The outbreak of the First World War shattered the established European art market. Amidst fighting, looting, confiscations, expropriation fears and political and economic upheaval, an integrated marketplace shaped by upper-class patrons broke down entirely. In its place, Maddalena Alvi argues, can be found the origins of a recognizably modern market of nationalized spheres driven by capitalist investment and speculation, yet open to wider social strata. Delving into auction records, memoirs, newspaper articles, financial and legal documents in six languages, Alvi explores these cultural and socio-economic developments across the British, French, and German markets, as well as trade spheres such as Russia and Scandinavia. 1914 marked the end of the European art market and cemented the connection between art and finance. 

The European Art Market and the First World War: Art, Capital, and the Decline of the Collecting Class, 1910–1925 (Cambridge University Press, 2025)

Maddalena Alvi holds a PhD in History from the University of Cambridge, an MSc in Economic and Social History from the University of Oxford, and an MLitt in Art History from the University of Glasgow.

Priya S. Gandhi is a writer and strategist based in New York City.

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In Hedged Out: Inequality and Insecurity on Wall Street (U California Press, 2022) Megan Tobias Neely, a former hedge fund worker takes an ethnographic approach to hedge funds. Manager? A greedy fraudster, a visionary entrepreneur, a wolf of Wall Street? She gives readers an insider perspective on the phenomenon. Facing an unpredictable and risky stock market, hedge fund workers work long hours and build tight-knit networks with people who look and behave like them. Neely shows how the system of elite power and privilege sustains and builds over time as the beneficiaries concentrate their resources.

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In The Land Trap (Portfolio / Penguin), Mike Bird—Wall Street editor at The Economist—reveals how this ancient asset still exerts outsize influence over the modern world. From the speculative land grabs of colonial America to China's real estate crisis today, Bird shows how fortunes are built—and destroyed—on the bedrock of land. Tracing three centuries of history, Bird explores how land quietly became the linchpin of the global banking system, driving everything from soaring housing prices to rising geopolitical tensions. As governments wrestle with inequality and land grows ever scarcer, The Land Trap offers a powerful new framework for understanding the hidden force behind today's most urgent challenges. This is the book for anyone who wants to see beyond markets and money to the real game being played on a foundation as old as civilization itself. Timely, provocative, and essential, The Land Trap will change how you see the ground beneath your feet.

Reed Schwartz (@reedschwartzsf) holds an MPhil in Intellectual History from the University of Cambridge.

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In The Indebted Woman: Kinship, Sexuality, and Capitalism (Stanford UP, 2023), the authors Isabelle Guérin, Santosh Kumar and G. Venkatasubramanian conceptualise how gender, debt, and capitalism are related. For over ten years, the researchers have been working in the Indian countryside of east-central Tamil Nadu, observing a credit market that specifically targets Dalit women. The book highlights not only the ways how credit is distributed, but also how it is repaid. Combining in-depth ethnography with statistical surveys and financial diaries advanced the understanding of how Dalit women deal with debt, exposing the ways in which capitalism shapes womanhood. The authors' nuanced attention to body, identity, caste, and class provides a comprehensive theory of the sexual division of debt for the first time. 

Isabelle Guérin is Senior Research Fellow at the French Institute of Research for Sustainable Development, and Associate at the French Institute of Pondicherry. Santosh Kumar is a part-time researcher and founder and head of the Mithralaya School of music, dance, and arts. G. Venkatasubramanian has been a sociologist and Research Fellow at the French Institute of Pondicherry for the past thirty-five years.

Sarah Vogelsanger is a researcher on social justice, gender, art and migration, based in London.

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Are you looking for an alternative to a career path at a big firm? Does founding your own start-up seem too risky? There is a radical third path open to you: You can buy a small business and run it as CEO. Purchasing a small company offers significant financial rewards--as well as personal and professional fulfillment. Leading a firm means you can be your own boss, put your executive skills to work, fashion a company environment that meets your own needs, and profit directly from your success.

