New Books in Economic and Business History

Charles Kindleberger ranks as one of the twentieth century's best known and most influential international economists. This book traces the evolution of his thinking in the context of a 'key-currency' approach to the rise of the dollar system, here revealed as the indispensable framework for global economic development since World War II. Unlike most of his colleagues, Kindleberger was deeply interested in history, and his economics brimmed with real people and institutional details. His research at the New York Fed and BIS during the Great Depression, his wartime intelligence work, and his role in administering the Marshall Plan gave him deep insight into how the international financial system really operated. A biography of both the dollar and a man, Money and Empire (Cambridge University Press, 2022) also the story of the development of ideas about how money works. It throws revealing light on the underlying economic forces and political obstacles shaping our globalized world.Perry Mehrling is Professor of International Political Economy at Boston University.Caleb Zakarin is the Assistant Editor of the New Books Network. 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

This episode features Professor Simon Ville talking about his latest book with David Merrett International Business in Australia Before World War One: Shaping a Multinational Economy (Palgrave MacMillan, 2022).This book challenges conventional wisdom by revealing an extensive and heterogeneous community of foreign businesses in Australia before 1914. Multinational enterprise arrived predominantly from Britain, but other sender nations included the USA, France, Germany, New Zealand, and Japan. Their firms spread out across Australia from mining and pastoral communities, to portside industries and CBD precincts, and they operated broadly across mining, trading, shipping, insurance, finance, and manufacturing. They were a remarkably diverse population of firms by size, organisational form, and longevity. This is a rare study of the impact of multinationals on a host nation, particularly before World War One, and that focuses on a successful resource-based economy. Deploying a database of more than 600 firms, supported by contemporary archives and publications, the work reveals how multinational influence was contested by domestic enterprise, other foreign firms, and the strategic investments of governments in network industries. Nonetheless, foreign agency – particularly investment, knowledge and entrepreneurship – mattered in the economic development of Australia in the nineteenth as well as the twentieth centuries. This book will be of interest to students and researchers in Australian and international economic and business history, the history of economic growth and scholars of international business.Professor Ville is a Professor of Economic and Business History at the University of Wollongong in Australia. Prof Ville has worked with scholars in a broad range of disciplines including economics, history, management, sociology, engineering, and museum science.Dr. Paula de la Cruz Fernández has been the host of this interview. Learn more about your ad choices. Visit megaphone.fm/adchoices

What do financial bubbles and religious millenarianism have in common? They both involve collective delusion. When Charles Mackey wrote a book on the Madness of Crowds in the 19th century, he could not have imagined that religious and financial bubbles will continue to reappear, but as Willam Bernstein points out, the world has not gotten any saner.William Bernstein is an investment manager and the author of a number of books including, The Delusions Of Crowds: Why People Go Mad in Groups and The Birth of Plenty: How the Prosperity of the Modern World was Created. And before his work in finance, he spent more than 30 years practicing medicine.William and Greg discuss the difference between intelligence and rationality, how human nature is rooted in imitation and mimicry, and the end of the world.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

The recent rise of dollar, pound, and euro inflation rates has rekindled the debate over potential alternative monies, particularly gold and Bitcoin. Though Bitcoin has been much discussed in recent years, a basic understanding of how it and gold would work as monetary standards is rare. Accessibly written by a pioneering economist, Better Money explains and evaluates gold, fiat, and Bitcoin standards without hype. White uses simple supply-and-demand analysis to explain how these standards work, evaluating their relative merits and explaining their response to shocks, allowing for informed comparisons between them. This book addresses common misunderstandings of the gold standard and Bitcoin, using historical evidence to review the history of money with emphasis on the contest between market and government provision. Known for his work on alternative monetary institutions, White offers a reasoned discussion of which standard is most likely to provide a better money.In Better Money: Gold, Fiat, or Bitcoin? (Cambridge UP, 2023), Lawrence H. White offers a summary of previous work while explaining differences and similarities of the gold standard and how crypto currencies work in an authoritative yet non technical way with a non-specialist audience in mind. His main idea is to explore alternatives to fiat money in a digital world.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

Cargoes in Motion: Materiality and Connectivity across the Indian Ocean (Ohio University Press, 2022) is an innovative collection of essays that foregrounds specific cargoes as a means to understand connectivity and mobility across the Indian Ocean world. Scholars have long appreciated the centrality of trade and commerce in understanding the connectivity and mobility that underpin human experience in the Indian Ocean region. But studies of merchant and commercial activities have paid little attention to the role that cargoes have played in connecting the disparate parts of this vast oceanic world. Drawing from the work of anthropologists, geographers, and historians, Cargoes in Motion tells the story of how material objects have informed and continue to shape processes of exchange across the Indian Ocean. By following selected cargoes through both space and time, this book makes an important and innovative contribution to Indian Ocean studies. The multidisciplinary approach deepens our understanding of the nature and dynamics of the Indian Ocean world by showing how transoceanic connectivity has been driven not only by economic, social, cultural, and political factors but also by the materiality of the objects themselves. Essays by: Edward A. Alpers, Fahad Ahmad Bishara, Eva-Maria Knoll, Karl-Heinz Kohl, Lisa Jenny Krieg, Pedro Machado, Rupert Neuhöfer, Mareike Pampus, Hannah Pilgrim, Burkhard Schnepel, Hanne Schönig, Tansen Sen, Steven Serels, Julia Verne, and Kunbing Xiao.Burkhard Schnepel is a professor of social anthropology at the Martin Luther University of Halle-Wittenberg. From 2013 to 2020, he was head of the Connectivity in Motion: Port Cities of the Indian Ocean fellows group at the Max Planck Institute for Social Anthropology in Halle. He is the author of The King’s Three Bodies: Essays on Kingship and Ritual and a coeditor of Travelling Pasts: The Politics of Cultural Heritage in the Indian Ocean World. Julia Verne is a professor of cultural geography at the Johannes Gutenberg University of Mainz, where she leads a research group on mobility, materiality, and maritimity, with a focus on the western Indian Ocean. Her publications include Living Translocality: Space, Culture, and Economy in Contemporary Swahili Trade and several articles discussing the Indian Ocean as a relational space.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

