New Books in Economic and Business History

Today, the word "neoliberal" is used to describe an epochal shift toward market-oriented governance begun in the 1970s. Yet the roots of many of neoliberalism's policy tools can be traced to the ideas and practices of mid-twentieth-century liberalism. In Illusions of Progress, Brent Cebul chronicles the rise of what he terms "supply-side liberalism," a powerful and enduring orientation toward politics and the economy, race and poverty, that united local chambers of commerce, liberal policymakers and economists, and urban and rural economic planners. Beginning in the late 1930s, New Dealers tied expansive aspirations for social and, later, racial progress to a variety of economic development initiatives. In communities across the country, otherwise conservative business elites administered liberal public works, urban redevelopment, and housing programs. But by binding national visions of progress to the local interests of capital, liberals often entrenched the very inequalities of power and opportunity they imagined their programs solving. When President Lyndon Johnson launched the War on Poverty--which prioritized direct partnerships with poor and racially marginalized citizens--businesspeople, Republicans, and soon, a rising generation of New Democrats sought to rein in its seeming excesses by reinventing and redeploying many of the policy tools and commitments pioneered on liberalism's supply side: public-private partnerships, market-oriented solutions, fiscal "realism," and, above all, subsidies for business-led growth now promised to blunt, and perhaps ultimately replace, programs for poor and marginalized Americans. In this wide-ranging book, Brent Cebul illuminates the often-overlooked structures of governance, markets, and public debt through which America's warring political ideologies have been expressed and transformed. From Washington, D.C. to the declining Rustbelt and emerging Sunbelt and back again, Illusions of Progress: Business, Poverty, and Liberalism in the American Century (U Pennsylvania Press, 2023) reveals the centrality of public and private forms of profit that have defined the enduring boundaries of American politics, opportunity, and inequality-- in an era of liberal ascendence and an age of neoliberal retrenchment. Learn more about your ad choices. Visit megaphone.fm/adchoices

In this episode of High Theory, Eram Alam talks with us about shortage. A political tool, rather than a natural lack, the concept of a shortage changes the flows of goods and people across borders and space. The concept of a doctor shortage was used in the US immigration reform of the 1960s to recruit discount elite labor from newly postcolonial nations, creating the downstream effect of shortages in their countries of origin. These recruiting practices remain in effect, with a US physician workforce that is approximately 25% international medical graduates, while domestic and international doctor shortages abound.Eram Alam is an assistant professor of the History of Science at Harvard University. Her book The Care of Foreigners studies the enduring consequences of post-colonial migration from Asia to the US. We’re so excited to read it when it comes out! In the meantime, you can read her article “Cold War Crises: Foreign Medical Graduates Respond to US Doctor Shortages, 1965–1975” Social History of Medicine 33 no. 1 (Feb 2020).This week’s image of a hospital corridor was uploaded to the image sharing site Pixbay by a user named Mitrey. Learn more about your ad choices. Visit megaphone.fm/adchoices

Our Recall this Buck series, back in 2020 and 2021, explored the history of money, ranging from the earliest forms of labor IOUs to the modern world of bitcoin and electronically distributed value. We began by focusing on the rise of capitalism, the Bank of England, and how an explosion of liquidity changed everything.We were lucky to do so, just before the Pandemic struck, with Christine Desan of Harvard Law School, who recently published Making Money: Coin, Currency, and the Coming of Capitalism (Oxford University Press, 2014). She is also managing editor of JustMoney.org, a website that explores money as a critical site of governance. Desan’s research explores money as a legal and political project. Her approach opens economic orthodoxy to question by widening the focus on money as an instrument, to examine the institutions and agreements through which resources are mobilized and tracked, by means of money. In doing so, she shows that particular forms of money, and the markets within which they circulate, are neither natural or inevitable. Christine Desan, “Making Money“ Ursula Le Guin The Earthsea Novels (money hard to come by, but kinda cute) Samuel Delany, the Neveryon series (money part of the evils of naming, slavery, labor appropriation) Jane Austen “Pride and Prejudice“ Richard Rhodes, “Energy“ John Plotz, “Is Realism Failing?” (on liberal guilt and patrimonial fiction) William Cobbett, “Rural Rides” (1830; London as wen) E. P. Thompson, “The Moral Economy of the English Crowd in the Eighteenth Century” (notional “just price” of bread) Peter Brown, “Through the Eye of a Needle: Wealth, the Fall of Rome, and the Making of Christianity in the West, 350-550 AD” Chris Vanden Bossche, “Reform Acts“ “Sanditon” on PBS (and the original unfinished Austen novel) Still from “Sanditon” Margot Finn, “Character of Credit“ Thomas Piketty, “Capital in the 21st Century“ L. Frank Baum, “The Wonderful Wizard of Oz” (1900) Leo Tolstoy “The Forged Coupon” (orig.1904) Robert Louis Stevenson, “The Bottle Imp” (1891) Frank Norris, “The Octopus” (1901) D. W. Griffith, “A Corner in Wheat” (1909) Read the episode here. Learn more about your ad choices. Visit megaphone.fm/adchoices

