New Books in Economic and Business History

Nate Holdren is the author of Injury Impoverished: Workplace Accidents, Capitalism, and Law in the Progressive Era, published by Cambridge University Press in 2020. Injury Impoverished looks at the history of U.S. workplace injuries in the late-19th and early-20th Centuries. As the workers, employers, and reformers attempted to tackle the drastically high rates of workplace injuries and deaths, the nation passed a number of compensation laws that fundamentally changed how the law approached workplace injuries. Holdren, in examining this history illustrates the many shortcomings of these laws, and how laws meant to help employees were often used to do the exact opposite. At the heart of Holdren’s study is whether or not the economy and the legal system was interested in and able to do justice for a workers. Dr. Holdren is an Assistant Professor at Drake University. Derek Litvak is a PhD candidate at the University of Maryland—College Park. His dissertation, "The Specter of Black Citizens: Race, Slavery, and Citizenship in the Early United States," examines how citizenship was used to both bolster the institution of slavery and exclude Black Americans from the body politic. Learn more about your ad choices. Visit megaphone.fm/adchoices

In spite of Karl Marx's proclamation that money would become obsolete under Communism, the ruble remained a key feature of Soviet life. In fact, although Western economists typically concluded that money ultimately played a limited role in the Soviet Union, Kristy Ironside argues that money was both more important and more powerful than most histories have recognized. After the Second World War, money was resurrected as an essential tool of Soviet governance. Certainly, its importance was not lost on Soviet leaders, despite official Communist Party dogma. Money, Ironside demonstrates, mediated the relationship between the Soviet state and its citizens and was at the center of both the government's and the people's visions for the maturing Communist project. A strong ruble--one that held real value in workers' hands and served as an effective labor incentive--was seen as essential to the economic growth that would rebuild society and realize Communism's promised future of abundance. In A Full-Value Ruble: The Promise of Prosperity in the Postwar Soviet Union (Harvard UP, 2021), Ironside shows how Soviet citizens turned to the state to remedy the damage that the ravages of the Second World War had inflicted upon their household economies. From the late 1940s through the early 1960s, progress toward Communism was increasingly measured by the health of its citizens' personal finances, such as greater purchasing power, higher wages, better pensions, and growing savings. However, the increasing importance of money in Soviet life did not necessarily correlate to improved living standards for Soviet citizens. The Soviet government's achievements in "raising the people's material welfare" continued to lag behind the West's advances during a period of unprecedented affluence. These factors combined to undermine popular support for Soviet power and confidence in the Communist project. Kristy Ironside is an Assistant Professor of Russian history at McGill University. She focuses on the economic, social, and political history of the Soviet Union. Learn more about your ad choices. Visit megaphone.fm/adchoices

A War on Global Poverty: The Lost Promise of Redistribution and the Rise of Microcredit (Princeton UP, 2021) provides a fresh account of US involvement in campaigns to end global poverty in the 1970s and 1980s. From the decline of modernization programs to the rise of microcredit, Joanne Meyerowitz looks beyond familiar histories of development and explains why antipoverty programs increasingly focused on women as the deserving poor. When the United States joined the war on global poverty, economists, policymakers, and activists asked how to change a world in which millions lived in need. Moved to the left by socialists, social democrats, and religious humanists, they rejected the notion that economic growth would trickle down to the poor, and they proposed programs to redress inequities between and within nations. In an emerging “women in development” movement, they positioned women as economic actors who could help lift families and nations out of destitution. In the more conservative 1980s, the war on global poverty turned decisively toward market-based projects in the private sector. Development experts and antipoverty advocates recast women as entrepreneurs and imagined microcredit—with its tiny loans—as a grassroots solution. Meyerowitz shows that at the very moment when the overextension of credit left poorer nations bankrupt, loans to impoverished women came to replace more ambitious proposals that aimed at redistribution. Based on a wealth of sources, A War on Global Poverty looks at a critical transformation in antipoverty efforts in the late twentieth century and points to its legacies today. Stephen Pimpare is director of the Public Service & Nonprofit Leadership program and Faculty Fellow at the Carsey School of Public Policy at the University of New Hampshire. Learn more about your ad choices. Visit megaphone.fm/adchoices

Jamaica Ladies: Female Slaveholders and the Creation of Britain's Atlantic Empire (Omohundro Institute/University of North Carolina Press, 2020) is the first systematic study of the free and freed women of European, Euro-African, and African descent who perpetuated chattel slavery and reaped its profits in the British Empire. Their actions helped transform Jamaica into the wealthiest slaveholding colony in the Anglo-Atlantic world. Starting in the 1670s, a surprisingly large and diverse group of women helped secure English control of Jamaica and, crucially, aided its developing and expanding slave labor regime by acquiring enslaved men, women, and children to protect their own tenuous claims to status and independence. Female colonists employed slaveholding as a means of advancing themselves socially and financially on the island. By owning others, they wielded forms of legal, social, economic, and cultural authority not available to them in Britain. In addition, slaveholding allowed free women of African descent, who were not far removed from slavery themselves, to cultivate, perform, and cement their free status. Alongside their male counterparts, women bought, sold, stole, and punished the people they claimed as property and vociferously defended their rights to do so. As slavery's beneficiaries, these women worked to stabilize and propel this brutal labor regime from its inception. Christine Walker is assistant professor of history at Yale-NUS College in Singapore. Jerrad P. Pacatte is a doctoral candidate and School of Arts and Sciences Excellence Fellow in the Department of History at Rutgers University-New Brunswick. His research and teaching interests examine the lives, labors, and emancipation experiences of African and African American women in early America. Learn more about your ad choices. Visit megaphone.fm/adchoices

Joshua Rothman’s The Ledger and the Chain: How Domestic Slave Traders Shaped America was published by Basic Books in 2021, and tells a sprawling history of slave traders in America. Often presented as outcasts and social pariahs, slave traders were often instead wealthy and respected members of their communities. Rothman explores the lives and careers of Isaac Franklin, John Armfield, and Rice Ballard to show just what the work of a domestic slave trader looked like and the devastating affects their actions had on enslaved people. By weaving together a history the lives of men who created one of the most powerful slave trading operations in America, Rothman is able to show how slavery’s expansion and growth occurred up to the Civil War. Joshua Rothman is a professor of history at the University of Alabama. Learn more about your ad choices. Visit megaphone.fm/adchoices

Today I talked to Amanda Ciafone's (University of Illinois, Urbana-Champaign) about her book Counter-Cola: A Multinational History of the Global Corporation (University of California Press, 2019). Counter-Cola charts the history of one of the world’s most influential and widely known corporations, The Coca-Cola Company. Over the past 130 years, the corporation has sought to make its products, brands, and business central to daily life in over 200 countries. Amanda Ciafone uses this example of global capitalism to reveal the pursuit of corporate power within the key economic transformations—liberal, developmentalist, neoliberal—of the twentieth and twenty-first centuries. Coca-Cola's success has not gone uncontested. People throughout the world have redeployed the corporation, its commodities, and brand images to challenge the injustices of daily life under capitalism. As Ciafone shows, assertions of national economic interests, critiques of cultural homogenization, fights for workers’ rights, movements for environmental justice, and debates over public health have obliged the corporation to justify itself in terms of the common good, demonstrating capitalism’s imperative to either assimilate critiques or reveal its limits. This book is a great source to study the history of globalization and global capitalism through the analysis of the particular history of the US-headquartered and textbook case multinational, the Coca-Cola Company, through the twentieth century. Counter-Cola looks at how the strategies of the multinational company, mostly devised at its headquarters in Atlanta, Giorgia, developed in Colombia and India as nationalism, financial dependency, workers’ unrest, social movements, and health considerations unfolded and were opposed to the overarching and assumed benefits of the multinational in both locations. Amanda Ciafone is a cultural historian of capitalism, especially interested in culture industries and the role of the media in constructing meaning around economic and social relations. Check out Professor Ciafone’s additional and research materials related to her book Counter-Cola: A Multinational History of the Global Corporation that are available in a digitally accessible Scalar companion that is available on her faculty profile website. Paula De La Cruz-Fernandez is an economic and business historian. Author of Gendered Capitalism: Sewing Machines and Multinational Business in Spain and Mexico, 1850-1940 (Routledge 2021) Learn more about your ad choices. Visit megaphone.fm/adchoices

