Banking on Reform examines the political determinants of recent reforms to monetary policy institutions in the industrial democracies. With these reforms, political parties have sought to draw on the political credibility of an independent central bank to cope with electoral consequences of economic internalization and deindustrialization. New Zealand and Italy made the initial efforts to grant their central banks independence. More recently, France, Spain, Britain, and Sweden have reformed their central banks' independence. Additionally, members of the European Union have implemented a single currency, with an independent European central bank to administer monetary policy. Banking on Reform stresses the politics surrounding the choice of these institutions, specifically the motivations of political parties. Where intraparty conflicts have threatened the party's ability to hold office, politicians have adopted an independent central bank. Where political parties have been secluded from the political consequences of economic change, reform has been thwarted or delayed. The drive toward a single currency also reflects these political concerns. By delegating monetary policy to the European level, politicians in the member states removed a potentially divisive issue from the domestic political agenda, allowing parties to rebuild their support constructed on the basis of other issues. William T. Bernhard provides a variety of evidence to support his argument, such as in-depth case accounts of recent central bank reforms in Italy and Britain, the role of the German Bundesbank in the policy process, and the adoption of the single currency in Europe. Additionally, he utilizes quantitative and statistical tests to enhance his argument. This book will appeal to political scientists, economists, and other social scientists interested in the political and institutional consequences of economic globalization. William T. Bernhard is Assistant Professor of Political Science, University of Illinois, Urbana-Champaign.

With the introduction of more aggressive policing, prosecution, and sentencing since the late 1970s, the number of Americans in prison has increased dramatically. While many have credited these “get tough” policies with lowering violent crime rates, we are only just beginning to understand the broader costs of mass incarceration. In Barriers to Reentry? experts on labor markets and the criminal justice system investigate how imprisonment affects ex-offenders’ employment prospects, and how the challenge of finding work after prison affects the likelihood that they will break the law again and return to prison. The authors examine the intersection of imprisonment and employment from many vantage points, including employer surveys, interviews with former prisoners, and state data on prison employment programs and post-incarceration employment rates. Ex-prisoners face many obstacles to re-entering the job market—from employers’ fears of negligent hiring lawsuits to the lost opportunities for acquiring work experience while incarcerated. In a study of former prisoners, Becky Pettit and Christopher Lyons find that employment among this group was actually higher immediately after their release than before they were incarcerated, but that over time their employment rate dropped to their pre-imprisonment levels. Exploring the demand side of the equation, Harry Holzer, Steven Raphael, and Michael Stoll report on their survey of employers in Los Angeles about the hiring of former criminals, in which they find strong evidence of pervasive hiring discrimination against ex-prisoners. Devah Pager finds similar evidence of employer discrimination in an experiment in which Milwaukee employers were presented with applications for otherwise comparable jobseekers, some of whom had criminal records and some of whom did not. Such findings are particularly troubling in light of research by Steven Raphael and David Weiman which shows that ex-criminals are more likely to violate parole if they are unemployed. In a concluding chapter, Bruce Western warns that prison is becoming the norm for too many inner-city minority males; by preventing access to the labor market, mass incarceration is exacerbating inequality. Western argues that, ultimately, the most successful policies are those that keep young men out of prison in the first place. Promoting social justice and reducing recidivism both demand greater efforts to reintegrate former prisoners into the workforce. Barriers to Reentry? cogently underscores one of the major social costs of incarceration, and builds a compelling case for rethinking the way our country rehabilitates criminals.

