New Books in Economic and Business History

Palm oil is a commodity like no other. Found in half of supermarket products, from food to cosmetics to plastics, it has shaped the world in which we live.In Palm Oil: The Grease of Empire (Pluto Press, 2022), Max Haiven tells a sweeping story that touches on everything from empire to art, from war to food, and from climate change to racial capitalism. By tracing the global history of this ubiquitous elixir we see how capitalism creates surplus populations: people made dependent on capitalist wages but denied the opportunity to earn them - a proportion of humanity that is growing in our age of racialized and neo-colonial dispossession.Inspired by revolutionary writers like Eduardo Galeano, Saidiya Hartman, C.L.R. James and Rebecca Solnit, this kaleidoscopic and experimental book seeks to weave a story of the past in the present and the present in the past.Max Haiven is Canada Research Chair in Culture, Media and Social Justice at Lakehead University in Northwest Ontario and director of the Reimagining Value Action Lab (RiVAL). He writes articles for both academic and general audiences and is the author of the books Crises of Imagination, Crises of Power: Capitalism, Creativity and the Commons, The Radical Imagination: Social Movement Research in the Age of Austerity (with Alex Khasnabish) and Cultures of Financialization: Fictitious Capital in Popular Culture and Everyday Life. He is currently working on a book titled Art after Money, Money after Art: Creative Strategies Against Financialization.Morteza Hajizadeh is a Ph.D. graduate in English from the University of Auckland in New Zealand. His research interests are Cultural Studies; Critical Theory; Environmental History; Medieval (Intellectual) History; Gothic Studies; 18th and 19th Century British Literature. YouTube Channel. Twitter. Learn more about your ad choices. Visit megaphone.fm/adchoices

It didn't always take thirty years to pay off the cost of a bachelor's degree. In Indentured Students: How Government-Guaranteed Loans Left Generations Drowning in College Debt (Harvard UP, 2021), Elizabeth Tandy Shermer untangles the history that brought us here and discovers that the story of skyrocketing college debt is not merely one of good intentions gone wrong. In fact, the federal student loan program was never supposed to make college affordable.The earliest federal proposals for college affordability sought to replace tuition with taxpayer funding of institutions. But Southern whites feared that lower costs would undermine segregation, Catholic colleges objected to state support of secular institutions, professors worried that federal dollars would come with regulations hindering academic freedom, and elite-university presidents recoiled at the idea of mass higher education. Cold War congressional fights eventually made access more important than affordability. Rather than freeing colleges from their dependence on tuition, the government created a loan instrument that made college accessible in the short term but even costlier in the long term by charging an interest penalty only to needy students. In the mid-1960s, as bankers wavered over the prospect of uncollected debt, Congress backstopped the loans, provoking runaway inflation in college tuition and resulting in immense lender profits.Today 45 million Americans owe more than $1.5 trillion in college debt, with the burdens falling disproportionately on borrowers of color, particularly women. Reformers, meanwhile, have been frustrated by colleges and lenders too rich and powerful to contain. Indentured Students makes clear that these are not unforeseen consequences. The federal student loan system is working as designed.Elizabeth Tandy Shermer has written about labor, politics, and education for the Washington Post, HuffPost, and Dissent. Author of Sunbelt Capitalism: Phoenix and the Transformation of American Politics, she is Associate Professor of History at Loyola University Chicago.Tom Discenna is Professor of Communication at Oakland University whose work examines issues of academic labor and communicative labor more broadly. Learn more about your ad choices. Visit megaphone.fm/adchoices

The Sassoons were one of the great merchant families of the nineteenth century, alongside such names as the Jardines, the Mathesons, and the Swires. They dominated the India-China opium trade through the David Sassoon and E.D. Sassoon companies. They became Indian tycoons, English aristocracy, Hong Kong board directors, and Shanghai real estate moguls.Yet unlike the Kadoories and Swires, the Sassoon companies no longer exist today.Professor Joseph Sassoon in his latest book The Sassoons: The Great Global Merchants and the Making of an Empire (Pantheon, 2022) helps to answer that question, from the Sassoons’ start fleeing Baghdad for Bombay, through to Victor Sassoon’s investments in the Shanghai before the Second World War.In this interview, Joseph and I talk about the Sassoon family: from David, the patriarch of the family, through to Victor Sassoon, Shanghai real estate mogul. And we also think about the Sassoons as a business: how did this great, global family trading house decline–and are there lessons for the businesses of today?Joseph Sassoon is Professor of History and Political Economy and Director of the Center for Contemporary Arab Studies at Georgetown University. He is also a Senior Associate Member at St Antony’s College, Oxford and a Trustee of the Bodleian Library. His previous books include the prize-winning Saddam Hussein's Ba'th Party: Inside an Authoritarian Regime (Cambridge University Press: 2012), The Iraqi Refugees: The New Crisis in the Middle East (I. B. Taurus, 2010), and Anatomy of Authoritarianism in the Arab Republics (Cambridge University Press: 2016).You can find more reviews, excerpts, interviews, and essays at The Asian Review of Books, including its review of The Sassoons. 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

