The Library of Mistakes is a library located in Edinburgh, Scotland dedicated to financial and economic history. Russell Napier, the founder and keeper of the library is a professor at The Edinburgh Business School and investment manager. In this wide-ranging discussion, Russell discusses his work as a practitioner and a scholar of financial crises. He also discusses how and why he started a library, in addition to his writing on financial history. Professor Russell Napier is the author of The S...
Mar 10, 2025•55 min•Ep 60•Transcript available on Metacast On this episode, rural sociologist Dr. Irna Hofman explores how Tajikistan’s cotton fields illuminate shifting power dynamics in Central Asia, historically and in the present. She discusses how the Soviet Union once showcased cotton production to visiting delegations—particularly from Muslim-majority countries—as evidence of its development model. Now, as global powers, including Russia, China, and the EU, vie for influence in the region, cotton has again become a strategic commodity—used to for...
Mar 10, 2025•46 min•Ep 12•Transcript available on Metacast Why has the United Kingdom, historically one of the strongest democracies in the world, become so unstable? What changed? Late Soviet Britain: Why Materialist Utopias Fail (Cambridge UP, 2023) demonstrates that a major part of the answer lies in the transformation of its state. It shows how Britain championed radical economic liberalisation only to weaken and ultimately break its own governing institutions. The crisis of democracy in rich countries has brought forward many urgent analyses of neo...
Mar 09, 2025•2 hr 35 min•Ep 515•Transcript available on Metacast Digital technologies have changed how we shop, work, play, and communicate, reshaping our societies and economies. To understand digital capitalism, we need to grasp how advances in geospatial technologies underpin the construction, operation, and refinement of markets for digital goods and services. In The Map in the Machine: Charting the Spatial Architecture of Digital Capitalism (U California Press, 2024), Luis F. Alvarez Leon examines these advances, from MapQuest and Google Maps to the rise...
Mar 08, 2025•52 min•Ep 123•Transcript available on Metacast Critics on the Left have long attacked open markets and free trade agreements for exploiting the poor and undermining labor, while those on the Right complain that they unjustly penalize workers back home. In Open: The Progressive Case for Free Trade, Immigration, and Global Capital (Harvard University Press, 2019), Kimberly Clausing takes on old and new skeptics in her compelling case that open economies are actually a force for good. Turning to the data to separate substance from spin, she sho...
Mar 08, 2025•1 hr 3 min•Ep 170•Transcript available on Metacast China's household debt has exploded from 11% of GDP in 2006 to over 62% today—a profound transformation in a traditionally savings-focused society. How is this reshaping social relationships and daily life? In this episode, Dr. Jiaqi Guo from the University of Turku reveals findings from her corpus analysis of China's largest debt support forum. Her research uncovers the practice of "contact bombing" (爆通讯录), where collectors harass debtors' entire social networks, causing what Chinese debtors ca...
Mar 07, 2025•17 min•Ep 239•Transcript available on Metacast Class Meets Land: The Embodied History of Land Financialization (University of California Press, 2024) by Dr. Maria Kaika & Dr. Luca Ruggiero reveals something seemingly counterintuitive: that nineteenth-century class struggles over land are deeply implicated in the transition to twenty-first-century financial capitalism. Challenging our understanding of land financialization as a recent phenomenon propelled by high finance, Dr. Kaika and Dr. Ruggiero foreground 150 years of class struggle over ...
Mar 06, 2025•1 hr 3 min•Ep 123•Transcript available on Metacast In the latest episode of Madison’s Notes, I spoke with Janie Nitze, co-author of Over Ruled: The Human Toll of Too Much Law (Harper, 2004), a book written alongside Supreme Court Justice Neil Gorsuch. Janie, a Harvard-educated attorney and former clerk for Justices Sonia Sotomayor and Neil Gorsuch, discussed the growing complexity of laws in America and their impact on everyday citizens. The book shares stories of ordinary Americans—fishermen in Florida, families in Montana, monks in Louisiana, ...
Mar 05, 2025•44 min•Ep 140•Transcript available on Metacast Hollywood Unions (Rutgers UP, 2024) is a unique collection that tells the stories of the unions and guilds that have organized motion picture and television labor: IATSE, the DGA, SAG-AFTRA, and the WGA. The Hollywood unions represent a wide swath of the workers making media: from directors and stars to grips and makeup artists. People today know some of these organizations from their glitzy annual awards celebrations, but the unions’ actual importance is in bargaining with the Association of Mo...
Mar 04, 2025•57 min•Ep 229•Transcript available on Metacast How Americans think about work changed profoundly over the course of the twentieth century. Thrift and persistence came to seem old-fashioned. Successful workers were increasingly expected to show initiative and enthusiasm for change—not just to do their jobs reliably but to create new opportunities for themselves and for others. Our culture of work today is more demanding than ever, even though workers haven't seen commensurate rewards. Make Your Own Job: How the Entrepreneurial Work Ethic Exha...
