New Books in Economic and Business History

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 experience in the Indian Ocean region. But studies of merchant and commercial activities have paid little attention to the role that cargoes have played in connecting the disparate parts of this vast oceanic world. 

Drawing from the work of anthropologists, geographers, and historians, Cargoes in Motion tells the story of how material objects have informed and continue to shape processes of exchange across the Indian Ocean. By following selected cargoes through both space and time, this book makes an important and innovative contribution to Indian Ocean studies. The multidisciplinary approach deepens our understanding of the nature and dynamics of the Indian Ocean world by showing how transoceanic connectivity has been driven not only by economic, social, cultural, and political factors but also by the materiality of the objects themselves. Essays by: Edward A. Alpers, Fahad Ahmad Bishara, Eva-Maria Knoll, Karl-Heinz Kohl, Lisa Jenny Krieg, Pedro Machado, Rupert Neuhöfer, Mareike Pampus, Hannah Pilgrim, Burkhard Schnepel, Hanne Schönig, Tansen Sen, Steven Serels, Julia Verne, and Kunbing Xiao.

Burkhard Schnepel is a professor of social anthropology at the Martin Luther University of Halle-Wittenberg. From 2013 to 2020, he was head of the Connectivity in Motion: Port Cities of the Indian Ocean fellows group at the Max Planck Institute for Social Anthropology in Halle. He is the author of The King’s Three Bodies: Essays on Kingship and Ritual and a coeditor of Travelling Pasts: The Politics of Cultural Heritage in the Indian Ocean World. 

Julia Verne is a professor of cultural geography at the Johannes Gutenberg University of Mainz, where she leads a research group on mobility, materiality, and maritimity, with a focus on the western Indian Ocean. Her publications include Living Translocality: Space, Culture, and Economy in Contemporary Swahili Trade and several articles discussing the Indian Ocean as a relational space.

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.

Over six million prime-age men are neither working nor looking for work; America's low unemployment rate hides the fact that many men have dropped out of the workforce altogether. Our workforce participation rate is on par with that seen during the Great Depression.

Why does this problem affect men so acutely? Why is it so specific to America? What are these missing men doing with their time? How do we differentiate between leisure and idleness? Demographer and economist Nicholas Eberstadt of the American Enterprise Institute discusses these trends and what they mean for America's future.

Eberstadt is the author of Men Without Work.

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 on Renaissance Italy.

In this fascinating new book, Professor Baker reveals how Renaissance Italians developed a new concept of the future as unknown time-yet-to-come. As In Fortune’s Theater makes clear, nearly everyone in Renaissance Italy seemingly had the future on their minds. Authorities in important commercial hubs such as Genoa, Venice, Rome, and Florence legislated against overzealous betting on the future. Merchants filled their commercial correspondence with a lexicon of futurity. Famed painters such as Caravaggio, Giorgio Vasari, and Paolo Veronese manipulated the existing iconography of the figure of Fortuna into a moral allegory about unseized opportunity. And seemingly every important Renaissance Italian intellectual including Petrarch, Dante, Christine de Pizan, Poggio Bracciolini, Leon Battista Alberti, Laura Cereta, Giovanni Pontano, Niccolò Machiavelli, Francesco Guicciardini, and Baldassare Castiglione cared deeply about time-yet-to-come.

Baker’s book is a rich, multilayered examination of the problems of risk, fortune, and the future in the Renaissance, and it should have broad appeal to anyone interested in the economic and political culture of early modern Europeans.

Michael Paul Martoccio is an Assistant Professor of History at the University of Wisconsin-Madison specializing in the economic and military historian of the early modern Mediterranean. I am especially interested in how early modern economic practices – consumerism, market culture, and the commercialization of war – shaped notions of sovereignty, territoriality, and political geography. If you have a title to suggest for this podcast, please contact him at [email protected].