Justene Hill Edwards is the author of Unfree Markets: The Slaves’ Economy and the Rise of Capitalism in South Carolina (Columbia University Press, 2021). Unfree Markets focuses in on an area of slavery’s history that has seldom been explore: the economic lives of enslaved people, and its meaning for them, enslavers, non-enslavers, and the institution of slavery itself. Hill Edwards explores how the complicated history of the slaves’ economy from the colonial period to the Civil War, showing the relationship between it and the development of capitalism in the nation. Through a history of enterprise, cultivation, markets, and people, Hill Edwards shows just how much the tenuous the connection between economic activity and freedom for the enslaved became throughout this time period, and what that meant for everyone involved. Justene Hill Edwards is an assistant professor of history at the University of Virginia. Derek Litvak is a PhD candidate at the University of Maryland—College Park. Learn more about your ad choices. Visit megaphone.fm/adchoices

The inside story of the world's most famous board game-a buried piece of American history with an epic scandal that continues today. The Monopolists: Obsession, Fury, and the Scandal Behind the World's Favorite Board Game (Bloomsbury, 2015) reveals the unknown story of how Monopoly came into existence, the reinvention of its history by Parker Brothers and multiple media outlets, the lost female originator of the game, and one man's lifelong obsession to tell the true story about the game's questionable origins. Most think it was invented by an unemployed Pennsylvanian who sold his game to Parker Brothers during the Great Depression in 1935 and lived happily--and richly--ever after. That story, however, is not exactly true. Ralph Anspach, a professor fighting to sell his Anti-Monopoly board game decades later, unearthed the real story, which traces back to Abraham Lincoln, the Quakers, and a forgotten feminist named Lizzie Magie who invented her nearly identical Landlord's Game more than thirty years before Parker Brothers sold their version of Monopoly. Her game--underpinned by morals that were the exact opposite of what Monopoly represents today--was embraced by a constellation of left-wingers from the Progressive Era through the Great Depression, including members of Franklin Roosevelt's famed Brain Trust. A gripping social history of corporate greed that illuminates the cutthroat nature of American business over the last century, The Monopolists reads like the best detective fiction, told through Monopoly's real-life winners and losers. Mary Pilon is a journalist, screenwriter, and author of the bestselling books "The Monopolists" and "The Kevin Show" as well as co-host and co-author of “Twisted: The Story of Larry Nassar and the Women Who Brought Him Down.” Her work regularly appears in the New Yorker, Esquire, Bloomberg BusinessWeek, Vice, New York, and The New York Times, among other publications. Dr. Lee Pierce (they & she) is Assistant Professor of Rhetorical Communication at State University of New York at Geneseo and host of the podcast RhetoricLee Speaking. Connect with Lee on Gmail and social media @rhetoriclee. Learn more about your ad choices. Visit megaphone.fm/adchoices

In Global Trade in the Nineteenth Century: The House of Houqua and the Canton System (Cambridge University Press, 2016), John D. Wong examines the Canton trade networks that helped to shape the modern world through the lens of the prominent Chinese merchant Houqua, whose trading network and financial connections stretched from China to India, America and Britain. In contrast to interpretations that see Chinese merchants in this era as victims of rising Western mercantilism and oppressive Chinese traditions, Houqua maintained a complex balance between his commercial interests and those of his Western counterparts, all in an era of transnationalism before the imposition of the Western world order. The success of Houqua and Co. in configuring its networks in the fluid context of the early nineteenth century remains instructive today, as the contemporary balance of political power renders the imposition of a West-centric world system increasingly problematic, and requires international traders to adapt to a new world order in which China, once again, occupies center stage. John D. Wong is associate professor at the School of Modern Languages and Cultures and the Hong Kong Institute for the Humanities and Social Sciences at the University of Hong Kong. His research focuses on the flow of people, goods, capital and ideas. With a particular interest in Hong Kong and the Pearl River Delta area, he explores how such flow connected the region to the Chinese political center in the north as well as their maritime partners in the South China Sea and beyond. He is the co-convenor of a new collaborative research project titled "Delta on the Move: The Becoming of the Greater Bay Region, 1700 – 2000." Ghassan Moazzin is an Assistant Professor at the Hong Kong Institute for the Humanities and Social Sciences and the Department of History at the University of Hong Kong. He works on the economic and business history of 19th and 20th century China, with a particular focus on the history of foreign banking, international finance and electricity in modern China. His first book, tentatively titled Banking on the Chinese Frontier: Foreign Banks, Global Finance and the Making of Modern China, 1870–1919, is forthcoming with Cambridge University Press. Learn more about your ad choices. Visit megaphone.fm/adchoices

Before the Transatlantic slave trade ravaged the western coast of Africa, immense numbers of persons were taken from their homes and carried across the Black and Mediterranean Seas as involuntary passengers. This trade is the subject of Hannah Barker’s remarkable study, That Most Precious Merchandise: The Mediterranean Trade in Black Sea Slaves, 1260-1500 (University of Pennsylvania Press, 2019). Professor Barker provides a comprehensive overview of this tangled, multiethnic trade in human beings. Professor Barker is uniquely equipped to do so because she brings a knowledge of both Arabic and Latin. Since this trade brought captives both to Mamluk Egypt and late medieval Italy, previous studies, hampered by linguistic limitations, have not examined the trade in its totality. Barker is able to marshal both Arabic and Latin sources to provide a truly comprehensive picture of slaving and slavery. The result is a work that is both detailed and synoptic, and is essential reading for scholars of late medieval Europe and North Africa. Jonathan Megerian is a doctoral candidate in history at Johns Hopkins University. He works on late medieval and Renaissance England. His dissertation explores the role of historiography in the formation of imperial ideologies in Renaissance England. Learn more about your ad choices. Visit megaphone.fm/adchoices

In 1897, the United States was mired in the worst economic depression that the country had yet endured. So when all the newspapers announced gold was to be found in wildly enriching quantities at the Klondike River region of the Yukon, a mob of economically desperate Americans swarmed north. Within weeks tens of thousands of them were embarking from western ports to throw themselves at some of the harshest terrain on the planet--in winter yet--woefully unprepared, with no experience at all in mining or mountaineering. It was a mass delusion that quickly proved deadly: avalanches, shipwrecks, starvation, murder. In Stampede: Gold Fever and Disaster in the Klondike (Doubleday, 2021), author Brian Castner tells a relentlessly driving story of the gold rush through the individual experiences of the iconic characters who endured it. A young Jack London, who would make his fortune but not in gold. Colonel Samuel Steele, who tried to save the stampeders from themselves. The notorious gangster Soapy Smith, goodtime girls and desperate miners, Skookum Jim, and the hotel entrepreneur Belinda Mulrooney. The unvarnished tale of this mass migration is always striking, revealing the amazing truth of what people will do for a chance to be rich. Brian Castner is a nonfiction writer, former Explosive Ordnance Disposal officer, and veteran of the Iraq War. He is also the bestselling author of Disappointment River, All the Ways We Kill and Die, and the war memoir The Long Walk, which was adapted into an opera and named a New York Times Editor’s Pick and Amazon Best Book of the Year. His journalism and essays have appeared in the New York Times, WIRED, Esquire, The Atlantic, Foreign Policy, and on National Public Radio. He is the co-editor of The Road Ahead, a collection of short stories featuring veteran writers, and has twice received grants from the Pulitzer Center on Crisis Reporting, to cover the Ebola outbreak in Liberia in 2014, and to paddle the 1200 mile Mackenzie River to the Arctic Ocean in 2016. Learn more about your ad choices. Visit megaphone.fm/adchoices

