New Books in Economic and Business History

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 possible to trade a good that was, at best, tolerated in the strange gap between legal and illegal. This trade is what Peter Thilly covers in his book The Opium Business: A History of Crime and Capitalism in Maritime China (Stanford University Press, 2022).

In this interview, Peter and I talk about opium, how people traded this quasi-legal good, and the changing opium trade–including a surprising source of illicit drugs in the region.

Peter Thilly is Assistant Professor of History at the University of Mississippi. He is currently working on a global microhistory of the 1853 Small Sword Uprising.

You can find more reviews, excerpts, interviews, and essays at The Asian Review of Books, including its review of The Opium Business. Follow on Twitter at @BookReviewsAsia.

Nicholas Gordon is an associate editor for a global magazine, and a reviewer for the Asian Review of Books. He can be found on Twitter at @nickrigordon.

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 Britain's economic and geopolitical power was based. Drawing on the voluminous and detailed minute books of a Committee of Inspection that examined the Bank's workings in 1783-84, Murphy frames her account as "a day in the life" of the Bank of England, looking at a day's worth of banking activities that ranged from the issuing of bank notes to the management of public funds.

Murphy discusses the bank as a domestic environment, a working environment, and a space to be protected against theft, fire, and revolt. She offers new insights into the skills of the Bank's clerks and the ways in which their work was organized, and she positions the Bank as part of the physical and cultural landscape of the City: an aggressive property developer, a vulnerable institution seeking to secure its buildings, and an enterprise necessarily accessible to the public. She considers the aesthetics of its headquarters--one of London's finest buildings--and the messages of creditworthiness embedded in that architecture and in the very visible actions of the Bank's clerks. Murphy's uniquely intimate account shows how the eighteenth-century Bank was able to deliver a set of services that were essential to the state and commanded the confidence of the public.

Anne L. Murphy is Professor of History and Executive Dean of the Faculty of Humanities and Social Sciences. She joined the University of Portsmouth in March 2021. Prior to this she worked at the University of Hertfordshire and the University of Exeter.  Previously she spent twelve years working in the City trading interest rate and foreign exchange derivatives.

Her research focuses on early modern financial markets and publications include articles in Past and Present, Economic History Review, History, Financial History Review and Women's History Review. Her previous monographs are The Origins of English Financial Markets: investment and speculation before the South Sea Bubble (2010) and  The Worlds of the Jeake Family of Rye, 1640-1736 (2018).

References: 

-Previous NBN podcasts on money, namely Lawrence H. White and Dror Goldberg. 

-Books by Amy Froide's Silent Partners: Women as Public Investors during Britain's Financial Revolution, 1690-1750 and Daniel Abramson's Building the Bank of England: Money, Architecture, Society 1694-1942. 

Bernardo 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

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 aspects of society might just melt away as the planet warms. 

In Ice: From Mixed Drinks to Skating Rinks--a Cool History of a Hot Commodity (G. P. Putnam's Sons, 2023), journalist and historian Amy Brady shares the strange and storied two-hundred-year-old history of ice in America: from the introduction of mixed drinks “on the rocks,” to the nation’s first-ever indoor ice rink, to how delicacies like ice creams and iced tea revolutionized our palates, to the ubiquitous ice machine in every motel across the US. But Ice doesn’t end in the past. Brady also explores the surprising present-day uses of ice in sports, medicine, and sustainable energy—including cutting-edge cryotherapy breast-cancer treatments and new refrigerator technologies that may prove to be more energy efficient—underscoring how precious this commodity is, especially in an age of climate change.

Amy Brady is the executive director of Orion magazine, a contributing editor for Scientific American, and coeditor of The World as We Knew It: Dispatches from a Changing Climate. Twitter. Website. 

Brian Hamilton is chair of the Department of History and Social Science at Deerfield Academy. Twitter. Website.

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 between the natural and unnatural history of the East African region and trace this interaction from the evolutionary foundations of our species (c. 200,000 years ago), through the outwards and inwards human migrations, often associated with the adoption of subsistence strategies, new technologies and the arrival of new crops. 

The book will explore the impact of technological developments such as transitions to tool making, metallurgy, and the arrival of crops also involved an international dimension and waves of human migrations in and out of East Africa. Time will be presented with a widening focus that will frame the contemporary with a particular focus on the Anthropocene (last 500 years) to the present day. Many of the current challenges have their foundations in precolonial and colonial history and as such there will be a focus on how these have evolved and the impact on environmental and human landscapes. Moving into the Anthropocene era, there was increasing exposure to the International drivers of change, such as those associated with Ivory and slave trade. These international trade routes were tied into the ensuing decimation of elephant populations through to the exploitation of natural mineral resources have been sought after through to the present day. The book will provide a balanced perspective on the region, the people, and how the natural and unnatural histories have combined to create a dynamic region. These historical perspectives will be galvanized to outline the future changes and the challenges they will bring around such issues as sustainable development, space for wildlife and people, and the position of East Africa within a globalized world and how this is potentially going to evolve over the coming decades.

