A selection of worthy additions to your “important PDFs” folder.
In Argentina’s recent debt renegotiations with the IMF, the overriding goal has been to ensure the government can meet all future payment obligations. Yet the conditions imposed to achieve this aim have deepened a crisis of social reproduction, rendering life itself unsustainable.
At the core of Jason Jackson’s Traders, Speculators, and Captains of Industry is a longstanding conversation among Indian modernizers about how to identify and nurture the ‘right’ kind of capitalists. Yet this is not just an Indian story. Struggles over “good” and “bad” businessmen have structured political life in all capitalist societies, and the book’s deeper implication is that morality tales about virtuous entrepreneurs and predatory speculators are less descriptions of economic reality than prescriptive efforts to shape it.
Weeks after pardoning former Honduran president Juan Orlando Hernández for drug trafficking, Donald Trump ordered U.S. forces to seize Venezuelan president Nicolás Maduro on the same charges. How should we make sense of these seemingly contradictory actions? And what do they tell us about the true purpose of the War on Drugs?
Jason Jackson’s erudite Traders, Speculators, and Captains of Industry shows that, for more than a century, Indian firms labeled as “traditional” capital faced policy hostility, while those considered “modern” were more likely to receive favorable government treatment. Yet how should we understand the modernity of so-called “modern Indian capitalists”? Did Indian capital ever shed its identity as speculators and traders, or was this classification merely a way to block foreign competition?
Veena Dubal interviews Aziza Ahmed about the exclusion of women from early AIDS definitions, the feminist lawyers and activists who transformed the government’s response to the epidemic, and the adverse public health consequences of carceral feminism.
Jason Jackson’s Traders, Speculators, and Captains of Industry argues that capitalist societies develop a moral hierarchy of market actors, enabling certain firms to position their interests as good for society and thus deserving of regulatory protection. Though focused on India, the book also invites reflection on the recent return of patrimonial capitalism in the United States: is this merely an inversion of the prevailing moral hierarchy, or a post-moral turn in which firms no longer justify their privileged status in terms of a shared future?
In today’s seemingly deglobalizing economy, policymakers across the world are in a quandary over how to regulate foreign firms. Should policymakers prevent foreign firms from attaining dominant market positions in order to prop up domestic industry? Or should they permit foreign firms to establish ownership and control of domestic markets in the hope of accelerating industrialization, economic modernization, and societal transformation? As Traders, Speculators, and Captains of Industry shows, such decisions are shaped by deeply institutionalized and highly contested moral beliefs about business actors and practices.
In the early 20th century, foreign companies operating in Brazil would extract profits while using thinly capitalized subsidiaries to directly employ their workers. When things went wrong, workers were left with worthless claims while capital remained safely sheltered in the foreign-located parent companies. To address this issue, in 1937 Brazil adopted a novel legal innovation: imposing joint and several liability on parent companies for labor obligations. Recovering this history reveals that legal innovation often flows from the Global South, that limited liability is neither natural nor universal, and that seemingly technical corporate law doctrines are deeply entangled with questions of distribution, power, and sovereignty.
U.S. attacks on alleged drug trafficking boats in the Caribbean have been widely condemned for violating international law. Yet much of this criticism, by focusing narrowly on the Trump administration’s military excesses, risks repeating a familiar mistake: debating how the United States wages war while leaving unquestioned why it wages it at all.
Law and political economy scholarship, immersed in a particular history of Northern law and capitalism, has tended to focus on US law and policy, with occasional excursions into Europe. But in a world where imperialist ideas and technologies tend to circle back to the metropole, and where the periphery appears to be the future of the center, the Global South has much to teach LPE about law, capitalism, and development.
In the current moment, it is not a crisis of capitalism that challenges democracy, but its triumph. For this reason, our political-economic situation is quite different from that of Weimar Germany, whatever continuities and similarities may exist.
On July 9, 2025, UN Special Rapporteur Francesca Albanese became the latest target of unilateral U.S. sanctions. These sanctions are an unjustified assault on Albanese, the United Nations, and international law. At the same time, they shed light on the true nature of unilateral sanctions — revealing what they aim to achieve and whose interests they ultimately serve.
Legal scholars must grapple with the emergence of a new state capitalism — defined by expanded modalities of statist intervention, growing state-held capital, and intensifying geoeconomic rivalries.
In the United States, homeowners’ associations are often a symbol of petty authoritarianism or suburban conformity. Yet in China these same organizations have become laboratories of democracy for millions of people. Jed Britton-Purdy interviews Shitong Qiao about how these associations form, why the Chinese government tolerates them, and whether they vindicate modernization theory.
