New Books in Economics

On the podcast this week is Daniel Amsterdam, author of Roaring Metropolis: Businessmen’s Campaign for a Civic Welfare State (Penn Press, 2016). He is assistant professor in the School of History and Sociology at Georgia Institute of Technology. Many have claimed that we are living in a second Gilded Age, marked by the same extreme wealth and high levels of inequality as the early part of the previous century. Amsterdam takes us back to this time period to investigate how the Gilded Age addressed poverty and the role of the business community. Roaring Metropolis describes the rise of urban capitalists at the turn of the last century. Far from anti-government zealots, Amsterdam shows that business leaders pushed for extensive government spending on social programs. They advocated for public schooling, public health, the construction of libraries, museums, parks, and playgrounds. As Amsterdam demonstrates, public spending soared in American cities, especially Detroit, Philadelphia, and Atlanta, during the period due in part to businessmen’s political activism. Learn more about your ad choices. Visit megaphone.fm/adchoicesSupport our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/economics

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/adchoicesSupport our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/economics

During the 18th century English country houses served an important function in their society as stages for the display of the status and power of the landed aristocracy. As Jon Stobart and Mark Rothery demonstrate in Consumption and the Country House(Oxford University Press, 2016), though, they also played a revealing role as centers of consumption. Using three aristocratic families from the Midlands as case studies, Stobart and Rothery survey their patterns of spending over several generations, revealing the factors that shaped them. This spending, they argue, was not constant but instead saw fluctuations that coincided with life events, such as deaths and inheritances. Such dramatic changes were followed by the acquisition of goods that often were then used to create venues for these families to display their elite identity, with pursuit of the fashionable often tempered by issues of taste, rank and lineage. Stobart and Rothery’s analysis is not confined to large expenditures, however, as they also examine the more mundane spending necessary to keep these large households functioning and the gendered spheres that often defined the roles played by husband and wife in purchasing goods and services. Their analysis of these activities helps to refine our understanding of country houses, demonstrating how they were not the static exhibits we know today but fluid environments in which families left an ever-changing imprint. Learn more about your ad choices. Visit megaphone.fm/adchoicesSupport our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/economics

Accounts of late-nineteenth-century US expansionism commonly refer to an open-door empire and an imperialism spurred by belief in free trade. In his new book The “Conspiracy” of Free Trade: The Anglo-American Struggle over Empire and Economic Globalization, 1846-1896 (Cambridge University Press, 2016), Marc-William Palen challenges this commonplace. Instead, he notes, American adherents to Richard Cobden’s free-trade philosophy faced off against and ultimately lost to a powerful version of protectionist economic nationalism inspired by German-American economic theorist Friedrich List. The success of Listian protectionism spurred closed-door, aggressive US expansionism and also challenged free-trade orthodoxies in Britain, where political-economic policy also shifted toward protectionism by the end of the nineteenth century. Learn more about your ad choices. Visit megaphone.fm/adchoicesSupport our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/economics

Mumbai is in many ways the paradigmatic city of India’s celebrated economic upturn, but the city’s transformation went hand-in-hand with increasing water woes. In Pipe Politics, Contested Waters: Embedded Infrastructures of Millennial Mumbai (Duke University Press, 2015), Lisa Bjorkman, Assistant Professor of Urban and Public Affairs at the University of Louisville, moves from slums to elite enclaves in analyzing the processesof mapping and politics in the city’s watery infrastructures. Exploring the workings of secondary markets, water brokers, and planning offices she reveals how power, knowledge and authority over how when and why water flows are being reconfigured as Mumbai makes itself a “world class”city. Winner of the 2014 Joseph W. Elder Prize in the Indian Social Sciences the book is both profoundly intimate in its ethnographic depth and wonderfully ambitious with its theoretical reach.   Learn more about your ad choices. Visit megaphone.fm/adchoicesSupport our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/economics

In The Rag Race: How Jews Sewed Their Way to Success in America and the British Empire (New York University Press, 2015), Adam Mendelsohn, Associate Professor of History at the University of Cape Town, embarks on a comparative exploration of Jews in the rag (or clothing) trade in the British Empire and the U.S. Differences within the garment industries in, for example, London and New York, explain the divergence in social and economic outcomes for Jews in each setting. Mendelsohn’s narrative helps us better understand the limits of “cultural,” and other, explanations for modern Jewish economic mobility. Learn more about your ad choices. Visit megaphone.fm/adchoicesSupport our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/economics

