New Books in Economic and Business History

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

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

This episode of the New Books in Economic and Business History is an interview with New York writer Benjamin Lorr. Benjamin Lorr is the author of Hell-Bent: Obsession, Pain, and the Search for Something Like Transcendence in Competitive Yoga, a book that explores the Bikram Yoga community and movement. His second book, The Secret Life of Groceries: The Dark Miracle of the American Supermarket is "an extraordinary investigation into the human lives at the heart of the American grocery store. The miracle of the supermarket has never been more apparent. Like the doctors and nurses who care for the sick, suddenly the men and women who stock our shelves and operate our warehouses are understood as ‘essential’ workers, providing a quality of life we all too easily take for granted. But the sad truth is that the grocery industry has been failing these workers for decades.In this page-turning expose, author Benjamin Lorr pulls back the curtain on the highly secretive grocery industry. Combining deep sourcing, immersive reporting, and sharp, often laugh-out-loud prose, Lorr leads a wild investigation, asking what does it take to run a supermarket? How does our food get on the shelves? And who suffers for our increasing demands for convenience and efficiency? In this journey: We learn the secrets of Trader Joe's success from Trader Joe himself Drive with truckers caught in a job they call "sharecropping on wheels" Break into industrial farms with activists to learn what it takes for a product to earn certification labels like "fair trade" and "free range" Follow entrepreneurs as they fight for shelf space, learning essential tips, tricks, and traps for any new food business Journey with migrants to examine shocking forced labor practices through their eyes The product of five years of research and hundreds of interviews across every level of the business, The Secret Life of Groceries is essential reading for those who want to understand our food system--delivering powerful social commentary on the inherently American quest for more and compassionate insight into the lives that provide it.Paula De La Cruz-Fernandez 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

Is the University of Chicago-blessed, "greed is good" near-term profits approach to business wearing out its welcome?James O'Toole's The Enlightened Capitalists: Cautionary Tales of Business Pioneers Who Tried to Do Well by Doing Good(HarperBusiness, 2019) is a welcome addition to the current debate about what is the right balance between the near-term profit motive and long-term social goals in running a business.O'Toole, an emeritus professor of business ethics at USC, argues that entrepreneurs have and can be financially successful and still treat their employees, partners, and customers with respect. He provides two dozen case studies of founders and leaders, ranging from Milton Hershey to Robert Wood Johnson to Herb Kelleher, who tried to do more than just make a quick buck. These pioneers believed that if they practiced a form of ethical capitalism, the profits would roll in. And they did.The challenge that O'Toole recognizes from the outset is that the culture these founders created rarely survived their own tenures at the top, and that the unrelenting pressure of the market ultimately wears down even the most well-intentioned business leader. In the end, he concludes that large publicly traded corporations face the greatest pressures, while smaller, private or trust-held businesses have an easier time of creating and sustaining a positive culture.The Enlightened Capitalists is a must read for every aspiring business leader and investor, even those who are convinced that they are on the "right" side of the debate. The judgments can shift rapidly. Even a spectacularly successful New Economy company that had for years as its motto "Don't be evil" (since replaced with "Do the right thing") can quickly end up being vilified in the media and charged by regulators for its monopoly-like behavior. As Kermit might say, it's not easy being good (or green.)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

In his first book Hungry Nation: Food, Famine, and the Making of Modern India (Cambridge University Press 2018), historian Benjamin Robert Siegel explores independent India's attempts to feed itself between the 1940s and 1970s. Following the devastating Bengal famine of 1943, hunger and malnutrition remained key issues for India's politicians, planners and citizens as a new nation sought to become self-sufficient in food production. Siegel's book follows debates on land reform, technology and native diets to understand how the food question became an entry point into larger questions of citizenship, rights and welfare, debates that continue to loom large in the battle against agrarian distress and widespread food insecurity in present-day India.Madhuri Karak holds a Ph.D. in cultural anthropology from The Graduate Center, City University of New York. Her dissertation titled "Insurgent Difference: An Ethnography of an Indian Resource Frontier” analyzed resource extraction and development as mutually constitutive logics of rule in the bauxite-rich mountains of southern Odisha, India. She tweets @madhurikarak and more of her work can be found here. Learn more about your ad choices. Visit megaphone.fm/adchoices

A century ago, the emergence of radio, along with organized systems of broadcasting, sparked a global fascination with the 'wonder' of sound transmission and reception. The thrilling experience of tuning in to the live sounds of this new medium prompted strong affective responses in its listeners.This book introduces a new concept of "radiophilia," defined as the attachment to, or even a love of radio. Treating radiophilia as a dynamic cultural phenomenon, it unpacks the various pleasures associated with radio and its sounds, the desire to discover and learn new things via radio, and efforts to record, re-experience, and share radio. Surveying 100 years of radio from early wireless through to digital audio formats like podcasting, Carolyn Birdsall's Radiophilia (Bloomsbury Press, 2023) engages in debates about fandom, audience participation, listening experience, material culture, and how media relate to affect and emotions.Alejandra Bronfman is Professor and Director of Undergraduate Studies Latin American, Caribbean & U.S. Latino Studies at SUNY, Albany. Learn more about your ad choices. Visit megaphone.fm/adchoices

