New Books in Economic and Business History

Following the Great Depression, as the world searched for new economic models, Brazil and Portugal experimented with corporatism as a “third path” between laissez-faire capitalism and communism. In a corporatist society, the government vertically integrates economic and social groups into the state so that it can manage labor and economic production. In the 1930s, the dictatorships of Getúlio Vargas in Brazil and António de Oliveira Salazar in the Portuguese Empire seized upon corporatist ideas to jump-start state-led economic development. In A Third Path: Corporatism in Brazil and Portugal (Princeton University Press, 2024), Dr. Melissa Teixeira examines these pivotal but still understudied initiatives.

What distinguished Portuguese and Brazilian corporatism from other countries’ experiments with the mixed economy was how Vargas and Salazar dismantled liberal democratic institutions, celebrating their efforts to limit individual freedoms and property in pursuit of economic recovery and social peace. By tracing the movement of people and ideas across the South Atlantic, Teixeira vividly shows how two countries not often studied for their economic creativity became major centers for policy experimentation. Portuguese and Brazilian officials created laws and agencies to control pricing and production, which in turn generated new social frictions and economic problems, as individuals and firms tried to evade the rules. And yet, Teixeira argues, despite the failings and frustrations of Brazil’s and Portugal’s corporatist experiments, the ideas and institutions tested in the 1930s and 1940s constituted a new legal and technical tool kit for the rise of economic planning, shaping how governments regulate labor and market relations to the present day.

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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Peoples & Things host, Lee Vinsel, talks with Salem Elzway, postdoctoral fellow in the Society of Fellows in the Humanities at University of Southern California, and Jason Resnikoff, assistant professor of contemporary history at the University of Groningen, about the history of automation. The discussion takes as its launching point an essay Elzway and Resnikoff published in the journal Labor titled, “Whence Automation?: The History (and Possible Futures) of a Concept.” The conversation approaches the history of automation and how to study it from a number of angles, including diving into Elzway’s and Resnikoff’s individual research agendas, as well as discussion of the nature of collaborative work in history, a field that can sometimes be all-too competitive and turf-like.

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In Savings and Trust: The Rise and Betrayal of the Freedman's Bank (W. W. Norton, 2024), Justene Hill Edwards exposes how the rise and tragic failure of the Freedman’s Bank has shaped economic inequality in America. In the years immediately after the Civil War, tens of thousands of former slaves deposited millions of dollars into the Freedman’s Bank. African Americans envisioned this new bank as a launching pad for economic growth and self-determination. But only nine years after it opened, their trust was betrayed and the Freedman’s Bank collapsed.

Fully informed by new archival findings, historian Justene Hill Edwards unearths a major turning point in American history in this comprehensive account of the Freedman’s Bank and its depositors. She illuminates the hope with which the bank was first envisioned and demonstrates the significant setback that the sabotage of the bank caused in the fight for economic autonomy. Hill Edwards argues for a new interpretation of its tragic failure: the bank’s white financiers drove the bank into the ground, not Fredrick Douglass, its final president, or its Black depositors and cashiers. A page-turning story filled with both well-known figures like Abraham Lincoln, Frederick Douglass, Jay and Henry Cooke, and General O. O. Howard, and less well-known figures like Dr. Charles B. Purvis, John Mercer Langston, Congressman Robert Smalls, and Ellen Baptiste Lubin. Savings and Trust is necessary reading for those seeking to understand the roots of racial economic inequality in America.

Justene Hill Edwards is an associate professor of history at the University of Virginia and the author of both Unfree Markets and a forthcoming Norton Short on the history of inequality in America. She lives in Charlottesville, Virginia. Twitter. Website.

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

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Oil is everywhere. It’s in our cars, it’s in the fertilizer used to grow our food, and it’s in the plastics used to produce and transport our consumer goods, to name just a few prominent uses. How did oil come to occupy its central position in the world economy? How did corporate power shape the uptake, pricing, and distribution of oil and petrochemicals? And how have changes in oil markets affected broader trends in the global economy? In Crude Capitalism: Oil, Corporate Power, and the Making of the World Market (Verso, 2024), my guest Adam Hanieh tackles all of these questions by tracing the history and diverse geographies of oil. His narratives weaves together links between oil, geopolitics, high finance, the evolution of corporate organization, and the environment.