"A good knowledge of what happened in 1929 remains our best safeguard against the recurrence of the more unhappy events of those days", wrote John Kenneth Galbraith in The Great Crash 1929 – first published in 1954 and re-published in May 2021 as a Penguin Modern Classic. Written over one summer in the Baker Library at Dartmouth College, the book became an instant best-seller and sales have spiked at every financial crisis since. In The Great Crash 1929, Galbraith, who died in 2006, wrote a pacey and witty classic of clearly written economics for the general reader packed with lessons for today. Some of these are picked out by his son, James Kenneth Galbraith, in his introduction written in the wake of the financial crash in 2008-09. Like his father, James Galbraith is an economist and public intellectual. He holds the Lloyd Bentsen Chair in Government/Business Relations at the LBJ School of Public Affairs and is professor in government at The University of Texas at Austin. *The author's own book recommendations are How China Escaped Shock Therapy: The Market Reform Debate by Isabella M. Weber (Routledge, 2021) and The Price of Peace: Money, Democracy, and the Life of John Maynard Keynes by Zachary Carter (Random House, 2020) Tim Gwynn Jones is an economic and political-risk analyst at Medley Global Advisors. Learn more about your ad choices. Visit megaphone.fm/adchoices

For years, American Jewish philanthropy has been celebrated as the proudest product of Jewish endeavors in the United States, its virtues extending from the local to the global, the Jewish to the non-Jewish, and modest donations to vast endowments. Yet, as Lila Corwin Berman illuminates in The American Jewish Philanthropic Complex: The History of a Multibillion-Dollar Institution (Princeton University Press, 2020), the history of American Jewish philanthropy reveals the far more complicated reality of changing and uneasy relationships among philanthropy, democracy, and capitalism. With a fresh eye and lucid prose, and relying on previously untapped sources, Berman shows that from its nineteenth-century roots to its apex in the late twentieth century, the American Jewish philanthropic complex tied Jewish institutions to the American state. The government’s regulatory efforts―most importantly, tax policies―situated philanthropy at the core of its experiments to maintain the public good without trammeling on the private freedoms of individuals. Jewish philanthropic institutions and leaders gained financial strength, political influence, and state protections within this framework. However, over time, the vast inequalities in resource distribution that marked American state policy became inseparable from philanthropic practice. By the turn of the millennium, Jewish philanthropic institutions reflected the state’s growing investment in capitalism against democratic interests. But well before that, Jewish philanthropy had already entered into a tight relationship with the governing forces of American life, reinforcing and even transforming the nation’s laws and policies. The American Jewish Philanthropic Complex uncovers how capitalism and private interests came to command authority over the public good, in Jewish life and beyond. Lila Corwin Berman is Professor of History at Temple University. Host: Schneur Zalman Newfield is an Assistant Professor of Sociology at Borough of Manhattan Community College, City University of New York, and the author of Degrees of Separation: Identity Formation While Leaving Ultra-Orthodox Judaism (Temple University Press, 2020). Visit him online at ZalmanNewfield.com. Learn more about your ad choices. Visit megaphone.fm/adchoices

In Black Market Capital Urban Politics and the Shadow Economy in Mexico City (University of California Press, 2018), Andrew Konove traces the history of illicit commerce in Mexico City from the seventeenth century to the twentieth, showing how it became central to the economic and political life of the city. The story centers on the untold history of the Baratillo, the city’s infamous thieves’ market. Originating in the colonial-era Plaza Mayor, the Baratillo moved to the neighborhood of Tepito in the early twentieth century, where it grew into one of the world’s largest emporiums for black-market goods. Konove uncovers the far-reaching ties between vendors in the Baratillo and political and mercantile elites in Mexico City, revealing the surprising clout of vendors who trafficked in the shadow economy and the diverse individuals who benefited from their trade. Andrew Konove, he is Associate Professor of History at the University of Texas, San Antonio. He is Ph.D. in History by Yale University and his research focuses on the political, economic, and social history of urban Mexico and Spanish America in the late colonial and early national periods. Konove's Black Market Capital Urban Politics and the Shadow Economy in Mexico City received the Social Science Book Prize from the Mexico Section of the Latin American Studies Association and was a finalist for the Business History Conference’s Hagley Prize. Paula De La Cruz-Fernandez is an economic and business historian. She is also the CEO of Edita. Learn more about your ad choices. Visit megaphone.fm/adchoices

The Emergence of Modern Hospital Management and Organisation in the World 1880s-1930s (Emerald, 2021) uses a range of empirical evidence and case studies drawn from previously unpublished archival sources to offer one of the first international comparative studies on the transformation and modernization of hospital management globally, a century ago. Focusing on the key years between the 1880s and the 1930s, when millions of people crossed the globe and created new large health care needs in the largest cities of the world, Paloma Fernández-Pérez analyzes core themes from a business history perspective, like organization, ownership and the professionalization of management, to reach a new understanding about the history of modern large scale healthcare institutions from the United States to China, with particular attention to Spain. Paloma Fernández Pérez (PhD. in History University of California, Berkeley) is Professor of Economic History at the University of Barcelona. She is currently also a member of the Academic Board of the Emerging Markets Institute of the University of Cornell and an Invited Project Professor of the University of Kyoto in Japan. She is the founder, and coeditor in chief of the Journal of Evolutionary Studies in Business recently accepted for indexation in the Scopus database of journal Learn more about your ad choices. Visit megaphone.fm/adchoices

How do we understand our contemporary politics of race in historical, economical, and political context? How do we make sense of the Chinese Exclusion acts and ongoing racial discrimination? In Ghosts of Gold Mountain: The Epic Story of the Chinese Who Built the Transcontinental Railroad (HMH, 2019), Dr. Gordon H. Chang recovers the history of how thousands of immigrants from southern China came to work on the Transcontinental Railroad, at the time an essential American infrastructure and the second largest construction project in the world after the Suez Canal. Despite their contribution (they constituted 90% of the Central Pacific Railroad work force), Chinese workers were marginalized politically, socially, and economically in their time -- and in subsequent treatments of American labor and immigration history. But how to recount marginalization without objectifying the Chinese who built the railroads? Chang masterfully presents the story of 20,000 workers as lived experience. The Chinese are presented “not as voiceless objects of interest or docile human tools, but as vital, living, and feeling human beings who made history.” American history -- particularly our understanding of labor, immigration, and racism -- is incomplete without focusing on the Railroad Chinese. The book won The Asian/Pacific American Librarians Award for Literature and The Chinese American Librarians Association Best Book Award. Dr. Gordon H. Chang is the Olive H. Palmer Professor in Humanities and Professor of History at Stanford University (the university founded by Leland Stanford, head of the Central Pacific Railroad). He serves as Senior Associate Vice Provost for Undergraduate Education co-directs the Chinese Railroad Workers in North American Project at Stanford. Dr. Chang is the author of Fateful Ties: A History of America's Preoccupation with China (Harvard University Press, 2015) and co-editor of The Chinese and the Iron Road: Building the Transcontinental Railroad (Stanford University Press 2019) with Shelley Fisher Fishkin. Daniella Campos assisted with this podcast. Susan Liebell is an associate professor of political science at Saint Joseph’s University in Philadelphia. Why Diehard Originalists Aren’t Really Originalists recently appeared in the Washington Post’s Monkey Cage and “Retreat from the Rule of Law: Locke and the Perils of Stand Your Ground” was published in the Journal of Politics (July 2020). Email her comments at [email protected] or tweet to @SusanLiebell. Learn more about your ad choices. Visit megaphone.fm/adchoices

Are we in the midst of a financial bubble? Do the current valuations of the electronic vehicle stocks or their SPACs make you raise an eyebrow? The trouble with bubbles is that they are hard to spot from within, and much easier to define and analyze after the fact. In their new book, Boom and Bust: A Global History of Financial Bubbles (Cambridge University Press, 2020), William Quinn and John D. Turner analyze past instances of extreme speculation to come up with a typology of the phenomenon. Using what they call the Bubble Triangle of Marketability, Easy Money, and overt Speculation, they have created a tool for financial economists, and the rest of us, to judge what makes a bubble and what makes it pop. Given the unusual nature of the capital markets at the present time, you will want to be familiar with their analysis as you view your own investments. Daniel Peris is Senior Vice President at Federated Hermes in Pittsburgh. He can be reached at [email protected] or via Twitter @HistoryInvestor. His History and Investing blog and Keep Calm & Carry On Investing podcast are at https://strategicdividendinvestor.com Learn more about your ad choices. Visit megaphone.fm/adchoices

