New Books in Economic and Business History

In spite of Karl Marx's proclamation that money would become obsolete under Communism, the ruble remained a key feature of Soviet life. In fact, although Western economists typically concluded that money ultimately played a limited role in the Soviet Union, Kristy Ironside argues that money was both more important and more powerful than most histories have recognized. After the Second World War, money was resurrected as an essential tool of Soviet governance. Certainly, its importance was not lost on Soviet leaders, despite official Communist Party dogma. Money, Ironside demonstrates, mediated the relationship between the Soviet state and its citizens and was at the center of both the government's and the people's visions for the maturing Communist project. A strong ruble--one that held real value in workers' hands and served as an effective labor incentive--was seen as essential to the economic growth that would rebuild society and realize Communism's promised future of abundance.

In A Full-Value Ruble: The Promise of Prosperity in the Postwar Soviet Union (Harvard UP, 2021), Ironside shows how Soviet citizens turned to the state to remedy the damage that the ravages of the Second World War had inflicted upon their household economies. From the late 1940s through the early 1960s, progress toward Communism was increasingly measured by the health of its citizens' personal finances, such as greater purchasing power, higher wages, better pensions, and growing savings. However, the increasing importance of money in Soviet life did not necessarily correlate to improved living standards for Soviet citizens. The Soviet government's achievements in "raising the people's material welfare" continued to lag behind the West's advances during a period of unprecedented affluence. These factors combined to undermine popular support for Soviet power and confidence in the Communist project.

Kristy Ironside is an Assistant Professor of Russian history at McGill University. She focuses on the economic, social, and political history of the Soviet Union.

A War on Global Poverty: The Lost Promise of Redistribution and the Rise of Microcredit (Princeton UP, 2021) provides a fresh account of US involvement in campaigns to end global poverty in the 1970s and 1980s. From the decline of modernization programs to the rise of microcredit, Joanne Meyerowitz looks beyond familiar histories of development and explains why antipoverty programs increasingly focused on women as the deserving poor. When the United States joined the war on global poverty, economists, policymakers, and activists asked how to change a world in which millions lived in need. Moved to the left by socialists, social democrats, and religious humanists, they rejected the notion that economic growth would trickle down to the poor, and they proposed programs to redress inequities between and within nations. 

In an emerging “women in development” movement, they positioned women as economic actors who could help lift families and nations out of destitution. In the more conservative 1980s, the war on global poverty turned decisively toward market-based projects in the private sector. Development experts and antipoverty advocates recast women as entrepreneurs and imagined microcredit—with its tiny loans—as a grassroots solution. Meyerowitz shows that at the very moment when the overextension of credit left poorer nations bankrupt, loans to impoverished women came to replace more ambitious proposals that aimed at redistribution. Based on a wealth of sources, A War on Global Poverty looks at a critical transformation in antipoverty efforts in the late twentieth century and points to its legacies today.

Stephen Pimpare is director of the Public Service & Nonprofit Leadership program and Faculty Fellow at the Carsey School of Public Policy at the University of New Hampshire.

Jamaica Ladies: Female Slaveholders and the Creation of Britain's Atlantic Empire (Omohundro Institute/University of North Carolina Press, 2020) is the first systematic study of the free and freed women of European, Euro-African, and African descent who perpetuated chattel slavery and reaped its profits in the British Empire. Their actions helped transform Jamaica into the wealthiest slaveholding colony in the Anglo-Atlantic world. Starting in the 1670s, a surprisingly large and diverse group of women helped secure English control of Jamaica and, crucially, aided its developing and expanding slave labor regime by acquiring enslaved men, women, and children to protect their own tenuous claims to status and independence. 

Female colonists employed slaveholding as a means of advancing themselves socially and financially on the island. By owning others, they wielded forms of legal, social, economic, and cultural authority not available to them in Britain. In addition, slaveholding allowed free women of African descent, who were not far removed from slavery themselves, to cultivate, perform, and cement their free status. Alongside their male counterparts, women bought, sold, stole, and punished the people they claimed as property and vociferously defended their rights to do so. As slavery's beneficiaries, these women worked to stabilize and propel this brutal labor regime from its inception.

Christine Walker is assistant professor of history at Yale-NUS College in Singapore.

Jerrad P. Pacatte is a doctoral candidate and School of Arts and Sciences Excellence Fellow in the Department of History at Rutgers University-New Brunswick. His research and teaching interests examine the lives, labors, and emancipation experiences of African and African American women in early America. 