But finding the right business to buy and closing the deal isn't always easy. In the HBR Guide to Buying a Small Business: Think Big, Buy Small, Own Your Own Company (Harvard Business Review Press, 2017), Harvard Business School professors Richard Ruback and Royce Yudkoff help you:

• Determine if this path is right for you
• Raise capital for your acquisition
• Find and evaluate the right prospects
• Avoid the pitfalls that could derail your search
• Understand why a "dull" business might be the best investment
• Negotiate a potential deal with the seller
• Avoid deals that fall through at the last minute

Arm yourself with the advice you need to succeed on the job, with the most trusted brand in business. Packed with how-to essentials from leading experts, the HBR Guides provide smart answers to your most pressing work challenges.

Listen to the Think Big, Buy Small podcast.

Richard S. Ruback is the Willard Prescott Smith Professor of Corporate Finance at Harvard Business School.

Royce Yudkoff is a Professor of Management Practice at Harvard Business School. Yudkoff cofounded and served for over 20 years as Managing Partner of ABRY Partners, a leading private equity investment firm.

Caleb Zakarin is editor of the New Books Network.

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“If I had been enslaved for a year or two, I might not be able to believe in humanity any more.” “I am a victim of modern slavery.”

These chilling words come from a Taiwanese female lured by a fake job offer, only to be sold into a scam compound in Cambodia. She is not alone. She is one of thousands deceived into this industry—people who left home hoping for a better life, only to find themselves trapped in a living nightmare.

Scam: Inside Southeast Asia's Cybercrime Compounds (Verso Books, 2025) arrives at a critical moment, shedding light on one of the world’s fastest-growing criminal economies: Southeast Asia’s online scam industry. Running the gamut from the notorious “pig butchering” romance scams to elaborate online extortion and investment frauds, this system has transformed parts of the region into global hubs of cybercrime.

Meticulously researched and grounded in years of fieldwork, Scam offers an unflinching look into the prison-like compounds that have mushroomed across multiple countries. Within these walled complexes, victims are often coerced into becoming perpetrators—trapped in what the authors describe as “compound capitalism,” a chilling hybrid of enslavement and exploitation.

Scam traces how small-scale online gambling rings evolved into an international “scamdemic,” accelerated by the disruptions of COVID-19. It examines the “victim–offender trap”, a moral and psychological paradox that makes empathy difficult for outsiders. The result is a deeply human investigation into how modern slavery adapts to digital capitalism.

The authors uncover the operations of scam compounds across Southeast Asia. In my interview with Ling and Ivan, what stood out was not only their depth of knowledge but their compassion. They used their skills to build trust with victims, gather evidence, and, in some cases, help orchestrate rescues. Their work is both rigorous and profoundly humane, illuminating a crisis that grows more complex each day.

Though many of those involved—both perpetrators and victims—are ethnically Chinese, the networks now span continents. The scam compounds are a global phenomenon, built on economic desperation, weak governance, and digital interconnectivity.

Scam is more than an exposé. It is a call to action and a vital first step toward understanding a new form of global exploitation—where modern technology and ancient cruelty combine to create a system that enslaves the vulnerable and profits from despair.

Ling Li is pursuing a PhD at Ca’ Foscari University of Venice with a focus on the role of technology in enabling modern slavery and human trafficking in East and Southeast Asia. In the past few years, she has been providing support to survivors of scam compounds in Southeast Asia, interacting with local and international civil society organisations to bring them relief and help with repatriation.

Ivan Franceschini is a lecturer at the Asia Institute, University of Melbourne. His current research focuses on ethnic Chinese transnational crime, especially in the field of online fraud. He co-founded the Made in China Journal and The People’s Map of Global China/ Global China Pulse. His books include Proletarian China (2022), Global China as Method (2022), and Afterlives of Chinese Communism (2019). He also co-directed the documentaries Dreamwork China (2011) and Boramey (2021).

Mark Bo is a researcher who has been based in East and Southeast Asia for 2 decades. He has worked globally with local civil society partners to monitor and advocate for improved environmental and social practices in development projects and utilises his background in corporate and financial mapping to investigate stakeholders involved in Asia’s online gambling, fraud, and money laundering industries.

