New Books in Economic and Business History

Monte Carlo and Las Vegas have become synonymous with casino gambling. Both destinations featured it as part of a broad variety of leisure and consumption opportunities that normalized games of chance and created emotional atmospheres that supported the hedonistic aspects of gambling. Urban spaces and architecture were carefully designed to enable a rapid growth of the casino industry and produce experiences on previous unimaginable scale. Feeling Lucky: The Production of Gambling Experiences in Monte Carlo and Las Vegas (Palgrave Macmillan, 2023) is a "making of" story about cities which acquired a strange and captivating allure of mystery around them. It is more than a mere descriptive account, however. Combining urban history, the history of consumption, and sociological approaches it presents a compelling comparative history of Monte Carlo and the Las Vegas Strip between the 1860s and 1970s.Paul Franke takes the reader on a journey from arriving at the cities, through the carefully planned urban environments and into the famous casinos. The analysis follows the paths contemporary gamblers would have taken, right to the gambling tables and to the shifting gambling practices across a century. Franke shows that casino entrepreneurs succeeded in producing and selling gambling experiences by controlling spaces, adapt leisure practices and appeal to specific markets. Gamblers on the other hand regarded Monte Carlo and Las Vegas as places to engage in games of chance that would allow them to preserve their political, cultural, and moral identities.Shu Wan is currently matriculated as a doctoral student in history at the University at Buffalo. As a digital and disability historian, he serves in the editorial team of Digital Humanities Quarterly and Nursing Clio. On Twitter: @slissw. Learn more about your ad choices. Visit megaphone.fm/adchoices

Cosmetic surgery was once associated with a one-size-fits-all approach, modifying patients to conform to a single standard of beauty. As this surgery has become more accessible worldwide, changing beauty trends have led to a proliferation of beauty standards for members of different racial groups.In Refashioning Race: How Global Cosmetic Surgery Crafts New Beauty Standards (University of California Press, 2023) Dr. Alka V. Menon enters the world of cosmetic surgeons, journeying from a sprawling convention centre in Kyoto to boutique clinics in the multicultural countries of the United States and Malaysia. She shows how surgeons generate and apply knowledge using racial categories and how this process is affected by transnational clinical and economic exchanges. Surgeons not only measure and organise but also elaborate upon racial differences in a globalised field of medicine. Focusing on the role of cosmetic surgeons as gatekeepers and producers of desired appearances, Refashioning Race argues that cosmetic surgeons literally reshape race—both on patients' bodies and at the broader level of culture.This interview was conducted by Dr. Miranda Melcher whose forthcoming 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 poignant saga of Guatemala's adoption industry: an international marketplace for children, built on a foundation of inequality, war, and Indigenous dispossession. In 2009 Dolores Preat went to a small Maya town in Guatemala to find her birth mother. At the address retrieved from her adoption file, she was told that her supposed mother, one Rosario Colop Chim, never gave up a child for adoption--but in 1986 a girl across the street was abducted. At that house, Preat met a woman who strongly resembled her. Colop Chim, it turned out, was not Preat's mother at all, but a jaladora--a baby broker. Some 40,000 children, many Indigenous, were kidnapped or otherwise coercively parted from families scarred by Guatemala's civil war or made desperate by unrelenting poverty. Amid the US-backed army's genocide against Indigenous Maya, children were wrested from their villages and put up for adoption illegally, mostly in the United States. During the war's second decade, adoption was privatized, overseen by lawyers who made good money matching children to overseas families. Private adoptions skyrocketed to the point where tiny Guatemala overtook giants like China and Russia as a "sender" state. Drawing on government archives, oral histories, and a rare cache of adoption files opened briefly for war crimes investigations, Rachel Nolan explores the human toll of an international industry that thrives on exploitation. Would-be parents in rich countries have fostered a commercial market for children from poor countries, with Guatemala becoming the most extreme case. Until I Find You: Disappeared Children and Coercive Adoptions in Guatemala (Harvard UP, 2024) reckons with the hard truths of a practice that builds loving families in the Global North out of economic exploitation, endemic violence, and dislocation in the Global South.Rachel Nolan is Contributing Editor at Harper’s Magazine and has written for the New Yorker, the London Review of Books, the New York Times, the New York Review of Books, and the Salvadoran investigative news outlet El Faro. She is Assistant Professor of International Relations at Boston University.Katie Coldiron is the Outreach Program Manager for the Digital Library of the Caribbean (dLOC) and PhD student in History at Florida International University. Learn more about your ad choices. Visit megaphone.fm/adchoices