Today I talked to Amanda Ciafone's (University of Illinois, Urbana-Champaign) about her book Counter-Cola: A Multinational History of the Global Corporation (University of California Press, 2019). Counter-Cola charts the history of one of the world’s most influential and widely known corporations, The Coca-Cola Company. Over the past 130 years, the corporation has sought to make its products, brands, and business central to daily life in over 200 countries. Amanda Ciafone uses this example of global capitalism to reveal the pursuit of corporate power within the key economic transformations—liberal, developmentalist, neoliberal—of the twentieth and twenty-first centuries. Coca-Cola's success has not gone uncontested. People throughout the world have redeployed the corporation, its commodities, and brand images to challenge the injustices of daily life under capitalism. As Ciafone shows, assertions of national economic interests, critiques of cultural homogenization, fights for workers’ rights, movements for environmental justice, and debates over public health have obliged the corporation to justify itself in terms of the common good, demonstrating capitalism’s imperative to either assimilate critiques or reveal its limits. 

This book is a great source to study the history of globalization and global capitalism through the analysis of the particular history of the US-headquartered and textbook case multinational, the Coca-Cola Company, through the twentieth century. Counter-Cola looks at how the strategies of the multinational company, mostly devised at its headquarters in Atlanta, Giorgia, developed in Colombia and India as nationalism, financial dependency, workers’ unrest, social movements, and health considerations unfolded and were opposed to the overarching and assumed benefits of the multinational in both locations. Amanda Ciafone is a cultural historian of capitalism, especially interested in culture industries and the role of the media in constructing meaning around economic and social relations.

Check out Professor Ciafone’s additional and research materials related to her book Counter-Cola: A Multinational History of the Global Corporation that are available in a digitally accessible Scalar companion that is available on her faculty profile website.

Paula De La Cruz-Fernandez is an economic and business historian. Author of Gendered Capitalism: Sewing Machines and Multinational Business in Spain and Mexico, 1850-1940 (Routledge 2021)

Joshua Rothman’s The Ledger and the Chain: How Domestic Slave Traders Shaped America was published by Basic Books in 2021, and tells a sprawling history of slave traders in America. Often presented as outcasts and social pariahs, slave traders were often instead wealthy and respected members of their communities. Rothman explores the lives and careers of Isaac Franklin, John Armfield, and Rice Ballard to show just what the work of a domestic slave trader looked like and the devastating affects their actions had on enslaved people. By weaving together a history the lives of men who created one of the most powerful slave trading operations in America, Rothman is able to show how slavery’s expansion and growth occurred up to the Civil War.

Joshua Rothman is a professor of history at the University of Alabama.

Justene Hill Edwards is the author of Unfree Markets: The Slaves’ Economy and the Rise of Capitalism in South Carolina (Columbia University Press, 2021). Unfree Markets focuses in on an area of slavery’s history that has seldom been explore: the economic lives of enslaved people, and its meaning for them, enslavers, non-enslavers, and the institution of slavery itself. Hill Edwards explores how the complicated history of the slaves’ economy from the colonial period to the Civil War, showing the relationship between it and the development of capitalism in the nation. Through a history of enterprise, cultivation, markets, and people, Hill Edwards shows just how much the tenuous the connection between economic activity and freedom for the enslaved became throughout this time period, and what that meant for everyone involved.

Justene Hill Edwards is an assistant professor of history at the University of Virginia.

Derek Litvak is a PhD candidate at the University of Maryland—College Park.

The inside story of the world's most famous board game-a buried piece of American history with an epic scandal that continues today.

The Monopolists: Obsession, Fury, and the Scandal Behind the World's Favorite Board Game (Bloomsbury, 2015) reveals the unknown story of how Monopoly came into existence, the reinvention of its history by Parker Brothers and multiple media outlets, the lost female originator of the game, and one man's lifelong obsession to tell the true story about the game's questionable origins.

Most think it was invented by an unemployed Pennsylvanian who sold his game to Parker Brothers during the Great Depression in 1935 and lived happily--and richly--ever after. That story, however, is not exactly true. Ralph Anspach, a professor fighting to sell his Anti-Monopoly board game decades later, unearthed the real story, which traces back to Abraham Lincoln, the Quakers, and a forgotten feminist named Lizzie Magie who invented her nearly identical Landlord's Game more than thirty years before Parker Brothers sold their version of Monopoly. Her game--underpinned by morals that were the exact opposite of what Monopoly represents today--was embraced by a constellation of left-wingers from the Progressive Era through the Great Depression, including members of Franklin Roosevelt's famed Brain Trust.

A gripping social history of corporate greed that illuminates the cutthroat nature of American business over the last century, The Monopolists reads like the best detective fiction, told through Monopoly's real-life winners and losers.

Mary Pilon is a journalist, screenwriter, and author of the bestselling books "The Monopolists" and "The Kevin Show" as well as co-host and co-author of “Twisted: The Story of Larry Nassar and the Women Who Brought Him Down.” Her work regularly appears in the New Yorker, Esquire, Bloomberg BusinessWeek, Vice, New York, and The New York Times, among other publications.

