New Books in Economic and Business History

In the twenty-first century, cities in the United States that had suffered most the shift to a postindustrial era entered a period widely proclaimed as an urban renaissance. From Detroit to Newark to Oakland and elsewhere commentators saw cities rising again. Yet revitalization generated a second urban crisis marked by growing inequality and civil unrest reminiscent of the upheavals associated with the first urban crisis in the mid-twentieth century. The urban poor and residents of color have remained very much at a disadvantage in the face of racially biased capital investments, narrowing options for affordable housing, and mass incarceration. In profiling nine cities grappling with challenges of the twenty-first century, author Howard Gillette, Jr. evaluates the uneven efforts to secure racial and class equity as city fortunes have risen. 

Charting the tension between the practice of corporate subsidy and efforts to assure social justice, The Paradox of Urban Revitalization: Progress and Poverty in America's Postindustrial Era (U Pennsylvania Press, 2022) assesses the course of urban politics and policy over the past half century, before the COVID-19 pandemic upended everything, and details prospects for achieving greater equity in the years ahead.

Nicole Trujillo-Pagán is a sociologist and Associate Professor at Wayne State University who studies race, the Latina/o/x population, and socio-spatial mobility. You can follow her on Twitter @BorderStruggles.

Economists endlessly debate the nature of legal tender monetary systems--coins and bills issued by a government or other authority. Yet the origins of these currencies have received little attention.

Dror Goldberg tells the story of modern money in North America through the Massachusetts colony during the seventeenth century. As the young settlement transitioned to self-governance and its economy grew, the need to formalize a smooth exchange emerged. Printing local money followed.

Easy Money: American Puritans and the Invention of Modern Currency (U Chicago Press, 2023) illustrates how colonists invented contemporary currency by shifting its foundation from intrinsically valuable goods--such as silver--to the taxation of the state. Goldberg traces how this structure grew into a worldwide system in which, monetarily, we are all Massachusetts. Weaving economics, law, and American history, Easy Money is a new touchstone in the story of monetary systems.

Dror Goldberg is a senior faculty member in the Department of Management and Economics at the Open University of Israel. He holds a Ph.D in economics from the University of Rochester and a law degree from Tel Aviv University. Dror studies the theory, history, and law of money, especially of legal tender currency. His work was published in the Journal of Economic History, Journal of Monetary Economics, Economic Theory, and the Journal of Money, Credit, and Banking, among others. He is the author of Easy Money: American Puritans and the Invention of Modern Currency, published by the University of Chicago Press in March 2023, which just reached no. 1 on Amazon for new books in monetary economics. Other reviews include the Wall Street Journal´s "Bookshelf" here.

You can follow Dr Golberg in Twitter as @DrorGoldberg

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

Nostalgia for the 1980s is in the air. From Stranger Things to the relaunch of 80s franchises like Top Gun, the American entertainment industry casts the period as an age of simpler things, clearer dichotomies, and less technology. Yet not all was simple. The 1980s were the heyday of the Cold War. They were the decade of rapid social change, of deregulation and selfish consumption, of Ronald Reagan and Margaret Thatcher. They were also the decade when a new technology swept the world, setting the stage for our all-too-digital present.

A lot has been written about the rise of video in the United States, the format wars, the impact it had on the entertainment industry, on personal entertainment consumption habits, and new business models. But the rise of video was not a uniquely American phenomenon, nor was the American experience normative. In fact, wherever the new technology arrived, from the US, to the Middle East, to Eastern Europe, it reshaped social and business practices, as well as government responses to it, in ways that reflected the political, social, and economic arrangements of each space.

Johnny Walker’s Rewind, Replay: Britain and the Video Boom, 1972-1992 (Edinburgh UP, 2022) tells the story of Britain’s vide boom in the 1980s by focusing on the first video distributors who took chances on a wide range of films, from documentaries, to horror, to kids entertainment, in order to attract consumer interest. The new video shops that mushroomed across Britain turned video rental into a common practice among the public. Soon, despite a crushing recession, more and more industry players started to invest into what media at the time was dismissing as a mere ‘plaything.’ Rewind, Replay chronicles the idiosyncratic ways in which British distributors and store owners navigated various local political and economic pressures including piracy, the infamous video nasties moral panic and the government crackdown on the industry, as well as the corporate expansion of the industry which, by the end of the decade, eliminated independent distributors, and turned the pre-recorded videocassette from morally questionable enterprise into a staple of high street retail.