Whose fault are financial crises, and who is responsible for stopping them, or repairing the damage? Impunity and Capitalism: The Afterlives of European Financial Crises, 1690-1830 (Cambridge University Press, 2022) develops a new approach to the history of capitalism and inequality by using the concept of impunity to show how financial crises stopped being crimes and became natural disasters.Dr. Trevor Jackson examines the legal regulation of capital markets in a period of unprecedented expansion in the complexity of finance ranging from the bankruptcy of Europe's richest man in 1709, to the world's first stock market crash in 1720, to the first Latin American debt crisis in 1825. He shows how, after each crisis, popular anger and improvised policy responses resulted in efforts to create a more just financial capitalism but succeeded only in changing who could act with impunity, and how. Henceforth financial crises came to seem normal and legitimate, caused by impersonal international markets, with the costs borne by domestic populations and nobody in particular at fault.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

Digital platforms controlled by Alibaba, Alphabet, Amazon, Facebook, Netflix, Tencent and Uber have transformed not only the ways we do business, but also the very nature of people's everyday lives. It is of vital importance that we understand the economic principles governing how these platforms operate. Paul Belleflamme and Martin Peitz's book The Economics of Platforms: Concepts and Strategy (Cambridge UP, 2021) explains the driving forces behind any platform business with a focus on network effects. The authors use short case studies and real-world applications to explain key concepts such as how platforms manage network effects and which price and non-price strategies they choose. This self-contained text is the first to offer a systematic and formalized account of what platforms are and how they operate, concisely incorporating path-breaking insights in economics over the last twenty years.Martin Peitz is professor of economics at the University of Mannheim (since 2007), a director of the Mannheim Centre for Competition and Innovation – MaCCI (since 2009). He has been member of the economic advisory group on competition policy (EAGCP) at the European Commission (2013–2016), an academic director of the Centre on Regulation in Europe, CERRE (2012–2016) and head of the Department of Economics (2010–2013). Martin has widely published in leading economics journals. He also frequently trains and advises government agencies in Europe and abroad on competition and regulation issues.Peter Lorentzen is economics professor at the University of San Francisco. He heads USF's Applied Economics Master's program, which focuses on the digital economy. His research is mainly on China's political economy. Learn more about your ad choices. Visit megaphone.fm/adchoices

How can billionaires justify the endless accumulation of wealth? Effective altruism. An almost religious philosophical belief. Sam Bankman-Fried, the former CEO and founder of collapsed crypto exchange FTX is a major proponent, as is Elon Musk.Now, SBF and many in Effective Altruism have also embraced longtermism, a strand of extreme utilitarian thinking that tells us we should worry about the interests of future people -- trillions of future people, 1000s of years into the future, and in planets far away. We examine the complicated moral math of longtermism with Émile P. Torres, a former longtermist who is now one of the movement's sharpest apostates.SUPPORT THE SHOWYou can support the show for free by following or subscribing on Spotify, Apple Podcasts, or whichever app you use. This is the best way to help us out and it costs nothing so we’d really appreciate you clicking that button.If you want to do a little more we would love it if you chip in. You can find us on patreon.com/dartsandletters. Patrons get content early, and occasionally there’s bonus material on there too.ABOUT THE SHOWFor a full list of credits, contact information, and more, visit our about page. Learn more about your ad choices. Visit megaphone.fm/adchoices

