New Books in Economic and Business History

What Work Means: Beyond the Puritan Work Ethic (ILR Press, 2024) goes beyond the stereotypes and captures the diverse ways Americans view work as a part of a good life. Dispelling the notion of Americans as mere workaholics, Claudia Strauss presents a more nuanced perspective. While some live to work, others prefer a diligent 9-to-5 work ethic that is conscientious but preserves time for other interests. Her participants often enjoyed their jobs without making work the focus of their life. These findings challenge laborist views of waged work as central to a good life as well as post-work theories that treat work solely as exploitative and soul-crushing.Drawing upon the evocative stories of unemployed Americans from a wide range of occupations, from day laborers to corporate managers, both immigrant and native-born, Strauss explores how diverse Americans think about the place of work in a good life, gendered meanings of breadwinning, accepting financial support from family, friends, and the state, and what the ever-elusive American dream means to them. By considering how post-Fordist unemployment experiences diverge from joblessness earlier, What Work Means paves the way for a historically and culturally informed discussion of work meanings in a future of teleworking, greater automation, and increasing nonstandard employment.Claudia Strauss is Professor of Anthropology at Pitzer College. She is the author of A Cognitive Theory of Cultural Meaning with Naomi Quinn and co-editor of Human Motives and Cognitive Models. Learn more about your ad choices. Visit megaphone.fm/adchoices

Baseball’s introduction to the Philippines. The slot machine trade between Manila and Shanghai. A musical based extremely loosely on the life of the sultan of Sulu.These are just a few of the historical topics from Lio Mangubat’s Silk, Silver, Spices, Slaves: Lost Tales from the Philippine Colonial Period (Faction Press: 2024), a collection of 13 essays on stories from Filipino history as a Spanish and then American colony. All the stories come from Lio’s podcast, The Colonial Department, which features long-lost stories from the country's past under Spanish, British, American, and Japanese rule.In this interview, Lio and I talk about what inspired his essay collection, his conversation with Albert Samaha (an earlier podcast guest!) and what’s missing in how we talk about the PhilippinesLio is also the editor in chief of publishing house Summit Books, and is based in Manila. Find him on Instagram at @liomangubat and @thecolonialdept.You can find more reviews, excerpts, interviews, and essays at The Asian Review of Books, including its review of Silk, Silver, Spices, Slaves. Follow on Twitter at @BookReviewsAsia.Nicholas Gordon is an 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

Is a green future possible? In Petrochemical Planet: Multiscalar Battles of Industrial Transformation (Duke UP, 2023), Alice Mah, a Professor in Urban and Environmental Studies at the University of Glasgow examines the practices of the petrochemical industry, along with the communities living with, and resisting, its impact. Offering ethnographic and theoretical reflections on this often overlooked and hidden part of the oil and plastics production chain, the book offers a new perspective on our present environmental crisis. Diagnosing the acuteness of problems as well as the challenges of solutions, the book is essential reading for anyone wanting to understand our planet and environment. The book is available open access here. Learn more about your ad choices. Visit megaphone.fm/adchoices