Western culture has been obsessed with regulating society by the precise, accurate measurement of time since the Middle Ages. In On Time: A History of Western Timekeeping (Johns Hopkins UP, 2020), Ken Mondschein explores the paired development of concepts and technologies of timekeeping with human thought. Without clocks, he argues, the modern world as we know it would not exist. From the astronomical timekeeping of the ancient world to the tower clocks of the Middle Ages to the seagoing chronometer, the quartz watch, and the atomic clock, greater precision and accuracy have had profound effects on human society--which, in turn, has driven the quest for further precision and accuracy. This quest toward automation--which gave rise to the Gregorian calendar, the factory clock, and even the near-disastrous Y2K bug--has led to profound social repercussions and driven the creation of the modern scientific mindset.

Surveying the evolution of the clock from prehistory to the twenty-first century, Mondschein explains how both the technology and the philosophy behind Western timekeeping regimes came to take over the entire world. On Time is a story of thinkers, philosophers, and scientists, and of the thousand decisions that continue to shape our daily lives.

During the late nineteenth century, tens of thousands of diggers, prospectors, merchants, and dealers extracted and shipped over 50 million carats of diamonds from South Africa to London. The primary supplier to the world, South Africa's diamond fields became one of the formative sites of modern capitalist production. At each stage of the diamond's route through the British empire and beyond-from Cape Town to London, from Amsterdam to New York City-carbon gems were primarily mined, processed, appraised, and sold by Jews.

In A Brilliant Commodity: Diamonds and Jews in a Modern Setting (Oxford University Press, 2023), historian Dr. Saskia Coenen Snyder traces how once-peripheral Jewish populations became the central architects of a new, global exchange of diamonds that connected African sites of supply, European manufacturing centers, American retailers, and western consumers. Centuries of restrictions had limited Jews to trade and finance, businesses that often heavily relied on internal networks. Jews were well-positioned to become key players in the earliest stage of the diamond trade and its growth into a global industry, a development fueled by technological advancements, a dramatic rise in the demand of luxury goods, and an abundance of rough stones. Relying on mercantile and familial ties across continents, Jews created a highly successful commodity chain that included buyers, brokers, cutters, factory owners, financiers, and retailers.

Working within a diasporic ethnic community that bridged city and countryside, metropole and colony, Jews helped build a flourishing diamond industry, notably Hatton Garden in London and the Diamond District of New York City, and a place for themselves in the modern world.

This interview was conducted by Dr. Miranda Melcher whose doctoral work focused on post-conflict military integration, understanding treaty negotiation and implementation in civil war contexts, with qualitative analysis of the Angolan and Mozambican civil wars.

Adrian Bazbauers and Susan Engel’s 2021 book The Global Architecture of Multilateral Development Banks: A System of Debt or Development? (Routledge, 2023) explores the evolution of the 30 functioning multilateral development banks (MDBs). MDBs have their roots in the growing system of international finance and multilateral cooperation, with the first recognizable MDB being proposed by Latin America in financial cooperation with the US in the late 1930s. That Inter-American Bank did not eventuate but was a precursor to the World Bank being negotiated at Bretton Woods in 1944. Since then, a complex network of regional, sub-regional, and specialized development banks has progressively emerged across the globe, including two significant recent entrants established by China and the BRICS.

MDBs arrange loans, credits, and guarantees for investment in member states, generally with the stated aim of fostering economic growth. They operate in both the Global North and South, though there are more MDBs focusing on emerging and developing states. While the World Bank and some of the larger regional banks have been scrutinized, little attention has been paid to the smaller banks or the overall system. This book provides the first study of all 30 MDBs and it evaluates their interrelationships. It analyses the emergence of the MDBs in relation to geopolitics, development paradigms and debt. It includes sections on each of the banks as well as on how MDBs have approached the key sectors of infrastructure, human development, and climate.

This book will be of particular interest to researchers of development finance, global governance, and international political economy.

Dr. Susan Engel is an Associate Professor in Politics and International Studies and co-Director of the Future of Rights Centre. Her research interests focus on the impact of neoliberalism on development and international political economy.

Dr Adrian Robert Bazbauers is a Senior Lecturer in International Public Sector Management, and Undergraduate Coordinator, in the School of Business at UNSW, Canberra.

