New Books in Economic and Business History

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

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

Certain cities—most famously New York, London, and Tokyo—have been identified as “global cities,” whose function in the world economy transcends national borders. Without the same fanfare, formerly peripheral and secondary cities have been growing in importance, emerging as global cities in their own right. The striking similarity of the skylines of Dubai, Miami, and Singapore is no coincidence: despite following different historical paths, all three have achieved newfound prominence through parallel trends.In this groundbreaking book, Alejandro Portes and Ariel C. Armony demonstrate how the rapid and unexpected rise of these three cities recasts global urban studies. They identify the constellation of factors that allow certain urban places to become “emerging global cities”—centers of commerce, finance, art, and culture for entire regions. The book traces the transformations of Dubai, Miami, and Singapore, identifying key features common to these emerging global cities. It contrasts them with “global hopefuls,” cities that, at one point or another, aspired to become global, and analyzes how Hong Kong is threatened with the loss of this status. Portes and Armony highlight the importance of climate change to the prospects of emerging global cities, showing how the same economic system that propelled their rise now imperils their future. Emerging Global Cities: Origin, Structure, and Significance (Columbia University Press, 2022) provides a powerful new framework for understanding the role of peripheral cities in the world economy and how they compete for and sometimes achieve global standing.Alejandro Portes is professor of law and distinguished scholar of arts and sciences at the University of Miami. He is the Howard Harrison and Gabrielle S. Beck Professor of Sociology (emeritus) and the founding director of the Center for Migration and Development at Princeton University. Portes is also a member of the National Academy of Sciences and the former president of the American Sociological Association. His books include City on the Edge: The Transformation of Miami (University of California Press, 1993) and Immigrant America: A Portrait (University of California Press, 2014).Ariel C. Armony is vice chancellor for global affairs and director of the University Center for International Studies at the University of Pittsburgh, where he is also a professor in the Graduate School of Public and International Affairs. He was a fellow at the Woodrow Wilson International Center for Scholars, a Fulbright scholar at Nankai University, and a resident fellow at the Rockefeller Foundation Bellagio Center. His publications include The Dubious Link: Civic Engagement and Democratization (Stanford University Press, 2004) and, with Portes, The Global Edge: Miami in the Twenty-First Century (University of California Press, 2018).Aleem Mahabir is a PhD candidate in Geography at the University of the West Indies, Mona, Jamaica. His research interests lie at the intersection of Urban Geography, Social Exclusion, and Psychology. His dissertation research focuses on the link among negative psychosocial dispositions, exclusion, and under-development among marginalized communities in Port of Spain, Trinidad and Tobago. You can find him on Twitter. 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

Why is Memphis home to hundreds of motor carrier terminals and distribution centers? Why does the tiny island-nation of Singapore handle a fifth of the world's maritime containers and half the world's annual supply of crude oil? Which jobs can replace lost manufacturing jobs in advanced economies?Some of the answers to these questions are rooted in the phenomenon of logistics clusters—geographically concentrated sets of logistics-related business activities. In Logistics Clusters, supply chain management expert Yossi Sheffi explains why Memphis, Singapore, Chicago, Rotterdam, Los Angeles, and scores of other locations have been successful in developing such clusters while others have not.Sheffi outlines the characteristic “positive feedback loop” of logistics clusters development and what differentiates them from other industrial clusters; how logistics clusters “add value” by generating other industrial activities; why firms should locate their distribution and value-added activities in logistics clusters; and the proper role of government support, in the form of investment, regulation, and trade policy.Sheffi also argues for the most important advantage offered by logistics clusters in today's recession-plagued economy: jobs, many of them open to low-skilled workers, that are concentrated locally and not “offshorable.” These logistics clusters offer what is rare in today's economy: authentic success stories. For this reason, numerous regional and central governments as well as scores of real estate developers are investing in the development of such clusters.Yossi Sheffi is Elisha Gray II Professor of Engineering Systems at MIT and Director of the MIT Center for Transportation and Logistics. He has worked with leading manufacturers and logistics service providers around the world on supply chain issues and is an active entrepreneur, having founded or cofounded five companies since 1987. He is the author of The Resilient Enterprise: Overcoming Vulnerability for Competitive Advantage (MIT Press) and Urban Transportation Networks. Learn more about your ad choices. Visit megaphone.fm/adchoices

