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New Books Network
Interviews with scholars of the economic and business history about their new books
Kiran Klaus Patel, “The New Deal: A Global History” (Princeton UP, 2016)
There are as many New Deals as there are books on the subject. Yet only recently have historians begun to dig into the international dimensions of the New Deal. Kiran Klaus Patel is one of those historians, and his book, The New Deal: A Global History (Princeton University Press, 2016), is an impressive crack at showing the transnational intertwinements and comparisons that made up the New Deal’s moment. Patel locates the United States in a vast network of modernizing states who experienced a shared crisis in the years after 1929, developed national policies to address the crisis, and looked to other states in search of inspiration or out of fear. As late as 1938, for instance, Roosevelt was requesting Nazi labor statistics to help refine his own administrations planning. Patel shows how the New Deal shaped the world and, more importantly, was shaped by the world.
The book provides fresh contributions to a range of different topics, such as the global Great Depression, the Good Neighbor Policy, the development of the welfare state, interwar international relations, and American post-WWII globalism. Kiran Klaus Patel, Professor of European and Global History at Maastricht University, achieves this with a knowledge of secondary literature in a variety of languages and rich archival evidence. The result of Patel’s work is a New Deal that looks a lot less exceptional, yet no less important to global history.
Dexter Fergie will be pursuing his PhD in US and Global history at Northwestern University in September 2017.
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52:2112/07/2017
Chris Miller, “The Struggle to Save the Soviet Economy” (UNC Press, 2016)
One of the most interesting questions of modern history is this: Why is it that Communist China was able to make a successful transition to economic modernity (and with it prosperity) while the Communist Soviet Union was not? In his excellent book The Struggle to Save the Soviet Economy: Mikhail...
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52:0029/12/2016
Barbara Hahn and Bruce Baker, “The Cotton Kings: Capitalism and Corruption in Turn-of-the-Century New York and New Orleans” (Oxford UP, 2015)
With the recent economic collapse and rising income inequality, lessons drawn from turn-of-the century capitalism have become frequent. Pundits, policymakers, and others have looked to the era to find precursors to an unregulated market, corrupt bankers, and severe economic inequality. The comparisons are often too simple, however. In their new book, The Cotton Kings: Capitalism and Corruption in Turn-of-the-Century New York and New Orleans (Oxford University Press, 2015), Barbara Hahn and Bruce Baker examine capitalism at the turn of the century, telling a more nuanced story about the cotton market, politics, and regulation. The Cotton Kings examines the ups and downs of the cotton futures market, explaining how cotton brokers were able to keep cotton prices low by controlling information. This enriched the brokers, but impoverished farmers. A small group of brokers in New Orleans successfully cornered the market in the early 1900s, in effect, self-regulating the cotton market and raising prices for years. The Cotton Kings traces the exciting story of this turn of events and explains why such self-regulation was not enough in the long run. Ultimately, The Cotton Kings makes a strong argument in favor of federal regulation to control corruption and help farmers and manufacturers alike.
In this episode of the podcast, Hahn and Baker explain this cotton futures market and its ups and downs around the turn-of-the century. They also discuss some of the heroes and dramatic episodes of the historical moment. Finally, they discuss the lessons from that time for our present moment.
Christine Lamberson is an Assistant Professor of History at Angelo State University. Her research and teaching focuses on 20th century U.S. political and cultural history. She’s currently working on a book manuscript about the role of violence in shaping U.S. political culture in the 1960s and 1970s. She can be reached at [email protected].
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56:3016/09/2016
Sam Gindin and Leo Panitch, “The Making of Global Capitalism: The Political Economy of American Empire” (Verso, 2013)
Two Canadian socialist thinkers have published a new book on the successes and failures, the crises, contradictions and conflicts in present-day capitalism. In The Making of Global Capitalism: The Political Economy of American Empire (Verso, 2013), Leo Panitch and Sam Gindin trace the evolution of the international capitalist system over the last century. (Panitch is a professor of political science at Toronto’s York University while Gindin holds the Packer Chair in Social Justice at York.)
They argue that today’s global capitalism would not have been possible without American leadership especially after the two World Wars and that the U.S. Treasury and Federal Reserve were more crucial in extending and maintaining American power than the Pentagon or the CIA.
The U.S. capitalist empire is an “informal” one, they write, in which Americans set the terms for international trade and investment in partnership with other sovereign, but less powerful states. Panitch and Gindin also disagree with those who contend that China is set to replace the U.S. as the world’s economic superpower. They write that China does not have the institutional capacity to manage the crisis-prone, global capitalist system — a burden that, for the foreseeable future, will continue to be carried by the American empire.
The Making of Global Capitalism: The Political Economy of American Empire won the 2013 Deutscher Prize awarded for books which exemplify “the best and most innovative new writing in or about the Marxist tradition.”
The New Books Network spoke with co-author Leo Panitch during his recent visit to Halifax, Nova Scotia.
