New Books in Economic and Business History

Having lived through both China’s Great Leap Forward during primary school, then the Cultural Revolution and the closing of schools for ten years, Beijing-born Weijian Shan, instead of a secondary school education spent six hard years in the Gobi Desert with the Army Construction Corps.Remarkably, the young Shan made it to a PhD program at UC Berkeley where he met his academic advisor, then Professor Janet Yellen, later U.S. Treasury Secretary. (Somewhat ironically now attending to the insolvencies of Silicon Valley Bank and Signature Bank). Shan goes on to become a Wharton School business professor before moving into investment banking and private equity investing making financial business history with the successful takeover and turnaround of failed banks in South Korea and China.Both generous with his time and patient with my questions, Dr. Shan is currently the CEO at PAG, a private equity firm managing assets of some $50 billion. We discussed the books in chronological order with a few tangents that Shan used to both clarify and instruct such as: his 2006 public debate with World Bank economists about Chinese profitability; why his generation truly is a ‘Lost Generation’; his career and transitions including, among other things, the connection between recent financial crises and the basics of sound financial banking systems; lessons from and advice for business negotiation; the importance of leadership, and his two keys to an ‘ownership’ mentality. All within the context of his well-written and interesting narratives providing personal accounts of life during the Cultural Revolution period in China, as well as historic overseas private equity bank deals as described by the publisher, Wiley and Sons, adapted below: Out of the Gobi: My Story of China and America draws a vivid picture of the raw human energy and the will to succeed against all odds. Shan, a former hard laborer who is now one of Asia's best-known financiers, is thoughtful, observant, eloquent, and brutally honest, making him well-positioned to tell the story of a life that is a microcosm of modern China, and of how, improbably, that life became intertwined with America. This powerful and personal perspective on China and America will inform Americans' view of China, humanizing the country, while providing a rare view of America from the prism of a keen foreign observer who lived the American dream. (2019) Money Games: The Inside Story of How American Dealmakers Saved Korea’s Most Iconic Bank is a riveting tale of one of the most successful buyout deals ever: the acquisition and turnaround of what used to be Korea's largest bank by the Asian arm of an American firm, Newbridge Capital. Full of intrigue and suspense, this insider's account is told by the chief architect of the deal itself, the celebrated author and private equity investor Weijian Shan. With billions of dollars at stake, and the nation's economic future on the line, Newbridge Capital sought to become the first foreign firm in history to take control of one of Korea's most beloved financial institutions. (2020) In Money Machine: A Trailblazing American Venture in China, Weijian Shan delivers a compelling account of one of the most significant deals in private equity history: the first and only foreign acquisition of control of a Chinese national bank. Money Machine is the fascinating inside story of the transaction as told by the man who led it, from the intrigues of dealmaking to the complex and uncharted process of securing control by a foreign investor of a Chinese nationwide financial institution, a feat that had never before been attempted, nor has it been repeated. (2023) Keith Krueger teaches at the Sydney Business School at Shanghai University - can be reached at keith.krueger1@uts.edu.au or keithNBn@gmail.com. Learn more about your ad choices. Visit megaphone.fm/adchoices

China's role as an economic powerhouse in Latin America is reshaping a region on the cusp of development and change. Since the turn of the century, bilateral trade between China and Latin America has increased massively, going from $12.17 billion in 2000 to $307.94 billion in 2019. From the pampas of Argentina and the vast Brazilian Amazon to Panama's canal and Jamaica's coastal waters, China is financing roads, railways, dams and ports that are transforming regional economies and societies.Beyond China's global search for resources and markets, Beijing's engagement with Latin America is amplified by cutting-edge technologies and a growing assertiveness in regional diplomatic and military affairs. The United States, once complacent in its dominant position over its proverbial 'backyard', is increasingly alarmed by the spectacle of deepening Chinese involvement in this part of the Western hemisphere.What are we to make of these shifting dynamics? In this detailed investigation, Dr. Chris Alden and Dr. Alvaro Mendez look at the interests, strategies and practices of China's incoming power. The book, China and Latin America: Development, Agency, Geopolitics (Bloomsbury, 2023) starts by unpacking the historical links between Imperial China and Colonial Latin America through the 19th century, then turns to the revolutionary role played by Mao's China during the Cold War. Next, it turns to global China's contemporary expansion into Latin America by focusing on the development dimensions of engagement in individual countries, and concurrently, on the exercise of agency by Latin American governments and societies intent on managing Chinese interests to their advantage. Finally, the book addresses these relationships in the context of heightened global competition between China and the United States.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