Becoming Bourgeois is the first study to focus on what historians have come to call the “middling sort,” the group falling between the mass of yeoman farmers and the planter class that dominated the political economy of the antebellum South. Historian Frank J. Byrne investigates the experiences of urban merchants, village storekeepers, small-scale manufacturers, and their families, as well as the contributions made by this merchant class to the South’s economy, culture, and politics in the decades before, and the years of, the Civil War. These merchant families embraced the South but were not of the South. At a time when Southerners rarely traveled far from their homes, merchants annually ventured forth on buying junkets to northern cities. Whereas the majority of Southerners enjoyed only limited formal instruction, merchant families often achieved a level of education rivaled only by the upper class—planters. The southern merchant community also promoted the kind of aggressive business practices that New South proponents would claim as their own in the Reconstruction era and beyond. Along with discussion of these modern approaches to liberal capitalism, Byrne also reveals the peculiar strains of conservative thought that permeated the culture of southern merchants. While maintaining close commercial ties to the North, southern merchants embraced the religious and racial mores of the South. Though they did not rely directly upon slavery for their success, antebellum merchants functioned well within the slave-labor system. When the Civil War erupted, southern merchants simultaneously joined Confederate ranks and prepared to capitalize on the war’s business opportunities, regardless of the outcome of the conflict. Throughout Becoming Bourgeois, Byrne highlights the tension between these competing elements of southern merchant culture. By exploring the values and pursuits of this emerging class, Byrne not only offers new insight into southern history but also deepens our understanding of the mutable ties between regional identity and the marketplace in nineteenth-century America.

Queen bee. Worker bees. Busy as a bee. These phrases have shaped perceptions of women for centuries, but how did these stereotypes begin? Who are the women who keep bees and what can we learn from them? Beeconomy examines the fascinating evolution of the relationship between women and bees around the world. From Africa to Australia to Asia, women have participated in the pragmatic aspects of honey hunting and in the more advanced skills associated with beekeeping as hive technology has advanced through the centuries. Synthesizing the various aspects of hive-related products, such as beewax and cosmetics, as well as the more specialized skills of queen production and knowledge-based economies of research and science, noted bee expert Tammy Horn documents how and why women should consider being beekeepers. The women profiled in the book suggest ways of managing careers, gender discrimination, motherhood, marriage, and single-parenting—all while enjoying the community created by women who work with honey bees. Horn finds in beekeeping an opportunity for a new sustainable economy, one that takes into consideration environment, children, and family needs. Beeconomy not only explores globalization, food history, gender studies, and politics; it is a collective call to action.

The practice of charging interest on loans has been controversial since it was first mentioned in early recorded history. Lending is a powerful economic tool, vital to the development of society but it can also lead to disaster if left unregulated. Prohibitions against excessive interest, or usury, have been found in almost all societies since antiquity. Whether loans were made in kind or in cash, creditors often were accused of beggar-thy-neighbor exploitation when their lending terms put borrowers at risk of ruin. While the concept of usury reflects transcendent notions of fairness, its definition has varied over time and place: Roman law distinguished between simple and compound interest, the medieval church banned interest altogether, and even Adam Smith favored a ceiling on interest. But in spite of these limits, the advantages and temptations of lending prompted financial innovations from margin investing and adjustable-rate mortgages to credit cards and microlending.

In Beggar Thy Neighbor, financial historian Charles R. Geisst tracks the changing perceptions of usury and debt from the time of Cicero to the most recent financial crises. This comprehensive economic history looks at humanity's attempts to curb the abuse of debt while reaping the benefits of credit. Beggar Thy Neighbor examines the major debt revolutions of the past, demonstrating that extensive leverage and debt were behind most financial market crashes from the Renaissance to the present day. Geisst argues that usury prohibitions, as part of the natural law tradition in Western and Islamic societies, continue to play a key role in banking regulation despite modern advances in finance. From the Roman Empire to the recent Dodd-Frank financial reforms, usury ceilings still occupy a central place in notions of free markets and economic justice.

