New Books in Economic and Business History

Baseball’s introduction to the Philippines. The slot machine trade between Manila and Shanghai. A musical based extremely loosely on the life of the sultan of Sulu.These are just a few of the historical topics from Lio Mangubat’s Silk, Silver, Spices, Slaves: Lost Tales from the Philippine Colonial Period (Faction Press: 2024), a collection of 13 essays on stories from Filipino history as a Spanish and then American colony. All the stories come from Lio’s podcast, The Colonial Department, which features long-lost stories from the country's past under Spanish, British, American, and Japanese rule.In this interview, Lio and I talk about what inspired his essay collection, his conversation with Albert Samaha (an earlier podcast guest!) and what’s missing in how we talk about the PhilippinesLio is also the editor in chief of publishing house Summit Books, and is based in Manila. Find him on Instagram at @liomangubat and @thecolonialdept.You can find more reviews, excerpts, interviews, and essays at The Asian Review of Books, including its review of Silk, Silver, Spices, Slaves. Follow on Twitter at @BookReviewsAsia.Nicholas Gordon is an 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

After two government bailouts of the American economy in less than twenty years, free market thought is due for serious reappraisal. Free Market: The History of an Idea (Basic Books, 2022) shows how the idea became so powerful, why it succeeded, and why it has failed so spectacularly. In 1990, the G7 Countries enjoyed 70 percent of world GDP. In the face of the collapse of the Soviet Union, it was supposed to be a story of the success of free markets. However, in the past thirty years, that number has dropped by half, and Asia has emerged as a major motor of world economic growth. Today, state-run China is the second biggest economy on earth, and tiny Singapore, with its state-owned companies, has become a new model of wealth creation. In other words, Milton Friedman's free market dogma, that only private companies can create wealth and that states hamper it, has not proved very clearly to be untrue. This book shows how we got to the current crisis of free market thought, and suggests how we can find our way out. Contrary to popular free market narratives, early market theorists believed that states had an important role in building and maintaining free markets. But in the eighteenth century, some free-market thinkers began insisting only pure free markets, without state intervention, could work. A tradition of free-market ideological brittleness emerged, and it has led orthodox free market economics to some spectacular failures. It is a paradox that an economic theory rooted in the idea of competition, adaptation and evolution, has refused to follow its own precepts. This book shows that we need to go back to the origins of free market thought in order to understand its dynamism, as well as its inherent weaknesses, and to develop new economic concepts to face the staggering challenges of the twenty-first century.Jacob Soll is an American university professor and professor of philosophy, history and accounting at the University of Southern California. Soll's work examines the mechanics of politics, statecraft and economics by dissecting the various elements of how modern states and political systems succeed and fail.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. Twitter. Learn more about your ad choices. Visit megaphone.fm/adchoices

More than any other global institution, the US Federal Reserve’s decisions and communications drive capital markets and alter financial conditions everywhere from Seattle to Seoul. While its interest rate are set by an expert committee, for almost a century, the Fed’s core philosophy and operational approach have been moulded by one person: the Chair of the Board of Governors.In this podcast series, Tim Gwynn Jones - a veteran central bank "watcher" - talks to authors of books about the Fed's most influential Chairs, starting with Marriner Eccles, Bill Martin, Arthur Burns, and Paul Volcker.In this third episode, he talks to Wyatt Wells – author of Economist in an Uncertain World – Arthur F. Burns and The Federal Reserve, 1970–1978 (Columbia University Press, 1994). Burns has had a bad press - so bad that Chris Hughes, one of Facebook's founders, was moved to rehabilitate him. Leading the Fed from 1970 to 1978 when inflation averaged 9%, Burns was an accomplished business-cycle economist but also a politically partisan Chair intensely loyal to Richard Nixon and Gerald Ford. Going far beyond his remit as a central banker, Burns oversaw government efforts to control prices and wages as an alternative to monetary policy.“If you couple an incomes policy with a tight fiscal and monetary policy, it can work. The problem is that it often becomes an excuse for not doing that,” says Wells. “Burns found himself trapped in this position where he felt he couldn't raise interest rates without wrecking the controls programme and possibly his own career – his own position at the Fed. It's clear in ‘73, he knows interest rates need to go up. They're trying to raise them but he's got these political concessions and he's doing this sort of dance, trying to square the circle … And of course: ‘I'm the smartest guy in the room. Therefore, I should play a key role in this effort to balance everything’. I think there are very few Federal Reserve chairmen who have elbowed their way into other areas in the way that Burns did. Maybe none”.An economic historian, Wyatt Wells has been Professor of History at Auburn University, Montgomery, since 1997. Learn more about your ad choices. Visit megaphone.fm/adchoices

