New Books in Finance

Popular
history tells the story of how the tea boycott during the American
Revolution caused a transition in American taste from tea to coffee,
making the young country a coffee-drinking nation. In truth, Americans
did not give up their tea so easily, and the United States grew to be
the second-largest importer of tea from China. Diverging from British
black tea traditions, U.S. consumers preferred green tea, cultivated a
particular taste for Oolong tea, and invented the English Breakfast Tea
brand to market Chinese black tea.

This World in a Teacup: Credit, Taste, and Power in the U.S.-China Tea Trade, 1784–1911
(University of Nebraska Press, 2026) by Dr. Dan Du is the first book to
detail the American tea trade with China after the American Revolution
through the early twentieth century. Drawing on archival sources and
perspectives from both sides of the Pacific, Dr. Du offers new insights
to help understand fundamental developments in U.S.-China relations
within a global context. This World in a Teacup shows that, rather than
depending on hard-money transactions or a barter economy, a
sophisticated credit system buttressed American tea purchases in China:
Credit instruments such as promissory notes, bills of exchange, and
checks financed the transactions between Chinese and U.S. tea merchants,
crystallizing changing power dynamics in the global economy. This World in a Teacup
explains how the circulation of these credit instruments challenged the
conventional understanding of China’s economy as a primitive system and
how the power structure of American, British, and Chinese tea trade in
the credit economy reshaped American consumption patterns.

This interview was conducted by Dr. Miranda Melcher whose 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 interviews on New Books with Miranda Melcher, wherever you get your podcasts. 
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Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/finance

Long before Google, Amazon, or Microsoft, computer technology shaped how people worked, how markets operated,
and how businesses became big. After World War II, military officials
and their partners in industry looked to the newly invented electronic
computer as they sought to cut costs, speed up labor,
manage supply chains, and—they hoped—bring stability to the postwar
economy. Their efforts would shape early computer science and the first
applications of computer technology in manufacturing and business, with
profound consequences for workers and managers alike. By the 1960s,
practices originally developed to improve industrial efficiency were
being used by Wall Street, influencing how markets worked and even how
traders thought. Digital technology became central to finance, tying
together far-flung trading floors and automating decision making—with
alarming consequences, including the 1987 Black Monday crash.

In Coding Capitalism: Computers and the Remaking of the Postwar US Economy
(Columbia University Press, 2026), Dr. Devin Kennedy offers a new
history of the digital economy, showing how the computer emerged
from—and transformed—capitalism in the United States. He traces how
computer science and technology were made by industry, which molded
computation to manage factories, financial markets, and entire firms.
Drawing on the archives of businesses, computer researchers, regulators,
and financial institutions, Coding Capitalism retells the story of the postwar economy and the computer, revealing how mid-century
business laid the foundations of the digital world. Bridging business
and economic history with the history of science and technology, this
book uncovers the prehistory of big tech and demonstrates how capitalism has shaped computing since its invention.

This interview was conducted by Dr. Miranda Melcher whose 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 interviews on New Books with Miranda Melcher, wherever you get your podcasts. 
Learn more about your ad choices. Visit megaphone.fm/adchoices
Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/finance

What’s going on in the Chinese economy? China reported GDP growth of just 4.3% last quarter. Consumption is sluggish, exports are booming, electronics manufacturers and chipmakers are reporting huge profits as car sales slump.

Joe Ngai and Nick Leung dive into the Chinese economy in their latest book The Next China Is Still China: An Insider's Playbook for Winning in the New Era (Scribner, 2026), which came out earlier this year. The book is motivated by a question many executives asked amid new U.S. tariffs and COVID-driven supply shocks: Is there another economy that can replace China’s massive consumer market and deep manufacturing base? The answer: No.

Joe Ngai is a McKinsey senior partner and chairman of the firm’s offices in Greater China. Frequently seen on media such as CNBC and Bloomberg, he has been named one of Forbes China’s 100 Most Influential Chinese Leaders, and he has also appeared on Bloomberg Businessweek China’s “Person of the Year 2025” list.

Nick Leung is a McKinsey senior partner and member of McKinsey’s global board of directors. He is also a lead-director of the McKinsey Global Institute, the firm’s independent research arm, where he directs research on macroeconomics, global trade, and geopolitics.

You can find more reviews, excerpts, interviews, and essays at The Asian Review of Books. Follow on Twitter at @BookReviewsAsia. Nicholas Gordon is an editor for a global magazine, and a reviewer for the Asian Review of Books. He can be found on Twitter at @nickrigordon.
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How is finance changing in the contemporary world? In FinTech Capital: The Digital Transformation of Everyday Money and Finance (Princeton University Press, 2026), Paul Langley, a Professor of Economic Geography at Durham Universityand Andrew Leyshon, a Senior Fellow in the Centre for Economy, Policy and Place, Nottingham Trent University and Emeritus Professor of Economic Geography at the University of Nottingham,
chart the rise of a new form of capitalism in the digital age. Drawing
on detailed case studies from across the world, from familiar everyday
examples such as Klarna to continent-spanning institutions such as Standard Bank,
the book theorises the dynamics of this new moment in global
capitalism. Of interest across the social sciences, the book will be
essential reading for anyone seeking to understand money today.
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Authoritarian Markets explores the political foundations of China's banking boom and its far-reaching impact on the Chinese economy.

In
1978 China had no commercial banks. Today it commands the world's
largest banking system, with assets equal to 40 percent of global GDP.
In Authoritarian Markets: The Politics of China's Banking Explosion
(Cornell University Press, 2026), Dr. Adam Y. Liu argues that this rise
was not the product of market reforms but of political bargains and
bureaucratic mobilization.

In
the 1990s, Beijing issued bank licenses as bargaining chips—securing
cooperation from local governments as it pushed through painful reforms.
The result was a sprawling, competitive banking market built not in spite of authoritarian rule but because of it.

Drawing
on interviews, spatial data, census records, surveys, and experiments,
Dr. Liu reveals how local state banks became both engines of China's
growth and incubators of its current economic risks. Eye-opening and
persuasive, Authoritarian Markets offers fresh insight into the political logic of market development in China and authoritarian states worldwide.

This interview was conducted by Dr. Miranda Melcher whose 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 interviews on New Books with Miranda Melcher, wherever you get your podcasts. 
Learn more about your ad choices. Visit megaphone.fm/adchoices
Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/finance