New Books in Economic and Business History

In the past two decades, media images of the surprisingly white “new face” of the US opioid crisis abounded. But why was the crisis so white? Some argued that skyrocketing overdoses were “deaths of despair” signaling deeper socioeconomic anguish in white communities. Whiteout: How Racial Capitalism Changed the Color of Opioids in America (U California Press, 2023) makes the counterintuitive case that the opioid crisis was the product of white racial privilege as well as despair.Anchored by interviews, data, and riveting firsthand narratives from three leading experts—an addiction psychiatrist, a policy advocate, and a drug historian—Whiteout reveals how a century of structural racism in drug policy, and in profit-oriented medical industries led to mass white overdose deaths. The authors implicate racially segregated health care systems, the racial assumptions of addiction scientists, and relaxed regulation of pharmaceutical marketing to white consumers. Whiteout is an unflinching account of how racial capitalism is toxic for all Americans.Claire Clark is a medical educator, historian of medicine, and associate professor in the University of Kentucky’s College of Medicine. Learn more about your ad choices. Visit megaphone.fm/adchoices

Oakland grew up on the shadow of the dynamo of the nineteenth century West, always the "other" city on San Francisco Bay. But as Mitchell Schwarzer, Professor Emeritus of art history and visual culture at California College of the Arts, argues in Hella Town: Oakland's History of Development and Disruption (University of California, 2021), the city also has much to tell us about the history of urban development, inequality, and the role of transit in shaping city life. In this way, Oakland is every city in the United States, a synecdoche for 20th century urban renewal, American car culture, and recent trends in labor such as remote work. From sports to cable cars, the story of 20th century Oakland is both tragedy and triumph, and its center, the story of people and a culture changing and creating change in the inherently dynamic urban American West. Learn more about your ad choices. Visit megaphone.fm/adchoices

With fake news on Facebook, trolls on Twitter, and viral outrage everywhere, it's easy to believe that the internet changed politics entirely. In Political Junkies: From Talk Radio to Twitter, How Alternative Media Hooked Us on Politics and Broke Our Democracy (Basic Books, 2020), historian Claire Bond Potter shows otherwise, revealing the roots of today's dysfunction by situating online politics in a longer history of alternative political media. From independent newsletters in the 1950s to talk radio in the 1970s to cable television in the 1980s, pioneers on the left and right developed alternative media outlets that made politics more popular, and ultimately, more partisan. When campaign operatives took up e-mail, blogging, and social media, they only supercharged these trends. At a time when political engagement has never been greater and trust has never been lower, Political Junkies is essential reading for understanding how we got here.Claire Bond Potter is a political historian at the New School for Social Research.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

Does China show that capitalism works better without democracy? What can be done to secure the future of open societies in which there is wealth, tolerance and stability. Martin Wolf - associate editor of the Financial Times and its chief economist - has been thinking about these big questions for his book The Crisis of Democratic Capitalism (Penguin, 2023). Listen to him in conversation with Owen Bennett Jones.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

Greg Marchildon interviews J. Andrew Ross about his book Joining the Clubs: The Business of the National Hockey League, 1917-1945 (University of Syracuse Press). This podcast was produced Hugh Bakhurst in the Allan Slaight Radio Institute at Ryerson University. Learn more about your ad choices. Visit megaphone.fm/adchoices

Before the First World War, enthusiasm for a borderless world reached its height. International travel, migration, trade, and progressive projects on matters ranging from women’s rights to world peace reached a crescendo. Yet in the same breath, an undercurrent of reaction was growing, one that would surge ahead with the outbreak of war and its aftermath.In Against the World: Anti-Globalism and Mass Politics Between the World Wars (Norton, 2023), a sweeping and ambitious work of history, acclaimed scholar Tara Zahra examines how nationalism, rather than internationalism, came to ensnare world politics in the early twentieth century. The air went out of the globalist balloon with the First World War as quotas were put on immigration and tariffs on trade, not only in the United States but across Europe, where war and disease led to mass societal upheaval. The “Spanish flu” heightened anxieties about porous national boundaries. The global impact of the 1929 economic crash and the Great Depression amplified a quest for food security in Europe and economic autonomy worldwide. Demands for relief from the instability and inequality linked to globalization forged democracies and dictatorships alike, from Gandhi’s India to America’s New Deal and Hitler’s Third Reich. Immigration restrictions, racially constituted notions of citizenship, anti-Semitism, and violent outbursts of hatred of the “other” became the norm—coming to genocidal fruition in the Second World War.Millions across the political spectrum sought refuge from the imagined and real threats of the global economy in ways strikingly reminiscent of our contemporary political moment: new movements emerged focused on homegrown and local foods, domestically produced clothing and other goods, and back-to-the-land communities. Rich with astonishing detail gleaned from Zahra’s unparalleled archival research in five languages, Against the World is a poignant and thorough exhumation of the popular sources of resistance to globalization. With anti-globalism a major tenet of today’s extremist agendas, Zahra's arrestingly clearsighted and wide-angled account is essential reading to grapple with our divided present. Learn more about your ad choices. Visit megaphone.fm/adchoices

