New Books in Economic and Business History

Scarcity: A History from the Origins of Capitalism to the Climate Crisis (Harvard UP, 2023) is a sweeping intellectual history of the concept of economic scarcity—its development across five hundred years of European thought and its decisive role in fostering the climate crisis.Modern economics presumes a particular view of scarcity, in which human beings are innately possessed of infinite desires and society must therefore facilitate endless growth and consumption irrespective of nature’s limits. Yet as Fredrik Albritton Jonsson and Carl Wennerlind show, this vision of scarcity is historically novel and was not inevitable even in the age of capitalism. Rather, it reflects the costly triumph of infinite-growth ideologies across centuries of European economic thought—at the expense of traditions that sought to live within nature’s constraints.The dominant conception of scarcity today holds that, rather than master our desires, humans must master nature to meet those desires. Albritton Jonsson and Wennerlind argue that this idea was developed by thinkers such as Francis Bacon, Samuel Hartlib, Alfred Marshall, and Paul Samuelson, who laid the groundwork for today’s hegemonic politics of growth. Yet proponents of infinite growth have long faced resistance from agrarian radicals, romantic poets, revolutionary socialists, ecofeminists, and others. These critics—including the likes of Gerrard Winstanley, Dorothy Wordsworth, Karl Marx, and Hannah Arendt—embraced conceptions of scarcity in which our desires, rather than nature, must be mastered to achieve the social good. In so doing, they dramatically reenvisioned how humans might interact with both nature and the economy.Following these conflicts into the twenty-first century, Albritton Jonsson and Wennerlind insist that we need new, sustainable models of economic thinking to address the climate crisis. Scarcity is not only a critique of infinite growth, but also a timely invitation to imagine alternative ways of flourishing on Earth.Fredrik Albritton Jonsson is the Associate Professor of British History at the University of Chicago. His current research deals with a set of closely related themes in environmental history, history of science, and political economy. Carl Wennerlind is the Professor of History and Chair at Barnard College, Columbia University. He specializes in the history of early modern Europe, with a focus on intellectual history and political economy. He is particularly interested in the historical development of ideas about money and credit; ideas on the relationship between economy and nature; and ideas about "improvement" and "modernization."Thomas Edward Kingston is a Berkeley Fellow in South and Southeast Asian Studies and PhD Student with a designated emphasis in Political Economy at the University of California, Berkeley Learn more about your ad choices. Visit megaphone.fm/adchoices

Patriarchal forces of law, finance, and social custom restricted women’s rights and agency in revolutionary America. Yet women in this period exploited these confines, transforming constraints into vehicles of female empowerment. Through a close reading of thousands of legislative, judicial, and institutional pleas across seventy years of history in three urban centers, Jacqueline Beatty illustrates the ways in which women in the revolutionary era asserted their status as dependents, demanding the protections owed to them as the assumed subordinates of men. In so doing, they claimed various forms of aid and assistance, won divorce suits, and defended themselves and their female friends in the face of patriarchal assumptions about their powerlessness. Ultimately, women in the revolutionary era were able to advocate for themselves and express a relative degree of power not in spite of their dependent status, but because of it.Their varying degrees of success in using these methods, however, was contingent on their race, class, and socio-economic status, and the degree to which their language and behavior conformed to assumptions of Anglo-American femininity. In Dependence: Women and the Patriarchal State in Revolutionary America (NYU Press, 2023) thus exposes the central paradoxes inherent in American women’s social, legal, and economic positions of dependence in the Revolutionary era, complicating binary understandings of power and weakness, of agency and impotence, and of independence and dependence. Significantly, the American Revolution provided some women with the language and opportunities in which to claim old rights―the rights of dependents―in new ways. Most importantly, In Dependence shows how women’s coming to consciousness as rights-bearing individuals laid the groundwork for the activism and collective petitioning efforts of later generations of American feminists.Jane Scimeca is Professor of History at Brookdale Community College. @JaneScimeca1 Learn more about your ad choices. Visit megaphone.fm/adchoices

