New Books in Economic and Business History

Economists in the Cold War: How a Handful of Economists Fought the Battle of Ideas (Oxford UP, 2023) is an account of the economic drivers and outcomes of the Cold War, told through the stories of seven international economists, who were all closely involved in theory and policy in the period 1945-73. For them, the Cold War was a battle of economic ideas, a fight between central planning and market allocation, exploring economic thinking derived from the battle between Marxist and Capitalist ideologies, a fundamental difference but with many intricacies.

The book recounts how economic theory advanced, how new economic tools were developed, and how policies were tested. Each chapter is based on the involvement of one of the selected economists. It was a challenging but dangerous time in economics: a time of economic recovery post-war, with industrial rebuilding, economic growth, and rising incomes. But it was also a time of ideological warfare, nuclear rivalry, military expansion, and personal conflict.

The narrative is approximately chronological, ranging from the Potsdam Conference in Germany to the Pinochet Coup in Chile. The selected economists include an American, a Pole, a Hungarian, a German, a British, a Japanese, and an Argentinian, all very different economists, but with interconnections among them. Each chapter also features a dissenting economist who held a contrasting view, and recounts the subsequent economic arguments that played out.

Alan Bollard is a Professor of Economics at Victoria University of Wellington, New Zealand. He formerly managed APEC, the largest regional economic integration organization in the world, and was previously the New Zealand Reserve Bank Governor, Secretary of the New Zealand Treasury, and Chairman of the New Zealand Commerce Commission. Professor Bollard is the author of Crisis: One Central Bank Governor and the Global Financial Crisis (Auckland University Press, 2013) and A Few Hares to Chase: The Life and Economics of Bill Philips (Oxford University Press, 2016).

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. Twitter.

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As the first book-length study of auctions in early America, America Under the Hammer: Auctions and the Emergence of Market Values (U Pennsylvania Press, 2024) follows this ubiquitous but largely overlooked institution to reveal how, across the eighteenth and early nineteenth centuries, price became an accepted expression of value. From the earliest days of colonial conquest, auctions put Native land and human beings up for bidding alongside material goods, normalizing new economic practices that turned social relations into economic calculations and eventually became recognizable as nineteenth-century American capitalism.

Starting in the eighteenth century, neighbors collectively turned speculative value into economic “facts” in the form of concrete prices for specific items, thereby establishing ideas about fair exchange in their communities. This consensus soon fractured: during the Revolutionary War, state governments auctioned loyalist property, weaponizing local group participation in pricing and distribution to punish political enemies. By the early nineteenth century, suspicion that auction outcomes were determined by manipulative auctioneers prompted politicians and satirists to police the boundaries of what counted as economic exchange and for whose benefit the economy operated. Women at auctions—as commodities, bidders, or beneficiaries—became a focal point for gendering economic value itself. By the 1830s, as abolitionists attacked the public sale of enslaved men, women, and children, auctions had enshrined a set of economic ideas—that any entity could be coded as property and priced through competition—that have become commonsense understandings all too seldom challenged.

In contrast to histories focused on banks, currencies, or plantations, America Under the Hammer highlights an institution that integrated market, community, and household in ways that put gender, race, and social bonds at the center of ideas about economic worth. Women and men, enslaved and free, are active participants in this story rather than bystanders, and their labor, judgments, and bodies define the resulting contours of the American economy.

Ellen Hartigan-O'Connor is Professor of History at the University of California, Davis, and author of The Ties That Buy: Women and Commerce in Revolutionary America, also available from the University of Pennsylvania Press.

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Black gold. Liquid sunlight. Texas tea. Oil remains the ur-commodity of our global era, having been distilled from ancient algae and marine life to turn modernity's wheels. Wars are fought over it. Some communities are displaced by its extraction, so that others may reap its benefits. But despite its heated history, few will ever see oil on the ground. Shrouded within a labyrinth of oil fields, pipelines, and manufacturies, it tends to be known only through its magical effects: the thrill of the road, the euphoria of flight, and the metamorphic allure of everything from vinyl records to celluloid film and synthetic clothing.

In Oil (Bloomsbury, 2024), Dr. Michael Tondre shows how hydrocarbon became today's pre-eminent power. How did oil come to structure selfhood and social relations? And to what extent is oil not only a commercial product but a cultural one-something shaped by widely imagined dreams and desires? Amid a warming world unleashed by fossil fuels, oil appears as a rich resource for thinking about histories of globalization and technology no less than the energetic underpinnings of literature, film, and art.