More than any other global institution, the US Federal Reserve’s decisions and communications drive capital markets and alter financial conditions everywhere from Seattle to Seoul. While its interest rate are set by an expert committee, for almost a century, the Fed’s core philosophy and operational approach have been moulded by one person: the Chair of the Board of Governors.In this podcast series, Tim Gwynn Jones - a veteran central bank "watcher" - talks to authors of books about the Fed's most influential Chairs, starting with Marriner Eccles, Bill Martin, Arthur Burns, and Paul Volcker.In this third episode, he talks to Wyatt Wells – author of Economist in an Uncertain World – Arthur F. Burns and The Federal Reserve, 1970–1978 (Columbia University Press, 1994). Burns has had a bad press - so bad that Chris Hughes, one of Facebook's founders, was moved to rehabilitate him. Leading the Fed from 1970 to 1978 when inflation averaged 9%, Burns was an accomplished business-cycle economist but also a politically partisan Chair intensely loyal to Richard Nixon and Gerald Ford. Going far beyond his remit as a central banker, Burns oversaw government efforts to control prices and wages as an alternative to monetary policy.“If you couple an incomes policy with a tight fiscal and monetary policy, it can work. The problem is that it often becomes an excuse for not doing that,” says Wells. “Burns found himself trapped in this position where he felt he couldn't raise interest rates without wrecking the controls programme and possibly his own career – his own position at the Fed. It's clear in ‘73, he knows interest rates need to go up. They're trying to raise them but he's got these political concessions and he's doing this sort of dance, trying to square the circle … And of course: ‘I'm the smartest guy in the room. Therefore, I should play a key role in this effort to balance everything’. I think there are very few Federal Reserve chairmen who have elbowed their way into other areas in the way that Burns did. Maybe none”.An economic historian, Wyatt Wells has been Professor of History at Auburn University, Montgomery, since 1997. Learn more about your ad choices. Visit megaphone.fm/adchoices

How Documentaries Went Mainstream: A History, 1960-2022 (Oxford University Press, 2023) provides a more comprehensive and meaningful periodization of the commercialization of documentary film. Although the commercial ascension of documentary films might seem meteoric, it is the culmination of decades-long efforts that have developed and fortified the audience for documentary features.Author Nora Stone refines rough explanations of these efforts through a robust synoptic history of the market for documentary films, using knowledge of film economics and the norms of industry discourse to tell a richer story. This periodization will allow scholars to compare the commercialization of documentary film with other genres. Drawing on archival documents, industry trade journals and popular press, and interviews with filmmakers and film distributors, Stone illuminates how documentary features have become more plentiful, popular, and profitable than ever before.Ailin Zhou is a PhD student in Film & Digital Media at University of California, Santa Cruz. Her research interests include transnational Chinese cinema, Asian diasporic visual culture, contemporary art, and feminist and queer theories. Learn more about your ad choices. Visit megaphone.fm/adchoices

After two government bailouts of the American economy in less than twenty years, free market thought is due for serious reappraisal. Free Market: The History of an Idea (Basic Books, 2022) shows how the idea became so powerful, why it succeeded, and why it has failed so spectacularly. In 1990, the G7 Countries enjoyed 70 percent of world GDP. In the face of the collapse of the Soviet Union, it was supposed to be a story of the success of free markets. However, in the past thirty years, that number has dropped by half, and Asia has emerged as a major motor of world economic growth. Today, state-run China is the second biggest economy on earth, and tiny Singapore, with its state-owned companies, has become a new model of wealth creation. In other words, Milton Friedman's free market dogma, that only private companies can create wealth and that states hamper it, has not proved very clearly to be untrue. This book shows how we got to the current crisis of free market thought, and suggests how we can find our way out. Contrary to popular free market narratives, early market theorists believed that states had an important role in building and maintaining free markets. But in the eighteenth century, some free-market thinkers began insisting only pure free markets, without state intervention, could work. A tradition of free-market ideological brittleness emerged, and it has led orthodox free market economics to some spectacular failures. It is a paradox that an economic theory rooted in the idea of competition, adaptation and evolution, has refused to follow its own precepts. This book shows that we need to go back to the origins of free market thought in order to understand its dynamism, as well as its inherent weaknesses, and to develop new economic concepts to face the staggering challenges of the twenty-first century.Jacob Soll is an American university professor and professor of philosophy, history and accounting at the University of Southern California. Soll's work examines the mechanics of politics, statecraft and economics by dissecting the various elements of how modern states and political systems succeed and fail.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

