New Books in Economic and Business History

Since the late 1990s, activists have campaigned to remove "conflict diamonds" from jewelry shops and department stores. But if the problem of conflict diamonds--gems extracted from war zones--has only recently generated attention, it is not a new one. Nor are conflict diamonds an exception in an otherwise honest industry. The modern diamond business, Steven Press shows, owes its origins to imperial wars and has never escaped its legacy of exploitation.In Blood and Diamonds: Germany's Imperial Ambitions in Africa (Harvard UP, 2021), Press traces the interaction of the mass-market diamond and German colonial domination in Africa. Starting in the 1880s, Germans hunted for diamonds in Southwest Africa. In the decades that followed, Germans waged brutal wars to control the territory, culminating in the genocide of the Herero and Nama peoples and the unearthing of vast mineral riches. Press follows the trail of the diamonds from the sands of the Namib Desert to government ministries and corporate boardrooms in Berlin and London and on to the retail counters of New York and Chicago. As Africans working in terrifying conditions extracted unprecedented supplies of diamonds, European cartels maintained the illusion that the stones were scarce, propelling the nascent US market for diamond engagement rings. Convinced by advertisers that diamonds were both valuable and romantically significant, American purchasers unwittingly funded German imperial ambitions into the era of the world wars.Amid today's global frenzy of mass consumption, Press's history offers an unsettling reminder that cheap luxury often depends on an alliance between corporate power and state violence.Jill Massino is a scholar of modern Eastern Europe with a focus on Romania, gender, and everyday life. Learn more about your ad choices. Visit megaphone.fm/adchoices

Why does the financial sector matter? In How to Build a Stock Exchange: The Past, Present and Future of Finance (Bristol UP, 2023), Philip Roscoe, a Professor of Management at the University of St Andrews, explores the history of the London Stock Exchange as part of a broader examination of the role of finance in the modern world. Richly detailed, including personal reflections as well as interviews and historical analysis, the book covers the technologies, personalities, and key events that have made London, and the financial industry, globally powerful today. The book is essential reading across the social sciences and humanities, and you can hear Philip’s podcast series that accompanies the book here.Dave O'Brien is Professor of Cultural and Creative Industries, at the University of Sheffield. Learn more about your ad choices. Visit megaphone.fm/adchoices

The Catch: An Environmental History of Medieval European Fisheries (Cambridge UP, 2023) provides a comprehensive examination of European engagement with aquatic systems between c. 500 and 1500 CE. Using textual, zooarchaeological, and natural records, Richard C. Hoffmann's unique study spans marine and freshwater fisheries across western Christendom, discusses effects of human-nature relations and presents a deeper understanding of evolving European aquatic ecosystems. Changing climates, landscapes, and fishing pressures affected local stocks enough to shift values of fish, fishing rights, and dietary expectations. Readers learn what the abbess Waldetrudis in seventh-century Hainault, King Ramiro II (d.1157) of Aragon, and thirteenth-century physician Aldebrandin of Siena shared with English antiquarian William Worcester (d. 1482), and the young Martin Luther growing up in Germany soon thereafter. Sturgeon and herring, carp, cod, and tuna played distinctive roles. Hoffmann highlights how encounters between medieval Europeans and fish had consequences for society and the environment - then and now.Richard Hoffmann is Professor Emeritus in History at York University, Toronto, and author of the acclaimed An Environmental History of Medieval Europe.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. Learn more about your ad choices. Visit megaphone.fm/adchoices

The rise of the global financial industry is treated by many economists as a critical component of the rise of neoliberalism. What few address is the role of the 1973 OPEC Oil Embargo and the 1979 Oil Shock in making modern financialization possible. Ryan C. Smith's book The Real Oil Shock: How Oil Transformed Money, Debt, and Finance (Palgrave MacMillan, 2022) demonstrates how the dramatic transfer of wealth from the industrialized, capitalist world to OPEC’s members triggered by the Oil Embargo and the Oil Shock created a vast pool of liquid capital. Oil prices inflation, as a result of Embargo and Shock, also triggered a balance of payments crisis that created unprecedented global demand for credit. Processing this capital and mitigating the inflationary pressures which followed the 1973 Shock encouraged the development of more liquid, internationally mobile instruments that made financialization possible and ushered in the effective privatization of money creation. This transformation of the creation of money, the rise of a new global debt cycle, and petrocapital-fuelled changes to financial practices laid the foundations of modern finance and the neoliberal world order as we know them.Ryan C. Smith is an economic researcher specializing in business news, economic news, and finance. He earned his Ph.D. in Economic and Social History from the University of Glasgow.Filippo De Chirico studies History and Politics of Energy at Roma Tre University (Italy). Learn more about your ad choices. Visit megaphone.fm/adchoices

