Economics

A N D
Business
A N D

2010

Harvard University Press

 NEW
A F AILURE OF C APITALISM
The Crisis of ’08 and the Descent into Depression
RICHARD A. POSNER
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. 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.
“Lively, readable, and plainspoken…Posner has an extraordinarily sharp mind.”
—ROBERT M. SOLOW, NEW YORK REVIEW OF BOOKS
“A surprising volume that explains what happened to the banking system and
economy in terms the lay reader can easily understand…[Posner’s] critique is
bracing, all the more so because it comes from a right-leaning thinker normally
hostile to the ministrations of government bureaucrats.”
—PAUL M. BARRETT, WASHINGTON POST BOOK WORLD
“Before seeking political asylum in free-market Hong Kong, consider reading a new book that
critiques what went wrong with capitalism, written in order to save it. Judge Richard Posner’s
A Failure of Capitalism is noteworthy. As a longtime University of Chicago professor and father
of the free-market-based law-and-economics movement, Judge Posner makes an unlikely critic
of capitalism. But as author of some 40 books and as the most frequently cited federal appeals
court jurist, he is also one of our most original and clearheaded thinkers.”
—L. GORDON CROVITZ, WALL STREET JOURNAL
2009 368 pp. Cloth $23.95 / £17.95 ISBN 978-0-674-03514-0

NEW in paperback
T HE R ACE BETWEEN E DUC ATION AND T ECHNOLOGY
CLAUDIA GOLDIN AND LAWRENCE F. KATZ
★ The Richard A. Lester Award for the Outstanding Book
in Industrial Relations and Labor Economics
★ R. R. Hawkins Award, Association of American Publishers
The American educational system has made America the richest nation in the
world. During the first eight decades of the twentieth century, the increase of
educated workers was higher than the demand for them. This had the effect of
boosting income and lowering inequality. However, the reverse has been true
since 1980. The authors discuss the complex reasons for this, and what might
be done to ameliorate it.
“Essential reading.”
—THOMAS F. COOLEY, FORBES
“One of the most important books of the year.”
—NICHOLAS D. KRISTOF, NEW YORK TIMES
“[Goldin and Katz] tackle the most important U.S. economic trend, and, hence, most critical
domestic issue—growing income inequality…[America] now has the most unequal income and
wage distributions of any high-income nation…The good news is that if Goldin and Katz are
right, the cure for income inequality is one most Americans would intuitively support: improving
mass education.”
—CHRYSTIA FREELAND, FINANCIAL TIMES
Belknap 2009; 2008 51 line illus., 42 tables 496 pp.
Cloth $39.95 / £29.95 ISBN 978-0-674-02867-8 Paper $19.95 / £14.95 ISBN 978-0-674-03530-0

table of contents

Featured Titles ..............................................2 Law & Economics ......................................18

Books for the Economic Crisis .....................6 Textbooks for Course Use...........................20
International Economics...............................7 History of Economic Thought...................21
Economic & Business History......................8 For Your Personal Library...........................22
Political Economy.......................................12 Index ...........................................................22
Social Economics ........................................15 Order Form.................................................23

2 FEATURED TITLES

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 NEW
T HE I DEA OF J USTICE
AMARTYA SEN
★A New Statesman Top Ten Book of the Decade
★ An Economist Best Book of the Year
★A Globe and Mail Best Book of the Year
“In the courtliest of tones, Sen charges John Rawls, an American philosopher
who died in 2002, with sending political thinkers up a tortuous blind alley…
The Idea of Justice serves also as a commanding summation of Sen’s own work
on economic reasoning and on the elements and measurement of human
well-being…The Idea of Justice is a contribution of the highest rank.”
—THE ECONOMIST
“In this intricate, endlessly thought-provoking book, Sen brings the full force of his formidable mind
and his moral sense to show how specific questions—of chronic malnourishment, ill-health, demo-
graphic gender imbalance—must be analysed in terms of justice. Doing something about them is not
a discretionary matter—it is a requirement of being human. Sen is the most sophisticated intellectual
campaigner of our times.”
—SUNIL KHILNANI, FT.COM
“[Sen’s] book quite radically attempts to shift the grounds of the conversation [about justice] altogether.
It seeks to provide a counter-framework rather than a counter-theory. And this is only one of its many
admirable ambitions…The repudiation of the economicist account of life is one of this book’s most
valuable achievements…The spectacle of an economist rejecting a purely economic understanding of
the individual is delightful to behold…His work—in its simultaneous affirmation of the universal and
the particular—serves as an eloquent and humane testimony to the power of reason.”
—MOSHE HALBERTAL, NEW REPUBLIC
Belknap 2009 496 pp. Cloth $29.95 / NA ISBN 978-0-674-03613-0

NEW
T HE C REATION AND D ESTRUCTION OF VALUE
The Globalization Cycle
HAROLD JAMES
Harold James examines the vulnerability and fragility of processes of globalization,
both historically and in the present. This book applies lessons from past break-
downs of globalization—above all in the Great Depression—to show how financial
crises provoke backlashes against global integration: against the mobility of capital
or goods, but also against flows of migration. The book shows the looming psycho-
logical and material consequences of an interconnected world for people and the
institutions they create.
“The reflections of Harold James…would be of interest even in times more tranquil than these. But
at a moment when the march of global integration has been stalled by a financial crisis unparalleled
since the 1930s, James is a particularly fitting guide…At a time when economists are accused of hav-
ing forgotten history, yet few historians can explain the world of bank bail-outs and the turmoil they
cause, James has a rare gift for being able to marshal an impressive knowledge of economic and finan-
cial history in order to highlight previously unrecognized connections with the past.”
—THE ECONOMIST
“From the current vantage point—rising stock prices amid a weak economic recovery and double-digit
unemployment—it is too soon to know whether the current crisis will be remembered as a financial
shock that failed to throw off the trajectory of globalization, or if it marks the start of a more funda-
mental re-ordering. James modestly and appropriately avoids trying to answer that question. But he
asks all the right ones, offering a brilliant tour through the Great Depression and the current crisis.”
—EDWARD ALDEN, FORBES.COM
“No one is better qualified than Harold James to explore the similarities and differences between re-
cent events and the early 1930s. A model of lucid exposition, The Creation and Destruction of Value
confirms that if you want to understand our current predicament, history is a much better guide than
economics.”
—NIALL FERGUSON, AUTHOR OF THE ASCENT OF MONEY
2009 7 figures 336 pp. Cloth $19.95 / £14.95 ISBN 978-0-674-03584-3

FEATURED TITLES 3
 NEW
N ATURAL E XPERIMENTS OF H ISTORY
EDITED BY JARED DIAMOND AND JAMES A. ROBINSON
This book consists of eight comparative studies drawn from history, archaeology,
economics, economic history, geography, and political science. The studies cover
a spectrum of approaches, ranging from a non-quantitative narrative style in the
early chapters to quantitative statistical analyses in the later chapters. The societies
discussed are contemporary ones, literate societies of recent centuries, and non-
literate past societies. Geographically, they include the United States, Mexico,
Brazil, western Europe, tropical Africa, India, Siberia, Australia, New Zealand,
and other Pacific islands.
“A superb collection of eminently teachable essays bound together by a common methodological
framework that connects it directly to cutting-edge theoretical and empirical research across the
disciplines of anthropology, archeology, history, political science, and sociology.”
—JOHN COATSWORTH, COLUMBIA UNIVERSITY
“Natural Experiments of History reaches across a wide variety of disciplines, in ways that should be
accessible to just about every educated reader. It is tied together not by topic or region but by the idea
that we can make useful and insightful comparisons in ways that are not casual or sloppy, but actually
contribute to our understanding of human life.”
—JEFFRY FRIEDEN, HARVARD UNIVERSITY
Belknap 2010 14 figures, 5 maps, 7 tables 288 pp. Cloth $29.95 / £22.95 ISBN 978-0-674-03557-7