During the Middle Ages, the Netherlands played a significant role in the emergence of capitalism, which led to the impressive Dutch Golden Age and paved the way for long-term economic growth across Europe. Pioneers of Capitalism: The Netherlands 1000-1800 (Princeton University Press, 2022)' by Maarten Prak and Jan Luiten van Zanden sheds light on the informal institutions that made this economic revolution possible. Using the latest quantitative theories in economic research, the authors illustrate how Dutch cities, corporations, guilds, commons, and other private and semipublic organizations created safeguards for market transactions even in the absence of state regulations. In fact, informal institutions developed in the Netherlands long before public safeguards for economic activity were established. According to the authors, capitalism emerged within a robust civil society in the Netherlands that contained and balanced its centrifugal forces. However, an unbridled capitalism flourished in overseas territories, resulting in slavery and other severe consequences for people outside Europe. Despite this, the Dutch economy thrived, and the country transformed into a powerhouse of sustained economic growth. Pioneers of Capitalism offers a panoramic account of the early history of capitalism, revealing the remarkable transformation of a small region in medieval Europe into a world-changing economic force.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

What can an airport tell us about a city? Quite a bit, according to UC-Santa Cruz history professor Eric Porter in A People's History of SFO: The Making of the Bay Area and an Airport (University of California Press, 2023). San Francisco's SFO airport has been reshaping the Bay Area's politics and reflecting the region's inequalities since its founding in 1927, Porter argues. From the dispossessed Native land on which it was built, to the class dynamics shaping airport noise and amenities, to the airport's mid-century racist hiring practices, the facility served as a microcosm of Bay Area problems, promise, and growth. Even in recent years, with the airport serving as a site for pro-immigrant activism during the Trump era, SFO continues to be a symbol for the city s a whole. As sea level rises threaten to swamp the runways, the airport's future is uncertain, but its past is a useful lens for viewing western urban history in the twentieth century. Dr. Stephen R. Hausmann is an assistant professor of history at the University of St. Thomas in Minnesota. Learn more about your ad choices. Visit megaphone.fm/adchoices

The “Pittsburgh Renaissance,” an urban renewal effort launched in the late 1940s, transformed the smoky rust belt city’s downtown. Working-class residents and people of color saw their neighborhoods cleared and replaced with upscale, white residents and with large corporations housed in massive skyscrapers. Pittsburgh’s Renaissance’s apparent success quickly became a model for several struggling industrial cities, including St. Louis, Cleveland, Detroit, Chicago, and Philadelphia.In A Good Place to Do Business: The Politics of Downtown Renewal Since 1945 (Temple UP, 2022), Roger Biles and Mark Rose chronicle these urban “makeovers” which promised increased tourism and fashionable shopping as well as the development of sports stadiums, convention centers, downtown parks, and more. They examine the politics of these government-funded redevelopment programs and show how city politics (and policymakers) often dictated the level of success.As city officials and business elites determined to reorganize their downtowns, a deeply racialized politics sacrificed neighborhoods and the livelihoods of those pushed out. Yet, as A Good Place to Do Business demonstrates, more often than not, costly efforts to bring about the hoped-for improvements failed to revitalize those cities, or even their downtowns.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

Violent conflict and its aftermath are pressing problems, particularly for international development initiatives. However, the results of development in conflict contexts have generally been disappointing and their preventative potential thus questionable. Lives Amid Violence: Transforming Development in the Wake of Conflict (Bloomsbury, 2023) by Dr. Mareike Schomerus argues that this is because practitioners adhere to a mental model that emphasises linearity, certainty, and causality, assuming that violence is best addressed through work plans that deliver state-building, stabilisation and services. Based on ten years of multi-method research from, in, and on conflict-affected countries, this book challenges this approach.Drawing on a significant collaborative body of scholarship, Dr. Schomerus puts forward original and generalizable conclusions about how lives amid violence persist, offering an invitation to abandon restricting mental models and to embrace creative ways of thinking and working. These include paying attention to the long-term effects of conflict on individual behaviour and decision-making, the social realities of economic life, the role service delivery plays in negotiations between citizens and states, and to creating meaningful relationships. Transformation also requires reflection and therefore the book concludes with constructive suggestions on how to practice these insights to better support those whose lives are shaped by violence.This book is available open access here. 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 Fictions of Credit in the Age of Shakespeare (Oxford University Press, 2021), Laura Kolb examines how Shakespeare and his contemporaries represented credit-driven artifice and interpretation on the early modern stage. It also analyses a range of practical texts—including commercial arithmetics, letter-writing manuals, legal formularies, and tables of interest—which offered strategies for generating credit and managing debt. Looking at plays and practical texts together, Fictions of Credit argues that both types of writing constitute “equipment for living”: practical texts by offering concrete strategies for navigating England's culture of credit, and plays by exploring the limits of credit's dangers and possibilities. In their representations of a world re-written by debt relations, dramatic texts in particular articulate a phenomenology of economic life, telling us what it feels like to live in credit culture: to live, that is, inside a fiction.Laura Kolb is an Assistant Professor of English at Baruch College, the City University of New York.Schneur Zalman Newfield is an Assistant Professor of Sociology at Borough of Manhattan Community College, City University of New York, and the author of Degrees of Separation: Identity Formation While Leaving Ultra-Orthodox Judaism (Temple University Press, 2020). Visit him online at ZalmanNewfield.com. Learn more about your ad choices. Visit megaphone.fm/adchoices

