New Books in Economic and Business History

The second half of the nineteenth century is correctly known to have culminated in the emergence of the gold standard as the first truly international monetary regime. The processes leading up to this remarkable feat are, however, far less documented or understood. Economic historians have only recently started digging into the causes behind the 'fall of silver' that preceded the scramble for gold. It is nowadays clear that its effects were felt worldwide. Not in the least, silver depreciation severely affected East-West trade. It was, among other factors, behind the bankruptcy of several powerful institutions as the Oriental Bank Corporation. Yet at the same time, it cemented the position of other banks, some of which exist until this very day (HSBC, Standard Chartered). What did these banks know that others did not?

In Accounting for the Fall of Silver: Hedging Currency Risk in Long-Distance Trade with Asia, 1870-1913 (Oxford UP, 2020), Michael Schiltz explains that the 1870s and 1880s witnessed furious experiments with new financial products and, equally important, strategies for hedging exchange rate risk. Drawing on archives that have never been used before, the book throws new light on an important episode of nineteenth century world history. At the same time, it illuminates lesser known aspects of the first gold standard period. It draws attention to the existence of 'carry trades' between European money markets and the lesser liquid Asian periphery; and describes the creation of financial contracts with the sole aim of enabling commodity finance among Asian mercantile centers.

Michael Schiltz is associate professor at Hokkaido University. His has published widely on the financial history of modern Japan, including his first book The Money Doctors from Japan – Finance, Imperialism, and the Building of the ‘Yen Bloc’ (Harvard University Press, 2012).

Ghassan Moazzin is an Assistant Professor at the Hong Kong Institute for the Humanities and Social Sciences and the Department of History at the University of Hong Kong. He works on the economic and business history of 19th and 20th century China, with a particular focus on the history of foreign banking, international finance and electricity in modern China. His first book, Foreign Banks and Global Finance in Modern China: Banking on the Chinese Frontier, 1870–1919, was published by Cambridge University Press in 2022.

From whiskey in the American Revolution to Spam in WWII, food reveals a great deal about the society in which it exists. Selecting 15 foods that represent key moments in the history of the United States, this book takes readers from before European colonization to the present, narrating major turning points along the way, with food as a guide.

US History in 15 Foods (Bloomsbury, 2023) takes everyday items like wheat bread, peanuts, and chicken nuggets, and shows the part they played in the making of America. What did the British colonists think about the corn they observed Indigenous people growing? How are oranges connected to Roosevelt's New Deal? And what can green bean casserole tell us about gender roles in the mid-20th century? Weaving food into colonialism, globalization, racism, economic depression, environmental change and more, Anna Zeide shows how America has evolved through the food it eats.

Anna Zeide is Associate Professor of History and the founding director of the Food Studies Program in the College of Liberal Arts & Human Sciences at Virginia Tech, USA. She has previously written Canned: The Rise and Fall of Consumer Confidence in the American Food Industry (2018), which won a 2019 James Beard Media Award, and co-edited Acquired Tastes: Stories about the Origins of Modern Food (2021). Twitter. Website. 

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

Sacred Foundations. The Religious and Medieval Roots of the European State (Princeton University Press, 2023) argues that the medieval church was a fundamental force in European state formation. Existing accounts focus on early modern warfare or contracts between the rulers and the ruled. In contrast, this major study shows that the Catholic Church both competed with medieval monarchs and provided critical templates for governing institutions, the rule of law, and parliaments. The Catholic Church was the most powerful, wealthiest, and best-organized political actor in the Middle Ages. Starting in the eleventh century, the papacy fought for the autonomy of the church, challenging European rulers and then claiming authority over people, territory, and monarchs alike. 