The problem of gun violence is as old as guns themselves. According to historian Priya Satia, America’s present epidemic of gun violence has its roots in the industrial revolution. Satia tells the story of British gun-maker Samuel Galton, Jr., who was called to task by his Quaker community for manufacturing rifles. As a professed pacifist, Galton had to wrestle with the large-scale uses to which his weapons were put. So where do we look for answers about how to regulate guns? Some claim the answer has to lie in the past, in the nation’s founding documents. Others argue that novel technologies demand novel solutions. Solving the problem of gun violence may be a case where we need to make a strong modernity claim. Researcher, writer, and episode producer: Christopher Nygren, Associate Professor, History of Art and Architecture, University of PittsburghFeatured Scholars: Catherine Fletcher, Professor of History, Manchester Metropolitan UniversityPriya Satia, Professor of History, Stanford UniversitySpecial thanks: James DeMasi, Chloé Hogg, Jonathan Lyonhart, Pernille Røge, Jennifer Waldron, Catherine Yanko.For transcript, teaching aids, and other resources, click here. Learn more about your ad choices. Visit megaphone.fm/adchoices

Albeit inspired by a progressive vision of a working environment without walls or hierarchies, the open plan office has come to be associated with some of the most dehumanizing and alienating aspects of the modern office. Jennifer Kaufman-Buhler's fascinating new book Open Plan: A Design History of the American Office (Bloomsbury, 2021) examines the history of the open plan office concept from its early development in the late 1960s and 1970s, through its present-day dominance in working spaces throughout the world, examining the design, meaning, and use of the open plan from the perspective of architects and designers, organizations, and workers. Using the progressive vision of the early promoters of the open plan as a framework for analysis, and drawing on original archival research and contemporary discussions of the open plan, this book explores the various goals embedded in the open plan and examines how the design of the open plan evolved through the late 20th century in response to various social, cultural, organizational, technological and economic changes.Nushelle de Silva is a PhD candidate in the Department of Architecture at the Massachusetts Institute of Technology. Her work examines museums and exhibitions, and how the dissemination of visual culture is politically mediated by international organizations in the twentieth century. Learn more about your ad choices. Visit megaphone.fm/adchoices

Jeremy Yellen’s The Greater East Asia Co-Prosperity Sphere: When Total Empire Met Total War (Cornell University Press, 2019) is a challenging transnational exploration of the Greater East Asia Co-Prosperity Sphere, Japan’s ambitious, confused, and much maligned attempt to create a new bloc order in East and Southeast Asia during World War II. Yellen’s book is welcome both as the first book-length treatment of the Sphere in English and for also being innovative in both approach and analysis. The book is divided into two parts, each addressing one of the “two Pacific Wars,” as Yellen puts it: a “war of empires” and “an anticolonial war… for independence.” The first half of the book treats the Japanese “high policy” of the Sphere. Here, Yellen not only provides—through the Coprosperity Sphere—a provocative new reading of the Tripartite Pact and the imbrication of Japan’s regional and global geopolitical strategies, but also outlines an important timeline of how Japanese conceptualizations of the Sphere evolved with the changing economic, political, and military expediencies of the Pacific War. Though ideas about the Sphere as a regional order of hierarchical solidarity with Japan at its apex, a “grand strategy of opportunism” rooted in the “sphere-of-influence diplomacy” and “cooperative imperialism” of Japan’s bombastic and enigmatic foreign minister, Matsuoka Yōsuke, Yellen shows that plans for the Sphere only became specific and concrete when Japan’s war situation descended into increasing desperation from 1942 on. The second half of the book shifts gears to examine responses to the Sphere in the Philippines and Burma. Yellen shows that for local nationalist elites like Burma’s first prime minister Ba Maw, whether Japanese rhetoric about the creation of more-or-less liberal international order within the Sphere for the top-echelon nations like Burma and the Philippines was genuine or self-serving, “even sham independence brought opportunity.” By focusing on these pragmatic nationalists (“patriotic collaborators”) Yellen contributes to a growing body of literature on empire that refuses to be pigeonholed by binaries of virtuous resistance and traitorous collaboration.This podcast was recorded as a lecture/dialogue for a live audience at Nagoya University. Learn more about your ad choices. Visit megaphone.fm/adchoices

Many of our presumptions about the Panama Canal Zone are wrong; it was not carved out of uninhabited jungle, the creation of Lake Gatún did not flood towns and force them to move, people living in the zone prior to the construction of the canal were not out of step with modernity. In her new book, Erased: The Untold Story of the Panama Canal (Harvard University Press, 2019), Marixa Lasso argues compellingly that the construction of the Panama Canal prompted the destruction of a bustling network of towns, along with the livelihoods and democratic traditions of their inhabitants.Alejandra Bronfman is Professor and Director of Undergraduate Studies Latin American, Caribbean & U.S. Latino Studies at SUNY, Albany. Learn more about your ad choices. Visit megaphone.fm/adchoices