Camelids are vital to the cultures and economies of the Andes. The animals have also been at the heart of ecological and social catastrophe: Europeans overhunted wild vicuña and guanaco and imposed husbandry and breeding practices that decimated llama and alpaca flocks that had been successfully tended by Indigenous peoples for generations. Yet the colonial encounter with these animals was not limited to the New World. Llamas Beyond the Andes: The Untold History of Camelids in the Modern World (University of Texas Press, 2023) by Dr. Marcia Stephenson tells the five-hundred-year history of animals removed from their native habitats and transported overseas.Initially Europeans prized camelids for the bezoar stones found in their guts: boluses of ingested matter that were thought to have curative powers. Then the animals themselves were shipped abroad as exotica. As Europeans and US Americans came to recognize the economic value of camelids, new questions emerged: What would these novel sources of protein and fiber mean for the sheep industry? And how best to cultivate herds? Andeans had the expertise, but knowledge sharing was rarely easy. Marcia Stephenson explores the myriad scientific, commercial, and cultural interests that have attended camelids globally, making these animals a critical meeting point for diverse groups from the North and South.This interview was conducted by Dr. Miranda Melcher whose forthcoming 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

Pious Labour: Islam, Artisanship, and Technology in Colonial India (University of California Press, 2023) focuses on the late nineteenth and early twentieth centuries northern India and working-class people who asserted Islamic piety through their trade while responding to industrial change, especially the development of new technologies and state and colonial projects. Indian Muslim artisans, such as those who worked in electroplating, or as stonemasons, tailors, carpenters, or woodworkers, used their craft, labour, class, and religion to establish prophetic lineages to their crafts and imbue it with Islamic piety in response to struggles of class and caste hierarchies and broader disenfranchisement. Amanda Lanzillo masterfully draws out these stories from Urdu technical manuals and oral histories of artisans themselves and in the process challenges us to think more capaciously about Islamic piety through the economy of labour, class, and technology, and our approaches to the histories of Islam in South Asia and beyond.This book is available open access here.Shobhana Xavier is an Associate Professor of Religious Studies at Queen’s University. More details about her research and scholarship may be found here and here. She may be reached at shobhana.xavier@queensu.ca. You can follow her on Twitter via @shobhanaxavier. Learn more about your ad choices. Visit megaphone.fm/adchoices

In recent years, government agencies around the world have been forced to consider the role of competition law and policy in addressing various crises, including the COVID-19 pandemic and the 2008 financial collapse. There is no easy formula that a competition agency can apply to determine the appropriate response to a crisis; indeed, there is substantial debate about the issue. One common criticism of competition law and policy is that usually it is too inflexible to deal with a crisis, prohibiting an adequate response to economic and industrial shocks. Bruce Wardhaugh's Competition Law in Crisis: The Antitrust Response to Economic Shocks (Cambridge UP, 2022) challenges this notion by examining competition responses to crises past and present. With an analysis that spans the response of UK and EU competition authorities to the economic and commercial fallout of the 2008 financial crisis, the COVID-19 pandemic, and potential responses to the climate crisis, Professor Wardhaugh argues that relaxing competition law is precisely the wrong response. The rigidity of competition rules in the UK and EU has both normative and positive implications for not just the methodology used in competition analysis, but also the role of competition law within the legal order of both jurisdictions.Mark Niefer is a lawyer and economist who has served the Antitrust Division of the U.S. Department of Justice in a variety of key roles over the last 25+ years. He presently is an International Advisor at the Antitrust Division, focused on digital market issues; he also is an Adjunct Professor of Law at Antonin Scalia Law School - George Mason University, where he teaches an advanced antitrust seminar on mergers. Learn more about your ad choices. Visit megaphone.fm/adchoices

How the 1970s energy crisis facilitated a neoliberal shift in US political culture.In Energizing Neoliberalism: The 1970s Energy Crisis and the Making of Modern America (Johns Hopkins UP, 2023), Caleb Wellum offers a provocative account of how the 1970s energy crisis helped to recreate postwar America. Rather than think of the crisis as the obvious outcome of the decade's "oil shocks," Wellum unpacks the cultural construction of a crisis of energy across different sectors of society, from presidents, policy experts, and environmentalists to filmmakers, economists, and oil futures traders. He shows how the dominant meanings ascribed to the 1970s energy crisis helped to energize neoliberal visions of renewed abundance and power through free market values and approaches to energy.Deeply researched in federal archives, expert discourse, and popular culture, Energizing Neoliberalism demonstrates the central role that energy crisis narratives played in America's neoliberal turn. Wellum traces the roots of the crisis to the consumption practices and cultural narratives spawned by the petrocultural politics of Cold War capitalism. In a series of illuminating case studies—including 1970s energy conservation debates, popular car films, and the creation of oil futures trading—Wellum chronicles the consolidation of a neoliberal capitalist order in the United States through an energy politics marked by anxious futurity, petro-populist sentiment, and financialized energy markets. He shows how experiences of energy shortages and fears of future energy crises unsettled American national identity and power yet also informed Reagan-era confidence in free markets and US global leadership.In taking a cultural approach to the 1970s energy crisis, Wellum offers a challenging meditation on the status of "crisis" in modern history, contemporary life, and critical thought and how we rely on crises to make sense of the world.Caleb Wellum is an assistant professor of US history at the University of Toronto, Mississauga.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