Oana Godeanu-Kenworthy is Teaching Professor of American Studies at Miami University of Ohio. Her book, Between Empire and Republic: America in the Colonial Canadian Imagination, came out in 2022. Twitter: @OanaGodyKenw. Oana’s webpage.

Spanning twelve presidents, from John F. Kennedy to Joe Biden, and eight Federal Reserve chairs, from William McChesney Martin to Jerome Powell, this is an insider's story of macroeconomic policy. Focusing on the most significant developments and long-term changes, Alan Blinder traces the highs and lows of monetary and fiscal policy, which have cooperated and clashed through many recessions and several long booms over the past six decades. From the fiscal policy of Kennedy's New Frontier to Biden's responses to the pandemic, the book takes readers through the stagflation of the 1970s, the conquest of inflation under Jimmy Carter and Paul Volcker, the rise of Reaganomics, and the bubbles of the 2000s before bringing the story up through recent events, including the financial crisis, the Great Recession, and monetary policy during COVID-19. A lively and concise narrative, A Monetary and Fiscal History of the United States, 1961-2021 (Princeton University Press, 2022) is filled with vital lessons for anyone who wants to better understand where the economy has been and where it might be headed.

Alan S. Blinder is the Gordon S. Rentschler Memorial Professor of Economics and Public Affairs at Princeton University, a former vice chair of the Federal Reserve Board, and a former member of the President's Council of Economic Advisers.

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

At the intersection of history, material culture studies, and post-socialist memory studies, Journeys of Soviet Things: Cold War as Lived Experience in Cuba and India (Routledge, 2023) is an oral history of socialist globalisation constructed around the journeys of Cold War era Soviet objects in India and Cuba. During the Cold War, an important means to perpetuate Soviet ideals of modernisation and anti-imperialist solidarity across the world was the circulation of ‘banal’ objects, produced in the Soviet Union and purchased, awarded, and gifted for use in homes across the world. Based on oral accounts of Indian and Cuban interlocutors, this book examines the itineraries of Soviet objects such as cars, washing machines, cameras, books, nesting dolls, porcelain, and many other things. Explored this way, the Cold War is a matter of personal, affective, everyday experience. At the same time, by indicating the cohabitation of things in their home from around the world, interlocutors also go on to undercut simple geopolitical binaries that pit Soviet against American techno-politics. Accounts of Soviet objects in India and Cuba reveal a bricolage of preferences that crisscrossed ideological dualities of East vs West, communist vs capitalist, making for an alternative cosmopolitanism that was in equal measure shaped by personal, local, and national histories and experiences. 

Roland Clark is a Reader in Modern European History at the University of Liverpool, a Senior Fellow with the Centre for Analysis of the Radical Right, and the Principal Investigator of an AHRC-funded project on European Fascist Movements.

The Nature of Slavery: Environment and Plantation Labor in the Anglo-Atlantic World (Oxford UP, 2022) interrogates how people with an interest in African slavery manufactured and publicly disseminated a baseless rhetoric about climate, race, and labor that they knew, privately, to contradict their lived experiences.

In the late eighteenth century, plantation owners and slaveholders in the Caribbean and the American South publicly argued that physiological and biological differences made African people more capable of withstanding the heat and labor required to work on plantations. This climatic defense of slavery allowed planters to deny their own culpability in enslaving human beings while also framing the issue of racial slavery. The Nature of Slavery challenges this framing of labor, environment, and the development of racial ideologies. Using extensive personal and professional correspondence and colonial records, Dr. Katherine Johnston demonstrates that privately planters did not observe any health differences between Black and white bodies. White slaveholders publicly defended racial slavery constructed on a climatic rhetoric and biological theory of race they knew to be false. The ideology linking race and climate supported the economic motives of these enslavers and this defense of racial slavery in the late 18th century became a retroactive explanation for its establishment in the colonies. This climatic dichotomy to justify slavery and their economic livelihood contributed to historical myths about enslaved bodies and a groundless theory of race which was used to perpetuate the institution of slavery. Nature of Slavery powerfully argues that a “rhetoric of bodily difference gained strength and power as slaveholders and others imbued it with a language of nature.”

Dr. Katherine Johnston is an Assistant Professor in the Department of History & Philosophy at Montana State University. Her work focuses on slavery, race, the body, and the environment in Atlantic plantation societies.

Daniela Lavergne served as the editorial assistant for this podcast.

Susan Liebell is Dirk Warren '50 Professor of Political Science at Saint Joseph’s University in Philadelphia.

