New Books in Economic and Business History

Is the University of Chicago-blessed, "greed is good" near-term profits approach to business wearing out its welcome?

James O'Toole's The Enlightened Capitalists: Cautionary Tales of Business Pioneers Who Tried to Do Well by Doing Good(HarperBusiness, 2019) is a welcome addition to the current debate about what is the right balance between the near-term profit motive and long-term social goals in running a business.

O'Toole, an emeritus professor of business ethics at USC, argues that entrepreneurs have and can be financially successful and still treat their employees, partners, and customers with respect. He provides two dozen case studies of founders and leaders, ranging from Milton Hershey to Robert Wood Johnson to Herb Kelleher, who tried to do more than just make a quick buck. These pioneers believed that if they practiced a form of ethical capitalism, the profits would roll in. And they did.

The challenge that O'Toole recognizes from the outset is that the culture these founders created rarely survived their own tenures at the top, and that the unrelenting pressure of the market ultimately wears down even the most well-intentioned business leader. In the end, he concludes that large publicly traded corporations face the greatest pressures, while smaller, private or trust-held businesses have an easier time of creating and sustaining a positive culture.

The Enlightened Capitalists is a must read for every aspiring business leader and investor, even those who are convinced that they are on the "right" side of the debate. The judgments can shift rapidly. Even a spectacularly successful New Economy company that had for years as its motto "Don't be evil" (since replaced with "Do the right thing") can quickly end up being vilified in the media and charged by regulators for its monopoly-like behavior. As Kermit might say, it's not easy being good (or green.)

Daniel Peris is Senior Vice President at Federated Investors in Pittsburgh. Trained as a historian of modern Russia, he is the author most recently of Getting Back to Business: Why Modern Portfolio Theory Fails Investors. You can follow him on Twitter @Back2BizBook or at http://www.strategicdividendinvestor.com

In his first book Hungry Nation: Food, Famine, and the Making of Modern India (Cambridge University Press 2018), historian Benjamin Robert Siegel explores independent India's attempts to feed itself between the 1940s and 1970s. Following the devastating Bengal famine of 1943, hunger and malnutrition remained key issues for India's politicians, planners and citizens as a new nation sought to become self-sufficient in food production. Siegel's book follows debates on land reform, technology and native diets to understand how the food question became an entry point into larger questions of citizenship, rights and welfare, debates that continue to loom large in the battle against agrarian distress and widespread food insecurity in present-day India.

Madhuri Karak holds a Ph.D. in cultural anthropology from The Graduate Center, City University of New York. Her dissertation titled "Insurgent Difference: An Ethnography of an Indian Resource Frontier” analyzed resource extraction and development as mutually constitutive logics of rule in the bauxite-rich mountains of southern Odisha, India. She tweets @madhurikarak and more of her work can be found here.

A century ago, the emergence of radio, along with organized systems of broadcasting, sparked a global fascination with the 'wonder' of sound transmission and reception. The thrilling experience of tuning in to the live sounds of this new medium prompted strong affective responses in its listeners.

This book introduces a new concept of "radiophilia," defined as the attachment to, or even a love of radio. Treating radiophilia as a dynamic cultural phenomenon, it unpacks the various pleasures associated with radio and its sounds, the desire to discover and learn new things via radio, and efforts to record, re-experience, and share radio. Surveying 100 years of radio from early wireless through to digital audio formats like podcasting, Carolyn Birdsall's Radiophilia (Bloomsbury Press, 2023) engages in debates about fandom, audience participation, listening experience, material culture, and how media relate to affect and emotions.

Alejandra Bronfman is Professor and Director of Undergraduate Studies Latin American, Caribbean & U.S. Latino Studies at SUNY, Albany.

The problem of gun violence is as old as guns themselves. According to historian Priya Satia, America’s present epidemic of gun violence has its roots in the industrial revolution. Satia tells the story of British gun-maker Samuel Galton, Jr., who was called to task by his Quaker community for manufacturing rifles. As a professed pacifist, Galton had to wrestle with the large-scale uses to which his weapons were put. So where do we look for answers about how to regulate guns? Some claim the answer has to lie in the past, in the nation’s founding documents. Others argue that novel technologies demand novel solutions. Solving the problem of gun violence may be a case where we need to make a strong modernity claim. 