A new account of the Mediterranean economy in the 10th to 12th centuries, forcing readers to entirely rethink the underlying logic to medieval economic systems. Chris Wickham re-examines documentary and archaeological sources to give a detailed account of both individual economies, and their relationships with each other.Chris Wickham offers a new account of the Mediterranean economy in the tenth to twelfth centuries, based on a completely new look at the sources, documentary and archaeological. Our knowledge of the Mediterranean economy is based on syntheses which are between 50 and 150 years old; they are based on outdated assumptions and restricted data sets, and were written before there was any usable archaeology; and Wickham contends that they have to be properly rethought.The Donkey and the Boat: Reinterpreting the Mediterranean Economy, 950-1180 (Oxford UP, 2023) is the first book ever to give a fully detailed comparative account of the regions of the Mediterranean in this period, in their internal economies and in their relationships with each other. It focusses on Egypt, Tunisia, Sicily, the Byzantine empire, Islamic Spain and Portugal, and north-central Italy, and gives the first comprehensive account of the changing economies of each; only Byzantium has a good prior synthesis. It aims to force our rethinking of how economies worked in the medieval Mediterranean. It also offers a rethinking of how we should understand the underlying logic of the medieval economy in general.Chris Wickham is Chichele Professor of medieval history emeritus at University of Oxford.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

Globalization in a Glass: The Rise of Pilsner Beer through Technology, Taste and Empire (Bloomsbury, 2023) by Dr. Malcolm Purinton charts the spread of Pilsner beer from its inception in 1842 to clearly show the changes wrought by globalization in an age of empire. Its rise was dependent not only on technological innovations and faster supply chains, but also on the increased connectedness of the world and the political and economic structures of empire. Drawing upon a wide range of archival sources from Europe, the Americas, and Sub-Saharan Africa, this study traces the spread of industrial beer brewing in Europe from the late 18th to the early 20th century to show how a single beer style became the global favourite through advances in science, business and imperial power.In highlighting the evolution of consumer tastes through changing hierarchical relationships between the British metropole and colonies, as well as the evolution of business organizations and practices, Globalization in a Glass contributes to ongoing debates about globalization, empire, and trade. It argues that, despite the might and power of the British Empire as a colonizing force, the effects of globalization, imperial trade networks, and colonial migration led to the domination of the most popular Continental European style of beer, the Pilsner, over British-style ales.This interview was conducted by Dr. Miranda Melcher whose doctoral work focused 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

In Bridging the Divide: Working-Class Culture in a Middle-Class Society (ILR Press, 2021), Jack Metzgar attempts to determine the differences between working-class and middle-class cultures in the United States. Drawing on a wide range of multidisciplinary sources, Metzgar writes as a now middle-class professional with a working-class upbringing, explaining the various ways the two cultures conflict and complement each other, illustrated by his own lived experiences.Set in a historical framework that reflects on how both class cultures developed, adapted, and survived through decades of historical circumstances, Metzgar challenges professional middle-class views of both the working-class and themselves. In the end, he argues for the creation of a cross-class coalition of what he calls "standard-issue professionals" with both hard-living and settled-living working people and outlines some policies that could help promote such a unification if the two groups had a better understanding of their differences and how to use those differences to their advantage.Bridging the Divide mixes personal stories and theoretical concepts to give us a compelling look inside the current complex position of the working-class in American culture and a view of what it could be in the future.John Lepley is a union activist in Pittsburgh, Pennsylvania and can be reached at jwalterlepley@gmail.com. Learn more about your ad choices. Visit megaphone.fm/adchoices

