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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. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/finance

Eric Ries shares how financial 'gravity' pulls great companies away from their founders' purpose, and his solutions in his new book Incorruptible (Authors Equity, 2026) Join us for a uniquely provocative conversation between our host, Richard Lucas, and renowned entrepreneur and "Lean Startup" author Eric Ries on his new book, Incorruptible. Moving beyond the surface-level summary, Richard intentionally focuses on the book's deep ethical and moral core, giving Ries the space to clarify and elaborate on his most challenging ideas.1 This is not your typical book tour stop. Richard dives into what he finds "particularly interesting," exploring why founders must prioritize building an enterprise "worth protecting" from the start—a business whose mission is protected by structural guardrails. Richard highlights memorable quotes from Eric's book, including:1 "Not every form of making money is equally good."1 "The more golden the goose, the stronger the temptation to butcher it."1 Ries explains that without these defenses, a universal, systemic force he calls "financial gravity" will inevitably pull the organization toward short-term profit maximization over "human flourishing". He argues that waiting until a business is successful to put in guardrails is "too late" because success attracts predators. Taking the principled path, though harder, Ries believes, unlocks "almost unbelievable superpowers". The discussion drills down into practical, yet philosophical questions: Can any system resist a corrupt leader? Richard challenges Ries on the possibility of an ethical defense military technology company (like those defending Ukraine), leading Ries to clarify that technology is neutral; the danger lies in who controls it. They also explore the failure of modern management practices, discussing how reliance on metrics like average hold time can create "false proxies" that actively make customer service worse. Finally, Ries advocates for a powerful solution for corporate governance: a universal director's oath, similar to the Hippocratic Oath, to bind corporate leadership to a commitment to the mission.1 Tune in to hear Ries’s candid reflections, including his personal belief that integrity is not merely ethical, but a competitive advantage—the true foundation for economic success, while emphasizing the first step for every founder and entrepreneur: "First, create something worth protecting Links & References Incorruptible: Why Good Companies Go Bad…and How Great Companies Stay Great Book release date is May 26 in the US, May 28 worldwide Amazon listing Website: here Seth Godin on false metrics Frankenstein, Incorporated by I Maurice Wormser Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/finance

The book places special emphasis on the relationship between corporations, managers, and shareholders. Drawing on Lynn Stout’s influential work on corporate governance, the authors challenge the common belief that corporate law requires managers to maximize shareholder value at all times. In reality, corporate directors and managers are expected to exercise business judgment that balances long-term corporate health, stakeholder relationships, and legal responsibilities. Shareholders play a critical role in corporate governance, but the authors emphasize that corporations are not simply machines for immediate shareholder profit. Instead, corporations are long-lived institutions that rely on cooperation among shareholders, employees, customers, communities, and regulators. Ethical management therefore requires maintaining trust across this broader network. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/finance

In today’s world, it is almost impossible to go through the day without interacting with a bank—whether through a salary payment, a debit card, a credit card, or a digital ID used to access public services online. Yet this intimate relationship between households and banks is relatively recent. In this episode of the New Books Network, I speak with Orsi Husz, Professor at Uppsala University, about her book Bankminded: Banks as Intimate Agents of Everyday Life in Welfare State Sweden. The book traces how, from the late 1950s onwards, banks gradually became embedded in the everyday routines of ordinary people. Through wage accounts, credit cards, financial advice, and identity documents, financial institutions reshaped how households handled money—and how they thought about finance itself. Drawing on rich archival research, Husz shows that this transformation was not simply a story of technology or markets. It involved cultural shifts around class, gender, morality, and identity, as well as the surprising role of the welfare state in expanding everyday banking. The result was what she calls the “bankification” of everyday life—a process that laid the groundwork for the financialised world we inhabit today. If you are interested in the history of banking, the culture of finance, or how modern financial habits emerged, this conversation offers a fascinating perspective on a transformation that most of us now take for granted. You can download the book for free (Open Access) here Listen to the episode to learn how banks became an intimate part of everyday life. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/finance