Adam Hanieh is Professor of Political Economy and Global Development at the University of Exeter in the UK. He is currently a Distinguished Visiting Professor at Tsinghua University in Beijing. He is previous books are Lineages of Revolt (2013) and Money, Markets, and Monarchies: The Gulf Cooperation Council and the political economy of the contemporary Middle East (2020).

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This is episode two Cited Podcast’s new season, the Use & Abuse of Economic Expertise. This season tells stories of the political and scholarly battles behind the economic ideas that shape our world. For a full list of credits, and for the rest of the episodes, visit the series page.

This episode looks at shifting landscape of economic thinking within the Democratic Party. First, historian Lily Geismer, author of Left Behind: The Democrats’ Failed Attempt to Solve Inequality, tells us the story of how the Democrats became captured by the Clintonian ‘Third Way.’ The Third Way argued that economic policy should move away from the sunset industries, like the unionized industrial labour that typically made the Democratic base, and move towards the sunrise industries of tech and finance.

Then, the Biden team came to see this thinking as precipitating the rise of Trumpism. So free-wheeling trade and industrial policy is out, and the Clinton-era neoliberal consensus just is not a consensus anymore–some even claim neoliberalism is dead. Bidenomics replaced it, whatever that is. Yet, Bidenomics was a political dud, and now it looks like it might be on the way out. Where is the US’ economic policy thinking going on November 5th, and beyond? We try to figure that out, with the help of political economist Mark Blyth, author of the forthcoming Inflation: A Guide for Users and Losers.

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From the emergence of money in the ancient world to today’s interconnected landscape of high-frequency trading and cryptocurrency, the story of finance has always taken place on an international stage. Finance is one of the most globalized and networked of human activities, and one of the most important social technologies ever invented.

Atlas of Finance: Mapping the Global Story of Money (Yale University Press, 2024) by Dr. Dariusz Wójcik is the first visually based book dedicated to finance and uses graphics and maps to bring the complex and abstract world of finance down to earth, showing how geography is fundamental for understanding finance, and vice versa. It illuminates the people—including Adam Smith, Karl Marx, and John Maynard Keynes—who have shaped our thinking about global finance; brings to life the ways that place-specific histories, laws, regulations, and institutions influence finance; shows how finance relates to innovation, globalization, and environmental change; and details how finance plays a key part in drawing the landscape of uneven development, inequality, and instability.

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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A thought-provoking reconsideration of how the revolutionary movements of the 1970s set the mold for today's activism.

The 1970s was a decade of "subversives". Faced with various progressive and revolutionary social movements, the forces of order--politicians, law enforcement, journalists, and conservative intellectuals--saw subversives everywhere. From indigenous peasant armies and gay liberation organizations, to anti-nuclear activists and Black liberation militants, subversives challenged authority, laid siege to the established order, and undermined time-honored ways of life. Every corner of the left was fertile ground for subversive elements, which the forces of order had to root out and destroy--a project they pursued with zeal and brutality.

In The Subversive Seventies (Oxford UP, 2023), Michael Hardt sets out to show that popular understandings of the political movements of the seventies--often seen as fractious, violent, and largely unsuccessful--are not just inaccurate, but foreclose valuable lessons for the political struggles of today. While many accounts of the 1970s have been written about the regimes of domination that emerged throughout the decade, Hardt approaches the subversive from the perspectives of those who sought to undermine the base of established authority and transform the fundamental structures of society. In so doing, he provides a novel account of the theoretical and practical projects of liberation that still speak to us today, too many of which have been all but forgotten.

Departing from popular and scholarly accounts that focus on the social movements of the 1960s, Hardt argues that the 1970s offers an inspiring and useful guide for contemporary radical political thought and action. Although we can still learn much from the movements of the sixties, that decade's struggles for peace, justice, and freedom fundamentally marked the end of an era. The movements of the seventies, in contrast, responded directly to emerging neoliberal frameworks and other structures of power that continue to rule over us today. They identified and confronted political problems that remain central for us. The 1970s, in this sense, marks the beginning of our time. Looking at a wide range of movements around the globe, from the United States, to Guinea Bissau, South Korea, Chile, Turkey, and Italy, The Subversive Seventies provides a reassessment of the political action of the 1970s that sheds new light not only on our revolutionary past but also on what liberation can be and do today.

Michael Hardt teaches political theory in the Literature Program at Duke University. He is co-author, with Antonio Negri, of the Empire trilogy and, most recently, Assembly. He is co-director with Sandro Mezzadra of The Social Movements Lab.

