Distinguished Lecture

A leading economist and former central banker discusses the evolution of central bank communication from secretiveness to transparency and accountability. Central bank communication has evolved from secretiveness to transparency and accountability—from a reluctance to give out any information at all to the belief in communication as a panacea for effective policy. In this book, Otmar Issing, himself a former central banker, discusses the journey toward transparency in central bank communication. Issing traces the development of transparency, examining the Bank of England as an example of extreme reticence and European Central Bank's President Mario Draghi as a practitioner of effective communication. He argues that the ultimate goal of central bank communication is to make monetary policy more effective, and describes the practice and theory of communication as an evolutionary process. For a long time, the Federal Reserve never made its monetary policy decisions public; the European Central Bank, on the other hand, had to adopt a modern communication strategy from the outset. Issing discusses the importance of guiding expectations in central bank communication, and points to financial markets as the most important recipients of this communication. He discusses the obligations of accountability and transparency, although he notes that total transparency is a “mirage.” Issing argues that the central message to the public must always be that the stability of a nation's currency is the bank's priority.

Red states, blue states . . . are we no longer the United States? Morris P. Fiorina here examines today’s party system to reassess arguments about party polarization while offering a cogent overview of the American electorate. Building on the arguments of Fiorina’s acclaimed Culture War? The Myth of a Polarized America, this book explains how contemporary politics differs from that of previous eras and considers what might be done to overcome the unproductive politics of recent decades. Drawing on polling results and other data, Fiorina examines the disconnect between an unrepresentative “political class” and the citizenry it purports to represent, showing how politicians have become more polarized while voters remain moderate; how politicians’ rhetoric and activities reflect hot-button issues that are not public priorities; and how politicians’ dogmatic, divisive, and uncivil style of “debate” contrasts with the more civil discourse of ordinary Americans, who tend to be more polite and open to compromise than their leaders. Disconnect depicts politicians out of touch with the larger public, distorting issues and information to appeal to narrow interest groups. It can help readers better understand the political divide between leaders and the American public—and help steer a course for change.

Between 1974 and 1990 more than thirty countries in southern Europe, Latin America, East Asia, and Eastern Europe shifted from authoritarian to democratic systems of government. This global democratic revolution is probably the most important political trend in the late twentieth century. In The Third Wave, Samuel P. Huntington analyzes the causes and nature of these democratic transitions, evaluates the prospects for stability of the new democracies, and explores the possibility of more countries becoming democratic. The recent transitions, he argues, are the third major wave of democratization in the modem world. Each of the two previous waves was followed by a reverse wave in which some countries shifted back to authoritarian government. Using concrete examples, empirical evidence, and insightful analysis, Huntington provides neither a theory nor a history of the third wave, but an explanation of why and how it occurred. Factors responsible for the democratic trend include the legitimacy dilemmas of authoritarian regimes; economic and social development; the changed role of the Catholic Church; the impact of the United States, the European Community, and the Soviet Union; and the "snowballing" phenomenon: change in one country stimulating change in others. Five key elite groups within and outside the nondemocratic regime played roles in shaping the various ways democratization occurred. Compromise was key to all democratizations, and elections and nonviolent tactics also were central. New democracies must deal with the "torturer problem" and the "praetorian problem" and attempt to develop democratic values and processes. Disillusionment with democracy, Huntington argues, is necessary to consolidating democracy. He concludes the book with an analysis of the political, economic, and cultural factors that will decide whether or not the third wave continues. Several "Guidelines for Democratizers" offer specific, practical suggestions for initiating and carrying out reform. Huntington's emphasis on practical application makes this book a valuable tool for anyone engaged in the democratization process. At this volatile time in history, Huntington's assessment of the processes of democratization is indispensable to understanding the future of democracy in the world.

Thomas Jefferson once stated that the foremost goal of American education must be to nurture the "natural aristocracy of talent and virtue." Although in many ways American higher education has fulfilled Jefferson's vision by achieving a widespread level of excellence, it has not achieved the objective of equity implicit in Jefferson's statement. In Equity and Excellence in American Higher Education, William G. Bowen, Martin A. Kurzweil, and Eugene M. Tobin explore the cause for this divide. Employing historical research, examination of the most recent social science and public policy scholarship, international comparisons, and detailed empirical analysis of rich new data, the authors study the intersection between "excellence" and "equity" objectives. Beginning with a time line tracing efforts to achieve equity and excellence in higher education from the American Revolution to the early Cold War years, this narrative reveals the halting, episodic progress in broadening access across the dividing lines of gender, race, religion, ethnicity, and socioeconomic status. The authors argue that despite our rhetoric of inclusiveness, a significant number of youth from poor families do not share equal access to America's elite colleges and universities. While America has achieved the highest level of educational attainment of any country, it runs the risk of losing this position unless it can markedly improve the precollegiate preparation of students from racial minorities and lower-income families. After identifying the "equity" problem at the national level and studying nineteen selective colleges and universities, the authors propose a set of potential actions to be taken at federal, state, local, and institutional levels. With recommendations ranging from reform of the admissions process, to restructuring of federal financial aid and state support of public universities, to addressing the various precollegiate obstacles that disadvantaged students face at home and in school, the authors urge all selective colleges and universities to continue race-sensitive admissions policies, while urging the most selective (and privileged) institutions to enroll more well-qualified students from families with low socioeconomic status.

