New Books in Economic and Business History

Rivers of the Sultan offers a history of the Ottoman Empire's management of the Tigris and Euphrates rivers in the early modern period. During the early sixteenth century, a radical political realignment in West Asia placed the reins of the Tigris and Euphrates in the hands of Istanbul. The political unification of the longest rivers in West Asia allowed the Ottoman state to rebalance the natural resource disparity along its eastern frontier. It regularly organized the shipment of grain, metal, and timber from upstream areas of surplus in Anatolia and the Jazira to downstream areas of need in Iraq. This imperial system of waterborne communication, the book argues, created heavily militarized fortresses that anchored the Ottoman presence in Iraq, enabling Istanbul to hold in check foreign and domestic challenges to its authority and to exploit the organic wealth of the Tigris-Euphrates alluvium. From the end of the seventeenth century, the convergence of natural and human disasters transformed the Ottoman Empire's relationship with its twin rivers. A trend toward provincial autonomy ensued that would localize the Ottoman management of the Tigris and Euphrates and shift its command post from Istanbul to the provinces. By placing a river system at the center of analysis, Faisal H. Husain's book Rivers of the Sultan: The Tigris and Euphrates in the Ottoman Empire (Oxford UP, 2021) reveals intimate bonds between valley and mountain, water and power in the early modern world. Learn more about your ad choices. Visit megaphone.fm/adchoices

We often neglect the Indian Ocean when we talk about our macro-level models of geopolitics, global economics or grand strategy—often in favor of the Atlantic or the Pacific. Yet the Indian Ocean—along whose coasts live a third of humanity—may be a better vehicle to understand how our world is changing.Globalization first began in the Indian Ocean with traders sailing between the Gulf, South Asia and Southeast Asia, spreading goods, cultures and ideas. And now, with no hegemon and an array of different states, governments, and economies, the world may look more like the Indian Ocean in the future.Beyond Liberal Order: States, Societies and Markets in the Global Indian Ocean (Hurst: 2021 / Oxford University Press: 2022), edited by Harry Verhoeven and Anatol Lieven, studies the countries in the Indian Ocean—nations as as different as Singapore, Pakistan, and Somalia—to look at how our understanding of the post-Cold War world order doesn’t quite align with this part of the world.Harry Verhoeven is a Senior Research Scholar at the Center on Global Energy Policy, School of International and Public Affairs at Columbia University. He is the Convenor of the Oxford University China-Africa Network and a Senior Adviser at the European Institute of Peace. He is the author of Water, Civilisation and Power in Sudan (Cambridge University Press: 2015) and Why Comrades Go To War (Oxford University Press: 2016) and the editor of Environmental Politics in the Middle East (Oxford University Press: 2018)Anatol Lieven is a senior fellow of the Quincy Institute for Responsible Statecraft in Washington DC, and was formerly a professor at Georgetown University in Qatar and King's College London. In the 1980s and 1990s he worked as a British journalist in South Asia and the former Soviet Union, and is the author of several books on these regions including Pakistan: A Hard Country (PublicAffairs: 2012). His most recent book, Climate Change and the Nation State, appeared in paperback in 2021.In this interview, the three of us talk about the Indian Ocean—and how it challenges the way we think about international relations and the international system.You can find more reviews, excerpts, interviews, and essays at The Asian Review of Books, including its review of Beyond Liberal Order. Follow on Facebook or 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

There is no political power without control of the archive, if not of memory. Effective democratization can always be measured by this essential criterion: the participation in and the access to the archive, its constitution, and its interpretation.– epigraph in The Long Land War by Jo Guldi (2021)Every political order contains within it tensions, contradictions, and vulnerabilities that at a certain point become too difficult to maintain.– The Rise and Fall of the Neoliberal Order by Gary Gerstle (2022)In the Economica Centenary Coarse Lecture delivered virtually to the London School of Economics in 2021 Thomas Piketty lightheartedly remarked on his English as part of a larger point about how linguistic limitations can reduce our access to important information and data worldwide. And like the epigraph above opening a book about the global struggle for occupancy rights, Piketty was noting just how dependent scholars are on the kind of primary sources to which they can use and access. Coming from one of our era’s preeminent scholars of political economy it was more than just a self-deprecating lead-in for his 2020 Capital and Ideology, a book that enlarged the focus of his famous 2014 Capital in the 21st Century by expanding the geopolitical reach of its analysis of the structure of inequality with its emphasis on political and ideological forces as key causative factors rather than purely economic and technological ones. As he mentions in this interview, his latest book concisely refines his arguments.Coming in at a short 277 pages the professor’s A Brief History of Equality, translated by Steven Randall (The Belknap Press of Harvard University Press, 2022) will come as a bit of relief for readers acquainted with his much lengthier earlier works. Piketty offers up this comparative history of inequalities among social classes in human societies – or, as he points out: a brief history of equality acknowledging the long-term trend toward greater social, economic and political equality. The book opens with ‘the movement toward equality’ and ‘the slow deconcentration of power and property’ before reminding readers of our ‘heritage of slavery and colonialism’ and then broaching ‘the question of reparations’. You will hear Professor Piketty share his thoughts on why this question is key for reconciling societal divisions and what reparations could represent in terms of social justice.As he points out, both in this interview and in the book, ‘everything remains to be invented’ which is offered in the same optimistic spirit with which he argues that the struggle for increasing levels of equality requires ‘collective learning’. The crisp progression of ideas in the ten chapters of his narrative leads to its concluding implications that the need for increasing equality at the global level is not only a moral imperative but also an economic one. Not everyone will agree with the professor’s vision or his interpretations but few will question his authority or transparency in such deliberations. The professor’s research and data can be studied through his homepage, and the World Inequality Database.Thomas Piketty is a professor at the Paris School of Economics, Director of Studies at The School of Advanced Studies in Social Sciences, and Co-Director of the World Inequality Lab and Database.Keith Krueger lectures in the SILC Business School at Shanghai University. Learn more about your ad choices. Visit megaphone.fm/adchoices