The middle decades of the 19th century witnessed the expansion of slavery and white settlement and dispossession of Indigenous lands west of the Mississippi River, the abolition of slavery in the British Empire followed by the importation of indentured laborers from India and China into the West Indies, the consolidation of British rule in India followed by the so-called Indian Mutiny, and the expansion of settler colonialism in Australia. These processes were all tied together by commerce, empire, and the spread of racial ideologies, yet their histories have largely been written separately. Until now. Zach Sell’s new book Trouble of the World: Slavery and Empire in the Age of Capital (University of North Carolina Press, 2021) highlights the connections between the “second slavery” in the Deep South of the United States, efforts to socially engineer mono-crop agriculture in India by a British colonial state that lip service to laissez-faire and free labor even as it tried to import plantation management techniques from the US south, how the attempt to create plantation-style agriculture in Queensland, Australia bumped up against the logic of white settler colonialism and attempts to expand plantation agriculture in Belize in the age of so-called “free” labor using indentured labor from Asia. This is a story of racial formation on a global scale, and of the limits of capital’s ability to remake social relations and environments in its own image, despite the capacity for organized brutality that it had at its disposal. This book is particularly important at a time when many American, British and French commentators have tried to downplay the violence of expansion and colonialism and to portray white supremacy as some sort of American peculiarity and relic of the past. Zach is currently Visiting Assistant Professor of History at Drexel University and was previously Ruth J. Simmons Postdoctoral Fellow and Visiting Assistant Professor of Slavery and Justice at Brown University’s Center for the Study of Slavery and Justice. Learn more about your ad choices. Visit megaphone.fm/adchoices

Modern markets and exchange, compared with other social and political spheres, are seen through technical abstractions. This intellectual compartmentalization has political consequences: if capitalism operates through arcane, objective, and rational mechanics, the very real interests and very real consequences of exchange are disguised and simplified. In their empirically dense and theoretically bold edited volume, Ajay Gandhi, Barbara Harriss-White, Douglas Haynes, and Sebastian Schwecke gather historians and anthropologists to reflect on the dynamic, adaptive, and ambiguous realities of markets and exchange in India. Rethinking Markets in Modern India: Embedded Exchange and Contested Jurisdiction (Cambridge University Press, 2020) provides a rich array of vivid case studies – from colonial property and advertising milieus to today’s bazaar and criminal economies – to examine the friction and interdependence between commerce, society, and state. Beyond providing a vantage point for rethinking global capitalism from one of the world’s major economies, the volume conceptualizes the moral, spatial, legal, and symbolic dynamics of markets in a way that is broadly relevant through the Global South. Two of the volume’s editors, Ajay Gandhi, assistant professor at Leiden University, and Sebastian Schwecke, head of the Delhi office of the Max Weber Foundation, discuss the book’s theoretical ambitions and empirical range. Saronik Bosu (@SaronikB on Twitter) is a doctoral candidate in English at New York University. He is writing his dissertation on South Asian economic writing. He is also coordinator of the Medical Humanities Working Group at NYU, and of the Postcolonial Anthropocene Research Network. He also co-hosts the podcast High Theory. Learn more about your ad choices. Visit megaphone.fm/adchoices

In the late-18th century, a group of publishers in what historian Robert Darnton calls the "Fertile Crescent" — countries located along the French border, stretching from Holland to Switzerland — pirated the works of prominent (and often banned) French writers and distributed them in France, where laws governing piracy were in flux and any notion of "copyright" very much in its infancy. Piracy was entirely legal and everyone acknowledged — tacitly or openly — that these pirated editions of works by Rousseau, Voltaire, and Diderot, among other luminaries, supplied a growing readership within France, one whose needs could not be met by the monopolistic and tightly controlled Paris Guild. Darnton's book Pirating and Publishing: The Book Trade in the Age of Enlightenment (Oxford UP, 2021) focuses principally on a publisher in Switzerland, one of the largest and whose archives are the most complete. Through the lens of this concern, he offers a sweeping view of the world of writing, publishing, and especially bookselling in pre-Revolutionary France--a vibrantly detailed inside look at a cut-throat industry that was struggling to keep up with the times and, if possible, make a profit off them. Featuring a fascinating cast of characters — lofty idealists and down-and-dirty opportunists — this new book expands upon on Darnton's celebrated work on book-publishing in France, most recently found in Literary Tour de France. Pirating and Publishing reveals how and why piracy brought the Enlightenment to every corner of France, feeding the ideas that would explode into revolution. Zach McCulley (@zamccull) is a historian of religion and literary cultures in early modern England and PhD candidate in History at Queen's University Belfast. Learn more about your ad choices. Visit megaphone.fm/adchoices

Professor Andrew Grant Wood’s new edited volume, The Business of Leisure: Tourism History in Latin America and the Caribbean (University of Nebraska Press, 2021), explores the political, economic, and cultural dimensions of tourism in the region and its relationship to nationalism, imperialism, development, and many other themes. The volume also provides a new way of understanding the relationship between the United States and Latin America during the twentieth century, showing how Latin American and US elites used tourism to create lucrative business deals, shape domestic and international politics, and bolster exceptionalist national histories. On this episode of the podcast, I talk with Wood about the book, along with Anadelia Romo and Elizabeth Manley, two contributors to the volume. Steven P. Rodriguez is a PhD candidate in history at Vanderbilt University. His research focuses on the history of Latin American student migration to the United States during the first half of the twentieth century. You can reach him at [email protected] and follow his twitter at @SPatrickRod. Learn more about your ad choices. Visit megaphone.fm/adchoices

Emma Griffin's Bread Winner: An Intimate History of the Victorian Economy (Yale UP, 2020) offers a refreshingly different take on the age of national prosperity in Britain from the 19th to early 20th centuries. Drawing from a collection of autobiographical accounts from largely-working class families, Griffin captures the forgotten stories of ordinary families who struggled to manage financially amidst the growing prosperity of the Victorian era. Her book touches on a range of important social, economic and gender issues that are equally relevant today as they were in their time. Learn more about your ad choices. Visit megaphone.fm/adchoices

Capitalisms: Towards a Global History (Oxford University Press, 2020), edited by Kaveh Yazdani and Dilip M. Menon, aims to decenter work on the history of capitalism by looking at the longue durée from the tenth century; at regions as diverse as Song China, South and South East Asia, Latin America and the Ottoman and Safavid Empires; and exploring the plurality of developments over this extended time and space. The authors argue against conventional accounts that locate the origins of capitalism solely within Europe and within the conjuncture of the industrial revolution. The essays emphasize historical conjunctures, flows of commodities, circulation of knowledge and personnel, the role of mercantile capital and small producers and stress throughout the necessity to think beyond present day national boundaries. The volume contends with clichés of Western exceptionalism to make a set of historical arguments about non-Western and interconnected economic developments across the globe, prior to the era of colonialism. It argues fundamentally that the multiple histories of capitalism can be better understood from a truly global perspective. Dr Kaveh Yazdani is Lecturer (akademischer Rat) in economic history, University of Bielefeld. He teaches economic history at the University of Bielefeld, Germany. His scholarly interests include the 'Great Divergence' debate and the history of South and West Asia between the 17th and 20th centuries. He is the author of India, Modernity and the Great Divergence: Mysore and Gujarat (2017). Professor Dilip M. Menon is Mellon Chair of Indian Studies, Director of the Centre for Indian Studies in Africa, University of Witwatersrand, South Africa. He is the author of Caste, Nationalism and Communism in South India: Malabar, 1900-1948 (1994). Alexandra Ortolja-Baird is Lecturer in Early Modern European History at King’s College London. She tweets at @TimeTravelAllie. Learn more about your ad choices. Visit megaphone.fm/adchoices