NEW
T HE R ETURN TO K EYNES
EDITED BY BRADLEY BATEMAN, TOSHIAKI HIRAI,
AND MARIA CRISTINA MARCUZZO
Keynesian economics, which proposed that the government could use monetary
and fiscal policy to help the economy avoid the extremes of recession and inflation,
held sway for thirty years after World War II. However, it was discredited after the
stagflation of the 1970s, only to see a rebirth, most dramatically illustrated during
the past year when central banks have pumped billions of dollars of liquidity into
the world’s financial system to address the crises of confidence, illiquidity, and
insolvency that were triggered by the sub-prime lending crisis. The Return to Keynes puts Keynesian
economics in a fresh perspective in order to assess this surprising new era in economic policy making.
“During the 1990s, John Maynard Keynes, and Keynesian economics, were declared to be well and
truly dead. Then came the financial and economic crises of 2008 and they were reborn as a way of
understanding economies with significant unemployment. This excellent collection of essays, brought
together by three prominent scholars of Keynes and Keynesian policy, will be a convenient way for
those who have forgotten Keynesian economics to refresh themselves, and for others to learn for the
first time.”
—CRAUFURD GOODWIN, DUKE UNIVERSITY
“This fascinating collection of papers addresses the current status and relevance of Keynes from a
number of perspectives: the return of macroeconomic policy activism, the state of modern macro-
economics, the recent scholarship of Keynes’s life and work, and some elements of Keynes’s work that
might be relevant to the current crisis. The authors’ backgrounds are diverse and their scholarship
often cutting edge. A fine guide to the present state of play.”
—D. E. MOGGRIDGE, UNIVERSITY OF TORONTO
Belknap 2010 15 figures, 1 table 284 pp. Cloth $49.95 / £36.95 ISBN 978-0-674-03538-6

4 FEATURED TITLES

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 NEW
B ETTER L IVING THROUGH E CONOMICS
EDITED BY JOHN J. SIEGFRIED
Economists were obviously instrumental in revising the consumer price index
and in devising auctions for allocating spectrum rights to cell phone providers in
the 1990s. But perhaps more surprisingly, economists built the foundation for
eliminating the military draft in favor of an all-volunteer army in 1973, for pass-
ing the Earned Income Tax Credit in 1975, for deregulating airlines in 1978,
for adopting the welfare-to-work reforms during the Clinton administration,
and for implementing the Pension Reform Act of 2006 that allowed employers
to automatically enroll employees in a 401(k). Better Living through Economics consists of twelve case
studies that demonstrate how economic research has improved economic and social conditions over the
past half century by influencing public policy decisions.
“The contributors to this volume are in each case economists who have been in the forefront in apply-
ing economic analysis in a policy setting. Their essays are concise, clear, and consistently written at a
level within the reach of undergraduate economics students. Each addresses an area of public policy in
which economic reasoning and research methods have been applied successfully to generate a policy
change or refinement, leading to a large increase in welfare.”
—RICHARD CAVES, HARVARD UNIVERSITY
“The contributions are uniformly excellent and written by top economists.”
—TYLER COWEN, MARGINALREVOLUTION.COM
2009 18 line illus., 7 tables 324 pp. Cloth $45.00 / £33.95 ISBN 978-0-674-03618-5

NEW
T O S ERVE G OD AND W AL -M ART
The Making of Christian Free Enterprise
BETHANY MORETON
This extraordinary biography of Wal-Mart’s world shows how a Christian pro-
business movement grew from the bottom up as well as the top down, bolstering
an economic vision that sanctifies corporate globalization.
“Much of what we learn from Moreton’s book…raises serious doubts about
whether the corporation’s influence has been positive on balance. But in the
process of describing the downside of Wal-Mart, [she] offers penetrating insights into why the chain
has been so phenomenally successful…Moreton offers a gracefully written and meticulously re-
searched account of why people not only have been willing to work for the company, but often have
also developed fierce loyalty to it.”
—ROBERT FRANK, NEW YORK TIMES BOOK REVIEW
“An engaging account of how a discount five-and-dime store conceived in the rural American Ozarks
became the template for service work in the global economy…[Moreton offers] an explanation of the
paradox that political pundits have pondered in recent years: why many middle Americans prioritize
conservative social issues ahead of government policies that would presumably be in their economic
self-interest.”
—REBEKAH PEEPLES MASSENGILL, TIMES HIGHER EDUCATION
“To Serve God and Wal-Mart should become a standard text in business history courses…In
performing a deliberate inversion of more conventional approaches to business history, To Serve
God and Wal-Mart greatly enriches our understanding of both Wal-Mart and the Sun Belt service
economy.”
—ANGUS BURGIN, ENTERPRISE AND SOCIETY
2009 12 halftones, 1 map 392 pp. Cloth $27.95 / £20.95 ISBN 978-0-674-03322-1

FEATURED TITLES 5
 NEW in paperback
S URVIVING L ARGE L OSSES
Financial Crises, the Middle Class, and
the Development of Capital Markets
PHILIP T. HOFFMAN, GILLES POSTEL-VINAY,
AND JEAN-LAURENT ROSENTHAL
We are reeling from the worst financial crisis in decades. But if we heed history’s
lessons, our financial meltdown will ultimately have beneficial consequences.
Surviving Large Losses shows how past crises have led to stronger financial institu-
tions and even renewed growth.
“[An] engaging small book…The authors make a good case for the importance
of history, and the lessons from this brief book are clearer than most.”
—PETER TEMIN, JOURNAL OF INTERDISCIPLINARY HISTORY
“A worthy companion to Kindleberger’s [Manias, Panics, and Crashes: A History of Financial Crises],
perhaps even an alternative to it.”
—DAVID WARSH, ECONOMICPRINCIPALS.COM
“A timely book. It is also provocative in trying to do something no one has done before, namely
provide a comprehensive political economy analysis of several centuries of financial crises and their
effects on the development of financial systems.”
—RICHARD SYLLA, JOURNAL OF ECONOMIC HISTORY
“The authors of this book, academics in the fields of history, social sciences, and economics, have
done more than write a history of financial crises; rather, they explain the nature of these crises by
putting economic theory into plain English.”
—R. J. PHILLIPS, CHOICE
Belknap 2009; 2007 2 line illus., 1 table 272 pp.
Paper $17.95 / £13.95 ISBN 978-0-674-03636-9

A DAM ’S F ALLACY
A Guide to Economic Theology
DUNCAN K. FOLEY
“Foley gets deep into the analytical content of major schools of thought,
ranking Adam’s Fallacy up there with Heilbroner’s classic.”
—ROBERT SOLOW, NEW YORK REVIEW OF BOOKS
“[A] passionate book, to be welcomed in a discipline notably devoid of
passion. [Adam’s Fallacy] can be read for pleasure and enlightenment by
economists and non-economists alike.”
—DAVID THROSBY, TIMES LITERARY SUPPLEMENT
Belknap 2008; 2006 7 line illus., 1 table 288 pp.
Paper $17.95 / £14.95 ISBN 978-0-674-02729-9

Why Wages Don’t The End of When All Else Fails

Fall during a Globalization Government as the Ultimate Risk Manager
Recession Lessons from the David A. Moss
Truman F. Bewley Great Depression
★ Kulp-Wright Book Award,
2002; 1999 24 line illus., Harold James
104 tables 544 pp.
Sponsored by the American Risk
Paper $31.50 / £23.95 2002; 2001 5 line illus., and Insurance Association, Inc.
ISBN 978-0-674-00943-1
8 tables 272 pp. 2004; 2002 4 line illus., 13 tables 464 pp.
Paper $23.50 / £17.95 Paper $23.50 / £17.95 ISBN 978-0-674-01609-5
ISBN 978-0-674-01007-9

6 BOOKS FOR THE ECONOMIC CRISIS

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 NEW in paperback T HE O RGANIZATION OF
C APITAL R ULES F IRMS IN A G LOBAL E CONOMY
The Construction EDITED BY ELHANAN HELPMAN,
of Global Finance DALIA MARIN, AND THIERRY VERDIER
RAWI ABDELAL “This is no ordinary conference volume. It is
The rise of global financial mar- an integral part of new and important devel-
kets in the last decades of the opments in research that is presently trans-
twentieth century was premised forming the field of international trade.”
on the idea that capital ought to —HARRY FLAM,
flow across borders with mini- STOCKHOLM UNIVERSITY
mal restriction and regulation. “This outstanding volume will become
Freedom for capital movements essential reading for graduate-level courses
became the new orthodoxy. In in international trade.”
an intellectual history of finan- —STEPHEN REDDING,
cial globalization, Rawi Abdelal LONDON SCHOOL OF ECONOMICS
shows that this was not always
2008 44 line illus., 35 tables 368 pp.
the case. Cloth $55.00 / £40.95 ISBN 978-0-674-03081-7
“[Abdelal] tells a fascinating
(and largely unknown) tale: B RAND N EW C HINA
how a clutch of French social-
ists helped to upend economic Advertising, Media,
orthodoxy and lead the charge and Commercial Culture
for lifting restrictions on capi- JING WANG
tal flows within Europe and
“Brand New China uses the methodology
throughout the world…The
and perspectives of cultural analysis to
book is a mix of accessible
produce a detailed study of branding and
political history and counter-
advertising in China…The book is original,
intuitive insight, bringing
well researched and based on a wide-ranging
to our attention one of the
appreciation of both popular and literary
most important, and least
Chinese culture.”
appreciated, developments in
the postwar global economy.” —DELIA DAVIN, TIMES HIGHER
EDUCATION SUPPLEMENT
—MATTHEW REES,
WALL STREET JOURNAL “In Brand New China, Jing Wang uses
Chinese advertising as an optic through
“Brilliant and authoritative…
which to scrutinize this tension between
This book deserves the widest
Eastern and Western approaches to the
general audience.”
market…Her book is a thoroughly enjoy-
—ROBERT KUTTNER,
able and well-written tour d’horizon of
AMERICAN PROSPECT
branding and advertising strategy.”
2009; 2006 8 tables 320 pp. —JOHN FEFFER, THE NATION
Cloth $55.50 / £41.95
ISBN 978-0-674-02369-7 2009 12 halftones, 8 tables 432 pp.
Paper $19.95 / £14.95 Cloth $28.95 / £21.95 ISBN 978-0-674-02680-3
ISBN 978-0-674-03455-6 Paper $18.95 / £14.95 ISBN 978-0-674-04708-2

