New Books in Economic and Business History

Central bank cooperation during global financial crises has been anything but consistent. While some crises are arrested with extensive cooperation, others are left to spiral. Going beyond explanations based on state power, interests, or resources, in Bankers' Trust: How Social Relations Avert Global Financial Collapse (Cornell University Press, 2025) Dr. Aditi Sahasrabuddhe argues that central bank cooperation—or the lack thereof—often boils down to ties of trust, familiarity, and goodwill between bank leaders. These personal relations influence the likelihood of access to ad hoc, bilateral arrangements with more favorable terms.

Drawing on archival evidence and elite interviews, Sahasrabuddhe uncovers just how critical interpersonal trust between central bankers has been in managing global financial crises. She tracks the emergence of such relationships in the interwar 1920s, how they helped prop up the Bretton Woods system in the 1960s, and how they prevented the 2008 global financial crisis from turning into another Great Depression. When traditional signals of credibility fell short during these periods of crisis and uncertainty, established ties of trust between central bank leaders mediated risk calculations, alleviated concerns, and helped innovate less costly solutions.

Dr. Sahasrabuddhe challenges the idea that central banking is purely apolitical and technocratic. She pinpoints the unique transnational power central bank leaders hold as unelected figures who nonetheless play key roles in managing states' economies. By calling attention to the influence personal relationships can have on whether countries sink or swim during crises, Bankers' Trust asks us to reconsider the transparency and democratic accountability of global financial governance today.

This interview was conducted by Dr. Miranda Melcher whose book focuses on post-conflict military integration, understanding treaty negotiation and implementation in civil war contexts, with qualitative analysis of the Angolan and Mozambican civil wars. You can find Miranda’s interviews on New Books with Miranda Melcher, wherever you get your podcasts.

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Imagine a world in which clothing wasn't superabundant – cheap, disposable, indestructible – but perishable, threadbare and chronically scarce. Eighty years ago, when World War II ended, a textile famine loomed. What would everyone wear as uniforms were discarded and soldiers returned home, Nazi camps were liberated, and millions of uprooted people struggled to subsist? In Making Do: Britons and the Refashioning of the Postwar World (Cambridge University Press, 2025), Dr. Susan L. Carruthers unpicks a familiar wartime motto, 'Make Do and Mend', to reveal how central fabric was to postwar Britain. Clothes and footwear supplied a currency with which some were rewarded, while others went without. Making Do moves from Britain's demob centres to liberated Belsen – from razed German cities to refugee camps and troopships – to uncover intimate ties between Britons and others bound together in new patterns of mutual need. Filled with original research and personal stories, Making Do illuminates how lives were refashioned after the most devastating war in human history.

This interview was conducted by Dr. Miranda Melcher whose book focuses on post-conflict military integration, understanding treaty negotiation and implementation in civil war contexts, with qualitative analysis of the Angolan and Mozambican civil wars. You can find Miranda’s interviews on New Books with Miranda Melcher, wherever you get your podcasts.

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Mara Einstein sees the future of marketing as increasingly intertwined with manipulative tactics that mirror those used by cults, especially as advertising becomes more deeply embedded in digital and social spaces. She notes that the online environment has grown more deceptive, with advertising often disguised as content—such as branded journalism or influencer endorsements—making it harder for consumers to recognize when they are being marketed to. Einstein highlights that the migration of these techniques to digital platforms amplifies their impact, as algorithms and artificial intelligence allow marketers to target individuals with personalized appeals that exploit psychological and emotional vulnerabilities. The shift from genuine community-building to commercial exploitation means that tactics designed to foster belonging, unity, and personal growth are increasingly used to drive exclusion, blame, and consumer dependency

She warns that as society becomes more desocialized and emotionally alienated, people are more susceptible to these manipulative strategies, which are now deployed at scale through social media, influencer culture, and algorithmic targeting. Einstein argues that recognizing and understanding these cult-inspired marketing methods is essential for consumers to defend themselves and for society to foster healthier, more authentic forms of connection and engagement.

