New Books in Economic and Business History

We've heard and rehearsed the conventional wisdom about oil: that the U.S. military presence in the Persian Gulf is what guarantees access to this strategic resource; that the "special" relationship with Saudi Arabia is necessary to stabilize an otherwise volatile market; and that these assumptions in turn provide Washington enormous leverage over Europe and Asia.That common sense is wrong. The author of America's Kingdom: Mythmaking on the Saudi Oil Frontier (Stanford University Press, 2007), Robert Vitalis returns to disenchant us once again—this time from "oilcraft," a line of magical thinking closer to witchcraft than statecraft. Contrary to the deeply-held beliefs of hawkish foreign policy experts and career academics alike, oil is a commodity like any other: bought, sold, and subject to market forces. The House of Saud does many things for U.S. investors, firms, and government agencies, but guaranteeing the flow of oil, making it cheap, or stabilizing the price isn't one of them. Nevertheless, persistent fears of oil scarcity and conflict continue to breed real consequences. Robert Vitalis, Oilcraft: The Myths of Scarcity and Security That Haunt U.S. Energy Policy (Stanford UP, 2020) presses us to reconsider, among many things, the U.S.-Saudi special relationship, which confuses and traps many into unnecessarily accepting what we imagine is a devil's bargain. Along the way, Vitalis resurrects a forgotten school of critics of empire—a reprisal of his task in White World Order, Black Power Politics: The Birth of American International Relations (Cornell University Press, 2017).Freeing ourselves from the spell of oilcraft won't be easy. But the benefits of doing so, and the drawbacks of not, make it essential. Learn more about your ad choices. Visit megaphone.fm/adchoices

Peoples & Things host, Lee Vinsel, talks to Cyrus Mody, Professor in the History of Science, Technology, and Innovation and Director of the STS Program at Maastricht University, about his book, The Squares: US Physical and Engineering Scientists in the Long 1970s (MIT Press, 2022). Many narratives about contemporary technologies, especially digital computing and the Internet, focus on the influences of 1960s counter-cultures. In _The Squares_, Mody takes the opposite approach and asks how square, non-counter-cultural scientists and engineers reacted to their changing environments in the 1970s. Vinsel and Mody also talk about what this story may suggest about current efforts to refocus STEM education on “values.” The pair also discuss how, over the course of his career, Mody has continually used a set of historical actors he knows a great deal about to examine different historical themes and questions. Finally, they discuss Mody’s current projects and where he is headed. Learn more about your ad choices. Visit megaphone.fm/adchoices

This is part #3 of a the (ir)Rational Alaskans, a Cited Podcast mini-series that re-examines the legacy of the Exxon Valdez oil spill.In the last episode of the (ir)Rational Alaskans, Riki Ott, Linden O’Toole, and thousands of other Alaskan fishers won over $5 billion in punitive damages against Exxon for the Exxon Valdez oil spill. In our finale, while Ott and O’Toole wait for their cheques, Exxon fights back with a legal and academic appeal. In that appeal, they marshal some of the most-respected scholars of our generation.The (ir)Rational Alaskans is a partnership with Canada’s National Observer. You can also read about this story in Jacobin. For a full list of credits, and for the rest of the episodes, visit the series page.Programming Note: This marks the end of our returning season, the Rationality Wars. We will back with another season shortly, sometime this fall. If you want to catch that season, make sure to stay subscribed to our podcast feed (Apple, Spotify, RSS). You can also stay updated by following us on X (@citedpodcast), and you can contact us directly at info [at] citedmedia.ca if you have any questions or any feedback. Finally, if you are impatient and just itching for more content, check out some of our other episodes, like: the other episodes in this season, if you joined up late; the episodes from last season, especially America's Chernobyl; or some of the highlights from our other podcast, Darts and Letters. Learn more about your ad choices. Visit megaphone.fm/adchoices