The Mystery of The New Argonauts China’s New Order

Economic Growth Regional Advantage in Society, Politics, and
Elhanan Helpman a Global Economy Economy in Transition
Belknap 2004 AnnaLee Saxenian Wang Hui
28 line illus. 240 pp.
Cloth $26.95 / £19.95 OIP 2007; 2006 1 halftone, Edited and translated by
ISBN 978-0-674-01572-2
5 line illus., 1 table 432 pp. Theodore Huters
Paper $19.95 / £14.95 OISC Paper $20.00 / £14.95 Translated by Rebecca E. Karl
ISBN 978-0-674-02566-0
ISBN 978-0-674-04605-4 2006; 2003 256 pp.
Paper $17.00 / £12.95
ISBN 978-0-674-02111-2

INTERNATIONAL ECONOMICS 7
 NEW
C OMMONWEALTH
MICHAEL HARDT AND ANTONIO NEGRI
When Empire appeared in 2000, it defined the political and economic challenges
of the era of globalization and, thrillingly, found in them possibilities for new and
more democratic forms of social organization. Now, with Commonwealth, Michael
Hardt and Antonio Negri conclude the trilogy begun with Empire and continued
in Multitude, proposing an ethics of freedom for living in our common world and
articulating a possible constitution for our common wealth.
“Commonwealth [is] the latest book by Michael Hardt and
Antonio Negri, whose Empire and Multitude have, arguably, been
the dominant works of political philosophy of the new century…
[It’s] the much-anticipated final volume of the Empire trilogy.”
—ARTFORUM
“Everyone seems to agree that our economic system is broken, yet
the debate about alternatives remains oppressively narrow. Hardt
and Negri explode this claustrophobic debate, taking readers to
the deepest roots of our current crises and proposing radical,
and deeply human, solutions. There has never been a better
time for this book.” Empire
Michael Hardt
—NAOMI KLEIN,
and Antonio Negri
AUTHOR OF THE SHOCK DOCTRINE
2001; 2000 504 pp.
Belknap 2009 448 pp. Paper $24.00 / £17.95
Cloth $35.00 / £25.95 ISBN 978-0-674-03511-9 ISBN 978-0-674-00671-3

NEW NEW
S ELLING S OUNDS D ARKER THAN B LUE
The Commercial Revolution On the Moral Economies
in American Music of Black Atlantic Culture
DAVID SUISMAN PAUL GILROY
David Suisman’s Selling Sounds Paul Gilroy seeks to awaken a new under-
explores the rise of music as big standing of W. E. B. Du Bois’s intellectual
business and the creation of a and political legacy. At a time of economic
radically new musical culture. crisis, environmental degradation, ongoing
It maps the growth of the music warfare, and heated debate over human
business across the social land- rights, Gilroy revitalizes the study of African
scape—in homes, theaters, de- American culture, tracing the shifting charac-
partment stores, schools—and analyzes the effect of ter of black intellectual and social move-
this development on everything from copyright law to ments, and showing how we can construct an
the sensory environment. While music came to resem- account of moral progress that reflects today’s
ble other consumer goods, its distinct properties as complex realities.
sound ensured that its commercial growth and social “Provocative…Insightful…Raise[s] pro-
impact would remain unique. Selling Sounds reveals found questions about race, democracy, and
the commercial architecture of America’s musical life. citizenship in the age of Obama.”
“A fascinating, well-written, richly detailed story —PENIEL E. JOSEPH, BOOKFORUM
of how music became a commodity in America…
“A shrewd and invigorating discussion…
[Suisman’s] scholarship is amazingly wide-ranging.”
Gilroy demonstrates how understanding
—WILLIAM F. GAVIN, WASHINGTON TIMES black experience is crucial in any serious
“Virgin’s music emporium will soon become a thing study of modernity itself, at a time when
of the past: Like so many other retail music stores of global capitalism trades evermore in Ameri-
late, it has announced that it is going out of business. can-inflected styles of ‘blackness,’ while
The story of Selling Sounds, then, is especially timely.” simultaneously maintaining and reinforcing
—KEN EMERSON, WALL STREET JOURNAL lines of racial and class subjugation…[A]
highly rewarding read for anyone interested
“Suisman…tell[s] an alluring story.”
in the social and political significance of mass
—GEORGE ANDERS, FORBES.COM
culture or the historically laden language of
“[A] meticulously researched history of [the music human rights in a postcolonial age.”
industry’s] early days.” —PUBLISHERS WEEKLY
—MARK ATHITAKIS, WASHINGTON POST
Belknap / The W. E. B. Du Bois Lectures
2009 41 halftones 368 pp. 2009 224 pp.
Cloth $29.95 / £22.95 ISBN 978-0-674-03337-5 Cloth $22.95 / £16.95 ISBN 978-0-674-03570-6

8 ECONOMIC & BUSINESS HISTORY

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NEW
T HE G RAND S TRATEGY OF THE B YZANTINE E MPIRE
EDWARD N. LUTTWAK
The Grand Strategy of the Byzantine Empire is a broad, interpretive account of Byzan-
tine strategy, intelligence, and diplomacy over the course of eight centuries that will
appeal to scholars, classicists, military history buffs, and professional soldiers.
“This book is good history as well as being an insightful commentary on strat-
egy…Luttwak does an excellent job of describing the intelligence system of the
Eastern empire, from its tactical use of scouting and patrolling to its strategic use
of spies and double agents in the courts of its enemies…Luttwak does a great
service in giving us a readable account of how the Byzantines managed national-
security strategy in a way that should be useful to contemporary soldiers and
civilian policymakers. It is also a very good read.”
—GARY ANDERSON, WASHINGTON TIMES
“An impassioned book…Historically remote as they are, the Byzantines may
have something to teach Americans about long-term survival.”
—ERIC ORMSBY, WALL STREET JOURNAL
Belknap 2009 13 maps 512 pp. Cloth $35.00 / £25.95 ISBN 978-0-674-03519-5

NEW
I NDIAN W ORK
Language and Livelihood in Native American History
DANIEL H. USNER, JR.
Representations of Indian economic life have played an integral role in discourses
about poverty, social policy, and cultural difference but have received surprisingly lit-
tle attention. Daniel Usner dismantles ideological characterizations of Indian liveli-
hood to reveal the intricacy of economic adaptations in American Indian history.
Officials, reformers, anthropologists, and artists produced images that exacerbated
Indians’ economic uncertainty and vulnerability. European American ideologies not
only obscured Indian struggles for survival but also operated as obstacles to their suc-
cess. Indians repeatedly found themselves working in spaces that reinforced misrepre-
sentation and exploitation. Taking advantage of narrow economic opportunities
often meant risking cultural integrity and personal dignity: while sales of baskets
made by Louisiana Indian women contributed to their identity and community, it
encouraged white perceptions of passivity and dependence. When non-Indian con-
sumption of Indian culture emerged in the early twentieth century, even this friend-
lier market posed challenges to Indian labor and enterprise. The consequences of this
dilemma persist today.
2009 12 halftones 214 pp. Cloth $49.95 / £36.95 ISBN 978-0-674-03349-8

NEW in paperback
S HAPING THE I NDUSTRIAL C ENTURY
The Remarkable Story of the Evolution of
the Modern Chemical and Pharmaceutical Industries
ALFRED D. CHANDLER, JR.
The dean of business historians continues his masterful chronicle of the transforming revolutions of
the twentieth century begun in Inventing the Electronic Century. Alfred Chandler argues that only with
consistent attention to research and development and an emphasis on long-term corporate strategies
could firms remain successful over time. He details these processes for nearly every major chemical and
pharmaceutical firm, demonstrating why some companies forged ahead while others failed.
“Chandler does a remarkable job of covering the development of two industries that changed the
world in the twentieth century.”
—JOHN EMSLEY, TIMES HIGHER EDUCATION SUPPLEMENT
“A dynamic demonstration of how strategy takes precedence over structure in determining the
ongoing success or failure of an industry that has reached its mature phase.”
—JOHN K. SMITH, JR., BUSINESS HISTORY REVIEW
Harvard Studies in Business History 2009; 2005 7 tables, 3 charts 384 pp.
Cloth $29.95 / £22.95 ISBN 978-0-674-01720-7
Paper $21.95 / £16.95 ISBN 978-0-674-03221-7