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Rainbow Trap: Queer Lives, Classifications and the Dangers of Inclusion (Bloomsbury, 2025) by Dr. Kevin Guyan reveals how the fight for LGBTQ equalities in the UK is shaped – and constrained – by the classifications we encounter every day.

Looking across six systems – the police and the recording of hate crimes; dating apps and digital desire; outness in the film and television industry; borders and LGBTQ asylum seekers; health and fitness activities; and DEI initiatives in the workplace – Rainbow Trap documents how inclusive interventions – such as new legislation, revamped diversity policies and tech fixes – have attempted to bring historically marginalized communities out of the shadows.
Yet, as part of the bargain, LGBTQ people need to locate themselves in an ever-growing list of classifications, categories and labels to 'make sense' to the very systems they are seeking to access. This requirement to be classified catches LGBTQ communities in a rainbow trap. Because when we look beyond the welcoming veneer of inclusive interventions, we uncover sorting processes that determine what LGBTQ lives are valued and what queer futures are possible.

This interview was conducted by Dr. Miranda Melcher whose book focuses on post-conflict military integration, understanding treaty negotiation and implementation in civil war contexts, with qualitative analysis of the Angolan and Mozambican civil wars. You can find Miranda’s interviews on New Books with Miranda Melcher, wherever you get your podcasts.

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As the crisis of democratic capitalism sweeps the globe, The Great Retreat: How Political Parties Should Behave and Why They Don't (Oxford University Press, 2025) makes the controversial argument that what democracies require most are stronger political parties that serve as intermediaries between citizens and governments.

Once a centralizing force of the democratic process, political parties have eroded over the past fifty years. Parties now rank among the most unpopular institutions in society--less trusted than business, the police, and the media. Identification with parties has plummeted, and even those who are loyal to a party report feeling that parties care more about special interests than about regular citizens. What does a "good" political party look like? Why do we urgently need them? And how do we get them?

The Great Retreat explores the development of political parties as democracy expanded across the West in the nineteenth century. It focuses in particular on mass parties, and the ways they served as intermediaries that fostered ties between citizens and governments. While parties have become professionalized and nationalized, they have lost the robust organizational density that made them effective representatives. After the Cold War, a neoliberal economic consensus, changes to campaign finance, and shifting party priorities weakened the party systems of Western democracies. As Didi Kuo argues, this erosion of political parties has contributed to the recent crisis of democratic capitalism, as weak parties have ceded governance to the private sector.

For democracy to adapt to a new era of global capitalism, Kuo makes the case that we need strong intermediaries like mass parties--socially embedded institutions with deep connections to communities and citizens. Parties are essential to long-term democratic stability and economic growth, while the breakdown of party systems, on the other hand, has historically led to democratic collapse. As trust in political parties has plummeted, The Great Retreat provides a powerful defense of political parties--for without parties, democratic representation is impossible.

Didi Kuo is Center Fellow at the Freeman Spogli Institute for International Studies at Stanford University.

Caleb Zakarin is editor of the New Books Network.

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The Pathogens of Finance: How Capitalism Breeds Vector-Borne Disease (University of California Press, 2025) by Dr. Brent Z. Kaup & Dr. Kelly F. Austin is an exploration of how the rising power and profits of Wall Street underpin the contemporary increases in and inadequate responses to vector-borne disease. Over the past fifty years, insects have transmitted infectious diseases to humans with greater frequency and in more unexpected places. To examine this phenomenon, Dr. Kaup and Dr. Austin take readers to the exurban homes of northern Virginia; the burgeoning agricultural outposts of Mato Grosso, Brazil; and the smallholder coffee farms of the Bududa District of eastern Uganda. Through these case studies, the authors illuminate how the broader financialization of society is intimately intertwined with both the creation of landscapes more conducive to vector-borne disease and the failure to prevent and cure such diseases throughout the world.

This interview was conducted by Dr. Miranda Melcher whose book focuses on post-conflict military integration, understanding treaty negotiation and implementation in civil war contexts, with qualitative analysis of the Angolan and Mozambican civil wars. You can find Miranda’s interviews on New Books with Miranda Melcher, wherever you get your podcasts.