Sanctions have become the go-to foreign policy tool for the United States. Coercive economic measures such as trade tariffs, financial penalties, and export controls affect large numbers of companies and states across the globe. Some of these penalties target nonstate actors, such as Colombian drug cartels and Islamist terror groups; others apply to entire countries, including North Korea, Iran, and Russia. U.S. policy makers see sanctions as a low-cost tactic, but in reality these measures often fail to achieve their intended goals--and their potent side effects can even harm American interests. Backfire: How Sanctions Reshape the World Against U.S. Interests (Columbia UP, 2022) explores the surprising ways sanctions affect multinational companies, governments, and ultimately millions of people around the world. Drawing on interviews with experts, policy makers, and people in sanctioned countries, Agathe Demarais examines the unintended consequences of the use of sanctions as a diplomatic weapon. The proliferation of sanctions spurs efforts to evade them, as states and firms seek ways to circumvent U.S. penalties. This is only part of the story. Sanctions also reshape relations between countries, pushing governments that are at odds with the U.S. closer to each other--or, increasingly, to Russia and China. Full of counterintuitive insights spanning a wide range of topics, from commodities markets in Russia to Iran's COVID response and China's cryptocurrency ambitions, Backfire reveals how sanctions are transforming geopolitics and the global economy--as well as diminishing U.S. influence. This insider's account is an eye-opening, accessible, and timely book that sheds light on the future of sanctions in an increasingly multipolar world.Mathias Fuelling is a doctoral candidate in History at Temple University, working on a political history of Czechoslovakia in the immediate post-WWII years. He can be found on Twitter at https://twitter.com/bucephalus424 Learn more about your ad choices. Visit megaphone.fm/adchoices

Kwasi Konadu's book Many Black Women of this Fortress: Graça, Mónica and Adwoa, Three Enslaved Women of Portugal's African Empire (Hurst, 2022) presents rare evidence about the lives of three African women in the sixteenth century--the very period from which we can trace the origins of global empires, slavery, capitalism, modern religious dogma and anti-Black violence. These features of today's world took shape as Portugal built a global empire on African gold and bodies. Forced labor was essential to the world economy of the Atlantic basin, and afflicted many African women and girls who were enslaved and manumitted, baptised and unconvinced.While some women liaised with European and mixed-race men along the West African coast, others, ordinary yet bold, pushed back against new forms of captivity, racial capitalism, religious orthodoxy and sexual violence, as if they were already self-governing. Many Black Women of this Fortress lays bare the insurgent ideas and actions of Graça, Mónica and Adwoa, charting how they advocated for themselves and exercised spiritual and female power. Theirs is a collective story, written from obscurity; from the forgotten and overlooked colonial records. By drawing attention to their lives, we dare to grasp the complexities of modernity's gestation. Learn more about your ad choices. Visit megaphone.fm/adchoices

In The Handbook of Banking Technology (John Wiley & Sons, 2021), Walker and Morris provide a first comprehensive view of the systems that support a bank. During the interview, they bring out the interactions of these components and how the themes they touch on in the book come together. Years of first-hand experience combined with detailed research come together to explain the intricacies of the technological architecture of modern banking. Quite often the authors provide a long-term perspective of how these applications develop in order to provide a better understanding of how we got to where we are. The other podcast mentioned in this interview is James Bessen "The New Goliaths". Bernardo Batiz-Lazo is currently straddling between Newcastle and Mexico City. You can find him on twitter on issues related to business history of banking, fintech, payments and other musings. Not always in that order. @BatizLazo Learn more about your ad choices. Visit megaphone.fm/adchoices

The Kingdom of Rye: A Brief History of Russian Food (U California Press, 2022) unearths the foods and flavors of the Russian land. Preeminent food studies scholar Darra Goldstein offers readers a concise, engaging, and gorgeously crafted story of Russian cuisine and culture. This story demonstrates how national identity is revealed through food—and how people know who they are by what they eat together. The Kingdom of Rye examines the Russians' ingenuity in overcoming hunger, a difficult climate, and a history of political hardship while deciphering Russia's social structures from within. This is a domestic history of Russian food that serves up a deeper history, demonstrating that the wooden spoon is mightier than the scepter.Darra Goldstein is the Willcox B. and Harriet M. Adsit Professor of Russian, Emerita, at Williams College and founding editor of Gastronomica: A Journal of Food and Culture, named Publication of the Year by the James Beard Foundation. She is author of six award-winning cookbooks, including Beyond the North Wind: Russia in Recipes and Lore, and Fire + Ice: Classic Nordic Cooking, which was nominated for a James Beard, IACP, and The Art of Eating awards. Darra also serves as a series editor of California Studies in Food and Culture and has written for Gourmet, Saveur, Bon Appetit, and The New York Times. Follow Darra on Instagram.Yelizaveta Raykhlina is a historian of Russia and Eurasia and holds a PhD from Georgetown University. She is a faculty member at New York University. To learn more, visit her website or follow her on Twitter. Learn more about your ad choices. Visit megaphone.fm/adchoices