Rob Marchant is Professor of Tropical Ecology in the Department of Environment and Geography at the University of York, UK.

Ahmed Yaqoub AlMaazmi is a Ph.D. candidate at Princeton University, Near Eastern Studies Department. His research focuses on the intersection of law, the occult sciences, and the environment across the western Indian Ocean. He can be reached by email at [email protected] or on Twitter @Ahmed_Yaqoub. Listeners’ feedback, questions, and book suggestions are most welcome.

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 with Anastasia Nesvetailova.

Owen Bennett-Jones is a freelance journalist and writer. A former BBC correspondent and presenter he has been a resident foreign correspondent in Bucharest, Geneva, Islamabad, Hanoi and Beirut. He is recently wrote a history of the Bhutto dynasty which was published by Yale University Press.

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 with Daron Acemoglu, The Narrow Corridor: States, Societies, and the Fate of Liberty, explores the critical balance needed between state and society and how liberty can continue to thrive despite threats from both sides.

James and Greg explore the correlation between inclusive political institutions and economic growth and prosperity and why the absence of state capacity in developing nations is a major contributing factor to their economic struggles. This highlights the necessity for a genuine debate on whether strong governments and effective state institutions facilitate or stifle independence and innovation.

Gregory LaBlanc is a lifelong educator with degrees in History, PPE, Business, and Law, Greg currently teaches at Berkeley, Stanford, and HEC Paris. He has taught in multiple disciplines, from Engineering to Economics, from Biology to Business, from Psychology to Philosophy. He is the host of the unSILOed podcast. unSILOed is produced by University FM.

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 interested in history, and his economics brimmed with real people and institutional details. His research at the New York Fed and BIS during the Great Depression, his wartime intelligence work, and his role in administering the Marshall Plan gave him deep insight into how the international financial system really operated. 

A biography of both the dollar and a man, Money and Empire (Cambridge University Press, 2022) also the story of the development of ideas about how money works. It throws revealing light on the underlying economic forces and political obstacles shaping our globalized world.

Perry Mehrling is Professor of International Political Economy at Boston University.

Caleb Zakarin is the Assistant Editor of the New Books Network.

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 from Britain, but other sender nations included the USA, France, Germany, New Zealand, and Japan. Their firms spread out across Australia from mining and pastoral communities, to portside industries and CBD precincts, and they operated broadly across mining, trading, shipping, insurance, finance, and manufacturing. They were a remarkably diverse population of firms by size, organisational form, and longevity. This is a rare study of the impact of multinationals on a host nation, particularly before World War One, and that focuses on a successful resource-based economy. Deploying a database of more than 600 firms, supported by contemporary archives and publications, the work reveals how multinational influence was contested by domestic enterprise, other foreign firms, and the strategic investments of governments in network industries. Nonetheless, foreign agency – particularly investment, knowledge and entrepreneurship – mattered in the economic development of Australia in the nineteenth as well as the twentieth centuries. This book will be of interest to students and researchers in Australian and international economic and business history, the history of economic growth and scholars of international business.

Professor Ville is a Professor of Economic and Business History at the University of Wollongong in Australia. Prof Ville has worked with scholars in a broad range of disciplines including economics, history, management, sociology, engineering, and museum science.

Dr. Paula de la Cruz Fernández has been the host of this interview.

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 the author of a number of books including, The Delusions Of Crowds: Why People Go Mad in Groups and The Birth of Plenty: How the Prosperity of the Modern World was Created. And before his work in finance, he spent more than 30 years practicing medicine.

William and Greg discuss the difference between intelligence and rationality, how human nature is rooted in imitation and mimicry, and the end of the world.

Gregory LaBlanc is a lifelong educator with degrees in History, PPE, Business, and Law, Greg currently teaches at Berkeley, Stanford, and HEC Paris. He has taught in multiple disciplines, from Engineering to Economics, from Biology to Business, from Psychology to Philosophy. He is the host of the unSILOed podcast. unSILOed is produced by University FM.

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 standards without hype. White uses simple supply-and-demand analysis to explain how these standards work, evaluating their relative merits and explaining their response to shocks, allowing for informed comparisons between them. This book addresses common misunderstandings of the gold standard and Bitcoin, using historical evidence to review the history of money with emphasis on the contest between market and government provision. Known for his work on alternative monetary institutions, White offers a reasoned discussion of which standard is most likely to provide a better money.

In Better Money: Gold, Fiat, or Bitcoin? (Cambridge UP, 2023), Lawrence H. White offers a summary of previous work while explaining differences and similarities of the gold standard and how crypto currencies work in an authoritative yet non technical way with a non-specialist audience in mind. His main idea is to explore alternatives to fiat money in a digital world.

Bernardo 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.