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How to sustain an international system of cooperation in the midst of geopolitical struggle? Can the international economic and legal system survive today’s fractured geopolitics? Democracies are facing a drawn-out contest with authoritarian states that is entangling much of public policy with global security issues. In Global Discord: Values and Power in a Fractured World Order (Princeton University Press, 2024), Paul Tucker lays out principles for a sustainable system of international cooperation, showing how democracies can deal with China and other illiberal states without sacrificing their deepest political values. Drawing on three decades as a central banker and regulator, Tucker applies these principles to the international monetary order, including the role of the U.S. dollar, trade and investment regimes, and the financial system. Combining history, economics, and political and legal philosophy, Tucker offers a new account of international relations. Rejecting intellectual traditions that go back to Hobbes, Kant, and Grotius, and deploying instead ideas from David Hume, Bernard Williams, and modern mechanism-design economists, Tucker describes a new kind of political realism that emphasizes power and interests without sidelining morality. Incentives must be aligned with values if institutions are to endure. The connecting tissue for a system of international cooperation, he writes, should be legitimacy, creating a world of concentric circles in which we cooperate more with those with whom we share the most and whom we fear the least.

Paul Tucker is a fellow at the Harvard Kennedy School and the author of Unelected Power (Princeton). He is a former central banker and regulator at the Bank of England, and a former director at Basel's Bank for International Settlements, where he chaired some of the groups designing reforms of the international financial system after the Global Financial Crisis.

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The eastern archipelagos stretch from Mindanao and Sulu in the north to Bali in the southwest and New Guinea in the southeast. Many of their inhabitants are regarded as “people without history”, while colonial borders cut across shared underlying patterns. Yet many of these societies were linked to trans-oceanic trading systems for millennia. Indeed, some of the world’s most prized commodities once came from territories which were either “stateless” or under the very tenuous control of loosely structured polities. Although individual regimes sought to control traffic, exchange between trans-regional or even trans-oceanic shippers and local communities was often direct, without mediation by overarching authorities.

In Seaways and Gatekeepers: Trade and State in the Eastern Archipelagos of Southeast Asia, C.1600-c.1906 (NUS Press, 2021), trade provides the integrating framework for local and regional histories that cover more than 300 years, from the late 16th century to the beginning of the 20th, when new technologies and changing markets signaled Western dominance. The introduction considers theories from the social sciences and economics which can help liberate writers from dependence on states as narrative frameworks. Southeast Asian specialists can learn from this book, which ignores conventional geographic and temporal boundaries. It will also appeal to those working on wider themes such as global history, state formation, the evolution of markets and anthropology.

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What is the relationship between medicine and commerce? In Selling Sexual Knowledge: Medical Publishing and Obscenity in Victorian Britain (Cambridge University Press, 2025), Sarah Bull, an Associate Professor in the Department of English at Toronto Metropolitan University, explores the relationships between doctors, sexual reform campaigners, publishers and pornography in the Victorian era. The book charts the struggle to differentiate and define medicine from ‘quackery’, in the context of the rise of commercial forms of publishing and demands for access to contraception. The book uses richly detailed materials, including books and newspapers, court cases, and case studies of the key players who defined the era, and the years that would follow. Challenging myths of sex and Victorian society, and offering a compelling picture of conflicts over key issues such as free speech, contraception, and professional identity, the book will be of wide interest across the arts and humanities, as well as for medicine and science, and is available open access here

Dave O'Brien is Professor of Cultural and Creative Industries, at the University of Manchester.

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Peoples & Things host, Lee Vinsel, talks with Matt Wisnioski, Professor of Science, Technology, and Society at Virginia Tech, about his new book, Every American an Innovator: How Innovation Became a Way of Life. The pair talk about how the new book connects to Matt’s earlier book, Engineers for Change; how what Matt calls “innovation expertise” first emerged; how government played a key role in promoting the idea of innovation; how the idea of innovation was democratized from focusing on elite white men to focusing on women, people of color, children, and, well, everyone; and much more. Vinsel and Wisnioski also talk about Matt’s current book project with Michael Meindl, Associate Professor of Communication at Radford University - a history of the television show and multimedia product, The Magic School Bus.

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