New Books in Economic and Business History

In Seven Crashes: The Economic Crises That Shaped Globalization (Yale UP, 2023), distinguished economic historian Harold James offers a fresh perspective on the past two centuries of globalization and the pivotal moments that shaped it. James analyzes seven major economic crises that occurred over this period, including the late 1840s, the simultaneous stock market shocks of 1873, the First World War years, the Great Depression era, the 1970s, the Global Financial Crisis of 2007-2008, and most recently the Covid-19 crisis. Through his insightful analysis, he illustrates how some of these crises contributed to increased cross-border integration of labor, goods, and capital markets, while others resulted in significant deglobalization.James classifies the crises into two categories: those caused by shortages and those driven by demand. He explains how shortages have led to greater globalization as markets expanded and producers innovated to increase supply, as evidenced by events such as the First World War and the oil shocks of the 1970s. In contrast, demand-driven crises, such as those that caused the Great Depression and the Global Financial Crisis of 2007-2008, have typically led to international trade contraction and decreased globalization, often accompanied by widespread skepticism of governments.To support his findings, James examines the writings of key observers who shaped our understanding of each crisis, including Karl Marx in 1848, Stanley Jevons, Léon Walras, and Carl Menger in the 1870s, German Treasury Secretary Karl Helfferich in the First World War, John Maynard Keynes in the Great Depression, Milton Friedman and Friedrich Hayek in the 1970s, Ben Bernanke in 2008, and Larry Summers and Raj Chetty in 2020.Overall, James' work provides an insightful and thought-provoking analysis of the relationship between economic crises and globalization over the past two centuries, and sheds light on the potential trajectory of future economic developments.Javier Mejia is an economist at Stanford University who specializes in the intersection of social networks and economic history. His research interests also include entrepreneurship and political economy, with a particular focus on Latin America and the Middle East. He holds a Ph.D. in Economics from Los Andes University. Mejia has previously been a Postdoctoral Associate and Lecturer at New York University-Abu Dhabi and a Visiting Scholar at the University of Bordeaux. He is also a frequent contributor to various news outlets, currently serving as an op-ed columnist for Forbes Magazine. Learn more about your ad choices. Visit megaphone.fm/adchoices

In 2014, Indian Prime Minister Narendra Modi closed the Planning Commission, which he accused of stifling the country’s growth and being a holdover from the country’s time as a socialist country. It was an ignoble end to the government body, which in the early days of independence charted the country’s Five-Year Plans for economic development.Nikhil Menon, in his first book Planning Democracy: Modern India’s Quest for Development from Cambridge University Press (2022), looks at how India’s efforts towards economic planning helped the country find a path between Western and Soviet economic models, supercharged the growth of Indian statistics, and tried to foster a more public democracy.In this interview, Nikhil and I talk about planning and democracy, statistics, and perhaps one of the book’s central figures, Professor Mahalanobis, the father of Indian statistics.Nikhil Menon is a historian of modern South Asia, specializing in the political and economic history of twentieth-century India. His research explores the histories of democracy and development in independent India.You can find more reviews, excerpts, interviews, and essays at The Asian Review of Books, including its review of Planning Democracy. 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

How did British society become financialised? In Are We Rich Yet? The Rise of Mass Investment Culture in Contemporary Britain (U California Press, 2022), Dr Amy Edwards, a senior lecturer in the Department of History at the University of Bristol, analyses the cultural, social, and economic history of the 1980s to understand how British society became a nation of investors. The book ranges from well-known examples, such as Yuppies and privatisation of national utilities, through to everyday examples of share shops and investment clubs. Linking the analysis to broader trends in British and in financial history, alongside issues of class and gender, the book is essential reading across the humanities and social sciences, as well as for anyone interested in why money is so important to contemporary life.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

For almost fifty years, coal dominated the Navajo economy. But in 2019 one of the Navajo Nation’s largest coal plants closed.This comprehensive new work offers a deep dive into the complex inner workings of energy shift in the Navajo Nation. In Carbon Sovereignty: Coal, Development, and Energy Transition in the Navajo Nation (University of Arizona Press, 2023) geographer Andrew Curley, a member of the Navajo Nation, examines the history of coal development within the Navajo Nation, including why some Diné supported coal and the consequences of doing so. He explains the Navajo Nation’s strategic choices to use the coal industry to support its sovereignty as a path forward in the face of ongoing colonialism. Carbon Sovereignty demonstrates the mechanism of capitalism through colonialism and the construction of resource sovereignty, in both the Navajo Nation’s embrace and its rejection of a coal economy.For the people of the Navajo Nation, energy sovereignty is dire and personal. Thanks to on-the-ground interviews with Diné coal workers, environmental activists, and politicians, Curley documents the real consequences of change as they happened. While some Navajo actors have doubled down for coal, others have moved toward transition. Curley argues that political struggles ultimately shape how we should understand coal, capitalism, and climate change. The rise and fall of coal magnify the nuance and complexity of change. Historical and contemporary issues intermingle in everyday life with lasting consequences.Andrew Curley is a member of the Navajo Nation and an assistant professor in the School of Geography, Development & Environment at the University of Arizona. Twitter.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