In The Rise of the Military Entrepreneur: War, Diplomacy, and Knowledge in Habsburg Europe (Cornell UP, 2022), Suzanne Sutherland explores the role of the military entrepreneur and explains how these international military figures emerged from, and exploited, the seventeenth century's momentous political, military, commercial, and scientific changes. During the Thirty Years' War, these figures traveled rapidly and frequently across Europe using private wealth, credit, and connections to raise and command the armies that rulers desperately needed. Using the individual of Raimondo Montecuccoli (1609–80), a middling nobleman from the Duchy of Modena, who became one of the most powerful men in the Austrian Habsburg monarchy, Sutherland uncovers the influence of military entrepreneurs not only commanders but also diplomats, natural philosophers, information brokers, clients, and subjects on the battlefield. 

The Rise of the Military Entrepreneur explains how Montecuccoli addressed battlefield, court, and family responsibilities while contributing to the world of scholarship on an often violent, fragmented political-military landscape. As a result, Sutherland shifts the perspective on war away from the ruler and his court to instead examine the figures supplying force, along with their methods, networks, and reflections on those experiences.

Douglas Bell is a writer, teacher, and historian who lives in the Netherlands. His research interests center on American military history, American foreign policy, German history, and European Studies. Tweet him @douglasibell.

The iconic deserts of the American southwest could not have been colonized and settled without the help of desert experts from the Middle East. For example: In 1856, a caravan of thirty-three camels arrived in Indianola, Texas, led by a Syrian cameleer the Americans called "Hi Jolly." This "camel corps," the US government hoped, could help the army secure the new southwest swath of the country just wrested from Mexico. Though the dream of the camel corps - and sadly, the camels - died, the idea of drawing on expertise, knowledge, and practices from the desert countries of the Middle East did not.

As Dr. Natalie Koch demonstrates in Arid Empire: The Entangled Fates of Arizona and Arabia (Verso, 2023), this evocative, narrative history, the exchange of colonial technologies between the Arabian Peninsula and United States over the past two centuries - from date palm farming and desert agriculture to the utopian sci-fi dreams of Biosphere 2 and Frank Herbert's Dune - bound the two regions together, solidifying the colonization of the US West and, eventually, the reach of American power into the Middle East. Koch teaches us to see deserts anew, not as mythic sites of romance or empty wastelands but as an "arid empire," a crucial political space where imperial dreams coalesce.

This interview was conducted by Dr. Miranda Melcher whose doctoral work focused on post-conflict military integration, understanding treaty negotiation and implementation in civil war contexts, with qualitative analysis of the Angolan and Mozambican civil wars.

With the Biden Administration's student loan relief coming down the pike, Annika sits down with Dr. Beth Akers, a Senior Fellow at the American Enterprise Institute who specializes in higher education finance. Beth discusses the issue of student debt, and what the Biden relief plan will and will not achieve. 

You can find more information about Dr. Akers and her recent writing and appearances here.

Touts: Recruiting Indentured Labor in the Gulf of Guinea (de Gruyter, 2022) is a historical account of the troubled formation of a colonial labor market in the Gulf of Guinea and a major contribution to the historiography of indentured labor, which has relatively few reference points in Africa. The setting is West Africa’s largest island, Fernando Po or Bioko in today’s Equatorial Guinea, 100 kilometers off the coast of Nigeria. The Spanish ruled this often-ignored island from the mid-nineteenth century until 1968. A booming plantation economy led to the arrival of several hundred thousand West African, principally Nigerian, contract workers on steamships and canoes. In Touts, Enrique Martino traces the confusing transition from slavery to other labor regimes, paying particular attention to the labor brokers and their financial, logistical, and clandestine techniques for bringing workers to the island.

Martino combines multi-sited archival research with the concept of touts as "lumpen-brokers" to offer a detailed study of how commercial labor relations could develop, shift and collapse through the recruiters’ own techniques, such as large wage advances and elaborate deceptions. The result is a pathbreaking reconnection of labor mobility, contract law, informal credit structures and exchange practices in African history.

Dr. Enrique Martino is currently a faculty member at the Complutense University of Madrid, and was previously a fellow at the Freiburg Institute for Advanced Studies.

Dr. Sara Katz is a Postdoctoral Associate in the History Department at Duke University.