In this episode, Jeremy Sosabowski, CEO and co‑founder of AlgoDynamix, reveals how his company is reinventing market forecasting through behavioral analytics rather than traditional fundamentals or news. By decoding real‑time transactional order flow, AlgoDynamix predicts price movements (hours or days in advance) based on what traders are actually doing — a fresh, practical edge for smaller hedge funds, family offices and HNWI (High Net Worth Individuals) seeking ultimate actionable trading insights. Jeremy shares how the company continues to expand and refine its business model and how they have built a scalable platform capable of handling complex, multi‑asset portfolios. He also dives into Cambridge’s vibrant entrepreneurial ecosystem, highlighting how networking, community engagement, and thematic WhatsApp groups have created unexpected opportunities and collaborations. The episode is packed with insights for innovators, investors, and curious listeners. If you want to hear how behavioral science meets financial returns — and how an entrepreneur builds momentum through community — this conversation is absolutely worth your time. Links: CUE Cambridge University Entrepreneurs AlgoDyamix Jeremy Sosabowski Linkedin Richard Lucas TEDxTarnow on “Opportunity Readiness” Jeremy Sosabowski at CAMentrepreneurs Open Coffee Cambridge OptiSynx clock project About Jeremy Sosabowski CEO, AlgoDynamix: Dr. Jeremy Sosabowski is Co-founder & CEO at AlgoDynamix, an AI-based financial price forecasting analytics company. Their products are used by asset managers, including CTAs, hedge funds, and family offices. Jeremy has over a decade of business and technology commercialisation experience. His previous roles include CTO at an instrumentation company (technology acquired) and data analyst within the online transaction space. His 'IP portfolio' includes several granted patents and more than 10 peer-reviewed publications. Jeremy has undergraduate and postgraduate degrees in engineering and signal processing including an Engineering Ph.D. from the University of Cambridge. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/finance

Making War Safe for Capitalism: The World Bank, IMF, and the Conflict in Ukraine (Bristol UP, 2025) by Dr. Elliot Dolan-Evans examines the impact of World Bank and International Monetary Fund (IMF) economic restructuring programmes during active conflicts. Using a critical political economy perspective, the book explores how these restructuring efforts affect vulnerable communities’ survival amid violence. Chapters provide a detailed case study of Ukraine during the War in Donbas, analysing the controversial reforms in agriculture, gas and pension sectors. The resulting analysis offers valuable insights into how these reforms have influenced Ukraine’s political economy and the survival of conflict-affected populations since the 2022 Russian invasion. This interview was conducted by Dr. Miranda Melcher whose book focuses on post-conflict military integration, understanding treaty negotiation and implementation in civil war contexts, with qualitative analysis of the Angolan and Mozambican civil wars. You can find Miranda’s interviews on New Books with Miranda Melcher, wherever you get your podcasts. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/finance

In Money and Promises: Seven Deals That Changed the World, the distinguished banker, executive, and historian Paolo Zannoni examines the complex relationship between states and banks that has changed the world. Drawing on in-depth archival research, he explores seven case studies: the republic of Pisa, seventeenth-century Venice, the early years of the Bank of England, imperial Spain, the Kingdom of Naples, the nascent United States during the American Revolution, and Bolshevik Russia in 1917 through 1923. Zannoni also tells the story of how the Continental Congress established the first public bank in North America, exploring the roles of Thomas Jefferson, Benjamin Franklin, and Alexander Hamilton. Spanning many countries, political systems, and historical eras, this book shows that at the heart of these institutions is an intricate exchange of debts and promises. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/finance

In The Making of Modern Corporate Finance: A History of the Ideas and How They Help Build the Wealth of Nations (Columbia Business School Publishing, 2025) Donald Chew profiles key figures in the development of modern corporate finance while emphasizing their counterintuitive lessons for shareholders, companies, and countries. He deals with such questions as: Why did the stagflation of the 1970s prove so painful and protracted? What explains the U.S. stock market’s forty-year run of 12 percent average annual returns? Why is Japan still mired in a decades-long recession? What accounts for the resilience of U.S. stock markets in the wake of COVID and the Fed’s interest rate hikes? Chew argues that answers to these questions lie ideas formulated and tested by finance scholars―notably, an efficient stock market in which prices reflect the long-run values of public companies and a market for corporate control that exerts pressure on management. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/finance

