Donald Trump is putting liberal democracy through its greatest test in 80 years. 

None of it is original. His style of rule is straight from the democratic backsliders' playbook. To secure long-term power rather than short-term office, rulers must take over the institutions that check and balance majority rule and bend them to their will. Trump has tamed Congress and inserted his people into the Supreme Court, law enforcement, intelligence, and competition regulation but - to his great frustration - the Federal Reserve is holding out.

It was the same story in Hungary after Viktor Orbán returned to the premiership in 2010. Bound by EU law and the mandates of the governor and his deputies, Orbán had to wait three years to break the national bank. One of those deputy governors, Júlia Király, experienced state capture from the inside and resigned with a public protest at the loss of institutional independence.

Now an associate professor of finance and monetary economics at the International Business School in Budapest, she began her career under socialism at the statistics and planning offices. As deputy governor, she was part of the team that managed the Hungarian economy through the post-2007 financial crisis – an experience she chronicles in Hungary and Other Emerging EU Countries in the Financial Storm: From Minor Turbulences to a Global Hurricane (Springer, 2020).

Tim Gwynn Jones is an economic and political-risk analyst at Medley Advisors, who also writes and podcasts at www.242.news on Substack.

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How can urban housing, and the land underneath, now account for half of all global wealth? According to Patrick Condon, the simple answer is that land has become an asset rather than a utility. If the rich only indulged themselves with gold, jewels, and art, we wouldn’t have a global housing crisis. But once global capital markets realized land was a good speculative investment, runaway housing costs ensued. In just one city, Vancouver, land prices increased by 600 percent between 2008 and 2016. How much wealth have investors extracted from urban land? In Broken City: Land Speculation, Inequality, and Urban Crisis (U British Columbia Press, 2024), Patrick Condon explains how we have let land, our most durable resource, shift away from the common good – and proposes bold strategies that cities in North America could use to shift it back.

Patrick Condon is the James Taylor chair in Landscape and Livable Environments at the University of British Columbia’s School of Architecture and Landscape Architecture and the founding chair of the UBC Urban Design program.

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Forest Lost: Producing Green Capitalism in the Brazilian Amazon (2024) is an ethnography of forest carbon offsets and the wider effort to make the living rainforest valuable in the Brazilian Amazon. Situated in the state of Acre, which continuously had to grapple with a complex positionality between frontier and periphery, Maron E. Greenleaf explores forest carbon offset to understand green capitalism. Commodifying forest carbon offset requires keeping carbon in place through forest protection and valuation, unlike other forest commodities – for example Açaí berries, which also feature in the ethnography – that involve extraction. Initially set out to do a supply chain analysis, Greenleaf instead wrote a well-thought-out account disentangling the relationships at play in a place which at the time was celebrated for being ‘a leader in forest- focused development’, through tracing the complexity of the uneven, contingent and contesting cultural, material and multispecies relations involved in making forest carbon valuable. At the same time, she illustrates how forest carbon’s commodification turned it into a source of redistributable public environmental wealth and how green capitalism can also reinforce just the marginalization it seeks to combat. By outlining these complex relations and tensions, Greenleaf elucidates broader efforts to create a capitalism suited to the Anthropocene and those efforts’ alluring promises and vexing failures.

Mentioned in this episode:

Maron E. Greenleaf is a cultural anthropologist, political ecologist and legal scholar and currently Assistant Professor at the Anthropology Department at Dartmouth. She is interested in how human and more-than-human relationships are shaped through efforts linked to environmental crisis. Her topics of interest include landscapes, green economies, environmental justice and land rights.

Olivia Bianchi is a postgraduate student at the University of Oxford, currently finishing the MSc program in Visual, Material and Museum Anthropology. Her interests include anthropological inquiries into materials, especially textiles, as well as the topics of sustainability and waste more generally.

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A tech insider explains how capitalism and software development make for such a dangerous mix.

Software was supposed to radically improve society. Outdated mechanical systems would be easily replaced; programs like PowerPoint would make information flow more freely; social media platforms like Facebook would bring people together; and generative AI would solve the world’s greatest ills. Yet in practice, few of the systems we looked to with such high hopes have lived up to their fundamental mandate. In fact, in too many cases they’ve made things worse, exposing us to immense risk at the societal and the individual levels. How did we get to this point?