Nicholas Lemann is a staff writer at the New Yorker and a professor of journalism at Columbia. He is the author of four books, the most recent of which is Transaction Man: The Rise of the Deal and the Decline of the American Dream (FSG, 2019). Lemann spoke at the Institute about Transaction Man in 2019.Over the last generation, the United States has undergone seismic changes. Stable institutions have given way to frictionless transactions, which are celebrated no matter what collateral damage they generate. The concentration of great wealth has coincided with the fraying of social ties and the rise of inequality. How did all this come about?In Transaction Man, Nicholas Lemann explains the United States'--and the world's--great transformation by examining three remarkable individuals who epitomized and helped create their eras. Adolf Berle, Franklin Delano Roosevelt's chief theorist of the economy, imagined a society dominated by large corporations, which a newly powerful federal government had forced to become benign and stable institutions, contributing to the public good by offering stable employment and generous pensions. By the 1970s, the corporations' large stockholders grew restive under this regime, and their chief theoretician, Harvard Business School's Michael Jensen, insisted that firms should maximize shareholder value, whatever the consequences. Today, Silicon Valley titans such as the LinkedIn cofounder and venture capitalist Reid Hoffman hope "networks" can reknit our social fabric.Lemann interweaves these fresh and vivid profiles with a history of the Morgan Stanley investment bank from the 1930s through the financial crisis of 2008, while also tracking the rise and fall of a working-class Chicago neighborhood and the family-run car dealerships at its heart. Incisive and sweeping, Transaction Man is the definitive account of the reengineering of America and the enormous impact it has had on us all.Since 1977, the New York Institute for the Humanities has brought together distinguished scholars, writers, artists, and publishing professionals to foster crucial discussions around the public humanities. For more information and to support the NYIH, visit nyihumanities.org. Learn more about your ad choices. Visit megaphone.fm/adchoices

A sweeping history of the American health care state that reveals the public has been intentionally misled about the true role of government. The US government has always invested federal, state and local dollars in public health protection and prevention. Despite this public funding, however, Americans typically believe the current system is predominantly comprised of private actors with little government interference. In Grow and Hide: The History of America's Health Care State (Oxford UP, 2023), Colleen M. Grogan details the history of the American health care state and argues that the public has been intentionally misled about the true role of government. The US created a publicly financed system while framing it as the opposite in what Grogan terms the "grow-and-hide regime." Today, the state's role is larger than ever, yet it remains largely hidden because stakeholders-namely, private actors and their allies in government-have repeatedly, and successfully, presented the illusion of minimal government involvement. The consequences of this narrative are scarce accountability and a highly unequal distribution of benefits. In the wake of a pandemic that has killed over one million Americans--with the highest death rates among minorities and lower-income people--the time has come for an honest discussion about the health care system. As Grogan reveals, America has never had a system that resembles a competitive, free-market model. Given how much the government already invests in the health care system, means how these funds are distributed and administered are fundamental political questions for the American public, not questions that should be decided by the private sector. If we want to fix care in America, we need to reimagine the way it is organized, prioritized, funded, and, perhaps most importantly, discussed. Grow & Hide is an important contribution to this reimagining.Stephen Pimpare is a Senior Fellow at the Carsey School of Public Policy at the University of New Hampshire. Learn more about your ad choices. Visit megaphone.fm/adchoices

