New Books in Finance

Indonesia is often framed as a key arena of China-Japan-US competition in the Second Cold War. In this episode, we talk with Trissia Wijaya about her book on the political economy of Chinese and Japanese infrastructure financing in Indonesia. She challenges the view that it is simply an instrument of competition and instead situates infrastructure finance within Indonesia’s own development strategies. She shows how development assistance, commercial loans, export credits, and public-private partnerships are shaped by contestation among Chinese and Japanese capital, as well as Indonesian civil society, state actors, and labor. We also link these dynamics to the country’s changing industrial policy, from energy infrastructure to Nickel processing to the planned capital of Nusantara, asking how Indonesia uses strategies of polyalignment and foreign finance to pursue its own developmental ambitions.

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Trissia Wijaya is a McKenzie Research Fellow at the Asia Institute at the University of Melbourne. Prior to this role, she worked as a Senior Research Fellow at Asia-Japan Research Organization, Ritsumeikan University, and taught at the College of Global Liberal Arts. She received her PhD in Politics from Murdoch University, Australia, and remains affiliated as an Honorary Research Fellow at the Indo-Pacific Research Centre there. She has also worked at the Asian Development Bank and UNDP Indonesia, cultivating an interest in the political economy of development and evidence-informed policymaking. Her research spans green infrastructure financing, industrial policy, and critical mineral development. She has conducted intensive fieldwork across Indonesia, Japan, and China.

The Political Economy of Japanese and Chinese Infrastructure Financing Governance: Organizing Alliances, Institutions, and Ideology (Bristol University Press 2025)

Indonesia, nickel, and the political economy of polyalignment in the Second Cold War in Third World Quarterly

An EV-fix for Indonesia: the green development-resource nationalist nexus in Environmental Policy
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Commercial seafaring, both dangerous and with large amounts of capital at stake, was the source of the risk-management institutions that still undergird the global economy today. A key institution of early modern risk management was General Average, a procedure used to redistribute extraordinary costs arising from a maritime venture between all financially interested parties. For example, should one merchant’s cargo be jettisoned to lighten a ship in a storm, the loss would be shared pro rata by the shipper and all the cargo-owners. A risk-sharing practice, different from the risk-shifting of marine insurance which became established relatively late, General Average is still in widespread use.

In Managing Maritime Risk in Early Modern Europe: General Average in Law and Practice in Seventeenth-Century Tuscany (Boydell Press, 2025), Jake Dyble explores how General Average worked. It reveals the gap between General Average in law and how it worked on the ground. It shows how General Average partitioned a wide array of business costs, thereby performing a significant role in structuring maritime commerce, managing risk and promoting shipping and trade. In addition, the book discusses how far General Average was a feature of a supposedly ancient, universal, customary maritime law, and contributes to debates about the evolution of institutions in economic development.

Dr Jake Dyble is a postdoctoral researcher at the University of Padova, Italy.

This interview is conducted by Dr Lewis Wade, a Humboldt Research Fellow at the University of Bamberg. He is the author of the prize-winning Privilege, Economy and State in Old Regime France and can be found on Bluesky @wadehistory.bsky.social.
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In Wild Tides: Media Infrastructure and Financial Crisis in Ireland (Duke University Press, 2026),
Patrick Brodie maps the shifting fortunes of the Irish economy before
the 2008 financial crisis up to 2020, outlining how the Irish state
moved from rampant and irresponsible financialized development to
incentivizing private media infrastructure and policy as instruments for
economic recovery. Brodie contends that while the Irish state’s
investment in creative and technological sectors of media was supposed
to bring resources back into the country and stabilize the economy, it
instead rendered the country even more vulnerable to future instability
and transferred wealth into the hands of multinational corporations.
Through ethnographic work and close engagement with the Irish state’s
policy and planning across a number of key media infrastructure sites,
Brodie unfolds the very real environmental and social impacts of
Ireland’s naturalized model of financialized, foreign direct
investment-led infrastructural development. Richly researched and
comprehensively argued, Wild Tides reveals the multifarious, unexpected ways that financialization reaches into the daily life of a nation.
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In Singapore, the financial center of Southeast Asia, hyperurbanization and commercial development exist alongside enduring belief in the economic power of ghosts: in their ability to control the flows of money and value and to determine the outcome of investments and wagers. Spectropolis: The Enchantment of Capital in Singapore (U Minnesota Press, 2025) explores the unlikely collusion of these two systems, demonstrating both the productive role of popular beliefs in the modern world and the surprising correlations between “late” capitalism and the workings of the spirit realm. Detailing the logic and practices of Singapore’s ghost economy—from performing exorcisms on real estate development sites to offering money and commodities to the dead as a hedge against precarious real-world transactions—Joshua Comaroff shows how speculative finance, largely governed by chance and volatility, is understood via its inherently spectral qualities. Based on detailed case studies and years of extensive fieldwork, Spectropolis argues for the power of popular belief systems to theorize contemporary socioeconomic conditions and to give form to collective affect as well as shared aspirations and anxieties, often in deeply hopeful, horizontal and empowering ways.

Joshua Comaroff is the assistant professor of architecture at the National University of Singapore. He is coauthor of Horror in Architecture: The Reanimated Edition (Minnesota, 2024).

Alyssa Kee recently finished graduate studies at the University of Vienna. Her research interests lie in urban geography, multispecies ecologies, and urban food assemblages. She is currently in the field of Geographical Education.
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If governments provide financial support for affordable housing, should they provide support for inhabitants directly, or rather for the construction of dwellings? Dr. Max Krahé and Sara Schulte both work for the German economic think tank Dezernat Zukunft, and they aim to answer this question by looking at the past. In this interview we discuss the research design, the conclusions, and also what policy implications they draw from their analysis.

Want to know more? You can find everything about this housing analysis on Dezernat Zukunft. Additionally, Max Krahé provides an overview of Dr. Krahé's research projects.

Geert Slabbekoorn works as a policy officer in the field of housing. In his free time he juggles, raises kids, and improves his languages.
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