In Fatal Abstraction: Why the Managerial Class Loses Control of Software (W. W. Norton, 2025), Darryl Campbell shows that the problem is “managerial software”: programs created and overseen not by engineers but by professional managers with only the most superficial knowledge of technology itself. The managerial ethos dominates the modern tech industry, from its globe-spanning giants all the way down to its trendy startups. It demands that corporate leaders should be specialists in business rather than experts in their company’s field; that they manage their companies exclusively through the abstractions of finance; and that profit margins must take priority over developing a quality product that is safe for the consumer and beneficial for society. These corporations rush the development process and package cheap, unproven, potentially dangerous software inside sleek and shiny new devices. As Campbell demonstrates, the problem with software is distinct from that of other consumer products, because of how quickly it can scale to the dimensions of the world itself, and because its inner workings resist the efforts of many professional managers to understand it with their limited technical background.

A former tech worker himself, Campbell shows how managerial software fails, and when it does what sorts of disastrous consequences ensue, from the Boeing 737 MAX crashes to a deadly self-driving car to PowerPoint propaganda, and beyond. Yet just because the tech industry is currently breaking its core promise does not mean the industry cannot change, or that the risks posed by managerial software should necessarily persist into the future. Campbell argues that the solution is tech workers with actual expertise establishing industry-wide principles of ethics and safety that corporations would be forced to follow. Fatal Abstraction is a stirring rebuke of the tech industry’s current managerial excesses, and also a hopeful glimpse of what a world shaped by good software can off.

Alfred Marcus is Edson Spencer Professor at the Carlson School of Management, University of Minnesota. 

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In My Tax Dollars: The Morality of Taxpaying in America (Princeton University Press, 2025), Ruth Braunstein maps the contested moral landscape in which Americans experience and make sense of the tax system. Braunstein tells the stories of Americans who view taxpaying as more than a mundane chore: antigovernment tax defiers who challenge the legitimacy of the tax system, antiwar activists who resist the use of their taxes to fund war, antiabortion activists against “taxpayer funded abortions,” and a diverse group of people who promote taxpaying as a moral good.

Though taxpaying is often portrayed as dull and technical, exposure to collective rituals, civic education, propaganda, and protest transforms the practice for many Americans into either a sacred rite of citizenship or a profane threat to what they hold dear. These sacred and profane meanings can apply to the act of taxpaying itself or to the specific uses of tax dollars. Despite intense disagreement about these meanings, politically diverse Americans engaged in both taxpaying and tax resistance valorize the individual taxpayer and “my tax dollars.”
Braunstein explores the profound implications of this meaning making for tax consent, the legitimacy of the tax system, and citizens’ broader understandings of their political relationships. Going beyond the usual focus on tax policy, Braunstein’s innovative view of taxation through the lens of cultural sociology shows how citizens in value-diverse societies coalesce around shared visions of the sacred and fears of the profane.

Interviewee: Ruth Braunstein is Associate Professor of sociology at the University of Connecticut.

Host: Schneur Zalman Newfield is an Associate Professor of Sociology and Jewish Studies at Hunter College, City University of New York, and the author of Degrees of Separation: Identity Formation While Leaving Ultra-Orthodox Judaism (Temple University Press). Visit him online at ZalmanNewfield.com.

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A fascinating exploration of how algorithms penetrate the most intimate aspects of our psychology—from the pioneering expert on psychological targeting.

There are more pieces of digital data than there are stars in the universe. This data helps us monitor our planet, decipher our genetic code, and take a deep dive into our psychology.

As algorithms become increasingly adept at accessing the human mind, they also become more and more powerful at controlling it, enticing us to buy a certain product or vote for a certain political candidate. Some of us say this technological trend is no big deal. Others consider it one of the greatest threats to humanity. But what if the truth is more nuanced and mind-bending than that?

In Mindmasters: The Data-Driven Science of Predicting and Changing Human Behavior (Harvard Business Press, 2025), Columbia Business School professor Sandra Matz reveals in fascinating detail how big data offers insights into the most intimate aspects of our psyches and how these insights empower an external influence over the choices we make. This can be creepy, manipulative, and downright harmful, with scandals like that of British consulting firm Cambridge Analytica being merely the tip of the iceberg. Yet big data also holds enormous potential to help us live healthier, happier lives—for example, by improving our mental health, encouraging better financial decisions, or enabling us to break out of our echo chambers.

With passion and clear-eyed precision, Matz shows us how to manage psychological targeting and redesign the data game.

Mindmasters is a riveting look at what our digital footprints reveal about us, how they're being used—for good and for ill—and how we can gain power over the data that defines us.