Behavioral economics questions the basic underpinnings of economic theory, showing that people often do not act consistently in their own self-interest when making economic decisions. While these findings have important theoretical implications, they also provide a new lens for examining public policies, such as taxation, public spending, and the provision of adequate pensions. How can people be encouraged to save adequately for retirement when evidence shows that they tend to spend their money as soon as they can? Would closer monitoring of income tax returns lead to more honest taxpayers or a more distrustful, uncooperative citizenry? Behavioral Public Finance, edited by Edward McCaffery and Joel Slemrod, applies the principles of behavioral economics to government's role in constructing economic and social policies of these kinds and suggests that programs crafted with rational participants in mind may require redesign. Behavioral Public Finance looks at several facets of economic life and asks how behavioral research can increase public welfare. Deborah A. Small, George Loewenstein, and Jeff Strnad note that public support for a tax often depends not only on who bears its burdens, but also on how the tax is framed. For example, people tend to prefer corporate taxes over sales taxes, even though the cost of both is eventually extracted from the consumer. James J. Choi, David Laibson, Brigitte C. Madrian, and Andrew Metrick assess the impact of several different features of 401(k) plans on employee savings behavior. They find that when employees are automatically enrolled in a retirement savings plan, they overwhelmingly accept the status quo and continue participating, while employees without automatic enrollment typically take over a year to join the saving plan. Behavioral Public Finance also looks at taxpayer compliance. While the classic economic model suggests that the low rate of IRS audits means far fewer people should voluntarily pay their taxes than actually do, John Cullis, Philip Jones, and Alan Lewis present new research showing that many people do not underreport their incomes even when the probability of getting caught is a mere one percent. Human beings are not always rational, utility-maximizing economic agents. Behavioral economics has shown how human behavior departs from the assumptions made by generations of economists. Now, Behavioral Public Finance brings the insights of behavioral economics to analysis of policies that affect us all.

Serving as CEO of Texas Commerce Bancshares in the 1980s, during the collapse of the Texas banking industry, Ben Love had an inside view of the debacle. His story, told here in detail for the first time, provides an insightful perspective on the Texas banking industry’s evolution after World War II, its decline, and its subsequent recovery. It also offers a glimpse into of the kind of character that creates men of power. Love grew up with his family during the Great Depression. Their farm outside Paris, Texas, taught him hard lessons about opportunity and financial security lessons that would serve him well in the future. After America’s entry into war in 1941, Love flew 8th Air Force B-17 combat missions over Europe, and then settled in Houston with his business degree in the late 1940s. His entrance into the world of banking began as a member of the board of directors for River Oaks Bank & Trust. Houston was rapidly growing into a metropolis, and he accepted an offer to leave River Oaks to join Texas Commerce Bank in 1967. As president of Texas Commerce Bank (TCB) in 1969 and CEO in 197289, Love cultivated change from single banks to holding companies, garnering a national reputation for his banking organization. In 1984, Texas Commerce was the twenty-first-largest bank in the country. Under his competent management, TCB was the only Big Five Texas bank to survive the economic downturn. One reason for its continued success lies with Loves successful merger in 1987 with the Chemical Bank of New York, now J. P. Morgan Chase. Not only does Ben F. Love’s memoir reveal an inside look at the evolution of banking in Texas, but it will serve as an instructional guide to future business leaders and managers.

Between Crown and Commerce examines the relationship between French royal statecraft, mercantilism, and civic republicanism in the context of the globalizing economy of the early modern Mediterranean world. This is the story of how the French Crown and local institutions accommodated one another as they sought to forge acceptable political and commercial relationships with one another for the common goal of economic prosperity. Junko Thérèse Takeda tells this tale through the particular experience of Marseille, a port the monarchy saw as key to commercial expansion in the Mediterranean. At first, Marseille’s commercial and political elites were strongly opposed to the Crown’s encroaching influence. Rather than dismiss their concerns, the monarchy cleverly co-opted their civic traditions, practices, and institutions to convince the city’s elite of their important role in Levantine commerce. Chief among such traditions were local ideas of citizenship and civic virtue. As the city’s stature throughout the Mediterranean grew, however, so too did the dangers of commercial expansion as exemplified by the arrival of the bubonic plague. Marseille’s citizens reevaluated citizenship and merchant virtue during the epidemic, while the French monarchy's use of the crisis as an opportunity to further extend its power reanimated republican vocabulary. Between Crown and Commerce deftly combines a political and intellectual history of state-building, mercantilism, and republicanism with a cultural history of medical crisis. In doing so, the book highlights the conjoined history of broad transnational processes and local political change.

