New Books in Economic and Business History

Michael R. Cohen is Associate Professor of Jewish Studies at Tulane University, where he holds a Sizeler Professorship. He is the author of the newly published Cotton Capitalists: American Jewish Entrepreneurship in the Reconstruction Era from NYU Press (2017), as well as The Birth of Conservative Judaism: Solomon Schechter's Disciples and the Creation of an American Religious Movement from Columbia University Press (2012). He earned his Ph.D. from Brandeis University.Greg Soden is the host “Classical Ideas,” a podcast about religion and religious ideas. You can find it on iTunes here.  Learn more about your ad choices. Visit megaphone.fm/adchoices

The familiar narrative of American business development begins in the industrial North, where paternalistic factory owners, committed to a kind of Protestant ethic, scaled up their operations into ‘total institutions’—an effort to forestall labor turnover by providing housing and fulfilling community needs. Many of these firms were, of course, dependent on the availability of cotton from the South where, as Caitlin C. Rosenthal argues, modern management practices were expanded and refined through experimentation with enslaved workers. Accounting for Slavery: Masters and Management (Harvard University Press, 2018) resituates the development of scientific record-keeping and labor optimization practices within the Atlantic slave trade. The book pays close attention to how sophisticated reporting practices, emerging from the standard record books that circulated throughout the Atlantic world, allowed planters to rate and categorize enslaved people in a generalizable way. The book is an invitation to rethink the genealogy of business management, to disabuse professionals of a claim to moral distance from a time when unfettered legal control over a labor force—as capital—created hitherto unknown opportunities for knowledge production and experimentation with efficiency.Mikey McGovern is a PhD candidate in Princeton University’s Program in the History of Science. He works on computing, quantification, communication, and governance in modern America. Learn more about your ad choices. Visit megaphone.fm/adchoices

Though today the public and private sectors are treated as distinct if not separate, the situation was quite different in early modern England. Back then the two were often intertwined, with one of the best examples of this being the English East India Company. In her book A Business of State: Commerce, Politics, and the Birth of the East India Company (Harvard University Press, 2018), Rupali Mishra examines the relationship between the Company and the English state in the early 17th century, showing the many ways in which the two were linked. As Mishra explains, their involvement began with the very creation of the Company, through the granting of a patent that delegated a degree of sovereignty to it. This empowerment was important to the Company’s success, though it also fueled conflicts both internally and with the broader London mercantile community. Added to the semi-official status that the Company sometimes possessed in its dealings abroad was the investment in the Company by many of the leading political figures of that time, including the king, James I. James was not above exploiting the Company as a tool of his policy, though the Company’s sometimes difficult relationship with the crown worsened after his passing in 1625, as his successor Charles I posed yet another series of challenges the Company had to navigate in order to maintain its very existence. Learn more about your ad choices. Visit megaphone.fm/adchoices

Histories of banking and finance aren’t particularly well-known for being riveting, adventurous reads: they tend to be technical at the expense of being strongly narrative-driven. Peter James Hudson’s Bankers and Empire: How Wall Street Colonized the Caribbean (University of Chicago Press, 2017) defies this stereotype. An examination of private lending in the Caribbean by North American bankers between the 1890s and the 1930s, Hudson tells a colorful, albeit at-times disturbing tale of a few American bankers who were able to operate virtually without restriction or regulation. Acting almost as freebooters, they dreamt up new practices to try out on Latin American governments, usually not to their benefit, while reinforcing many North American attitudes and stereotypes about Latin Americans, most of all racially.The result of this imperial lending was traumatic for Caribbean and Latin American governments. For much of this period, bankers enjoyed the official backing of the U.S. government, allowing them to operate with immunity and total security. Through President Taft’s policy of “Dollar Diplomacy,” they were able to operate as an arm of U.S. foreign policy. By making funds available to repressive governments, they helped to cement their place in power at the expense of their subjects, while the amount owed by these governments soon left them under the de facto control of banks and by extension the U.S. government. Ultimately, much of this system came crashing down with the Great Depression, which helped to expose these lending practices as dangerous and ill-regulated. Nevertheless, the effect on the region outlived these practices.Zeb Larson is a PhD Candidate in History at The Ohio State University. His research is about the anti-apartheid movement in the United States. To suggest a recent title or to contact him, please send an e-mail to zeb.larson@gmail.com.  Learn more about your ad choices. Visit megaphone.fm/adchoices

Today I talked to Fahad Bishara about his book A Sea of Debt: Law and Economic Life in the Western Indian Ocean, 1780-1950 (Cambridge University Press, 2017). Dr. Bishara is Assistant Professor of History at the University of Virginia. He specializes in the economic and legal history of the Indian Ocean and Islamic world. In this podcast, Dr. Bishara discusses his sophisticated history that explores the intricate legal and economic regimes that traversed the Western Indian Ocean for generations. He also talks about how he effectively mined legal documents to craft this narrative.The following podcast was originally published on H-Law’s Legal History Podcast. Learn more about your ad choices. Visit megaphone.fm/adchoices

