New Books in 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. 
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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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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

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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America’s money is global money—nearly every nation in the world writes international contracts in dollars, and in 2023, central banks around the world held nearly $6.7 trillion in dollar reserves, three times any other currency. Today, the United States’ global hegemony rests largely on its ability to produce unlimited treasury bonds that are sold around the world, dollars that supported America’s explosive growth in the twentieth century and funded its massive wars in the twenty-first. American power and the American dollar have become synonymous.Yet in this brilliant 500-year history The Almighty Dollar: 500 Years of the World's Most Powerful Money (Crown, 2026), Brendan Greeley argues that America’s sovereignty over the dollar is an illusion—that the dollar had already empowered and destroyed nations long before it washed up on colonial shores, and that no country or king has or can ever truly control it. Reaching back to the dollar’s birth as the taler in the 15th-century silver mines of St. Joachimsthal, Greeley reveals how the dollar first thrived as a commodity for merchants and bankers—a big, silver coin that was trusted around the world, even as the miners who pulled it from the ground had trouble getting paid in that same silver. Greeley traces a captivatingly complex path across time and place, from the industrial collapse at the heart of Spain’s 17th-century silver empire, to the birth of American paper dollars in colonial Maryland, 19th-century New Orleans bank failures, and the small town of Hawarden, Iowa, which created its own dollars during the Great Depression. At every surprising turn, Greeley upends assumptions about global currencies and draws out the centuries-old tension between how dollars are manufactured and whom they actually serve.Singular in its breadth, The Almighty Dollar dismantles the myth that America created or has ever truly controlled the dollar. Through meticulous research and vividly rendered stories of merchants, monarchs, and everyday people both past and present, Greeley shows how the dollar became America’s greatest export, spawning a vast financial industry that enriches the wealthy, even as the rest of the country’s industries suffer.
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