New Books in Economic and Business History

Why some of Asia’s authoritarian regimes have democratized as they have grown richer—and why others haven’t Over the past century, Asia has been transformed by rapid economic growth, industrialization, and urbanization—a spectacular record of development that has turned one of the world’s poorest regions into one of its richest. Yet Asia’s record of democratization has been much more uneven, despite the global correlation between development and democracy. Why have some Asian countries become more democratic as they have grown richer, while others—most notably China—haven’t? In From Development to Democracy: The Transformations of Modern Asia (Princeton University Press, 2022),' Dan Slater and Joseph Wong offer a sweeping and original answer to this crucial question. Slater and Wong demonstrate that Asia defies the conventional expectation that authoritarian regimes concede democratization only as a last resort, during times of weakness. Instead, Asian dictators have pursued democratic reforms as a proactive strategy to revitalize their power from a position of strength. Of central importance is whether authoritarians are confident of victory and stability. In Japan, South Korea, and Taiwan these factors fostered democracy through strength, while democratic experiments in Indonesia, Thailand, and Myanmar were less successful and more reversible. At the same time, resistance to democratic reforms has proven intractable in Singapore, Malaysia, Hong Kong, China, Vietnam, and Cambodia. Reconsidering China’s 1989 crackdown, Slater and Wong argue that it was the action of a regime too weak to concede, not too strong to fail, and they explain why China can allow democracy without inviting instability. The result is a comprehensive regional history that offers important new insights about when and how democratic transitions happen—and what the future of Asia might be.Javier Mejia is an economist teaching at Stanford University, whose work focuses on the intersection between social networks and economic history. His interests extend to topics on entrepreneurship and political economy with a geographical specialty in Latin America and the Middle East. He received a Ph.D. in Economics from Los Andes University. He has been a Postdoctoral Associate and Lecturer at New York University--Abu Dhabi and a Visiting Scholar at the University of Bordeaux. He is a regular contributor to different news outlets. Currently, he is Forbes Magazine op-ed columnist. Learn more about your ad choices. Visit megaphone.fm/adchoices

If you read the business pages of most newspapers, they are filled with stories about the sort of companies that people do business with – airlines, retail outlets, football clubs and the like. There tend to be far fewer stories about the arms industry - unless it’s about some scandal – generally bribes or sales to governments with poor human rights records. So today we are discussing the future of the arms industry with Pieter D. Wezeman who researches these matters at the leading institute in this area, the Stockholm International Peace Research Institute or SIPRI. Learn more about your ad choices. Visit megaphone.fm/adchoices

Half of Black Americans who live in the one hundred largest metropolitan areas are now living in suburbs, not cities. In Liberty Road: Black Middle-Class Suburbs and the Battle Between Civil Rights and Neoliberalism (NYU Press, 2022), Gregory Smithsimon shows us how this happened, and why it matters, unearthing the hidden role that suburbs played in establishing the Black middle-class.Focusing on Liberty Road, a Black middle-class suburb of Randallstown, Maryland, Smithsimon tells the remarkable story of how residents broke the color barrier, against all odds, in the face of racial discrimination, tensions with suburban Whites and urban Blacks, and economic crises like the mortgage meltdown of 2008. Drawing on interviews, census data, and archival research he shows us the unique strategies that suburban Black residents in Liberty Road employed, creating a blueprint for other Black middle-class suburbs.Brittney Edmonds is an Assistant Professor of Afro-American Studies at UW-Madison. I specialize in 20th and 21st century African American Literature and Culture with a special interest in Black Humor Studies. Read more about my work at brittneymichelleedmonds.com. Learn more about your ad choices. Visit megaphone.fm/adchoices