Dr. Lee Pierce (they & she) is Assistant Professor of Rhetorical Communication at State University of New York at Geneseo and host of the podcast RhetoricLee Speaking. Connect with Lee on Gmail and social media @rhetoriclee.

In Global Trade in the Nineteenth Century: The House of Houqua and the Canton System (Cambridge University Press, 2016), John D. Wong examines the Canton trade networks that helped to shape the modern world through the lens of the prominent Chinese merchant Houqua, whose trading network and financial connections stretched from China to India, America and Britain. In contrast to interpretations that see Chinese merchants in this era as victims of rising Western mercantilism and oppressive Chinese traditions, Houqua maintained a complex balance between his commercial interests and those of his Western counterparts, all in an era of transnationalism before the imposition of the Western world order. The success of Houqua and Co. in configuring its networks in the fluid context of the early nineteenth century remains instructive today, as the contemporary balance of political power renders the imposition of a West-centric world system increasingly problematic, and requires international traders to adapt to a new world order in which China, once again, occupies center stage.

John D. Wong is associate professor at the School of Modern Languages and Cultures and the Hong Kong Institute for the Humanities and Social Sciences at the University of Hong Kong. His research focuses on the flow of people, goods, capital and ideas. With a particular interest in Hong Kong and the Pearl River Delta area, he explores how such flow connected the region to the Chinese political center in the north as well as their maritime partners in the South China Sea and beyond. He is the co-convenor of a new collaborative research project titled "Delta on the Move: The Becoming of the Greater Bay Region, 1700 – 2000."

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, tentatively titled Banking on the Chinese Frontier: Foreign Banks, Global Finance and the Making of Modern China, 1870–1919, is forthcoming with Cambridge University Press.

In 1897, the United States was mired in the worst economic depression that the country had yet endured. So when all the newspapers announced gold was to be found in wildly enriching quantities at the Klondike River region of the Yukon, a mob of economically desperate Americans swarmed north. Within weeks tens of thousands of them were embarking from western ports to throw themselves at some of the harshest terrain on the planet--in winter yet--woefully unprepared, with no experience at all in mining or mountaineering. It was a mass delusion that quickly proved deadly: avalanches, shipwrecks, starvation, murder.

In Stampede: Gold Fever and Disaster in the Klondike (Doubleday, 2021), author Brian Castner tells a relentlessly driving story of the gold rush through the individual experiences of the iconic characters who endured it. A young Jack London, who would make his fortune but not in gold. Colonel Samuel Steele, who tried to save the stampeders from themselves. The notorious gangster Soapy Smith, goodtime girls and desperate miners, Skookum Jim, and the hotel entrepreneur Belinda Mulrooney. The unvarnished tale of this mass migration is always striking, revealing the amazing truth of what people will do for a chance to be rich.

Brian Castner is a nonfiction writer, former Explosive Ordnance Disposal officer, and veteran of the Iraq War. He is also the bestselling author of Disappointment River, All the Ways We Kill and Die, and the war memoir The Long Walk, which was adapted into an opera and named a New York Times Editor’s Pick and Amazon Best Book of the Year. His journalism and essays have appeared in the New York Times, WIRED, Esquire, The Atlantic, Foreign Policy, and on National Public Radio. He is the co-editor of The Road Ahead, a collection of short stories featuring veteran writers, and has twice received grants from the Pulitzer Center on Crisis Reporting, to cover the Ebola outbreak in Liberia in 2014, and to paddle the 1200 mile Mackenzie River to the Arctic Ocean in 2016.

Before the Transatlantic slave trade ravaged the western coast of Africa, immense numbers of persons were taken from their homes and carried across the Black and Mediterranean Seas as involuntary passengers. This trade is the subject of Hannah Barker’s remarkable study, That Most Precious Merchandise: The Mediterranean Trade in Black Sea Slaves, 1260-1500 (University of Pennsylvania Press, 2019).

Professor Barker provides a comprehensive overview of this tangled, multiethnic trade in human beings. Professor Barker is uniquely equipped to do so because she brings a knowledge of both Arabic and Latin. Since this trade brought captives both to Mamluk Egypt and late medieval Italy, previous studies, hampered by linguistic limitations, have not examined the trade in its totality. Barker is able to marshal both Arabic and Latin sources to provide a truly comprehensive picture of slaving and slavery. The result is a work that is both detailed and synoptic, and is essential reading for scholars of late medieval Europe and North Africa.

Jonathan Megerian is a doctoral candidate in history at Johns Hopkins University. He works on late medieval and Renaissance England. His dissertation explores the role of historiography in the formation of imperial ideologies in Renaissance England.