New Books in Economic and Business History

The long and pernicious relationship between fast food restaurants and the African American community. Today, fast food is disproportionately located in Black neighborhoods and marketed to Black Americans through targeted advertising. But throughout much of the twentieth century, fast food was developed specifically for White urban and suburban customers, purposefully avoiding Black spaces. In White Burgers, Black Cash: Fast Food from Black Exclusion to Exploitation (U Minnesota Press, 2023), Naa Oyo A. Kwate traces the evolution in fast food from the early 1900s to the present, from its long history of racist exclusion to its current damaging embrace of urban Black communities. Fast food has historically been tied to the country's self-image as the land of opportunity and is marketed as one of life's simple pleasures, but a more insidious history lies at the industry's core. White Burgers, Black Cash investigates the complex trajectory of restaurant locations from a decided commitment to Whiteness to the disproportionate densities that characterize Black communities today. Kwate expansively charts fast food's racial and spatial transformation and centers the cities of Chicago, New York City, and Washington, D.C., in a national examination of the biggest brands of today, including White Castle, KFC, Burger King, McDonald's, and more. Deeply researched, grippingly told, and brimming with surprising details, White Burgers, Black Cash reveals the inequalities embedded in the closest thing Americans have to a national meal. Learn more about your ad choices. Visit megaphone.fm/adchoices

Critics of globalisation come in many forms from environmentalists to trade unionists and many others in between. In the midst of all the controversy less attention has been paid to how big a phenomenon globalisation actually is and how it compares to another trend – regionalism. In this podcast Owen Bennett Jones discusses The Globalisation Myth: Why Regions Matter (Yale University Press, 2022) with its author, Shannon K. O Neil. Owen Bennett-Jones is a freelance journalist and writer. A former BBC correspondent and presenter he has been a resident foreign correspondent in Bucharest, Geneva, Islamabad, Hanoi and Beirut. He is recently wrote a history of the Bhutto dynasty which was published by Yale University Press. Learn more about your ad choices. Visit megaphone.fm/adchoices

On July 6, 1998, the last flight took off from Kai Tak International Airport, marking the end of an era for Hong Kong aviation. For decades, international flights flew over the roofs of Kowloon apartments, before landing on Kai Tak’s runway, extending out into the harbor.Kai Tak–frankly, a terrible place for one of the world’s busiest international airports–is a good symbol of the story of Hong Kong’s aviation, as told in Hong Kong Takes Flight: Commercial Aviation and the Making of a Global Hub, 1930s–1998 (Harvard University Press, 2022) by John D. Wong and published by Harvard University Press.Hong Kong’s growth as a hub for commercial aviation was often unplanned, often the result of compromise–and yet wildly successful. The city was able to carve a niche for itself, in both the declining British empire and the wider world, while also having to deal with colonial bureaucracy, geopolitics, fierce competition and an entirely new Communist government across the border.In this interview, John and I talk about Hong Kong’s history with aviation, from its very start with flying boats and puddlejumpers right through to the jumbo jet era.John D. Wong is Associate Professor at the Hong Kong Institute for the Humanities and Social Sciences and the School of Modern Languages and Cultures, The University of Hong Kong. He is also the author of Global Trade in the Nineteenth Century: The House of Houqua and the Canton System (Cambridge University Press, 2016)You can find more reviews, excerpts, interviews, and essays at The Asian Review of Books, including its review of Hong Kong Takes Flight. Follow on Twitter at @BookReviewsAsia.Nicholas Gordon is an associate editor for a global magazine, and a reviewer for the Asian Review of Books. He can be found on Twitter at@nickrigordon. Learn more about your ad choices. Visit megaphone.fm/adchoices

