New Books in Finance

John is joined by the brilliant and affable Paul Kramer of Vanderbilt (The Blood of Government) to discuss Capitalism: A Global History (Penguin, 2025) by Sven Beckert, Laird Bell Professor of History at Harvard University. With Christine A. Desan (Recall This Book adores her) he is the co-director of the Program on the Study of Capitalism at Harvard University. This builds on his marvelous previous work about the global cotton trade.

John wants to know about the importance of the state as money-maker and underpinner of markets. Paul asks about the key historical ruptures; the conversation goes back a millennium to traders in Aden and in China. Together Paul and Sven speculate on the role violence plays inside the “free” market that capitalist exchange established and now somewhat remarkably sustains. The singular turning-point of the late 19th century (which Sven decided to present in three interwoven chapters) comes in for sustained attention.

Mentioned in the Episode

Christine Desan, Making Money: Coin, Currency, and the Coming of Capitalism (2014)

Ursula Le Guin “We live in capitalism, its power seems inescapable — but then, so did the divine right of kings.” (National Book Foundation Medal speech 2014)

Ferdinand Braudel Afterthoughts on Material Civilization and Capitalism (1979)

Eric Williams, Capitalism and Slavery (1944)

Listen and Read here.

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Eric Ries shares how financial 'gravity' pulls great companies away from their founders' purpose, and his solutions in his new book Incorruptible (Authors Equity, 2026)

Join us for a uniquely provocative conversation between our host, Richard Lucas, and renowned entrepreneur and "Lean Startup" author Eric Ries on his new book, Incorruptible. Moving beyond the surface-level summary, Richard intentionally focuses on the book's deep ethical and moral core, giving Ries the space to clarify and elaborate on his most challenging ideas.1

This is not your typical book tour stop. Richard dives into what he finds "particularly interesting," exploring why founders must prioritize building an enterprise "worth protecting" from the start—a business whose mission is protected by structural guardrails. Richard highlights memorable quotes from Eric's book, including:1

"Not every form of making money is equally good."1

"The more golden the goose, the stronger the temptation to butcher it."1

Ries explains that without these defenses, a universal, systemic force he calls "financial gravity" will inevitably pull the organization toward short-term profit maximization over "human flourishing". He argues that waiting until a business is successful to put in guardrails is "too late" because success attracts predators. Taking the principled path, though harder, Ries believes, unlocks "almost unbelievable superpowers". The discussion drills down into practical, yet philosophical questions: Can any system resist a corrupt leader? Richard challenges Ries on the possibility of an ethical defense military technology company (like those defending Ukraine), leading Ries to clarify that technology is neutral; the danger lies in who controls it. They also explore the failure of modern management practices, discussing how reliance on metrics like average hold time can create "false proxies" that actively make customer service worse. Finally, Ries advocates for a powerful solution for corporate governance: a universal director's oath, similar to the Hippocratic Oath, to bind corporate leadership to a commitment to the mission.1

Tune in to hear Ries’s candid reflections, including his personal belief that integrity is not merely ethical, but a competitive advantage—the true foundation for economic success, while emphasizing the first step for every founder and entrepreneur: "First, create something worth protecting

Links & References

Incorruptible: Why Good Companies Go Bad…and How Great Companies Stay Great

Book release date is May 26 in the US, May 28 worldwide Amazon listing

Website: here

Seth Godin on false metrics

Frankenstein, Incorporated by I Maurice Wormser

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The book places special emphasis on the relationship between corporations, managers, and shareholders. Drawing on Lynn Stout’s influential work on corporate governance, the authors challenge the common belief that corporate law requires managers to maximize shareholder value at all times. In reality, corporate directors and managers are expected to exercise business judgment that balances long-term corporate health, stakeholder relationships, and legal responsibilities.

Shareholders play a critical role in corporate governance, but the authors emphasize that corporations are not simply machines for immediate shareholder profit. Instead, corporations are long-lived institutions that rely on cooperation among shareholders, employees, customers, communities, and regulators. Ethical management therefore requires maintaining trust across this broader network.
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In today’s world, it is almost impossible to go through the day without interacting with a bank—whether through a salary payment, a debit card, a credit card, or a digital ID used to access public services online. Yet this intimate relationship between households and banks is relatively recent.

In this episode of the New Books Network, I speak with Orsi Husz, Professor at Uppsala University, about her book Bankminded: Banks as Intimate Agents of Everyday Life in Welfare State Sweden. The book traces how, from the late 1950s onwards, banks gradually became embedded in the everyday routines of ordinary people. Through wage accounts, credit cards, financial advice, and identity documents, financial institutions reshaped how households handled money—and how they thought about finance itself.

Drawing on rich archival research, Husz shows that this transformation was not simply a story of technology or markets. It involved cultural shifts around class, gender, morality, and identity, as well as the surprising role of the welfare state in expanding everyday banking. The result was what she calls the “bankification” of everyday life—a process that laid the groundwork for the financialised world we inhabit today.

If you are interested in the history of banking, the culture of finance, or how modern financial habits emerged, this conversation offers a fascinating perspective on a transformation that most of us now take for granted.

You can download the book for free (Open Access) here

Listen to the episode to learn how banks became an intimate part of everyday life.
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In this episode, Jeremy Sosabowski, CEO and co‑founder of AlgoDynamix, reveals how his company is reinventing market forecasting through behavioral analytics rather than traditional fundamentals or news. By decoding real‑time transactional order flow, AlgoDynamix predicts price movements (hours or days in advance) based on what traders are actually doing — a fresh, practical edge for smaller hedge funds, family offices and HNWI (High Net Worth Individuals) seeking ultimate actionable trading insights.

Jeremy shares how the company continues to expand and refine its business model and how they have built a scalable platform capable of handling complex, multi‑asset portfolios. He also dives into Cambridge’s vibrant entrepreneurial ecosystem, highlighting how networking, community engagement, and thematic WhatsApp groups have created unexpected opportunities and collaborations.

The episode is packed with insights for innovators, investors, and curious listeners. If you want to hear how behavioral science meets financial returns — and how an entrepreneur builds momentum through community — this conversation is absolutely worth your time.

Links:

CUE Cambridge University Entrepreneurs

AlgoDyamix

Jeremy Sosabowski Linkedin

Richard Lucas TEDxTarnow on “Opportunity Readiness”

Jeremy Sosabowski at CAMentrepreneurs Open Coffee Cambridge


OptiSynx clock project

About Jeremy Sosabowski CEO, AlgoDynamix:

Dr. Jeremy Sosabowski is Co-founder & CEO at AlgoDynamix, an AI-based financial price forecasting analytics company. Their products are used by asset managers, including CTAs, hedge funds, and family offices.

Jeremy has over a decade of business and technology commercialisation experience. His previous roles include CTO at an instrumentation company (technology acquired) and data analyst within the online transaction space. His 'IP portfolio' includes several granted patents and more than 10 peer-reviewed publications.

Jeremy has undergraduate and postgraduate degrees in engineering and signal processing including an Engineering Ph.D. from the University of Cambridge.
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