Historians often portray the National Association of Manufacturers (NAM) as a conservative force in debates over free enterprise, battles against unions and government regulation, and the rise of capitalism in the United States. In The Industrialists: How the National Association of Manufacturers Shaped American Capitalism (Princeton UP, 2020), Jennifer Delton (Professor of History at Skidmore College) provides a comprehensive and nuanced political history. Delton focuses on the conservative policy goals of the organization but also its surprisingly progressive tactics and internal conflicts such as welcoming women and workers with disabilities, supporting the UN, embracing aspects of cosmopolitanism, and supporting the ERA, Civil Rights Act, and aspects of affirmative action. Delton deftly identifies the wider economic, ideological, and institutional concerns that drove NAM actors. As the book interrogates how the National Association of Manufacturing did – and did not – work, NAM emerges as a capitalist modernizer. She examines 125 years of massive change in American economic policy with the NAM at its center in order to interrogate manufacturing’s role in the development of capitalism at home and abroad – with implications for how we understand neoliberalism – especially liberal internationalist tendencies. Delton argues that liberal internationalism (associated often with Woodrow Wilson) can be seen as a crucial step toward the international institutions favored by post World War II European neoliberals. The book is divided into three parts. Part one traces the ascent and reorganization of industrial manufacturing from the 1890s to 1940. Part two highlights manufacturing’s dominance in US society and the world (1941-1980) as the US lowered tariffs and pursued free trade. The share of GDP peaked in 1953 when manufacturing represented 25.8% of domestic production. Part three treats the decline in manufacturing (beginning in 1960) and emphasizes deindustrialization, globalization, and the disintegration of the large multidivisional corporations in the 1990s. The book investigates how the globalizing impulse of neoliberalism played out historically in 20th century US politics – more specifically, how liberal internationalist ideas that were promoted by Democrats and antithetical to traditional political conservativism came to be espoused by the Republican party. Delton writes that “this is especially relevant now, as the current head of the Republican party [President Donald Trump, Republican] seems to be undoing the work of neoliberalism and liberal internationalists alike.” NAM’s history helps explain the bipartisan support for economic internationalism, freer trade, and what would later be called neoliberalism, even before the Cold War and Reagan, and even as voters (and Congress) remain extremely divided about these issues. The story of the NAM is full of contradictions, but The Industrialists deftly tracks them all, contextualizing the impacts on the national and global economy. In the podcast, Dr. Delton describes how the NAM archive was shaped by professional staff members – particularly one woman – whose views departed from NAM leaders. The referenced article, “Who Tells Your Story: Contested History at the NAM” is here. Benjamin Warren assisted with this podcast. Susan Liebell is associate professor of political science at Saint Joseph’s University in Philadelphia. She is the author of Democracy, Intelligent Design, and Evolution: Science for Citizenship (Routledge, 2013) and, most recently, “Retreat from the Rule of Law: Locke and the Perils of Stand Your Ground” in the Journal of Politics (July 2020). Email her comments at [email protected] or tweet to @SusanLiebell. Learn more about your ad choices. Visit megaphone.fm/adchoices

Ravi Palat’s The Making of an Indian Ocean World-Economy, 1250–1650: Princes, Paddy fields, and Bazaars (Palgrave, 2015) counters eurocentric notions of long-term historical change by drawing upon the histories of societies based on wet-rice cultivation to chart an alternate pattern of social evolution and state formation. It traces inter-state linkages and the growth of commercialization without capitalism in the Indian Ocean World. Dr. Ravi Palat is professor of sociology at SUNY Binghamton. His research interests include world-systems analysis, historical sociology, political economy, and the sociology of food. Currently working on cuisine as an element of state formation and the cultivation of a national culture; on the Americas in the making of early modern world-economies in Asia; on the parallel transformations of China and India since the mid-1800s; and on a critique of contemporary area studies. Earlier work centered on the political economy of east and southeast Asia in the context of contemporary transformations of the capitalist world-economy; and on the making of an Indian Ocean world-economy. Ahmed Yaqoub AlMaazmi is a Ph.D. candidate at Princeton University. His research focuses on the intersection of law and the environment across the Western Indian Ocean. He can be reached by email at [email protected] or on Twitter @Ahmed_Yaqoub. Listeners’ feedback, questions, and book suggestions are most welcome. Learn more about your ad choices. Visit megaphone.fm/adchoices

What is money? No, really, what is money? It turns out the answer is not so simple. During the course of the 20th century, most of us have gotten used to the notion of a single medium of exchange based on Federal Reserve notes which we call dollars. They look the same, feel the same, and have the same use everywhere in the country. We are so comfortable with that medium of exchange that we are now increasingly doing away with the paper and accepting a digital version of said money. The convenience of having a single and stable currency as a medium of exchange did no exist in the early republic. Joshua Greenberg's Bank Notes and Shinplasters: The Rage for Paper Money in the Early Republic (University of Pennsylvania Press) describes the many types of money in circulation at the time and how all participants in the economic system had to master the discounting of paper money from one institution to another, from one town to another, from one transaction to another. It constituted an entire sub-culture, and an excellent lens to view the economic history of the pre-Civil War period. Joshua R. Greenberg is the editor of Commonplace: the journal of early American life. Daniel Peris is Senior Vice President at Federated Investors in Pittsburgh. Trained as a historian of modern Russia, he is the author most recently of Getting Back to Business: Why Modern Portfolio Theory Fails Investors. You can follow him on Twitter @Back2BizBook or at http://www.strategicdividendinvestor.com Learn more about your ad choices. Visit megaphone.fm/adchoices

In an accessible and timely work of scholarship, celebrated historian Joshua B. Freeman's Behemoth: A History of the Factory and the Making of the Modern World (W. W. Norton) tells the story of the factory and examines how it has reflected both our dreams and our nightmares of industrialization and social change. He whisks readers from the early textile mills that powered the Industrial Revolution to the factory towns of New England to today’s behemoths making sneakers, toys, and cellphones in China and Vietnam. Behemoth offers a piercing perspective on how factories have shaped our societies and the challenges we face now. Joshua B. Freeman is a Distinguished Professor of History at Queens College and the Graduate Center of CUNY. His previous books include American Empire and Working-Class New York, among others. He lives in New York City. Mark Molloy is the reviews editor at MAKE: A Literary Magazine. Learn more about your ad choices. Visit megaphone.fm/adchoices

Franchise: The Golden Arches in Black America (Liveright, 2020) by Marcia Chatelain is a fascinating examination of the relationship between the fast-food industry, Black business owners, and the communities where they set up franchises after the Holy Week Uprisings of 1968. Using McDonalds as a “prism” to study the expansion of the fast-food industry and the effects of Black capitalism, Franchise tells a complex origins story about Black franchisees and their reception in Black communities across the nation in Atlanta, Chicago, Portland, Cleveland, and Los Angeles after the classical phase of the Civil Rights Movement. Chatelain ultimately exposes the limits of Black entrepreneurship to supplant state responsibility to create socially and economically reparative conditions in Black communities, while demonstrating how a range of progressive Black politicians and activists came to support Black entrepreneurship as a solution to widespread federal and municipal disinvestment from Black communities. As Black franchise owners assisted the development of McDonalds into a wealthy and successful national brand, they also encountered glass-ceilings and discriminatory practices within McDonalds corporate and the larger business world despite their tremendous success compared to white counterparts. Chatelain traces these tensions and interconnections across political, business, and community stakeholders to explain how fast-food franchises ingratiated themselves into Black communities, while exasperating inequalities in Black America. Francise teaches readers to be skeptical of corporate or market-driven solutions whether articulated as Black capitalism or “empowerment,” especially during and after moments of Black uprising. Marcia Chatelain is a scholar, speaker, and strategist based in Washington, D.C. She teaches courses in African American life and culture at Georgetown University. Amanda Joyce Hall is a Ph.D. Candidate in History and African American Studies at Yale University. She is writing an international history on the grassroots movement against South African apartheid during the 1970s and 1980s. She tweets from @amandajoycehall Learn more about your ad choices. Visit megaphone.fm/adchoices

The neoliberal 1980s of austerity and privatization may appear as a break with the past—perhaps a model of government drawn up by libertarian economists. Not so, says Amy Offner in her spectacular new book, Sorting Out the Mixed Economy: The Rise and Fall of Welfare and Developmental States in the Americas (Princeton University Press, 2019). Offner, an Assistant Professor of History at the University of Pennsylvania, shows how strategies such as self-help housing, for-profit privatized state-functions, and austere social programs were well-trodded decades earlier in the mid-century “mixed economy.” She also shows how these statebuilding strategies and their advocates moved back and forth between Latin America and the United States. Sorting Out the Mixed Economy brings together the history of U.S. foreign relations with that of domestic policy and of capitalism, and is therefore bound to shake up all three. Experts of each are well-advised to spend time with Offner’s provocative but wise analysis. Dexter Fergie is a PhD student of US and global history at Northwestern University. He is currently researching the 20th-century geopolitical history of information and communications networks. He can be reached by email at [email protected] or on Twitter @DexterFergie. Learn more about your ad choices. Visit megaphone.fm/adchoices