In the United States, the stoicism and importance of the “working class” is part of the national myth. The term is often used to conjure the contributions and challenges of the white working class – and this obscures the ways in which Black workers built institutions like the railroads and universities – but also how they transformed unions, changed public policy, and established community. In Black Folk: The Roots of the Black Working Class (LIveright, 2023), Dr. Blair LM Kelley restores the Black working class to the center of the American story by interrogating the lives of laundresses, Pullman porters, domestic maids, and postal workers. The book is both a personal journey and a history of Black labor in the United States from enslavement to the present day with a focus on a critical era: after Southern Emancipation to the early 20th century, when the first generations of Black working people carved out a world for themselves.Dr. Kelley captures the character of the lives of Black workers not only as laborers, activists, or members of a class but as individuals whose daily experiences mattered – to themselves, to their communities, and to “the nation at large, even as it denied their importance.” As she weaves together rich oral histories, memoirs, photographs, and secondary sources, she shows how Black workers of all genders were “intertwined with the future of Black freedom, Black citizenship, and the establishment of civil rights for Black Americans.” She demonstrates how her own family’s experiences mirrors this wider history of the Black working class – sometimes in ways that she herself did not realize before writing the book.Even as the book confronts violence, poor working conditions, and a government that often legislated to protect the interests of white workers and consumers, Black Folk celebrates the ways in which Black people “built and rebuilt vital spaces of resistance, grounded in the secrets that they knew about themselves, about their community, their dignity, and their survival.” Black Folk looks back but also forward. In examining the labor and challenges of individuals, Dr. Kelley sheds light on reparations and suggests that Amazon package processing centers, supermarkets, and nursing homes can be spaces of resistance and labor activism in the 21st century.Dr. Blair LM Kelley is the Joel R. Williamson Distinguished Professor of Southern Studies at the University of North Carolina-Chapel Hill and incoming director of the Center for the Study of the American South, the first Black woman to serve in that role in the center’s thirty-year history. She is also the author of Right to Ride: Streetcar Boycotts and African American Citizenship in the Era of Plessy v. Ferguson from the University of North Carolina Press.Dr. Kelley mentions Dr. Tera W. Hunter’s To ‘Joy My Freedom: Southern Black Women’s Lives and Labors After the Civil War, Duke University’s Behind the Veil oral history project, and Philip R. Rubio’s There’s Always Work at the Post Office: African American Postal Workers and the Fight for Jobs, Justice, and Equality. Learn more about your ad choices. Visit megaphone.fm/adchoices

Richard Hirsh, Professor of History at Virginia Tech, talks about his book, Powering American Farms: The Overlooked Origins of Rural Electrification (Johns Hopkins UP, 2022), with Peoples & Things host, Lee Vinsel. Powering American Farms is a revisionist history of rural electrification that calls into question a long standard story that rural electrification only began through the powers of the US federal government during the New Deal. Through extensive archival research, Hirsh finds a wide variety of activities around electrification on farms, through efforts of utilities, academic researchers, agricultural extension programs, and farmers themselves.Lee Vinsel is an associate professor in the Department of Science, Technology and Society at Virginia Tech. He studies human life with technology, with particular focus on the relationship between government, business, and technological change. His first book, Moving Violations: Automobiles, Experts, and Regulations in the United States, was published by Johns Hopkins University Press in July 2019. Learn more about your ad choices. Visit megaphone.fm/adchoices

Anchored in the principles of free-market economics, neoliberalism emerged in the 1990s as the world's most dominant economic paradigm. It has been associated with political leaders from Ronald Reagan, Margaret Thatcher, and Bill Clinton, to Tony Blair, Barack Obama, and Manmohan Singh. Neoliberalism even penetrated deeply into communist China's powerful economic system. However, the 2008 Global Financial Crisis and the related European Sovereign Debt Crisis triggered a decade of economic volatility and insecurity that boosted the fortunes of the 1 per cent while saddling the 99 per cent with stagnant wages and precarious work. As a result of this Great Recession, neoliberalism fortunes have waned considerably. This downward trend further accelerated with the recent surge of national populism around the world that brought to power outspoken critics of neoliberalism like Donald Trump, Boris Johnson, Jair Bolsonaro, and Narendra Modi. Is neoliberalism doomed or will it regain its former glory? And what are the major types of neoliberalism, and how did they evolve over the decades? Responding to these crucial questions, Neoliberalism: A Very Short Introduction (Oxford UP, 2021) explores the considerable variations of neoliberalism around the world, and discusses the origins, evolution, and core ideas of neoliberalism. This new edition brings the story of neoliberalism up to date, and asks whether new versions of neoliberalism might succeed in drowning out the rising tide of national populism and its nostalgic longing for a return to territorial sovereignty and national greatness. Manfred B. Steger is a professor at the University of Hawaii at Manoa.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