The Glen Canyon Dam on the Colorado River provides electricity for some forty million people, and is one of the largest sources of water in the American West. It is also a testament to American settler colonialism, writes UT Austin history professor Erika Bsumek in The Foundations of Glen Canyon Dam: Infrastructures of Dispossession on the Colorado Plateau (U Texas Press, 2023). This region of the Southwest has been inhabited and irrigated by Indigenous societies since time immemorial, groups which were only recently (and partially) dispossessed by LDS Church settlers and by the US government. Bsumek argues that the structures, both physical and social, which form the foundation of Glen Canyon Dam - including science, law, and religion - make it a blueprint for structural dispossession, and a model which the United States would use to claim valuable Native lands. Yet, a mammoth undertaking such as this cannot be built without massive environmental change, and from the very beginning, both Indigenous and non-Indigenous people alike have questioned whether the dam was even necessary at all. In an era of warming climates and increasing droughts, Foundations of Glen Canyon Dam explains how we arrived at this moment of water crisis, and points to a path into an as-yet untapped future. Learn more about your ad choices. Visit megaphone.fm/adchoices

For almost two decades, the citizens of Western Mexico have called for a cleanup of the Santiago River, a water source so polluted it emanates an overwhelming acidic stench. Toxic clouds of foam lift off the river in a strong wind. In Sewer of Progress: Corporations, Institutionalized Corruption, and the Struggle for the Santiago River (MIT Press, 2023), Cindy McCulligh examines why industrial dumping continues in the Santiago despite the corporate embrace of social responsibility and regulatory frameworks intended to mitigate environmental damage. The fault, she finds, lies in a disingenuous discourse of progress and development that privileges capitalist growth over the health and well-being of ecosystems.Rooted in research on institutional behavior and corporate business practices, Sewer of Progress exposes a type of regulatory greenwashing that allows authorities to deflect accusations of environmental dumping while "regulated" dumping continues in an environment of legal certainty. For transnational corporations, this type of simulation allows companies to take advantage of double standards in environmental regulations, while presenting themselves as socially responsible and green global actors. Through this inversion, the Santiago and other rivers in Mexico have become sewers for urban and industrial waste. Institutionalized corruption, a concept McCulligh introduces in the book, is the main culprit, a system that permits and normalizes environmental degradation, specifically in the creation and enforcement of a regulatory framework for wastewater discharge that prioritizes private interests over the common good.Through a research paradigm based in institutional ethnography and political ecology, Sewer of Progress provides a critical, in-depth look at the power relations subverting the role of the state in environmental regulation and the maintenance of public health.Brad H. Wright is a historian of Latin America specializing in postrevolutionary Mexico. PhD in Public History. Asst. Prof. of Latin American History at Alabama A&M University. Learn more about your ad choices. Visit megaphone.fm/adchoices

By placing the party grassroots at the centre of its focus, Yiannis Kokosalakis' book Building Socialism: The Communist Party and the Making of the Soviet System, 1921–1941 (Cambridge UP, 2023) presents an original account of the formative first two decades of the Soviet system. Assembled in a large network of primary party organisations (PPO), the Bolshevik rank-and-file was an army of activists made up of ordinary people. While far removed from the levers of power, they were nevertheless charged with promoting the Party's programme of revolutionary social transformation in their workplaces, neighbourhoods, and households. Their regular meetings, conferences and campaigns have generated a voluminous source base. This rich material provides a unique view of the practical manifestation of the Party's revolutionary mission and forms the basis of this insightful new narrative of how the Soviet republic functioned in the period from the end of the Russian Civil War in 1921 to its invasion by Nazi Germany in 1941. Learn more about your ad choices. Visit megaphone.fm/adchoices

