Critical Reads: What's the power of the market?

We are proud to partner with the Seminary Co-op, whose series “Reading is Critical” proposes:

Reading is critical, in both senses of the word. Crucial, of course, insofar as it is a cornerstone of communication, a primary means by which we receive information. But it is also an active form of resistance, a tactic in the struggle against ignorance, misinformation, and manipulation. To read is to become knowledgeable; to become knowledgeable is to become powerful.

With Seminary staff, we’ve curated some highlights from their Reading is Critical Series to address some of the big questions underpinning the 2019 theme, Power.

A country’s power is often judged by the strength of its markets and economies. Indeed, seminal economists, from Adam Smith to Milton Friedman, were deeply interested in how the production, consumption, and transfer of goods and services relates to a country’s position in the world. It was the stock market crash of 1929 that catapulted the Great Depression and the post-World War II boom that inaugurated the era of the “American Dream,” giving rise to a consumer market of now-iconic products like Barbie, Wonder Woman, and Bratz. In the decade following Occupy Wall Street, millennials continue to point out student loan debt and competitive job markets projected to make them the first generation to fare worse than their parents.

Markets and economies can help elucidate history and predict the future. They're an integral part of our lives. So, what exactly is the market, and how does it work? Who benefits from the rise and fall of financial institutions, and what does this illuminate about power and culture more broadly?

"Stories of the modern stock market crashes are a bit like the drama of the Titanic.” –Scott Nations

We all know about the infamous stock market crash of 1929 that began the Great Depression, but did you know there are four more major crashes in American history? Longtime financial engineer and trader Scott Nations details how these financial crises defined a nation and explains why the stock market is more important now than ever before.

“Many blame today’s economic inequality, stagnation, and political instability on the free market. The solution is to rein in the market, right?” —Eric Posner

Law professor Eric Posner disagrees. Radical Markets: A Selected Bibliography turns conventional thinking about markets on its head, arguing for an expansion of market power in order to “reduce inequality, restore robust economic growth, and resolve political conflicts.”

“Every American, young and old, knows Barbie.” —Orly Lobel

You might be wondering what Barbie has to do with the stock market. In her reading list “You Don’t Own Me,” law professor Orly Lobel uses a real-life legal battle between Barbie and Bratz to pull back the curtain over America’s most important social issues including economics, equality, cultural expression, womanhood, race, and the American Dream.

“Today, universities serve as the economic engines and cultural centers of many U.S. cities, but how did this come to be?” —LaDale Winling

Building the Ivory Tower: A Selected Bibliography tells the story of how American universities and other urban institutions rose to economic and political power. History professor LaDale Winling discusses how, when handled improperly, this relationship intensifies economic and social inequality for surrounding communities, so that urban institutions run the risk of growth “at the expense of neighbors.”

We are proud to partner with the Seminary Co-op as our bookselling partner.

Header Image by Simone Montgomery