Drawing on decades of experience covering the global economy, New York Times' journalist Peter S. Goodman profiles five representative Davos Men-members of the billionaire class-chronicling how their shocking exploitation of the global pandemic has hastened a fifty-year trend of wealth centralization. Alongside this reporting, Goodman delivers textured portraits of those caught in Davos Man's wake, including a former steelworker in the American Midwest, a Bangladeshi migrant in Qatar, a Seattle doctor on the front lines of the fight against COVID, blue-collar workers in the tenements of Buenos Aires, an African immigrant in Sweden, a textile manufacturer in Italy, an Amazon warehouse employee in New York City, and more in his book, Davos Man: How the Billionaires Devoured the World (Custom House, 2022). Peter S. Goodman is the global economic correspondent for The New York Times, based in New York. Caleb Zakarin is the Assistant Editor of the New Books Network (Twitter: @caleb_zakarin). Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/finance

China and the Global Economic Order (Cambridge University Press, 2026) examines China's evolving relations with the Bretton Woods institutions (BWIs), specifically the International Monetary Fund and the World Bank Group from the 1980s through 2025. Using a combination of new qualitative findings and quantitative datasets, the authors observe that China has taken an evolving approach to the BWIs in order to achieve its multiple agendas, acting largely as a 'rule-taker' during its first two decades as a member, but, over time, also becoming a 'rule-shaker' inside the BWIs, and ultimately a new 'rule-maker' outside of the BWIs. The analysis highlights China's exercise of 'two-way countervailing power' with one foot inside the BWIs, and another outside, and pushing for changes in both directions. China's interventions have resulted in BWs reforms and the gradual transformation of the global order, while also generating counter-reactions especially from the United States. Gregory Chin is an Associate Professor of Political Economy in the Department of Politics, and Faculty of Graduate Studies at York University (Canada), with a focus on the political economy of international money and development finance, China, Asia, the BRICS, and global governance. Nomeh Anthony Kanayo, Ph.D. Candidate in International Relations at Florida International University, with research interest in Africa's diaspora relations, African-China relations, great power rivalry and IR theories. Check out my new article https://doi.org/10.1016/j.sciaf.2025.e02699 Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/finance

In The City's Defense: The Bank of England and the Remaking of Economic Governance, 1914-1939, Robert Yee examines how the City of London maintained its status as an international financial center. He traces the role of the Bank of England in restructuring the domestic, imperial, European, and international monetary systems in the aftermath of the First World War Responding to mass unemployment and volatile exchange rates, the Bank expanded its reach into areas outside the traditional scope of central banking, including industrial policy and foreign affairs. It designed a system of economic governance that reinforced the preeminence of sterling as a reserve currency. Drawing on a range of archival evidence from national governments, private corporations, and international organizations, Yee reevaluates our understanding of Britain's impact on the global economic order. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/finance

Winners Take All meets Nickel and Dimed: a provocative debunking of accepted wisdom, providing the pathway to a sustainable, survivable economy. Confronted by the terrifying trends of the early twenty-first century - widening inequality, environmental destruction, and the immiseration of millions of workers around the world - many economists and business leaders still preach dogmas that lack evidence and create political catastrophe: Private markets are always more efficient than public ones; investment capital flows efficiently to necessary projects; massive inequality is the unavoidable side effect of economic growth; people are selfish and will only behave well with the right incentives. But a growing number of people - academic economists, business owners, policy entrepreneurs, and ordinary people - are rejecting these myths and reshaping economies around the world to reflect ethical and social values. Though they differ in approach, all share a vision of the economy as a place of moral action and accountability. Journalist Nick Romeo has spent years covering the world's most innovative economic and policy ideas for The New Yorker. In The Alternative: How to Build a Just Economy (PublicAffairs, 2024), Romeo takes us on an extraordinary journey through the unforgettable stories and successes of people working to build economies that are more equal, just, and livable. Stephen Pimpare is a Senior Fellow at the Carsey School of Public Policy at the University of New Hampshire. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/finance

