The Harvard Brief

While central banks have gained remarkable influence over the past fifty years, promising more stability, global finance has gone from crisis to crisis. How do we explain this development? Drawing on original sources ignored in previous research, The Rise of Central Banks: State Power in Financial Capitalism (Harvard University Press, 2023) offers a groundbreaking account of the origins and consequences of central banks' increasing clout over economic policy.

Many commentators argue that ideas drove change, indicating a shift in the 1970s from Keynesianism to monetarism, concerned with controlling inflation. Others point to the stagflation crises, which put capitalists and workers at loggerheads. Capitalists won, the story goes, then pushed deregulation and disinflation by redistributing power from elected governments to markets and central banks. Both approaches are helpful, but they share a weakness. Abstracting from the evolving practices of central banking, they provide inaccurate accounts of recent policy changes and fail to explain how we arrived at the current era of easy money and excessive finance.

By comparing developments in the United States, the United Kingdom, Germany, and Switzerland, Leon Wansleben finds that central bankers' own policy innovations were an important ingredient of change. These innovations allowed central bankers to use privileged relationships with expanding financial markets to govern the economy. But by relying on markets, central banks fostered excessive credit growth and cultivated an unsustainable version of capitalism. Through extensive archival work and numerous interviews, Wansleben sheds new light on the agency of bureaucrats and calls upon society and elected leaders to direct these actors' efforts to more progressive goals.

Caleb Zakarin is the Assistant Editor of the New Books Network.

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Who's Black and Why?: A Hidden Chapter from the Eighteenth-Century Invention of Race (Harvard University Press, 2022) is the first translation and publication of sixteen submissions to the notorious eighteenth-century Bordeaux essay contest on the cause of black skin. In 1739 Bordeaux's Royal Academy of Sciences announced a contest for the best essay on the sources of "blackness." The authors ranged from naturalists to physicians, theologians to amateur savants. Documented on each page are European ideas about who is Black and why. 

Looming behind these essays is the fact that some four million Africans had been kidnapped and shipped across the Atlantic by the time the contest was announced. The essays themselves represent a broad range of opinions. Some affirm that Africans had fallen from God's grace; others that blackness had resulted from a brutal climate; still others emphasized the anatomical specificity of Africans. All the submissions nonetheless circulate around a common theme: the search for a scientific understanding of the new concept of race. More importantly, they provide an indispensable record of the Enlightenment-era thinking that normalized the sale and enslavement of Black human beings. Translated into English and accompanied by a detailed introduction and headnotes written by Henry Louis Gates, Jr., and Andrew Curran, each essay included in this volume lays bare the origins of anti-Black racism and colorism in the West.

Andrew S. Curran is the William Armstrong Professor of the Humanities at Wesleyan University.

Henry Louis Gates, Jr is the Alphonse Fletcher University Professor and Director of the Hutchins Center for African and African American Research at Harvard University.

Caleb Zakarin is the Assistant Editor of the New Books Network

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In her latest book, Fearless Women: Feminist Patriots from Abigail Adams to Beyoncé (Harvard University Press, 2023), New York Times bestselling author Elizabeth Cobbs shows us that the quest for women’s rights is deeply entwined with the founding story of the United States.

When America became a nation, a woman had no legal existence beyond her husband. If he abused her, she couldn’t leave without abandoning her children. Abigail Adams tried to change this, reminding her husband John to “remember the ladies” when he wrote the Constitution. He simply laughed—and women have been fighting for their rights ever since.

Fearless Women tells the story of women who dared to take destiny into their own hands. They were feminists and antifeminists, activists and homemakers, victims of abuse and pathbreaking professionals. Inspired by the nation’s ideals and fueled by an unshakeable sense of right and wrong, they wouldn’t take no for an answer. In time, they carried the country with them.

The first right they won was the right to learn. Later, impassioned teachers like Angelina Grimké and Susan B. Anthony campaigned for the right to speak in public, lobby the government, and own property. Some were passionate abolitionists. Others fought just to protect their own children.

Many of these women devoted their lives to the cause—some are famous—but most pressed their demands far from the spotlight, insisting on their right to vote, sit on a jury, control the timing of their pregnancies, enjoy equal partnerships, or earn a living. At every step, they faced fierce opposition. Elizabeth Cobbs gives voice to fearless women on both sides of the aisle, most of whom considered themselves patriots. Rich and poor, from all backgrounds and regions, they show that the women’s movement has never been an exclusive club.

Rebekah Buchanan is a Professor of English and Director of English Education at Western Illinois University. Her research focuses on feminism, activism, and literacy practices in youth culture, specifically through zines and music.

