Jonathan Haskel & Stian Westlake

CapitalEarly in the twenty-first century, a quiet revolution occurred. For the first time, the major developed economies began to invest more in intangible assets, like design, branding, R&D, and software, than in tangible assets, like machinery, buildings, and computers. For all sorts of businesses, from tech firms and pharma companies to coffee shops and gyms, the ability to deploy assets that one can neither see nor touch is increasingly the main source of long-term success.

But this is not just a familiar story of the so-called new economy. Capitalism without Capital shows that the growing importance of intangible assets has also played a role in some of the big economic changes of the last decade. The rise of intangible investment is, Jonathan Haskel and Stian Westlake argue, an underappreciated cause of phenomena from economic inequality to stagnating productivity.

Haskel and Westlake bring together a decade of research on how to measure intangible investment and its impact on national accounts, showing the amount different countries invest in intangibles, how this has changed over time, and the latest thinking on how to assess this. They explore the unusual economic characteristics of intangible investment, and discuss how these features make an intangible-rich economy fundamentally different from one based on tangibles.

Capitalism without Capital concludes by presenting three possible scenarios for what the future of an intangible world might be like, and by outlining how managers, investors, and policymakers can exploit the characteristics of an intangible age to grow their businesses, portfolios, and economies.

Jonathan Haskel is professor of economics at Imperial College Business School. Stian Westlake is a senior fellow at Nesta, the UK’s national foundation for innovation. Haskel and Westlake are cowinners of the 2017 Indigo Prize.

Tom Mole

MoleThis insightful and elegantly written book examines how the popular media of the Victorian era sustained and transformed the reputations of Romantic writers. Tom Mole provides a new reception history of Lord Byron, Felicia Hemans, Sir Walter Scott, Percy Bysshe Shelley, and William Wordsworth—one that moves beyond the punctual historicism of much recent criticism and the narrow horizons of previous reception histories. He attends instead to the material artifacts and cultural practices that remediated Romantic writers and their works amid shifting understandings of history, memory, and media.

Mole scrutinizes Victorian efforts to canonize and commodify Romantic writers in a changed media ecology. He shows how illustrated books renovated Romantic writing, how preachers incorporated irreligious Romantics into their sermons, how new statues and memorials integrated Romantic writers into an emerging national pantheon, and how anthologies mediated their works to new generations. This ambitious study investigates a wide range of material objects Victorians made in response to Romantic writing—such as photographs, postcards, books, and collectibles—that in turn remade the public’s understanding of Romantic writers.

Shedding new light on how Romantic authors were posthumously recruited to address later cultural concerns, What the Victorians Made of Romanticism reveals new histories of appropriation, remediation, and renewal that resonate in our own moment of media change, when once again the cultural products of the past seem in danger of being forgotten if they are not reimagined for new audiences.

Tom Mole is Reader in English Literature and Director of the Centre for the History of the Book at the University of Edinburgh. He is the author of Byron’s Romantic Celebrity, the editor of Romanticism and Celebrity Culture, the coeditor of The Broadview Reader in Book History, and the coauthor of The Broadview Introduction to Book History.

Geoff Mulgan

MulganA new field of collective intelligence has emerged in the last few years, prompted by a wave of digital technologies that make it possible for organizations and societies to think at large scale. This “bigger mind”—human and machine capabilities working together—has the potential to solve the great challenges of our time. So why do smart technologies not automatically lead to smart results? Gathering insights from diverse fields, including philosophy, computer science, and biology, Big Mind reveals how collective intelligence can guide corporations, governments, universities, and societies to make the most of human brains and digital technologies.

Geoff Mulgan explores how collective intelligence has to be consciously organized and orchestrated in order to harness its powers. He looks at recent experiments mobilizing millions of people to solve problems, and at groundbreaking technology like Google Maps and Dove satellites. He also considers why organizations full of smart people and machines can make foolish mistakes—from investment banks losing billions to intelligence agencies misjudging geopolitical events—and shows how to avoid them.

Highlighting differences between environments that stimulate intelligence and those that blunt it, Mulgan shows how human and machine intelligence could solve challenges in business, climate change, democracy, and public health. But for that to happen we’ll need radically new professions, institutions, and ways of thinking.

Informed by the latest work on data, web platforms, and artificial intelligence, Big Mind shows how collective intelligence could help us survive and thrive.

Geoff Mulgan is chief executive of Nesta, the UK’s National Endowment for Science, Technology and the Arts, and a senior visiting scholar at Harvard University’s Ash Center. He was the founder of the think tank Demos and director of the Prime Minister’s Strategy Unit and head of policy under Tony Blair. His books include The Locust and the Bee (Princeton) and Good and Bad Power (Penguin).

