New Books in Finance Marshall Poe

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 material ostracism and pave a path to global finance and exchange that the United States had vetoed during the 1950s and 1960s. Through the construction of a set of pipelines that helped Europe's energy regime change from coal to oil and gas, the Soviet Union succeeded in developing market relations and a relationship with Western capital as durable as the pipelines themselves. He shows how a history of the development of capitalism needs to integrate the socialist world in bringing about the new form of capitalism that regiments our lives today.
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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 role in our future.
In What is Philanthropy For? (Bristol University Press, 2023), Rhodri Davies examines why it's important to ask what philanthropy is for, as it has shaped our world for centuries. Considering the alternatives, including charity, justice, taxation, the state, democracy, and the market, he explores the pressing questions that philanthropy must tackle to be equal to the challenges of the 21st century.
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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 challenges. The government’s evolving methods of control often lead to stringent regulations that limit the foundations’ autonomy. Foundations that heavily rely on individual donations are particularly vulnerable to these pressures, potentially transforming into conduits of authoritarianism rather than champions of democratic values.
This book offers a comprehensive and, at times, bleak picture of the conditions under which Chinese foundations operate, offering critical insights into the future trajectory of the nonprofit sector in China.
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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 attire would be quite different.
Kathleen Day's new book Broken Bargain: Bankers, Bailouts, and the Struggle to Tame Wall Street (Yale University Press, 2019) provides a detailed two-century history of the give and take between government authority and financial institutions (and the individuals caught between them). The challenges over time have changed--the absence of a single currency in the early 19th century, insufficient credit in the late 19th century, the roaring and patently stupid 1920s, and then the whole range of financial innovations in the postwar period--but the key issues recur over and over again. Day sides in the end with the need for consistent regulation from impartial and empowered bureaucrats, but alas, the last two centuries have shown that they are hard to come by. Not everyone will agree with her take on banks and regulation, but there can be no doubt about the underlying "capitalism is messy" theme running through our history and this book.
Daniel Peris is Senior Vice President at Federated Investors in Pittsburgh. Trained as a historian of modern Russia, he is the author most recently of Getting Back to Business: Why Modern Portfolio Theory Fails Investors. You can follow him on Twitter @Back2BizBook or at http://www.strategicdividendinvestor.com
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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 Wealth of Slavery: A Case for Reparations (Hatchette Book Group, 2024), he follows Wall Street bankers and large Northern banks were critical to the financing of slavery and, in turn, who massed incredible wealth from enslavement.
Dr. N’Kosi Oates is a curator and assistant professor. He earned his Ph.D. in Africana Studies at Brown University. Find him on Twitter at DrNKosiOates.
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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 derived from a PhD in history, the importance of being a well-rounded researcher, and how it's often difficult to separate neatly quant from qual. We also discussed the significance of networking and wondered why historians routinely undervalue their expertise, thereby undercutting their chances of success in non-academic domains. Ultimately, our conversation is about the surprising ways to use history for the public good, contribute to organizational effectiveness, and explore new horizons for professional growth.
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