Harvard University Press

One of the keys to China's global rise has been its strategy of deploying sovereign wealth on behalf of state power. Since President Xi Jinping took office in 2013, China has doubled down on financial statecraft, making shrewd investments with the money it has made by leveraging its foreign exchange reserves. Sovereign Funds tells the story of how the Communist Party of China (CPC) became a global financier of surpassing ambition.? Zongyuan Zoe Liu offers a comprehensive and up-to-date analysis of the evolution of China's sovereign funds, including the China Investment Corporation, the State Administration of Foreign Exchange, and Central Huijin Investment, showing how these institutions have become mechanisms not only for transforming low-reward foreign exchange reserves into investment capital but also for power projection. Sovereign funds are essential drivers of the national interest, shaping global markets, advancing the historic Belt and Road Initiative, and funneling state assets into strategic industries such as semiconductors, fintech, and artificial intelligence. Liu uncovers how the CPC is a leader in both foreign exchange reserves investment and economic statecraft, using state capital to encourage domestic economic activity and create spheres of influence worldwide.

When it comes to the politics of free trade and open borders, the camps are clear, producing a kaleidoscope of claims and counterclaims. But what exactly are we fighting about? Anthea Roberts and Nicolas Lamp cut through the confusion and mudslinging with an indispensable survey of the interests, logics, and ideologies driving these seemingly intractable arguments. Instead of picking sides, Six Faces of Globalization guides us through six competing narratives about the virtues and vices of globalization, giving each position its due and showing how each deploys sophisticated arguments and compelling evidence. Both globalization’s boosters and detractors will come away with their eyes opened. By isolating the fundamental value conflicts driving disagreement?growth versus sustainability, efficiency versus social stability?and showing where rival narratives converge, this book provides an invaluable framework for understanding ongoing debates and finding a way forward.

The world of finance is on the cusp of a major disruption that will affect corporations, bankers, states?indeed, all of us. As Eswar Prasad makes clear, the end of physical cash will fundamentally rewrite how we live. Bitcoin, Ethereum, and other cryptocurrencies are just the beginning: spurred by their emergence, central banks will increasingly develop their own, more stable digital currencies. Meanwhile, cryptocurrencies themselves will evolve dramatically as global corporations like Meta, Apple, and Amazon join the game. Prasad shows how these innovations will redefine the very concept of money, unbundling its traditional functions. This transformation promises greater efficiency and flexibility, but also carries the risk of instability, lack of accountability, and erosion of privacy. A lucid, visionary work, The Future of Money shows how to maximize the best and guard against the worst of what is to come.

Two leading social scientists examine the gender wealth gap in countries with officially egalitarian property law, showing how legal professionals - wittingly and unwittingly - help rich families and men maintain their privilege. In many countries, property law grants equal rights to men and women. Why, then, do women still accumulate less wealth than men? Combining quantitative, ethnographic, and archival research, The Gender of Capital explains how and why, in every class of society, women are economically disadvantaged with respect to their husbands, fathers, and brothers. The reasons lie with the unfair economic arrangements that play out in divorce proceedings, estate planning, and other crucial situations where law and family life intersect. Céline Bessiere and Sibylle Gollac argue that, whatever the law intends, too many outcomes are imprinted with unthought sexism. In private decisions, old habits die hard: families continue to allocate resources disproportionately to benefit boys and men. Meanwhile, the legal profession remains in thrall to assumptions that reinforce gender inequality. Bessi?re and Gollac marshal a range of economic data documenting these biases. They also examine scores of family histories and interview family members, lawyers, and notaries to identify the accounting tricks that tip the scales in favor of men. Women across the class spectrum - from poor single mothers to MacKenzie Scott, ex-wife of Amazon billionaire Jeff Bezos - can face systematic economic disadvantages in divorce cases. The same is true in matters of inheritance and succession in family-owned businesses. Moreover, these disadvantages perpetuate broader social disparities beyond gender inequality. As Bessiere and Gollac make clear, the appropriation of capital by men has helped to secure the rigid hierarchies of contemporary class society itself.