Mar 02, 2025•58 min•Ep 120•Transcript available on Metacast Clean water, paved roads, public transit, electricity and gas, sewers, waste processing, telecommunication, even the Internet – all this infrastructure is what makes cities work and powers our lives, often seamlessly and silently. Virtually everything we do and consume depends on infrastructure. Yet, most people have little to no idea how these systems work. How is water treated? How do cities manage rainwater? Why do traffic jams exist? How is electricity generated and distributed? What happens...
Feb 27, 2025•39 min•Ep 44•Transcript available on Metacast Our book is: Big Box USA: The Environmental Impact of America’s Biggest Retail Stores (UP of Colorado, 2024) which presents a new look at how the big box retail store has dramatically reshaped the US economy and its ecosystems in the last half century. From the rural South to the frigid North, from inside stores to ecologies far beyond, this book examines the relationships that make up one of the most visible features of late twentieth-century and early twenty-first-century American life. The ri...
Feb 27, 2025•1 hr 3 min•Ep 255•Transcript available on Metacast At the close of the 1970s, government treasuries and central banks took a vow of perpetual self-restraint. To this day, fiscal authorities fret over soaring public debt burdens, while central bankers wring their hands at the slightest sign of rising wages. As the brief reprieve of coronavirus spending made clear, no departure from government austerity will be tolerated without a corresponding act of penance. Yet we misunderstand the scope of neoliberal public finance if we assume austerity to be...
Feb 18, 2025•1 hr 22 min•Ep 60•Transcript available on Metacast We are all stuck in a money cage. Money isn’t the most important thing, but it is a thing and you can’t get away from it. Birth costs money and death costs money. So even if you hate talking about money, you need to know the basics, the same way you need to know how to cook yourself a simple meal. The problem with most money books is that they are not written by practitioners and avoid hard truths. Paul Podolsky’s The Uncomfortable Truth About Money: How to Live with Uncertainty and Learn to Thi...
Feb 14, 2025•48 min•Ep 169•Transcript available on Metacast Agriculture remains a key sector of the economies of most Southeast Asian countries. It is supposed to provide nutritious, affordable, accessible and safe food to the people of SE Asia, and livelihood to more than 400 million farmers across the region. How is agriculture affected by climate change, and how can farmers cope with it? What is the relationship between farming and renewable energy installations, which require large land areas to be developed and thus encroach on agriculture? How to b...
Feb 13, 2025•25 min•Ep 104•Transcript available on Metacast When we think about "red tape" and the cost of regulation it's hard to overstate the impact of professional licensing. According to Professor Rebecca Haw Allensworth, it's bigger than unions and more expensive than sales taxes. Millions of American workers are required - by law - to obtain a license in order to work. This barrier of entry depends on requirements set by licensing boards staffed mainly by members of the profession they oversee. It limits the number of people who can serve and also...
Feb 12, 2025•55 min•Ep 239•Transcript available on Metacast For millennia, land has been a symbol of wealth and privilege. But the true power of land ownership is even greater than we might think. In Land Power: Who Has It, Who Doesn't, and How That Determines the Fate of Societies (Basic Books, 2025), political scientist Michael Albertus shows that who owns the land determines whether a society will be equal or unequal, whether it will develop or decline, and whether it will safeguard or sacrifice its environment. Modern history has been defined by land...
Feb 11, 2025•40 min•Ep 168•Transcript available on Metacast Misery beneath the Miracle in East Asia (Cornell University Press, 2024) challenges prevailing views of the East Asian economic miracle. Existing scholarship has overlooked the severity, persistence, and harmful consequences of the social-welfare crises affecting the region. Dr. Arvid J. Lukauskas and Dr. Yumiko Shimabukuro fill this gap and put a major asterisk on East Asia's economic record. Combining big-picture analysis, abundant data, a dynamic interdisciplinary framework, and powerful huma...
Feb 07, 2025•1 hr 11 min•Ep 554•Transcript available on Metacast Municipalities around the world have increasingly used inclusionary housing programs to address their housing shortages. Inclusionary Housing and Urban Inequality in London and New York City: Gentrification Through the Back Door (Routledge, 2024) problematizes those programs in London and New York City by offering an empirical, research-based perspective on the socio-spatial dimensions of inclusionary housing approaches in both cities. The aim of those programs is to produce affordable housing a...
Feb 07, 2025•55 min•Ep 42•Transcript available on Metacast In this engaging interview, young scholar Dr, Joel Z. Garrod explains his book's main argument, with a personal touch. In Royal Histories: The Transformation of the Royal Bank of Canada, 1864-2022 (U Toronto Press, 2025), Garrod presents a historical analysis of the Royal Bank of Canada, illustrating how Canadian capitalism and the Canadian banking industry have transformed as they have consolidated nationally and expanded abroad. Emphasizing how national institutions and rules are increasingly ...