A comprehensive look into how Macau’s recent decades of gambling-related growth produced one of the wealthiest territories on the planet.Betting on Macau: Casino Capitalism and China's Consumer Revolution (U Minnesota Press, 2023) delves into the radical transformation of what was formerly the last remaining European territory in Asia, returned to the People’s Republic of China in 1999 after nearly half a millennium of Portuguese rule. Examining the unprecedented scale of its development and its key role in China’s economic revolution, Tim Simpson follows Macau’s emergence from historical obscurity to become the most profitable casino gaming locale in the world.Identified as a UNESCO World Heritage Site and renowned for its unique blend of Chinese and Portuguese colonial-era architecture, contemporary Macau has metamorphosed into a surreal, hypermodern urban landscape augmented by massive casino megaresorts, including two of the world’s largest buildings. Simpson situates Macau’s origins as a strategic trading port and its ensuing history alongside the emergence of the global capitalist system, charting the massive influx of foreign investment, construction, and tourism in the past two decades that helped generate the territory’s enormous wealth.Presented through a cross section of postcolonial studies and social theory with extensive insight into the global gambling industry, Betting on Macau uncovers the various roots of the territory’s lucrative casino capitalism. In turn, its trenchant analysis provides a distinctive view into China’s broader project of urbanization, its post-Mao economic reforms, and the continued rise of its consumer culture.Michael O. Johnston, Ph.D. is an Assistant Professor of Sociology at William Penn University. He is the author of Community Media Representations of Place and Identity at Tug Fest: Reconstructing the Mississippi River (Lexington, 2022). His general area of study is on media representations of people and place at festivals and celebrations. He is currently working on his next book where he conducted research on an annual canoeing and kayaking event that takes place on the Upper Mississippi River. To learn more about Michael O. Johnston you can go to his website, Google Scholar, Twitter @ProfessorJohnst, or by email at johnstonmo@wmpenn.edu. Learn more about your ad choices. Visit megaphone.fm/adchoices

In this episode of High Theory, Karl Dudman tells us about the Cooperative Extension System.Formed in 1914 as an extension of the Land Grant University system in the United States, the Cooperative Extension System is an extraordinarily public model of scientific communication. There is an extension officer in every county of the US. The original goal was to transmit academic scientific knowledge on agriculture to America’s farmers, but the program’s remit has expanded over the past hundred years. And it varies widely from place to place. You might go to an extension office to test the soil of your rose bed, to find a food pantry, or attend a kids exercise class. You might also have a conversation about climate change.In the full version of our conversation, Karl discussed the National Extension Climate Initiative which aims to unite climate change education and research across the cooperative extension system and Christopher Henke’s book, Cultivating Science, Harvesting Power: Science and Industrial Agriculture in California (MIT Press, 2008).Karl Dudman is doctoral candidate at the University of Oxford’s Institute for Science, Innovation and Society and a fellow at the Harvard Kennedy School’s Program on Science Technology and Society. He does qualitative research on climate science in the US. His ongoing fieldwork, hosted by the North Carolina State Climate Office, examines how actors within climate science, coastal management and local politics navigate accelerating sea level rise in the context of widespread ambivalence towards the mainstream climate change narrative. Karl is also a photographer, and through his work explores the politics of competing cultural relationships with landscapes, and their subsequent representation.This week’s image is a photograph of two men in a field of tall grass taken November 11, 2008 by Dennis Pennington, Bioenergy Educator, Michigan State University Extension. Learn more about your ad choices. Visit megaphone.fm/adchoices

