New Books in Economic and Business History

Spanning twelve presidents, from John F. Kennedy to Joe Biden, and eight Federal Reserve chairs, from William McChesney Martin to Jerome Powell, this is an insider's story of macroeconomic policy. Focusing on the most significant developments and long-term changes, Alan Blinder traces the highs and lows of monetary and fiscal policy, which have cooperated and clashed through many recessions and several long booms over the past six decades. From the fiscal policy of Kennedy's New Frontier to Biden's responses to the pandemic, the book takes readers through the stagflation of the 1970s, the conquest of inflation under Jimmy Carter and Paul Volcker, the rise of Reaganomics, and the bubbles of the 2000s before bringing the story up through recent events, including the financial crisis, the Great Recession, and monetary policy during COVID-19. A lively and concise narrative, A Monetary and Fiscal History of the United States, 1961-2021 (Princeton University Press, 2022) is filled with vital lessons for anyone who wants to better understand where the economy has been and where it might be headed.Alan S. Blinder is the Gordon S. Rentschler Memorial Professor of Economics and Public Affairs at Princeton University, a former vice chair of the Federal Reserve Board, and a former member of the President's Council of Economic Advisers.Caleb Zakarin is the Assistant Editor of the New Books Network. Learn more about your ad choices. Visit megaphone.fm/adchoices

At the intersection of history, material culture studies, and post-socialist memory studies, Journeys of Soviet Things: Cold War as Lived Experience in Cuba and India (Routledge, 2023) is an oral history of socialist globalisation constructed around the journeys of Cold War era Soviet objects in India and Cuba. During the Cold War, an important means to perpetuate Soviet ideals of modernisation and anti-imperialist solidarity across the world was the circulation of ‘banal’ objects, produced in the Soviet Union and purchased, awarded, and gifted for use in homes across the world. Based on oral accounts of Indian and Cuban interlocutors, this book examines the itineraries of Soviet objects such as cars, washing machines, cameras, books, nesting dolls, porcelain, and many other things. Explored this way, the Cold War is a matter of personal, affective, everyday experience. At the same time, by indicating the cohabitation of things in their home from around the world, interlocutors also go on to undercut simple geopolitical binaries that pit Soviet against American techno-politics. Accounts of Soviet objects in India and Cuba reveal a bricolage of preferences that crisscrossed ideological dualities of East vs West, communist vs capitalist, making for an alternative cosmopolitanism that was in equal measure shaped by personal, local, and national histories and experiences. Roland Clark is a Reader in Modern European History at the University of Liverpool, a Senior Fellow with the Centre for Analysis of the Radical Right, and the Principal Investigator of an AHRC-funded project on European Fascist Movements. Learn more about your ad choices. Visit megaphone.fm/adchoices

The Nature of Slavery: Environment and Plantation Labor in the Anglo-Atlantic World (Oxford UP, 2022) interrogates how people with an interest in African slavery manufactured and publicly disseminated a baseless rhetoric about climate, race, and labor that they knew, privately, to contradict their lived experiences.In the late eighteenth century, plantation owners and slaveholders in the Caribbean and the American South publicly argued that physiological and biological differences made African people more capable of withstanding the heat and labor required to work on plantations. This climatic defense of slavery allowed planters to deny their own culpability in enslaving human beings while also framing the issue of racial slavery. The Nature of Slavery challenges this framing of labor, environment, and the development of racial ideologies. Using extensive personal and professional correspondence and colonial records, Dr. Katherine Johnston demonstrates that privately planters did not observe any health differences between Black and white bodies. White slaveholders publicly defended racial slavery constructed on a climatic rhetoric and biological theory of race they knew to be false. The ideology linking race and climate supported the economic motives of these enslavers and this defense of racial slavery in the late 18th century became a retroactive explanation for its establishment in the colonies. This climatic dichotomy to justify slavery and their economic livelihood contributed to historical myths about enslaved bodies and a groundless theory of race which was used to perpetuate the institution of slavery. Nature of Slavery powerfully argues that a “rhetoric of bodily difference gained strength and power as slaveholders and others imbued it with a language of nature.”Dr. Katherine Johnston is an Assistant Professor in the Department of History & Philosophy at Montana State University. Her work focuses on slavery, race, the body, and the environment in Atlantic plantation societies.Daniela Lavergne served as the editorial assistant for this podcast.Susan Liebell is Dirk Warren '50 Professor of Political Science at Saint Joseph’s University in Philadelphia. Learn more about your ad choices. Visit megaphone.fm/adchoices