More than any other global institution, the US Federal Reserve’s decisions and communications drive capital markets and alter financial conditions everywhere from Seattle to Seoul. While its interest rate are set by an expert committee, for almost a century, the Fed’s core philosophy and operational approach have been moulded by one person: the Chair of the Board of Governors.In this podcast series, Tim Gwynn Jones - a veteran central bank "watcher" - talks to authors of books about the Fed's most influential Chairs, starting with Marriner Eccles, Bill Martin, Arthur Burns, and Paul Volcker.In this second episode, he interviews Robert Bremner – author of Chairman of the Fed: William McChesney Martin Jr. and the Creation of the Modern American Financial System (Yale University Press, 2004). Bill Martin still holds the record for the longest chairmanship at the Fed – holding the office from 1951 to 1970. A Democrat, he was first nominated by President Harry Truman and reappointed (more or less willingly) by Eisenhower, Kennedy, Johnson, and Nixon. He dismantled government wartime controls over interest rates, battled to save the postwar currency-management regime, democratised the Fed, and fought successive presidents to keep its independence.These conflicts started early, says Bremner. “Martin told this story about walking down Wall Street and passing the president going the other way and Martin said: ‘Good morning, Mr. President, great to see you’. And Truman looked at him and said: ‘Traitor’. Basically Truman wanted to continue low interestrates certainly until he left office and for as long as possible”.After a career in finance at the World Bank and in the mutual-fund industry, Bob Bremner is now a director of the Westminster Ingleside Foundation. Learn more about your ad choices. Visit megaphone.fm/adchoices

In Automotive Empire: How Cars and Roads Fueled European Colonialism in Africa (Cornell University Press, 2024), Dr. Andrew Denning uncovers how roads and vehicles began to transform colonial societies across Africa but rarely in the manner Europeans expected. Like seafaring ships and railroads, automobiles and roads were more than a mode of transport—they organised colonial spaces and structured the political, economic, and social relations of empire, both within African colonies and between colonies and the European metropole.European officials in French, Italian, British, German, Belgian, and Portuguese territories in Africa shared a common challenge—the transport problem. While they imagined that roads would radiate commerce and political hegemony by collapsing space, the pressures of constructing and maintaining roads rendered colonial administration thin, ineffective, and capricious. Automotive empire emerged as the European solution to the transport problem, but revealed weakness as much as it extended power.As Automotive Empire reveals, motor vehicles and roads seemed the ideal solution to the colonial transport problem. They were cheaper and quicker to construct than railroads, overcame the environmental limitations of rivers, and did not depend on the recruitment and supervision of African porters. At this pivotal moment of African colonialism, when European powers transitioned from claiming territories to administering and exploiting them, automotive empire defined colonial states and societies, along with the brutal and capricious nature of European colonialism itself.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

Marriner Eccles was a pivotal figure in shaping the US Federal Reserve's approach to economic policy, serving as its Chair from 1934 to 1948. This discussion highlights his advocacy for macroeconomic activism, emphasizing the importance of government intervention for financial security. Eccles's transformation from a traditional Republican to a Keynesian advocate is explored, showcasing how personal experiences influenced his economic beliefs. The podcast also delves into the significant impact of the Banking Act of 1935, underscoring Eccles's role in navigating the complexities of the New Deal.

Historically, the insurance industry in America has been fragmented. As a result, there have been debates and conflicts over the proper roles of federal and state governments, business, and the responsibilities of individuals. Who should cover the risks of loss? And to what extent should risk be shared and by whom?In Uncovered: The Story of Insurance in America (Oxford UP, 2023), Katherine Hempstead answers these questions by exploring the history of the insurance business and its regulation in the United States from the 1870s through the twentieth century. Specifically, she focuses on the friction between the public demand for insurance and the private imperatives of insurers. Tracing the history of the industry from the early days of life, fire, and casualty insurance to the development of state regulation in the late nineteenth century, Hempstead examines the role that insurers initially played in the largely voluntary social safety net and how this changed over time. After the Great Depression, the federal government assumed a greater role in the provision of insurance, while insurers enthusiastically pursued the growing business of employee benefits. As the twentieth century progressed, insurers and government have become interdependent, with insurers participating in publicly funded markets. As Hempstead shows, periodic crises in life, fire, health, auto, and liability insurance highlighted gaps between the coverage that insurers were willing to provide and what the public demanded. Learn more about your ad choices. Visit megaphone.fm/adchoices