ECONOMIC & BUSINESS HISTORY 9

 NEW in paperback
P ROPHET OF I NNOVATION
Joseph Schumpeter and Creative Destruction
THOMAS K. MCCRAW
★ Hagley Prize in Business History
★ Joseph J. Spengler Best Book Award, History of Economics Society
★ Schumpeter Prize
★A Spectator Best Read of the Year
★A Library Journal Best Business Book of the Year
The destruction of businesses, fortunes, products, and careers is the price of
progress toward a better material life. No one understood this economic principle
better than Joseph Schumpeter, who made his mark as the prophet of incessant change. This biography
paints the full portrait of a magnetic figure who aspired to become the world’s greatest economist, lover,
and horseman—and admitted to failure only with the horses.
“[Schumpeter’s] private life was no less fascinating than his public message. In Prophet of Innovation,
Thomas McCraw artfully weaves the two together.”
—DAN SELIGMAN, WALL STREET JOURNAL
“McCraw doesn’t get lost in the baroque details of Schumpeter’s story—how many economists ever
fought a duel?—or in the arcana of his theories, achieving a balance that his brilliant and restless
subject rarely did in life.”
—NEW YORKER
Belknap 2009; 2007 68 halftones 736 pp.
Cloth $35.00 / £25.95 ISBN 978-0-674-02523-3 Paper $19.95 / £14.95 ISBN 978-0-674-03481-5

R EPUBLIC
OF D EBTORS

Bankruptcy in the
Age of American
Independence
BRUCE H. MANN
★ SHEAR Prize of the
Society for Historians
of the Early American
Republic
★ Littleton-Griswold
Prize of the American
A N ATION OF D OMINANCE Historical Association
C OUNTERFEITERS BY D ESIGN
★ J. WillardHurst Prize for the
Capitalists, Con Men, and the Technological Imperatives and Best Book on the History of
Making of the United States America’s Civilizing Mission American Law and Society
STEPHEN MIHM MICHAEL ADAS “[A] gripping account of being
in debt in the land of the free…
“Mihm’s creative account of the “An excellent and most timely Mann employs his considerable
early American economy shines, study of the oft-forgotten role of talents to bring to life a world
spotlighting the on-the-edge technology in enabling and then where much that seems normal
inventiveness, and over-the-edge justifying European colonization and logical to us now like a uni-
cons, that have made the United of North America, the westward fied currency, or the fact that
States so rich in risk, reward and expansion of the United States, you cannot pay off a debt if you
redemption.” and ultimately the emergence of are stuck in jail was not. Mann’s
—STEPHEN KOTKIN, the United States as a global genius is to explain in clear and
NEW YORK TIMES power.” human terms the legal and eco-
“A brilliant description of a time —JOHN H. MORROW, nomic intricacies by which early
in American history that seems TECHNOLOGY American creditors and debtors
AND CULTURE lived and died.”
at once distant and familiar.”
—STEVE FRASER, Belknap 2009; 2005 —EVAN HAEFELI,
THE NATION 18 halftones 480 pp. WASHINGTON TIMES
Paper $19.95 / £14.95
2009; 2007 37 halftones 472 pp. ISBN 978-0-674-03216-3 2009; 2002 1 halftone 358 pp.
Paper $18.95 / £14.95 Paper $18.95 / £14.95
ISBN 978-0-674-03244-6 ISBN 978-0-674-03241-5

10 ECONOMIC & BUSINESS HISTORY

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Killing for Coal Plantation Enterprise in Pull
America’s Deadliest Labor War Colonial South Carolina Networking and Success since
Thomas G. Andrews S. Max Edelson Benjamin Franklin
★ George C. Rogers, Jr., Pamela Walker Laird
★ Bancroft
Prize,
Book Award,
Columbia University
South Carolina ★ Harold F. Williamson Prize,
★ SpenceAward, Historical Society Business History Conference
Mining History Association
★ Theodore Saloutos ★ Hagley Prize in Business History,
★ George Perkins Marsh Prize, Memorial Book Award, The Business History Conference
Best Book in Environmental The Agricultural & The Hagley Museum
History, American Society for History Society Harvard Studies in Business History
Environmental History 2006 6 halftones, 1 line illus., 2007; 2005 16 halftones 464 pp.
Paper $20.00 / £14.95
★ Vincent P. DeSantis Book Prize, 5 maps, 15 tables 400 pp.
ISBN 978-0-674-02553-0
Sponsored by the Society for Cloth $50.00 / £37.95
Historians of the Gilded Age ISBN 978-0-674-02303-1
and Progressive Era A Culture of Credit
★ Colorado Book Award, History Ruling America Embedding Trust and Transparency
★ CarolineBancroft History Prize, A History of Wealth and in American Business
Denver Public Library Power in a Democracy Rowena Olegario
★ Honorable Mention, Hundley Edited by Steve Fraser Harvard Studies in Business History
Prize, Awarded by the Pacific and Gary Gerstle 2006 288 pp.
Coast Branch of the American 2005 384 pp.
Cloth $44.50 / £32.95
Historical Association Paper $21.00 / £15.95
ISBN 978-0-674-02340-6

★ Finalist,
Clements Prize, ISBN 978-0-674-01747-4
Awarded by the Clements Center Born Losers
at SMU, Southwest History
Rulers, Guns, and Money A History of Failure in America
★ Noteworthy Book in Industrial
Relations and Labor Economics, The Global Arms Trade Scott A. Sandage
Industrial Relations Section in the Age of Imperialism ★ Thomas J. Wilson Prize
of Princeton Firestone Library Jonathan A. Grant 2006; 2004 30 halftones 384 pp.
2008 30 halftones, 4 maps 408 pp. 2007 5 tables 304 pp. Paper $19.00 / £14.95
Cloth $29.95 / £22.95 Cloth $52.50 / £38.95 ISBN 978-0-674-02107-5
ISBN 978-0-674-03101-2 ISBN 978-0-674-02442-7

Made to Break
A Hundred Horizons Family Capitalism Technology and Obsolescence
The Indian Ocean in the Wendels, Haniels, Falcks, and the in America
Age of Global Empire Continental European Model Giles Slade
Sugata Bose Harold James ★ Independent Publisher
2009; 2006 22 halftones, Belknap 2006 23 halftones, Book Award,
1 map 352 pp. 19 line illus., 3 maps, 3 tables 448 pp. Environment/Ecology/Nature
Paper $18.95 / £14.95 OIP Cloth $39.95 / £29.95
ISBN 978-0-674-03219-4
2007; 2006 336 pp.
ISBN 978-0-674-02181-5
Paper $17.00 / £12.95
ISBN 978-0-674-02572-1

ECONOMIC & BUSINESS HISTORY 11

 NEW in paperback
S TARVED FOR S CIENCE
How Biotechnology Is Being Kept Out of Africa
ROBERT PAARLBERG
Foreword by Norman Borlaug and Jimmy Carter
In Starved for Science Robert Paarlberg explains why poor African farmers are de-
nied access to productive technologies, particularly genetically engineered seeds
with improved resistance to insects and drought. He traces this obstacle to the cur-
rent opposition to farm science in prosperous countries. Having embraced agricul-
tural science to become well-fed themselves, those in wealthy countries are now
instructing Africans on the most dubious grounds not to do the same.
“Europeans, who have so much food they do not need the help of science to
make more, are pushing their prejudices on Africa, which still relies on foreign
aid to feed its people. [Paarlberg] calls on global policymakers to renew invest-
ment in agricultural science and to stop imposing visions of ‘organic food purity’
on a continent that has never had a green revolution. As governments look
for ways of tackling what is now commonly called a ‘global food crisis’ with
unprecedented price increases in basic foodstuffs, this book offers welcome
food for thought.”
—JENNY WIGGINS, FINANCIAL TIMES
2009; 2008 3 halftones, 1 line illus., 2 tables 256 pp.
Paper $16.95 / £12.95 ISBN 978-0-674-03347-4

