New Books in Economic and Business History

Shipwrecks and the Bounty of the Sea (Oxford University Press, 2022), Dr. David Cressy is a work of social history examining community relationships, law, and seafaring over the long early modern period. It explores the politics of the coastline, the economy of scavenging, and the law of 'wreck of the sea' from the beginning of the reign of Elizabeth I to the end of the reign of George II. England...

By providing capital to back the ideas and efforts of others, venture capitalists can make absurd amounts of money. But there is another way of looking at it – venture capitalists take huge risks and produce great benefits. Many of the companies we rely on today began with a punt by a venture capitalist. Sebastian Mallaby discusses venture capitalists with Owen Bennett Jones. Mallaby is the author...

Writer and design critic Alexandra Lange talks about her book, Meet Me by the Fountain: An Inside History of the Shopping Mall (Bloombury, 2023), with Peoples & Things host, Lee Vinsel. Meet Me by the Fountain is a history of the American shopping mall from its emergence to recent attempts to reinvent and reconceptualize the shells of “dead” shopping centers. Along the way, it details the mall’s m...

During the late nineteenth century concerns about international commercial rivalry were often expressed in terms of national provision for training and education, and the role of universities in such provision. It was in this context that the modern university discipline of economics emerged. The first undergraduate economics program was inaugurated in Cambridge in 1903; but this was merely a star...

Many accounts of the scientific revolution portray it as a time when scientists disciplined knowledge by first disciplining their own behavior. According to these views, scientists such as Francis Bacon produced certain knowledge by pacifying their emotions and concentrating on method. In The Interlopers: Early Stuart Projects and the Undisciplining of Knowledge (Johns Hopkins Press, 2023), Dr. Ve...

Lloyd Daniel Barba's book Sowing the Sacred: Mexican Pentecostal Farmworkers in California (Oxford UP, 2022) traces the development of Pentecostalism among Mexican-American migrant laborers in California's agricultural industry from the 1910s to the 1960s. At the time, Pentecostalism was often seen as a distasteful new sect rife with cultish and fanatical tendencies; U.S. growers thought of Mexica...

Monetary Authorities: Capitalism and Decolonization in the American Colonial Philippines (Duke UP, 2022) investigates the ways in which racial and class hierarchies shaped the monetary policy and banking systems in the Philippines. Combining historical research and normative arguments calling for unconditional decolonization, Allan E. S. Lumba advances a powerful account of how the logics and prac...

J. P. Daughton's In the Forest of No Joy: The Congo-Océan Railroad and the Tragedy of French Colonialism (W. W. Norton, 2021) examines the complex and violent French construction of a line of railroad in Equatorial Africa from the coast inland. Begun in 1921, the Congo-Océan took 13 years to complete and resulted in the deaths of between 15,000 and 23,000 African lives. Daughton's book is a carefu...

Since the 1990s, Germany has embarked on a daring campaign to restructure its energy system around renewable power, sparking a global revolution in solar and wind technology. But this pioneering energy transition has been plagued with problems. In Energy and Power: Germany in the Age of Oil, Atoms, and Climate Change (Oxford UP, 2023), Stephen G. Gross explains the deeper origins of the Energiewen...

Scarcity: A History from the Origins of Capitalism to the Climate Crisis (Harvard UP, 2023) is a sweeping intellectual history of the concept of economic scarcity—its development across five hundred years of European thought and its decisive role in fostering the climate crisis. Modern economics presumes a particular view of scarcity, in which human beings are innately possessed of infinite desire...

Patriarchal forces of law, finance, and social custom restricted women’s rights and agency in revolutionary America. Yet women in this period exploited these confines, transforming constraints into vehicles of female empowerment. Through a close reading of thousands of legislative, judicial, and institutional pleas across seventy years of history in three urban centers, Jacqueline Beatty illustrat...

Disease is thought to be a great leveler of humanity, but in antebellum New Orleans acquiring immunity from the scourge of yellow fever magnified the brutal inequities of slave-powered capitalism. Antebellum New Orleans sat at the heart of America’s slave and cotton kingdoms. It was also where yellow fever epidemics killed as many as 150,000 people during the nineteenth century. With little unders...