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In a world awash in “fake news,” where public figures make unfounded assertions as a matter of course, a preeminent legal theorist ranges across the courtroom, the scientific laboratory, and the insights of philosophers to explore the nature of evidence and show how it is credibly established. In the age of fake news, trust and truth are hard to come by. Blatantly and shamelessly, public figures deceive us by abusing what sounds like evidence. 

In The Proof: Uses of Evidence in Law, Politics, and Everything Else (Harvard University Press, 2022), preeminent legal theorist Frederick Schauer proposes correctives, drawing on centuries of inquiry into the nature of evidence. Evidence is the basis of how we know what we think we know, but evidence is no simple thing. Evidence that counts in, say, the policymaking context is different from evidence that stands up in court. Law, science, historical scholarship, public and private decisionmaking—all rely on different standards of evidence. Exploring diverse terrain including vaccine and food safety, election-fraud claims, the January 2021 events at the US Capitol, the reliability of experts and eyewitnesses, climate science, art authentication, and even astrology, The Proof develops fresh insights into the challenge of reaching the truth. Schauer combines perspectives from law, statistics, psychology, and the philosophy of science to evaluate how evidence should function in and out of court. He argues that evidence comes in degrees. Weak evidence is still some evidence. The absence of evidence is not evidence of absence, but prolonged, fruitless efforts to substantiate a claim can go some distance in proving a negative. And evidence insufficient to lock someone up for a crime may be good enough to keep them out of jail. This book explains how to reason more effectively in everyday life, shows why people often reason poorly, and takes evidence as a pervasive problem, not just a matter of legal rules.

Prof. Frederick Schauer is a David and Mary Harrison Distinguished Professor of Law at the University of Virginia. He is also a fellow of the American Academy of Arts and Sciences, a corresponding fellow of the British Academy and a past recipient of a Guggenheim Fellowship.

Dr. Rine Vieth is a researcher studying how the UK Immigration and Asylum tribunals consider claims of belief, how claims of religious belief are evidenced, and the role of faith communities in asylum-seeker support.

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Historians often think of World War I and the period surrounding it as the acme of nationalism in European politics. In two very different books, Joshua Sanborn and Dominique Kirchner Reill have recently questioned several core assumptions in the literature on this period, such as the idea that national state-building precipitated the end of empire, and that the politics of nationalist grievance were paramount among the post-imperial peoples of Central Europe. Sanborn is the author of Imperial Apocalypse: The Great War and the Destruction of the Russian Empire (Oxford UP, 2015). Reill is the author of The Fiume Crisis: Life in the Wake of the Habsburg Empire (Harvard UP, 2020).

Stephen V. Bittner is Special Topics Editor at Kritika: Explorations in Russian and Eurasian History and Professor of History at Sonoma State University.

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In this episode, I interview Professor Geoffrey Jones about his new book  Deeply Responsible Business: A Global History of Values-Driven Leadership (Harvard University Press, 2023). For an extraordinary introduction to the content of the book, please visit deeplyreponsible.com .

Professor Christopher Marquis, author of Better Business: How the B Corp Movement Is Remaking Capitalism (Yale University Press, 2020) also joined our conversation.

Deeply Responsible Business is a global history of deeply responsible business leaders. It offers an invaluable historical perspective, going back to the Quaker capitalism of George Cadbury and the worker solidarity of Edward Filene. Through a series of in-depth profiles of business leaders and their companies, it carries us from India to Japan and from the turmoil of the nineteenth century to the latest developments in impact investing and the B-corps. Geoffrey Jones profiles business leaders from around the world who combined profits with social purpose to confront inequality, inner-city blight, and ecological degradation, while navigating restrictive laws and authoritarian regimes.

He found that these leaders were motivated by bedrock values and sometimes—but not always—driven by faith. They chose to operate in socially productive fields, interacted with humility with stakeholders, and felt a duty to support their communities. While far from perfect—some combined visionary practices with vital flaws—each one showed that profit and purpose could be reconciled. Many of their businesses were highly successful—though financial success was not their only metric of achievement.

As companies seek to coopt ethically sensitized consumers, Jones gives us a new perspective to tackle tough questions. Inspired by these passionate and pragmatic business leaders, he envisions a future in which companies and entrepreneurs can play a key role in healing our communities and protecting the natural world.

Interview by Paula de la Cruz-Fernández, Ph.D.

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When miners arrived in California seeking their fortune during the gold rush of the 1840s and early 1850s, they encountered a place with few existing legal systems. Recently acquired from Mexico, California was truly America's frontier, and when American miners arrived they did what Americans have always done: they held meetings. 

