New Books in Economic and Business History

This week we take a break from fun and games to talk about business and consumerism–which, to be sure, is for some people also fun and games.As Vicki Howard reminds us in her new book, From Main Street to Mall: The Rise and Fall of the American Department Store (University of Pennsylvania Press, 2015), it used to be that America was filled with department stores. Congenital nostalgics remember places like Wanamaker’s in Philadelphia; they even print books about the big-city department stores of Days Gone By. But that ignores the important place that department stores held in small towns all around the country.Vicki Howard has already written on the history of the wedding industry. Now she and Al Zambone talk about the department store, how they began, what they offered people that hadn’t existed before, and how they were undone by the same forces that created them. Zambone gets a little autobiographical, too, but please forgive him. Enjoy.Al Zambone is a historian and the host of the podcast Historically Thinking. You can subscribe to Historically Thinking on Apple Podcasts. Learn more about your ad choices. Visit megaphone.fm/adchoices

Richard Vague really really cares about private-sector debt. And he thinks you should too. In A Brief History of Doom: Two Hundred Years of Financial Crises (University of Pennsylvania Press, 2019), Vague sees the rise and fall of private sector debt as the key factor explaining the cycle of economic crises experienced by developed and major developing economies over the past two centuries. The early stages of a lending cycle look and feel good. Everyone is happy, the lenders think they are smart, the borrowers feel they have everything under control. Then the lenders and borrowers take it to another level, and then another, and then it collapses, time and time again. Where are now? The good news is that debt/GDP levels aren't too bad, but in certain sectors of the economy and certain countries, they are flashing red, brightly. Read the book to find which sectors and countries. Vague makes his data available to researchers at http://www.bankingcrisis.org.Daniel Peris is Senior Vice President at Federated Investors in Pittsburgh. Trained as a historian of modern Russia, he is the author most recently of Getting Back to Business: Why Modern Portfolio Theory Fails Investors. You can follow him on Twitter @Back2BizBook or at http://www.strategicdividendinvestor.com Learn more about your ad choices. Visit megaphone.fm/adchoices

In 1545, a native Andean prospector hit pay dirt on a desolate red mountain in highland Bolivia. There followed the world's greatest silver bonanza, making the Cerro Rico or "Rich Hill" and the Imperial Villa of Potosí instant legends, famous from Istanbul to Beijing. The Cerro Rico alone provided over half of the world's silver for a century, and even in decline, it remained the single richest source on earth. Potosí: The Silver City That Changed the World(University of California Press, 2019), is the first interpretive history of the fabled mining city’s rise and fall. It tells the story of global economic transformation and the environmental and social impact of rampant colonial exploitation from Potosí’s startling emergence in the 16th century to its collapse in the 19th. Kris Lane, France V. Scholes Chair in Colonial Latin American History at Tulane University, provides an invigorating narrative and rare details of this thriving city as well as its promise of prosperity. A new world of native workers, market women, African slaves, and other ordinary residents who lived alongside the elite merchants, refinery owners, wealthy widows, and crown officials, emerge in lively, riveting stories from the original sources. An engrossing depiction of excess and devastation, Potosí reveals the relentless human tradition in boom times and bust.Ryan Tripp is adjunct history faculty for the College of Online and Continuing Education at Southern New Hampshire University. Learn more about your ad choices. Visit megaphone.fm/adchoices

Michael R. Cohen is Associate Professor of Jewish Studies at Tulane University, where he holds a Sizeler Professorship. He is the author of the newly published Cotton Capitalists: American Jewish Entrepreneurship in the Reconstruction Era from NYU Press (2017), as well as The Birth of Conservative Judaism: Solomon Schechter's Disciples and the Creation of an American Religious Movement from Columbia University Press (2012). He earned his Ph.D. from Brandeis University.Greg Soden is the host “Classical Ideas,” a podcast about religion and religious ideas. You can find it on iTunes here.  Learn more about your ad choices. Visit megaphone.fm/adchoices

The familiar narrative of American business development begins in the industrial North, where paternalistic factory owners, committed to a kind of Protestant ethic, scaled up their operations into ‘total institutions’—an effort to forestall labor turnover by providing housing and fulfilling community needs. Many of these firms were, of course, dependent on the availability of cotton from the South where, as Caitlin C. Rosenthal argues, modern management practices were expanded and refined through experimentation with enslaved workers. Accounting for Slavery: Masters and Management (Harvard University Press, 2018) resituates the development of scientific record-keeping and labor optimization practices within the Atlantic slave trade. The book pays close attention to how sophisticated reporting practices, emerging from the standard record books that circulated throughout the Atlantic world, allowed planters to rate and categorize enslaved people in a generalizable way. The book is an invitation to rethink the genealogy of business management, to disabuse professionals of a claim to moral distance from a time when unfettered legal control over a labor force—as capital—created hitherto unknown opportunities for knowledge production and experimentation with efficiency.Mikey McGovern is a PhD candidate in Princeton University’s Program in the History of Science. He works on computing, quantification, communication, and governance in modern America. Learn more about your ad choices. Visit megaphone.fm/adchoices

Though today the public and private sectors are treated as distinct if not separate, the situation was quite different in early modern England. Back then the two were often intertwined, with one of the best examples of this being the English East India Company. In her book A Business of State: Commerce, Politics, and the Birth of the East India Company (Harvard University Press, 2018), Rupali Mishra examines the relationship between the Company and the English state in the early 17th century, showing the many ways in which the two were linked. As Mishra explains, their involvement began with the very creation of the Company, through the granting of a patent that delegated a degree of sovereignty to it. This empowerment was important to the Company’s success, though it also fueled conflicts both internally and with the broader London mercantile community. Added to the semi-official status that the Company sometimes possessed in its dealings abroad was the investment in the Company by many of the leading political figures of that time, including the king, James I. James was not above exploiting the Company as a tool of his policy, though the Company’s sometimes difficult relationship with the crown worsened after his passing in 1625, as his successor Charles I posed yet another series of challenges the Company had to navigate in order to maintain its very existence. Learn more about your ad choices. Visit megaphone.fm/adchoices