NEW in paperback
A G OVERNMENT I LL E XECUTED
The Decline of the Federal Service and How to Reverse It
PAUL LIGHT
Foreword by Paul A. Volcker
“Everyone running for Congress should read this book. If our political leaders do
not confront this pattern of desperate concern, says this sober scholar, they are
likely to preside over a string of meltdowns that will make the federal response to
Hurricane Katrina look like a minor mistake.”
—BILL MOYERS, “BILL MOYERS JOURNAL”
“This book provides an important contribution to the literature on federal per-
sonnel, and it should be required reading among scholars who study the federal
bureaucracy, the U.S. presidency, and public administration.”
—A. L. WARBER, CHOICE
2009; 2008 27 tables 288 pp.
Cloth $45.00 / £33.95 ISBN 978-0-674-02808-1
Paper $18.95 / £14.95 ISBN 978-0-674-03478-5

NEW in paperback
W ORST -C ASE S CENARIOS
CASS R. SUNSTEIN
Nuclear bombs in suitcases, anthrax bacilli in ventilators, tsunamis, avian flu: nightmares that were once
the plot of Hollywood movies are now frighteningly real possibilities. How can we steer a path between
willful inaction and reckless overreaction? Cass Sunstein explores how we might best prevent these and
other worst-case scenarios in this vivid and illuminating analysis.
“Sunstein’s book is best when he discusses how we weigh up the costs of protecting ourselves against
the benefits of doing so. Many object to cost-benefit analysis, regarding it as cold and mechanical,
particularly the placing of monetary value on human lives. Sunstein accepts it is a rough instrument,
but he argues that many of us implicitly use it.”
—MICHAEL SKAPINKER, FINANCIAL TIMES
“Sunstein writes engagingly, though in a way that scolds us a little for our irrational foibles; and he
can illuminate very complex areas of rational choice theory…so that intelligent thought about deci-
sion-making in conditions of uncertainty is brought within reach of the sort of non-specialist reader
who is likely to have a practical or political interest in these matters.”
—JEREMY WALDRON, LONDON REVIEW OF BOOKS
2009; 2007 13 tables 352 pp. Paper $18.95 / £14.95 ISBN 978-0-674-03251-4

12 POLITICAL ECONOMY

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I NSTITUTIONS AND
E CONOMIC P ERFORMANCE
EDITED BY ELHANAN HELPMAN
“Why are some societies but not others able to encourage investments in
places, people, and productivity? This book delivers a powerful message that
the answer lies in large part in institutional differences across societies. It is
the most successful interdisciplinary endeavor in the social sciences that I
have ever had the pleasure to read.”
—DANIEL TREFLER, UNIVERSITY OF TORONTO
“A first-rate book that bridges theory, history, and empirical analysis.”
—NATHAN SUSSMAN, HEBREW UNIVERSITY
2008 50 line illus., 59 tables 624 pp. Cloth $55.00 / £40.95 ISBN 978-0-674-03077-0

W HY THE G ARDEN C LUB

C OULDN ’ T S AVE Y OUNGSTOWN
The Transformation of the Rust Belt
SEAN SAFFORD
“This extraordinary look inside the fates of two down-and-out Rust Belt
cities—how one came back from decline and the other went into a death
spiral—has lessons for cities everywhere. It challenges the benefits of being a
tight-knit community and shows, instead, that the people who bridge and
connect among a city’s networks prove most valuable. So who are your city’s
connectors? If you don’t know, you’d better find out.”
—CAROL COLETTA, PRESIDENT AND CEO, CEOS FOR CITIES
“A fascinating study…Why the Garden Club Couldn’t Save Youngstown
has important lessons for scholars and policymakers interested in economic
adaptation.”
—ANNALEE SAXENIAN, AUTHOR OF THE NEW ARGONAUTS
2008 16 line illus., 20 tables 224 pp. Cloth $29.95 / £22.95 ISBN 978-0-674-03176-0

C APITALISTS , W ORKERS ,
AND F ISC AL P OLICY

A Classical Model of Growth and Distribution

THOMAS R. MICHL
Drawing on the work of the classical-Marxian economists and their modern suc-
cessors, Capitalists, Workers, and Fiscal Policy sets forth a new model of economic
growth and distribution, and applies it to two major policy issues: public debt and
social security.
“A chief message of the book is that fiscal debt redistributes wealth in favor of
the already wealthy and thus increases the polarization of society between rich
and poor. An original and thought-provoking treatise.”
—HEINZ D. KURZ, UNIVERSITY OF GRAZ
2008 50 line illus., 13 tables 320 pp. Cloth $55.00 / £40.95 ISBN 978-0-674-03167-8

T HE O RIGINS OF E UROPE ’S
N EW S TOCK M ARKETS
ELLIOT POSNER
“An excellent book about the evolution of equity markets in Europe and a
remarkable wave of institutional innovation during the late 1990s and early
years of the new century.”
—RAWI ABDELAL, AUTHOR OF CAPITAL RULES
“A wonderful book. Posner provides a pathbreaking account of the astounding
transformation that is occurring in the realm of private finance in the European Union.”
—KATHLEEN R. MCNAMARA, AUTHOR OF THE CURRENCY OF IDEAS
2008 3 line illus., 3 tables 264 pp. Cloth $45.00 / £33.95 ISBN 978-0-674-03171-5

POLITICAL ECONOMY 13
 Governing Racism,
Nonprofit Xenophobia,
Organizations and
Federal and State Distribution
Law and Regulation Multi-Issue Politics
Marion R. in Advanced
Fremont-Smith Democracies
★ Outstanding Book John E. Roemer,
in Nonprofit and Woojin Lee, and
Voluntary Action Karine Van der
Research Prize, Regulating The Dismal Science Straeten
Association for Infrastructure How Thinking Like an Russell Sage Foundation
Research on Monopoly, Contracts, Economist Undermines 2007 59 line illus.,
Nonprofit 99 tables 432 pp.
Organizations and Discretion Community
Cloth $73.50 / £54.95
& Voluntary Action José A. Gómez-Ibáñez Stephen A. Marglin ISBN 978-0-674-02495-3
★ Second Place, 2006; 2003 7 line illus., 2007 1 table 376 pp.
Virginia Hodgkinson 29 tables 448 pp. Paper $22.95 / £16.95 OISC
Research Prize, Paper $30.00 / £22.95 ISBN 978-0-674-04722-8 Strategies of
Sponsored by ISBN 978-0-674-02238-6 Commitment and
Independent Sector Other Essays
Rewarding Work Thomas C. Schelling
Belknap 2008; 2004 The Business of How to Restore
5 tables 570 pp.
Lobbying in China ★ Thomas C. Schelling
Paper $45.00 / £33.95 Participation and Self- is Co-Recipient of
ISBN 978-0-674-03045-9 Scott Kennedy Support to Free Enterprise, the Nobel Prize in
2008; 2004 14 tables, with a New Preface Economics
1 line illus. 278 pp.
American Paper $19.95 / £14.95 Edmund S. Phelps 2007; 2006
Agriculture in the 32 line illus. 360 pp.
ISBN 978-0-674-02744-2 ★ Edmund S. Phelps is Paper $21.00 / £15.95
Twentieth Century Winner of the Nobel ISBN 978-0-674-02567-7
How It Flourished Prize in Economics
Innovation—
and What It Cost 2007 1 table 208 pp.
The Missing Choice and
Bruce L. Gardner Paper $19.00 / £14.95
Dimension Consequence
ISBN 978-0-674-02694-0
★ Quality of Richard K. Lester Thomas C. Schelling
Communication and Michael J. Piore
Award, Sponsored Political ★ Thomas C. Schelling
2006; 2004
by the American 1 line illus. 240 pp. Competition is Co-Recipient of
Agricultural Economics the Nobel Prize in
Paper $18.00 / £13.95 Theory and Applications Economics
Association ISBN 978-0-674-01994-2
2006; 2002 81 line illus.,
John E. Roemer 1985 9 line illus. 379 pp.
32 tables 400 pp. 2006; 2001 46 line illus., Paper $28.00 / £20.95
Paper $31.00 / £22.95 The State 22 tables 352 pp. ISBN 978-0-674-12771-5
ISBN 978-0-674-01989-8 after Statism Paper $22.50 / £16.95
ISBN 978-0-674-02105-1
New State Activities in The Tyranny
the Age of Liberalization of the Market
Edited by Jonah Levy Why You Can’t Always
2006 6 line illus., Get What You Want
6 tables 488 pp.
Paper $28.00 / £20.95
Joel Waldfogel
ISBN 978-0-674-02277-5 2007 5 line illus.,
6 tables 216 pp.
Cloth $37.00 / £27.95
ISBN 978-0-674-02581-3