What comes to mind when you think of Paris in the nineteenth century? For me, its revolutionary politics, the circulation of increasing numbers of people and goods, a range of spectacular cultural displays and amusements, an emergent urban modernity including a host of negotiations between social classes, public and private, men and women, citizens and the state. And if I had to name one historical figure to stand for the transformation of the nineteenth-century capital? Haussmann. Hands down.Alexia Yates‘s book, Selling Paris: Property and Commercial Culture in the Fin-de-siecle Capital (Harvard UP, 2015), opened my eyes to a whole other world of everyday urbanism and historical actors in the city during the first decades of the Third Republic. Acknowledging the undeniable impact of Haussmann and Haussmannization on the city that Paris became under and after the Second Empire, Selling Paris considers the activities, interests, and effects of a host of other figures who shaped the city’s property relations and commercial culture from the early years of the Third Republic to the First World War. In the books chapters, readers will find a social history of the business of French building during this period, from planning and production to use. Focused on the architects, private developers, municipal authorities, speculators, real estate agents, notaries, property owners, and tenants whose interactions and negotiations influenced the form, representation, and experience of Parisian real estate in purposeful ways, the book makes significant contributions to our understanding of the history of the capital and capitalism in France.Roxanne Panchasi is an Associate Professor in the Department of History at Simon Fraser University. A historian of French culture and politics in the twentieth century, her current research focuses on the representation of nuclear weapons and testing in France and its empire since 1945. She lives and reads in Vancouver, Canada. If you have a recent title to suggest for the podcast, please send an email to: panchasi@sfu.ca.*The music that opens and closes the podcast is an instrumental version of Creatures, a song written by Vancouver artist/musician Casey Wei (performing as hazy). To hear more, please visit https://agonyklub.com/. Learn more about your ad choices. Visit megaphone.fm/adchoices

There are as many New Deals as there are books on the subject. Yet only recently have historians begun to dig into the international dimensions of the New Deal. Kiran Klaus Patel is one of those historians, and his book, The New Deal: A Global History (Princeton University Press, 2016), is an impressive crack at showing the transnational intertwinements and comparisons that made up the New Deal’s moment. Patel locates the United States in a vast network of modernizing states who experienced a shared crisis in the years after 1929, developed national policies to address the crisis, and looked to other states in search of inspiration or out of fear. As late as 1938, for instance, Roosevelt was requesting Nazi labor statistics to help refine his own administrations planning. Patel shows how the New Deal shaped the world and, more importantly, was shaped by the world.The book provides fresh contributions to a range of different topics, such as the global Great Depression, the Good Neighbor Policy, the development of the welfare state, interwar international relations, and American post-WWII globalism. Kiran Klaus Patel, Professor of European and Global History at Maastricht University, achieves this with a knowledge of secondary literature in a variety of languages and rich archival evidence. The result of Patel’s work is a New Deal that looks a lot less exceptional, yet no less important to global history.Dexter Fergie will be pursuing his PhD in US and Global history at Northwestern University in September 2017. Learn more about your ad choices. Visit megaphone.fm/adchoices

One of the most interesting questions of modern history is this: Why is it that Communist China was able to make a successful transition to economic modernity (and with it prosperity) while the Communist Soviet Union was not? In his excellent book The Struggle to Save the Soviet Economy: Mikhail... Learn more about your ad choices. Visit megaphone.fm/adchoices

With the recent economic collapse and rising income inequality, lessons drawn from turn-of-the century capitalism have become frequent. Pundits, policymakers, and others have looked to the era to find precursors to an unregulated market, corrupt bankers, and severe economic inequality. The comparisons are often too simple, however. In their new book, The Cotton Kings: Capitalism and Corruption in Turn-of-the-Century New York and New Orleans (Oxford University Press, 2015), Barbara Hahn and Bruce Baker examine capitalism at the turn of the century, telling a more nuanced story about the cotton market, politics, and regulation. The Cotton Kings examines the ups and downs of the cotton futures market, explaining how cotton brokers were able to keep cotton prices low by controlling information. This enriched the brokers, but impoverished farmers. A small group of brokers in New Orleans successfully cornered the market in the early 1900s, in effect, self-regulating the cotton market and raising prices for years. The Cotton Kings traces the exciting story of this turn of events and explains why such self-regulation was not enough in the long run. Ultimately, The Cotton Kings makes a strong argument in favor of federal regulation to control corruption and help farmers and manufacturers alike.In this episode of the podcast, Hahn and Baker explain this cotton futures market and its ups and downs around the turn-of-the century. They also discuss some of the heroes and dramatic episodes of the historical moment. Finally, they discuss the lessons from that time for our present moment.Christine Lamberson is an Assistant Professor of History at Angelo State University. Her research and teaching focuses on 20th century U.S. political and cultural history. She’s currently working on a book manuscript about the role of violence in shaping U.S. political culture in the 1960s and 1970s. She can be reached at clamberson@angelo.edu. Learn more about your ad choices. Visit megaphone.fm/adchoices

Two Canadian socialist thinkers have published a new book on the successes and failures, the crises, contradictions and conflicts in present-day capitalism. In The Making of Global Capitalism: The Political Economy of American Empire (Verso, 2013), Leo Panitch and Sam Gindin trace the evolution of the international capitalist system over the last century. (Panitch is a professor of political science at Toronto’s York University while Gindin holds the Packer Chair in Social Justice at York.)They argue that today’s global capitalism would not have been possible without American leadership especially after the two World Wars and that the U.S. Treasury and Federal Reserve were more crucial in extending and maintaining American power than the Pentagon or the CIA.The U.S. capitalist empire is an “informal” one, they write, in which Americans set the terms for international trade and investment in partnership with other sovereign, but less powerful states. Panitch and Gindin also disagree with those who contend that China is set to replace the U.S. as the world’s economic superpower. They write that China does not have the institutional capacity to manage the crisis-prone, global capitalist system — a burden that, for the foreseeable future, will continue to be carried by the American empire.The Making of Global Capitalism: The Political Economy of American Empire won the 2013 Deutscher Prize awarded for books which exemplify “the best and most innovative new writing in or about the Marxist tradition.”The New Books Network spoke with co-author Leo Panitch during his recent visit to Halifax, Nova Scotia. Learn more about your ad choices. Visit megaphone.fm/adchoices