Feb 01, 2025•58 min•Ep 43•Transcript available on Metacast As Wall Street swooned and boomed through the last decade, our livelihoods have—now more than ever—come to rely upon the good sense and risk appetites of a few standout investors. And amidst the BlackRocks, Vanguards, and Berkshire Hathaways stands arguably the most iconoclastic of them all: SoftBank’s Masayoshi Son. In Gambling Man: The Wild Ride of Japan’s Masayoshi Son (Atria, 2024), the first Western biography of Son, the self-professed unicorn hunter, we go behind the scenes of the world’s ...
Feb 01, 2025•34 min•Ep 167•Transcript available on Metacast When we talk about debt and its impact on our economy, we almost always mean “government debt.” However, this is only a small part of the picture: individuals, private firms, and households owe trillions, and these private debts are vital to understanding the economy. In The Paradox of Debt: A New Path to Prosperity Without Crisis (U Pennsylvania Press, 2023), Richard Vague examines the assets, liabilities, and incomes of the entire country, private and public sector, to reveal its net worth. Hi...
Jan 31, 2025•40 min•Ep 166•Transcript available on Metacast The global financial crisis of the late 2000s was marked by the failure of regulators to rein in risk-taking by banks. And yet regulatory issues varied from country to country, with some national financial regulatory systems proving more effective than others. In Visions of Financial Order: National Institutions and the Development of Banking Regulation (Princeton University Press, 2024), Dr. Kim Pernell traces the emergence of important national differences in financial regulation in the decade...
Jan 31, 2025•1 hr 2 min•Ep 25•Transcript available on Metacast For generations most of the canonical works that detail the lives of poor people have been created by rich or middle-class writers like Charles Dickens, John Steinbeck, or James Agee. This has resulted in overwhelming depictions of poor people as living abject, violent lives in filthy and degrading conditions. In Poor Things: How Those with Money Depict Those Without It (Duke UP, 2024), Lennard J. Davis labels this genre ‘poornography”: distorted narratives of poverty written by and for the midd...
Jan 29, 2025•1 hr 12 min•Ep 331•Transcript available on Metacast Radical right parties are no longer political challengers on the fringes of party systems; they have become part of the political mainstream across the Western world. How the Radical Right Has Changed Capitalism and Welfare in Europe and the USA (Oxford UP, 2024) shows how they have used their political power to reform economic and social policies in Continental Europe, Northern Europe, Eastern Europe, and the USA. In doing so, it argues that the radical right's core ideology of nativism and aut...
Jan 28, 2025•57 min•Ep 508•Transcript available on Metacast Economists in the Cold War: How a Handful of Economists Fought the Battle of Ideas (Oxford UP, 2023) is an account of the economic drivers and outcomes of the Cold War, told through the stories of seven international economists, who were all closely involved in theory and policy in the period 1945-73. For them, the Cold War was a battle of economic ideas, a fight between central planning and market allocation, exploring economic thinking derived from the battle between Marxist and Capitalist ide...
Jan 25, 2025•1 hr 8 min•Ep 120•Transcript available on Metacast International Development Law: Rule of Law, Human Rights & Global Finance (Springer, 2020) describes how international development works, its shortcomings, its theoretical and practical foundations, along with prescriptions for the future. It provides the reader with new perspectives on the origins of global poverty, identifies legal impediments to sustainable economic growth, and provides a better understanding of the challenges faced by the international community in resolving global poverty i...
Jan 25, 2025•48 min•Ep 237•Transcript available on Metacast Who and what are India’s land mafia? How do they operate, and why have they become so crucial to India’s land market? In this episode, we are joined by Chiara Arnavas for a discussion on the emergence over the past decades of a dynamic Indian land mafia that is centrally involved in moving land around, freeing it up for new uses, and passing it onto other actors for mega-profits. We analyze how the land mafia works, and what the implications are for social inequalities along the lines of class, ...
Jan 24, 2025•24 min•Ep 237•Transcript available on Metacast Meltdown: Scandal, Sleaze and the Collapse of Credit Suisse (Pegasus Books, 2024) is a great business history book. It meticulously chronicles the story of a large and once revered Swiss Bank, Credit Suisse, from its foundation in 1856 until how a series of scandals, driven by a culture of greed and entitlement among its bankers, led to the bank´s ultimate collapses in March 2023. The narrative also explores the bank's international expansion, particularly its partnership with First Boston in th...
Jan 19, 2025•39 min•Ep 118•Transcript available on Metacast In the late nineteenth century, as much of the world adopted some variant of the gold standard, China remained the most populous country still using silver. Yet China had no unified national currency; there was not one monetary standard but many. Silver coins circulated alongside chunks of silver and every transaction became an "encounter of wits." China and the End of Global Silver, 1873–1937 (Cornell UP, 2020) focuses on how officials, policy makers, bankers, merchants, academics, and journali...
Jan 05, 2025•1 hr 27 min•Ep 12•Transcript available on Metacast 