This interview was conducted by Dr. Miranda Melcher whose new 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.

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Who owns Scotland? How did they get it? What happened to all the common land in Scotland? Has the Scottish Parliament made any difference? Can we get our common good land back? In this updated edition of The Poor Had No Lawyers: Who Owns Scotland and How They Got it (Birlinn, 2024), Andy Wightman updates the statistics of landownership in Scotland and explores how and why landowners got their hands on the millions of acres of land that were once held in common.

He tells the untold story of how Scotland's legal establishment and politicians managed to appropriate land through legal fixes. Have attempts to redistribute this power more equitably made any difference, and what are the full implications of the recent debt-fuelled housing bubble, the Smith Commission and the new Scottish Government's proposals on land reform? For all those with an interest in urban and rural land in Scotland, this updated edition of The Poor Had No Lawyers provides a fascinating analysis of one the most important political questions in Scotland.

This interview was conducted by Dr. Miranda Melcher whose new 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.

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Following Overwhelmed, Brigid Schulte's groundbreaking examination of time management and stress, the prizewinning journalist now turns her attention to the greatest culprit in America's quality-of-life crisis: the way our economy and culture conceive of work. Americans across all demographics, industries, and socioeconomic levels report exhaustion, burnout, and the wish for more meaningful lives. This full-system failure in our structure of work affects everything from gender inequality to domestic stability, and it even shortens our lifespans.

Drawing on years of research, Schulte traces the arc of our discontent from a time before the 1980s, when work was compatible with well-being and allowed a single earner to support a family, until today, with millions of people working multiple hourly jobs or in white-collar positions where no hours are ever off duty.

She casts a wide net in search of solutions, exploring the movement to institute a four-day workweek, introducing Japan's Housewives Brigade--which demands legal protection for family time--and embedding with CEOs who are making the business case for humane conditions. And she demonstrates the power of a collective and creative demand for change, showing that work can be organized in an infinite number of ways that are good for humans and for business.

Fiercely argued and vividly told, rich with stories and informed by deep investigation, Over Work: Transforming the Daily Grind in the Quest for a Better Life (Henry Holt, 2024) lays out a clear vision for ending our punishing grind and reclaiming leisure, joy, and meaning.

Brigid Schulte is the author of the bestselling Overwhelmed: Work, Love, and Play When No One Has the Time and an award-winning journalist formerly for the Washington Post, where she was part of a team that won a Pulitzer Prize. She is also the director of the Better Life Lab, the work-family justice and gender equity program at New America.

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Meltdown: Scandal, Sleaze and the Collapse of Credit Suisse (Pegasus Books, 2024) is a great business history book. It meticulously chronicles the story of a large and once revered Swiss Bank, Credit Suisse, from its foundation in 1856 until how a series of scandals, driven by a culture of greed and entitlement among its bankers, led to the bank´s ultimate collapses in March 2023. The narrative also explores the bank's international expansion, particularly its partnership with First Boston in the United States.

Meltdown is not just a history of Credit Suisse but a broader investigation into the systemic issues of greed, lies, and ambition that plague the financial industry. It raises critical questions about the future of big banks in a world where transparency and accountability are increasingly demanded.

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The Western welfare state model is beset with structural, financial, and moral crises. So-called scroungers, cheats, and disability fakers persistently occupy the centre of public policy discussions, even as official statistics suggest that relatively small amounts of money are lost to such schemes.

In Fraudulent Lives: Imagining Welfare Cheats from the Poor Law to the Present (McGill-Queen's University Press, 2024) Dr. Steven King focuses on the British case in the first ever long-term analysis of the scale, meaning, and consequences of welfare fraud in Western nations. King argues that an expectation of dishonesty on the part of claimants was written into the basic fabric of the founding statutes of the British welfare state in 1601, and that nothing has subsequently changed. Efforts throughout history to detect and punish fraud have been superficial at best because, he argues, it has never been in the interests of the three main stakeholders – claimants, the general public, and officials and policymakers – to eliminate it.

Tracing a substantial underbelly of fraud from the seventeenth century to today, Dr. King finds remarkable continuities and historical parallels in public attitudes towards the honesty of welfare recipients – patterns that hold true across Western welfare states.

This interview was conducted by Dr. Miranda Melcher whose new 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.