Bing Wang receives her PhD at the University of Leeds in 2020. Her research interests include the exploration of overseas Chinese cultural identity and critical heritage studies. She is also a freelance translator.

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Alex Imas is the Roger L. and Rachel M. Goetz Professor of Behavioral Science, Economics and Applied AI and a Vasilou Faculty Scholar at the University of Chicago Booth School of Business, where he has taught Negotiations and Behavioral Economics. He is a Faculty Affiliate of the Center for Applied AI and the Human Capital & Economic Opportunity, an NBER Faculty Research Associate, and a CESifo Research Network Fellow. He is also an Associate Editor at the Journal of the European Economic Association and on the editorial board of Psychological Science.

Alex studies behavioral economics with a focus on how people understand and mentally represent the choices they are facing. His research explores topics related to how people learn and make choices in settings with risk and uncertainty. He also studies the economics of artificial intelligence and discrimination. Alex’s work utilizes a variety of methods, including controlled laboratory experiments, field experiments, analysis of observational data and theoretical modeling.

Alex Imas is the recipient of the 2023 Alfred P. Sloan Research Fellowship, the Review of Financial Studies Rising Scholar Award, the New Investigator Award from the Behavioral Science and Policy Association, the Hillel Einhorn New Investigator Award from the Society of Judgment and Decision Making, the Distinguished CESifo Affiliate Award, and the NSF Graduate Research Fellowship. He is the co-author, with Richard Thaler, of The Winner’s Curse: Behavioral Economics Anomalies, Then and Now (Simon and Schuster, 2025). He is an Associate Editor at the Journal of the European Economic Association and on the editorial board of Psychological Science.

Alex was born in Bender, Moldova. Previously, he was the William S. Dietrich II Assistant Professor of Behavioral Economics at Carnegie Mellon University, where he taught Behavioral Economics and Human Judgment and Decision Making. He did his PhD in economics at the University of California, San Diego and earned a BA from Northwestern University. Prior to graduate school, Imas helped found a startup and co-authored several patents as part of its intellectual property strategy.

Teaching materials for The Winner’s Curse can be found here.

Interviewer Peter Lorentzen is an Associate Professor of Economics at the University of San Francisco, where he leads the Master’s Program in International and Development Economics at the University of San Francisco. He is also a nonresident scholar at the UCSD 21st Century China Center and an alumnus of the Public Intellectuals Program of the National Committee on US-China Relations. His research focuses on the economics of information, incentives, and institutions, primarily as applied to the development and governance of China. He created the unique Master’s of Science in Applied Economics at the University of San Francisco, which teaches the conceptual frameworks and practical data analytics skills needed to succeed in the digital economy.

Guest interviewer Robizon Khubulashvili is an Assistant Professor of Economics at the University of San Francisco. His research is at the intersection of theoretical, behavioral, and experimental microeconomics. A common question in his research is, how can we use a user's revealed preferences to improve the performance of online platforms? Robizon has studied this question in two settings: when monetary incentives are missing (an online gaming platform) and when monetary incentives are present (an online gambling platform). His work suggests that heterogeneity among users is an essential consideration in designing better online platforms; that is, a policy benefiting one type of user might harm the other.

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Silicon Valley wants to disrupt finance, and it might just succeed. In FinTech Dystopia, professor Hilary Allen offers an accessible, irreverent, and occasionally furious account of how tech elites are quietly taking over the financial system and making it worse in the process.

Drawing on more than a decade of research and hundreds of conversations with policymakers, journalists, and regulators, Allen explains how fintech and crypto have failed to deliver on their promises and why so much of Silicon Valley’s power comes from manipulating the law rather than from real innovation. She also explores how the spread of tech-driven finance connects to the biggest issues of our time, from inequality to political influence.

Written as a serial for readers outside the academic or policy worlds, FinTech Dystopia invites you to grab a drink, settle in, and learn how Silicon Valley is reshaping money, power, and the everyday economy and what we can do about it.