Two Canadian political science professors contend that the grotesque inequities of the capitalist system feed hatred, nourish misogyny, promote chronic dispossession and wreak havoc on the environment. In their new book, The Servant State: Overseeing Capital Accumulation in Canada, (Fernwood, 2015), Geoffrey McCormack and Thom Workman, add that [o]nly when humanity moves beyond this system of social and natural exploitation will the well-being of all improve. Their book suggests, however, that moving beyond capitalism in advanced, industrial countries will not be easy since such states are ruled by governments that consistently serve the interests of the capitalist business class, helping it accumulate the machinery and equipment that are the means of capitalist production. They argue that the capitalist state also reinforces the coercive nature of capitalism with labour market policies designed to force workers into accepting jobs even if they’re poorly paid and insecure. In The Servant State, McCormack and Workman focus on how Canada weathered the global financial crisis of 2008. The book examines why Canada fared better economically than the U.S. and outlines the steps the Canadian government took to serve and protect capitalism during its latest crisis. Drawing on Marxian theory, the authors seek to move beyond what they describe as the smooth and oftentimes complacent discourse about Canadian capitalism to focus instead on the essential nature of the capitalist system. They write, this study embraces the spirit of rejection rather than indignation, the spirit of repudiation rather than conciliation. Geoffrey McCormack is assistant professor of political science at Wheelock College in Boston while Thom Workman teaches in the political science department at the University of New Brunswick, Fredericton. They spoke to the New Books Network at the university library in Sackville, New Brunswick. Learn more about your ad choices. Visit megaphone.fm/adchoicesSupport our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/economics

Ho-fung Hung‘s new book has two main goals: to to outline the historical origins of Chinas capitalist boom and the social and political formations in the 1980s that gave rise to this boom, and to explore the global effects of Chinas capitalist boom and the limit of that boom. In doing so, The China Boom: Why China Will Not Rule the World (Columbia UP, 2016) offers a timely and provocative account of the emergence and transformations of capitalism in modern China, and of the consequences of its entanglements with the rest of the world for the global political economy. In addition to an in-depth assessment of the Chinese economy, readers will find fascinating discussions of Chinas relations with Africa and Latin America, as well as some thoughtful comparative considerations. Hung’s book traces the rise of capitalism in China from the seventeenth century through today, and uses this historical grounding to point to possible futures. The China boom, Hung maintains, is destined to collapse. Learn more about your ad choices. Visit megaphone.fm/adchoicesSupport our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/economics

Resistance to the industrial food system has, over the past decades, led to the rise of alternative food movements. Debate about genetically modified food, sugar consumption, fast food and the obesity crisis (to name a few) is pervasive. Most often, this focuses on individual consumer choice. Garrett M.Broad argues, however, for the importance of community level initiative. He maintains that the vote with your fork movement obscures the structural foundation of the corporate food system. The alternative food movements, as a whole, fail to recognize that the inequities in the food system are connected to histories of racial and economic discrimination. Broad’s book More Than Just Food: Food Justice and Community Change (University of California Press, 2016) examines the work of community-based food justice groups operating in South Los Angeles, like Community Services Unlimited (CSU). Founded as an arm of the South California Black Panther Party, CSU organizes at a grassroots level to provide community access to food, while using food as a means to foster consciousness and promote a broader movement for social justice. More Than Just Food narrates the stories of these organizations, evaluates the pitfalls and possibilities of community-level initiative, and highlights the problematic position of local groups working with national non-profit organizations, and governmental and corporate agencies. Through his engaged scholarship and nuanced analysis, Broad offers us a study of specific movements in their local context and makes recommendations to help future movements organize and act effectively. Learn more about your ad choices. Visit megaphone.fm/adchoicesSupport our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/economics

What do jeans tell us about the contemporary world? They provide the starting point for Lynne Pettinger‘s Work, Consumption and Capitalism (Palgrave Macmillan, 2015). Pettinger, an associate professor of sociology at the University of Warwick, examines the interrelationships between work and consumption, bringing a global perspective to these intertwined areas of social life. The book introduces core theories of capitalism, work, bodies, emotions and markets, with key examples including the fashion industry and other ‘aesthetic’ economies. The book has a profound concern with the ethics of work and consumption, challenging ideas of what a good job or good work may be. Well written, with accessible examples and easy to follow discussions of complex ideas, Work, Consumption and Capitalism will be of interest to a range of social science scholars and students. Dave OBrien is the host of New Books In Critical Theory and is a Senior Lecturer in Cultural Policy at the Institute for Cultural and Creative Entrepreneurship, Goldsmiths College, University of London. His research covers a range of areas between sociology and political science, including work on the British Civil Service, British Cultural Policy, cultural labour, and urban regeneration. His most recent books are Cultural Policy: Management, Value and Modernity in the Creative Industries and After Urban Regeneration (edited with Dr Peter Matthews). He tweets@Drdaveobrien Learn more about your ad choices. Visit megaphone.fm/adchoicesSupport our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/economics