The Indian Ocean world has a rich history of socio-economic and cultural exchanges across time and space. Connecting the Indian Ocean World Across Sea and Land (Routledge, 2023) and its companion, Merchants and Ports in the Indian Ocean World (Routledge, 2023), explore these connections around the wider Indian Ocean world. The book examines the many overlapping linkages that existed from the early modern period and into the colonial era. It offers a clear understanding of the economic networks that extended across the Indian Ocean and the Atlantic during the 19th century. With a critical historical lens, the volume discusses themes like the opium trade in the Malay-Indonesian Archipelago - the biggest opium trade market at the time; the Safavid mission to Siam; and the economic relationship between Pondicherry and West Africa, via France. Rich in archival material, this book will be of interest for scholars and researchers of Indian Ocean history, maritime history, Indian history, economic and commercial history, South Asian history, and social history, anthropology, and trade relations in general.Radhika Seshan is former head and retired professor of the Department of History, Savitribai Phule Pune University, and is now visiting faculty at the Symbiosis School for Liberal Arts, Pune, India. Her work has been primarily in the areas of economic history, particularly maritime and urban history of early modern India. Author of three books, she has edited or co-edited many others, and her most recent publication is Wage Earners in India 1500–1900: Regional Approaches in an International Context, co-edited with Jan Lucassen (2022).Ryuto Shimada is associate professor, Department of Asian History, Graduate School of Humanities and Sociology, The University of Tokyo. The author of The Intra-Asian Trade in Japanese Copper by the Dutch East India Company during the Eighteenth Century (2006), he has published extensively in Japanese and in English on aspects of the networks of the Indian Ocean world in the early modern age.Ahmed Yaqoub AlMaazmi is a Ph.D. candidate at Princeton University, Near Eastern Studies Department. His research focuses on the intersection of law, the occult sciences, and the environment across the western Indian Ocean. He can be reached by email at almaazmi@princeton.edu or on Twitter @Ahmed_Yaqoub. Listeners’ feedback, questions, and book suggestions are most welcome. Learn more about your ad choices. Visit megaphone.fm/adchoices

The global economy has become increasingly, perhaps chronically, unstable. Since 2008, we have heard about the housing bubble, subprime mortgages, banks “too big to fail,” financial regulation (or the lack of it), and the European debt crisis. Wall Street has discovered that it is more profitable to make money from other people's money than by investing in the real economy, which has limited access to capital—resulting in slow growth and rising inequality. What we haven't heard much about is the role of natural resources—energy in particular—as drivers of economic growth, or the connection of “global warming” to the economic crisis. In The Bubble Economy, Robert Ayres—an economist and physicist—connects economic instability to the economics of energy.Ayres describes, among other things, the roots of our bubble economy (including the divergent influences of Senator Carter Glass—of the Glass-Steagall Law—and Ayn Rand); the role of energy in the economy, from the “oil shocks” of 1971 and 1981 through the Iraq wars; the early history of bubbles and busts; the end of Glass-Steagall; climate change; and the failures of austerity.Finally, Ayres offers a new approach to trigger economic growth. The rising price of fossil fuels (notwithstanding “fracking”) suggests that renewable energy will become increasingly profitable. Ayres argues that government should redirect private savings and global finance away from home ownership and toward “de-carbonization”—investment in renewables and efficiency. Large-scale investment in sustainability will achieve a trifecta: lowering greenhouse gas emissions, stimulating innovation-based economic growth and employment, and offering long-term investment opportunities that do not depend on risky gambling strategies with derivatives.Robert U. Ayres, an American-born physicist and economist, is Emeritus Professor of Economics and Political Science at INSEAD, the international graduate business school. He is the author or coauthor of many books, including (with Benjamin Warr) The Economic Growth Engine: How Energy and Work Drive Prosperity. Learn more about your ad choices. Visit megaphone.fm/adchoices

Who are the English upper class? In The Fall and Rise of the English Upper Class: Houses, Kinship and Capital Since 1945 (Manchester UP, 2023) Daniel Smith, a lecturer in sociology at Cardiff University, offers an analysis of the role and power of the upper class in English society. Drawing on, and critiquing, sociology, anthropology, literary and cultural studies, and psychoanalysis, the book uses a vast range of methods and examples to tell the story of the continued dominance of English elites. With examples ranging from fashion and bookshops, through fee-paying schools, to memoirs and money, the book is essential reading across the social sciences and humanities, and for anyone interested in understanding Britain’s current social, economic, and cultural crisis.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

Many a scholar and policy analyst has lamented American dependence on cars and the corresponding lack of federal investment in public transportation throughout the latter decades of the twentieth century. But as Nicholas Dagen Bloom shows in The Great American Transit Disaster: A Century of Austerity, Auto-Centric Planning, and White Flight (U Chicago Press, 2023), our transit networks are so bad for a very simple reason: we wanted it this way.Focusing on Baltimore, Atlanta, Chicago, Detroit, Boston, and San Francisco, Bloom provides overwhelming evidence that transit disinvestment was a choice rather than destiny. He pinpoints three major factors that led to the decline of public transit in the United States: municipal austerity policies that denied most transit agencies the funding to sustain high-quality service; the encouragement of auto-centric planning; and white flight from dense city centers to far-flung suburbs. As Bloom makes clear, these local public policy decisions were not the product of a nefarious auto industry or any other grand conspiracy--all were widely supported by voters, who effectively shut out options for transit-friendly futures. With this book, Bloom seeks not only to dispel our accepted transit myths but hopefully to lay new tracks for today's conversations about public transportation funding. Learn more about your ad choices. Visit megaphone.fm/adchoices