In We the Miners: Self-Government in the California Gold Rush (Harvard UP, 2022), Seton Hall law professor Andrea McDowell explains the development and working of miners codes and other legal systems put in place during the heady and often violent early days of the California Gold Rush. Before statehood, miners were on their own to construct a version of direct democracy that reflected their values and gave them power to govern, until the creation of state government and the arrival of corporate mining entities. In McDowell's telling, the early days of the gold rush speak to Americans strong belief in democracy and self-governance, and who gets a say in justice when gold is on the line.

Dr. Stephen R. Hausmann is an assistant professor of history at the University of St. Thomas in Minnesota.

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Most people in developed countries think inequality is increasing. And most would also agree that in terms of the global poor, the last 20 years have seen vast improvements with hundreds of millions living much better lives than their parents. These are some of the themes Professor Mike Savage addresses in his book The Return of Inequality: Social change and the Weight of the Past (Harvard UP, 2021).

Owen Bennett-Jones is a freelance journalist and writer. A former BBC correspondent and presenter he has been a resident foreign correspondent in Bucharest, Geneva, Islamabad, Hanoi and Beirut. He is recently wrote a history of the Bhutto dynasty which was published by Yale University Press.

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The early 1930s constituted an ambiguous moment for the roughly three million Jews that resided in the Polish Republic. On the one hand, as recent scholars have emphasized, Polish Jews found numerous opportunities to partake in flourishing cultural and political projects that spanned the ideological spectrum from Zionism to Yiddishism to Polish integrationism to various brands of socialism. In addition, Josef Pilsudski’s government – while by no means an ally to Polish Jewry – was the lesser of two evils compared to the explicitly anti-Semitic Endecja regime that ruled the country by the end of the decade. At the same time, however, trouble lurked around every corner. Polish Jews found their earning opportunities deeply limited, due to both economic depression and a widespread social prejudice that blocked them from getting jobs. Even more concerning, the rise of fascist politics – in Poland and abroad – made clear the fledgling state’s weaknesses, and cast a shadow of doubt over any sense that acceptance would prevail over national hatred. Polish Jews now grappled with the possibility that Jewish life in Eastern Europe might not be feasible going forward. What was to be done amidst these precarious circumstances? How was one to plan for the future, both as an individual and as a member of a minority community? How was one to handle the anxiety of unclear and multifarious dangers?

In his new volume An Unchosen People: Jewish Political Reckoning in Interwar Poland (Harvard UP, 2021), Kenneth Moss has resurrected the mentalité of those that struggled daily with these questions, illustrating what it meant for Polish Jews to grope for meaning in the face of constant uncertainty and real dread. To accomplish this task, Moss has assembled and examined an astounding breadth of documents produced by people from throughout Polish Jewish society. Readers will find analyses of Polish Jewish intellectual luminaries like Max Weinreich, Jacob Lestschinsky and Chaim Grade, each of whom allowed recent events to influence and mutate their understandings of Jewish life and community. Moss also shines a light on more common Jews that no less vociferously sought to forge practical and pragmatic solutions to their increasingly dire situations. The result is a monograph dedicated to the daily experience of minority life in the modern world; a world permeated by a sense of unease at what tomorrow might bring. 

James Benjamin Nadelis a Ph.D. student in the Department of History at Columbia University.

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On July 6, 1998, the last flight took off from Kai Tak International Airport, marking the end of an era for Hong Kong aviation. For decades, international flights flew over the roofs of Kowloon apartments, before landing on Kai Tak’s runway, extending out into the harbor.

Kai Tak–frankly, a terrible place for one of the world’s busiest international airports–is a good symbol of the story of Hong Kong’s aviation, as told in Hong Kong Takes Flight: Commercial Aviation and the Making of a Global Hub, 1930s–1998 (Harvard University Press, 2022) by John D. Wong and published by Harvard University Press.

Hong Kong’s growth as a hub for commercial aviation was often unplanned, often the result of compromise–and yet wildly successful. The city was able to carve a niche for itself, in both the declining British empire and the wider world, while also having to deal with colonial bureaucracy, geopolitics, fierce competition and an entirely new Communist government across the border.

In this interview, John and I talk about Hong Kong’s history with aviation, from its very start with flying boats and puddlejumpers right through to the jumbo jet era.

John D. Wong is Associate Professor at the Hong Kong Institute for the Humanities and Social Sciences and the School of Modern Languages and Cultures, The University of Hong Kong. He is also the author of Global Trade in the Nineteenth Century: The House of Houqua and the Canton System (Cambridge University Press, 2016)

You can find more reviews, excerpts, interviews, and essays at The Asian Review of Books, including its review of Hong Kong Takes Flight. Follow on Twitter at @BookReviewsAsia.

Nicholas Gordon is an associate editor for a global magazine, and a reviewer for the Asian Review of Books. He can be found on Twitter at@nickrigordon.

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