“Free enterprise” is an everyday phrase that connotes an American common sense. It appears everywhere from political speeches to pop culture. And it is so central to the idea of the United States that some even labeled Christopher Columbus and the Pilgrims free enterprisers. In his new book, Free Enterprise: An American History (Yale University Press, 2019), Lawrence Glickman analyses that phrase’s historical meaning and shows how it became common sense. Glickman, a historian and the Stephen and Evalyn Milman Professor in American Studies at Cornell University, traces the phrase from its many 19th-century meanings, of which abolitionists wielded a dominant one (consider the word free), to its conservative reformulation in the 1920s and 30s. He shows how “free enterprise” became the rallying cry of the business community from the 1930s to the Powell Memo in the early 70s. This book is a whirlwind tour of a keyword that has had immense rhetorical power in modern American history and that scholars have yet to critically examine. Glickman’s book provides a compelling example of how historians can study the historical construction of common sense and is a welcome contribution to intellectual history, political history, and the history of capitalism. Dexter Fergie is a PhD student of US and global history at Northwestern University. He is currently researching the 20th-century geopolitical history of information and communications networks. He can be reached by email at [email protected] or on Twitter @DexterFergie. Learn more about your ad choices. Visit megaphone.fm/adchoices

The clerk attended his desk and counter at the intersection of two great themes of modern historical experience: the development of a market economy and of a society governed from below. Who better illustrates the daily practice and production of this modernity than someone of no particular account assigned with overseeing all the new buying and selling? In Accounting for Capitalism: The World the Clerk Made (U Chicago Press, 2018), Michael Zakim has written their story, a social history of capital that seeks to explain how the “bottom line” became a synonym for truth in an age shorn of absolutes, grafted onto our very sense of reason and trust. This is a big story, told through an ostensibly marginal event: the birth of a class of “merchant clerks” in the United States in the middle of the nineteenth century. The personal trajectory of these young men from farm to metropolis, homestead to boarding house, and, most significantly, from growing things to selling them exemplified the enormous social effort required to domesticate the profit motive and turn it into the practical foundation of civic life. As Zakim reveals in his highly original study, there was nothing natural or preordained about the stunning ascendance of this capitalism and its radical transformation of the relationship between “Man and Mammon.” Lukas Rieppel teaches history at Brown University. His new book, Assembling the Dinosaur, has recently been published by Harvard University press. You can find him online at https://sites.google.com/view/lukasrieppel/ or on twitter @lrieppel. Learn more about your ad choices. Visit megaphone.fm/adchoices

This week we take a break from fun and games to talk about business and consumerism–which, to be sure, is for some people also fun and games. As Vicki Howard reminds us in her new book, From Main Street to Mall: The Rise and Fall of the American Department Store (University of Pennsylvania Press, 2015), it used to be that America was filled with department stores. Congenital nostalgics remember places like Wanamaker’s in Philadelphia; they even print books about the big-city department stores of Days Gone By. But that ignores the important place that department stores held in small towns all around the country. Vicki Howard has already written on the history of the wedding industry. Now she and Al Zambone talk about the department store, how they began, what they offered people that hadn’t existed before, and how they were undone by the same forces that created them. Zambone gets a little autobiographical, too, but please forgive him. Enjoy. Al Zambone is a historian and the host of the podcast Historically Thinking. You can subscribe to Historically Thinking on Apple Podcasts. Learn more about your ad choices. Visit megaphone.fm/adchoices

Richard Vague really really cares about private-sector debt. And he thinks you should too. In A Brief History of Doom: Two Hundred Years of Financial Crises (University of Pennsylvania Press, 2019), Vague sees the rise and fall of private sector debt as the key factor explaining the cycle of economic crises experienced by developed and major developing economies over the past two centuries. The early stages of a lending cycle look and feel good. Everyone is happy, the lenders think they are smart, the borrowers feel they have everything under control. Then the lenders and borrowers take it to another level, and then another, and then it collapses, time and time again. Where are now? The good news is that debt/GDP levels aren't too bad, but in certain sectors of the economy and certain countries, they are flashing red, brightly. Read the book to find which sectors and countries. Vague makes his data available to researchers at http://www.bankingcrisis.org. Daniel Peris is Senior Vice President at Federated Investors in Pittsburgh. Trained as a historian of modern Russia, he is the author most recently of Getting Back to Business: Why Modern Portfolio Theory Fails Investors. You can follow him on Twitter @Back2BizBook or at http://www.strategicdividendinvestor.com Learn more about your ad choices. Visit megaphone.fm/adchoices

In 1545, a native Andean prospector hit pay dirt on a desolate red mountain in highland Bolivia. There followed the world's greatest silver bonanza, making the Cerro Rico or "Rich Hill" and the Imperial Villa of Potosí instant legends, famous from Istanbul to Beijing. The Cerro Rico alone provided over half of the world's silver for a century, and even in decline, it remained the single richest source on earth. Potosí: The Silver City That Changed the World(University of California Press, 2019), is the first interpretive history of the fabled mining city’s rise and fall. It tells the story of global economic transformation and the environmental and social impact of rampant colonial exploitation from Potosí’s startling emergence in the 16th century to its collapse in the 19th. Kris Lane, France V. Scholes Chair in Colonial Latin American History at Tulane University, provides an invigorating narrative and rare details of this thriving city as well as its promise of prosperity. A new world of native workers, market women, African slaves, and other ordinary residents who lived alongside the elite merchants, refinery owners, wealthy widows, and crown officials, emerge in lively, riveting stories from the original sources. An engrossing depiction of excess and devastation, Potosí reveals the relentless human tradition in boom times and bust. Ryan Tripp is adjunct history faculty for the College of Online and Continuing Education at Southern New Hampshire University. Learn more about your ad choices. Visit megaphone.fm/adchoices

Michael R. Cohen is Associate Professor of Jewish Studies at Tulane University, where he holds a Sizeler Professorship. He is the author of the newly published Cotton Capitalists: American Jewish Entrepreneurship in the Reconstruction Era from NYU Press (2017), as well as The Birth of Conservative Judaism: Solomon Schechter's Disciples and the Creation of an American Religious Movement from Columbia University Press (2012). He earned his Ph.D. from Brandeis University. Greg Soden is the host “Classical Ideas,” a podcast about religion and religious ideas. You can find it on iTunes here. Learn more about your ad choices. Visit megaphone.fm/adchoices

The familiar narrative of American business development begins in the industrial North, where paternalistic factory owners, committed to a kind of Protestant ethic, scaled up their operations into ‘total institutions’—an effort to forestall labor turnover by providing housing and fulfilling community needs. Many of these firms were, of course, dependent on the availability of cotton from the South where, as Caitlin C. Rosenthal argues, modern management practices were expanded and refined through experimentation with enslaved workers. Accounting for Slavery: Masters and Management (Harvard University Press, 2018) resituates the development of scientific record-keeping and labor optimization practices within the Atlantic slave trade. The book pays close attention to how sophisticated reporting practices, emerging from the standard record books that circulated throughout the Atlantic world, allowed planters to rate and categorize enslaved people in a generalizable way. The book is an invitation to rethink the genealogy of business management, to disabuse professionals of a claim to moral distance from a time when unfettered legal control over a labor force—as capital—created hitherto unknown opportunities for knowledge production and experimentation with efficiency. Mikey McGovern is a PhD candidate in Princeton University’s Program in the History of Science. He works on computing, quantification, communication, and governance in modern America. Learn more about your ad choices. Visit megaphone.fm/adchoices