In Breaking Things at Work: The Luddites are Right About Why You Hate Your Job (Verso, 2021), Gavin Mueller provides a bracing and wide-ranging study of the fractious relationship between workers and technology under capitalism. Mueller traces the thought and actions of ordinary people past and present – including hackers, dockers, musicians and the titular textile workers - who have recognised that technological ‘progress’ too often comes at the expense of their autonomy and dignity. The book pushes back against visions of machine-driven utopia that have continually re-emerged on both the right and the left, arguing instead that resistance to technology is a key site of struggle throughout modernity, and that a Marxist neo-Luddism is crucial to understanding, and changing, the world today.Gummo Clare is a PhD researcher in the School of Media and Communications, University of Leeds. Learn more about your ad choices. Visit megaphone.fm/adchoices

From the host of NPR's Planet Money, the deeply-investigated story of how one visionary, dogged investor changed American finance forever.Before Bill Gross was known among investors as the Bond King, he was a gambler. In 1966, a fresh college grad, he went to Vegas armed with his net worth ($200) and a knack for counting cards. $10,000 and countless casino bans later, he was hooked: so he enrolled in business school.The Bond King: How One Man Made a Market, Built an Empire, and Lost It All (Flatiron Books, 2021) is the story of how that whiz kid made American finance his casino. Over the course of decades, Bill Gross turned the sleepy bond market into a destabilized game of high risk, high reward; founded Pimco, one of today's most powerful, secretive, and cutthroat investment firms; helped to reshape our financial system in the aftermath of the Great Recession--to his own advantage; and gained legions of admirers, and enemies, along the way. Like every American antihero, his ambition would also be his undoing.To understand the winners and losers of today's money game, journalist Mary Childs argues, is to understand the bond market--and to understand the bond market is to understand the Bond King.John Emrich has worked for decades in corporate finance, business valuation and fund management. He has a podcast about the investment advisory industry called Kick the Dogma. Learn more about your ad choices. Visit megaphone.fm/adchoices

Since the late-1990s, the fate of Nazi stolen art has become a cause célèbre. In Belonging and Betrayal: How Jews Made the Art World Modern (Brandeis UP, 2021), Charles Dellheim turns this story on its head by revealing how certain Jewish outsiders came to acquire so many old and modern masterpieces in the first place - and what this reveals about Jews, art, and modernity. This book tells the epic story of the fortunes and misfortunes of a small number of eminent art dealers and collectors who, against the odds, played a pivotal role in the migration of works of art from Europe to the United States and in the triumph of modern art. Beautifully written and compellingly told, this story takes place on both sides of the Atlantic from the late nineteenth century to the present. It is set against the backdrop of critical transformations, among them the gradual opening of European high culture, the ambiguities of Jewish acculturation, the massive sell-off of aristocratic family art collections, the emergence of different schools of modern art, the cultural impact of World War I, and the Nazi war against the Jews. Learn more about your ad choices. Visit megaphone.fm/adchoices