Disease is thought to be a great leveler of humanity, but in antebellum New Orleans acquiring immunity from the scourge of yellow fever magnified the brutal inequities of slave-powered capitalism.Antebellum New Orleans sat at the heart of America’s slave and cotton kingdoms. It was also where yellow fever epidemics killed as many as 150,000 people during the nineteenth century. With little understanding of mosquito-borne viruses—and meager public health infrastructure—a person’s only protection against the scourge was to “get acclimated” by surviving the disease. About half of those who contracted yellow fever died.Repeated epidemics bolstered New Orleans’s strict racial hierarchy by introducing another hierarchy, what Kathryn Olivarius terms “immunocapital.” As this highly original analysis shows, white survivors could leverage their immunity as evidence that they had paid their biological dues and could then pursue economic and political advancement. For enslaved Blacks, the story was different. Immunity protected them from yellow fever, but as embodied capital, they saw the social and monetary value of their acclimation accrue to their white owners. Whereas immunity conferred opportunity and privilege on whites, it relegated enslaved people to the most grueling labor.The question of good health—who has it, who doesn’t, and why—is always in part political. Necropolis: Disease, Power, and Capitalism in the Cotton Kingdom (Harvard UP, 2022) shows how powerful nineteenth-century white Orleanians—all allegedly immune—pushed this politics to the extreme. They constructed a society that capitalized mortal risk and equated perceived immunity with creditworthiness and reliability. Instead of trying to curb yellow fever through sanitation or quarantines, immune white Orleanians took advantage of the chaos disease caused. Immunological discrimination therefore became one more form of bias in a society premised on inequality, one more channel by which capital disciplined and divided the population.Kendall Dinniene is an English PhD candidate at Southern Methodist University in Dallas, Texas. Their research examines how contemporary American authors respond to anti-fatness in their work, revealing the contours of citizenship and paths toward liberation. Learn more about your ad choices. Visit megaphone.fm/adchoices

In the nineteenth century, most American farms had a small orchard or at least a few fruit-bearing trees. People grew their own apple trees or purchased apples grown within a few hundred miles of their homes. Nowadays, in contrast, Americans buy mass-produced fruit in supermarkets, and roughly 70 percent of apples come from Washington State. So how did Washington become the leading producer of America’s most popular fruit? In The Washington Apple: Orchards and the Development of Industrial Agriculture (The University of Oklahoma Press, 2022), Amanda L. Van Lanen offers a comprehensive response to this question by tracing the origins, evolution, and environmental consequences of the state’s apple industry.Washington’s success in producing apples was not a happy accident of nature, according to Van Lanen. Apples are not native to Washington, any more than potatoes are to Idaho or peaches to Georgia. In fact, Washington apple farmers were late to the game, lagging their eastern competitors. The author outlines the numerous challenges early Washington entrepreneurs faced in such areas as irrigation, transportation, and labor. Eventually, with crucial help from railroads, Washington farmers transformed themselves into “growers” by embracing new technologies and marketing strategies. By the 1920s, the state’s growers managed not only to innovate the industry but to dominate it.Industrial agriculture has its fair share of problems involving the environment, consumers, and growers themselves. In the quest to create the perfect apple, early growers did not question the long-term environmental effects of chemical sprays. Since the late twentieth century, consumers have increasingly questioned the environmental safety of industrial apple production. Today, as this book reveals, the apple industry continues to evolve in response to shifting consumer demands and accelerating climate change. Yet, through it all, the Washington apple maintains its iconic status as Washington’s most valuable agricultural crop.Amanda L. Van Lanen, PhD is a Professor of History at Lewis-Clark State College.Troy A. Hallsell, PhD is the 341st Missile Wing Historian at Malmstrom AFB, Montana. The ideas expressed in this podcast do not represent the 341st Missile Wing, the United States Air Force, or the Department of Defense. Learn more about your ad choices. Visit megaphone.fm/adchoices