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Liz Pelly has been closely following the evolution of Spotify and other music streaming services and the effect they have had on the music sector and musicians themselves for several years. Her book, Mood Machine: The Rise of Spotify and the Costs of the Perfect Playlist (Atria, 2025), paints a depressing picture of how the company has exploited the popularity of playlists to grab a larger share of the money we spend on recorded music. Along with the record companies, Spotify has done this at the expense of musicians themselves and especially those is less popular areas like jazz and classical.

I spoke to Liz at an event in Brussels organised by music venue Ancienne Belgique. Later we were joined by Jozefien Vanharpe of Leuven university, professor of intellectual property law, and Nick Yule of AEPO Artis, an association for collecting societies for performing artists.

This is Simon Taylor with a podcast for New Books Network.

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Peoples & Things host, Lee Vinsel, talks to Jessica Smith, Professor in the Engineering, Design, and Society Department and Dean’s Fellow for Earth and Society Programs of the Colorado School of Mines, about her work on engineering and public accountability in energy and mining industries. The pair discuss Smith’s long-held interests in mining and extractive industries, including her roots in coal country; her book, Extracting Accountability: Engineers and Corporate Social Responsibility (MIT Press, 2021); her current work on the social and community dimensions of carbon sequestration projects; and many asides about what it takes to study the social dimensions of engineering, including in humanities and social sciences cultures that contain many negative stereotypes of engineers.

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Whether it's pumping oil, mining resources or shipping commodities across oceans, the global economy runs on extraction. Promises of frictionless trade and lucrative speculation are the hallmarks of our era, but the backbone of globalisation is still low-cost labour and rapacious corporate control. Extractive capitalism is what made - and is still making - our unequal world.

In Extractive Capitalism: How Commodities and Cronyism Drive the Global Economy (Verso, 2025) Professor Laleh Khalili reflects on the hidden stories behind late capitalism, from seafarers abandoned on debt-ridden container ships to the nefarious reach of consultancy firms and the cronyism that drives record-breaking profits. Piercing, wry and constantly revealing, Extractive Capitalism brings vividly to light the dark truths behind the world's most voracious industries.

This interview was conducted by Dr. Miranda Melcher whose new book focuses on post-conflict military integration, understanding treaty negotiation and implementation in civil war contexts, with qualitative analysis of the Angolan and Mozambican civil wars. You can find Miranda’s episodes on New Books with Miranda Melcher, wherever you get your podcasts.

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More than any one institution, the US Federal Reserve drives global capital markets with its decisions and communications. While its interest rates are set by a committee, for almost a century, the Fed’s philosophy and operational approach have been moulded by one person: the Chair of the Board of Governors.

In the first series of The Chair, Tim Gwynn Jones talked to authors of books about the Fed's foundational Chairs – Marriner Eccles, Bill Martin, Arthur Burns, and Paul Volcker. In this second series, he covers the people who chaired the Fed through the post-1990 period of financialisation, globalisation, and – perhaps today – deglobalisation.

This eighth and final episode covers the life and times of the current chair, Jerome ("Jay") Powell - the technocratic lawyer-turned-banker who managed the global economy through two unprecedented disasters: the Covid pandemic and Donald Trump’s protectionist trade policies. As the episodes about Martin, Burns, and Volcker all attest, Powell isn't the first chairman to face political blowback. But he is the first to be publicly denounced as “Mr Too Late” and a “major loser” by a president intent on removing him from office before his term ends in mid-2026.

To discuss Powell, Tim is joined by Nick Timiraos, author of Trillion Dollar Triage: How Jay Powell and the Fed Battled a President and a Pandemic and Prevented Economic Disaster (Little, Brown, 2022).

“If people think you're not going to act in the country's best interest, that's bad for the Fed,” he says. “The next time the Fed decides it needs to do something that actually is ‘exigent and unusual’, people will say: ‘Well, wait a minute, the last time you did this, we thought you were a toady for the Democrats or a toady for the Republicans. We don't think you're a straight shooter. We're not going to let you raise interest rates by 25 basis points. We're not going to give you money to backstop your purchases of corporate credit’. Those are the kind of medium and long term risks from a fight with the White House. I think, for Powell, the worst outcome is that people don't think you have an independent central bank anymore. Your monetary policy won't be credible. Why not just roll that thing into the Treasury Department if that's what you're going to do?”

Since 2017, Nick Timiraos has been the chief economics correspondent at The Wall Street Journal and has developed an unrivalled reputation as the "Fed whisperer".

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