New Books in Economic and Business History

Think that today's debates about the role of the Federal Reserve Bank, financial regulation, "too big to fail", etc. are new? Think again. Who should control banks, who should regulate banks, what should banks even do--these questions have been debated since the founding of the Republic. Replace CNBC's David Faber with Alexander Hamilton, and Joe Kernan with Thomas Jefferson (or James Madison) and the arguments about banking, moral hazard, and regulation would be largely the same, though the attire would be quite different.Kathleen Day's new book Broken Bargain: Bankers, Bailouts, and the Struggle to Tame Wall Street (Yale University Press, 2019) provides a detailed two-century history of the give and take between government authority and financial institutions (and the individuals caught between them). The challenges over time have changed--the absence of a single currency in the early 19th century, insufficient credit in the late 19th century, the roaring and patently stupid 1920s, and then the whole range of financial innovations in the postwar period--but the key issues recur over and over again. Day sides in the end with the need for consistent regulation from impartial and empowered bureaucrats, but alas, the last two centuries have shown that they are hard to come by. Not everyone will agree with her take on banks and regulation, but there can be no doubt about the underlying "capitalism is messy" theme running through our history and this book.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

Over the past several decades, predominantly White, postindustrial cities in America’s agriculture and manufacturing centre have flipped from blue to red. Cities that were once part of the traditional Democratic New Deal coalition began to vote Republican, providing crucial support for the electoral victories of Republican presidents from Reagan to Trump. In How the Heartland Went Red Why Local Forces Matter in an Age of Nationalized Politics (Princeton University Press, 2024), Dr. Stephanie Ternullo argues for the importance of place in understanding this rightward shift, showing how voters in these small Midwestern cities view national politics—whether Republican appeals to racial and religious identities or Democrat’s appeals to class—through the lens of local conditions.Offering a comparative study of three White blue-collar Midwestern cities in the run-up to the 2020 election, Ternullo shows the ways that local contexts have sped up or slowed down White voters’ shift to the right. One of these cities has voted overwhelmingly Republican for decades; one swung to the right in 2016 but remains closely divided between Republicans and Democrats; and one, defying current trends, remains reliably Democratic. Through extensive interviews, Ternullo traces the structural and organisational dimensions of place that frame residents’ perceptions of political and economic developments. These place-based conditions—including the ways that local leaders define their cities’ challenges—help prioritise residents’ social identities, connecting them to one party over another. Despite elite polarisation, fragmented media, and the nationalisation of American politics, Ternullo argues, the importance of place persists—as one of many factors informing partisanship, but as a particularly important one among cross-pressured voters whose loyalties are contested.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

Profit ― getting more out of something than you put into it ― is the original genius of homo sapiens, who learned how to unleash the energy stored in wood, exploit the land, and refashion ecosystems. As civilization developed, we found more and more ways of extracting surplus value from the earth, often deploying brutally effective methods to discipline people to do the work needed.In Profit: An Environmental History (Polity Press, 2022), Historian Mark Stoll explains how capitalism supercharged this process and traces its many environmental consequences. The financial innovations of medieval Italy created trade networks that, with the European discovery of the Americas, made possible vast profits and sweeping cultural changes, to the detriment of millions of slaves and indigenous Americans; the industrial age united the world in trade and led to an energy revolution that changed lives everywhere. But when efficient production left society awash in goods, a new sort of capitalism, predicated on endless individual consumption, took its place.This story of incredible ingenuity and villainy begins in the Doge’s palace in medieval Venice and ends with Jeff Bezos aboard his own spacecraft. Mark Stoll’s revolutionary account places environmental factors at the heart of capitalism’s progress and reveals the long shadow of its terrible consequences.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

Selling French Sex: Prostitution, Trafficking, and Global Migrations (Cambridge UP, 2024) is an illuminating account of the cultural, social, and economic history of the sale of 'French sex'. It explores the discourses and experiences surrounding the early twentieth century debate on sex trafficking, which mobilized various international reform movements to combat the coerced prostitution of young women abroad. According to popular legend and empirical studies, French women were present in brothels all over the world, where they were the most desired and best paid in the business. But were they trafficking victims or willing migrants? In this timely book, Elisa Camiscioli reconstructs the networks and mechanisms of cross-border migrations for sexual labor; elucidates women's motives for leaving and staying; and explains why French migrant sexual labor occupied such a prominent place in the underworld of prostitution, as well as in the imaginaries of anti-trafficking campaigners, immigration officials, and ordinary consumers of vice.Elisa Camiscioli is a professor of history at Binghamton University. She specializes in immigration to and from France, sex trafficking, and race and sexual politics in modern France and its empire. She completed a B.A., cum laude, at University of Pennsylvania and earned a M.A. and Ph.D. from the University of Chicago. In addition to a number of peer-reviewed articles, she is the author of Reproducing the French Race: Immigration, Intimacy, and Embodiment in the Early Twentieth Century (Duke University Press. 2009). Dr. Camiscioli was co-editor of the Journal of Women's History from 2015 to 2020. Learn more about your ad choices. Visit megaphone.fm/adchoices

In this special episode, we talk to two authors about the role of financial institutions in enslavement. Sharon Ann Murphy, associate professor of history, argues in Banking on Slavery Financing Southern Expansion in the Antebellum United States (University of Chicago Press, 2023) that Southern banks’ willingness to use enslaved people as loan collateral led to the exponential growth of Southern enslavement during the 1820-30s. In filmmaker, producer, and author David Montero’s book, The Stolen Wealth of Slavery: A Case for Reparations (Hatchette Book Group, 2024), he follows Wall Street bankers and large Northern banks were critical to the financing of slavery and, in turn, who massed incredible wealth from enslavement.Dr. N’Kosi Oates is a curator and assistant professor. He earned his Ph.D. in Africana Studies at Brown University. Find him on Twitter at DrNKosiOates. Learn more about your ad choices. Visit megaphone.fm/adchoices

