In Conversation: An OUP Podcast

⁠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

From a Distinguished International Relations Scholar comes The Unfinished Quest: India's Search for Major Power Status from Nehru to Modi (Oxford UP, 2024), an important book that looks at India's search for major power status. It is an unfinished quest with a long and winding road ahead. This is not to say that India's ambitions in world politics for greater peer recognition and institutional position is unattainable; but its current political class, bureaucratic elites, and intelligentsia must reorient India's statecraft. In this accessible and incisive book Unfinished Quest: India's Search for Major Power Status, T.V. Paul charts India's cumbersome path toward higher regional and global status, covering both the successes and failures it has experienced since the modern nation's founding in 1947. Paul focuses on the key motivations driving Indian leaders to enhance India's global status and power, but also on the many constraints that have hindered its progress. Paul's analysis of India's quest for status also sheds important light on the current geostrategic situation and serves as a new framework for understanding the China-India rivalry, as well as India's relative position in the broader Indo-Pacific theater.

Conceiving the Mother of Tibet: The Early Literary Lives of the Buddhist Saint Yeshe Tsogyel (Oxford UP, 2026) is the first comprehensive study dedicated to the literary tradition surrounding Yeshe Tsogyel, revered as the foremost matron saint of Tibetan Buddhism. It traces the emergence and development of a rich body of narratives about Yeshe Tsogyel during the fourteenth and fifteenth centuries, focusing on the Tibetan Nyingma Buddhist tradition. Through careful textual analysis, the book constructs an emic (insider) Tibetan Buddhist theory of gender and female religious eminence, examining how Yeshe Tsogyel's multifaceted identities--as a devoted disciple, tantric consort, sky-goer (dakini), and spiritual mother--embody a dialectic that shifts back and forth between Tibetan women's social and cultural marginalization and a Buddhist discourse of soteriological inclusivity.

Jue Liang queries these texts for their social and religious functions, especially where ambivalence and contradictions abound. However, these ambivalences do not necessarily disadvantage women in Tibetan Buddhism. Operating with ambivalent, sometimes competing, discourses on womanhood, Nyingma Buddhist theorists in the fourteenth and fifteenth centuries created a space for a flexible treatment of gender, where they traverse between theological terms and embodied reality.

Ultimately, Conceiving the Mother of Tibet not only illuminates the unique position of Yeshe Tsogyel within Tibetan Buddhist literature but also offers a methodological framework for understanding localized theories of gender. This approach highlights alternative ways of being and acting in the world as embodied agents, providing valuable insights for the broader field of Buddhist studies.

Markets of Pain offers a sweeping history of the business of licit opium--following cultivators, merchants, scientists, and policymakers--and shows how this potent crop reshaped global trade, medicine, and geopolitics.

For centuries, opium has been a source of both profit and peril, its legacy entangled with addiction, imperialism, and the complex interplay of global trade and national development. While the illicit opium trade is infamous, the history of licit opium--how it was farmed, refined, and used to build modern medicine and shape state power--has remained largely untold.Drawing on archival sources from Asia, Europe, and the United States, Markets of Pain: Opium, Capitalism, and the Global History of Painkillers (Oxford UP, 2026) traces the global arc of licit opium from poppy fields and processing plants in India, Turkey, and Australia to the clinics and laboratories of modern medicine. It shows how both the Ottoman Empire and the Turkish Republic treated the opium poppy as a national resource and a means of securing global stature. In postcolonial India, by contrast, nationalist leaders initially rejected opium's imperial legacy before embracing its strategic value amid the shifting currents of the Cold War. At the heart of this story are the cultivators, scientists, bureaucrats, and policymakers who shaped the licit opium trade and grappled with its far-reaching consequences. Their work and visions demonstrate how colonial empires and postcolonial states helped forge the global pharmaceutical industry as it struggled to govern a drug it could not abandon.Markets of Pain reveals how a seemingly marginal crop became an unlikely engine of modernization, a tool of Cold War geopolitics, and a harbinger of today's global opioid crisis. Blending vivid scenes from opium's fields and factories with incisive analysis of scientific and diplomatic archives, Benjamin Robert Siegel recovers a buried history with urgent relevance for global supply chains, international power, and public health.

Markets of Pain offers an account of the global drug trade in the twentieth century, focusing on the transformation of opium from a colonial commodity into a modern resource for the American and European pharmaceutical industries. Challenging simplistic ideas of licit and illicit drugs in the twentieth century, it reveals how the modern global drug regime was formed by India and Turkey's navigation of the international anti-opium movement, the rise of the pharmaceutical industry, and the complex relationship between agriculture, medicine, and global capitalism.

The field of Strategic Studies, which studies the use and threat of force for political purposes, has seen the repeated rise of concepts to dominate discourses and research agendas, only to eventually fall to the margins again. What explains this cyclical pattern? What are the consequences for our understanding of war?Reconceptualizing War: The Rise and Fall of Fashionable Concepts in Strategic Studies (Oxford UP, 2026) by Dr. Chiara Libiseller examines these questions by likening the coming and going of theories to fashions. While in vogue, fashionable concepts are used widely, becoming broader and vaguer until essentially stripped of meaning. At the same time, they are bestowed with authority and power that allows them to withstand criticism and marginalizes alternative perspectives. These characteristics severely affect the quality, depth, and diversity of research by narrowing and siloing the field of inquiry.Tracing three concepts—revolution in military affairs, counterinsurgency, and hybrid warfare—through their fashion lifecycle, Dr. Libiseller demonstrates how fashionability affects the concepts themselves, related research, and the field more generally. Embedded within a discussion of the history and dynamics of Strategic Studies, the book calls for more reflexivity in the study of war and strategy.

This interview was conducted by Dr. Miranda Melcher whose book focuses on post-conflict military integration, understanding treaty negotiation and implementation in civil war contexts, with qualitative analysis of the Angolan and Mozambican civil wars. You can find Miranda’s interviews on New Books with Miranda Melcher, wherever you get your podcasts.