In this episode, I interview Prof. Stephanie Decker about her new book Postcolonial Transition and Global Business History British Multinational Companies in Ghana and Nigeria (Routledge, 2022). Prof. Mick Rowlinson also joined the conversation about the book.British multinationals faced unprecedented challenges to their organizational legitimacy in the middle of the twentieth century as the European colonial empires were dismantled and institutional transformations changed colonial relationships in Africa and other parts of the world. This book investigates the political networking and internal organizational changes in five British multinationals (United Africa Company, John Holt & Co., Ashanti Goldfields Corporation, Bank of West Africa and Barclays Bank DCO). These firms were forced to adapt their strategies and operations to changing institutional environments in two English-speaking West African countries, Ghana (formerly the Gold Coast) and Nigeria, from the late 1940s to the late 1970s. Decolonization meant that formerly imperial businesses needed to develop new political networks and change their internal organization and staffing to promote more Africans to managerial roles. This postcolonial transition culminated in indigenization programmes (and targeted nationalizations) which forced foreign companies to sell equity and assets to domestic investors in the 1970s. Postcolonial Transition and Global Business History is the first in-depth historical study on how British firms sought to adapt over several decades to rapid political and economic transformation in West Africa.Exploring both postcolonial transitions and development discourse, this book addresses the topics with regard to business and economic history and will be of interest to researchers, academics, and students in the fields of organizational change, political economy, African studies and globalization.Connect on Twitter @deckersteph or LinkedIn to continue the conversation with Stephanie Decker.Your host, Paula De La Cruz-Fernandez is a consultant, historian, and digital editor. Editor New Books Network en español. Edita CEO. Learn more about your ad choices. Visit megaphone.fm/adchoices

An explosive, deeply reported exposé of McKinsey & Company, When McKinsey Comes to Town: The Hidden Influence of the World's Most Powerful Consulting Firm (Doubleday, 2022) by Walt Bogdanich and Michael Forsythe (Doubleday, 2022) highlights the often drastic impact of the most prestigious consulting company in the world. McKinsey's vaunted statement of values asserts that its role is to make the world a better place, but what does it actually do? Often McKinsey's advice boils down to major cost-cutting, including layoffs and maintenance reductions, to drive up short-term profits, thereby boosting a company's stock price and the wealth of its executives who hire it, at the expense of workers and safety measures. McKinsey also collects millions of dollars advising government agencies. Bogdanich and Forsythe have penetrated the veil of secrecy surrounding McKinsey by conducting hundreds of interviews, obtaining thousands of revelatory documents, and following the money. When McKinsey Comes to Town is a landmark work of investigative reporting.Daniel Peris is Senior Vice President at Federated Hermes in Pittsburgh. He can be reached at DanielxPeris@gmail.com or via Twitter @HistoryInvestor. His History and Investing blog and Keep Calm & Carry On Investing podcast are here. Learn more about your ad choices. Visit megaphone.fm/adchoices

Common understandings drawn from biblical references, literature, and art portray deserts as barren places that are far from God and spiritual sustenance. In our own time, attention focuses on the rigors of climate change in arid lands and the perils of the desert in the northern Mexican borderlands for migrants seeking shelter and a new life.Bountiful Deserts: Sustaining Indigenous Worlds in Northern New Spain (U Arizona Press, 2022) foregrounds the knowledge of Indigenous peoples in the arid lands of northwestern Mexico, for whom the desert was anything but barren or empty. Instead, they nurtured and harvested the desert as a bountiful and sacred space. Drawing together historical texts and oral testimonies, archaeology, and natural history, author Cynthia Radding develops the relationships between people and plants and the ways that Indigenous people sustained their worlds before European contact through the changes set in motion by Spanish encounters, highlighting the long process of colonial conflicts and adaptations over more than two centuries. This work reveals the spiritual power of deserts by weaving together the cultural practices of historical peoples and contemporary living communities, centered especially on the Yaqui/Yoeme and Mayo/Yoreme.Radding uses the tools of history, anthropology, geography, and ecology to paint an expansive picture of Indigenous worlds before and during colonial encounters. She re-creates the Indigenous worlds in both their spiritual and material realms, bringing together the analytical dimension of scientific research and the wisdom of oral traditions in its exploration of different kinds of knowledge about the natural world.Published in cooperation with the William P. Clements Center for Southwest Studies, Southern Methodist University. Learn more about your ad choices. Visit megaphone.fm/adchoices