What's going on in private markets? As interest rates have gone up, public markets have been marked down much more severely than assets in the private market. Will the chickens come home to roost? And, if so, when? Gary Stern was president and chief executive officer of the Federal Reserve Bank of Minneapolis from March 1985 to September 2009. Stern, a native of Wisconsin, joined the Federal Reserve Bank of Minneapolis in January 1982 as senior vice president and director of research. Before joining the Minneapolis Fed, Stern was a partner in a New York-based economic consulting firm. Stern's prior experience includes seven years at the Federal Reserve Bank of New York. Stern serves on the board of directors of FINRA, The Dolan Company, The Depository Trust and Clearing Corporation, Ambac Assurance Corporation, and the Council for Economic Education (CEE), where he served for a time as acting President and Chief Executive Officer. Stern is co-author of Too Big to Fail: The Hazards of Bank Bailouts, published by The Brookings Institution (2004). Stern holds an A.B. in economics from Washington University, St. Louis, and a Ph.D. in economics from Rice University, Houston.Robert Kowit began a career in investing in 1972, working in International Fixed Income and Foreign Exchange as a Senior Vice President at White Weld, Kidder Peabody, and as a Director of Midland Montagu. Moving to the buy-side in 1990, he was Senior Vice President and Head of International Fixed Income at John Hancock and then at Federated Investors until his retirement. He currently participates on committees of the International Chamber of Commerce and the International Trade and Forfaiting Association on ways to attract more financial investors to trade finance assets.Robert is a contributor to the IMF World Bank Handbook, “Developing Government Bond Markets" and key speaker at the IMF World Bank Annual General Meeting. He is also lead author of the peer-reviewed paper, “Trade Finance as a Financial Asset: Risks and Risk Management For Non-Bank Investors” and most recently a contributor to Trade Wars Are Class Wars. Learn more about your ad choices. Visit megaphone.fm/adchoices

How and why early modern European artisans began to record their knowledge. In From Lived Experience to the Written Word: Reconstructing Practical Knowledge in the Early Modern World (U Chicago Press, 2022), Pamela H. Smith considers how and why, beginning in 1400 CE, European craftspeople began to write down their making practices. Rather than simply passing along knowledge in the workshop, these literate artisans chose to publish handbooks, guides, treatises, tip sheets, graphs, and recipe books, sparking early technical writing and laying the groundwork for how we think about scientific knowledge today. Focusing on metalworking from 1400-1800 CE, Smith looks at the nature of craft knowledge and skill, studying present-day and historical practices, objects, recipes, and artisanal manuals. From these sources, she considers how we can reconstruct centuries of largely lost knowledge. In doing so, she aims not only to unearth the techniques, material processes, and embodied experience of the past but also to gain insight into the lifeworld of artisans and their understandings of matter. Please visit MS FR 640 at The Making and Knowing Project. Jana Byars is the Academic Director of Netherlands: International Perspectives on Sexuality and Gender. Learn more about your ad choices. Visit megaphone.fm/adchoices

A groundbreaking examination of austerity’s dark intellectual origins. For more than a century, governments facing financial crisis have resorted to the economic policies of austerity—cuts to wages, fiscal spending, and public benefits—as a path to solvency. While these policies have been successful in appeasing creditors, they’ve had devastating effects on social and economic welfare in countries all over the world. Today, as austerity remains a favored policy among troubled states, an important question remains: What if solvency was never really the goal? In The Capital Order: How Economists Invented Austerity and Paved the Way to Fascism (University of Chicago Press, 2022), political economist Clara E. Mattei explores the intellectual origins of austerity to uncover its originating motives: the protection of capital—and indeed capitalism—in times of social upheaval from below. Mattei traces modern austerity to its origins in interwar Britain and Italy, revealing how the threat of working-class power in the years after World War I animated a set of top-down economic policies that elevated owners, smothered workers, and imposed a rigid economic hierarchy across their societies. Where these policies “succeeded,” relatively speaking, was in their enrichment of certain parties, including employers and foreign-trade interests, who accumulated power and capital at the expense of labor. Here, Mattei argues, is where the true value of austerity can be observed: its insulation of entrenched privilege and its elimination of all alternatives to capitalism. Drawing on newly uncovered archival material from Britain and Italy, much of it translated for the first time, The Capital Order offers a damning and essential new account of the rise of austerity—and of modern economics—at the levers of contemporary political power. Learn more about your ad choices. Visit megaphone.fm/adchoices

Object Lessons is a Bloomsbury series of short, beautifully designed books about the hidden lives of ordinary things. This interview focuses on Trench Coat by Dr. Jane Tynan, published in 2022.We think we know the trench coat, but where does it come from and where will it take us? From its origins in the trenches of WW1, this military outerwear came to project the inner-being of detectives, writers, reporters, rebels, artists and intellectuals. The coat outfitted imaginative leaps into the unknown. Trench Coat tells the story of seductive entanglements with technology, time, law, politics, trust and trespass. Readers follow the rise of a sartorial archetype through media, design, literature, cinema and fashion. Today, as a staple in stories of future life-worlds, the trench coat warns of disturbances to come.This interview was conducted by Dr. Miranda Melcher whose doctoral work focused on post-conflict military integration, understanding treaty negotiation and implementation in civil war contexts, with qualitative analysis of the Angolan and Mozambican civil wars. Learn more about your ad choices. Visit megaphone.fm/adchoices