In Jewish Space Lasers: The Rothschilds and 200 Years of Conspiracy Theories (Melville House, 2023), Mike Rothschild delves into the history of the conspiracy industry around the Rothschild family—from the "pamphlet wars" of Paris in the 1840s to the dankest pits of the internet today. Journalist and conspiracy theory expert Mike Rothschild, who isn't related to the family, sorts out myth from reality to find the truth about these conspiracy theories and their spreaders. Who were the Rothschilds? Who are they today? Do they really own $500 trillion and every central bank, in addition to “controlling the British money supply?” Is any of this actually true? And why, even as their wealth and influence have waned, do they continue to drive conspiracies and hoaxes?Mike Rothschild is a journalist and conspiracy theory expert. He has written two previous books, including The Storm is Upon Us: How QAnon Became a Movement, Cult, and Conspiracy Theory of Everything. Rothschild has been interviewed by CNN, MSNBC, NPR, the BBC, the Washington Post, and the New York Times among many others to discuss conspiracy theories and has testified to Congress on the threat of election disinformation.Schneur Zalman Newfield is an Associate Professor of Sociology and Jewish Studies at Hunter College, City University of New York, and the author of Degrees of Separation: Identity Formation While Leaving Ultra-Orthodox Judaism (Temple University Press, 2020). Learn more about your ad choices. Visit megaphone.fm/adchoices

An ethnography of advertising in postmillennial South Korea, Flower of Capitalism: South Korean Advertising at a Crossroads (U Hawaii Press, 2022) details contests over advertising freedoms and obligations among divergent vested interests while positing far-reaching questions about the social contract that governs advertising in late-capitalist societies. The term "flower of capitalism" is a clichéd metaphor for advertising in South Korea, bringing resolutely positive connotations, which downplay the commercial purposes of advertising and give prominence to its potential for public service. Historically, South Korean advertising was tasked to promote virtue with its messages, while allocation of advertising expenditures among the mass media was monitored and regulated to curb advertisers' influence in the name of public interest. Though this ideal was often sacrificed to situational considerations, South Korean advertising had been remarkably accountable to public scrutiny and popular demands.This beneficent role of advertising, however, came under attack as a neoliberal hegemony consolidated in South Korea in the twenty-first century. Flower of Capitalism examines the clash of advertising's old obligations and new freedoms, as it was navigated by advertising practitioners, censors, audiences, and activists. It weaves together a rich multi-sited ethnography--at an advertising agency and at an advertising censorship board--with an in-depth exploration of advertising-related controversies--from provocative advertising campaigns to advertising boycotts. Advertising emerges as a contested social institution whose connections to business, mass media, and government are continuously tested and revised.Olga Fedorenko challenges the mainstream notions of advertising, which universalize the ways it developed in Transatlantic countries, and offers a glimpse of what advertising could look like if its public effects were taken as seriously as its marketing goals. A critical and innovative intervention into the studies of advertising, Flower of Capitalism breaks new ground in current debates on the intersection of media, culture, and politics.Dr. Fedorenko is an associate professor of anthropology at the Seoul National University. She received her MA and Ph.D. from the East Asian Studies Department at the University of Toronto, and her BA in Korean studies from the Institute of Asian and African Countries at Lomonosov Moscow State University. She has published a number of articles on advertising, popular culture, and the sharing economy in South Korea. You can find her on Research Gate here. To view the commercials mentioned in “Flower of Capitalism,” go here.Leslie Hickman is a translator and writer with an MA in Korean Studies from Yonsei University. You can follow her on X at https://twitter.com/AJuseyo. Learn more about your ad choices. Visit megaphone.fm/adchoices

The Atlantic-Pacific Central American sea-level canal is generally regarded as a spectacular failure. However, Deep Cut: Science, Power, and the Unbuilt Interoceanic Canal (U Georgia Press, 2020) examines the canal in an alternative context, as an anticipated infrastructure project that captured attention from the nineteenth through the late twentieth centuries. Its advocates included naturalist Alexander von Humboldt, physicist Edward Teller, and U.S. presidents John F. Kennedy, Lyndon Johnson, and Jimmy Carter. The waterway did not come to fruition, but as a proposal it served important political and scientific purposes during different eras, especially the years spanning the Cold War and the "environmental decade" of the 1970s.Historian Christine Keiner shows how the evolving plans for the sea-level ship canal performed distinct kinds of work for diverse historical actors in light of shifting scientific, environmental, and diplomatic values. Dismissing it as a failed scheme prevents us from considering the political, cultural, and epistemological processes that went into constructing the seaway as an innovative diplomatic solution to rising U.S.-Panama tensions, an exciting research opportunity for evolutionary biologists, a superior hydrocarbon highway for the oil industry, or a serious ecological threat to marine biodiversity.Invoking past dreams and nightmares of peaceful nuclear explosives, invasive sea snakes, and the 1970s energy crisis, Deep Cut uses the Central American seaway proposal to examine the changing roles of environmental diplomacy and state-sponsored environmental impact assessment. More broadly, Keiner amplifies an emerging conversation around the environmental, scientific, and political histories and legacies of unrealized megaprojects.This book is available open access here. 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