Who was Edmond J. Safra? "The greatest banker of his generation," in the estimation of a former World Bank President. The founder of four massive financial institutions on three continents, and a proud child of Beirut's Jewish quarter. An innovative avatar of financial globalization, and a faithful heir to a tradition of old-world banking. The leading champion and protector of the Sephardic diaspora. In A Banker's Journey: How Edmond J. Safra Built a Global Financial Empire (Radius Book Group, 2022), financial journalist and historian Daniel Gross, who, like Safra, traces his heritage to Aleppo, Syria, reconstructs the public life of an intensely private man. With exclusive access to Safra's personal archives, Gross tracks the banker's remarkable journey from Beirut to Milan, São Paulo, Geneva, and New York--to the pinnacle of global finance.Edmond Safra was fifteen in 1947, when his father sent him to establish a presence in Milan, Italy. Fluent in six languages, and with an eye for value, managing risk, and personal potential, Safra was in perpetual motion until his tragic death in 1999. The modern, global financial empire he built was based on timeless principles: a banker must protect his depositors and avoid excessive leverage and risk. In an age of busts and bailouts, Safra posted remarkable returns while rarely suffering a credit loss. From a young age, Safra assumed the mantle of leadership in the Syrian-Lebanese Jewish community, providing personal aid, supporting the communities that formed in exile, and championing Sephardic religious and educational efforts in Israel and around the world. Edmond J. Safra's life of achievement in the twentieth century offers enduring lessons for those seeking to make their way in the twenty-first century. He inspired generations to make the world a better place. Learn more about your ad choices. Visit megaphone.fm/adchoices

Soon after the birth of Mickey Mouse, one animator raised the Disney Studio far beyond Walt’s expectations. That animator also led a union war that almost destroyed it. Art Babbitt animated for the Disney studio throughout the 1930s and through 1941, years in which he and Walt were jointly driven to elevate animation as an art form, up through Snow White, Pinocchio, and Fantasia.But as America prepared for World War II, labor unions spread across Hollywood. Disney fought the unions while Babbitt embraced them. Soon, angry Disney cartoon characters graced picket signs as hundreds of animation artists went out on strike. Adding fuel to the fire was Willie Bioff, one of Al Capone’s wiseguys who was seizing control of Hollywood workers and vied for the animators’ union.Using never-before-seen research from previously lost records, including conversation transcriptions from within the studio walls, author and historian Jake S. Friedman reveals the details behind the labor dispute that changed animation and Hollywood forever.The Disney Revolt: The Great Labor War of Animation's Golden Age (Chicago Review Press, 2022) is an American story of industry and of the underdog, the golden age of animated cartoons at the world’s most famous studio. Learn more about your ad choices. Visit megaphone.fm/adchoices

Socialism Goes Global: The Soviet Union and Eastern Europe in the Age of Decolonisation (Oxford UP, 2022) is the first work to provide a broad history of the relationship between Eastern Europe and the decolonising world. It ranges from the late nineteenth to the late twentieth century, but at its core is the dynamic of the post-1945 period, when socialism's importance as a globalising force accelerated and drew together what contemporaries called the 'Second' and 'Third Worlds'. At the centre of this history is the encounter between the Soviet Union and Eastern Europe on one hand, and a wider world casting off European empires or struggling against western imperialism on the other. The origins of these connections are traced back to new forms of internationalism enabled by the Russian Revolution; the interplay between the first 'decolonisation' of the twentieth century in Eastern Europe and rising anti-colonial movements; and the global rise of fascism, which created new connections between East and South. The heart of the study, however, lies in the Cold War, when these contacts and relationships dramatically intensified. A common embrace of socialist modernisation and anti-imperial culture opened up possibilities for a new and meaningful exchange between the peripheries of Eastern Europe, Latin America, Africa, and Asia. Such linkages are examined across many different fields - from health to archaeology, economic development to the arts - and through many people - from students to experts to labour migrants - who all helped to shape a different form and meaning of globalisation.Jill Massino is a scholar of modern Eastern Europe with a focus on Romania, gender, and everyday life. Learn more about your ad choices. Visit megaphone.fm/adchoices

In The Federal Reserve: A New History (University of Chicago Press, 2022), Robert Hetzel draws on a 43-year career as an economist in the central bank to trace the influence of the Fed on the American economy. Hetzel compares periods in which the Fed stabilized the economy and periods in which it destabilized the economy. He draws lessons about what monetary rule is stabilizing. Recast through this lens and enriched with archival materials, Hetzel's sweeping history offers a new understanding of the bank's watershed moments since 1913. They include critical accounts of the Great Depression, the Great Inflation, and the Great Recession. The Federal Reserve: A New History arrives as a critical history for a critical moment. It promises to recast our understanding of the central bank in its second century.Robert L. Hetzel is a visiting scholar at the Federal Reserve Bank of Chicago and a senior affiliated scholar at the Mercatus Center at George Mason University.Caleb Zakarin is the Assistant Editor of the New Books Network (Twitter: @caleb_zakarin). Learn more about your ad choices. Visit megaphone.fm/adchoices