New Books in Economic and Business History

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

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

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 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

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

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

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

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