In a society where everyone is supposed to go to college, the problems facing high school graduates who do not continue their education are often forgotten. Many cannot find jobs, and those who do are often stuck in low-wage, dead-end positions. Meanwhile employers complain that high school graduates lack the necessary skills for today's workplace. Beyond College for All focuses on this crisis in the American labor market. Around the world, author James E. Rosenbaum finds, employers view high school graduates as valuable workers. Why not here? Rosenbaum reports on new studies of the interaction between employers and high schools in the United States. He concludes that each fails to communicate its needs to the other, leading to a predictable array of problems for young people in the years after graduation. High schools caught up in the college-for-all myth, provide little job advice or preparation, leading students to make unrealistic plans and hampering both students who do not go to college and those who start college but do not finish. Employers say they care about academic skills, but then do not consider grades when deciding whom to hire. Faced with few incentives to achieve, many students lapse into precisely the kinds of habits employers deplore, doing as little as possible in high school and developing poor attitudes. Rosenbaum contrasts the situation in the United States with that of two other industrialized nations-Japan and Germany-which have formal systems for aiding young people who are looking for employment. Virtually all Japanese high school graduates obtain work, and in Germany, eighteen-year-olds routinely hold responsible jobs. While the American system lacks such formal linkages, Rosenbaum uncovers an encouraging hidden system that helps many high school graduates find work. He shows that some American teachers, particularly vocational teachers, create informal networks with employers to guide students into the labor market. Enterprising employers have figures out how to use these networks to meet their labor needs, while students themselves can take steps to increase their ability to land desirable jobs. Beyond College for All suggests new policies based on such practices. Rosenbaum presents a compelling case that the problems faced by American high school graduates and employers can be solved if young people, employers, and high schools build upon existing informal networks to create formal paths for students to enter the world of work.

As the world economy becomes increasingly integrated, companies can shift production to wherever wages are lowest and unions weakest. How can workers defend their rights in an era of mobile capital? With national governments forced to compete for foreign investment by rolling back legal protections for workers, fair trade advocates are enlisting consumers to put market pressure on companies to treat their workers fairly. In Beyond the Boycott, sociologist Gay Seidman asks whether this non-governmental approach can reverse the “race to the bottom” in global labor standards. Beyond the Boycott examines three campaigns in which activists successfully used the threat of a consumer boycott to pressure companies to accept voluntary codes of conduct and independent monitoring of  work sites. The voluntary Sullivan Code required American corporations operating in apartheid-era South Africa to improve treatment of their workers;  in India, the Rugmark inspection team provides ‘social labels’ for  handknotted carpets made without child labor; and in Guatemala,  COVERCO monitors conditions in factories producing clothing under contract for major American brands. Seidman compares these cases to explore the ingredients of successful campaigns, as well as the inherent limitations facing voluntary monitoring schemes. Despite activists’ emphasis on educating individual consumers to support ethical companies, Seidman finds that, in practice, they have been most successful when they mobilized institutions—such as universities, churches, and shareholder organizations. Moreover, although activists tend to dismiss states’ capabilities, all three cases involved governmental threats of trade sanctions against companies and countries with poor labor records. Finally, Seidman  points to an intractable difficulty of independent workplace monitoring: since consumers rarely distinguish between monitoring schemes and labels, companies can hand pick monitoring organizations, selecting those with the lowest standards for working conditions and the least aggressive inspections. Transnational consumer movements can increase the bargaining power of the global workforce, Seidman argues, but they cannot replace national governments or local campaigns to expand the meaning of citizenship. As trade and capital move across borders in growing volume and with greater speed, civil society and human rights movements are also becoming more global. Highly original and thought-provoking, Beyond the Boycott vividly depicts the contemporary movement to humanize globalization—its present and its possible future.