What is money? Why are trillions of dollars, euros, pounds, and yen being printed, but not spent, and what does this reveal about the state of our society? Money, as we know it, was born in 1971 when currencies unlinked from gold. During its adolescence, money was hyperactive, causing rampant inflation. Three decades of mature growth followed. But as it reaches the age of fifty, money is changing again, and facing a figurative mid-life crisis. Zvi Schreiber's book Money, Going Out of Style: The ...
Aug 15, 2024•29 min•Ep. 159
In an era where the financial stability of many arts organizations is increasingly precarious, arts philanthropy stands at a critical juncture. The recent COVID-19 pandemic of 2020-21 laid bare the vulnerabilities in existing funding structures, highlighting just how fragile these lifelines can be. Coupled with a surge in social initiatives that demand attention and resources, the way the arts are funded is undergoing scrutiny and transformation. A new wave of philanthropists—individuals with fr...
Aug 11, 2024•39 min•Ep. 2
More than any other global institution, the US Federal Reserve’s decisions and communications drive capital markets and alter financial conditions everywhere from Seattle to Seoul. While its interest rate are set by an expert committee, for almost a century, the Fed’s core philosophy and operational approach have been moulded by one person: the Chair of the Board of Governors. In this podcast series, Tim Gwynn Jones - a veteran central bank "watcher" - talks to authors of books about the Fed's m...
Aug 09, 2024•49 min•Ep. 158
More than any other global institution, the US Federal Reserve’s decisions and communications drive capital markets and alter financial conditions everywhere from Seattle to Seoul. While its interest rate are set by an expert committee, for almost a century, the Fed’s core philosophy and operational approach have been moulded by one person: the Chair of the Board of Governors. In this podcast series, Tim Gwynn Jones - a veteran central bank "watcher" - talks to authors of books about the Fed's m...
Aug 08, 2024•48 min•Ep. 157
After two government bailouts of the American economy in less than twenty years, free market thought is due for serious reappraisal. Free Market: The History of an Idea (Basic Books, 2022) shows how the idea became so powerful, why it succeeded, and why it has failed so spectacularly. In 1990, the G7 Countries enjoyed 70 percent of world GDP. In the face of the collapse of the Soviet Union, it was supposed to be a story of the success of free markets. However, in the past thirty years, that numb...
Aug 08, 2024•1 hr 30 min•Ep. 221
In this episode, Caleb Zakarin and Uri Bram dive into the world of effective charitable giving through the lens of GiveWell, an organization known for its rigorous evaluation of charities. Uri explains how GiveWell identifies and recommends high-impact charities, discussing the data-driven criteria and ethical considerations behind their assessments. The conversation highlights real-world examples of how smart giving can lead to substantial, measurable benefits. Whether you're a seasoned donor o...
Aug 07, 2024•28 min•Ep. 1
More than any other global institution, the US Federal Reserve’s decisions and communications drive capital markets and alter financial conditions everywhere from Seattle to Seoul. While its interest rate are set by an expert committee, for almost a century, the Fed’s core philosophy and operational approach have been moulded by one person: the Chair of the Board of Governors. In this podcast series, Tim Gwynn Jones - a veteran central bank "watcher" - talks to authors of books about the Fed's m...
Aug 07, 2024•48 min•Ep. 156
More than any other global institution, the US Federal Reserve’s decisions and communications drive capital markets and alter financial conditions everywhere from Seattle to Seoul. While its interest rate are set by an expert committee, for almost a century, the Fed’s core philosophy and operational approach have been moulded by one person: the Chair of the Board of Governors. In this podcast series, Tim Gwynn Jones - a veteran central bank "watcher" - talks to authors of books about the Fed's m...
Aug 06, 2024•1 hr 4 min•Ep. 155
Historically, the insurance industry in America has been fragmented. As a result, there have been debates and conflicts over the proper roles of federal and state governments, business, and the responsibilities of individuals. Who should cover the risks of loss? And to what extent should risk be shared and by whom? In Uncovered: The Story of Insurance in America (Oxford UP, 2023), Katherine Hempstead answers these questions by exploring the history of the insurance business and its regulation in...
Aug 05, 2024•45 min•Ep. 106
It is a truth universally acknowledged that as a society we want successful, profitable companies because, as Jan Eeckhout says in The Profit Paradox: How Thriving Firms Threaten the Future of Work (Princeton UP, 2021), “we tend to accept that when firms do well, the economy does well”, even when that's not true. The rising tide, in some cases, does not lift all boats. Even when a few strong players have outsized gains, the rest of the market can suffer. These trends have a ripple effect over ti...