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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At a time when critiques of free trade policies are gaining currency, The Neomercantilists: A Global Intellectual History (Cornell UP, 2021) helps make sense of the protectionist turn, providing the first intellectual history of the genealogy of neomercantilism. Eric Helleiner identifies many pioneers of this ideology between the late eighteenth and early twentieth centuries who backed strategic protectionism and other forms of government economic activism to promote state wealth and power. They included not just the famous Friedrich List, but also numerous lesser-known thinkers, many of whom came from outside of the West.

Helleiner's novel emphasis on neomercantilism's diverse origins challenges traditional Western-centric understandings of its history. It illuminates neglected local intellectual traditions and international flows of ideas that gave rise to distinctive varieties of the ideology around the globe, including in Latin America, the Caribbean, Africa, and Asia. This rich history left enduring intellectual legacies, including in the two dominant powers of the contemporary world economy: China and the United States.

The result is an exceptional study of a set of profoundly influential economic ideas. While rooted in the past, it sheds light on the present moment. The Neomercantilists shows how we might construct more global approaches to the study of international political economy and intellectual history, devoting attention to thinkers from across the world, and to the cross-border circulation of thought.

Eric Helleiner is an author and professor of political science and the Faculty of Arts Chair in International Political Economy at the University of Waterloo.

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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Are financial markets lawless and irrational? It may seem that way from the outside, but for market insiders there are multiples sets of rules that they break at their peril. 

Official rules set by law or by the exchanges exist alongside unofficial rules, or floor rules. Between these, it is the floor rules -- the norms followed by other insiders -- that matter most. Breaking an official rule might lead to a fine or even jail. Breaking floor rules can lead to being ostracized from markets as well as social and financial ruin.

In Floor Rules: Insider Culture in Financial Markets (Yale UP, 2024), Mark W. Geiger tells compelling stories of market disturbances in which insider rules played a key role. He examines the norms, customs, values, and operating modes of insiders at the center of financial markets that trade money, stocks, bonds, futures, and other financial derivatives. These core insiders are a relatively small group who govern the markets. 

The book tells the riveting story of Benjamin Hutchinson, who made national news for his dramatic 1888 wheat market corner in Chicago, in which he outsmarted four powerful traders who had joined to force him out of the market, survived a life-threatening physical assault on the trading floor, and almost brought down the Chicago wheat market. 

It also unpacks the LIBOR scandal of 2008 in which bankers in major international firms manipulated interbank loan rates to inflate their own profits at the expense of investors and at tremendous risk to the industry. 

Geiger analyzes the cultural history of market trading, describes the role of insiders, and suggests where this peculiar, ingrown culture is heading in an era of technological change.

The book releases on October 29, the 95th anniversary of the Black Tuesday crash of 1929, the beginning of the Great Depression. 

Related resources:

• Mark Geiger's personal website and portfolio of generative AI artwork

Author recommended reading:

Hosted by Meghan Cochran 

NOTE: Kluge Fellow at the Library of Congress should have been pronounced with a hard "g" as in kloo-ghee.

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What happens after colonial industries have run their course—after the factory closes and the fields go fallow? Set in the cinchona plantations of India’s Darjeeling Hills, Quinine's Remains: Empire’s Medicine and the Life Thereafter (U California Press, 2024) chronicles the history and aftermaths of quinine. Harvested from cinchona bark, quinine was malaria’s only remedy until the twentieth-century advent of synthetic drugs, and it was vital to the British Empire. Today, the cinchona plantations—and the roughly fifty thousand people who call them home—remain. Their futures, however, are unclear. The Indian government has threatened to privatize or shut down this seemingly obsolete and crumbling industry, but the plantation community, led by strident trade unions, has successfully resisted. Overgrown cinchona fields and shuttered quinine factories may appear the stuff of postcolonial and postindustrial ruination, but quinine’s remains are not dead. Rather, they have become the site of urgent efforts to redefine land and life for the twenty-first century. Quinine's Remains offers a vivid historical and ethnographic portrait of what it means to forge life after empire.

Rounak Bose is a doctoral student in History at the University of Delaware. His research explores questions of caste, religiosities, sacred infrastructures, and performance in the interstices of the colonial and postcolonial state, as well as mobilities and circulations across South Asia and Indian Ocean networks. Besides these specific interests, my disciplinary interests revolve around anthropology, literature, and public history, and the digital humanities. When not reading or writing in the university library, Rounak can be found running along Newark's hiking trails and petting the dogs he meets along the way. Link to twitter page

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