Researcher, writer, and episode producer: Christopher Nygren, Associate Professor, History of Art and Architecture, University of Pittsburgh

Featured Scholars: 

Catherine Fletcher, Professor of History, Manchester Metropolitan University

Priya Satia, Professor of History, Stanford University

Special thanks: James DeMasi, Chloé Hogg, Jonathan Lyonhart, Pernille Røge, Jennifer Waldron, Catherine Yanko.

For transcript, teaching aids, and other resources, click here.

Albeit inspired by a progressive vision of a working environment without walls or hierarchies, the open plan office has come to be associated with some of the most dehumanizing and alienating aspects of the modern office. Jennifer Kaufman-Buhler's fascinating new book Open Plan: A Design History of the American Office (Bloomsbury, 2021) examines the history of the open plan office concept from its early development in the late 1960s and 1970s, through its present-day dominance in working spaces throughout the world, examining the design, meaning, and use of the open plan from the perspective of architects and designers, organizations, and workers. Using the progressive vision of the early promoters of the open plan as a framework for analysis, and drawing on original archival research and contemporary discussions of the open plan, this book explores the various goals embedded in the open plan and examines how the design of the open plan evolved through the late 20th century in response to various social, cultural, organizational, technological and economic changes.

Nushelle de Silva is a PhD candidate in the Department of Architecture at the Massachusetts Institute of Technology. Her work examines museums and exhibitions, and how the dissemination of visual culture is politically mediated by international organizations in the twentieth century.

The modern popularity of acupuncture and herbal medicine belies the long history of Chinese medicine in the U.S. In Herbs and Roots: A History of Chinese Doctors in the American Medical Marketplace (Yale University Press, 2019), Tamara Venit-Shelton (Claremont McKenna College) examines the historical contexts that shaped perceptions of traditional Chinese medicine from the colonial period to the present. Venit-Shelton draws from court records, material culture, census records, oral interviews, and newspapers to uncover the multi-faceted roles that Chinese herbalists played in both Chinese and non-Chinese communities during the “long Progressive Era.”

Through self-Orientalizing presentations, these health practitioners enterprisingly navigated, accommodated, and resisted waves of rising xenophobia and medical regulation. After a period of struggle between the 1930s and 1970s when depression and war disrupted supply chains, Chinese medicine made a roaring comeback even as increasing numbers of Chinese Americans trained in Western medicine, leading to the rise of integrative medicine. Herbs and Roots deepens our understanding of histories of medicine and public health, American Orientalism, Asian immigration to the US, and the environment and ideas of nature.

Ian Shin is assistant professor of History and American Culture at the University of Michigan.

Jeremy Yellen’s The Greater East Asia Co-Prosperity Sphere: When Total Empire Met Total War (Cornell University Press, 2019) is a challenging transnational exploration of the Greater East Asia Co-Prosperity Sphere, Japan’s ambitious, confused, and much maligned attempt to create a new bloc order in East and Southeast Asia during World War II. Yellen’s book is welcome both as the first book-length treatment of the Sphere in English and for also being innovative in both approach and analysis. The book is divided into two parts, each addressing one of the “two Pacific Wars,” as Yellen puts it: a “war of empires” and “an anticolonial war… for independence.” The first half of the book treats the Japanese “high policy” of the Sphere. Here, Yellen not only provides—through the Coprosperity Sphere—a provocative new reading of the Tripartite Pact and the imbrication of Japan’s regional and global geopolitical strategies, but also outlines an important timeline of how Japanese conceptualizations of the Sphere evolved with the changing economic, political, and military expediencies of the Pacific War. Though ideas about the Sphere as a regional order of hierarchical solidarity with Japan at its apex, a “grand strategy of opportunism” rooted in the “sphere-of-influence diplomacy” and “cooperative imperialism” of Japan’s bombastic and enigmatic foreign minister, Matsuoka Yōsuke, Yellen shows that plans for the Sphere only became specific and concrete when Japan’s war situation descended into increasing desperation from 1942 on. The second half of the book shifts gears to examine responses to the Sphere in the Philippines and Burma. Yellen shows that for local nationalist elites like Burma’s first prime minister Ba Maw, whether Japanese rhetoric about the creation of more-or-less liberal international order within the Sphere for the top-echelon nations like Burma and the Philippines was genuine or self-serving, “even sham independence brought opportunity.” By focusing on these pragmatic nationalists (“patriotic collaborators”) Yellen contributes to a growing body of literature on empire that refuses to be pigeonholed by binaries of virtuous resistance and traitorous collaboration.