The eighteenth and early nineteenth centuries were supposedly the period in which the threat of famine lifted for the peoples of England. But hunger remained, in the words of Marx, an 'unremitted pressure'.The 1840s witnessed widespread hunger and malnutrition at home and mass starvation in Ireland. And yet the aptly named 'Hungry 40s' came amidst claims that, notwithstanding Malthusian prophecies, absolute biological want had been eliminated in England.The Politics of Hunger: Protest, Poverty and Policy in England, 1750-1840 (Manchester UP, 2020) (Manchester University Press, 2022) by Dr. Carl Griffin offers the first systematic analysis of the ways in which hunger continued to be experienced and feared, both as a lived and constant spectral presence. It also examines how hunger was increasingly used as a disciplining device in new modes of governing the population. Drawing upon a rich archive, this innovative and conceptually-sophisticated study throws new light on how hunger persisted as a political and biological force.This interview was conducted by Dr. Miranda Melcher whose doctoral work focused on post-conflict military integration, understanding treaty negotiation and implementation in civil war contexts, with qualitative analysis of the Angolan and Mozambican civil wars. Learn more about your ad choices. Visit megaphone.fm/adchoices

For decades, a few numbers came to define Chinese politics--until those numbers did not count what mattered and what they counted did not measure up. Seeking Truth and Hiding Facts: Information, Ideology, and Authoritarianism in China (Oxford UP, 2022) argues that the Chinese government adopted a system of limited, quantified vision in order to survive the disasters unleashed by Mao Zedong's ideological leadership. Political scientist Jeremy Wallace explains how that system worked and analyzes how the problems that accumulated in its blind spots led Xi Jinping to take drastic action. Xi's neopolitical turn--aggressive anti-corruption campaigns, reassertion of party authority, and personalization of power--is an attempt fix the problems of the prior system, as well as a hedge against an inability to do so. The book argues that while of course dictators stay in power through coercion and cooptation, they also do so by convincing their populations and themselves of their right to rule. Quantification is one tool in this persuasive arsenal, but it comes with its own perils.Jeremy Wallace is an associate professor of Government at Cornell University, who studies authoritarianism with a focus on China, cities, statistics, and climate change. His academic research has appeared in the American Political Science Review, the China Quarterly, International Organization, and other prominent journals. His popular writing has appeared in the Washington Post, the LA Times, and Foreign Policy. His first book was Cities and Stability: Urbanization, Redistribution, and Regime Survival in China.This episode is co-hosted by Lizzi C. Lee, an MIT-trained economist who is currently working as a reporter and host in Chinese for the New York-based independent media outlet Wall Street TV and in English for ChinaEdge, which is part of the English language media company The China Project.Host Peter Lorentzen is the Chair of the Economics Department at the University of San Francisco. His research focus is the political economy of governance in China. He is a member of the National Committee on US-China Relations (NCUSCR) and USF’s new Center on Business Studies and Innovation in the Asia-Pacific. Learn more about your ad choices. Visit megaphone.fm/adchoices

Today, states' ability to borrow private capital depends on stringent evaluations of their creditworthiness. While many presume that this has long been the case, Quentin Bruneau argues that it is a surprisingly recent phenomenon--the outcome of a pivotal shift in the social composition of financial markets. Investigating the financiers involved in lending capital to sovereigns over the past two centuries, Bruneau identifies profound changes in their identities, goals, and forms of knowledge. In States and the Masters of Capital (Columbia University Press, 2022), he shows how an old world made up of merchant banking families pursuing both profit and status gradually gave way to a new one dominated by large companies, such as joint stock banks and credit rating agencies, exclusively pursuing profit. Lacking the web of personal ties to sovereigns across the world that their established rivals possessed, these financial institutions began relying on a different form of knowledge created to describe and compare states through quantifiable data: statistics. Over the course of this epochal shift, which only came to an end a few decades ago, financial markets thus reconceptualized states. Instead of a set of individuals to be known in person, they became numbers on a page. Raising new questions about the history of sovereign lending, this book illuminates the nature of the relationship between states and financial markets today--and suggests that it may be on the cusp of another major transformation.Quentin Bruneau is an Assistant Professor in the Department of Politics at the New School for Social Research and Eugene Lang College.Caleb Zakarin is the Assistant Editor of the New Books Network (Twitter: @caleb_zakarin). Learn more about your ad choices. Visit megaphone.fm/adchoices