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NEW
B IOLOGY I S T ECHNOLOGY
The Promise, Peril, and New Business of Engineering Life
ROBERT H. CARLSON
Technology is a process and a body of knowledge as much as a collection of arti-
facts. Biology is no different—and we are just beginning to comprehend the chal-
lenges inherent in the next stage of biology as a human technology. It is this critical
moment, with its wide-ranging implications, that Robert Carlson considers in
Biology Is Technology. He offers a uniquely informed perspective on the endeavors
that contribute to current progress in this area—the science of biological systems
and the technology used to manipulate them.
“Since Rob Carlson is the authoritative tracker of progress in biotech, this book
is the most complete—and exciting—chronicle of the technological revolution
that promises to dominate this century.”
—STEWART BRAND, AUTHOR OF WHOLE EARTH DISCIPLINE
“Biology is Technology makes a tremendous contribution to public analysis of a
very important emerging field.”
—ARTI K. RAI, DUKE LAW SCHOOL
“Carlson clearly frames a fresh future for biotechnology. Each chapter, from
technology trends to property rights and biosecurity conundrums, invites close
reading and vibrant discussion.”
—DREW ENDY, STANFORD BIOENGINEERING
& THE BIOBRICKS FOUNDATION
2009 19 line illus., 7 tables 288 pp. Cloth $39.95 / £29.95 ISBN 978-0-674-03544-7

NEW in paperback T OTAL C URE

D OES E THICS H AVE A C HANCE The Antidote to the
IN A W ORLD OF C ONSUMERS ? Health Care Crisis
ZYGMUNT BAUMAN HAROLD S. LUFT
Zygmunt Bauman, one of the most admired “In America, we pay more than
social thinkers of our time, seeks to liberate any other country does for
us from the thinking that renders us hope- health care that has inconsis-
less in the face of our own domineering gov- tent quality, leaves millions
ernments and threats from unknown forces uninsured, and wastes billions
abroad. Gracefully, provocatively, Bauman of dollars on unnecessary care
urges us to think in new ways about a newly and administration. In Total
flexible, newly challenging modern world. Cure, Hal Luft recognizes that changing
As Bauman notes, quoting Vaclav Havel, the payment system must be the foundation
“hope is not a prognostication.” It is, along- for any real health reform.”
side courage and will, a mundane, common —PETER V. LEE, EXECUTIVE DIRECTOR,
weapon that is too seldom used. NATIONAL HEALTH POLICY,
PACIFIC BUSINESS GROUP ON HEALTH
“Zygmunt Bauman’s voice is as exemplary
as it is powerful…This is a very important “Luft has written a sober, thoughtful volume…
collection by one of the leading thinkers of It may also prove very influential.”
our time.” —DAVID GRATZER, FORBES
—RON EYERMAN, “Some readers not versed in health policy may
YALE UNIVERSITY find Total Cure challenging. It rewards the effort,
“This thoughtful and elegant little book however, by providing both an important new
by one of the world’s most humble but dis- health care reform option and an illuminating
tinguished intellectuals conveys a sense that tutorial on the issues at stake.”
the wisdom of a lifetime is being distilled —SAMUEL Y. SESSIONS, JOURNAL OF THE
here in a pithy but above all in a usable AMERICAN MEDICAL ASSOCIATION
form.” “Luft’s Total Cure is just what the policy doctors
—PAUL GILROY, on Capitol Hill will need: a wise, postpartisan,
LONDON SCHOOL OF CONOMICS durable shop manual for how to make health
Institute for Human Sciences Vienna Lecture Series reform actually happen in our time.”
2009; 2008 288 pp. —J. D. KLEINKE, HEALTH AFFAIRS
Paper $17.95 / £13.95 ISBN 978-0-674-03351-1
2008 7 line illus., 2 tables 336 pp.
Cloth $27.95 / £20.95 ISBN 978-0-674-03210-1

SOCIAL ECONOMICS 15
 NEW in paperback
VALUING C HILDREN
Rethinking the Economics of the Family
NANCY FOLBRE
“[A] capstone work…Folbre systematically addresses questions surrounding
the value of children. Although some answers will not surprise, her unpacking
of time, goods, and federal and state program costs and benefits both informs
and provokes new thinking. The critical question is, who should pay for kids?
The payees and benefit claimants are parents, earlier and subsequent familial
generations, children themselves, and society via its government. What should
hold these disparate groups together, Folbre implores, is the notion of moral
obligation. Would that her vision becomes reality.”
—D. J. CONGER, CHOICE
“An excellent analysis of economics and family policy. Folbre develops a new
way of thinking about the economics of child rearing, that of treating children
as an investment rather than a consumption good. Although Folbre characterizes
her approach as institutional economics, she has really added to a wide variety
of economic fields beyond that.”
—SHEILA KAMERMAN,
COLUMBIA UNIVERSITY SCHOOL OF SOCIAL WORK
The Family and Public Policy 2010; 2007 7 line illus., 14 tables 248 pp.
Paper $21.95 / £16.95 ISBN 978-0-674-04727-3

B EIJING T IME
MICHAEL DUTTON, HSIU-JU STACY LO, AND DONG DONG WU
“A fascinating cultural mapping of modern Beijing. Here are ring roads that
resemble ‘successive reworkings of the old city wall’; here is the district for
‘saw-gash CDs’ (imperfect discs dumped by western record labels on the Chinese market), where
the young bob for Sex Pistols albums…The book is a useful street-level corrective to received ideas.
In particular, its interviews with citizens…are wonderfully humane.”
—STEVEN POOLE, THE GUARDIAN
2008 73 halftones, 4 maps 288 pp.
Cloth $26.95 / £19.95 ISBN 978-0-674-02789-3 Paper $17.95 / £13.95 ISBN 978-0-674-04734-1

Creative Making Good Investing Welfare Reform

Industries How Young People in College Effects of a Decade
Contracts between Cope with Moral A Guide for of Change
Art and Commerce Dilemmas at Work the Perplexed Jeffrey Grogger
Richard E. Caves Wendy Fischman, Malcolm Getz and Lynn A. Karoly
2002; 2000 464 pp. Becca Solomon, 2008; 2007 2 line illus., A RAND Corporation
Paper $27.00 / £19.95 Deborah Schutte, 6 tables 304 pp. Study 2005
ISBN 978-0-674-00808-3 and Howard Paper $15.95 / £11.95 45 line illus.,
Gardner ISBN 978-0-674-03046-6 27 tables 352 pp.
Cloth $57.50 / £42.95
2005; 2003 3 line illus., ISBN 978-0-674-01891-4
1 table 224 pp.
Paper $18.50 / £13.95
ISBN 978-0-674-01830-3

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 NEW in paperback
W HAT C HILDREN N EED
JANE WALDFOGEL
Emphasizing the importance of parental choice, quality of care, and work opportu-
nities, economist Jane Waldfogel guides readers through a maze of social science
research evidence to offer comprehensive answers and a vision for change. Drawing
on the evidence, Waldfogel proposes a bold new plan to better meet the needs of
children in working families, from birth through adolescence, while respecting the
core values of choice, quality, and work.
“What Children Need is an impressive, thought-provoking synthesis of informa-
tion and ideas for designing social policy to support the healthy development of
children living in an industrialized world.”
—LISA GENNETIAN,
INDUSTRIAL AND LABOR RELATIONS REVIEW
“[Waldfogel’s] analysis is written from an American perspective, and most of her
statistics refer to the United States, but the issues and her discussion of them
transcend national boundaries.”
—GERALD HAIGH, TIMES EDUCATIONAL SUPPLEMENT
The Family and Public Policy 2010; 2006 12 tables 278 pp.
Paper $19.95 / £14.95 ISBN 978-0-674-04640-5

TAPPING THE R ICHES OF S CIENCE

Universities and the Promise of Economic Growth
ROGER L. GEIGER AND CRESO M. SÁ
“[The authors] provide an excellent discussion of how economic relevance has
become a central element in the mission of major universities throughout the
country. In doing so, [Geiger and Sá] catalog the changes in federal funding, state policy, and
university organization that have substantially altered the context for scientific research in the
past three decades…Anyone involved or interested in higher education management, science
policy, or economic development will find much of value here.”
—J. L. ROSENBLOOM, CHOICE
2008 1 line art, 11 tables 262 pp.
Cloth $39.95 / £29.95 ISBN 978-0-674-03128-9

Fairness Chutes and Off the Books The New Americans

versus Welfare Ladders The Underground Economy A Guide to Immigration
Louis Kaplow and Navigating the Low- of the Urban Poor since 1965
Steven Shavell Wage Labor Market Sudhir Alladi Edited by
2006; 2001 576 pp. Katherine S. Venkatesh Mary C. Waters
Paper $49.95 / £36.95 Newman and Reed Ueda
ISBN 978-0-674-02364-2 ★ C. Wright Mills
Russell Sage Foundation Award, Sponsored by With Helen B. Marrow
2008; 2006 The Society for the Harvard University Press
16 line illus., Study of Social Reference Library 2006
37 tables 432 pp. Problems 1 map, 106 tables 736 pp.
Paper $19.95 / £14.95 Cloth $45.00 / £33.95
2008; 2006 448 pp.
ISBN 978-0-674-02753-4
Paper $17.95 / £13.95 ISBN 978-0-674-02357-4
ISBN 978-0-674-03071-8