Histories of banking and finance aren’t particularly well-known for being riveting, adventurous reads: they tend to be technical at the expense of being strongly narrative-driven. Peter James Hudson’s Bankers and Empire: How Wall Street Colonized the Caribbean (University of Chicago Press, 2017) defies this stereotype. An examination of private lending in the Caribbean by North American bankers between the 1890s and the 1930s, Hudson tells a colorful, albeit at-times disturbing tale of a few American bankers who were able to operate virtually without restriction or regulation. Acting almost as freebooters, they dreamt up new practices to try out on Latin American governments, usually not to their benefit, while reinforcing many North American attitudes and stereotypes about Latin Americans, most of all racially.The result of this imperial lending was traumatic for Caribbean and Latin American governments. For much of this period, bankers enjoyed the official backing of the U.S. government, allowing them to operate with immunity and total security. Through President Taft’s policy of “Dollar Diplomacy,” they were able to operate as an arm of U.S. foreign policy. By making funds available to repressive governments, they helped to cement their place in power at the expense of their subjects, while the amount owed by these governments soon left them under the de facto control of banks and by extension the U.S. government. Ultimately, much of this system came crashing down with the Great Depression, which helped to expose these lending practices as dangerous and ill-regulated. Nevertheless, the effect on the region outlived these practices.Zeb Larson is a PhD Candidate in History at The Ohio State University. His research is about the anti-apartheid movement in the United States. To suggest a recent title or to contact him, please send an e-mail to zeb.larson@gmail.com.  Learn more about your ad choices. Visit megaphone.fm/adchoices

Today I talked to Fahad Bishara about his book A Sea of Debt: Law and Economic Life in the Western Indian Ocean, 1780-1950 (Cambridge University Press, 2017). Dr. Bishara is Assistant Professor of History at the University of Virginia. He specializes in the economic and legal history of the Indian Ocean and Islamic world. In this podcast, Dr. Bishara discusses his sophisticated history that explores the intricate legal and economic regimes that traversed the Western Indian Ocean for generations. He also talks about how he effectively mined legal documents to craft this narrative.The following podcast was originally published on H-Law’s Legal History Podcast. Learn more about your ad choices. Visit megaphone.fm/adchoices

What comes to mind when you think of Paris in the nineteenth century? For me, its revolutionary politics, the circulation of increasing numbers of people and goods, a range of spectacular cultural displays and amusements, an emergent urban modernity including a host of negotiations between social classes, public and private, men and women, citizens and the state. And if I had to name one historical figure to stand for the transformation of the nineteenth-century capital? Haussmann. Hands down.Alexia Yates‘s book, Selling Paris: Property and Commercial Culture in the Fin-de-siecle Capital (Harvard UP, 2015), opened my eyes to a whole other world of everyday urbanism and historical actors in the city during the first decades of the Third Republic. Acknowledging the undeniable impact of Haussmann and Haussmannization on the city that Paris became under and after the Second Empire, Selling Paris considers the activities, interests, and effects of a host of other figures who shaped the city’s property relations and commercial culture from the early years of the Third Republic to the First World War. In the books chapters, readers will find a social history of the business of French building during this period, from planning and production to use. Focused on the architects, private developers, municipal authorities, speculators, real estate agents, notaries, property owners, and tenants whose interactions and negotiations influenced the form, representation, and experience of Parisian real estate in purposeful ways, the book makes significant contributions to our understanding of the history of the capital and capitalism in France.Roxanne Panchasi is an Associate Professor in the Department of History at Simon Fraser University. A historian of French culture and politics in the twentieth century, her current research focuses on the representation of nuclear weapons and testing in France and its empire since 1945. She lives and reads in Vancouver, Canada. If you have a recent title to suggest for the podcast, please send an email to: panchasi@sfu.ca.*The music that opens and closes the podcast is an instrumental version of Creatures, a song written by Vancouver artist/musician Casey Wei (performing as hazy). To hear more, please visit https://agonyklub.com/. Learn more about your ad choices. Visit megaphone.fm/adchoices

There are as many New Deals as there are books on the subject. Yet only recently have historians begun to dig into the international dimensions of the New Deal. Kiran Klaus Patel is one of those historians, and his book, The New Deal: A Global History (Princeton University Press, 2016), is an impressive crack at showing the transnational intertwinements and comparisons that made up the New Deal’s moment. Patel locates the United States in a vast network of modernizing states who experienced a shared crisis in the years after 1929, developed national policies to address the crisis, and looked to other states in search of inspiration or out of fear. As late as 1938, for instance, Roosevelt was requesting Nazi labor statistics to help refine his own administrations planning. Patel shows how the New Deal shaped the world and, more importantly, was shaped by the world.The book provides fresh contributions to a range of different topics, such as the global Great Depression, the Good Neighbor Policy, the development of the welfare state, interwar international relations, and American post-WWII globalism. Kiran Klaus Patel, Professor of European and Global History at Maastricht University, achieves this with a knowledge of secondary literature in a variety of languages and rich archival evidence. The result of Patel’s work is a New Deal that looks a lot less exceptional, yet no less important to global history.Dexter Fergie will be pursuing his PhD in US and Global history at Northwestern University in September 2017. Learn more about your ad choices. Visit megaphone.fm/adchoices