Mary Morton

CézannePaul Cézanne (1839–1906) may be best known for his landscapes, but he also painted some 160 portraits throughout his exceptional career. This major work establishes portraiture as an essential practice for Cézanne, from his earliest self-portraits in the 1860s; to his famous depictions of figures including his wife Hortense Fiquet, the writer Emile Zola, and the art dealer Ambroise Vollard; and concluding with a poignant series of portraits of his gardener Vallier, made shortly before Cézanne’s death.

Featured essays by leading experts explore the special pictorial and thematic characteristics of Cézanne’s portraits. The authors address the artist’s creation of complementary pairs and multiple versions of the same subject, as well as the role of self-portraiture for Cézanne. They investigate the chronological evolution of his portrait work, with an examination of the changes that occurred within his artistic style and method, and in his understanding of resemblance and identity. They also consider the extent to which particular sitters influenced the characteristics and development of Cézanne’s practice.

Beautifully illustrated with works of art drawn from public and private collections around the world, Cézanne Portraits presents an astonishingly broad range of images that reveal the most personal and human qualities of this remarkable artist.

Exhibition Schedule:
Musée d’Orsay, Paris (June 13 to September 24, 2017)
National Portrait Gallery, London (October 26, 2017 to February 11, 2018)
National Gallery of Art, Washington (March 25 to July 1, 2018)

John Elderfield is chief curator emeritus of painting and sculpture at the Museum of Modern Art. His many books include De Kooning and Henri Matisse. He is currently the Allen R. Adler, Class of 1967, Distinguished Curator at the Princeton University Art Museum and lecturer in the Princeton University Department of Art and Archaeology. Mary Morton is curator and head of the Department of French Painting at the National Gallery of Art, Washington D.C. Her books include Gustave Caillebotte. Xavier Rey is director of collections at the Musée d’Orsay, Paris. His books include Degas and the Nude. Jayne S. Warman is a director of the Cézanne online catalogue raisonné. Alex Danchev (1955–2016) was professor of international relations at the University of St. Andrews. His books include Cézanne and The Letters of Paul Cézanne.

Andrew Lo

LoHalf of all Americans have money in the stock market, yet economists can’t agree on whether investors and markets are rational and efficient, as modern financial theory assumes, or irrational and inefficient, as behavioral economists believe—and as financial bubbles, crashes, and crises suggest. This is one of the biggest debates in economics and the value or futility of investment management and financial regulation hang on the outcome. In this groundbreaking book, Andrew Lo cuts through this debate with a new framework, the Adaptive Markets Hypothesis, in which rationality and irrationality coexist.

Drawing on psychology, evolutionary biology, neuroscience, artificial intelligence, and other fields, Adaptive Markets shows that the theory of market efficiency isn’t wrong but merely incomplete. When markets are unstable, investors react instinctively, creating inefficiencies for others to exploit. Lo’s new paradigm explains how financial evolution shapes behavior and markets at the speed of thought—a fact revealed by swings between stability and crisis, profit and loss, and innovation and regulation.

A fascinating intellectual journey filled with compelling stories, Adaptive Markets starts with the origins of market efficiency and its failures, turns to the foundations of investor behavior, and concludes with practical implications—including how hedge funds have become the Galápagos Islands of finance, what really happened in the 2008 meltdown, and how we might avoid future crises.

An ambitious new answer to fundamental questions in economics, Adaptive Markets is essential reading for anyone who wants to know how markets really work.

Andrew W. Lo is the Charles E. and Susan T. Harris Professor at the MIT Sloan School of Management and director of the MIT Laboratory for Financial Engineering. He is the author of Hedge Funds and the coauthor of A Non-Random Walk Down Wall Street and The Econometrics of Financial Markets (all Princeton). He is also the founder of AlphaSimplex Group, a quantitative investment management company based in Cambridge, Massachusetts.

Richard Layard

HappinessWhat makes people happy? Why should governments care about people’s well-being? How would policy change if well-being was the main objective? The Origins of Happiness seeks to revolutionize how we think about human priorities and to promote public policy changes that are based on what really matters to people. Drawing on a uniquely comprehensive range of evidence from longitudinal data on over one hundred thousand individuals in Britain, the United States, Australia, and Germany, the authors consider the key factors that affect human well-being.

The authors explore factors such as income, education, employment, family conflict, health, childcare, and crime—and their findings are not what we might expect. Contrary to received wisdom, income inequality accounts for only two percent or less of the variance in happiness across the population; the critical factors affecting a person’s happiness are their relationships and their mental and physical health. More people are in misery due to mental illness than to poverty, unemployment, or physical illness. Examining how childhood influences happiness in adulthood, the authors show that academic performance is a less important predictor than emotional health and behavior, which is shaped tremendously by schools, individual teachers, and parents. For policymakers, the authors propose new forms of cost-effectiveness analysis that places well-being at center stage.