SOCIAL ECONOMICS 17
 T HE L IABILITY C ENTURY
Insurance and Tort Law from the Progressive Era to 9/11
KENNETH S. ABRAHAM
“[A] seminal book on tort liability and insurance systems. [Abraham]
systematically outlines the interdependency of the tort liability system
and the insurance industry in the U.S. during the 20th century, including
the impact of September 11, 2001.”
—R. A. CARP, CHOICE
“In demonstrating the complex interactions between tort and insurance,
The Liability Century makes an important contribution to our understanding
of two reciprocally-related and very important institutions in our legal
landscape.”
—JAMES A. HENDERSON, JR., CORNELL LAW SCHOOL
2008 288 pp. Cloth $45.00 / £33.95 ISBN 978-0-674-02768-8

I NNOVATION C ORRUPTED
The Origins and Legacy of Enron’s Collapse
MALCOLM SALTER
“A superb book. Innovation Corrupted provides the deepest analysis yet of
the collapse of Enron. It’s essential reading for anyone who wants to under-
stand why success without an ethical foundation leads to disaster.”
—BILL GEORGE, AUTHOR OF TRUE NORTH
“Salter goes beyond previous books by proposing practical recommendations
(regarding board oversight, financial incentives, and the maintenance of ethical
discipline) for preventing future disasters. Salter has produced a very readable,
comprehensive analysis of the social pathologies and administrative failures that
led to Enron’s implosion.”
—D. C. DALY, CHOICE
2008 10 line illus., 16 tables 544 pp.
Cloth $35.00 / £25.95 ISBN 978-0-674-02825-8

I NSTITUTIONAL F OUNDATIONS OF P UBLIC F INANCE

Economic and Legal Perspectives
EDITED BY ALAN J. AUERBACH AND DANIEL N. SHAVIRO
“Dealing with fiscal language, fiscal federalism, corporate finance, and the
choice between income and consumption taxation, this volume is a gem.”
—ROSANNE ALTSHULER, RUTGERS UNIVERSITY
“An easily accessible, first-rate introduction to the big issues in tax policy.”
—JOSEPH BANKMAN, STANFORD LAW SCHOOL
2008 1 graph, 3 tables, 1 halftone 296 pp.
Cloth $49.95 / £36.95 ISBN 978-0-674-03097-8

T HE E CONOMIC S TRUCTURE OF I NTERNATIONAL L AW

JOEL P. TRACHTMAN
“Neither political scientists nor economists have known enough about law to
show how a rational institutional analysis would relate to various technical rules
and specific practices of international law, as Trachtman does. It is impressive
that Trachtman, who is thoroughly learned in the law, is also highly competent
in the relevant portions of economics and political science. The Economic
Structure of International Law should help to set a standard for the systematic
use of social science in the analysis of international law.”
—ROBERT O. KEOHANE, JOURNAL OF ECONOMIC LITERATURE
2008 3 line illus., 9 tables 368 pp. Cloth $55.00 / £40.95 ISBN 978-0-674-03098-5

18 L AW & ECONOMICS

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 B IOBAZAAR
The Open Source Revolution and Biotechnology
JANET HOPE
★ Finalist, Independent Publisher Book Awards, Science
“[A] rigorous, closely reasoned book. Referencing Thomas Kuhn’s ground-
breaking volume, The Structure of Scientific Revolutions, Hope takes a hard
look at intellectual property law, which currently protects monopolistic
corporations’ right to inflate prices for ‘life-saving drugs or life-sustaining
new crops.’ Sensing ‘a paradigm shift in the values underpinning life sciences
research,’ Hope seeks to readdress these policies by applying the model of
open-source software to the biotech field.”
—PUBLISHERS WEEKLY
2007 448 pp. Cloth $27.95 / £20.95 ISBN 978-0-674-02635-3

New Foundations of The Economic Negotiation Analysis

Cost-Benefit Analysis Structure of The Science and Art of
Matthew D. Adler and Intellectual Collaborative Decision Making
Eric A. Posner Property Law
Howard Raiffa
2006 7 line illus., 4 tables 256 pp. William M. Landes with John Richardson
Cloth $55.50 / £41.95 and Richard A. Posner and David Metcalfe
ISBN 978-0-674-02279-9 Belknap 2003 23 line illus., 9 tables
448 pp. Cloth $54.50 / £40.95 ★ Center for Public Resources
Pay without Performance ISBN 978-0-674-01204-2 Award for Excellence in
The Unfulfilled Promise Alternate Dispute Resolution,
of Executive Compensation Beyond Winning Outstanding Book
Negotiating to Create Value Belknap 2007; 2002
Lucian Bebchuk 98 line illus., 91 tables 576 pp.
and Jesse Fried in Deals and Disputes
Paper $31.00 / £22.95 OIP
2006; 2004 304 pp. Robert H. Mnookin, ISBN 978-0-674-02414-4
Paper $21.00 / £15.95 Scott R. Peppet, and
ISBN 978-0-674-02228-7 Andrew S. Tulumello Economic Analysis
of Accident Law
Framing Contract Law ★ Honorable Mention,
Professional/Scholarly Steven Shavell
An Economic Perspective Publishing Annual Award 2007; 1987 8 line illus.,
Victor Goldberg of the Association of 13 tables 320 pp.
2006 5 tables 424 pp.
American Publishers, Paper $31.50 / £23.95
Cloth $72.00 / £53.95
Business/Management/ ISBN 978-0-674-02417-5

ISBN 978-0-674-02312-3
Accounting
Foundations of
Belknap 2004; 2000
The Antitrust Enterprise 15 line illus. 368 pp. Economic Analysis
Paper $23.00 / £17.95 of Law
Principle and Execution
ISBN 978-0-674-01231-8 Steven Shavell
Herbert Hovenkamp
Belknap 2003 11 tables 768 pp.
2008; 2005 5 line illus. 376 pp. Cloth $80.50 / £59.95
Paper $24.95 / £18.95 ISBN 978-0-674-01155-7
ISBN 978-0-674-02741-1

L AW & ECONOMICS 19
 textbooks for course use

General Equilibrium, Identification for City Economics

Overlapping Generations Prediction and Decision Brendan O’Flaherty
Models, and Optimal Charles F. Manski 2005 53 line illus. 608 pp.
Growth Theory 2007 2 line illus., 7 tables 368 pp. Cloth $69.00 / £51.95
Truman F. Bewley Cloth $58.00 / £42.95 ISBN 978-0-674-01918-8

2006 138 line illus. 624 pp. ISBN 978-0-674-02653-7

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Reconstructing
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Game Theory Macroeconomics
Analysis of Conflict Structuralist Proposals and
Estimating How Critiques of the Mainstream
Roger B. Myerson
the Macroeconomy Works
★ Roger B. Myerson Lance Taylor
Ray Fair
is Winner of the 2003 64 line illus.,
2004 19 line illus., Nobel Memorial Prize 29 tables 456 pp.
42 tables 314 pp. in Economic Science Cloth $72.50 / £53.95
Cloth $77.00 / £57.95 ISBN 978-0-674-01073-4
ISBN 978-0-674-01546-3 1997; 1991 42 line illus.
29 tables 600 pp.
Paper $35.00 / £25.95 OISC
Income, Wealth, and
The ABCs of RBCs ISBN 978-0-674-34116-6
the Maximum Principle
An Introduction to Dynamic Martin L. Weitzman
Macroeconomic Models
2007; 2003 4 line illus. 358 pp.
George McCandless Paper $27.50 / £20.95
2008 78 line illus., ISBN 978-0-674-02576-9
27 tables 448 pp.
Cloth $59.95 / £44.95
ISBN 978-0-674-02814-2