Opium is an awkward commodity. For the West, it’s a reminder of some of the shadier and best forgotten parts of its history. For China (and a few other countries), it’s a symbol of national humiliation, left to the past–unless it needs to shame a foreign country.But the opium trade survived for decades, through to the end of the Second World War. How did that trade actually work? How was it possible to trade a good that was, at best, tolerated in the strange gap between legal and illegal. This trade is what Peter Thilly covers in his book The Opium Business: A History of Crime and Capitalism in Maritime China (Stanford University Press, 2022).In this interview, Peter and I talk about opium, how people traded this quasi-legal good, and the changing opium trade–including a surprising source of illicit drugs in the region.Peter Thilly is Assistant Professor of History at the University of Mississippi. He is currently working on a global microhistory of the 1853 Small Sword Uprising.You can find more reviews, excerpts, interviews, and essays at The Asian Review of Books, including its review of The Opium Business. Follow on Twitter at @BookReviewsAsia.Nicholas Gordon is an associate editor for a global magazine, and a reviewer for the Asian Review of Books. He can be found on Twitter at @nickrigordon. Learn more about your ad choices. Visit megaphone.fm/adchoices

The eighteenth-century Bank of England was an institution that operated for the benefit of its shareholders--and yet came to be considered, as Adam Smith described it, "a great engine of state." In Virtuous Bankers: A Day in the Life of the Eighteenth-Century Bank of England (Princeton UP, 2023), Anne Murphy explores how this private organization became the guardian of the public credit upon which Britain's economic and geopolitical power was based. Drawing on the voluminous and detailed minute books of a Committee of Inspection that examined the Bank's workings in 1783-84, Murphy frames her account as "a day in the life" of the Bank of England, looking at a day's worth of banking activities that ranged from the issuing of bank notes to the management of public funds.Murphy discusses the bank as a domestic environment, a working environment, and a space to be protected against theft, fire, and revolt. She offers new insights into the skills of the Bank's clerks and the ways in which their work was organized, and she positions the Bank as part of the physical and cultural landscape of the City: an aggressive property developer, a vulnerable institution seeking to secure its buildings, and an enterprise necessarily accessible to the public. She considers the aesthetics of its headquarters--one of London's finest buildings--and the messages of creditworthiness embedded in that architecture and in the very visible actions of the Bank's clerks. Murphy's uniquely intimate account shows how the eighteenth-century Bank was able to deliver a set of services that were essential to the state and commanded the confidence of the public.Anne L. Murphy is Professor of History and Executive Dean of the Faculty of Humanities and Social Sciences. She joined the University of Portsmouth in March 2021. Prior to this she worked at the University of Hertfordshire and the University of Exeter.  Previously she spent twelve years working in the City trading interest rate and foreign exchange derivatives.Her research focuses on early modern financial markets and publications include articles in Past and Present, Economic History Review, History, Financial History Review and Women's History Review. Her previous monographs are The Origins of English Financial Markets: investment and speculation before the South Sea Bubble (2010) and  The Worlds of the Jeake Family of Rye, 1640-1736 (2018).References: -Previous NBN podcasts on money, namely Lawrence H. White and Dror Goldberg. -Books by Amy Froide's Silent Partners: Women as Public Investors during Britain's Financial Revolution, 1690-1750 and Daniel Abramson's Building the Bank of England: Money, Architecture, Society 1694-1942. Bernardo Batiz-Lazo is currently straddling between Newcastle and Mexico City. You can find him on twitter on issues related to business history of banking, fintech, payments and other musings. Not always in that order. @BatizLazo Learn more about your ad choices. Visit megaphone.fm/adchoices

Ice is everywhere: in gas stations, in restaurants, in hospitals, in our homes. Americans think nothing of dropping a few ice cubes into tall glasses of tea to ward off the heat of a hot summer day. Most refrigerators owned by Americans feature automatic ice machines. Ice on-demand has so revolutionized modern life that it’s easy to forget that it wasn’t always this way—and to overlook what aspects of society might just melt away as the planet warms. In Ice: From Mixed Drinks to Skating Rinks--a Cool History of a Hot Commodity (G. P. Putnam's Sons, 2023), journalist and historian Amy Brady shares the strange and storied two-hundred-year-old history of ice in America: from the introduction of mixed drinks “on the rocks,” to the nation’s first-ever indoor ice rink, to how delicacies like ice creams and iced tea revolutionized our palates, to the ubiquitous ice machine in every motel across the US. But Ice doesn’t end in the past. Brady also explores the surprising present-day uses of ice in sports, medicine, and sustainable energy—including cutting-edge cryotherapy breast-cancer treatments and new refrigerator technologies that may prove to be more energy efficient—underscoring how precious this commodity is, especially in an age of climate change.Amy Brady is the executive director of Orion magazine, a contributing editor for Scientific American, and coeditor of The World as We Knew It: Dispatches from a Changing Climate. Twitter. Website. Brian Hamilton is chair of the Department of History and Social Science at Deerfield Academy. Twitter. Website. Learn more about your ad choices. Visit megaphone.fm/adchoices