This podcast was recorded as a lecture/dialogue for a live audience at Nagoya University.

Many of our presumptions about the Panama Canal Zone are wrong; it was not carved out of uninhabited jungle, the creation of Lake Gatún did not flood towns and force them to move, people living in the zone prior to the construction of the canal were not out of step with modernity. In her new book, Erased: The Untold Story of the Panama Canal (Harvard University Press, 2019), Marixa Lasso argues compellingly that the construction of the Panama Canal prompted the destruction of a bustling network of towns, along with the livelihoods and democratic traditions of their inhabitants.

Alejandra Bronfman is Professor and Director of Undergraduate Studies Latin American, Caribbean & U.S. Latino Studies at SUNY, Albany.

We are living in an age of addiction, from compulsive gaming and binge eating to pornography and opioid abuse. Today I talked with historian David Courtwright about the global nature of pleasure, vice, and capitalism. His new book is called The Age of Addiction: How Bad Habits Became Big Business (Harvard University Press, 2019). During our discussion, Courtwright walks us through the emergence of the worldwide commodification of vice and shares his views on "limbic capitalism," the network of competitive businesses targeting the brain pathways responsible for feeling, motivation, and long-term memory. The book is equally interesting and disturbing. And Courtwright offers timely recommendations about how we can understand and address the Age of Addiction. Coming from one of the world's leading experts on the history of drugs and addiction, this important work raises stimulating and sobering questions about consumption and free will.

Courtwright is the author of Forces of Habit: Drugs and the Making of the Modern World (Harvard University Press, 2001) as well as Dark Paradise: A History of Opiate Addiction in America (Harvard University Press, 1982).

Lucas Richert is an associate professor in the School of Pharmacy at the University of Wisconsin, Madison. He studies intoxicating substances and the pharmaceutical industry. He also examines the history of mental health.

The poignant rise and fall of an idealistic immigrant who, as CEO of a major conglomerate, tried to change the way America did business before he himself was swallowed up by corporate corruption.

At 8 a.m. on February 3, 1975, Eli Black leapt to his death from the 44th floor of Manhattan’s Pan Am building. The immigrant-turned-CEO of United Brands—formerly United Fruit, now Chiquita—Black seemed an embodiment of the American dream. United Brands was transformed under his leadership—from the “octopus,” a nickname that captured the corrupt power the company had held over Latin American governments, to “the most socially conscious company in the hemisphere,” according to a well-placed commentator. How did it all go wrong?

Eli and the Octopus: The CEO Who Tried to Reform One of the World’s Most Notorious Corporations (Harvard UP, 2023) traces the rise and fall of an enigmatic business leader and his influence on the nascent project of corporate social responsibility. Born Menashe Elihu Blachowitz in Lublin, Poland, Black arrived in New York at the age of three and became a rabbi before entering the business world. Driven by the moral tenets of his faith, he charted a new course in industries known for poor treatment of workers, partnering with labor leaders like Cesar Chavez to improve conditions. But risky investments, economic recession, and a costly wave of natural disasters led Black away from the path of reform and toward corrupt backroom dealing.

Now, two decades after Google’s embrace of “Don’t be evil” as its unofficial motto, debates about “ethical capitalism” are more heated than ever. Matt Garcia presents an unvarnished portrait of Black’s complicated legacy. Exploring the limits of corporate social responsibility on American life, Eli and the Octopus offers pointed lessons for those who hope to do good while doing business.

Matt Garcia is Ralph and Richard Lazarus Professor of Latin American, Latino, and Caribbean Studies and of History at Dartmouth College. His books include From the Jaws of Victory: The Triumph and Tragedy of Cesar Chavez and the Farm Worker Movement, which received the Philip Taft Award for the Best Book in Labor History.