In the nineteenth century, most American farms had a small orchard or at least a few fruit-bearing trees. People grew their own apple trees or purchased apples grown within a few hundred miles of their homes. Nowadays, in contrast, Americans buy mass-produced fruit in supermarkets, and roughly 70 percent of apples come from Washington State. So how did Washington become the leading producer of Ame...

Opium is an awkward commodity. For the West, it’s a reminder of some of the shadier and best forgotten parts of its history. For China (and a few other countries), it’s a symbol of national humiliation, left to the past–unless it needs to shame a foreign country. But the opium trade survived for decades, through to the end of the Second World War. How did that trade actually work? How was it possi...

The eighteenth-century Bank of England was an institution that operated for the benefit of its shareholders--and yet came to be considered, as Adam Smith described it, "a great engine of state." In Virtuous Bankers: A Day in the Life of the Eighteenth-Century Bank of England (Princeton UP, 2023), Anne Murphy explores how this private organization became the guardian of the public credit upon which...

East Africa’s Human Environment Interactions: Historical Perspectives for a Sustainable Future (Palgrave Macmillan, 2022) is an ambitious integration of ecological, archaeological, anthropological land use sciences, drawing on human geography, demography and economics of development across the East Africa region. It focuses on understanding and unpicking the interactions that have taken place betw...

Ice is everywhere: in gas stations, in restaurants, in hospitals, in our homes. Americans think nothing of dropping a few ice cubes into tall glasses of tea to ward off the heat of a hot summer day. Most refrigerators owned by Americans feature automatic ice machines. Ice on-demand has so revolutionized modern life that it’s easy to forget that it wasn’t always this way—and to overlook what aspect...

How common is financial malpractice in big, well known financial companies? Is it so common that it should really be seen as a business model more than an occasional aberration by rogue traders? These are questions posed by Ronen Palan and Anastasia Nesvetailova in their book Sabotage: The Business of Finance (PublicAffairs, 2020). Listen to Owen Bennett-Jones discuss the future of big finance wit...

Does a strong state mean a weak market? This is a common misconception amongst economists. Many view the state as either taxing and regulating the market too much or too little. However, the truth is that state capacity is just not well conceptualized in economic theory. James A. Robinson is a political scientist, economist, and professor at the University of Chicago. His recent book, co-authored...

Charles Kindleberger ranks as one of the twentieth century's best known and most influential international economists. This book traces the evolution of his thinking in the context of a 'key-currency' approach to the rise of the dollar system, here revealed as the indispensable framework for global economic development since World War II. Unlike most of his colleagues, Kindleberger was deeply inte...

This episode features Professor Simon Ville talking about his latest book with David Merrett International Business in Australia Before World War One: Shaping a Multinational Economy (Palgrave MacMillan, 2022). This book challenges conventional wisdom by revealing an extensive and heterogeneous community of foreign businesses in Australia before 1914. Multinational enterprise arrived predominantly...

What do financial bubbles and religious millenarianism have in common? They both involve collective delusion. When Charles Mackey wrote a book on the Madness of Crowds in the 19th century, he could not have imagined that religious and financial bubbles will continue to reappear, but as Willam Bernstein points out, the world has not gotten any saner. William Bernstein is an investment manager and t...

The recent rise of dollar, pound, and euro inflation rates has rekindled the debate over potential alternative monies, particularly gold and Bitcoin. Though Bitcoin has been much discussed in recent years, a basic understanding of how it and gold would work as monetary standards is rare. Accessibly written by a pioneering economist, Better Money explains and evaluates gold, fiat, and Bitcoin stand...

Cargoes in Motion: Materiality and Connectivity across the Indian Ocean (Ohio University Press, 2022) is an innovative collection of essays that foregrounds specific cargoes as a means to understand connectivity and mobility across the Indian Ocean world. Scholars have long appreciated the centrality of trade and commerce in understanding the connectivity and mobility that underpin human experienc...

In this episode, I was joined by Nicholas Scott Baker to discuss his book, In Fortune’s Theater: Financial Risk and the Future in Renaissance Italy (Cambridge University Press, 2021). Professor Baker is an Associate Professor of history at Macquarie University in Sydney Australia interested in the political and economic cultures of early modern Europe and the Mediterranean, with a particular focus...