The Dress Diary: Secrets from a Victorian Woman’s Wardrobe (Penguin, 2023) by Dr. Kate Strasdin presents the hidden fabric of a Victorian woman's life - from family and friends to industry and Empire - told through her unique textile scrapbook.In 1838, a young woman was given a diary on her wedding day. Collecting snippets of fabric from a range of garments she carefully annotated each one, creating a unique record of her life and times. Her name was Mrs Anne Sykes.Nearly two hundred years later, the diary fell into the hands of Dr. Kate Strasdin, a fashion historian and museum curator. Dr. Strasdin spent the next six years unravelling the secrets contained within the album's pages.Piece by piece, she charts Anne's journey from the mills of Lancashire to the port of Singapore before tracing her return to England in later years. Fragments of cloth become windows into Victorian life: pirates in Borneo, the complicated etiquette of mourning, poisonous dyes, the British Empire in full swing, rioting over working conditions and the terrible human cost of Britain's cotton industry.This is life writing that celebrates ordinary people: the hidden figures, the participants in everyday life. Through the evidence of waistcoats, ball gowns and mourning outfits, Dr. Strasdin lays bare the whole of human experience in the most intimate of mediums: the clothes we choose to wear.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 the twenty-first century, cities in the United States that had suffered most the shift to a postindustrial era entered a period widely proclaimed as an urban renaissance. From Detroit to Newark to Oakland and elsewhere commentators saw cities rising again. Yet revitalization generated a second urban crisis marked by growing inequality and civil unrest reminiscent of the upheavals associated with the first urban crisis in the mid-twentieth century. The urban poor and residents of color have remained very much at a disadvantage in the face of racially biased capital investments, narrowing options for affordable housing, and mass incarceration. In profiling nine cities grappling with challenges of the twenty-first century, author Howard Gillette, Jr. evaluates the uneven efforts to secure racial and class equity as city fortunes have risen. Charting the tension between the practice of corporate subsidy and efforts to assure social justice, The Paradox of Urban Revitalization: Progress and Poverty in America's Postindustrial Era (U Pennsylvania Press, 2022) assesses the course of urban politics and policy over the past half century, before the COVID-19 pandemic upended everything, and details prospects for achieving greater equity in the years ahead.Nicole Trujillo-Pagán is a sociologist and Associate Professor at Wayne State University who studies race, the Latina/o/x population, and socio-spatial mobility. You can follow her on Twitter @BorderStruggles. Learn more about your ad choices. Visit megaphone.fm/adchoices

Economists endlessly debate the nature of legal tender monetary systems--coins and bills issued by a government or other authority. Yet the origins of these currencies have received little attention.Dror Goldberg tells the story of modern money in North America through the Massachusetts colony during the seventeenth century. As the young settlement transitioned to self-governance and its economy grew, the need to formalize a smooth exchange emerged. Printing local money followed.Easy Money: American Puritans and the Invention of Modern Currency (U Chicago Press, 2023) illustrates how colonists invented contemporary currency by shifting its foundation from intrinsically valuable goods--such as silver--to the taxation of the state. Goldberg traces how this structure grew into a worldwide system in which, monetarily, we are all Massachusetts. Weaving economics, law, and American history, Easy Money is a new touchstone in the story of monetary systems.Dror Goldberg is a senior faculty member in the Department of Management and Economics at the Open University of Israel. He holds a Ph.D in economics from the University of Rochester and a law degree from Tel Aviv University. Dror studies the theory, history, and law of money, especially of legal tender currency. His work was published in the Journal of Economic History, Journal of Monetary Economics, Economic Theory, and the Journal of Money, Credit, and Banking, among others. He is the author of Easy Money: American Puritans and the Invention of Modern Currency, published by the University of Chicago Press in March 2023, which just reached no. 1 on Amazon for new books in monetary economics. Other reviews include the Wall Street Journal´s "Bookshelf" here.You can follow Dr Golberg in Twitter as @DrorGoldbergBernardo 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

Nostalgia for the 1980s is in the air. From Stranger Things to the relaunch of 80s franchises like Top Gun, the American entertainment industry casts the period as an age of simpler things, clearer dichotomies, and less technology. Yet not all was simple. The 1980s were the heyday of the Cold War. They were the decade of rapid social change, of deregulation and selfish consumption, of Ronald Reagan and Margaret Thatcher. They were also the decade when a new technology swept the world, setting the stage for our all-too-digital present.A lot has been written about the rise of video in the United States, the format wars, the impact it had on the entertainment industry, on personal entertainment consumption habits, and new business models. But the rise of video was not a uniquely American phenomenon, nor was the American experience normative. In fact, wherever the new technology arrived, from the US, to the Middle East, to Eastern Europe, it reshaped social and business practices, as well as government responses to it, in ways that reflected the political, social, and economic arrangements of each space.Johnny Walker’s Rewind, Replay: Britain and the Video Boom, 1972-1992 (Edinburgh UP, 2022) tells the story of Britain’s vide boom in the 1980s by focusing on the first video distributors who took chances on a wide range of films, from documentaries, to horror, to kids entertainment, in order to attract consumer interest. The new video shops that mushroomed across Britain turned video rental into a common practice among the public. Soon, despite a crushing recession, more and more industry players started to invest into what media at the time was dismissing as a mere ‘plaything.’ Rewind, Replay chronicles the idiosyncratic ways in which British distributors and store owners navigated various local political and economic pressures including piracy, the infamous video nasties moral panic and the government crackdown on the industry, as well as the corporate expansion of the industry which, by the end of the decade, eliminated independent distributors, and turned the pre-recorded videocassette from morally questionable enterprise into a staple of high street retail.Oana Godeanu-Kenworthy is Teaching Professor of American Studies at Miami University of Ohio. Her book, Between Empire and Republic: America in the Colonial Canadian Imagination, came out in 2022. Twitter: @OanaGodyKenw. Oana’s webpage. Learn more about your ad choices. Visit megaphone.fm/adchoices