Anna Grzymała-Busse demonstrates how the church shaped distinct aspects of the European state. Conflicts with the papacy fragmented territorial authority in Europe for centuries to come, propagating urban autonomy and ideas of sovereignty. Thanks to its organizational advantages and human capital, the church also developed the institutional precedents adopted by rulers across Europe—from chanceries and taxation to courts and councils. Church innovations made possible both the rule of law and parliamentary representation. Bringing to light a wealth of historical evidence about papal conflict, excommunications, and ecclesiastical institutions, Sacred Foundations reveals how the challenge and example of powerful religious authorities gave rise to secular state institutions and galvanized state capacity.

Javier Mejia is an economist at Stanford University who specializes in the intersection of social networks and economic history. His research interests also include entrepreneurship and political economy, with a particular focus on Latin America and the Middle East. He holds a Ph.D. in Economics from Los Andes University. Mejia has previously been a Postdoctoral Associate and Lecturer at New York University-Abu Dhabi and a Visiting Scholar at the University of Bordeaux. He is also a frequent contributor to various news outlets, currently serving as an op-ed columnist for Forbes Magazine.

"Why do we think about some practices as work, and not others? Why do we classify certain capacities as economically valuable skills, and others as innate characteristics? What, moreover, is the role of law in shaping our answers to these questions?"

These are just some of the queries explored by Dr. Zoe Adams's analysis of the legal construction, and regulation, of work, in her book The Legal Concept of Work (Oxford University Press, 2022).

Spanning from the 14th century to the present day, the book explores how the role of law and legal concepts comes to consider some forms of human labour as work, and some forms of human labour as non-work. It examines why perceptions of these activities can change over time, and how legal constitution impacts the way in which work comes to be regulated, organised, and valued.

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.

"Why do we think about some practices as work, and not others? Why do we classify certain capacities as economically valuable skills, and others as innate characteristics? What, moreover, is the role of law in shaping our answers to these questions?"

These are just some of the queries explored by Dr. Zoe Adams's analysis of the legal construction, and regulation, of work, in her book The Legal Concept of Work (Oxford University Press, 2022).

Spanning from the 14th century to the present day, the book explores how the role of law and legal concepts comes to consider some forms of human labour as work, and some forms of human labour as non-work. It examines why perceptions of these activities can change over time, and how legal constitution impacts the way in which work comes to be regulated, organised, and valued.

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.

In this episode, I interview Professor Geoffrey Jones about his new book  Deeply Responsible Business: A Global History of Values-Driven Leadership (Harvard University Press, 2023). For an extraordinary introduction to the content of the book, please visit deeplyreponsible.com .

Professor Christopher Marquis, author of Better Business: How the B Corp Movement Is Remaking Capitalism (Yale University Press, 2020) also joined our conversation.

Deeply Responsible Business is a global history of deeply responsible business leaders. It offers an invaluable historical perspective, going back to the Quaker capitalism of George Cadbury and the worker solidarity of Edward Filene. Through a series of in-depth profiles of business leaders and their companies, it carries us from India to Japan and from the turmoil of the nineteenth century to the latest developments in impact investing and the B-corps. Geoffrey Jones profiles business leaders from around the world who combined profits with social purpose to confront inequality, inner-city blight, and ecological degradation, while navigating restrictive laws and authoritarian regimes.

He found that these leaders were motivated by bedrock values and sometimes—but not always—driven by faith. They chose to operate in socially productive fields, interacted with humility with stakeholders, and felt a duty to support their communities. While far from perfect—some combined visionary practices with vital flaws—each one showed that profit and purpose could be reconciled. Many of their businesses were highly successful—though financial success was not their only metric of achievement.

As companies seek to coopt ethically sensitized consumers, Jones gives us a new perspective to tackle tough questions. Inspired by these passionate and pragmatic business leaders, he envisions a future in which companies and entrepreneurs can play a key role in healing our communities and protecting the natural world.

Interview by Paula de la Cruz-Fernández, Ph.D.