JoAnne Yates, Sloan Distinguished Professor of Management, Emerita and Professor of Managerial Communication and Work and Organization Studies at MIT’s Sloan School of Management, talks about her classic and award-winning 1989 book, Control Through Communication: The Rise of System in American Management (Johns Hopkins University Press), with Peoples & Things host, Lee Vinsel. Control Through Communication tells the fascinating story of how corporations came to adopt modern communications systems, including typewriters, filing cabinets, card catalogs, memos, and reports. Over the past twenty years, the book has been hugely influential in history, communications, and media studies. Yates and Vinsel also talk about how Yates came to move from literature to business history and organization studies, what it was like working as a woman in a business school in the 1980s, how she managed to have a dual writing career in history and business school journals, and much more.Lee Vinsel is an associate professor in the Department of Science, Technology and Society at Virginia Tech. Learn more about your ad choices. Visit megaphone.fm/adchoices

Despite the seeming supremacy of car culture in the United States, the train has long been and continues to be a potent symbol of American exceptionalism, ingenuity, and vastness. For almost two centuries, the train has served as the literal and symbolic vehicle for American national identity, manifest destiny, and imperial ambitions. It’s no surprise, then, that the train continues to endure in depictions across literature, film, ad music.The Racial Railroad (NYU Press, 2022) highlights the surprisingly central role that the railroad has played―and continues to play―in the formation and perception of racial identity and difference in the United States. Julia H. Lee argues that the train is frequently used as the setting for stories of race because it operates across multiple registers and scales of experience and meaning, both as an invocation of and a depository for all manner of social, historical, and political narratives.Lee demonstrates how, through legacies of racialized labor and disenfranchisement―from the Chinese American construction of the Transcontinental Railroad and the depictions of Native Americans in landscape and advertising, to the underground railroad and Jim Crow segregation―the train becomes one of the exemplary spaces through which American cultural works explore questions of racial subjectivity, community, and conflict. By considering the train through various lenses, The Racial Railroad tracks how racial formations and conflicts are constituted in significant and contradictory ways by the spaces in which they occur.Julia H. Lee is Associate Professor of Asian American Studies at the University of California at Irvine and author of Interracial Encounters: Reciprocal Representations in African and Asian American Literatures, 1896–1937 and Understanding Maxine Hong Kingston.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

Between 1956 and 1960, leaders in the Mongolian People’s Republic embarked on a collectivization campaign to change the way in which Mongolians interacted with animals and the environment. Collectivization in Mongolia, which followed the Soviet model, confiscated private livestock to create collectively-owned and -worked livestock herds, and was seen as one of the building blocks of a modern socialist state. In a society where nomadic herders represented a large segment of the population, however, the process of collectivizing livestock herds took a different form than it did in other socialist contexts, and, post-socialism, many former leaders and collective members remember fondly the state of herding during socialism compared to the uncertainty that followed during the transition to capitalism. In this episode, Dr. Kenny Linden joins me to share his research into the animal, cultural, and environmental history of livestock herding in socialist Mongolia and to discuss adaptations of pastoralism to socialist conditions.Maggie Freeman is a PhD student in the School of Architecture at MIT. She researches uses of architecture by nomadic peoples and historical interactions of nomads and empires, with a focus on the modern Middle East. Learn more about your ad choices. Visit megaphone.fm/adchoices

Merchants of Virtue: Hindus, Muslims, and Untouchables in Eighteenth-Century South Asia (U California Press, 2022) explores the question of what it meant to be Hindu in precolonial South Asia. Divya Cherian presents a fine-grained study of everyday life and local politics in the kingdom of Marwar in eighteenth-century western India to uncover how merchants enforced their caste ideals of vegetarianism and bodily austerity as universal markers of Hindu identity. Using legal strategies and alliances with elites, these merchants successfully remade the category of “Hindu,” setting it in contrast to “Untouchable” in a process that also reconfigured Muslims in caste terms. In a history pertinent to understanding India today, Cherian establishes the centrality of caste to the early-modern Hindu self and to its imagination of inadmissible others. This book is the winner of the 2022 Joseph W. Elder Prize in the Indian Social Sciences.Divya Cherian is Assistant Professor of History at Princeton University. She is a historian of early modern and pre-colonial South Asia, with interests in social, cultural, and religious history, gender and sexuality, ethics and law, and the local and the everyday. Her research focuses on western India, chiefly on the region that is today Rajasthan.Sanjukta Poddar is Assistant Professor of Modern South Asian Studies at Leiden University. She is a cultural and social historian of modern South Asia with an interest in examining cultural contestations within colonial and postcolonial societies. Her research focuses on northern India in the nineteenth and twentieth centuries, particularly, in understanding identities that are expressed and debated at the intersection of print culture and urban history in provincial cities. Learn more about your ad choices. Visit megaphone.fm/adchoices