Groundbreaking in its scope and results, The Origins of Happiness offers all of us a new vision for how we might become more healthy, happy, and whole.

Andrew E. Clark is a full research professor at the Paris School of Economics. Sarah Flèche is a research economist at the London School of Economics. Richard Layard is emeritus professor of economics at the London School of Economics and a member of the House of Lords. He is the coauthor of Thrive (Princeton) and Happiness. Nattavudh Powdthavee is professor of behavioral science at Warwick Business School. He is the author of The Happiness Equation. George Ward is a PhD candidate in behavioral and policy sciences at the Massachusetts Institute of Technology. All of the authors are members of the Wellbeing Programme at the London School of Economics’ Centre for Economic Performance.

David Biale

HasidismThis is the first comprehensive history of the pietistic movement that shaped modern Judaism. The book’s unique blend of intellectual, religious, and social history offers perspectives on the movement’s leaders as well as its followers, and demonstrates that, far from being a throwback to the Middle Ages, Hasidism is a product of modernity that forged its identity as a radical alternative to the secular world.

Hasidism originated in southeastern Poland, in mystical circles centered on the figure of Israel Ba’al Shem Tov, but it was only after his death in 1760 that a movement began to spread. Challenging the notion that Hasidism ceased to be a creative movement after the eighteenth century, this book argues that its first golden age was in the nineteenth century, when it conquered new territory, won a mass following, and became a mainstay of Jewish Orthodoxy. World War I, the Russian Revolution, and the Holocaust decimated eastern European Hasidism. But following World War II, the movement enjoyed a second golden age, growing exponentially. Today, it is witnessing a remarkable renaissance in Israel, the United States, and other countries around the world.

Written by an international team of scholars, Hasidism is a must-read for anyone seeking to understand this vibrant and influential modern Jewish movement.

David Biale is the Emanuel Ringelblum Distinguished Professor of Jewish History at the University of California, Davis. David Assaf is professor of Jewish history at Tel Aviv University. Benjamin Brown is professor of Jewish thought at the Hebrew University of Jerusalem. Uriel Gellman is lecturer in Jewish history at Bar-Ilan University. Samuel Heilman is Distinguished Professor of Sociology at Queens College and the Graduate Center, City University of New York. Moshe Rosman is professor of Jewish history at Bar-Ilan University. Gadi Sagiv is senior lecturer in Jewish history at the Open University of Israel. Marcin Wodziński is professor of Jewish studies at the University of Wrocław.

Stian Westlake

Early in the twenty-first century, a quiet revolution occurred. For the first time, the major developed economies began to invest more in intangible assets, like design, branding, R&D, and software, than in tangible assets, like machinery, buildings, and computers. For all sorts of businesses, from tech firms and pharma companies to coffee shops and gyms, the ability to deploy assets that one can neither see nor touch is increasingly the main source of long-term success.

But this is not just a familiar story of the so-called new economy. Capitalism without Capital shows that the growing importance of intangible assets has also played a role in some of the big economic changes of the last decade. The rise of intangible investment is, Jonathan Haskel and Stian Westlake argue, an underappreciated cause of phenomena from economic inequality to stagnating productivity.

Haskel and Westlake bring together a decade of research on how to measure intangible investment and its impact on national accounts, showing the amount different countries invest in intangibles, how this has changed over time, and the latest thinking on how to assess this. They explore the unusual economic characteristics of intangible investment, and discuss how these features make an intangible-rich economy fundamentally different from one based on tangibles.

Capitalism without Capital concludes by presenting three possible scenarios for what the future of an intangible world might be like, and by outlining how managers, investors, and policymakers can exploit the characteristics of an intangible age to grow their businesses, portfolios, and economies.

Jonathan Haskel is professor of economics at Imperial College Business School. Stian Westlake is a senior fellow at Nesta, the UK’s national foundation for innovation. Haskel and Westlake are cowinners of the 2017 Indigo Prize.

Stian Westlake and Jonathan Haskel

Early in the twenty-first century, a quiet revolution occurred. For the first time, the major developed economies began to invest more in intangible assets, like design, branding, R&D, and software, than in tangible assets, like machinery, buildings, and computers. For all sorts of businesses, from tech firms and pharma companies to coffee shops and gyms, the ability to deploy assets that one can neither see nor touch is increasingly the main source of long-term success.

But this is not just a familiar story of the so-called new economy. Capitalism without Capital shows that the growing importance of intangible assets has also played a role in some of the big economic changes of the last decade. The rise of intangible investment is, Jonathan Haskel and Stian Westlake argue, an underappreciated cause of phenomena from economic inequality to stagnating productivity.

Haskel and Westlake bring together a decade of research on how to measure intangible investment and its impact on national accounts, showing the amount different countries invest in intangibles, how this has changed over time, and the latest thinking on how to assess this. They explore the unusual economic characteristics of intangible investment, and discuss how these features make an intangible-rich economy fundamentally different from one based on tangibles.

