New Books in Economic and Business History

Poverty is big business in America. The federal government spends about $900 billion a year on programs that directly or disproportionately impact poor Americans, including antipoverty programs such as the earned income tax credit, Medicaid, and affordable housing vouchers and subsidies. States and local governments spend tens of billions more. Ironically, these enormous sums fuel the “corporate poverty complex,” a vast web of hidden industries and entrenched private-sector interests that profit from the bureaucracies regulating the lives of the poor. From bail bondsmen to dialysis providers to towing companies, their business models depend on exploiting low-income Americans, and their political influence ensures a thriving set of industries where everyone profits except the poor, while U.S. taxpayers foot the bill.In Poverty for Profit: How Corporations Get Rich off America’s Poor (The New Press, 2024), veteran journalist Anne Kim investigates the multiple industries that infiltrate almost every aspect of the lives of the poor—health care, housing, criminal justice, and nutrition. She explains how these businesses are aided by public policies such as the wholesale privatization of government services and the political influence these industries wield over lawmakers and regulators. Supported by original investigative reporting on the lesser-known players profiting from the antipoverty industry, Poverty for Profit adds a crucial dimension to our understanding of how structural inequality and structural racism function today. Learn more about your ad choices. Visit megaphone.fm/adchoices

The UAW's Southern Gamble: Organizing Workers at Foreign-Owned Vehicle Plants (IRL Press, 2023) is the first in-depth assessment of the United Auto Workers' efforts to organize foreign vehicle plants (Daimler-Chrysler, Mercedes-Benz, Nissan, and Volkswagen) in the American South since 1989, an era when union membership declined precipitously. Stephen J. Silvia chronicles transnational union cooperation between the UAW and its counterparts in Brazil, France, Germany, and Japan and documents the development of employer strategies that have proven increasingly effective at thwarting unionization.Silvia shows that when organizing, unions must now fight on three fronts: at the worksite; in the corporate boardroom; and in the political realm. The UAW's Southern Gamble makes clear that the UAW's failed campaigns in the South can teach hard-won lessons about challenging the structural and legal roadblocks to union participation and effectively organizing workers within and beyond the auto industry.Stephen J. Silvia is a Professor at American University's School of International Service, where he teaches international economics, international trade relations, and comparative politics. He is the author of Holding the Shop Together. Learn more about your ad choices. Visit megaphone.fm/adchoices

Dialysis is a medical miracle, a treatment that allows people with kidney failure to live when otherwise they would die. It also provides a captive customer for the dialysis industry, which values the steady revenues that come from critically required long-term care that is guaranteed by the government. Tom Mueller's six year deep dive into the dialysis industry has yielded his latest book, How to Make a Killing: Blood, Death, and Dollars in American Medicine (W. W. Norton, 2023). It's both an historical account of this lifesaving treatment and an indictment of the industry that is dominated by two for-profit companies that control ~80% of the market.  There is a precarious balance between ethical care for patients and the prioritization of profits for the providers, a tension that has led to ethical, political, and legal debates about the rationing and exploitation of life-saving care and quality of life. Dialysis services are desperately needed by patients who require the dangerous, uncomfortable, and exhausting treatments multiple times per week, and pay for it through complex insurance procedures.Tom Mueller’s book includes a vivid account of CEOs who lead their companies with messianic zeal to drive revenues continually up while simultaneously reducing the cost of care. He introduces us to the doctors charged with reducing those costs even at the expense of high-quality care and negative health outcomes. And we meet the patients themselves, who have little choice but to put their lives and well-being at the mercy of this system.How did a lifesaving medical breakthrough become a for-profit enterprise that threatens many of the people it’s meant to save? And who are the brave people -patients, doctors, and employees of the system who are willing to tell their stories despite tremendous pressure to remain silent? And why do we as Americans accept worse outcomes at higher costs than the rest of the world?Tom Mueller's highly readable yet devastating book illustrates the dialysis industry as a microcosm of American medicine. Mueller challenges us to find a solution for dialysis, an approach that could also provide the opportunity to begin fixing our country’s dysfunctional healthcare system and a fighting chance at restoring human health outcomes, rather than the extraction of profits, as its true purpose.To contact Tom Mueller, visit www.tommueller.coSuggested reading:  The Body's Keepers by Paul L. Kimmel, M.D. The Occasional Human Sacrifice: Medical Experimentation and the Price of Saying No by Carl Elliott Also mentioned:  How to Get Away with Merger by Thomas G. Wollman (NBER working paper, 2020) "How Acquisitions Affect Firm Behavior and Performance" by Eliason, Heebsh et al. (The Quarterly Journal of Economics, 2020) Learn more about your ad choices. Visit megaphone.fm/adchoices

