New Books in Economic and Business History

In Rotary International and the Selling of American Capitalism (Harvard University Press, 2021), Professor Brendan Goff traces the history of Rotary International from its origins in Chicago in 1905 to its rapid growth during the first four decades of the twentieth century. In doing so, Goff places U.S. power at the center of his analysis. He argues that Rotary International was able to succeed where Wilsonian internationalism was not by strategically distancing itself from the state. Rotarians advanced their own “civic internationalism” that emphasized the organization’s non-profit status, identify as a non-governmental organization, and commitment to the community-minded principle of “service above self.” This version of internationalism, and the rhetoric that supported it, allowed Rotary International to deflect criticisms of mere boosterism or intervention by other means. Goff’s nuanced and critical analysis of Rotary International’s history provides a new way of thinking about the role of U.S. cities in the expansion of U.S capital and consumer culture abroad, the many inflections of interwar internationalism, and the use of racialized power in creating and structuring connections between businesspeople in the United States and the rest of the world.

Steven P. Rodriguez is a PhD Candidate in history at Vanderbilt University. You can reach him at [email protected] and follow his twitter at @SPatrickRod.

Is there an ideal portfolio of investment assets, one that perfectly balances risk and reward? In Pursuit of the Perfect Portfolio (Princeton UP, 2021) examines this question by profiling and interviewing ten of the most prominent figures in the finance world—Jack Bogle, Charley Ellis, Gene Fama, Marty Leibowitz, Harry Markowitz, Bob Merton, Myron Scholes, Bill Sharpe, Bob Shiller, and Jeremy Siegel. We learn about the personal and intellectual journeys of these luminaries—which include six Nobel Laureates and a trailblazer in mutual funds—and their most innovative contributions. In the process, we come to understand how the science of modern investing came to be. Each of these finance greats discusses their idea of a perfect portfolio, offering invaluable insights to today’s investors.

Inspiring such monikers as the Bond Guru, Wall Street’s Wisest Man, and the Wizard of Wharton, these pioneers of investment management provide candid perspectives, both expected and surprising, on a vast array of investment topics—effective diversification, passive versus active investment, security selection and market timing, foreign versus domestic investments, derivative securities, nontraditional assets, irrational investing, and so much more. While the perfect portfolio is ultimately a moving target based on individual age and stage in life, market conditions, and short- and long-term goals, the fundamental principles for success remain constant.

Aimed at novice and professional investors alike, In Pursuit of the Perfect Portfolio is a compendium of financial wisdom that no market enthusiast will want to be without.

Marshall Poe is the founder and editor of the New Books Network. He can be reached at [email protected].

La Paz's Colonial Specters: Urbanization, Migration, and Indigenous Political Participation, 1900-52 (Bloomsbury, 2021) explores the urban history of one of Latin America’s most indigenous large cities in the first half of the twentieth century. Tracing the expansion of the “extramuro,” indigenous neighborhoods beyond the center of the city in these decades, Sierra brings to life the activists who transformed the city leading up to Bolivia’s National Revolution in 1952. Sierra begins by highlighting the racialized debates about space, modernization, and popular politics among elites that dominated Bolivia’s 1925 centenary celebrations and projects for urban development. Many elites hoped to relegate visible signs of indigeneity outside an imaginary line that divided the respectable, wealthy urban core from the mixed indigenous spaces of the urban periphery. However, as Sierra demonstrates, indigenous Bolivians were crucial to the functioning of urban life from the very heart of the old Spanish city to its rapidly expanding markets and outskirts. Therefore, lower class urbanites, indigenous and not, were able to insist upon an alternative vision of the city built upon neighborhood organizations, unions, and popular use of space long before the revolutionary days of urban street battles in April 1952. 

This book will be of interest to urban historians and Latin American historians alike. Its careful explorations of gender, race, class and the mechanisms that build urban belonging will make this book essential reading for anyone interested in social movements and popular politics. Finally, by tracing the understudied history of neighborhood associations in the early twentieth century, La Paz’s Colonial Specters provides an essential background for scholars seeking to understand the roots of contemporary neighborhood organizations that continue to dominate Bolivia’s popular politics to this day.

Luis Sierra is Associate Professor of History at Thomas More University.

Elena McGrath is Assistant Professor of History at Union College.

Today I talked to Kevin McGruder about his new book Philip Payton: The Father of Black Harlem (Columbia UP, 2021)

In a moment of hope, even faith, African-Americans inspired by Booker T. Washington believed at the start of the 21st century that prospering financially would lead them to fair and even-standing with their fellow white citizens in America. In that vein, Philip Payton launched the Afro-American Realty Company in 1904 and in doing so took on the big-money crowd. Up against him, for instance, was the Hudson Realty Company that numbered among its backers the Bloomingdale family. To an amazing extent, Payton managed in his short life to engineer real estate deals that made Harlem the home base for many of the African-Americans coming north in the Great Migration of the World War One era. Was it an entirely smooth journey for Payton? No, it wasn’t—as McGruder points out in this episode that brings into account “racial capitalism” and the looming shadow of Woodrow Wilson’s divisive approach to race relations.