More than any other global institution, the US Federal Reserve’s decisions and communications drive capital markets and alter financial conditions everywhere from Seattle to Seoul. While its interest rate are set by an expert committee, for almost a century, the Fed’s core philosophy and operational approach have been moulded by one person: the Chair of the Board of Governors.In this podcast series, Tim Gwynn Jones - a veteran central bank "watcher" - talks to authors of books about the Fed's most influential Chairs, starting with Marriner Eccles, Bill Martin, Arthur Burns, and Paul Volcker.In this second episode, he interviews Robert Bremner – author of Chairman of the Fed: William McChesney Martin Jr. and the Creation of the Modern American Financial System (Yale University Press, 2004). Bill Martin still holds the record for the longest chairmanship at the Fed – holding the office from 1951 to 1970. A Democrat, he was first nominated by President Harry Truman and reappointed (more or less willingly) by Eisenhower, Kennedy, Johnson, and Nixon. He dismantled government wartime controls over interest rates, battled to save the postwar currency-management regime, democratised the Fed, and fought successive presidents to keep its independence.These conflicts started early, says Bremner. “Martin told this story about walking down Wall Street and passing the president going the other way and Martin said: ‘Good morning, Mr. President, great to see you’. And Truman looked at him and said: ‘Traitor’. Basically Truman wanted to continue low interestrates certainly until he left office and for as long as possible”.After a career in finance at the World Bank and in the mutual-fund industry, Bob Bremner is now a director of the Westminster Ingleside Foundation. Learn more about your ad choices. Visit megaphone.fm/adchoices

In Automotive Empire: How Cars and Roads Fueled European Colonialism in Africa (Cornell University Press, 2024), Dr. Andrew Denning uncovers how roads and vehicles began to transform colonial societies across Africa but rarely in the manner Europeans expected. Like seafaring ships and railroads, automobiles and roads were more than a mode of transport—they organised colonial spaces and structured the political, economic, and social relations of empire, both within African colonies and between colonies and the European metropole.European officials in French, Italian, British, German, Belgian, and Portuguese territories in Africa shared a common challenge—the transport problem. While they imagined that roads would radiate commerce and political hegemony by collapsing space, the pressures of constructing and maintaining roads rendered colonial administration thin, ineffective, and capricious. Automotive empire emerged as the European solution to the transport problem, but revealed weakness as much as it extended power.As Automotive Empire reveals, motor vehicles and roads seemed the ideal solution to the colonial transport problem. They were cheaper and quicker to construct than railroads, overcame the environmental limitations of rivers, and did not depend on the recruitment and supervision of African porters. At this pivotal moment of African colonialism, when European powers transitioned from claiming territories to administering and exploiting them, automotive empire defined colonial states and societies, along with the brutal and capricious nature of European colonialism itself.This interview was conducted by Dr. Miranda Melcher whose new book focuses 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

Marriner Eccles was a pivotal figure in shaping the US Federal Reserve's approach to economic policy, serving as its Chair from 1934 to 1948. This discussion highlights his advocacy for macroeconomic activism, emphasizing the importance of government intervention for financial security. Eccles's transformation from a traditional Republican to a Keynesian advocate is explored, showcasing how personal experiences influenced his economic beliefs. The podcast also delves into the significant impact of the Banking Act of 1935, underscoring Eccles's role in navigating the complexities of the New Deal.