Since the mid-nineteenth century, public officials, reformers, journalists, and other elites have referred to “the labour question.” The labour question was rooted in the system of wage labour that spread throughout much of Europe and its colonies and produced contending classes as industrialization unfolded. Answers to the Labour Question explores how the liberal state responded to workers’ demands that employers recognize trade unions as their legitimate representatives in their struggle for compensation and control over the workplace.In Answers to the Labour Question: Industrial Relations and the State in the Anglophone World, 1880–1945 (University of Toronto Press, 2024), Dr. Gary Mucciaroni examines five Anglophone nations – Australia, Canada, Great Britain, New Zealand, and the United States – whose differences are often overlooked in the literature on political economy, which lumps them together as liberal, “market-led” economies. Despite their many shared characteristics and common historical origins, these nations’ responses to the labour question diverged dramatically. Dr. Mucciaroni identifies the factors that explain why these nations developed such different industrial relations regimes and how the paths each nation took to the adoption of its regime reflected a different logic of institutional change. Drawing on newspaper accounts, parliamentary debates, and personal memoirs, among other sources, Answers to the Labour Question aims to understand the variety of state responses to industrial unrest and institutional change beyond the domain of industrial relations.This interview was conducted by Dr. Miranda Melcher whose new book focuses 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

Robin Bernstein, an author and scholar, dives deep into historical perspectives on incarceration and capitalism. She discusses the story of William Freeman, a wrongfully convicted teenager, who challenged the exploitative prison system in 19th-century New York. This led to a shocking murder that highlighted the intertwining of profit and punishment. Bernstein also connects Freeman's story to broader themes of race, criminality, and modern prison reform, revealing how historical injustices continue to impact society today.

In The Enslaved and Their Enslavers: Power, Resistance, and Culture in South Carolina, 1670-1825 (U Pennsylvania Press, 2023), Edward Pearson offers a sweeping history of slavery in South Carolina, from British settlement in 1670 to the dawn of the Civil War. For enslaved peoples, the shape of their daily lives depended primarily on the particular environment in which they lived and worked, and Pearson examines three distinctive settings in the province: the extensive rice and indigo plantations of the coastal plain; the streets, workshops, and wharves of Charleston; and the farms and estates of the upcountry. In doing so, he provides a fine-grained analysis of how enslaved laborers interacted with their enslavers in the workplace and other locations where they encountered one another as plantation agriculture came to dominate the colony.The Enslaved and Their Enslavers sets this portrait of early South Carolina against broader political events, economic developments, and social trends that also shaped the development of slavery in the region. For example, the outbreak of the American Revolution and the subsequent war against the British in the 1770s and early 1780s as well as the French and Haitian revolutions all had a profound impact on the institution’s development, both in terms of what enslaved people drew from these events and how their enslavers responded to them.Throughout South Carolina’s long history, enslaved people never accepted their enslavement passively and regularly demonstrated their fundamental opposition to the institution by engaging in acts of resistance, which ranged from vandalism to arson to escape, and, on rare occasions, organizing collectively against their oppression. Their attempts to subvert the institution in which they were held captive not only resulted in slaveowners tightening formal and informal mechanisms of control but also generated new forms of thinking about race and slavery among whites that eventually mutated into pro-slavery ideology and the myth of southern exceptionalism.Omari Averette-Phillips is a doctoral student in the Department of History at UC Davis. He can be reached at omariaverette@gmail.com. Learn more about your ad choices. Visit megaphone.fm/adchoices

Oliver Volckart, an expert on Germany’s first common currency, shares insights from his upcoming book. He discusses the challenges posed by multiple currencies that harmed trade and governance. Volckart highlights how competitive debasements led to the realization that a common currency was essential. He also delves into the intrigue surrounding key negotiations and interest groups from the 16th century, emphasizing the Rhine River's critical role in shaping economic dynamics. Finally, he connects historical currency developments to modern monetary policies.