In this groundbreaking book, renowned religion scholar Philip Jenkins offers a lost history, revealing that, for centuries, Christianity's center was actually in the Middle East, Asia, and Africa, with significant communities extending as far as China. The Lost History of Christianity unveils a vast and forgotten network of the world's largest and most influential Christian churches that existed to the east of the Roman Empire. These churches and their leaders ruled the Middle East for centuries and became the chief administrators and academics in the new Muslim empire. The author recounts the shocking history of how these churches—those that had the closest link to Jesus and the early church—died. Jenkins takes a stand against current scholars who assert that variant, alternative Christianities disappeared in the fourth and fifth centuries on the heels of a newly formed hierarchy under Constantine, intent on crushing unorthodox views. In reality, Jenkins says, the largest churches in the world were the “heretics” who lost the orthodoxy battles. These so-called heretics were in fact the most influential Christian groups throughout Asia, and their influence lasted an additional one thousand years beyond their supposed demise. Jenkins offers a new lens through which to view our world today, including the current conflicts in the Middle East, Asia, and Africa. Without this lost history, we lack an important element for understanding our collective religious past. By understanding the forgotten catastrophe that befell Christianity, we can appreciate the surprising new births that are occurring in our own time, once again making Christianity a true world religion.

Economists consider the legacy of Karl Brunner’s monetarism and its influence on current debates over monetary policy. Monetarism emerged in the 1950s and 1960s as a school of economic thought that questioned certain tenets of Keynesianism. Emphasizing the monetary nature of inflation and the responsibility of central banks for price stability, monetarism held sway in the inflation-plagued 1970s, but saw its influence begin to decline in the 1980s. Although Milton Friedman is the economist most closely associated with the development of monetarism, it was Karl Brunner (1916–1989) who introduced the term into the current vocabulary of economics and shaped its meaning. In this volume, leading economists—many of them Brunner’s friends and former colleagues—consider the influence of Brunner’s monetarism on current debates over monetary policy. Some contributors were participants in debates between Keynesians and monetarists; others analyze specific aspects of monetarism as theorized by Brunner and his close collaborator Allan Meltzer, or address its influence on US and European monetary policy. Others take the opportunity to examine Brunner-Meltzer monetarism through the lens of contemporary macroeconomics and monetary models. The book grows out of a symposium that marked the 100th anniversary of Brunner’s birth. Contributors Ernst Baltensperger, Michael D. Bordo, Pierrick Clerc, Alex Cukierman, Michel De Vroey, James Forder, Benjamin M. Friedman, Kevin D. Hoover, Thomas J. Jordan, David Laidler, Allan H. Meltzer, Thomas Moser, Edward Nelson, Juan Pablo Nicolini, Charles I. Plosser, Kenneth Rogoff, Marcel Savioz, Jürgen von Hagen, Stephen Williamson

Policing the Open Road examines how the rise of the car, that symbol of American personal freedom, inadvertently led to ever more intrusive policing--with disastrous consequences for racial equality in our criminal justice system. When Americans think of freedom, they often picture the open road. Yet nowhere are we more likely to encounter the long arm of the law than in our cars. Sarah Seo reveals how the rise of the automobile transformed American freedom in radical ways, leading us to accept--and expect--pervasive police power. As Policing the Open Road makes clear, this expectation has had far-reaching political and legal consequences.--

Publisher Description

A Dominican-born academic tells the story of how the Great Books transformed his life—and why they have the power to speak to people of all backgrounds What is the value of a liberal education? Traditionally characterized by a rigorous engagement with the classics of Western thought and literature, this approach to education is all but extinct in American universities, replaced by flexible distribution requirements and ever-narrower academic specialization. Many academics attack the very idea of a Western canon as chauvinistic, while the general public increasingly doubts the value of the humanities. In Rescuing Socrates, Dominican-born American academic Roosevelt Montás tells the story of how a liberal education transformed his life, and offers an intimate account of the relevance of the Great Books today, especially to members of historically marginalized communities. Montás emigrated from the Dominican Republic to Queens, New York, when he was twelve and encountered the Western classics as an undergraduate in Columbia University’s renowned Core Curriculum, one of America’s last remaining Great Books programs. The experience changed his life and determined his career—he went on to earn a PhD in English and comparative literature, serve as director of Columbia’s Center for the Core Curriculum, and start a Great Books program for low-income high school students who aspire to be the first in their families to attend college. Weaving together memoir and literary reflection, Rescuing Socrates describes how four authors—Plato, Augustine, Freud, and Gandhi—had a profound impact on Montás’s life. In doing so, the book drives home what it’s like to experience a liberal education—and why it can still remake lives.

Party Wars is the first book to describe how the ideological gulf now separating the two major parties developed and how today’s fierce partisan competition affects the political process and national policy. Barbara Sinclair traces the current ideological divide to changes in the Republican party in the 1970s and 1980s, including the rise of neoconservativism and the Religious Right. Because of these historical developments, Democratic and Republican voters today differ substantially in what they consider good public policy, and so do the politicians they elect. Polarization has produced institutional consequences in the House of Representatives and in the Senate—witness the majority party’s threat in 2004–2005 to use the “nuclear option” of abolishing the filibuster. The president’s strategies for dealing with Congress have also been affected, raising the price of compromise with the opposing party and allowing a Republican president to govern largely from the ideological right. Other players in the national policy community—interest groups, think tanks, and the media—have also joined one or the other partisan “team.” Party Wars puts all the parts together to provide the first government-wide survey of the impact of polarization on national politics. Sinclair pinpoints weaknesses in the highly polarized system and offers several remedies.