JoAnne Yates, Sloan Distinguished Professor of Management, Emerita and Professor of Managerial Communication and Work and Organization Studies at MIT’s Sloan School of Management, talks about her classic and award-winning 1989 book, Control Through Communication: The Rise of System in American Management (Johns Hopkins University Press), with Peoples & Things host, Lee Vinsel. 

Control Through Communication tells the fascinating story of how corporations came to adopt modern communications systems, including typewriters, filing cabinets, card catalogs, memos, and reports. Over the past twenty years, the book has been hugely influential in history, communications, and media studies. Yates and Vinsel also talk about how Yates came to move from literature to business history and organization studies, what it was like working as a woman in a business school in the 1980s, how she managed to have a dual writing career in history and business school journals, and much more.

Lee Vinsel is an associate professor in the Department of Science, Technology and Society at Virginia Tech.

Despite the seeming supremacy of car culture in the United States, the train has long been and continues to be a potent symbol of American exceptionalism, ingenuity, and vastness. For almost two centuries, the train has served as the literal and symbolic vehicle for American national identity, manifest destiny, and imperial ambitions. It’s no surprise, then, that the train continues to endure in depictions across literature, film, ad music.

The Racial Railroad (NYU Press, 2022) highlights the surprisingly central role that the railroad has played―and continues to play―in the formation and perception of racial identity and difference in the United States. Julia H. Lee argues that the train is frequently used as the setting for stories of race because it operates across multiple registers and scales of experience and meaning, both as an invocation of and a depository for all manner of social, historical, and political narratives.

Lee demonstrates how, through legacies of racialized labor and disenfranchisement―from the Chinese American construction of the Transcontinental Railroad and the depictions of Native Americans in landscape and advertising, to the underground railroad and Jim Crow segregation―the train becomes one of the exemplary spaces through which American cultural works explore questions of racial subjectivity, community, and conflict. By considering the train through various lenses, The Racial Railroad tracks how racial formations and conflicts are constituted in significant and contradictory ways by the spaces in which they occur.

Julia H. Lee is Associate Professor of Asian American Studies at the University of California at Irvine and author of Interracial Encounters: Reciprocal Representations in African and Asian American Literatures, 1896–1937 and Understanding Maxine Hong Kingston.

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.

Between 1956 and 1960, leaders in the Mongolian People’s Republic embarked on a collectivization campaign to change the way in which Mongolians interacted with animals and the environment. Collectivization in Mongolia, which followed the Soviet model, confiscated private livestock to create collectively-owned and -worked livestock herds, and was seen as one of the building blocks of a modern socialist state. In a society where nomadic herders represented a large segment of the population, however, the process of collectivizing livestock herds took a different form than it did in other socialist contexts, and, post-socialism, many former leaders and collective members remember fondly the state of herding during socialism compared to the uncertainty that followed during the transition to capitalism. 

In this episode, Dr. Kenny Linden joins me to share his research into the animal, cultural, and environmental history of livestock herding in socialist Mongolia and to discuss adaptations of pastoralism to socialist conditions.

Maggie Freeman is a PhD student in the School of Architecture at MIT. She researches uses of architecture by nomadic peoples and historical interactions of nomads and empires, with a focus on the modern Middle East.

Merchants of Virtue: Hindus, Muslims, and Untouchables in Eighteenth-Century South Asia (U California Press, 2022) explores the question of what it meant to be Hindu in precolonial South Asia. Divya Cherian presents a fine-grained study of everyday life and local politics in the kingdom of Marwar in eighteenth-century western India to uncover how merchants enforced their caste ideals of vegetarianism and bodily austerity as universal markers of Hindu identity. Using legal strategies and alliances with elites, these merchants successfully remade the category of “Hindu,” setting it in contrast to “Untouchable” in a process that also reconfigured Muslims in caste terms. In a history pertinent to understanding India today, Cherian establishes the centrality of caste to the early-modern Hindu self and to its imagination of inadmissible others. This book is the winner of the 2022 Joseph W. Elder Prize in the Indian Social Sciences.

Divya Cherian is Assistant Professor of History at Princeton University. She is a historian of early modern and pre-colonial South Asia, with interests in social, cultural, and religious history, gender and sexuality, ethics and law, and the local and the everyday. Her research focuses on western India, chiefly on the region that is today Rajasthan.

Sanjukta Poddar is Assistant Professor of Modern South Asian Studies at Leiden University. She is a cultural and social historian of modern South Asia with an interest in examining cultural contestations within colonial and postcolonial societies. Her research focuses on northern India in the nineteenth and twentieth centuries, particularly, in understanding identities that are expressed and debated at the intersection of print culture and urban history in provincial cities.