So much of what we know of clean water, clean air, and now a stable climate rests on how fossil fuels first disrupted them. Negative Ecologies: Fossil Fuels and the Discovery of the Environment (U California Press, 2022) is a bold reappraisal of the outsized role fossil fuels have played in making the environment visible, factual, and politically operable in North America. Following stories of hydrocarbon harm that lay the groundwork for environmental science and policy, this book brings into clear focus the dialectic between the negative ecologies of fossil fuels and the ongoing discovery of the environment. Exploring iconic sites of the oil economy, ranging from leaky Caribbean refineries to deepwater oil spills, from the petrochemical fallout of plastics manufacturing to the extractive frontiers of Canada, Negative Ecologies documents the upheavals, injuries, and disasters that have long accompanied fossil fuels and the manner in which our solutions have often been less about confronting the cause than managing the effects. This history of our present promises to re-situate scholarly understandings of fossil fuels and renovate environmental critique today. David Bond challenges us to consider what forms of critical engagement may now be needed to both confront the deleterious properties of fossil fuels and envision ways of living beyond them.David Bond is the Associate Director of the Center for the Advancement of Public Action and teaches on the environment and public action. Trained as an anthropologist, Bond studies oil spills and their imprint on environmental science and governance. His work shows how toxic disruptions can fix vital relations with new forms of knowledge and care.Cody Skahan (cas12@hi.is) is a student in the MA program in Anthropology at the University of Iceland as a Leifur Eriksson Fellow. His work focuses on environmentalism in Iceland, especially the social and political implications of the youth environmentalist movement in an arctic country that has created for itself a façade of being environmentally and socially progressive. More generally, his other interests span anywhere from critical theory, psychoanalysis, queer theory, anarchism, cultural studies, anime, media and applying theory through praxis. Cody has a blog here where he is trying to write more rather than just only read and talk about books. Learn more about your ad choices. Visit megaphone.fm/adchoices

The second half of the nineteenth century is correctly known to have culminated in the emergence of the gold standard as the first truly international monetary regime. The processes leading up to this remarkable feat are, however, far less documented or understood. Economic historians have only recently started digging into the causes behind the 'fall of silver' that preceded the scramble for gold. It is nowadays clear that its effects were felt worldwide. Not in the least, silver depreciation severely affected East-West trade. It was, among other factors, behind the bankruptcy of several powerful institutions as the Oriental Bank Corporation. Yet at the same time, it cemented the position of other banks, some of which exist until this very day (HSBC, Standard Chartered). What did these banks know that others did not?In Accounting for the Fall of Silver: Hedging Currency Risk in Long-Distance Trade with Asia, 1870-1913 (Oxford UP, 2020), Michael Schiltz explains that the 1870s and 1880s witnessed furious experiments with new financial products and, equally important, strategies for hedging exchange rate risk. Drawing on archives that have never been used before, the book throws new light on an important episode of nineteenth century world history. At the same time, it illuminates lesser known aspects of the first gold standard period. It draws attention to the existence of 'carry trades' between European money markets and the lesser liquid Asian periphery; and describes the creation of financial contracts with the sole aim of enabling commodity finance among Asian mercantile centers.Michael Schiltz is associate professor at Hokkaido University. His has published widely on the financial history of modern Japan, including his first book The Money Doctors from Japan – Finance, Imperialism, and the Building of the ‘Yen Bloc’ (Harvard University Press, 2012).Ghassan Moazzin is an Assistant Professor at the Hong Kong Institute for the Humanities and Social Sciences and the Department of History at the University of Hong Kong. He works on the economic and business history of 19th and 20th century China, with a particular focus on the history of foreign banking, international finance and electricity in modern China. His first book, Foreign Banks and Global Finance in Modern China: Banking on the Chinese Frontier, 1870–1919, was published by Cambridge University Press in 2022. Learn more about your ad choices. Visit megaphone.fm/adchoices

From whiskey in the American Revolution to Spam in WWII, food reveals a great deal about the society in which it exists. Selecting 15 foods that represent key moments in the history of the United States, this book takes readers from before European colonization to the present, narrating major turning points along the way, with food as a guide.US History in 15 Foods (Bloomsbury, 2023) takes everyday items like wheat bread, peanuts, and chicken nuggets, and shows the part they played in the making of America. What did the British colonists think about the corn they observed Indigenous people growing? How are oranges connected to Roosevelt's New Deal? And what can green bean casserole tell us about gender roles in the mid-20th century? Weaving food into colonialism, globalization, racism, economic depression, environmental change and more, Anna Zeide shows how America has evolved through the food it eats.Anna Zeide is Associate Professor of History and the founding director of the Food Studies Program in the College of Liberal Arts & Human Sciences at Virginia Tech, USA. She has previously written Canned: The Rise and Fall of Consumer Confidence in the American Food Industry (2018), which won a 2019 James Beard Media Award, and co-edited Acquired Tastes: Stories about the Origins of Modern Food (2021). 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

Sacred Foundations. The Religious and Medieval Roots of the European State (Princeton University Press, 2023) argues that the medieval church was a fundamental force in European state formation. Existing accounts focus on early modern warfare or contracts between the rulers and the ruled. In contrast, this major study shows that the Catholic Church both competed with medieval monarchs and provided critical templates for governing institutions, the rule of law, and parliaments. The Catholic Church was the most powerful, wealthiest, and best-organized political actor in the Middle Ages. Starting in the eleventh century, the papacy fought for the autonomy of the church, challenging European rulers and then claiming authority over people, territory, and monarchs alike. Anna Grzymała-Busse demonstrates how the church shaped distinct aspects of the European state. Conflicts with the papacy fragmented territorial authority in Europe for centuries to come, propagating urban autonomy and ideas of sovereignty. Thanks to its organizational advantages and human capital, the church also developed the institutional precedents adopted by rulers across Europe—from chanceries and taxation to courts and councils. Church innovations made possible both the rule of law and parliamentary representation. Bringing to light a wealth of historical evidence about papal conflict, excommunications, and ecclesiastical institutions, Sacred Foundations reveals how the challenge and example of powerful religious authorities gave rise to secular state institutions and galvanized state capacity.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