Capitalism without Capital concludes by presenting three possible scenarios for what the future of an intangible world might be like, and by outlining how managers, investors, and policymakers can exploit the characteristics of an intangible age to grow their businesses, portfolios, and economies.

Jonathan Haskel is professor of economics at Imperial College Business School. Stian Westlake s a senior fellow at Nesta, the UK’s national foundation for innovation. Haskel and Westlake are cowinners of the 2017 Indigo Prize.

Gloria Origgi

Reputation touches almost everything, guiding our behavior and choices in countless ways. But it is also shrouded in mystery. Why is it so powerful when the criteria by which people and things are defined as good or bad often appear to be arbitrary? Why do we care so much about how others see us that we may even do irrational and harmful things to try to influence their opinion? In this engaging book, Gloria Origgi draws on philosophy, social psychology, sociology, economics, literature, and history to offer an illuminating account of an important yet oddly neglected subject.

Origgi examines the influence of the Internet and social media, as well as the countless ranking systems that characterize modern society and contribute to the creation of formal and informal reputations in our social relations, in business, in politics, in academia, and even in wine. She highlights the importance of reputation to the effective functioning of the economy and e-commerce. Origgi also discusses the existential significance of our obsession with reputation, concluding that an awareness of the relationship between our reputation and our actions empowers us to better understand who we are and why we do what we do.

Compellingly written and filled with surprising insights, Reputation pins down an elusive subject that affects everyone.

Gloria Origgi, a Paris-based philosopher, is a senior researcher at the Institut Jean Nicod at the National Center for Scientific Research. Her books include one on trust and another on the future of writing on the Internet. She maintains a blog in English, French, and Italian at gloriaoriggi.blogspot.com.

Jonathan Israel

The Expanding Blaze is a sweeping history of how the American Revolution inspired revolutions throughout Europe and the Atlantic world in the eighteenth and nineteenth centuries. Jonathan Israel, one of the world’s leading historians of the Enlightenment, shows how the radical ideas of American founders such as Paine, Jefferson, Franklin, Madison, and Monroe set the pattern for democratic revolutions, movements, and constitutions in France, Britain, Ireland, the Netherlands, Belgium, Poland, Greece, Canada, Haiti, Brazil, and Spanish America.

The Expanding Blaze reminds us that the American Revolution was an astonishingly radical event—and that it didn’t end with the transformation and independence of America. Rather, the Revolution continued to reverberate in Europe and the Americas for the next three-quarters of a century. This comprehensive history of the Revolution’s international influence traces how American efforts to implement Radical Enlightenment ideas—including the destruction of the old regime and the promotion of democratic republicanism, self-government, and liberty—helped drive revolutions abroad, as foreign leaders explicitly followed the American example and espoused American democratic values.

The first major new intellectual history of the age of democratic revolution in decades, The Expanding Blaze returns the American Revolution to its global context.

Jonathan Israel is professor emeritus of modern history at the Institute for Advanced Study in Princeton. His many books include Revolutionary Ideas: An Intellectual History of the French Revolution from “The Rights of Man” to Robespierre and A Revolution of the Mind: Radical Enlightenment and the Intellectual Origins of Modern Democracy (both Princeton).

Lawrence Douglas

In 2009, Harper’s Magazine sent war-crimes expert Lawrence Douglas to Munich to cover the last chapter of the lengthiest case ever to arise from the Holocaust: the trial of eighty-nine-year-old John Demjanjuk. Demjanjuk’s legal odyssey began in 1975, when American investigators received evidence alleging that the Cleveland autoworker and naturalized US citizen had collaborated in Nazi genocide. In the years that followed, Demjanjuk was stripped of his American citizenship and sentenced to death by a Jerusalem court as “Ivan the Terrible” of Treblinka—only to be cleared in one of the most notorious cases of mistaken identity in legal history. Finally, in 2011, after eighteen months of trial, a court in Munich convicted the native Ukrainian of assisting Hitler’s SS in the murder of 28,060 Jews at Sobibor, a death camp in eastern Poland.

An award-winning novelist as well as legal scholar, Douglas offers a compulsively readable history of Demjanjuk’s bizarre case. The Right Wrong Man is both a gripping eyewitness account of the last major Holocaust trial to galvanize world attention and a vital meditation on the law’s effort to bring legal closure to the most horrific chapter in modern history.

Lawrence Douglas is the James J. Grosfeld Professor of Law, Jurisprudence, and Social Thought at Amherst College. His books include The Memory of Judgment: Making Law and History in the Trials of the Holocaust and The Vices. His work has appeared in leading publications such as the New Yorker, the Times Literary Supplement, and Harper’s. He lives in Sunderland, Massachusetts.