Historically, the insurance industry in America has been fragmented. As a result, there have been debates and conflicts over the proper roles of federal and state governments, business, and the responsibilities of individuals. Who should cover the risks of loss? And to what extent should risk be shared and by whom?In Uncovered: The Story of Insurance in America (Oxford UP, 2023), Katherine Hempstead answers these questions by exploring the history of the insurance business and its regulation in the United States from the 1870s through the twentieth century. Specifically, she focuses on the friction between the public demand for insurance and the private imperatives of insurers. Tracing the history of the industry from the early days of life, fire, and casualty insurance to the development of state regulation in the late nineteenth century, Hempstead examines the role that insurers initially played in the largely voluntary social safety net and how this changed over time. After the Great Depression, the federal government assumed a greater role in the provision of insurance, while insurers enthusiastically pursued the growing business of employee benefits. As the twentieth century progressed, insurers and government have become interdependent, with insurers participating in publicly funded markets. As Hempstead shows, periodic crises in life, fire, health, auto, and liability insurance highlighted gaps between the coverage that insurers were willing to provide and what the public demanded. Learn more about your ad choices. Visit megaphone.fm/adchoices

Beginning in late 1940, over three thousand Jewish girls and young women were forced from their family homes in Sosnowiec, Poland, and its surrounding towns to worksites in Germany. Believing that they were helping their families to survive, these young people were thrust into a world where they labored at textile work for twelve hours a day, lived in barracks with little food, and received only periodic news of events back home. By late 1943, their barracks had been transformed into concentration camps, where they were held until liberation in 1945.Using a fresh approach to testimony collections, Janine P. Holc reconstructs the forced labor experiences of young Jewish females, as told by the women who survived and shared their testimony. Incorporating new source material, the book carefully constructs survivors’ stories while also taking a theoretical approach, one alert to socially constructed, intersectional systems of exploitation and harm. The Weavers of Trautenau: Jewish Female Forced Labor in the Holocaust (Brandeis UP, 2023) elucidates the limits and possibilities of social relations inside camps and the challenges of moral and emotional repair in the face of indescribable loss during the Holocaust. Learn more about your ad choices. Visit megaphone.fm/adchoices

Swati Chattopadhyay's book Small Spaces: Recasting the Architecture of Empire (Bloomsbury, 2023) recasts the history of the British empire by focusing on the small spaces that made the empire possible. It takes as its subject a series of small architectural spaces, objects, and landscapes and uses them to narrate the untold stories of the marginalized people-the servants, women, children, subalterns, and racialized minorities-who held up the infrastructure of empire. In so doing it opens up an important new approach to architectural history: an invitation to shift our attention from the large to the small scale. Taking the British empire in India as its primary focus, this book presents eighteen short, readable chapters to explore an array of overlooked places and spaces. From cook rooms and slave quarters to outhouses, go-downs, and medicine cupboards, each chapter reveals how and why these kinds of minor spaces are so important to understanding colonialism. With the focus of history so often on the large scale - global trade networks, vast regions, and architectures of power and domination - Small Spaces shows instead how we need to rethink this aura of magnitude so that our reading is not beholden such imperialist optics. With chapters which can be read separately as individual accounts of objects, spaces, and buildings, and introductions showing how this critical methodology can challenge the methods and theories of urban and architectural history, Small Spaces is a must-read for anyone wishing to decolonize disciplinary practices in the field of architectural, urban, and colonial history. Altogether, it provides a paradigm-breaking account of how to 'unlearn empire', whether in British India or elsewhere. Learn more about your ad choices. Visit megaphone.fm/adchoices

Paradoxes of Migration in Tajikistan: Locating the Good Life (UCL Press, 2024) by Dr. Elena Borisova is the first ethnographic monograph on migration in Tajikistan, one of the most remittance-dependent countries in the world. Moving beyond economistic push-pull narratives about post-Soviet migration, it foregrounds the experiences of those who ‘stay put’ in the sending society and struggle to reproduce their moral communities. Dr. Borisova examines the role of mobility in historical and cultural ideas about the good life and how it becomes entwined with people’s efforts to become good, moral and modern subjects. Addressing the complex relationship between the economic, imaginative and moral aspects of (im)mobility, she shows that mass migration from Tajikistan is as much a project of navigating ethical personhood as it is a quest for economic resources.This book reveals how transnational regimes and structures of mobility, citizenship and histories map out in the intimate spheres of the body, the person and the family. It is a contribution to contemporary migration research, which is mostly centred on Europe and North America, and to the field of Central Asian studies. It will be of interest to researchers of migration, (im)mobility and citizenship, and to scholars of all disciplines working on Central Asia.This interview was conducted by Dr. Miranda Melcher whose new book focuses 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