New Books in Economic and Business History

Since the last-but-one financial crisis abated and governments responded to better times by clawing back their stimulus packages, a once-obscure economic philosophy has been gaining a growing following on the left. But, following the extraordinary policy response to the COVID-19 pandemic, even some conservative commentators and policy makers are showing an interest in Modern Monetary Theory or MMT.Not so fast, warns Gerald Epstein in his What's Wrong with Modern Money Theory? A Policy Critique (Palgrave Macmillan, 2019). While this progressive economist welcomes any resistance to austerian economics and the policy rethink that the new theory is triggering, he warns against MMT's seductive appeal and its significant practical shortcomings.Gerald Epstein co-directs the Political Economy Research Institute (PERI) at the University of Massachusetts, Amherst.Tim Jones is an economic and political-risk analyst at Medley Global Advisors (FT Group) in London.  Learn more about your ad choices. Visit megaphone.fm/adchoices

Building Mid-Republican Rome: Labor, Architecture, and the Urban Economy (Oxford University Press, 2018), offers a holistic treatment of the development of the Mid-Republican city from 396 to 168 BCE. As Romans established imperial control over Italy and beyond, the city itself radically transformed from an ambitious central Italian settlement into the capital of the Mediterranean world. Seth Bernard describes this transformation in terms of both new urban architecture, much of it unprecedented in form and extent, and new socioeconomic structures, including slavery, coinage, and market-exchange. These physical and historical developments were closely linked: building the Republican city was expensive, and meeting such costs had significant implications for urban society. Building Mid-Republican Rome brings both architectural and socioeconomic developments into a single account of urban change.Seth Bernard, an Assistant Professor of Classics at the University of Toronto, assembles a wide array of evidence, from literary sources to coins, epigraphy, and especially archaeological remains, revealing the period's importance for the decline of the Roman state's reliance on obligation and dependency and the rise of slavery and an urban labor market. This narrative is told through an investigation of the evolving institutional frameworks shaping the organization of public construction. A quantitative model of the costs of the Republican city walls reconstructs their economic impact. A new account of building technology in the period allows for a better understanding of the social and demographic profile of the city's builders. Building Mid-Republican Rome thus provides an innovative synthesis of a major Western city's spatial and historical aspects, shedding much-needed light on a seminal period in Rome's development.Ryan Tripp teaches history in California. Learn more about your ad choices. Visit megaphone.fm/adchoices

Today I talked to Klaus Buchenau about his new book From Grand Estates to Grand Corruption: The Battle Over the Possessions of Prince Albert of Thurn and Taxis in Interwar Yugoslavia (Brill, 2023).When Yugoslavia was created in 1918, noble landowners still possessed vast parts of its territory especially in the northwestern half of the country which had formerly belonged to the Habsburg Monarchy. With approximately 38,000 hectares, Prince Albert of Thurn and Taxis was the largest private owner of forests in the new kingdom. Yugoslav politicians demanded an expropriation, justifying their actions on the grounds of social and historical justice. At the same time, political and business networks attempted to appropriate the property themselves. The parties involved - Thurn and Taxis, Yugoslav officials, national and international companies - fought for their interests using various means, from lawsuits to international arbitrage and political lobbyism. Roland Clark is a Reader in Modern European History at the University of Liverpool. Learn more about your ad choices. Visit megaphone.fm/adchoices

What does the collapse of India’s tea industry mean for Dalit workers who have lived, worked and died on the plantations since the colonial era? Plantation Crisis: Ruptures of Dalit life in the Indian Tea Belt (UCL Press, 2022) offers a complex understanding of how processes of social and political alienation unfold in moments of economic rupture. Based on long-term ethnographic fieldwork in the Peermade and Munnar tea belts, Jayaseelan Raj – himself a product of the plantation system – offers a unique and richly detailed analysis of the profound, multi-dimensional sense of crisis felt by those who are at the bottom of global plantation capitalism and caste hierarchy.Tea production in India accounts for 25 per cent of global output. The colonial era planation system – and its two million strong workforce – has, since the mid-1990s, faced a series of ruptures due to neoliberal economic globalisation. In the South Indian state of Kerala, otherwise known for its labour-centric development initiatives, the Tamil speaking Dalit workforce, whose ancestors were brought to the plantations in the 19th century, are at the forefront of this crisis, which has profound impacts on their social identity and economic wellbeing. Out of the colonial history of racial capitalism and indentured migration, Plantation Crisis opens our eyes to the collapse of the plantation system and the rupturing of Dalit lives in India's tea belt.Garima Jaju is a Smuts fellow at the University of Cambridge. Learn more about your ad choices. Visit megaphone.fm/adchoices

Ming China in 1642 had suffered a series of disasters. Floods, and then drought had destroyed successive rice crops, sending the price of grain to astronomical levels. As one schoolteacher wrote:“There was no rice in the market to buy. Even if a dealer had grain, people passed by without asking the price. The rich were reduced to scrounging for beans or wheat, the poor for chaff or rotting garbage. Being able to buy a few pecks of chaff or bark was ecstasy.”The Ming Dynasty collapsed two years later.Timothy Brook, in his latest book The Price of Collapse: The Little Ice Age and the Fall of Ming China (Princeton University Press: 2023), points to environmental disaster as the spark that helped cause the Ming Dynasty’s fall, relying on a history of surging prices to show how the over-275 year dynasty eventually fell to the Qing.In this interview, Timothy and I talk about inflation in Ming China, how it connects to climate change, and how short-term environmental shocks can cause a market to break down.Timothy Brook is professor emeritus of history at the University of British Columbia and a fellow of the British Academy. His many books include Great State: China and the World (Harper: 2020), Mr. Selden's Map of China: Decoding the Secrets of a Vanished Cartographer (Bloomsbury Press: 2013), and Vermeer's Hat: The Seventeenth Century and the Dawn of the Global World (Bloomsbury Publishing: 2009).You can find more reviews, excerpts, interviews, and essays at The Asian Review of Books, including its review of The Price of Collapse. 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