A bold history of the rise of central banks, showing how institutions designed to steady the ship of global finance have instead become as destabilizing as they are dominant. While central banks have gained remarkable influence over the past fifty years, promising more stability, global finance has gone from crisis to crisis. How do we explain this development? Drawing on original sources ignored in previous research, The Rise of Central Banks offers a groundbreaking account of the origins and consequences of central banks’ increasing clout over economic policy. Many commentators argue that ideas drove change, indicating a shift in the 1970s from Keynesianism to monetarism, concerned with controlling inflation. Others point to the stagflation crises, which put capitalists and workers at loggerheads. Capitalists won, the story goes, then pushed deregulation and disinflation by redistributing power from elected governments to markets and central banks. Both approaches are helpful, but they share a weakness. Abstracting from the evolving practices of central banking, they provide inaccurate accounts of recent policy changes and fail to explain how we arrived at the current era of easy money and excessive finance. By comparing developments in the United States, the United Kingdom, Germany, and Switzerland, Leon Wansleben finds that central bankers’ own policy innovations were an important ingredient of change. These innovations allowed central bankers to use privileged relationships with expanding financial markets to govern the economy. But by relying on markets, central banks fostered excessive credit growth and cultivated an unsustainable version of capitalism. Through extensive archival work and numerous interviews, Wansleben sheds new light on the agency of bureaucrats and calls upon society and elected leaders to direct these actors’ efforts to more progressive goals.

The world's leading economist of inequality presents a short but sweeping and surprisingly optimistic history of human progress toward equality despite crises, disasters, and backsliding. A perfect introduction to the ideas developed in his monumental earlier books. It's easy to be pessimistic about inequality. We know it has increased dramatically in many parts of the world over the past two generations. No one has done more to reveal the problem than Thomas Piketty. Now, in this surprising and powerful new work, Piketty reminds us that the grand sweep of history gives us reasons to be optimistic. Over the centuries, he shows, we have been moving toward greater equality. Piketty guides us with elegance and concision through the great movements that have made the modern world for better and worse: the growth of capitalism, revolutions, imperialism, slavery, wars, and the building of the welfare state. It's a history of violence and social struggle, punctuated by regression and disaster. But through it all, Piketty shows, human societies have moved fitfully toward a more just distribution of income and assets, a reduction of racial and gender inequalities, and greater access to health care, education, and the rights of citizenship. Our rough march forward is political and ideological, an endless fight against injustice. To keep moving, Piketty argues, we need to learn and commit to what works, to institutional, legal, social, fiscal, and educational systems that can make equality a lasting reality. At the same time, we need to resist historical amnesia and the temptations of cultural separatism and intellectual compartmentalization. At stake is the quality of life for billions of people. We know we can do better, Piketty concludes. The past shows us how. The future is up to us.

An illuminating account of Russia’s attempts?and failures?to achieve great power status in Asia. Since Peter the Great, Russian leaders have been lured by opportunity to the East. Under the tsars, Russians colonized Alaska, California, and Hawaii. The Trans-Siberian Railway linked Moscow to Vladivostok. And Stalin looked to Asia as a sphere of influence, hospitable to the spread of Soviet Communism. In Asia and the Pacific lay territory, markets, security, and glory. But all these expansionist dreams amounted to little. In We Shall Be Masters, Chris Miller explores why, arguing that Russia’s ambitions have repeatedly outstripped its capacity. With the core of the nation concentrated thousands of miles away in the European borderlands, Russia’s would-be pioneers have always struggled to project power into Asia and to maintain public and elite interest in their far-flung pursuits. Even when the wider population professed faith in Asia’s promise, few Russians were willing to pay the steep price. Among leaders, too, dreams of empire have always been tempered by fears of cost. Most of Russia’s pivots to Asia have therefore been halfhearted and fleeting. Today the Kremlin talks up the importance of “strategic partnership” with Xi Jinping’s China, and Vladimir Putin’s government is at pains to emphasize Russian activities across Eurasia. But while distance is covered with relative ease in the age of air travel and digital communication, the East remains far off in the ways that matter most. Miller finds that Russia’s Asian dreams are still restrained by the country’s firm rooting in Europe.

Today over 12 million people are stateless and millions more are refugees or displaced persons. Mira Siegelberg shows how the much-contested legal category of statelessness generated novel visions of political and legal authority beyond the territorial state, before ultimately empowering the sovereign territorial state as the fundamental source of protection and rights. Two world wars left millions stranded in Europe. The collapse of empires and the rise of independent states in the twentieth century produced an unprecedented number of people without national belonging and with nowhere to go. Mira Siegelberg's innovative history weaves together ideas about law and politics, rights and citizenship, with the intimate plight of stateless persons, to explore how and why statelessness compelled a new understanding of the international order in the twentieth century and beyond. In the years following the First World War, the legal category of statelessness generated novel visions of cosmopolitan political and legal organization and challenged efforts to limit the boundaries of national membership and international authority. By linking the emergence of mass statelessness to a revolution in legal consciousness, Siegelberg shows how the rights regime created after the Second World War ultimately empowered the territorial state as the source of protection and rights, against alternative political configurations. Today, more than twelve million people are stateless and millions more belong to categories of recent invention, including refugees and asylum seekers. As Statelessness makes clear, understanding the ideological origins of the international agreements that define approaches to citizenship and non-citizenship can better equip us to confront the dilemmas of political structure and authority at a global scale.