The United States was an upside-down British Empire. It had an agrarian economy, few large investors, and no territorial holdings outside of North America. However, decades before the Spanish-American War, the United States quietly began to establish an empire across thousands of miles of Pacific Ocean.While conventional wisdom suggests that large interests – the military and major business interests – drove American imperialism, The Price of Empire: American Entrepreneurs and the Origins of America's First Pacific Empire (Cambridge University Press, 2024) argues that early American imperialism was driven by small entrepreneurs. When commodity prices boomed, these small entrepreneurs took risks, racing ahead of the American state. Yet when profits were threatened, they clamored for the US government to follow them into the Pacific.Through novel, intriguing stories of American small businessmen, this book shows how American entrepreneurs manipulated the United States into pursuing imperial projects in the Pacific. It explores their travels abroad and highlights the consequences of contemporary struggles for justice in the Pacific.Our guests today are: Miles M. Evers, who is an Assistant Professor of Political Science at the University of Connecticut; and Eric Grynaviski, who is an Associate Professor of Political Science and International Affairs at George Washington University.Our host is Eleonora Mattiacci, an Assistant Professor of Political Science at Amherst College. She is the author of "Volatile States in International Politics" (Oxford University Press, 2023). Learn more about your ad choices. Visit megaphone.fm/adchoices

From Dust They Came: Government Camps and the Religion of Reform in New Deal California (NYU Press, 2023) tells the story of the federal government’s Depression-era effort to redeem Dust Bowl refugees in rural California through the religion of reform.During the Depression hundreds of thousands of families left the Great Plains and Southwest to look for farm work in California. Seeing destitute white families living in filthy shelters, reform-minded New Deal officials built a series of camps to provide shelter and community. Drawn from the archives of the federal camp system, Jonathan H. Ebel tells the story of the religious dynamics in and around the farm labor camps, making the case that they served as mission sites for the conversion of migrants to more modern ways of living and believing, centered around ideas of virtuous citizenship based on a foundation of seemingly secular values such as cleanliness, hard work, and family life. The migrants, particularly those who came from charismatic and conservative Protestant faiths, sometimes had different ideas about right living. Ebel shows how the New Deal program was animated simultaneously by humanitarian concern and by the belief that these poor white migrants and their religious practices needed to be transformed for them to achieve a better life in a modernized, secular world. Recommended reading: The Last Report on the Miracles at Little No Horse by Louise Erdrich Learn more about your ad choices. Visit megaphone.fm/adchoices

What roles did Americans play in the expanding global empires of the nineteenth century? In The China Firm: American Elites and the Making of British Colonial Society (Columbia University Press, 2024), Thomas M. Larkin examines the Hong Kong–based Augustine Heard & Company, the most prominent American trading firm in treaty-port China, to explore the ways American elites at once made and were made by British colonial society. Following the Heard brothers throughout their firm’s rise and decline, The China Firm reveals how nineteenth-century China’s American elite adapted to colonial culture, helped entrench social and racial hierarchies, and exploited the British imperial project for their own profit as they became increasingly invested in its political affairs and commercial networks.Through the central narrative of Augustine Heard & Co., Larkin disentangles the ties that bound the United States to China and the British Empire in the nineteenth century. Drawing on a vast range of archival material from Hong Kong, China, Boston, and London, he weaves the local and the global together to trace how Americans gained acceptance into and contributed to the making of colonial societies and world-spanning empires. Uncovering the transimperial lives of these American traders and the complex ways extraimperial communities interacted with British colonialism, The China Firm makes a vital contribution to global histories of nineteenth-century Asia and provides an alternative narrative of British empire.Thomas Larkin in Assistant Professor of History at the University of Prince Edward Island. Twitter. Website.Brian Hamilton is chair of the Department of History and Social Science at Deerfield Academy. Twitter. Website. Learn more about your ad choices. Visit megaphone.fm/adchoices

In Seeding Empire: American Philanthrocapital and the Roots of the Green Revolution in Africa (University of California Press, 2024), Dr. Aaron Eddens rewrites an enduring story about the past—and future—of global agriculture. Dr. Eddens connects today's efforts to cultivate a "Green Revolution in Africa" to a history of American projects that introduced capitalist agriculture across the Global South. Expansive in scope, this book draws on archival records of the earliest Green Revolution projects in Mexico in the 1940s and 1950s, as well as interviews at development institutions and agribusinesses working to deliver genetically modified crops to millions of small-scale farmers across Africa. From the offices of the Bill and Melinda Gates Foundation to the halls of the world's largest agricultural biotechnology companies to field trials of hybrid maize in Kenya, Dr. Eddens shows how the Green Revolution fails to address global inequalities. Seeding Empire insists that eradicating hunger in a world of climate crisis demands thinking beyond the Green Revolution.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

European colonialism was often driven by the pursuit of natural resources, and the resulting colonisation and decolonization processes have had a profound impact on the formation of the majority of sovereign states that exist today. But how exactly have natural resources influenced the creation of formerly colonised states? And would the world map of sovereign states look significantly different if not for these resources?These questions are at the heart of Fueling Sovereignty: Colonial Oil and the Creation of Unlikely States (Cambridge University Press, 2024), which focuses primarily on oil as the most significant natural resource of the modern era. Dr. Naosuke Mukoyama provides a compelling analysis of how colonial oil politics contributed to the creation of some of the world's most “unlikely” states. Drawing on extensive archival sources on Brunei, Qatar and Bahrain, he sheds light on how some small colonial entities achieved independence despite their inclusion in a merger project promoted by the metropole and regional powers.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