An in-depth examination of the regulatory, entrepreneurial, and organizational factors contributing to the expansion and transformation of China’s supplemental education industry.Like many parents in the United States, parents in China, increasingly concerned with their children’s academic performance, are turning to for-profit tutoring businesses to help their children get ahead in school. China’s supplemental education industry is now the world’s largest and most vibrant for-profit education market, and we can see its influence on the US higher education system: more than 70% of Chinese students studying in American universities have taken test preparation classes for overseas standardized tests. The Fruits of Opportunism: Noncompliance and the Evolution of China's Supplemental Education Industry (U Chicago Press, 2022) offers a much-needed thorough investigation into this industry. This book examines how opportunistic organizations thrived in an ambiguous policy environment and how they catalyzed organizational and institutional changes in this industry.A former insider in China’s Education Industry, sociologist Le Lin shows how and why this industry evolved to become a for-profit one dominated by private, formal, nationally operating, and globally financed corporations, despite restrictions the Chinese state placed on the industry. Looking closely at the opportunistic organizations that were founded by marginal entrepreneurs and quickly came to dominate the market, Lin finds that as their non-compliant practices spread across the industry, these opportunistic organizations pushed privatization and marketization from below. The case of China’s Education Industry laid out in The Fruits of Opportunism illustrates that while opportunism leaves destruction in its wake, it can also drive the formation and evolution of a market.Professor Le Lin’s research centers on organizations, political economy, economic sociology and social stratification, especially where these areas intersect with education and healthcare in China, the U.S. and in a transnational context. His most recent book The Fruits of Opportunism: Noncompliance and the Evolution of China’s Supplemental Education Industry, was published by the University of Chicago Press won the Honorable Mention of the Asia/Transnational Book Award, American Sociological Association (ASA) in 2023. His articles and research have also appeared in journals such as Socio-Economic Review, Higher Education and Global Perspectives, and has won awards from the American Sociological Association and the Society for the Advancement of Socio-Economics.Gene-George Earle is currently a PhD candidate in Anthropology at East China Normal University in Shanghai. Learn more about your ad choices. Visit megaphone.fm/adchoices

The Power to Persuade: Strategic Arguing at the World Trade Organization (University of Toronto Press, 2024) by Dr. Angela Geck provides an innovative and eye-opening analysis of strategic arguing as a means of power in global politics. Based on an empirical case study of arguing processes in the World Trade Organization (WTO), the book shows how discursive contexts, institutional norms and procedures, and unequal human resources condition who has the power to persuade.While accounts of arguing in international relations are typically based on a notion of arguing as a power-free mode of interaction oriented towards understanding, Dr. Geck shows how such an approach precludes the question of persuasive power. Drawing on in-depth interviews with Geneva diplomats and a document-based analysis of the negotiations on two Doha Round issues, the book examines the practices governing strategic arguing in the WTO and uncovers two sources of persuasive power: firstly, prevalent discourses and connected regime norms empower some actors over others; secondly, their ability to debate is conditioned by exclusionary procedures and unequal human resources.Offering a grounded theory of strategic arguing in trade politics, The Power to Persuade presents a novel analysis of the relationship between arguing and power.This interview was conducted by Dr. Miranda Melcher whose new book focuses 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 dramatic inside story of the most important case in the history of sovereign debt law Unlike individuals or corporations that become insolvent, nations do not have access to bankruptcy protection from their creditors. When a country defaults on its debt, the international financial system is ill equipped to manage the crisis. Decisions by key individuals—from national leaders to those at the International Monetary Fund, from holdout creditors to judges—determine the fate of an entire national economy. A prime example is Argentina’s 2001 default on $100 billion in bonds, which stands out for its messy outcomes and outsized impact on sovereign debt markets, sovereign debt law, and IMF policy. Default: The Landmark Court Battle over Argentina's $100 Billion Debt Restructuring (Georgetown UP, 2024) is the riveting story of Argentina’s sovereign debt drama, which reveals the obscure inner workings of sovereign debt restructuring. This detailed case study describes the intense fight over the role of the IMF in Argentina’s 2005 debt restructuring and the ensuing bitter decade of litigation with holdout creditors, demonstrating that outcomes for sovereign debt are determined by a complex interplay between financial markets, governments, the IMF, the press, and the courts. This cautionary tale lays bare the institutional, political, and legal pressures that come into play when a country cannot repay its debts. It offers a deeper understanding of how global financial capitalism functions for those who work in or study debt markets, international finance, international relations, and international law.Gregory Makoff, PhD, is a senior fellow at the Harvard Kennedy School and a senior fellow at the Centre for International Governance Innovation and an expert on sovereign debt management. A former banker specializing in debt advice, liability management, and derivatives, he has also advised the US Department of the Treasury.Caleb Zakarin is editor at the New Books Network. Learn more about your ad choices. Visit megaphone.fm/adchoices