Ian Kumekawa, "Empty Vessel: The Story of the Global Economy in One Barge" (Knopf, 2025)

Jun 27, 2025

Ian Kumekawa, a historian of economic thinking and a lecturer at MIT, shares insights from his new work that delves into the multifaceted story of a barge that has served various roles—from a military barracks to a floating jail. He discusses how this vessel symbolizes the complexities of offshore economies and globalization. The conversation explores the impact of deregulation in shipping, the barge’s role in providing temporary housing for factory workers, and the broader implications of financialization and mass incarceration in our global landscape.

Ask episode

AI Snips

Chapters

Books

Transcript

Episode notes

ANECDOTE

Discovery of Barge's Global Tale

Ian Kumekawa discovered the barge's full story during the pandemic while confined at home.
Its journey from Sweden to Falklands, Germany, New York, UK, and Nigeria reflects complex offshore economic forces.

INSIGHT

Concrete Vessel Illuminates Abstract Forces

Following the barge offers a tangible narrative to understand abstract concepts like globalization and neoliberalism.
The vessel acts as a physical anchor to connect complex global economic forces.

ANECDOTE

Barge Born in State-Backed Industry Crisis

The barge was built in Swedish shipyards supported by the state amid industrial crisis.
A Norwegian mogul exploited tax loopholes, fueling the barge's creation as an investment vehicle.

Get the Snipd Podcast app to discover more snips from this episode

Get the app

What do a barracks for British troops in the Falklands War, a floating jail off the Bronx, and temporary housing for VW factory workers in Germany have in common? The Balder Scapa: a single barge that served all three roles. Though the name would eventually change to Finnboda 12. And then to Safe Esperia. And later on, to the Bibby Resolution. And after that . . . in short, a vessel with so many names, and so many fates, that to keep it in our sights—as the protagonist of this fascinating economic parable—Ian Kumekawa has no choice but to call it, simply, the Vessel.
Despite its sturdy steel structure, weighing 9,500 deadweight tons, the Vessel is a figure as elusive and abstract as the offshore market it comes to embody: a world of island tax havens, exploited labor forces, free banking zones, Thatcherism, Reaganomics, and mass incarceration, where even the prisoners are held offshore. Fitted with modular shipping containers, themselves the product of standardized global trade, the ship could become whatever the market demanded. Whether caught in an international dispute involving Hong Kong, Nigeria, Indonesia, and the Virgin Islands—to be settled in an English court of law—or flying yet another foreign “flag of convenience” to mask its ownership—the barge is ever a container for forces much larger than even its hulking self.
Empty Vessel: The Story of the Global Economy in One Barge is a jaw-dropping microhistory that speaks volumes about the global economy as a whole. In following the Vessel—and its Sister Vessel, built alongside it in Stockholm—from one thankless task to the next, Kumekawa connects the dots of a neoliberal world order in the making, where regulation is for suckers and “Made in USA” feels almost quaint.

Dr. Ian Kumekawa is a historian of economic thinking, capitalism, and empire. He is currently an Anniversary Fellow at the Center for History and Economics at Harvard University and a Lecturer in History at MIT. He previously published a book called 'The First Serious Optimist' about Pigou and the birth of welfare economics. His second book, which we will discuss today is called, Empty Vessel: The Global Economy in One Barge, came out with Knopf and John Murray in May 2025.

Sidney Michelini is a post-doctoral researcher working on Ecology, Climate, and Violence at the Peace Research Institute of Frankfurt (PRIF).

Book Recomendations:

The Dawn Watch: Joseph Conrad in a Global World by Maya Jasanoff
The Toxic Ship:The Voyage of the Khian Sea and the Global Waste Trade by Simone M. MüllerThe Hidden Globe: How Wealth Hacks the World by Atossa Araxia Abrahamian

Learn more about your ad choices. Visit megaphone.fm/adchoices

Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/economics