New Books in Economics

Anxious Homes: Inflexible Demand and China's Housing Market (Cornell UP, 2026) is a study of the power that shapes the forms of the homes Chinese citizens strive for and the possible paths they may take to realize their home ownership dreams. Based on extensive ethnographic fieldwork, Mengqi Wang discusses how the Chinese real estate industry functions in the everyday, welding aspirational middle-class families, especially migrant families, to the property-owning class and the urban growth machine. Urban housing was a socialist benefit in China until the market reforms and privatization in the 1990s. Today, most Chinese citizens consider homeownership a necessity rather than an economic privilege. Wang analyzes the making of homeownership ideologies through "inflexible demand" (gangxu)—a concept that real estate brokers, developers, homebuyers, and the government in China use to craft homeownership as indispensable for fulfilling dreams of urban citizenship. The ethnography shows that gangxu helps to articulate diverse attempts to accumulate value through housing at China's urbanizing city periphery, while giving shape to a housing-based, postsocialist right to the city. Anxious Homes argues that homeownership does not necessarily engender independence but suggests further inclusion of citizens within the dominant regime of accumulation.

Mengqi Wang is Assistant Professor of Anthropology at Duke Kunshan University. Her research interests include economic anthropology, urban anthropology, political economy, gender studies, and science and technology studies.

Yadong Li is an anthropologist-in-training. He is a PhD candidate of Socio-cultural Anthropology at Tulane University. More details about his scholarship and research interests can be found here.
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⁠How Low Interest Rates Change the World: Global Trends Caused by Low Rates and Emerging Factors Shaping the Future of Rates⁠ (Oxford UP, 2025) explores the societal impact of changing interest rates. Taking its starting point in the remarkable four-decade decline in global interest rates from 1980 to 2020, the book examines five global trends it caused, the underlying factors that drove interest rates lower, and emerging trends likely to shape the future path of interest rates.

The book contends that the steady decline in interest rates around the world from 1980 to 2020 played a pivotal role in shaping five significant global trends during the same period: soaring debt levels, escalating housing prices, surging stock markets, widening economic inequality, and increased financial risk-taking.

The book also explores emerging factors likely to shape the future trajectory of interest rates. While demographic trends may keep rates low, other forces, such as rising public debt, can push them higher. The book offers its perspective on the interaction of these opposing trends, and presents its view on the future evolution of interest rates.

How Low Interest Rates Change the World is a no-nonsense fact-based book written in plain language. A key feature of the book is its empirical approach and reliance on data. Figures and tables richly illustrate and support the arguments presented, thereby inviting a broad audience to follow its fascinating journey into the evolution of interest rates and their impact.

Transcript ⁠here⁠
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In a world shaken by crises, why does the dollar continue to dominate? In Dollar Dominance: Why It Rules the Global Economy and How to Challenge It (Policy Press, 2025) Photis Lysandrou explores the interaction between global instability and the enduring strength of the dollar. Drawing on examples from the 2008 Great Financial Crisis to the COVID-19 pandemic and Russia's invasion of Ukraine, the author reveals how uncertainty and instability in global trade, production and politics drives investors towards the safety of the dollar, reinforcing its dominance over other currencies. With clear and insightful analysis, Lysandrou reveals the true global financial foundations of dollar dominance, and lays out what it would take for other currencies such as the Euro to challenge its position
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In an ever-shifting work landscape, leaders can no longer ignore their most overlooked stakeholders—their employees. In The Employee Advantage: How Putting Workers First Helps Business Thrive (PublicAffairs, 2024), behavioral economist Stephan Meier explains why organizations must value their employees as much as—if not more than—their customers: those that pivot toward an employee-centric model will be more profitable, innovative, and appealing to top talent. Through case studies of Fortune 500 companies like Costco, DHL, and Best Buy as well as smaller organizations, Meir shows why employees care about more than just money when it comes to their jobs—the same way customers care about more than just price, what mindset shifts are essential to becoming an employee-centric workplace, and how improving the employee experience benefits the business and bottom line.
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The U.S. dollar is the world’s most important currency. Trade is priced in dollars, the world’s central banks keep U.S. dollars in reserve, some places–including my home of Hong Kong, peg their currencies to the dollar. But what explains the U.S. dollar’s success? And why have some challengers, like the Japanese yen or the Chinese yuan, failed to gain traction?

Paul Blustein, author of King Dollar: The Past and Future of the World's Dominant Currency, joins us on the show today; the book was released last year, and is now in paperback. In his book, Paul talks about how the U.S. dollar got to where it is today and punctures some of the myths surrounding dollar dominance–like the idea that the “petrodollar” made a difference.

Paul is a senior associate with the Economics Program and Scholl Chair in International Business at the Center for Strategic and International Studies (CSIS). He is also the author of several critically acclaimed books about global economic affairs. A graduate of the University of Wisconsin and Oxford University, where he was a Rhodes Scholar, he spent much of his career as a reporter at the Washington Post and Wall Street Journal.

A programming note: we recorded this interview on April 4th, about a month after the U.S. first launched its strikes on Iran.

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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