Political historian Eric Rauchway argues for the continued relevance of the New Deal as a symbol of the capacity of democratic states to restore confidence in times of crisis — During times of economic and political crisis what resources do democratic states have to resist authoritarianism? The question is being asked with some urgency today, as liberal democracies confront interlocking challenges: the energy supply crunch, war in Europe, looming recession, and, shadowing all, the onset of climate change. …

An engaging look at what poets from Daniel Defoe to Ezra Pound have had to say about ‘the dismal science’ — John Ramsden’s new book The Poets’ Guide to Economics could not have been more tailored to capture the eye of one who, like me, writes about finance but reads as much literature as time away from the markets will allow. Ramsden considers an era when poets rather more easily assumed…

A new edition of Richard Oldfield’s popular guide to investment continues to fly the flag for active management and the value style — Simple But Not Easy by veteran fund manager Richard Oldfield has achieved something like cult status since it was first published in 2007. …

A new book by Yale scholar Matthew Rose is a rare detailed study of the intellectual roots of today’s conservative nationalist movements. — Russia’s invasion of Ukraine has supercharged the already well established debate on whether the world is entering a new Cold War, the division drawn this time not between competing economic systems but liberalism and conservative authoritarian nationalism. Nationalisms of various kinds and degrees have come to power and in some…

A new book by Jim Cullen, founder of New York-based Schafer Cullen Capital Management, restates the case for classic value investment principles — Over the past decade as — until very recently — growth stocks have surged ahead, the financial press has conducted regular post-mortems for value investing, an investment strategy deemed to be terminally out of fashion. It might be more interesting, however, to ask whether it has ever actually been in…

A new book by MoneyWeek editor Merryn Somerset Webb argues we can assert agency over companies through truly representative share ownership — Since the banking crisis the rumbling dissatisfaction with capitalism that always contributes to the ambience of our political and economic debates has grown louder than at any time since the 1970s. There is widespread frustration that we lack agency over the system in which we must make our lives: a…

A new book by Holly Jean Buck exposes the common assumption that a commitment to net zero implies a commitment to end the fossil fuel industry. Is another way possible? — The term ‘net zero’ has become so ubiquitous that it now seems synonymous with the imperative to transition to a sustainable, low carbon economy. A commitment to net zero implies a commitment to winding down the fossil fuel industry — doesn’t it?

Theories of efficient markets mislead because they seek to explain market behaviour according to the laws of physics rather than biology, says Adaptive Market Hypothesis proponent Andrew Lo — The finance books I’ve been reviewing here make it clear I’m a fan of the passive investment philosophy. …

A new book by Financial Times journalist Robin Wigglesworth surveys the history of index funds and considers their increasingly significant implications for the global economy. — There are plenty of academic papers and specialist investment books setting out the theory behind passive investment, and innumerable articles scattered across the business press telling the story of the rise of index fund giants like Vanguard and BlackRock.