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Joseph E. Stiglitz has had a remarkable career. He is a brilliant academic, capped by sharing the Nobel Memorial Prize in Economics and the Nobel Peace Prize, and honorary degrees from Harvard, Cambridge, Oxford and more than fifty other universities, and elected not only to the National Academy of Sciences and the American Academy of Arts and Letters but the Royal Society and the British Academy; a public servant, who served as Chair of President Clinton's Council of Economic Advisors and Chief Economist and Senior Vice President of the World Bank, headed international commissions for the UN and France, and was awarded the French Legion of Honor and Australia's Sydney Peace Prize; a public intellectual whose numerous books on vital topics have been best sellers.
What brought him to economics were his concerns about the inequality and discrimination he saw growing up. Wanting to understand what drives it and what can be done about it has been his lifelong passion. This book gathers together and extends to new frontiers this lifelong work, drawing upon the challenges and insights of each of these phases of his career.
In a still very widely cited paper written fifty years ago, Stiglitz set forth the fundamental framework for analyzing intergenerational transfer of wealth and advantage, which plays a central role in persistent inequality. That and subsequent work, developed most fully here for the first time, described today's inequality as a result of centrifugal forces increasing inequality and centripetal forces reducing it. In recent decades, the centrifugal forces have strengthened, the centripetal forces weakened. His general theory provides a framework for understanding the marked growth in inequality in recent decades, and for devising policies to reduce it.
A central message is that ever-increasing inequality is not inevitable. Inequality is, in a fundamental sense, a choice. Stiglitz explains that inequality does not largely arise from differences in savings rates between capitalists and others, though that may play a role (as Piketty, Marx, and Kaldor suggest); but rather, it originates importantly from the rules of the game, which have weakened the bargaining power of workers as they have increased the market power of corporations. He also explains how monetary authorities have contributed to increasing wealth inequality, and how, unless something is done about it, likely changes in technology such as AI and robotization will make matters worse. He describes policies that can simultaneously reduce inequality and improve economic performance.

Joseph E. Stiglitz is an American economist and a professor at Columbia University. 

Morteza Hajizadeh is a Ph.D. graduate in English from the University of Auckland in New Zealand. His research interests are Cultural Studies; Critical Theory; Environmental History; Medieval (Intellectual) History; Gothic Studies; 18th and 19th Century British Literature. YouTube channel. Twitter.

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Peoples & Things host, Lee Vinsel, talks with Colleen Dunlavy, Emeritus Professor of History at University of Wisconsin-Madison, about her recent book, Small, Medium, Large: How Government Made the U.S. Into a Manufacturing Powerhouse. Small, Medium, Large examines the crucial role that the U.S. federal government played in rationalizing and diffusing industrial production standards, which over time greatly increased economies of scale and reduced the cost of both industrial and consumer goods.

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In Beyond Shareholder Primacy: Remaking Capitalism for a Sustainable Future (Stanford Business Books, 2024) Hart argues that the current Milton Friedman–style "shareholder primacy capitalism," as taught in business schools and embraced around the world, has become dangerous for society, the climate, and the planet. Moreover, he maintains, it's economically unnecessary. Yet there are many reasons for hope―from the history of capitalism itself. Hart holds that capitalism has reformed itself twice before and is poised for a third major reformation. Retelling the origin story of capitalism from the fifteenth century to the present, he argues that a radically sustainable, just capitalism is possible, and even likely.

Hart goes on to describe what it will take to move beyond capitalism's present worship of "shareholder primacy," including corporate transformations to re-embed purpose and reforms to major economic institutions. A key requirement is eliminating the "externalities" (or collateral damage) of the current version of shareholder capitalism.

Sustainable capitalism has to explicitly incorporate the needs of society and the planet, include a financial system that allows leaders to prioritize the planet, reorganize business schools around sustainable management thinking, and enable corporations not just to stop ignoring the damage they cause, but actually begin to create positive impact.

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