On this episode of International Horizons, Francesco Duina, Charles A. Dana Professor of Sociology at Bates College and Luca Storti, Associate Professor of Economic Sociology at the University of Turin in Italy and a Research Fellow of the Ralph Bunche Institute for International Studies, discuss the rise of inequalities around the globe and the divergent attitudes towards them since 1970. How can those inequalities be broken down? In this week’s episode, Duina and Storti preview their book-in-progress on The Social Acceptance of Inequality, and they examine four types of logic leading us to accept inequalities in today’s world. Not surprisingly, the concept of meritocracy plays a major role in our thinking about contemporary inequality, although perhaps more so in the United States than in Europe. Learn more about your ad choices. Visit megaphone.fm/adchoices

A sweeping history of the United States’ economy and politics, in Shock Values: Prices and Inflation in American Democracy (U Chicago Press, 2024), Carola Binder reveals how the American state has been shaped by a massive, ever-evolving effort to insulate its economy from the real and perceived dangers of price fluctuations. Carola Binder narrates how the pains of rising and falling prices have brought lasting changes for every generation of Americans. And with each brush with price instability, the United States has been reinvented—not as a more perfect union, but as a reflection of its most recent failures.Shock Values tells the untold story of prices and price stabilization in the United States. Expansive and enlightening, Binder recounts the interest-group politics, legal battles, and economic ideas that have shaped a nation from the dawn of the republic to the present.Carola Binder is Associate Professor and Chair of Economics at Haverford College. Twitter.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

Melancholy Wedgwood (MIT Press, 2024) is an experimental biography of the ceramics entrepreneur Josiah Wedgwood that reveals the tenuous relationship of eighteenth-century England to late-capitalist modernity. It traces the multiple strands in the life of the ceramic entrepreneur Josiah Wedgwood (1730–1795) to propose an alternative view of eighteenth-century England's tenuous relationship to our own lives and times, amid the ruins of late-capitalist modernity. Through intimate vignettes and essays, and in writing at turns funny, sharp, and pensive, Iris Moon chips away at the mythic image of Wedgwood as singular genius, business titan, and benevolent abolitionist, revealing an amorphous, fragile, and perhaps even shattered life. In the process the book goes so far as to dismantle certain entrenched social and economic assumptions, not least that the foundational myths of capitalism might not be quite so rosy after all, and instead induce a feeling that could only be characterized as blue.Iris Moon is Associate Curator in the European Sculpture and Decorative Arts Department at the Metropolitan Museum of Art. She is the author of Luxury after the Terror and coeditor with Richard Taws of Time, Media, and Visuality in Post-Revolutionary France. She teaches at the Cooper Union for the Advancement of Science and Art.Rachel Pafe is a writer and researcher interested in modern Jewish thought, critical theories of mourning, and the boundaries of biographical writing. Learn more about your ad choices. Visit megaphone.fm/adchoices