A provocative analysis of how Christianity helped legitimize the death penalty in early modern Europe, then throughout the Christian world, by turning execution into a great cathartic public ritual and the condemned into a Christ-like figure who accepts death to save humanity. The public execution of criminals has been a common practice ever since ancient times. In this wide-ranging investigation of the death penalty in Europe from the fourteenth to the eighteenth century, noted Italian historian Adriano Prosperi identifies a crucial period when legal concepts of vengeance and justice merged with Christian beliefs in repentance and forgiveness. Crime and Forgiveness begins with late antiquity but comes into sharp focus in fourteenth-century Italy, with the work of the Confraternities of Mercy, which offered Christian comfort to the condemned and were for centuries responsible for burying the dead. Under the brotherhoods' influence, the ritual of public execution became Christianized, and the doomed person became a symbol of the fallen human condition. Because the time of death was known, this "ideal" sinner could be comforted and prepared for the next life through confession and repentance. In return, the community bearing witness to the execution offered forgiveness and a Christian burial. No longer facing eternal condemnation, the criminal in turn publicly forgave the executioner, and the death provided a moral lesson to the community. Over time, as the practice of Christian comfort spread across Europe, it offered political authorities an opportunity to legitimize the death penalty and encode into law the right to kill and exact vengeance. But the contradictions created by Christianity's central role in executions did not dissipate, and squaring the emotions and values surrounding state-sanctioned executions was not simple, then or now.

Architecture, we like to believe, is an elevated art form that shapes the world as it pleases. Four Walls and a Roof turns this fiction on its head, offering a candid account of what it’s really like to work as an architect. Drawing on his own tragicomic experiences in the field, Reinier de Graaf reveals the world of contemporary architecture in vivid snapshots: from the corridors of wealth in London, Moscow, and Dubai to the demolished hopes of postwar social housing in New York and St. Louis. We meet ambitious oligarchs, developers for whom architecture is nothing more than an investment, and layers of bureaucrats, consultants, and mysterious hangers-on who lie between any architect’s idea and the chance of its execution.

Thanks to Facebook and Instagram, our childhoods have been captured and preserved online, never to go away. But what happens when we can't leave our most embarrassing moments behind?Until recently, the awkward moments of growing up could be forgotten. But today we may be on the verge of losing the ability to leave our pasts behind. In The End of Forgetting, Kate Eichhorn explores what happens when images of our younger selves persist, often remaining just a click away. For today's teenagers, many of whom spend hours each day posting on social media platforms, efforts to move beyond moments they regret face new and seemingly insurmountable obstacles. Unlike a high school yearbook or a shoe box full of old photos, the information that accumulates on social media is here to stay. What was once fleeting is now documented and tagged, always ready to surface and interrupt our future lives. Moreover, new innovations such as automated facial recognition also mean that the reappearance of our past is increasingly out of our control. Historically, growing up has been about moving on-achieving a safe distance from painful events that typically mark childhood and adolescence. But what happens when one remains tethered to the past? From the earliest days of the internet, critics have been concerned that it would endanger the innocence of childhood. The greater danger, Eichhorn warns, may ultimately be what happens when young adults find they are unable to distance themselves from their pasts. Rather than a childhood cut short by a premature loss of innocence, the real crisis of the digital age may be the specter of a childhood that can never be forgotten.

One of the world's most eminent scholars of East Asia reveals the important touchstones in the long history between China and Japan and argues that for the sake of world stability they must forge a new relationship for the twenty-first century. China and Japan have cultural and political connections that stretch back fifteen hundred years. But today their relationship is strained. China's military buildup deeply worries Japan, while Japan's brutal occupation of China in World War II remains an open wound. In recent years less than ten percent of each population had positive feelings toward the other, and both countries insist that the other side must deal openly with its history before relations can improve. From the sixth century, when the Japanese adopted core elements of Chinese civilization, to the late twentieth century, when China looked to Japan for a path to capitalism, Ezra Vogel's China and Japan examines key turning points in Sino-Japanese history. Throughout much of their past, the two countries maintained deep cultural ties, but China, with its great civilization and resources, had the upper hand. Japan's success in modernizing in the nineteenth century and its victory in the 1895 Sino-Japanese War changed the dynamic, putting Japan in the dominant position. The bitter legacy of the Second World War has made cooperation difficult, despite efforts to promote trade and, more recently, tourism. Vogel underscores the need for Japan to offer a thorough apology for the war, but he also urges China to recognize Japan as a potential vital partner in the region. He argues that for the sake of a stable world order, these two Asian giants must reset their relationship, starting with their common interests in environmental protection, disaster relief, global economic development, and scientific research.