Underlying every great city is a rich and vibrant culture that shapes the texture of life within. In The Speculative City: Art, Real Estate, and the Making of Global Los Angeles (U Minnesota Press, 2021), Susanna Phillips Newbury teases out how art and Los Angeles shaped one another’s evolution. She compellingly articulates how together they transformed the Southland, establishing the foundation for its contemporary art infrastructure, and explains how artists came to influence Los Angeles’s burgeoning definition as the global city of the twenty-first century.Pairing particular works of art with specific innovations in real estate development, The Speculative City reveals the connections between real estate and contemporary art as they constructed Los Angeles’s present-day cityscape. From banal parking lots to Frank Gehry’s designs for artists’ studios and museums, Newbury examines pivotal interventions by artists and architects, city officials and cultural philanthropists, concluding with an examination of how, in the wake of the 2008 global credit crisis, contemporary art emerged as a financial asset to fuel private wealth and urban gentrification.Bryan Toepfer, AIA, NCARB, CAPM is the Principal Architect for TOEPFER Architecture, PLLC, an Architecture firm specializing in Residential Architecture and Virtual Reality. He has authored two books, “Contractors CANNOT Build Your House,” and “Six Months Now, ARCHITECT for Life.” He is an Assistant Professor at Alfred State College and the Director of Education for the AIA Rochester Board of Directors. Always eager to help anyone understand the world of Architecture, he can be reached by sending an email to btoepfer@toepferarchitecture. Learn more about your ad choices. Visit megaphone.fm/adchoices

Before becoming a financial analyst and then a portfolio manager in New York, Daniel Peris worked as a tenure-track professor of Soviet history. I sat down with Dan and talked about his painful but ultimately successful 1990s transition from academia to finance. We chatted about how historical methods and perspectives shaped Dan's unique approach to investing, a style that he has been popularizing in his books and online blogs. Dan talked about the skills he acquired during his training as a historian that helped him succeed in finance. We talked about weighing professional risk in academia and in finance, about doubts that accompanied Dan's journey from one industry to another, his forthcoming book The Ownership Dividend (2024), and what history grads can do to broaden their career prospects. Peris is also the author of The Strategic Dividend Investor (2011) and Getting Back to Business: Why Modern Portfolio Theory Fails Investors and How You Can Bring Common Sense to Your Portfolio (2018). His blog "History and Investing" is here. Patryk Babiracki is a historian, researcher and writer; professor & MA student advisor at the University of Texas at Arlington. PhD from Johns Hopkins. Promoter of #AppliedHistory: using historical concepts, frameworks, and methodologies to solve real-world organizational problems. Learn more about your ad choices. Visit megaphone.fm/adchoices

On this episode of the Economic and Business History channel I spoke with Dr. Chinmay Tumbe, Assistant Professor of Economics at the Indian Institute of Management. He was Alfred D Chandler Jr. International Visiting Scholar in Business History, Harvard Business School in 2018. Dr, Tumbe has published academic articles in Management and Organizational History and in the Journal of Management History. He has written two books, one in 2018 India Moving: A History of Migration, which talks about how people have moved in India historically, and his 2020 book the Age of Pandemics 1817-1920: How They Shaped India and the World (HarperCollins, 2020). The book argues that the period between the early nineteenth century to the early twentieth century - an age otherwise known for the worldwide spread of the industrial revolution, imperialism, and globalization - was also the 'age of pandemics'. It documents the scale of devastation caused by different pandemics, cholera, the plague, influenza, and finally Covid. The book has great resources for the classroom and for the general public such as a timeline of pandemics, striking tables such as the death toll in millions for each epidemic, and a set of photographs at the end that is definitely worth viewing.Paula De La Cruz-Fernández is a consultant, historian, and digital editor. New Books Network en español editor. Edita CEO.  Learn more about your ad choices. Visit megaphone.fm/adchoices

In 1570's New Kingdom of Granada (modern Colombia), a new generation of mestizo (half-Spanish, half-indigenous) men sought positions of increasing power in the colony's two largest cities. In response, Spanish nativist factions zealously attacked them as unequal and unqualified, unleashing an intense political battle that lasted almost two decades. At stake was whether membership in the small colonial community and thus access to its most lucrative professions should depend on limpieza de sangre (blood purity) or values-based integration (Christian citizenship). Max Deardoff's A Tale of Two Granadas: Custom, Community, and Citizenship in the Spanish Empire, 1568–1668 (Cambridge University Press, 2023) examines the vast, trans-Atlantic transformation of political ideas about subjecthood that ultimately allowed some colonial mestizos and indios ladinos (acculturated natives) to establish urban citizenship alongside Spaniards in colonial Santafé de Bogotá and Tunja. In a spirit of comparison, it illustrates how some of the descendants of Spain's last Muslims appealed to the same new conceptions of citizenship to avoid disenfranchisement in the face of growing prejudice.Ethan Besser Fredrick is a graduate student in Modern Latin American history seeking his PhD at the University of Minnesota. His work focuses on the Transatlantic Catholic movements in Mexico and Spain during the early 20th century. 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 here. 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