observers even fear a descent into the kind of Weimar-style hyperinflation that has torn apart so many nations. Is this true? If so, what should be done? How should we prepare for the future?

In The Secret History of the American Empire, Perkins zeroes in on hot spots around the world and, drawing on interviews with other hit men, jackals, reporters, and activists, examines the current geopolitical crisis. Instability is the norm; it's clear that the world we've created is dangerous and no longer sustainable. How did we get here? Who's responsible? What good have we done and at what cost? And what can we do to change things for the next generations?

Here, anthropologist David Graeber presents a stunning reversal of conventional wisdom: He shows that before there was money, there was debt. For more than 5,000 years, since the beginnings of the first agrarian empires, humans have used elaborate credit systems to buy and sell goods - that is, long before the invention of coins or cash. It is in this era, Graeber argues, that we also first encounter a society divided into debtors and creditors.

Sacred Economics traces the history of money from ancient gift economies to modern capitalism, revealing how the money system has contributed to alienation, competition, and scarcity; destroyed community; and necessitated endless growth. Today, these trends have reached their extreme - but in the wake of their collapse, we may find great opportunity to transition to a more connected, ecological, and sustainable way of being.

Technofeudalism says Yanis Varoufakis, is the new power that is reshaping our lives and the world, and is the greatest current threat to the liberal individual, to our efforts to avert climate catastrophe—and to democracy itself. It also lies behind the new geopolitical tensions, especially the New Cold War between the United States and China. Drawing on stories from Greek myth and pop culture, from Homer to Mad Men, Varoufakis explains this revolutionary transformation: how it enslaves our minds, how it rewrites the rules of global power, and, ultimately, what it will take overthrow it.

The Great Recession, institutional dysfunction, a growing divide between urban and rural prospects, and failed efforts to effectively address immigration have paved the way for a populist backlash that disrupts the postwar bargain between political elites and citizens. Whether today's populism represents a corrective to unfair and obsolete policies or a threat to liberal democracy remains up for debate. To respond to today's crisis, good leaders must strive for inclusive economic growth while addressing social and cultural issues, including demographic anxiety, with frank attention.

An unimpeachable classic work in political philosophy, intellectual and cultural history, and economics, The Road to Serfdom has inspired and infuriated politicians, scholars, and the public for half a century. Originally published in 1944 - when Eleanor Roosevelt supported the efforts of Stalin, and Albert Einstein subscribed lock, stock, and barrel to the socialist program - The Road to Serfdom was seen as heretical for its passionate warning against the dangers of state control over the means of production.

The world’s leading economist of inequality presents a short but sweeping and surprisingly optimistic history of human progress toward equality despite crises, disasters, and backsliding, a perfect introduction to the ideas developed in his monumental earlier books.