Though today the public and private sectors are treated as distinct if not separate, the situation was quite different in early modern England. Back then the two were often intertwined, with one of the best examples of this being the English East India Company. In her book A Business of State: Commerce, Politics, and the Birth of the East India Company (Harvard University Press, 2018), Rupali Mishra examines the relationship between the Company and the English state in the early 17th century, showing the many ways in which the two were linked. As Mishra explains, their involvement began with the very creation of the Company, through the granting of a patent that delegated a degree of sovereignty to it. This empowerment was important to the Company’s success, though it also fueled conflicts both internally and with the broader London mercantile community. Added to the semi-official status that the Company sometimes possessed in its dealings abroad was the investment in the Company by many of the leading political figures of that time, including the king, James I. James was not above exploiting the Company as a tool of his policy, though the Company’s sometimes difficult relationship with the crown worsened after his passing in 1625, as his successor Charles I posed yet another series of challenges the Company had to navigate in order to maintain its very existence. Learn more about your ad choices. Visit megaphone.fm/adchoices

Histories of banking and finance aren’t particularly well-known for being riveting, adventurous reads: they tend to be technical at the expense of being strongly narrative-driven. Peter James Hudson’s Bankers and Empire: How Wall Street Colonized the Caribbean (University of Chicago Press, 2017) defies this stereotype. An examination of private lending in the Caribbean by North American bankers between the 1890s and the 1930s, Hudson tells a colorful, albeit at-times disturbing tale of a few American bankers who were able to operate virtually without restriction or regulation. Acting almost as freebooters, they dreamt up new practices to try out on Latin American governments, usually not to their benefit, while reinforcing many North American attitudes and stereotypes about Latin Americans, most of all racially. The result of this imperial lending was traumatic for Caribbean and Latin American governments. For much of this period, bankers enjoyed the official backing of the U.S. government, allowing them to operate with immunity and total security. Through President Taft’s policy of “Dollar Diplomacy,” they were able to operate as an arm of U.S. foreign policy. By making funds available to repressive governments, they helped to cement their place in power at the expense of their subjects, while the amount owed by these governments soon left them under the de facto control of banks and by extension the U.S. government. Ultimately, much of this system came crashing down with the Great Depression, which helped to expose these lending practices as dangerous and ill-regulated. Nevertheless, the effect on the region outlived these practices. Zeb Larson is a PhD Candidate in History at The Ohio State University. His research is about the anti-apartheid movement in the United States. To suggest a recent title or to contact him, please send an e-mail to [email protected]. Learn more about your ad choices. Visit megaphone.fm/adchoices

Today I talked to Fahad Bishara about his book A Sea of Debt: Law and Economic Life in the Western Indian Ocean, 1780-1950 (Cambridge University Press, 2017). Dr. Bishara is Assistant Professor of History at the University of Virginia. He specializes in the economic and legal history of the Indian Ocean and Islamic world. In this podcast, Dr. Bishara discusses his sophisticated history that explores the intricate legal and economic regimes that traversed the Western Indian Ocean for generations. He also talks about how he effectively mined legal documents to craft this narrative. The following podcast was originally published on H-Law’s Legal History Podcast. Learn more about your ad choices. Visit megaphone.fm/adchoices

What comes to mind when you think of Paris in the nineteenth century? For me, its revolutionary politics, the circulation of increasing numbers of people and goods, a range of spectacular cultural displays and amusements, an emergent urban modernity including a host of negotiations between social classes, public and private, men and women, citizens and the state. And if I had to name one historical figure to stand for the transformation of the nineteenth-century capital? Haussmann. Hands down. Alexia Yates‘s book, Selling Paris: Property and Commercial Culture in the Fin-de-siecle Capital (Harvard UP, 2015), opened my eyes to a whole other world of everyday urbanism and historical actors in the city during the first decades of the Third Republic. Acknowledging the undeniable impact of Haussmann and Haussmannization on the city that Paris became under and after the Second Empire, Selling Paris considers the activities, interests, and effects of a host of other figures who shaped the city’s property relations and commercial culture from the early years of the Third Republic to the First World War. In the books chapters, readers will find a social history of the business of French building during this period, from planning and production to use. Focused on the architects, private developers, municipal authorities, speculators, real estate agents, notaries, property owners, and tenants whose interactions and negotiations influenced the form, representation, and experience of Parisian real estate in purposeful ways, the book makes significant contributions to our understanding of the history of the capital and capitalism in France. Roxanne Panchasi is an Associate Professor in the Department of History at Simon Fraser University. A historian of French culture and politics in the twentieth century, her current research focuses on the representation of nuclear weapons and testing in France and its empire since 1945. She lives and reads in Vancouver, Canada. If you have a recent title to suggest for the podcast, please send an email to: [email protected]. *The music that opens and closes the podcast is an instrumental version of Creatures, a song written by Vancouver artist/musician Casey Wei (performing as hazy). To hear more, please visit https://agonyklub.com/. Learn more about your ad choices. Visit megaphone.fm/adchoices

There are as many New Deals as there are books on the subject. Yet only recently have historians begun to dig into the international dimensions of the New Deal. Kiran Klaus Patel is one of those historians, and his book, The New Deal: A Global History (Princeton University Press, 2016), is an impressive crack at showing the transnational intertwinements and comparisons that made up the New Deal’s moment. Patel locates the United States in a vast network of modernizing states who experienced a shared crisis in the years after 1929, developed national policies to address the crisis, and looked to other states in search of inspiration or out of fear. As late as 1938, for instance, Roosevelt was requesting Nazi labor statistics to help refine his own administrations planning. Patel shows how the New Deal shaped the world and, more importantly, was shaped by the world. The book provides fresh contributions to a range of different topics, such as the global Great Depression, the Good Neighbor Policy, the development of the welfare state, interwar international relations, and American post-WWII globalism. Kiran Klaus Patel, Professor of European and Global History at Maastricht University, achieves this with a knowledge of secondary literature in a variety of languages and rich archival evidence. The result of Patel’s work is a New Deal that looks a lot less exceptional, yet no less important to global history. Dexter Fergie will be pursuing his PhD in US and Global history at Northwestern University in September 2017. Learn more about your ad choices. Visit megaphone.fm/adchoices

One of the most interesting questions of modern history is this: Why is it that Communist China was able to make a successful transition to economic modernity (and with it prosperity) while the Communist Soviet Union was not? In his excellent book The Struggle to Save the Soviet Economy: Mikhail... Learn more about your ad choices. Visit megaphone.fm/adchoices

With the recent economic collapse and rising income inequality, lessons drawn from turn-of-the century capitalism have become frequent. Pundits, policymakers, and others have looked to the era to find precursors to an unregulated market, corrupt bankers, and severe economic inequality. The comparisons are often too simple, however. In their new book, The Cotton Kings: Capitalism and Corruption in Turn-of-the-Century New York and New Orleans (Oxford University Press, 2015), Barbara Hahn and Bruce Baker examine capitalism at the turn of the century, telling a more nuanced story about the cotton market, politics, and regulation. The Cotton Kings examines the ups and downs of the cotton futures market, explaining how cotton brokers were able to keep cotton prices low by controlling information. This enriched the brokers, but impoverished farmers. A small group of brokers in New Orleans successfully cornered the market in the early 1900s, in effect, self-regulating the cotton market and raising prices for years. The Cotton Kings traces the exciting story of this turn of events and explains why such self-regulation was not enough in the long run. Ultimately, The Cotton Kings makes a strong argument in favor of federal regulation to control corruption and help farmers and manufacturers alike. In this episode of the podcast, Hahn and Baker explain this cotton futures market and its ups and downs around the turn-of-the century. They also discuss some of the heroes and dramatic episodes of the historical moment. Finally, they discuss the lessons from that time for our present moment. Christine Lamberson is an Assistant Professor of History at Angelo State University. Her research and teaching focuses on 20th century U.S. political and cultural history. She’s currently working on a book manuscript about the role of violence in shaping U.S. political culture in the 1960s and 1970s. She can be reached at [email protected]. Learn more about your ad choices. Visit megaphone.fm/adchoices