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California’s 1849 gold rush triggered creation of the “instant city” of San Francisco as a to base exploit the rich natural resources of the American West. City of Wood: San Francisco and the Architecture of the Redwood Lumber Industry (University of Texas Press, 2024) examines how capitalists and workers logged the state’s vast redwood forests to create the financial capital and construction materials needed to build the regional metropolis of San Francisco. Architectural historian Dr. James Michael Buckley investigates the remote forest and its urban core as two poles of a regional “city.” This city consisted of a far-reaching network of spaces, produced as company owners and workers arrayed men and machines to extract resources and create human commodities from the region’s rich natural environment.

Combining labor, urban, industrial, and social history, City of Wood employs a variety of sources—including contemporary newspaper articles, novels, and photographs—to explore the architectural landscape of lumber, from backwoods logging camps and company towns in the woods to busy lumber docks and the homes of workers and owners in San Francisco. By imagining the redwood lumber industry as a single community spread across multiple sites—a “City of Wood”—Dr. Buckley demonstrates how capitalist resource extraction links different places along the production value chain. The result is a paradigm shift in architectural history that focuses not just on the evolution of individual building design across time, but also on economic connections that link the center and periphery across space.

This interview was conducted by Dr. Miranda Melcher whose new 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.

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In the nineteenth century, the complex cultural meaning of hair was not only significant—it could affect one’s place in society. After the Civil War, hairdressing was a growing profession and the hair industry a mainstay of local, national, and international commerce.

In Beyond Vanity: The History and Power of Hairdressing (MIT Press, 2024), Elizabeth L. Block expands the nascent field of hair studies by restoring women’s hair as a cultural site of meaning in the early United States. With a special focus on the places and spaces in which the industry operated, Block argues that the importance of hair has been overlooked due to its ephemerality as well as its misguided association with frivolity and triviality. Using methods of visual and material culture studies informed by concepts of cultural geography, Block identifies multiple substantive categories of place and space within which hair had pronounced impact. These include the preparatory places of the bedroom, hair salon, and enslaved peoples’ quarters, as well as the presentation spaces of parties, fairs, stages, and workplaces.

Here are also the untold stories of business owners, many of whom were women of color, and the creators of trendsetting styles such as the pompadour and Gibson Girl bouffant. Block’s groundbreaking study examines how race and racism affected who participated in the presentation and business of hair, and according to which standards. The result of looking closely at the places and spaces of hair is a reconfiguration that allows a new understanding of its immense cultural power.

Block reveals many shocking and illuminating truths about hairdressing—including that men’s pomades in the early 19th Century were often made with bear’s grease, lard, or mutton fat; or that plant-based hair dyes in the same time period were often supplemented with lead or sulphuric acid.

Despite the shocking nature of some of these previous practices, Block displays throughout Beyond Vanity that hairdressing was anything but frivolous. Rather, it reveals “the salient ways the practices, labor, maintenance, and presentation of hairstyles claimed substantial amounts of place, space, and time.”

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Why did Thomas Jefferson write that he would be happy if all dogs went extinct? What economic opportunity did attorney John Lord Hayes envision for the newly emancipated during Reconstruction? What American workers were mocked by Theodore Roosevelt as “morose, melancholy men”? What problems with revenue collection did Congressman James Beauchamp Clark mention when proposing an income tax? Why did Harley O. Gable of Armour & Company recommend that his meat-packing business manufacture violin strings? Why was Senator Lyndon Johnson angry at the Army and Navy Munitions Board at the start of the Korean War?

The answers to all these questions involve sheep. From the colonial era through the mid-twentieth century, America’s flocks played a key role in the nation’s development. Furthermore, much consternation centered around the sheep the United States lacked, so that dependency on foreign wool—a headache in times of peace—became a full-blown crisis in wartime. But more than just providers of wool, sheep were valued for their meat, for their byproducts after slaughter, and even for their efficiency at lawn maintenance.

American Sheep: A Cultural History (University of Georgia Press, 2024) is the story of the complex and fascinating relationship between Americans and their sheep. Brett Bannor explains how sheep have significantly impacted the broader growth and development of the United States. The history of America’s sheep encompasses topics that touch on many cornerstones of the American experience, such as enslavement, warfare, western expansion, industrialization, taxation, feminism, conservation, and labor relations, among others.

This interview was conducted by Dr. Miranda Melcher whose new 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.

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