East Africa’s Human Environment Interactions: Historical Perspectives for a Sustainable Future (Palgrave Macmillan, 2022) is an ambitious integration of ecological, archaeological, anthropological land use sciences, drawing on human geography, demography and economics of development across the East Africa region. It focuses on understanding and unpicking the interactions that have taken place between the natural and unnatural history of the East African region and trace this interaction from the evolutionary foundations of our species (c. 200,000 years ago), through the outwards and inwards human migrations, often associated with the adoption of subsistence strategies, new technologies and the arrival of new crops. The book will explore the impact of technological developments such as transitions to tool making, metallurgy, and the arrival of crops also involved an international dimension and waves of human migrations in and out of East Africa. Time will be presented with a widening focus that will frame the contemporary with a particular focus on the Anthropocene (last 500 years) to the present day. Many of the current challenges have their foundations in precolonial and colonial history and as such there will be a focus on how these have evolved and the impact on environmental and human landscapes. Moving into the Anthropocene era, there was increasing exposure to the International drivers of change, such as those associated with Ivory and slave trade. These international trade routes were tied into the ensuing decimation of elephant populations through to the exploitation of natural mineral resources have been sought after through to the present day. The book will provide a balanced perspective on the region, the people, and how the natural and unnatural histories have combined to create a dynamic region. These historical perspectives will be galvanized to outline the future changes and the challenges they will bring around such issues as sustainable development, space for wildlife and people, and the position of East Africa within a globalized world and how this is potentially going to evolve over the coming decades.Rob Marchant is Professor of Tropical Ecology in the Department of Environment and Geography at the University of York, UK.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

How common is financial malpractice in big, well known financial companies? Is it so common that it should really be seen as a business model more than an occasional aberration by rogue traders? These are questions posed by Ronen Palan and Anastasia Nesvetailova in their book Sabotage: The Business of Finance (PublicAffairs, 2020). Listen to Owen Bennett-Jones discuss the future of big finance with Anastasia Nesvetailova.Owen Bennett-Jones is a freelance journalist and writer. A former BBC correspondent and presenter he has been a resident foreign correspondent in Bucharest, Geneva, Islamabad, Hanoi and Beirut. He is recently wrote a history of the Bhutto dynasty which was published by Yale University Press. Learn more about your ad choices. Visit megaphone.fm/adchoices

Does a strong state mean a weak market? This is a common misconception amongst economists. Many view the state as either taxing and regulating the market too much or too little. However, the truth is that state capacity is just not well conceptualized in economic theory.James A. Robinson is a political scientist, economist, and professor at the University of Chicago. His recent book, co-authored with Daron Acemoglu, The Narrow Corridor: States, Societies, and the Fate of Liberty, explores the critical balance needed between state and society and how liberty can continue to thrive despite threats from both sides.James and Greg explore the correlation between inclusive political institutions and economic growth and prosperity and why the absence of state capacity in developing nations is a major contributing factor to their economic struggles. This highlights the necessity for a genuine debate on whether strong governments and effective state institutions facilitate or stifle independence and innovation.Gregory LaBlanc is a lifelong educator with degrees in History, PPE, Business, and Law, Greg currently teaches at Berkeley, Stanford, and HEC Paris. He has taught in multiple disciplines, from Engineering to Economics, from Biology to Business, from Psychology to Philosophy. He is the host of the unSILOed podcast. unSILOed is produced by University FM. Learn more about your ad choices. Visit megaphone.fm/adchoices