In Seven Crashes: The Economic Crises That Shaped Globalization (Yale UP, 2023), distinguished economic historian Harold James offers a fresh perspective on the past two centuries of globalization and the pivotal moments that shaped it. James analyzes seven major economic crises that occurred over this period, including the late 1840s, the simultaneous stock market shocks of 1873, the First World War years, the Great Depression era, the 1970s, the Global Financial Crisis of 2007-2008, and most recently the Covid-19 crisis. Through his insightful analysis, he illustrates how some of these crises contributed to increased cross-border integration of labor, goods, and capital markets, while others resulted in significant deglobalization. James classifies the crises into two categories: those caused by shortages and those driven by demand. He explains how shortages have led to greater globalization as markets expanded and producers innovated to increase supply, as evidenced by events such as the First World War and the oil shocks of the 1970s. In contrast, demand-driven crises, such as those that caused the Great Depression and the Global Financial Crisis of 2007-2008, have typically led to international trade contraction and decreased globalization, often accompanied by widespread skepticism of governments. To support his findings, James examines the writings of key observers who shaped our understanding of each crisis, including Karl Marx in 1848, Stanley Jevons, Léon Walras, and Carl Menger in the 1870s, German Treasury Secretary Karl Helfferich in the First World War, John Maynard Keynes in the Great Depression, Milton Friedman and Friedrich Hayek in the 1970s, Ben Bernanke in 2008, and Larry Summers and Raj Chetty in 2020. Overall, James' work provides an insightful and thought-provoking analysis of the relationship between economic crises and globalization over the past two centuries, and sheds light on the potential trajectory of future economic developments. Javier Mejia is an economist at Stanford University who specializes in the intersection of social networks and economic history. His research interests also include entrepreneurship and political economy, with a particular focus on Latin America and the Middle East. He holds a Ph.D. in Economics from Los Andes University. Mejia has previously been a Postdoctoral Associate and Lecturer at New York University-Abu Dhabi and a Visiting Scholar at the University of Bordeaux. He is also a frequent contributor to various news outlets, currently serving as an op-ed columnist for Forbes Magazine. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/finance

Stealing the Future is the first book to tell the true and full story of Sam Bankman-Fried and his historic crimes. It chronicles the $11 billion FTX fraud with the detail and nuance of a financial fraud expert and cryptocurrency insider – but unlike any book before it, it also traces the ideas that enabled the crime. “Effective Altruism” and related tendencies, such as longtermism and transhumanism, remain dangerously influential in today’s Silicon Valley. Despite Bankman-Fried’s pose as a cuddly liberal philanthropist, they are now center stage in the global rise of the far right, and also lie at the heart of OpenAI, the tech darling that took FTX’s place as the face of the future. In this interview, Morris explains how some of the key thought processes that drive today's techno-billionaires and how we can spot the next fraudsters in our midst.  Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/finance

On the Semicivilized: Coloniality, Finance, and Embodied Sovereignty in Cairo (Duke University Press, 2025) by Julia Elyachar is a sweeping analysis of the coloniality that shaped—and blocked—sovereign futures for those dubbed barbarian and semicivilized in the former Ottoman Empire. Drawing on thirty years of ethnographic research in Cairo, family archives from Palestine and Egypt, and research on Ottoman debt and finance to rethink catastrophe and potentiality in Cairo and the world today, Elyachar theorizes a global condition of the “semicivilized” marked by nonsovereign futures, crippling debts, and the constant specter of violence exercised by those who call themselves civilized. Originally used to describe the Ottoman Empire, whose perceived “civilizational differences” rendered it incompatible with a Western-dominated global order, semicivilized came to denote lands where unitary territorial sovereignty was stymied at the end of WWI. Elyachar’s theorizing offers a new analytic vocabulary for thinking beyond territoriality, postcolonialism, and the “civilized"/"primitive” divide. Looking at the world from the perspective of the semicivilized, Elyachar argues, allows us to shift attention to embodied infrastructures, collective lives, and practices of moving and acting in common that bypass lingering assumptions of territorialism and unitary sovereign rule.Julia Elyachar is Associate Professor of Anthropology at Princeton University. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/finance