Kevin McGruder is an associate professor of history at Antioch College. He’s also the author of Race and Real Estate and in the 1990s was the director of real estate development for the Abyssinian Development Corporation, a nonprofit church-based organization in Harlem.

Dan Hill, PhD, is the author of eight books and leads Sensory Logic, Inc. (https://www.sensorylogic.com). To check out his related blog, visit https://emotionswizard.com.

In July 2021, nine summers after its then president saved the euro with three choice words (“whatever it takes”), the European Central Bank published the results of a thoroughgoing review of its strategy.

A policy framework built for times when inflation posed a modest upside challenge had coped – but only just – with successive financial, sovereign-debt, banking and health crises that threatened chronically weak inflation at best and deflation at worst.

Essential to the review was research conducted to mark the 20th anniversary of the ECB in 2019 and now updated and published as a book: Monetary Policy in Times of Crisis: A Tale of Two Decades of the European Central Bank (Oxford UP, 2021) by Massimo Rostagno, Carlo Altavilla, Giacomo Carboni, Wolfgang Lemke, Roberto Motto, Arthur Saint Guilhem and Jonathan Yiangou.

This exhaustive analytical history concludes that the ECB operated two policy regimes – one from 1999 to 2012 and a second crisis-informed strategy until the narrative ends before the onset of the pandemic. With its strategic review over, the history lessons from this book will be an essential guide to ECB thinking as it prepares a slow and careful unwinding of its emergency policy settings.

Massimo Rostagno has been the ECB’s Director General Monetary Policy since August 2017 and has worked at the central bank since 1998. He has served as head of the Monetary Policy Strategy Division and Director Monetary Policy and, before that, worked at the Banca d’Italia and the International Monetary Fund. He holds a PhD in economics from the University of California, Los Angeles. (Any views expressed are personal and not necessarily those of the ECB).

*The author's own book recommendations are Capital in the Twenty-First Century by Thomas Piketty (Harvard University Press, 2014) and The Populist Temptation: Economic Grievance and Political Reaction in the Modern Era by Barry Eichengreen (OUP USA, 2018).

Tim Gwynn Jones is an economic and political-risk analyst at Medley Global (Energy Aspects).

From the early twentieth century until the 1960s, Maine led the nation in paper production. The state could have earned a reputation as the Detroit of paper production, however, the industry eventually slid toward failure. What happened? Shredding Paper unwraps the changing US political economy since 1960, uncovers how the paper industry defined and interacted with labor relations, and peels away the layers of history that encompassed the rise and fall of Maine's mighty paper industry.

Michael G. Hillard deconstructs the paper industry's unusual technological and economic histories. For a century, the story of the nation's most widely read glossy magazines and card stock was one of capitalism, work, accommodation, and struggle. Local paper companies in Maine dominated the political landscape, controlling economic, workplace, land use, and water use policies. Hillard examines the many contributing factors surrounding how Maine became a paper powerhouse and then shows how it lost that position to changing times and foreign interests.

Through a retelling of labor relations and worker experiences from the late nineteenth century up until the late 1990s, Hillard highlights how national conglomerates began absorbing family-owned companies over time, which were subject to Wall Street demands for greater short-term profits after 1980. This new political economy impacted the economy of the entire state and destroyed Maine's once-vaunted paper industry. Shredding Paper: The Rise and Fall of Maine's Mighty Paper Industry (Cornell UP, 2021) truthfully and transparently tells the great and grim story of blue-collar workers and their families and analyzes how paper workers formulated a folk version of capitalism's history in their industry. Ultimately, Hillard offers a telling example of the demise of big industry in the United States.

After a turbulent political revolt against the military superpower of the early modern world, the tiny Dutch Republic managed to situate itself as the dominant printing and book trading power of the European market. The so-called Dutch Golden Age has long captured the attention of art historians, but for every one painting produced by the Dutch during the seventeenth century, at least 100 books were printed. In The Bookshop of the World: Making and Trading Books in the Dutch Golden Age (Yale UP, 2019), Andrew Pettegree and Arthur der Weduwen present the untold story of how a group of family-owned businesses transformed the economics of printing and selling and conquered the European communications economy. This printing revolution helped to turn their pluralistic population into a highly literate and engaged society. 