For over twenty years, James W. Cortada has pioneered research into how information shapes society. In Birth of Modern Facts: How the Information Revolution Transformed Academic Research, Governments and Businesses (Rowman & Littlefield, 2023), he tells the story of how information evolved since the mid-nineteenth century. Cortada argues that information increased in quantity, became more specialized by discipline (e.g., mathematics, science, political science), and more organized. Information increased in volume due to a series of innovations, such as the electrification of communications and the development of computers, but also due to the organization of facts and knowledge by discipline, making it easier to manage and access. He looks at what major disciplines have done to shape the nature of modern information, devoting chapters to the most obvious ones. Cortada argues that understanding how some features of information evolved is useful for those who work in subjects that deal with their very construct and application, such as computer scientists and those exploring social media and, most recently, history. The Birth of Modern Facts builds on Cortada's prior books examining how information became a central feature of modern society, most notably as a sequel to All the Facts: A History of Information in the United States since 1870 (OUP, 2016) and Building Blocks of Society: History, Information Ecosystems, and Infrastructures (R&L, 2021). Learn more about your ad choices. Visit megaphone.fm/adchoices

Against a backdrop of ongoing resistance to racial desegregation and strident calls for Black Power, the NBA in the 1970s embodied the nation’s imagined descent into disorder. A new generation of Black players entered the league then, among them Kareem Abdul-Jabbar and Spencer Haywood, and the press and public were quick to blame this cohort for the supposed decline of pro basketball, citing drugs, violence, and greed. Basketball became a symbol for post-civil rights America: the rules had changed, allowing more Black people onto the playing field, and now they were ruining everything.Enter Black Ball: Kareem Abdul-Jabbar, Spencer Haywood, and the Generation That Saved the Soul of the NBA (Bold Type Books, 2023)l, a gripping history and corrective in which scholar Theresa Runstedtler expertly rewrites basketball’s “Dark Ages.” Weaving together a deep knowledge of the game with incisive social analysis, Runstedtler argues that this much-maligned period was pivotal to the rise of the modern-day NBA. Black players introduced an improvisational style derived from the playground courts of their neighborhoods. They also challenged the team owners’ autocratic power, garnering higher salaries and increased agency. Their skills, style, and savvy laid the foundation for the global popularity and profitability of the league we know today.Paul Knepper covered the Knicks for Bleacher Report. His first book, The Knicks of the Nineties: Ewing, Oakley, Starks and the Brawlers That Almost Won It All was published in 2020. You can reach Paul at paulknepper@gmail.com and follow him on Twitter @paulieknep. Learn more about your ad choices. Visit megaphone.fm/adchoices

Abandoning Their Beloved Land: The Politics of Bracero Migration in Mexico (U California Press, 2023) offers an essential new history of the Bracero Program, a bilateral initiative that allowed Mexican men to work in the United States as seasonal contract farmworkers from 1942 to 1964. Using national and local archives in Mexico, historian Alberto García uncovers previously unexamined political factors that shaped the direction of the program, including how officials administered the bracero selection process and what motivated campesinos from central states to migrate. Notably, García's book reveals how and why the federal government's delegation of Bracero Program-related responsibilities, the powerful influence of conservative Catholic opposition groups in central Mexico, and the failures of the revolutionary agrarian reform all profoundly influenced the program's administration and individual decisions to migrate as braceros.Rachel Grace Newman is a historian of modern Mexico with particular interests in migration, childhood and youth studies, and social inequality. She is Assistant Professor of History at Colgate University. Learn more about your ad choices. Visit megaphone.fm/adchoices