Jul 29, 2024•1 hr 11 min•Ep. 154
The struggle against neoliberal order has gained momentum over the last five decades – to the point that economic elites have not only adapted to the Left's critiques but incorporated them for capitalist expansion. Venture funds expose their ties to slavery and pledge to invest in racial equity. Banks pitch microloans as a path to indigenous self-determination. Fair-trade brands narrate consumption as an act of feminist solidarity with women artisans in the global South. In Capitalist Humanitari...
Jul 21, 2024•1 hr 13 min•Ep. 471
There is no shortage of books on the growing impact of data collection and analysis on our societies, our cultures, and our everyday lives. David Hand's new book Dark Data: Why What You Don't Know Matters (Princeton University Press, 2020) is unique in this genre for its focus on those data that aren't collected or don't get analyzed. More than an introduction to missingness and how to account for it, this book proposes that the whole of data analysis can benefit from a "dark data" perspective—t...
Jul 08, 2024•1 hr 18 min•Ep. 52
Daniel Susskind examines the brief and powerful history of economic growth and puts it into perspective with human prosperity in Growth: A History and a Reckoning (Harvard UP, 2024). Susskind acknowledges the tremendous benefits of economic growth, which he credits with freeing billions of people from poverty and allowing us to live longer and healthier lives. He also recognizes the real and substantial costs of our relentless pursuit of growth at the expense of other considerations and moral ch...
Jul 03, 2024•1 hr 6 min•Ep. 153
What exactly is capitalism? How has the meaning of capitalism changed over time? And what’s at stake in our understanding or misunderstanding of it? In Capitalism: The Story Behind the Word (Princeton UP, 2022), Michael Sonenscher examines the history behind the concept and pieces together the range of subjects bound up with the word. Sonenscher shows that many of our received ideas fail to pick up the work that the idea of capitalism is doing for us, without us even realizing it. “Capitalism” w...
Jun 30, 2024•51 min•Ep. 217
In 2012, to stave off the collapse of their currency union, Europe’s leaders sought to end the so-called “doom loop” between the solvency of their governments and their banking systems. Two years later, a banking union was born. Created as a crisis response, like the postwar coal and steel community, this ten-year-old union is another step in Europe’s long integrationist road. Yet – as Nicolas Véron points out in Europe’s Banking Union At Ten: Unfinished Yet Transformative (Bruegel, 2024) - the ...
Jun 28, 2024•43 min•Ep. 34
Amy Schiller, who spent a number of years working in both political and major gift fundraising, has a new book detailing some of the fundamental problems currently afflicting American philanthropy and how to correct some of these problems. Schiller, a political theorist currently at Dartmouth College’s Society of Fellows, brings two important perspectives to her research in The Price of Humanity: How Philanthropy Went Wrong—And How to Fix It (Melville House, 2023)—combining her experience in the...
Jun 27, 2024•49 min•Ep. 720
A political history of the rise and fall of American debt relief. Americans have a long history with debt. They also have a long history of mobilizing for debt relief. Throughout the nineteenth century, indebted citizens demanded government protection from their financial burdens, challenging readings of the Constitution that exalted property rights at the expense of the vulnerable. Their appeals shaped the country’s periodic experiments with state debt relief and federal bankruptcy law, constit...
Jun 25, 2024•58 min•Ep. 184
In The Soviet Union and the Construction of the Global Market. Energy and the Ascent of Finance in Cold War Europe, 1964–1971 (Cambridge University Press, 2023), Oscar Sanchez-Sibony reveals the origins of our current era in the dissolution of the institutions that governed the architecture of energy and finance during the Bretton Woods era. He shows how, in the second half of the 1960s, the Soviet Union sought to dismantle the compartmentalized nature of Bretton Woods in order to escape its mat...
Jun 22, 2024•54 min•Ep. 105
In recent years, philanthropy, the use of private assets for the public good, has come under renewed scrutiny. Do elite philanthropists wield too much power? Is big-money philanthropy unaccountable and therefore anti-democratic? And what about so-called "tainted donations" and "dark money" funding pseudo-philanthropic political projects? The COVID-19 pandemic has amplified many of these criticisms, leading some to conclude that philanthropy needs to be fundamentally reshaped to play a positive r...
Jun 19, 2024•38 min•Ep. 222
Chinese philanthropic foundations navigate a uniquely challenging terrain shaped by authoritarian governance. The Governance of Philanthropic Foundations in Authoritarian China: A Power Perspective (Routledge, 2022) examines these complexities, delivering a novel multilevel analysis of the power dynamics that underpin the governance of nonprofit organizations within an authoritarian context. Chinese philanthropic foundations, with their distinct democratic culture, grapple with a unique set of c...