In the aftermath of the fall of the Soviet Union, Cuba faced the start of a crisis that decimated its economy. Helen Yaffe examines the astonishing developments that took place during and beyond this period. Drawing on archival research and interviews with Cuban leaders, thinkers, and activists, We Are Cuba!: How a Revolutionary People Have Survived in a Post-Soviet World (Yale UP, 2020) tells for the first time the remarkable story of how Cuba survived while the rest of the Soviet bloc crumbled.

Yaffe shows how Cuba has been gradually introducing select market reforms. While the government claims that these are necessary to sustain its socialist system, many others believe they herald a return to capitalism. Examining key domestic initiatives including the creation of one of the world’s leading biotechnological industries, its energy revolution, and medical internationalism alongside recent economic reforms, Yaffe shows why the revolution will continue post-Castro.

This is a fresh, compelling account of Cuba’s socialist revolution and the challenges it faces today.

Helen Yaffe is a senior lecturer in economic and social history at the University of Glasgow. Her teaching focuses on Latin American and Cuban development. Since 1995, she has spent time living and researching in Cuba. Her doctoral thesis was adapted for publication as Che Guevara: The Economics of Revolution in 2009 and she is the co-author of Youth Activism and Solidarity: The Non-stop Picket- Against Apartheid, 2017. She regularly provides commentary on Cuba for the mainstream media.

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.

When miners arrived in California seeking their fortune during the gold rush of the 1840s and early 1850s, they encountered a place with few existing legal systems. Recently acquired from Mexico, California was truly America's frontier, and when American miners arrived they did what Americans have always done: they held meetings. 

In We the Miners: Self-Government in the California Gold Rush (Harvard UP, 2022), Seton Hall law professor Andrea McDowell explains the development and working of miners codes and other legal systems put in place during the heady and often violent early days of the California Gold Rush. Before statehood, miners were on their own to construct a version of direct democracy that reflected their values and gave them power to govern, until the creation of state government and the arrival of corporate mining entities. In McDowell's telling, the early days of the gold rush speak to Americans strong belief in democracy and self-governance, and who gets a say in justice when gold is on the line.

Dr. Stephen R. Hausmann is an assistant professor of history at the University of St. Thomas in Minnesota.

During the Cold War, U.S. intervention in Latin American politics, economics, and society grew in scope and complexity, with diplomatic legacies evident in today's hemispheric policies. Development became a key form of intervention as government officials and experts from the United States and Latin America believed that development could foster hemispheric solidarity and security. In parts of Latin America, its implementation was especially intricate because recipients of these programs were diverse Indigenous peoples with their own politics, economics, and cultures. Contrary to project planners' expectations, Indigenous beneficiaries were not passive recipients but actively engaged with development interventions and, in the process, redefined racialized ideas about Indigeneity. 

In On Our Own Terms: Development and Indigeneity in Cold War Guatemala (UNC Press, 2022), Sarah Foss illustrates how this process transpired in Cold War Guatemala, spanning democratic revolution, military coups, and genocidal civil war. Drawing on previously unused sources such as oral histories, anthropologists' field notes, military records, municipal and personal archives, and a private photograph collection, Foss analyzes the uses and consequences of development and its relationship to ideas about race from multiple perspectives, emphasizing its historical significance as a form of intervention during the Cold War.

Rachel Grace Newman is a historian of modern Mexico with particular interests in migration, childhood and youth studies, and social inequality. She is Assistant Professor of History at Colgate University.

Andrew Popp, a professor of history at Copenhagen Business School, and Jonathan Coopersmith, a professor (retired) of history at Texas A&M, talk about a recent special issue they edited in the journal History Compass with Peoples & Things host, Lee Vinsel. The special issue brought together a number of business historians to assess the historical arguments of Thomas Piketty’s 2019 book, Capital and Ideology, which argues that societies have developed a number of ideologies to justify inequality. While largely sympathetic to Piketty’s aims, the historians involved prod and criticize aspects of his argument and evidence. Popp, Coopersmith, and Vinsel also discuss the need for more historians, particularly business historians, to focus on the history of inequality.