While central banks have gained remarkable influence over the past fifty years, promising more stability, global finance has gone from crisis to crisis. How do we explain this development? Drawing on original sources ignored in previous research, The Rise of Central Banks: State Power in Financial Capitalism (Harvard University Press, 2023) offers a groundbreaking account of the origins and consequences of central banks' increasing clout over economic policy.Many commentators argue that ideas drove change, indicating a shift in the 1970s from Keynesianism to monetarism, concerned with controlling inflation. Others point to the stagflation crises, which put capitalists and workers at loggerheads. Capitalists won, the story goes, then pushed deregulation and disinflation by redistributing power from elected governments to markets and central banks. Both approaches are helpful, but they share a weakness. Abstracting from the evolving practices of central banking, they provide inaccurate accounts of recent policy changes and fail to explain how we arrived at the current era of easy money and excessive finance.By comparing developments in the United States, the United Kingdom, Germany, and Switzerland, Leon Wansleben finds that central bankers' own policy innovations were an important ingredient of change. These innovations allowed central bankers to use privileged relationships with expanding financial markets to govern the economy. But by relying on markets, central banks fostered excessive credit growth and cultivated an unsustainable version of capitalism. Through extensive archival work and numerous interviews, Wansleben sheds new light on the agency of bureaucrats and calls upon society and elected leaders to direct these actors' efforts to more progressive goals.Caleb Zakarin is the Assistant Editor of the New Books Network. Learn more about your ad choices. Visit megaphone.fm/adchoices

In 2010, Ping An took over Shenzhen Development Bank, ending an experiment that had never been tried before, and not been tried since: a foreign company owning and managing a Chinese bank. Newbridge Capital, a private equity firm, shocked the financial world when it agreed to take over the bank five years earlier–and successfully made it a pioneer.Weijian Shan, then a partner in Newbridge Capital, writes about the whole escapade in his third book Money Machine: A Trailblazing American Venture in China (Wiley: 2023), from when the deal first started, through its many reforms, to Newbridge’s final exit.In this interview, Shan and I talk about the trailblazing deal to take over Shenzhen Development Bank, how important that was in the story of China’s development–and whether private equity gets a bad rap.Weijian Shan is co-founder and executive chairman of PAG, a leading private equity firm in Asia. Prior to his career in private equity, Shan was, at different times, a managing director at JP Morgan and a professor at the Wharton School of the University of Pennsylvania. He is also the author of Out of the Gobi: My Story of China and America (Wiley: 2019) and Money Games: The Inside Story of How American Dealmakers Saved Korea’s Most Iconic Bank (Wiley: 2020).You can find more reviews, excerpts, interviews, and essays at The Asian Review of Books.. 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

Andrew Phemister is Research Associate at Newcastle University. He has previously held postdoctoral positions in History at NUI Galway, the University of Oxford, and Edinburgh’s Institute for Advanced Studies in the Humanities.In this interview he discusses his new book, Land and Liberalism: Henry George and the Irish Land War (Cambridge University Press, 2023)Irish land in the 1880s was a site of ideological conflict, with resonances for liberal politics far beyond Ireland itself. The Irish Land War, internationalised partly through the influence of Henry George, the American social reformer and political economist, came at a decisive juncture in Anglo-American political thought, and provided many radicals across the North Atlantic with a vision of a more just and morally coherent political economy. Looking at the discourses and practices of these agrarian radicals, alongside developments in liberal political thought, Andrew Phemister shows how they utilised the land question to articulate a natural and universal right to life that highlighted the contradictions between liberty and property. In response to this popular agrarian movement, liberal thinkers discarded many older individualistic assumptions, and their radical democratic implications, in the name of protecting social order, property, and economic progress. Land and Liberalism thus vividly demonstrates the centrality of Henry George and the Irish Land War to the transformation of liberal thought.Aidan Beatty is a historian at the Frederick Honors College of the University of Pittsburgh Learn more about your ad choices. Visit megaphone.fm/adchoices