Two Canadian socialist thinkers have published a new book on the successes and failures, the crises, contradictions and conflicts in present-day capitalism. In The Making of Global Capitalism: The Political Economy of American Empire (Verso, 2013), Leo Panitch and Sam Gindin trace the evolution of the international capitalist system over the last century. (Panitch is a professor of political science at Toronto’s York University while Gindin holds the Packer Chair in Social Justice at York.) They argue that today’s global capitalism would not have been possible without American leadership especially after the two World Wars and that the U.S. Treasury and Federal Reserve were more crucial in extending and maintaining American power than the Pentagon or the CIA. The U.S. capitalist empire is an “informal” one, they write, in which Americans set the terms for international trade and investment in partnership with other sovereign, but less powerful states. Panitch and Gindin also disagree with those who contend that China is set to replace the U.S. as the world’s economic superpower. They write that China does not have the institutional capacity to manage the crisis-prone, global capitalist system — a burden that, for the foreseeable future, will continue to be carried by the American empire. The Making of Global Capitalism: The Political Economy of American Empire won the 2013 Deutscher Prize awarded for books which exemplify “the best and most innovative new writing in or about the Marxist tradition.” The New Books Network spoke with co-author Leo Panitch during his recent visit to Halifax, Nova Scotia. Learn more about your ad choices. Visit megaphone.fm/adchoices

When I was an undergraduate, I was taught that merchants in early modern Western Europe were “proto-capitalists.” I was never quite sure what that meant. If it meant they traded property for money, yes. But that would make everyone who traded things for money over the past, say, 5,000 years, a “proto-capitalist.” If it meant that they thought of their property as capital to be used for maximizing profit, then no. As Martha C. Howell points out in her excellent Commerce Before Capitalism in Europe, 1300-1600 (Cambridge UP, 2010), early modern merchants–at least in the Low Countries–didn’t really think of their property as “capital” at all, and they certainly didn’t use it exclusively for the maximization of profit. Their idea of property was, according to Howell, as much medieval as modern. Essentially, they adapted received (medieval) categories of property to novel commercial conditions. The result was a unique hybrid of the old and new. In hindsight, their understanding of property might seem “proto-capitalist.” But really it was just the way they conceived of property. Learn more about your ad choices. Visit megaphone.fm/adchoices

From its earliest years, the United States was a nation of tinkerers: men and women who looked at the world around them and were able to create something genuinely new from what they saw. Guided by their innate curiosity, a desire to know how things work, and a belief that anything can be improved, amateurs and professionals from Benjamin Franklin to Thomas Edison came up with the inventions that laid the foundations for America's economic dominance. Recently, Americans have come to question whether our tinkering spirit has survived the pressures of ruthless corporate organization and bottom-line driven caution. But as Alec Foege shows in The Tinkerers, reports of tinkering's death have been greatly exaggerated. Through the stories of great tinkerers and inventions past and present, Foege documents how Franklin and Edison's modern-day heirs do not allow our cultural obsessions with efficiency and conformity to interfere with their passion and creativity. Tinkering has been the guiding force behind both major corporate-sponsored innovations such as the personal computer and Ethernet, and smaller scale inventions with great potential, such as a machine that can make low-cost eyeglass lenses for people in impoverished countries and a device that uses lasers to shoot malarial mosquitoes out of the sky. Some tinkerers attended the finest engineering schools in the world; some had no formal training in their chosen fields. Some see themselves as solo artists; others emphasize the importance of working in teams. What binds them together is an ability to subvert the old order, to see fresh potential in existing technologies, and to apply technical know-how to the problems of their day. As anyone who has feared voiding a warranty knows, the complexity of modern systems can be needlessly intimidating. Despite this, tinkerers can – and do – come from anywhere, whether it's the R&D lab of a major corporation, a hobbyist's garage, or a summer camp for budding engineers. Through a lively retelling of recent history and captivating interviews with today's most creative innovators, Foege reveals how the tinkering tradition remains, in new and unexpected forms, at the heart of American society and culture. Learn more about your ad choices. Visit megaphone.fm/adchoices

Many of us try to be thoughtful about the ways that we incorporate (or try, at least, to incorporate) different modes of evidence into our attempts to understand the past: objects, creatures, words, ideas. Rowan Flad's Salt Production and Social Hierarchy in Ancient China: An Archaeological Investigation of Specialization in China's Three Gorges (Cambridge UP, 2011) stands as a beautiful case study of what it can look like to do so. Flad juxtaposes texts, bamboo slips, ceramic sherds, animal remains, and other lines of evidence to offer an exceptionally rich account of the technology of salt production in early China, offering glimpses at comparative archeological practices, ideas of spatiality, and the diversity of uses of animals in early China along the way. Reading the book inspired, for me, new ways of thinking about the conceptual role of fragments in the work of the historian, and our conversation was similarly inspiring. Learn more about your ad choices. Visit megaphone.fm/adchoices

I remember clearly the day I was offered my first credit card. It was in Berkeley, CA in 1985. I was walking on Sproul Plaza and I saw a booth manned by two students. They were giving out all kinds of swag, so I walked over to see what was to be had. T-shirts, I think. I asked them if I could get a credit card, sure that the answer had to be “no.” But the answer was an enthusiastic “yes.” I asked them if they understood that: a) I had no income beyond a tiny graduate student stipend; b) that I was carrying a debt from college that had been kindly “deferred”; and c) that my long-term prospects, money-making wise, were poor (the market in early Russian history degrees not being very hot). They said they didn’t know any of that, but it didn’t matter. All I had to do was to fill out a form and the card would arrive in the mail. I declined. As Louis Hyman tells us in his excellent and important Debtor Nation: The History of America in Red Ink (Princeton UP, 2011), it wasn’t always so. Before the 1920s, most people could get no credit at all, least of all from a financial institution. But then, thanks to a confluence of odd interests, consumer credit expanded mightily. Companies that made expensive stuff (cars) and companies that handled large pools of idle money (banks) found, much to their surprise that if you lent ordinary folks large sums of money at moderate interest, they would pay it back. The producers and banks lent more; consumers borrowed and bought more; and, in turn, the producers and banks used higher profits to increase productivity, putting still more money in the pockets of consumers. And so the cycle continued, ultimately fostering the largest expansion in production and consumption the world had ever seen. Whether it will continue is a subject of some dispute today. A review of Debtor Nation can be found in Public Books here. Learn more about your ad choices. Visit megaphone.fm/adchoices

Today everybody wants to be a capitalist, even Chinese communists. It would be easy to think, then, that capitalism is “natural,” that there is a little profit-seeker in each one of us just waiting to pop out. There is some truth to this notion: humans are the most cooperative species on earth, and one of the most common ways we cooperate is through trade. Some form of “you scratch my back and I’ll scratch yours” lies at the heart of almost every human relationship. We are built for reciprocation, and we do it remarkably well. But, as Joyce Appleby shows in her provocative, readable, and thoroughly entertaining The Relentless Revolution: A History of Capitalism (Norton, 2010), the natural impulse for reciprocal back-scratching did not capitalism make. A set of very unusual historical forces did. These historical forces were not everywhere and always. On the contrary, they came together in one place at one time: Northwestern Europe in what we might call the “long modern period,” roughly the 15th though 18th centuries. Of course people in other places and other times traded, and even traded a lot. But they did not develop the culture of capitalism, that is, a set of values that suggested making money was good not only for the money-maker but for everyone else. Alexander Pope, one of the early apologists of capitalism, put the capitalist ethic this way: “Thus God and Nature link’d the gen’ral frame, and bade self-love and social be the same.” (An Essay on Man, 1733) Gordon Gekko, in the (anti-capitalist) film Wall Street (1987), put it more crudely: “Greed…is good.” Neither, it should be said, did pre-capitalist traders develop the institutions that make capitalism operate, that is, things like investment banks, credits, stock markets, insurance, and a whole host of government regulations (yes, government regulations) without which “free trade” could not be “free” at all. Caesar was not concerned about in the federal reserve. He didn’t even have a federal reserve to be concerned about. All of which leads to a single and startling conclusion: the culture and institutions of capitalism are Western. Thus when we in the West promote capitalism as the “best” way of going about things economic, we are engaging in a subtle form of cross-cultural persuasion. We may be right, capitalism may indeed be the best way to provision goods and services to the masses (I think it obviously is). But that doesn’t make capitalist culture any the less foreign to most of the world. Please become a fan of “New Books in History” on Facebook if you haven’t already. Learn more about your ad choices. Visit megaphone.fm/adchoices