New Books in Finance Marshall Poe

In 1647, the French author Étienne Cleirac asserted in his book Les us, et coustumes de la mer that the credit instruments known as bills of exchange had been invented by Jews. In The Promise and Peril of Credit: What a Forgotten Legend about Jews and Finance Tells Us about the Making of European Commercial Society (Princeton University Press, 2019), Francesca Trivellato draws upon the economic, cultural, intellectual, and business history of the period to trace the origin of this myth and what its usage in early modern Europe reveals about contemporary views of both commerce and Judaism. Trivellato begins by explaining the development of bills of exchange in the Middle Ages as a means of transferring funds across long distances, ones which helped the expansion of international trade. Though used by both Christians and Jews, concerns about crypto-Judaism among converted Christians in the town of Bordeaux where Cleirac lived may have been key to his belief in their association with the bills. From Cheirac’s book the myth then spread throughout much of western and central Europe during the 18th and 19th centuries, where it was used both to support anti-Semitic views and as examples by philo-Semitic writers such as Montesquieu of the superior commercial ability of Jews.
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In Disruption: The Global Economic Shocks of the 1970s and the End of the Cold War (Cornell University Press, 2024), Dr. Michael De Groot argues that the global economic upheaval of the 1970s was decisive in ending the Cold War. Both the West and the Soviet bloc struggled with the slowdown of economic growth; chaos in the international monetary system; inflation; shocks in the commodities markets; and the emergence of offshore financial markets. The superpowers had previously disseminated resources to their allies to enhance their own national security, but the disappearance of postwar conditions during the 1970s forced Washington and Moscow to choose between promoting their own economic interests and supporting their partners in Europe and Asia.
Dr. de Groot shows that new unexpected macroeconomic imbalances in global capitalism sustained the West during the following decade. Rather than a creditor nation and net exporter, as it had been during the postwar period, the United States became a net importer of capital and goods during the 1980s that helped fund public spending, stimulated economic activity, and lubricated the private sector. The United States could now live beyond its means and continue waging the Cold War, and its allies benefited from access to the booming US market and the strengthened US military umbrella. As Disruption demonstrates, a new symbiotic economic architecture powered the West, but the Eastern European regimes increasingly became a burden to the Soviet Union. They were drowning in debt, and the Kremlin no longer had the resources to rescue them.

This interview was conducted by Dr. Miranda Melcher whose new 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.
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The anti-tax movement is "the most important overlooked social and political movement of the last half century", according to our guest Michael J. Graetz. 
In his book The Power to Destroy: How the Antitax Movement Hijacked America (Princeton UP, 2024), Graetz chronicles the movement from a fringe theory promoted by zealous outsiders using false economic claims and thinly veiled racist rhetoric to a highly organized mainstream lobbying force, funded by billionaires, that dominates and distorts politics. 
Building on vague and disproven theories about "supply side" economics, the movement has undermined long-held beliefs that taxes are a reasonable price to pay for civil society, sound infrastructure, national security, and shared prosperity. 
Leaders have attacked the IRS, protected tax loopholes, and pushed aggressively for tax cuts from Ronald Reagan to Donald Trump. Also known as "trickle-down" or "voodoo" economics, these theories falsely claim that tax cuts will pay for themselves, when in fact they have led to the need for increased debt, including massive foreign debt, to pay for critical national investments. 
The antitax movement has expanded to include anti-government ideas and now, as told by Graetz, threatens the nation’s social safety net, increases inequality, saps American financial strength, and undermines the status of the US dollar.
In 1819, Chief Justice John Marshall declared that the power to tax entails “the power to destroy.” In this book Graetz argues that it is the antitax movement itself that wields this destructive power. 
Suggested reading: Cloud Cuckoo Land, by Anthony Doerr
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In 1290, Jews were expelled from England and subsequently largely expunged from English historical memory. Yet for two centuries they occupied important roles in mediaeval English society. England’s Jews revisits this neglected chapter of English history—one whose remembrance is more important than ever today, as antisemitism and other forms of racism are on the rise.
In England's Jews: Finance, Violence, and the Crown in the Thirteenth Century (University of Pennsylvania Press, 2023), Dr. John Tolan tells the story of the thousands of Jews who lived in mediaeval England. Protected by the Crown and granted the exclusive right to loan money with interest, Jews financed building projects, provided loans to students, and bought and rented out housing. Historical texts show that they shared meals and beer, celebrated at weddings, and sometimes even ended up in bed with Christians.
Yet Church authorities feared the consequences of Jewish contact with Christians and tried to limit it, though to little avail. Royal protection also proved to be a double-edged sword: when revolts broke out against the unpopular king Henry III, some of the rebels, in debt to Jewish creditors, killed Jews and destroyed loan records. Vicious rumours circulated that Jews secretly plotted against Christians and crucified Christian children. All of these factors led Edward I to expel the Jews from England in 1290. Paradoxically, Dr. Tolan shows, thirteenth-century England was both the theatre of fruitful interreligious exchange and a crucible of European antisemitism.
 This interview was conducted by Dr. Miranda Melcher whose new 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.
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This provocative and interesting book has received considerable attention. Roaring reviews and interviews include  The Financial Times (UK), The Telegraph (UK), Modem (Radio Switzerland Italian), Hufftington Post (Italy), El Diario (Spain), ABC (Australia), History Today (UK), The New Republic (USA), The New Yorker (USA), among others around the world.
During the interview, Alfani tells of the challenges of putting together. Also, how the book builds on prior research and his interests in diverse fields in social sciences. About the book:
How the rich and the super-rich throughout Western history accumulated their wealth, behaved (or misbehaved) and helped (or didn't help) their communities in times of crisis.
The rich have always fascinated, sometimes in problematic ways. Medieval thinkers feared that the super-rich would act 'as gods among men'; much more recently Thomas Piketty made wealth central to discussions of inequality. In this book, Guido Alfani offers a history of the rich and super-rich in the West, examining who they were, how they accumulated their wealth and what role they played in society. Covering the last thousand years, with frequent incursions into antiquity, and integrating recent research on economic inequality, Alfani finds--despite the different paths to wealth in different eras--fundamental continuities in the behaviour of the rich and public attitudes towards wealth across Western history. His account offers a novel perspective on current debates about wealth and income disparity.
Alfani argues that the position of the rich and super-rich in Western society has always been intrinsically fragile; their very presence has inspired social unease. In the Middle Ages, an excessive accumulation of wealth was considered sinful; the rich were expected not to appear to be wealthy. Eventually, the rich were deemed useful when they used their wealth to help their communities in times of crisis. Yet in the twenty-first century, Alfani points out, the rich and the super-rich--their wealth largely preserved through the Great Recession and COVID-19--have been exceptionally reluctant to contribute to the common good in times of crisis, rejecting even such stopgap measures as temporary tax increases. History suggests that this is a troubling development--for the rich, and for everyone else.
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Dani Rodrik (Harvard Kennedy School Economics Professor) joins the podcast to discuss his career, the best case for industrial policy, the labor market effects of globalization, and his vision of an ideal economic policy paradigm.
Rodrik is the Ford Foundation Professor of International Political Economy at Harvard's John F. Kennedy School of Government. He is co-director of the Reimagining the Economy Program at the Kennedy School and of the Economics for Inclusive Prosperity network. He was President of the International Economic Association during 2021-23 and helped found the IEA's Women in Leadership in Economics (IEA-WE) initiative. His most recent books are Combating Inequality: Rethinking Government's Role (2021, edited with Olivier Blanchard) and Straight Talk on Trade: Ideas for a Sane World Economy (2017).
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