Hilton Judin's book Architecture, State Modernism and Cultural Nationalism in the Apartheid Capital (Routledge, 2021) is the first comprehensive investigation of the architecture of the apartheid state in the period of rapid economic growth and political repression from 1957 to 1966 when buildings took on an ideological role that was never remote from the increasingly dominant administrative, legislative and policing mechanisms of the regime. It considers how this process reflected the usurpation of a regional modernism and looks to contribute to wider discourses on international postwar modernism in architecture.Buildings in Pretoria that came to embody ambitions of the apartheid state for industrialization and progress serve as case studies. These were widely acclaimed projects that embodied for apartheid officials the pursuit of modernization but carried latent apprehensions of Afrikaners about their growing economic prospects and cultural estrangement in Africa. It is a less known and marginal story due to the dearth of material and documents buried in archives and untranslated documents. Many of the documents, drawings and photographs in the book are unpublished and include classified material and photographs from the National Nuclear Research Centre, negatives of 1960s from Pretoria News and documents and pamphlets from Afrikaner Broederbond archives.State architecture became the most iconic public manifestation of an evolving expression of white cultural identity as a new generation of architects in Pretoria took up the challenge of finding form to their prospects and beliefs. It was an opportunistic faith in Afrikaners who urgently needed to entrench their vulnerable and contested position on the African continent. The shift from provincial town to apartheid capital was swift and relentless. Little was left to stand in the way of the ambitions and aim of the state as people were uprooted and forcibly relocated, structures torn down and block upon block of administration towers and slabs erected across Pretoria.This book will be of great interest to students and scholars of architectural history as well as those with an interest in postcolonial studies, political science, and social anthropology.Bryan Toepfer, AIA, NCARB, CAPM is the Principal Architect for TOEPFER Architecture, PLLC, an Architecture firm specializing in Residential Architecture and Virtual Reality. He has authored two books, “Contractors CANNOT Build Your House,” and “Six Months Now, ARCHITECT for Life.” He is an Assistant Professor at Alfred State College and has served as the Director of Government Affairs and as the Director of Education for the AIA Rochester Board of Directors. Always eager to help anyone understand the world of Architecture, he hosts the New Books Network – Architecture podcast, is an NCARB Licensing Advisor and helps coach candidates taking the Architectural Registration Exam. Learn more about your ad choices. Visit megaphone.fm/adchoices

Huzaifa Omair Siddiqi talks about the idea of debt, mainly with respect to the book by David Graeber on its history. This episode is dedicated to his memory.Huzaifa is a doctoral candidate at the Department of English, Jawaharlal Nehru University, working on speculative materialism. He has written on several subjects including Graeber’s work.The image is that of the Cone of Urukagina, which has the first recorded instance of the word ‘freedom’ (‘amargi’). In his book, Graeber talks about this record as one of several issued periodically by Sumerian kings to “declare all outstanding consumer debt null and void…, return all land to its original owners, and allow all debt-peons to return to their families”. Learn more about your ad choices. Visit megaphone.fm/adchoices

In The World Computer: Derivative Conditions of Racial Capitalism (Duke UP, 2021) Jonathan Beller forcefully demonstrates that the history of commodification generates information itself. Out of the omnipresent calculus imposed by commodification, information emerges historically as a new money form. Investigating its subsequent financialization of daily life and colonization of semiotics, Beller situates the development of myriad systems for quantifying the value of people, objects, and affects as endemic to racial capitalism and computation. Built on oppression and genocide, capital and its technical result as computation manifest as racial formations, as do the machines and software of social mediation that feed racial capitalism and run on social difference. Algorithms, derived from for-profit management strategies, conscript all forms of expression-language, image, music, communication-into the calculus of capital such that even protest may turn a profit. Computational media function for the purpose of extraction rather than ameliorating global crises, and financialize every expressive act, converting each utterance into a wager. Repairing this ecology of exploitation, Beller contends, requires decolonizing information and money, and the scripting of futures wagered by the cultural legacies and claims of those in struggle.Marci Mazzarotto is an Assistant Professor of Digital Communication at Georgian Court University in New Jersey. Her research interests center on the interdisciplinary intersection of academic theory and artistic practice with a focus on film and television studies. Learn more about your ad choices. Visit megaphone.fm/adchoices

China has become deeply integrated into the world economy. Yet, gradual marketization has facilitated the country's rise without leading to its wholesale assimilation to global neoliberalism. This book uncovers the fierce contest about economic reforms that shaped China's path. In the first post-Mao decade, China's reformers were sharply divided. They agreed that China had to reform its economic system and move toward more marketization - but struggled over how to go about it. Should China destroy the core of the socialist system through shock therapy, or should it use the institutions of the planned economy as market creators?With hindsight, the historical record proves the high stakes behind the question: China embarked on an economic expansion commonly described as unprecedented in scope and pace, whereas Russia's economy collapsed under shock therapy. Based on extensive research, including interviews with key Chinese and international participants and World Bank officials as well as insights gleaned from unpublished documents, How China Escaped Shock Therapy: The Market Reform Debate (Routledge, 2021) charts the debate that ultimately enabled China to follow a path to gradual reindustrialization. Beyond shedding light on the crossroads of the 1980s, it reveals the intellectual foundations of state-market relations in reform-era China through a longue durée lens.Isabella M. Weber is a political economist working on China, global trade and the history of economic thought. She is an Assistant Professor of Economics at the University of Massachusetts Amherst and the Research Leader for China at the Political Economy Research Institute.Host Peter Lorentzen is an Associate Professor in the Department of Economics at the University of San Francisco, where he leads a new Master's program in Applied Economics focused on the digital economy. His own research focuses on China’s political economy and governance. Learn more about your ad choices. Visit megaphone.fm/adchoices