20 TEXTBOOKS FOR COURSE USE

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 NEW NEW in paperback
T HE R OAD FROM J EALOUSY OF T RADE
M ONT P ÈLERIN International Competition and the
The Making of the Neoliberal Nation-State in Historical Perspective
Thought Collective ISTVAN HONT
EDITED BY PHILIP MIROWSKI ★ J.
David Greenstone Book Prize,
AND DIETER PLEHWE Awarded by the Politics and
What exactly is neoliberalism, and History Section of the APSA
where did it come from? This vol- ★ JosephJ. Spengler Best Book
ume attempts to answer these ques- Award, Sponsored by the
tions by exploring neoliberalism’s History of Economics Society
origins and growth as a political and “[A] major new study…Jealousy of
economic movement. The Road Trade is a collection of pioneering
from Mont Pèlerin presents the key essays in the history of political and
debates and conflicts that occurred economic thought, focused on a
among neo-liberal scholars and period extending from the seven-
their political and corporate allies teenth to the nineteenth centuries…
regarding trade unions, develop- Hont presents his argument with an
ment economics, antitrust policies, absorbing combination of scholarly
and the influence of philanthropy. erudition and analytical force. But
“The Road from Mont Pèlerin uncovers his project remains a deliberately
and lays bare the origins of one of the historical one. Its aim is to rewrite
most important political phenomena the history of modern liberalism,
of our time—the development of the beginning with its foundations…It is
neoliberal discourse coalition that has a landmark contribution to its field.”
come to shape the modern political —RICHARD BOURKE,
economy.” TIMES LITERARY
—FRANK FISCHER, SUPPLEMENT
RUTGERS UNIVERSITY Belknap 2010; 2005
“A fascinating and important book, 8 line illus. 560 pp.
one that speaks in radical, perceptive, Cloth $57.50 / £42.95
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and provocative ways to contemporary Paper $23.95 / £17.95
debates around neoliberalism.” ISBN 978-0-674-05577-3
—JAMIE PECK,
UNIVERSITY OF
BRITISH COLUMBIA
F REE R IDING
“This excellent book contributes
significantly to our understanding RICHARD TUCK
of the origins of neoliberalism and “This is a hugely interesting book
its transformation into political that will almost certainly start a
discourse and policy.” controversy. It addresses some of the
—STEVEN LUKES, widest assumptions in contemporary economic and
NEW YORK UNIVERSITY social thought and calls them into question; and it
2009 1 line illus., 5 tables 480 pp. provides a very illuminating history of the appearance
Cloth $55.00 / £40.95 of those assumptions.”
ISBN 978-0-674-03318-4 —PHILIP PETTIT, PRINCETON UNIVERSITY
“Original, full of good ideas and insights, Richard Tuck’s
Free Riding could initiate an important debate about the
least human of the human sciences.”
—JOHN FEREJOHN,
STANFORD UNIVERSITY
2008 7 line illus. 232 pp.
Cloth $35.00 / £25.95
ISBN 978-0-674-02834-0

A Short History of Distributive Justice

Samuel Fleischacker
★A Choice Magazine Outstanding Academic Title
2005; 2004 204 pp.
Paper $19.50 / £14.95 ISBN 978-0-674-01831-0

HISTORY OF ECONOMIC THOUGHT 21

 for your personal library
NEW NEW
T HE T HIRTY A MERIC AN
Y EARS W AR H OMICIDE
Europe’s Tragedy RANDOLPH ROTH
PETER H. WILSON “Randolph Roth traces
★ Runner-up,
the history of our mur-
Atlantic Books dering ways through
of the Year the lens of our feelings
about those in power
★ An Independent …Roth argues that
Best History Book how we see ourselves
of the Year in relation to our government—fringe movement
“A history of prodigious erudition that manages to or ruling party, patronized or disenfranchised—is at
corral the byzantine complexity of the Thirty Years the heart of many decisions to take another life…If
War into a coherent narrative. It also offers a brac- an individual feels secure in his social standing, it’s
ingly novel interpretation. Historians typically por- easier to get over life’s disappointments. But for a
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Europe’s religious wars—a final bonfire of the Dream, the tiniest offense can provoke a murderous
zealots before the cooler age of enlightened state- rage…Looking at the fluctuating homicide rate at
craft. Wilson severely qualifies this conventional various times in our history, Roth tracks the histori-
wisdom. It turns out that the quintessential war of cal consequences of shifting power…Roth’s book
religion was scarcely one at all…Wilson’s masterful also offers a warning about our volatile political
account of the Thirty Years War is a reminder that rhetoric. Words can have real-life, even violent, con-
war, and peace, are almost never the offspring of sequences. American Homicide is a vivid reminder
conviction alone.” that politics isn’t just about winning—it’s also about
—JEFFREY COLLINS, WALL STREET JOURNAL how you treat those who lose.”
Belknap 2009 8 color illus., 8 halftones, 22 maps —RAINA KELLEY, NEWSWEEK
1040 pp. Cloth $35.00 / USA ISBN 978-0-674-03634-5 Belknap 2009 31 charts, 1 map, 1 table 672 pp.
Cloth $45.00 / £33.95 ISBN 978-0-674-03520-1

Abdelal, Capital Rules, 7 Hardt, Empire, 8 O’Flaherty, City Economics, 20

Abraham, Liability Century, 18 Helpman, Institutions and Economic…, 13 Olegario, Culture of Credit, 11
Adas, Dominance by Design, 10 Helpman, Mystery of Economic Growth, 7 Paarlberg, Starved for Science, 12
Adler, New Foundations of Cost-Benefit…, 19 Helpman, Organization of Firms…, 7 Phelps, Rewarding Work, 14
Andrews, Killing for Coal, 11 Hoffman, Surviving Large Losses, 6 Posner, Failure of Capitalism, 2
Auerbach, Institutional Foundations of…, 18 Hont, Jealousy of Trade, 21 Posner, Origins of Europe’s New Stock…, 13
Bateman, Return to Keynes, 4 Hope, Biobazaar, 19 Raiffa, Negotiation Analysis, 19
Bauman, Does Ethics Have a Chance…, 15 Hovenkamp, Antitrust Enterprise, 19 Roemer, Political Competition, 14
Bebchuk, Pay without Performance, 19 James, Family Capitalism, 11 Roemer, Racism, Xenophobia…, 14
Bewley, General Equilibrium…, 20 James, Creation and Destruction of Value, 3 Roth, American Homicide, 22
Bewley, Why Wages Don’t Fall during…, 6 James, End of Globalization, 6 Safford, Why the Garden Club…, 13
Bose, Hundred Horizons, 11 Kaplow, Fairness versus Welfare, 17 Salter, Innovation Corrupted, 18
Carlson, Biology Is Technology, 15 Kennedy, Business of Lobbying in China, 14 Sandage, Born Losers, 11
Caves, Creative Industries, 16 Laird, Pull, 11 Saxenian, New Argonauts, 7
Chandler, Shaping the Industrial Century, 9 Landes, Economic Structure of…, 19 Schelling, Choice and Consequence, 14
Diamond, Natural Experiments of History, 4 Lester, Innovation, 14 Schelling, Strategies of Commitment…, 14
Dutton, Beijing Time, 16 Levy, State after Statism, 14 Sen, Idea of Justice, 3
Edelson, Plantation Enterprise in…, 11 Light, Government Ill Executed, 12 Shavell, Economic Analysis of…, 19
Fair, Estimating How the Macro…, 20 Luft, Total Cure, 15 Shavell, Foundations of Economic…, 19
Fischman, Making Good, 16 Luttwak, Grand Strategy of the…, 9 Siegfried, Better Living through Economics, 5
Fleischacker, Short History of…, 21 Mann, Republic of Debtors, 10 Slade, Made to Break, 11
Folbre, Valuing Children, 16 Manski, Identification for Prediction…, 20 Suisman, Selling Sounds, 8
Foley, Adam’s Fallacy, 6 Marcus, Lipstick Traces, 24 Sunstein, Worst-Case Scenarios, 12
Fraser, Ruling America, 11 Marcus, New Literary History…, 24 Taylor, Reconstructing Macroeconomics, 20
Fremont-Smith, Governing Nonprofit…, 14 Marglin, Dismal Science, 14 Trachtman, Economic Structure of…, 18
Gardner, American Agriculture…, 14 McCandless, ABCs of RBCs, 20 Tuck, Free Riding, 21
Geiger, Tapping the Riches of Science, 17 McCraw, Prophet of Innovation, 10 Usner, Indian Work, 9
Getz, Investing in College, 16 Michl, Capitalists, Workers, and…, 13 Venkatesh, Off the Books, 17
Gilroy, Darker than Blue, 8 Mihm, Nation of Counterfeiters, 10 Waldfogel, Tyranny of the Market, 14
Goldberg, Framing Contract Law, 19 Mirowski, Road from Mont Pèlerin, 21 Waldfogel, What Children Need, 17
Goldin, Race between Education…, 2 Mnookin, Beyond Winning, 19 Wang, Brand New China, 7
Gómez-Ibáñez, Regulating Infrastructure, 14 Moreton, To Serve God and Wal-Mart, 5 Wang, China’s New Order, 7
Grant, Rulers, Guns, and Money, 11 Moss, When All Else Fails, 6 Waters, New Americans, 17
Grogger, Welfare Reform, 16 Myerson, Game Theory, 20 Weitzman, Income, Wealth…, 20
Hardt, Commonwealth, 8 Newman, Chutes and Ladders, 17 Wilson, Thirty Years War, 22

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