How can we restore America's frontier spirit, foster innovation, and stave off decay? Chris Buskirk sits down to discuss his new book America and the Art of the Possible: Restoring National Vitality in an Age of Decay. Along the way, he delves into the history of innovation from Augustan Rome to the Scottish Enlightenment to Silicon Valley, whether America is an oligarchy or an aristocracy, how our education system can better support American needs, and more.Chris Buskirk is the founder, editor, publisher of the magazine American Greatness, as well as a contributing opinion writer for The New York Times. A serial entrepreneur, he is also the Founder & Chief Investment Officer of 1789 Capital.Contributions to and/or sponsorship of any event does not constitute departmental or institutional endorsement of the specific program, speakers or views presented. Learn more about your ad choices. Visit megaphone.fm/adchoices

Cyrus McCormick invented the revolutionary mechanical reaper in 1831...right? At least, that's how the story has been told for decades. In Harvesting History: McCormick's Reaper, Heritage Branding, and Historical Forgery (U Nebraska Press, 2023), National Park Service historian Daniel Ott argues that not only have textbooks and other sources of historical knowledge gotten this wrong, but that they've done so because of a massive PR campaign. Ott argues that McCormick, his family, and the company that bears his name, all engaged in a multi-decade long fight to convince potential buyers that their reaper was the first, and given the potentially millions of dollars at stake in a competitive farm implement marketplace, claiming so was no exercise in arcane trivia. In the late 19th and early 20th century. McCormick's company recruited salesmen, advertisers, and newly professionalized historians to shape a narrative about the reaper that sanded over the complex and contingent nature of its invention, and turned McCormick into an American hero. The history told by these groups was malleable enough to fit changing times, as populists and progressives came and went - the claim of "first" gave McCormick's reaper credibility its competitiors could never match. Harvesting History is a story about the importance of getting the story right, and why some people will go to great lengths to make sure we keep getting the story wrong. Learn more about your ad choices. Visit megaphone.fm/adchoices

Well into the new millennium, the analog cassette tape continues to claw its way back from obsolescence. New cassette labels emerge from hipster enclaves while the cassette’s likeness pops up on T-shirts, coffee mugs, belt buckles, and cell phone cases. In Unspooled: How the Cassette Made Music Shareable (Duke University Press, 2024), Dr. Rob Drew traces how a lowly, hissy format that began life in office dictation machines and cheap portable players came to be regarded as a token of intimate expression through music and a source of cultural capital.Drawing on sources ranging from obscure music zines to transcripts of Congressional hearings, Dr. Drew examines a moment in the early 1980s when music industry representatives argued that the cassette encouraged piracy. At the same time, 1980s indie rock culture used the cassette as a symbol to define itself as an outsider community. Indie’s love affair with the cassette culminated in the mixtape, which advanced indie’s image as a gift economy. By telling the cassette’s long and winding history, Dr. Drew demonstrates that sharing cassettes became an acceptable and meaningful mode of communication that initiated rituals of independent music recording, re-recording, and gifting.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

Through a skillful combination of economic and cultural history, this book describes the impact on Moldavia and Wallachia of steam navigation on the Danube. The Danube route integrated the two principalities into a dense network of European roads and waterways. From the 1830s to the 1860s, steamboat transport transformed time and space for the areas that benefited from regular services. River traffic accelerated urban development along the Lower Danube and contributed directly to institutional modernization in one of Europe's peripheries. Beyond technological advances and the transportation of goods on a trans-imperial waterway, steamboat travel revolutionized human interactions, too. Steamboat Modernity: Travel, Transport, and Social Transformation on the Lower Danube, 1830–1860 (CEU Press, 2024) offers a fascinating insight into the social and cultural milieu of the nineteenth century, drawing on first-hand accounts of Danube cruising. Describing the story of travelers who interacted, met, and visited the places they stopped, Constantin Ardeleanu creates a transnational history of travel up and down the Danube from Vienna to Constantinople. The pleasures and sometimes the travails of the travelers unfold against a backdrop of technical and economic transformation in the crucial period of modernization. Learn more about your ad choices. Visit megaphone.fm/adchoices