In Tea: Consumption, Politics, and Revolution, 1773–1776 (Cornell University Press, 2023), Dr. James R. Fichter reveals that despite the so-called Boston Tea Party in 1773, two large shipments of tea from the East India Company survived and were ultimately drunk in North America. Their survival shaped the politics of the years ahead, impeded efforts to reimburse the company for the tea lost in Boston Harbor, and hinted at the enduring potency of consumerism in revolutionary politics.Tea protests were widespread in 1774, but so were tea advertisements and tea sales, Fichter argues. The protests were noisy and sometimes misleading performances, not clear signs that tea consumption was unpopular. Revolutionaries vilified tea in their propaganda and prohibited the importation and consumption of tea and British goods. Yet merchant ledgers reveal these goods were still widely sold and consumed in 1775. Colonists supported Patriots more than they abided by non-consumption. When Congress ended its prohibition against tea in 1776, it reasoned that the ban was too widely violated to enforce. War was a more effective means than boycott for resisting Parliament, after all, and as rebel arms advanced, Patriots seized tea and other goods Britons left behind. By 1776, protesters sought tea and, objecting to its high price, redistributed rather than destroyed it. Yet as Dr. Fichter demonstrates in Tea, by then the commodity was not a symbol of the British state, but of American consumerism.This interview was conducted by Dr. Miranda Melcher whose forthcoming 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

During the eighteenth century, Britain’s slave trade exploded in size. Formerly a small and geographically constricted business, the trade had, by the eve of the American Revolution, grown into an Atlantic-wide system through which fifty thousand men, women, and children were enslaved every year.In Traders in Men: Merchants and the Transformation of the Transatlantic Slave Trade (Yale UP, 2023), Nicholas Radburn explains how thousands of slaving merchants in Africa, Britain, and the British Americas collectively created this cancerous system by devising highly efficient, but also violent, new business methods. African brokers developed commercial techniques that facilitated the enslavement and sale of millions of people. Britons invented shipping methods that quelled enslaved people’s constant resistance on the Middle Passage. And American slave traders formulated brutal techniques through which shiploads of people could be quickly sold to a variety of colonial buyers. Truly Atlantic-wide in its vision, this study shows how the slave trade became one of the most important phenomena in world history and dragged millions of people into the trade’s terrible vortex.Katrina Anderson is a doctoral candidate at the University of Delaware. Learn more about your ad choices. Visit megaphone.fm/adchoices

We are on the verge of a major paradigm shift for investors in the U.S. stock market. Dividend-focused stock investing has been receding in popularity for more than three decades in the U.S.; once the dominant investment style, it is now a boutique approach. That is about to change.Daniel Peris' book The Ownership Dividend: The Coming Paradigm Shift in the U.S. Stock Market (Routledge, 2024) explains how and why the stock market drifted away from a mostly cash-based returns system to one almost completely driven by near-term share price movements. It details why the exceptional forces behind that shift―notably the 40-year drop in interest rates and the rise of buybacks―are now substantially exhausted. As a result, the U.S. market is poised for a return to the more typical business-like relationships observed in the private sector and in other mature markets around the world. While many market participants have profited from and become used to the way things have been in recent decades, savvy individual investors, financial advisors, and even institutional portfolio managers will want to position themselves to benefit from the reversion to cash-based investment relationships in the years ahead.This is a must-read book for financial advisors, institutional consultants, as well as engaged individual investors.Daniel Peris is Senior Vice President at Federated Hermes in Pittsburgh. He can be reached at DanielxPeris@gmail.com or via Twitter @HistoryInvestor. His "History and Investing" blog and "Keep Calm & Carry On Investing" podcast are here.John Emrich has worked for decades in corporate finance, investment management, and corporate strategy. He is an independent director on 9 mutual fund boards. Mr. Emrich has a podcast about the investment advisory industry called Kick the Dogma. Email: john@ktdpod.com. LinkedIn. Learn more about your ad choices. Visit megaphone.fm/adchoices