This wide-ranging account of our emotional responses to technologies, from the telegram to Instagram, shows that technology changes not only how we feel, but what our feelings mean. Facebook makes us lonely. Selfies breed narcissism. On Twitter and comment boards, hostility reigns. Pundits and psychologists warn us that digital technologies substantially alter our emotional states. But in this lively and surprising account, we learn that technology doesn't just affect how we feel from moment to moment-it changes profoundly the underlying emotions themselves. Bored, Lonely, Angry, Stupid examines nineteenth- and twentieth-century letters, diaries, and memoirs and draws on contemporary research and interviews with Americans of different ages and backgrounds to document how our emotions have been transformed by technological change. Where we now strive to escape boredom, earlier generations saw unstructured time as an opportunity for productivity and creativity. Where loneliness is now pathologized, we once thought of solitude as virtuous. Even as we ask whether technology is making us lonelier, it is altering the meaning of loneliness. In this timely book, Luke Fernandez and Susan Matt contend that current technology has removed many of the limits on our emotional landscape. Thus we seek to be constantly stimulated, engaged, and validated, while our anger and antisocial impulses are not only unconstrained but affirmed by the digital company we keep

Looking beyond the national leadership of the suffrage movement, an acclaimed historian gives voice to the thousands of women from different backgrounds, races, and religions whose local passion and protest resounded throughout the land. For far too long, the history of how American women won the right to vote has been told as the tale of a few iconic leaders, all white and native-born. But Susan Ware uncovered a much broader and more diverse story waiting to be told. Why They Marched is a tribute to the many women who worked tirelessly in communities across the nation, out of the spotlight, protesting, petitioning, and insisting on their right to full citizenship. Ware tells her story through the lives of nineteen activists, most of whom have long been overlooked. We meet Mary Church Terrell, a multilingual African American woman; Rose Schneiderman, a labor activist building coalitions on New York's Lower East Side; Claiborne Catlin, who toured the Massachusetts countryside on horseback to drum up support for the cause; Mary Johnston, an aristocratic novelist bucking the Southern ruling elite; Emmeline W. Wells, a Mormon woman in a polygamous marriage determined to make her voice heard; and others who helped harness a groundswell of popular support. We also see the many places where the suffrage movement unfolded-in church parlors, meeting rooms, and the halls of Congress, but also on college campuses and even at the top of Mount Rainier. Few corners of the United States were untouched by suffrage activism. Ware's deeply moving stories provide a fresh account of one of the most significant moments of political mobilization in American history. The dramatic, often joyous experiences of these women resonate powerfully today, as a new generation of young women demands to be heard.

The nature of globalization has changed but our thinking about globalization has not. The renowned economist Richard Baldwin argues that the New Globalization is driven by knowledge crossing borders, not just goods. This is why its impact is more sudden, more individual, more unpredictable, and more uncontrollable than before-all of which presents developed nations with unprecedented challenges as they struggle to maintain reliable growth and social cohesion. It is also the driving force behind what Baldwin calls "The Great Convergence," as Asian economies in particular catch up with the West.

An all-star cast of scholars and politicians from Europe and America propose and debate the creation of a new European parliament with substantial budgetary and legislative power to solve the crisis of governance in the Eurozone and promote social and fiscal justice and public investment. The European Union is struggling. The rise of Euroskeptic parties in member states, economic distress in the south, the migrant crisis, and Brexit top the news. But deeper structural problems may be a greater long-term peril. Not least is the economic management of the Eurozone, the nineteen countries that use the Euro. How can this be accomplished in a way generally acceptable to members, given a political system whose structures are routinely decried for a lack of democratic accountability? How can the EU promote fiscal and social justice while initiating the long-term public investments that Europe needs to overcome stagnation? These are the problems a distinguished group of European and American scholars set out to solve in this short but valuable book. Among many longstanding grievances is the charge that Eurozone policies serve large and wealthy countries at the expense of poorer nations. It is also unclear who decides economic policy, how the interests of diverse member states are balanced, and to whom the decision-makers are accountable. The four lead authors-Stephanie Hennette, Thomas Piketty, Guillaume Sacriste, and Antoine Vauchez-describe these and other problems, and respond with a draft treaty establishing a parliament for economic policy, its members drawn from national parliaments. We then hear from invited critics, who express support, objections, or alternative ideas. How to Democratize Europe offers a chance to observe how major thinkers view some of the Continent's most pressing issues and attempt to connect democratic reform with concrete changes in economic and social policies.