Jun 18, 2024•1 hr 17 min•Ep. 221
Think that today's debates about the role of the Federal Reserve Bank, financial regulation, "too big to fail", etc. are new? Think again. Who should control banks, who should regulate banks, what should banks even do--these questions have been debated since the founding of the Republic. Replace CNBC's David Faber with Alexander Hamilton, and Joe Kernan with Thomas Jefferson (or James Madison) and the arguments about banking, moral hazard, and regulation would be largely the same, though the att...
Jun 10, 2024•57 min•Ep. 5
In this special episode, we talk to two authors about the role of financial institutions in enslavement. Sharon Ann Murphy, associate professor of history, argues in Banking on Slavery Financing Southern Expansion in the Antebellum United States (University of Chicago Press, 2023) that Southern banks’ willingness to use enslaved people as loan collateral led to the exponential growth of Southern enslavement during the 1820-30s. In filmmaker, producer, and author David Montero’s book, The Stolen ...
Jun 08, 2024•59 min•Ep. 462
Esoteric and frequently disinterested in the public good, financial institutions can be hard to navigate for those seeking to advance social welfare. My Episode 10 guest Paul Katz of the Jain Family Institute is trying to change that by building innovative tools to help visionary leaders in Brazil grow social wealth. During our lively exchange, Paul helped me understand how much history fits into his efforts and his organization's vision. We talked about Paul's discovery of his superpowers deriv...
Jun 06, 2024•1 hr 8 min•Ep. 10
A sweeping history of the United States’ economy and politics, in Shock Values: Prices and Inflation in American Democracy (U Chicago Press, 2024), Carola Binder reveals how the American state has been shaped by a massive, ever-evolving effort to insulate its economy from the real and perceived dangers of price fluctuations. Carola Binder narrates how the pains of rising and falling prices have brought lasting changes for every generation of Americans. And with each brush with price instability,...
May 27, 2024•44 min•Ep. 102
Peter Ireland (Boston College Economics Professor) joins the podcast to discuss his career as a monetary economist, his views on the history of monetarism, New Keynesian models, and the Shadow Open Market Committee which Peter sits on and celebrates its 50th anniversary. Jon Hartley is an economics researcher with interests in international macroeconomics, finance, and labor economics and is currently an economics PhD student at Stanford University. He is also currently a Research Fellow at the ...
May 24, 2024•1 hr 27 min•Ep. 30
In his latest book, The Road to Freedom: Economics and the Good Society (W. W. Norton, 2024), Nobel laureate Joseph E. Stiglitz rethinks the nature of freedom and its relationship to capitalism. While many agree that freedom is good and we want more of it, we don’t agree about what it is, whose freedom we’re talking about, or what outcomes we desire. Stiglitz asks the question: whose freedom are we talking about, and what happens when one person’s freedom means a loss of freedom for someone else...
May 20, 2024•42 min•Ep. 150
India’s stock markets are booming. One calculation from Bloomberg puts India as the world’s fourth-largest equity market, overtaking Hong Kong, as domestic and foreign investors pile into the Indian stock exchange. But getting to the point where India’s stock markets—and its financial system more broadly—could work effectively took a long time. As Rajrishi Singhal tells it in Slip, Stitch and Stumble: The Untold Story of Financial Reforms in India (Viking, 2024), India’s financial system suffere...
May 16, 2024•47 min•Ep. 187
Forest fires, droughts, and rising sea levels beg a nagging question: have we lost our capacity to act on the future? Dr. Liliana Doganova’s book Discounting the Future: The Ascendancy of a Political Technology (Princeton University Press, 2024) sheds new light on this anxious query. It argues that our relationship to the future has been trapped in the gears of a device called discounting. While its incidence remains little known, discounting has long been entrenched in market and policy practic...
May 14, 2024•1 hr 2 min•Ep. 149
Amy Schiller's The Price of Humanity: How Philanthropy Went Wrong—And How to Fix It (Melville House, 2023) makes an attempt to rescue philanthropy from its progressive decline into vanity projects that drive wealth inequality, so that it may support human flourishing as originally intended. The word “philanthropy” today makes people think big money—Bill and Melinda Gates, Warren Buffet, and Andrew Carnegie come to mind. The scope of suffering in the world seems to demand an industry of giving, a...
May 13, 2024•39 min•Ep. 187
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 ...
May 05, 2024•1 hr 2 min•Ep. 513
