Rating Politics

How do countries' political and policy choices affect the credit ratings they receive? Sovereign ratings influence countries' cost of funding, and observers have long worried that rating agencies - these unelected, unappointed, unaccountable, for-profit organizations - can interfere with democratic sovereignty if they assign lower ratings to certain political and policy choices. The questions of whether, how, and why ratings react to policy and politics, however, remain unexplored. Rating Politics opens the black box of sovereign ratings to uncover the logic that drives rating responses to political and policy factors. Relying on statistical analysis of rating scores, interviews with sovereign rating analysts, and a close reading of the official communications of rating agencies about their decisions, Zsófia Barta and Alison Johnston show that ratings penalize center-left governments and many (though not all) policies associated with the center-left agenda. The motivation for such penalties is not rooted in assumptions about how those political and policy features affect growth and debt servicing capacity. Instead, ratings are lower in the presence of those features because they are expected to make a country more vulnerable to market panics whenever the economy is hit by unforeseen shocks, as they signal insufficient willingness and/or ability to engage in determined austerity for the sake of reassuring markets. Since market panics and the resulting "sudden stops" of funding lead to humiliating collapses of ratings, rating agencies attempt to insure themselves against "rating failures" by pre-emptively assigning lower ratings to countries with the "wrong" political and policy mix.

The hegemony of finance compels a new orientation for everyone and everything: companies care more about the moods of their shareholders than about longstanding commercial success; governments subordinate citizen welfare to appeasing creditors; and individuals are concerned less with immediate income from labor than appreciation of their capital goods, skills, connections, and reputations. That firms, states, and people depend more on their ratings than on the product of their activities also changes how capitalism is resisted. For activists, the focus of grievances shifts from the extraction of profit to the conditions under which financial institutions allocate credit. While the exploitation of employees by their employers has hardly been curbed, the power of investors to select investees — to decide who and what is deemed creditworthy — has become a new site of social struggle. In clear and compelling prose, Michel Feher explains the extraordinary shift in conduct and orientation generated by financialization. Above all, he articulates the new political resistances and aspirations that investees draw from their rated agency.

A new model for the relationship between science and democracy that spans policymaking, the funding and conduct of research, and our approach to new technologies Our ability to act on some of the most pressing issues of our time, from pandemics and climate change to artificial intelligence and nuclear weapons, depends on knowledge provided by scientists and other experts. Meanwhile, contemporary political life is increasingly characterized by problematic responses to expertise, with denials of science on the one hand and complaints about the ignorance of the citizenry on the other. Politics and Expertise offers a new model for the relationship between science and democracy, rooted in the ways in which scientific knowledge and the political context of its use are imperfect. Zeynep Pamuk starts from the fact that science is uncertain, incomplete, and contested, and shows how scientists’ judgments about what is significant and useful shape the agenda and framing of political decisions. The challenge, Pamuk argues, is to ensure that democracies can expose and contest the assumptions and omissions of scientists, instead of choosing between wholesale acceptance or rejection of expertise. To this end, she argues for institutions that support scientific dissent, proposes an adversarial “science court” to facilitate the public scrutiny of science, reimagines structures for funding scientific research, and provocatively suggests restricting research into dangerous new technologies. Through rigorous philosophical analysis and fascinating examples, Politics and Expertise moves the conversation beyond the dichotomy between technocracy and populism and develops a better answer for how to govern and use science democratically.

Ian Shapiro makes a compelling case that the overriding purpose of politics should be to combat domination. Moreover, he shows how to put resistance to domination into practice at home and abroad. This is a major work of applied political theory, a profound challenge to utopian visions, and a guide to fundamental problems of justice and distribution. “Shapiro’s insights are trenchant, especially with regards to the Citizens United decision, and his counsel on how the ‘status-quo bias’ in national political institutions favors the privileged. After more than a decade of imperial overreach, his restrained account of foreign policy should likewise find support.” —Scott A. Lucas, Los Angeles Review of Books “Shapiro has a brief and compelling section on the importance of hope in his first chapter. This book enacts and encourages hope, with its analytical clarity, deep engagement of complicated political issues that resist easy theorizing, and emphasis on the politically possible.” —Kathleen Tipler, Political Science Quarterly “Offers important insights for thinking about democracy’s prospects.” —Christopher Hobson, Perspectives on Politics

AN INSTANT #1 NEW YORK TIMES BESTSELLER​ Named one of the most anticipated novels of the season by People, Associated Press, Time, Los Angeles Times, Parade, St. Louis Post-Dispatch, The Guardian, Publishers Weekly, and more. From the #1 bestselling authors Hillary Clinton and Louise Penny comes a novel of unsurpassed thrills and incomparable insider expertise—State of Terror. After a tumultuous period in American politics, a new administration has just been sworn in, and to everyone’s surprise the president chooses a political enemy for the vital position of secretary of state. There is no love lost between the president of the United States and Ellen Adams, his new secretary of state. But it’s a canny move on the part of the president. With this appointment, he silences one of his harshest critics, since taking the job means Adams must step down as head of her multinational media conglomerate. As the new president addresses Congress for the first time, with Secretary Adams in attendance, Anahita Dahir, a young foreign service officer (FSO) on the Pakistan desk at the State Department, receives a baffling text from an anonymous source. Too late, she realizes the message was a hastily coded warning. What begins as a series of apparent terrorist attacks is revealed to be the beginning of an international chess game involving the volatile and Byzantine politics of Pakistan, Afghanistan, and Iran; the race to develop nuclear weapons in the region; the Russian mob; a burgeoning rogue terrorist organization; and an American government set back on its heels in the international arena. As the horrifying scale of the threat becomes clear, Secretary Adams and her team realize it has been carefully planned to take advantage of four years of an American government out of touch with international affairs, out of practice with diplomacy, and out of power in the places where it counts the most. To defeat such an intricate, carefully constructed conspiracy, it will take the skills of a unique team: a passionate young FSO; a dedicated journalist; and a smart, determined, but as yet untested new secretary of state. State of Terror is a unique and utterly compelling international thriller cowritten by Hillary Rodham Clinton, the 67th secretary of state, and Louise Penny, a multiple award-winning #1 New York Times bestselling novelist.

Explore the tradition of the political essay with this brilliant anthology. David Bromwich is one of the most well-informed, cogent, and morally uncompromising political writers on the left today. He is also one of our finest intellectual historians and literary critics. In Writing Politics, Bromwich presents twenty-seven essays by different writers from the beginning of the modern political world in the seventeenth century until recent times, essays that grapple with issues that continue to shape history—revolution and war, racism, women’s rights, the status of the worker, the nature of citizenship, imperialism, violence and nonviolence, among them—and essays that have also been chosen as superlative examples of the power of written English to reshape our thoughts and the world. Jonathan Swift, Edmund Burke, Henry David Thoreau, Harriet Taylor, Abraham Lincoln, George Eliot, W. E. B. Du Bois, Mohandas Gandhi, Virginia Woolf, Martin Luther King, and Hannah Arendt are here, among others, along with a wide-ranging introduction.