New Books in Economics

It’s one of the biggest questions in economic history: How did a richer, more advanced China fall behind Europe? Why was Europe the home of the Industrial Revolution, and not China? And what does that journey tell us about politics and culture?

In Two Paths to Prosperity: Culture and Institutions in Europe and China, 1000–2000 (Princeton UP, 2025), Guido Tabellini, alongside his co-authors, argues that the answer comes from how European and Chinese organized cooperation—through corporations in Europe and through clans in China—and how that shaped each one’s society.

Guido Tabellini is the Intesa Sanpaolo Chair in Political Economics and Vice President at Bocconi University.
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John is joined by the brilliant and affable Paul Kramer of Vanderbilt (The Blood of Government) to discuss Capitalism: A Global History (Penguin, 2025) by Sven Beckert, Laird Bell Professor of History at Harvard University. With Christine A. Desan (Recall This Book adores her) he is the co-director of the Program on the Study of Capitalism at Harvard University. This builds on his marvelous previous work about the global cotton trade.

John wants to know about the importance of the state as money-maker and underpinner of markets. Paul asks about the key historical ruptures; the conversation goes back a millennium to traders in Aden and in China. Together Paul and Sven speculate on the role violence plays inside the “free” market that capitalist exchange established and now somewhat remarkably sustains. The singular turning-point of the late 19th century (which Sven decided to present in three interwoven chapters) comes in for sustained attention.

Mentioned in the Episode

Christine Desan, Making Money: Coin, Currency, and the Coming of Capitalism (2014)

Ursula Le Guin “We live in capitalism, its power seems inescapable — but then, so did the divine right of kings.” (National Book Foundation Medal speech 2014)

Ferdinand Braudel Afterthoughts on Material Civilization and Capitalism (1979)

Eric Williams, Capitalism and Slavery (1944)

Listen and Read here.

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The Political Economy of Oil in Venezuela: Class Conflict, the State, and the World Market (Brill, 2026) is the latest book from Dr. Kristin Ciupa, Associate Professor of Sociology at the University of Regina. Published with Brill, this book provides a detailed and engaging account of the historical development of Venezuela’s political economy and interrelated oil industry. The book takes us from Venezuela prior to the advent of oil discovery where the economy was dependent on a limited range of export-oriented agricultural crops, all the way up to the Bolivarian government project instituted by Hugo Chavez. Of course, Venezuela has been at the centre of political turmoil at present, and it is crucial to get a strong, historical understanding of Venezuela’s political economy, connected as it is with broader regional and global developments, to more concretely comprehend the current moment.

Ciupa situates Venezuela within not only the broader ‘Pink Tide’ that swept different parts of Latin America since the1990s, but also within the dynamics and tendencies of oil extraction and class politics at a local and international scale. Much of the literature has seen Venezuela as trapped in the classic ‘resource curse’, where oil-exporting developing countries earn windfall revenues but have been unable to translate that to sustainable growth and development, which is usually deemed to be due to poor economic planning, weak institutions, and a lack of incentives for governments to invest. Ciupa’s book argues, instead, that the interplay between national and international structures and relations of power, in Venezuela and in the global market, serve to perpetuate oil dependence. In making this argument, Ciupa presents a detailed, historical analysis of the ways in which the country was subsumed into the global economy as an oil exporter, tracing Venezuela’s development and political economy through its prior dictatorships, the crises of the twentieth century, and then finally through the revolutionary Bolivarian government led by Hugo Chavez and then Nicolas Maduro. Kristin Ciupa’s new book is a detailed, theoretically invigorated, and careful examination of Venezuela and its oil industry, which is still at the centre of geopolitical struggles more broadly today.

Elliot Dolan-Evans is a sessional lecturer and tutor in law at Monash University and RMIT. His research investigates the political economy of global capitalism, forms of international governance, and questions of war and peace. His first book, Making War Safe for Capitalism: The World Bank, IMF and the Conflict in Ukraine, is now out with Bristol University Press.
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Societal grand challenges have taken a toll on humanity, which finds itself at a crossroads. The concentration of wealth and economic inequality, the dominance of Big Tech firms, the loss of privacy and free choice, and the overconsumption and abuse of natural resources have been reinforced by globalization. Regulation, legislation, international treaties, and government and corporate policies have fallen short of offering sufficient remedies. The Cooperative Economy: A Solution for Society(Routledge, 2023) offers a bold solution: a new economic system, free from the design flaws that have contributed to these societal grand challenges. The cooperative economy is an ethical community-driven exchange system that relies on collective action to promote societal values while accounting for resource constraints. The book explains how this new system uses design principles to promote the self-sufficiency of communities, sustainability, and entrepreneurship while limiting overconsumption and excessive profit-making. It enhances economic equality by leveraging price subsidization and by restricting salary differences. Please become involved. If interested it what a cooperative economy can offer and what role you can play in it, go to the book’s website here.
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In Work Won’t Love You Back: How Devotion to Our Jobs Keeps Us Exploited, Exhausted, and Alone (Bold Type Books, 2021), Sarah Jaffe argues that modern culture encourages workers to see their jobs as a “labor of love.” This idea tells people that passion and dedication should motivate them more than pay or working conditions. Jaffe shows that this belief often allows employers to justify low wages, long hours, and poor treatment. Through stories of workers across many fields, such as teachers, domestic workers, nonprofit employees, artists, athletes, and tech workers, the book demonstrates how devotion to work is used to normalize exploitation. Jaffe calls for a reevaluation of the relationship between work, identity, and personal fulfillment, suggesting that workers should organize collectively and demand fair compensation and conditions instead of relying on passion alone.

Sarah Jaffe is a journalist and labor reporter who writes about work, inequality, and social movements. Her work has appeared in major publications such as The Nation, The Washington Post, and The Guardian. Jaffe has long reported on labor struggles and worker organizing, including movements like Occupy Wall Street and the Fight for $15 campaign. She is also the author of Necessary Trouble and most recently From the Ashes: Grief and Revolution in A World on Fire. She is co-host of the labor podcast Belabored. Her writing focuses on how economic systems shape everyday life and workers’ experiences.

My co-producer on this episode is Kelly Knight, a graduate student in the MA program in Communication at Oakland University.
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