Andrew Pettegree (@APettegree) is Professor of Modern History at the University of St Andrews and Director of the Universal Short Title Catalogue. He is the author of over a dozen books in the fields of Reformation history and the history of communication including Reformation and the Culture of Persuasion (Cambridge University Press, 2005), The Book in the Renaissance (Yale University Press, 2010), The Invention of News (Yale University Press, 2014), and Brand Luther: 1517, Print and the Making of the Reformation (Penguin, 2015). 

Arthur der Weduwen (@A_der_Weduwen) is a British Academy Postdoctoral Research Fellow at the University of St Andrews and Deputy Director of the Universal Short Title Catalogue. He researches and writes on the history of the Dutch Republic, books, news, libraries and early modern politics. He is the author of Dutch and Flemish Newspapers of the Seventeenth Century (2 vols., Brill, 2017), and two books on early newspaper advertising in the Netherlands (both Brill, 2020). His latest project is The Library, A Fragile History, co-written with Andrew Pettegree and published by Profile in 2021.

Ryan David Shelton (@ryoldfashioned) is a social historian of British and American Protestantism and a PhD researcher at Queen’s University Belfast.

In a world that purports to know more about the future than any before it, why do we still need speculation? Insubstantial speculations – from utopian thinking to high-risk stock gambles – often provoke backlash, even when they prove prophetic. Why does this hypothetical way of thinking generate such controversy?

Gayle Rogers, author of Speculation: A Cultural History from Aristotle to AI (Columbia UP, 2021), speaks with Pierre d’Alancaisez about the intellectual history of speculation: from the mirror and the watch tower, the Calvinist reformation, the scientific revolution, through Jane Austen, to the founding of the United States, and the shape of contemporary capitalism – with booms, manias, busts, and bubbles along the way. Unraveling these histories and many other disputes, Rogers argues that what has always been at stake in arguments over speculation, and why it so often appears so threatening, is the authority to produce and control knowledge about the future.

Gayle Rogers is professor and chair of English at the University of Pittsburgh.

Pierre d’Alancaisez is a contemporary art curator, cultural strategist, researcher. Sometime scientist, financial services professional.

Once described as a “German oddity”†, Ordoliberalism was one of a number of new liberalisms that emerged from the political maelstrom of the interwar period. But, unlike the other neoliberal splinters, Ordoliberalism – founded at the University of Freiburg by economist Walter Eucken and jurist Franz Böhm – was quickly tested in the real world.

The West Germany rebuilt out of the ashes of war was founded on its principles: rules-based economics, independent agencies protected from politics and the state as arbiter. The country's recovery and successful reunification were a testament to Ordoliberalism’s effectiveness but, as the European Community became a union and created the euro, its other members were keener to import the success than the rules. When crisis struck from 2008, the EU's architecture was severely stress-tested and remains under strain in the wake of the coronavirus pandemic.

Is the long EU political crisis due to Ordoliberalism or due to its non-implementation? Can and should Ordoliberalism adapt and survive? These are some of the questions addressed in Ordoliberalism and European Economic Policy: Between Realpolitik and Economic Utopia (Routledge paperback, 2021) co-edited by Malte Dold and Tim Krieger. Malte Dold is a Freiburg university graduate who now an assistant professor of economics at Pomona College in California, and Tim Krieger is Freiburg's Wilfried Guth professor of constitutional political economy.

*As their book recommendations, Tim Krieger chose Conservative Liberalism, Ordo-liberalism, and the State: Disciplining Democracy and the Market by Kenneth Dyson (OUP Oxford, 2021) and Exit Left: Markets and Mobility in Republican Thought by Robert S. Taylor (OUP Oxford, 2017); and Malte Dold chose The Narrow Corridor: How Nations Struggle for Liberty by Daron Acemoglu and James A. Robinson (Penguin, 2020) and The Idea of Justice by Amartya Sen (Penguin, 2010).

Tim Gwynn Jones is an economic and political-risk analyst at Medley Global Advisors (Energy Aspects).

†Ordoliberalism: A German oddity? ed. Thorsten Beck and Hans-Helmut Kotz (CEPR Press 2017).

The Work of Politics: Making a Democratic Welfare State (Cambridge University Press 2020) advances a new understanding of how democratic social movements work with welfare institutions to challenge structures of domination. Steven Klein develops a novel theory that depicts welfare institutions as “worldly mediators,” or sites of democratic world-making fostering political empowerment and participation within the context of capitalist economic forces. Drawing on the writings of Weber, Arendt, and Habermas, and historical episodes that range from the workers' movement in Bismarck's Germany to post-war Swedish feminism, the book challenges us to rethink the distribution of power in society, as well as the fundamental concerns of democratic theory. Ranging across political theory and intellectual history, The Work of Politics provides a vital contribution to contemporary thinking about the future of the welfare state.

Tejas Parasher is Junior Research Fellow in Political Thought and Intellectual History at King’s College, University of Cambridge.