Western culture has been obsessed with regulating society by the precise, accurate measurement of time since the Middle Ages. In On Time: A History of Western Timekeeping (Johns Hopkins UP, 2020), Ken Mondschein explores the paired development of concepts and technologies of timekeeping with human thought. Without clocks, he argues, the modern world as we know it would not exist. From the astronomical timekeeping of the ancient world to the tower clocks of the Middle Ages to the seagoing chronometer, the quartz watch, and the atomic clock, greater precision and accuracy have had profound effects on human society--which, in turn, has driven the quest for further precision and accuracy. This quest toward automation--which gave rise to the Gregorian calendar, the factory clock, and even the near-disastrous Y2K bug--has led to profound social repercussions and driven the creation of the modern scientific mindset.Surveying the evolution of the clock from prehistory to the twenty-first century, Mondschein explains how both the technology and the philosophy behind Western timekeeping regimes came to take over the entire world. On Time is a story of thinkers, philosophers, and scientists, and of the thousand decisions that continue to shape our daily lives. Learn more about your ad choices. Visit megaphone.fm/adchoices

In this episode, I was joined by Nicholas Scott Baker to discuss his book, In Fortune’s Theater: Financial Risk and the Future in Renaissance Italy (Cambridge University Press, 2021). Professor Baker is an Associate Professor of history at Macquarie University in Sydney Australia interested in the political and economic cultures of early modern Europe and the Mediterranean, with a particular focus on Renaissance Italy.In this fascinating new book, Professor Baker reveals how Renaissance Italians developed a new concept of the future as unknown time-yet-to-come. As In Fortune’s Theater makes clear, nearly everyone in Renaissance Italy seemingly had the future on their minds. Authorities in important commercial hubs such as Genoa, Venice, Rome, and Florence legislated against overzealous betting on the future. Merchants filled their commercial correspondence with a lexicon of futurity. Famed painters such as Caravaggio, Giorgio Vasari, and Paolo Veronese manipulated the existing iconography of the figure of Fortuna into a moral allegory about unseized opportunity. And seemingly every important Renaissance Italian intellectual including Petrarch, Dante, Christine de Pizan, Poggio Bracciolini, Leon Battista Alberti, Laura Cereta, Giovanni Pontano, Niccolò Machiavelli, Francesco Guicciardini, and Baldassare Castiglione cared deeply about time-yet-to-come.Baker’s book is a rich, multilayered examination of the problems of risk, fortune, and the future in the Renaissance, and it should have broad appeal to anyone interested in the economic and political culture of early modern Europeans.Michael Paul Martoccio is an Assistant Professor of History at the University of Wisconsin-Madison specializing in the economic and military historian of the early modern Mediterranean. I am especially interested in how early modern economic practices – consumerism, market culture, and the commercialization of war – shaped notions of sovereignty, territoriality, and political geography. If you have a title to suggest for this podcast, please contact him at martoccio@wisc.edu. Learn more about your ad choices. Visit megaphone.fm/adchoices

Over six million prime-age men are neither working nor looking for work; America's low unemployment rate hides the fact that many men have dropped out of the workforce altogether. Our workforce participation rate is on par with that seen during the Great Depression.Why does this problem affect men so acutely? Why is it so specific to America? What are these missing men doing with their time? How do we differentiate between leisure and idleness? Demographer and economist Nicholas Eberstadt of the American Enterprise Institute discusses these trends and what they mean for America's future.Eberstadt is the author of Men Without Work. Learn more about your ad choices. Visit megaphone.fm/adchoices

During the late nineteenth century, tens of thousands of diggers, prospectors, merchants, and dealers extracted and shipped over 50 million carats of diamonds from South Africa to London. The primary supplier to the world, South Africa's diamond fields became one of the formative sites of modern capitalist production. At each stage of the diamond's route through the British empire and beyond-from Cape Town to London, from Amsterdam to New York City-carbon gems were primarily mined, processed, appraised, and sold by Jews.In A Brilliant Commodity: Diamonds and Jews in a Modern Setting (Oxford University Press, 2023), historian Dr. Saskia Coenen Snyder traces how once-peripheral Jewish populations became the central architects of a new, global exchange of diamonds that connected African sites of supply, European manufacturing centers, American retailers, and western consumers. Centuries of restrictions had limited Jews to trade and finance, businesses that often heavily relied on internal networks. Jews were well-positioned to become key players in the earliest stage of the diamond trade and its growth into a global industry, a development fueled by technological advancements, a dramatic rise in the demand of luxury goods, and an abundance of rough stones. Relying on mercantile and familial ties across continents, Jews created a highly successful commodity chain that included buyers, brokers, cutters, factory owners, financiers, and retailers.Working within a diasporic ethnic community that bridged city and countryside, metropole and colony, Jews helped build a flourishing diamond industry, notably Hatton Garden in London and the Diamond District of New York City, and a place for themselves in the modern world.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