Books like The Book of the Art of Trade

I didn’t read Liar’s Poker until fairly recently.

I started working for Dow Jones Newswires during the dot-com boom and saw how greed could drive markets. I worked through the housing boom in the Aughts and the financial crisis, and then started covering bitcoin around 2013. So by the time I got to Lewis’s book, I had a good understanding of how people can become obsessed with money.

But Lewis is just such a good writer, and has such insights into how markets work, that a book about bond buyers in the 1980s still feels like it’s about people trading so many other things today. 

This book is a magnum opus of ideology wrapped in an industrial and political thriller.

At its core, it is about a society collapsing when the people who create its wealth, inventions, and infrastructure begin to withdraw their talent when they come to realize their contributions are not valued. When well-drawn characters who are captains of industry speak, they express confident idealisms that are meant to keep the engine of the world running.

Meanwhile, others are constantly asking, "Who is John Galt?" as a form of hopeless expression. Anyone who uses the phrase and tries to explain what it means comes up with their own theory of its significance and who John Galt might be, but in reality, no one knows the source of the question or who he is. Yet, they continue to ask as if it is a meaningless question.

The publisher at my first newspaper job, the Verona-Cedar Grove (NJ) Times in the early ‘90s, was the wife of a guy who was in Ivan Boesky’s insider-trading circle in the 1980s and was named in this book. I read it for that reason alone back when it came out.

I didn’t know much about Boesky or Michael Milken or any of that Wall Street stuff. I was just interested in my publisher’s husband. But the book was so good, I kept reading. It was so comprehensive and so detailed and so well-written, even without being interested in business (at the time) I loved it, and still have my 30-year old edition.

Poggio Bracciolini’s On Avarice, written in the 1420s, marks the point where greed stopped being seen as the root of all evil and started to be seen as good.

When I first found this dialogue, I couldn’t get over how important it seemed and how completely forgotten it is. In more than two decades of covering markets and economics, I’d never come across it. Part of its obscurity is because it wasn’t translated into English until 1978, in a collection of Humanist writings called The Earthly Republic.

Yet On Avarice is a Rosetta Stone of modern greed; I felt like an archeologist reading it. Indeed, when wealth apologists attacked Zohran Mamdani this summer as he ran for mayor of New York, they unconsciously repeated Bracciolini’s exact arguments.

This book shows how trade has long connected people and societies all over the world, from miners in Potosi, to coffee growers in Yemen, and traders and shippers from Fujian.

Topik and Pomeranz reject a Eurocentric approach to the history of international trade and they put real people back into the story. The engaging vignettes in this collection are not primarily about politics, but they make clear why trade is political and polarizing.

The workings of international trade powerfully affected people’s lives, for better and for worse, and so people reacted strongly to trade, as committed champions and tireless opponents.

In a captivating journey from the dawn of human existence to the present, Oded Galor offers a fascinating tale of why some nations have developed while others haven't.

The book explains how technology, family size, and adaptation led to a profound change in human history, with the Industrial Revolution as the turning point. The fundamental forces driving the explosion of per capita prosperity (in some nations) can be traced back to sound political institutions, conducive cultural traits, and an 'optimal' ethnic diversity that followed from the dispersal of modern humans out of Africa some 70,000 years ago.

I was struck by how the author brought together a wide variety of research on growth and development in a coherent framework.

This list could only end with the book that changed everything for me, yet which I only discovered, incomplete, on the desk of my suddenly-deceased mentor David Fleming…

Delving, I was absolutely captivated by its insight, humour, and startlingly realistic vision, to the extent of devoting my next couple of years to bringing it through to posthumous publication, alongside the paperback Surviving the Future that I drew out from it.

I’m deeply proud of that book, but the indescribable, multi-award-winning Lean Logic is where the rarest magic lies, with its remarkable structure of interlinked dictionary entries reflecting perfectly the holism at the heart of its radical post-collapse paradigm.

And now there’s LeanLogic.online, the wonderful fan-built website presenting the full contents for free, in a format perfectly suited to that structure. May they reshape your life as they have mine!

Mainstream economic accounts of culture are prone to treat culture as a set of norms or informal institutions which constrain economic behavior: ‘don’t charge interest,’ ‘don’t sell kidneys,’ or ‘always tip at a bar’. Storr presents an alternative account of culture as the animating spirit of an economy, which he illustrates through various entrepreneurial spirits which shape the direction of an economy. This book is the perfect combination of serious anthropological theory (Geertz) and an appreciation of the market process. Culture is not that which obstructs market, but that what brings economies to life. 

I’m not lying when I say that this book saved my life. I was going through a particularly difficult moment when I read it, and let’s say that it made me find the beauty in life once again. After reading The Anthropocene Reviewed, my once monochrome world burst with colors. This essay collection points out ideas about things in daily life that an average person would never notice. It makes you smile dumbly at the ceiling and say, “this world is beautiful.”

Some people are sticklers for following norms and conventions, while others take a more relaxed approach. The same goes for entire cultures, which vary on a continuum from very tight (think Singapore or the military) to very loose (think Amsterdam or hippy communes). This book brings together a wealth of experimental data showing that societal norms tighten or loosen in response to perceptions of threat.

Even though the specific nature of those threats inevitably varies and the cultural systems of the scores of societies in which Gelfand has gathered data are diverse, the same underlying patterns are discernible everywhere. Gelfand’s work explores the profound ramifications of this discovery both for our understanding of history and of the world we live in today.