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01:07:2209/02/2015
Martha C. Howell, “Commerce Before Capitalism in Europe, 1300-1600” (Cambridge UP, 2010)
When I was an undergraduate, I was taught that merchants in early modern Western Europe were “proto-capitalists.” I was never quite sure what that meant. If it meant they traded property for money, yes. But that would make everyone who traded things for money over the past, say, 5,000 years, a “proto-capitalist.” If it meant that they thought of their property as capital to be used for maximizing profit, then no. As Martha C. Howell points out in her excellent Commerce Before Capitalism in Europe, 1300-1600 (Cambridge UP, 2010), early modern merchants–at least in the Low Countries–didn’t really think of their property as “capital” at all, and they certainly didn’t use it exclusively for the maximization of profit. Their idea of property was, according to Howell, as much medieval as modern. Essentially, they adapted received (medieval) categories of property to novel commercial conditions. The result was a unique hybrid of the old and new. In hindsight, their understanding of property might seem “proto-capitalist.” But really it was just the way they conceived of property.
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01:08:5317/07/2013
Alec Foege, "The Tinkerers: The Amateurs, DIYers, and Inventors Who Make America Great" (Basic Books, 2013)
From its earliest years, the United States was a nation of tinkerers: men and women who looked at the world around them and were able to create something genuinely new from what they saw. Guided by their innate curiosity, a desire to know how things work, and a belief that anything can be improved, amateurs and professionals from Benjamin Franklin to Thomas Edison came up with the inventions that laid the foundations for America's economic dominance. Recently, Americans have come to question whether our tinkering spirit has survived the pressures of ruthless corporate organization and bottom-line driven caution. But as Alec Foege shows in The Tinkerers, reports of tinkering's death have been greatly exaggerated.
Through the stories of great tinkerers and inventions past and present, Foege documents how Franklin and Edison's modern-day heirs do not allow our cultural obsessions with efficiency and conformity to interfere with their passion and creativity. Tinkering has been the guiding force behind both major corporate-sponsored innovations such as the personal computer and Ethernet, and smaller scale inventions with great potential, such as a machine that can make low-cost eyeglass lenses for people in impoverished countries and a device that uses lasers to shoot malarial mosquitoes out of the sky. Some tinkerers attended the finest engineering schools in the world; some had no formal training in their chosen fields. Some see themselves as solo artists; others emphasize the importance of working in teams. What binds them together is an ability to subvert the old order, to see fresh potential in existing technologies, and to apply technical know-how to the problems of their day.
As anyone who has feared voiding a warranty knows, the complexity of modern systems can be needlessly intimidating. Despite this, tinkerers can – and do – come from anywhere, whether it's the R&D lab of a major corporation, a hobbyist's garage, or a summer camp for budding engineers. Through a lively retelling of recent history and captivating interviews with today's most creative innovators, Foege reveals how the tinkering tradition remains, in new and unexpected forms, at the heart of American society and culture.
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51:3317/01/2013
Rowan K. Flad, "Salt Production and Social Hierarchy in Ancient China" (Cambridge UP, 2011)
Many of us try to be thoughtful about the ways that we incorporate (or try, at least, to incorporate) different modes of evidence into our attempts to understand the past: objects, creatures, words, ideas. Rowan Flad's Salt Production and Social Hierarchy in Ancient China: An Archaeological Investigation of Specialization in China's Three Gorges (Cambridge UP, 2011) stands as a beautiful case study of what it can look like to do so. Flad juxtaposes texts, bamboo slips, ceramic sherds, animal remains, and other lines of evidence to offer an exceptionally rich account of the technology of salt production in early China, offering glimpses at comparative archeological practices, ideas of spatiality, and the diversity of uses of animals in early China along the way. Reading the book inspired, for me, new ways of thinking about the conceptual role of fragments in the work of the historian, and our conversation was similarly inspiring.
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01:13:4327/04/2012
Louis Hyman, “Debtor Nation: The History of America in Red Ink” (Princeton UP, 2011)
I remember clearly the day I was offered my first credit card. It was in Berkeley, CA in 1985. I was walking on Sproul Plaza and I saw a booth manned by two students. They were giving out all kinds of swag, so I walked over to see what was to be had. T-shirts, I think. I asked them if I could get a credit card, sure that the answer had to be “no.” But the answer was an enthusiastic “yes.” I asked them if they understood that: a) I had no income beyond a tiny graduate student stipend; b) that I was carrying a debt from college that had been kindly “deferred”; and c) that my long-term prospects, money-making wise, were poor (the market in early Russian history degrees not being very hot). They said they didn’t know any of that, but it didn’t matter. All I had to do was to fill out a form and the card would arrive in the mail. I declined.
As Louis Hyman tells us in his excellent and important Debtor Nation: The History of America in Red Ink (Princeton UP, 2011), it wasn’t always so. Before the 1920s, most people could get no credit at all, least of all from a financial institution. But then, thanks to a confluence of odd interests, consumer credit expanded mightily. Companies that made expensive stuff (cars) and companies that handled large pools of idle money (banks) found, much to their surprise that if you lent ordinary folks large sums of money at moderate interest, they would pay it back. The producers and banks lent more; consumers borrowed and bought more; and, in turn, the producers and banks used higher profits to increase productivity, putting still more money in the pockets of consumers. And so the cycle continued, ultimately fostering the largest expansion in production and consumption the world had ever seen. Whether it will continue is a subject of some dispute today.
A review of Debtor Nation can be found in Public Books here.
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03:5804/03/2011
Joyce Appleby, “The Relentless Revolution: A History of Capitalism” (Norton, 2010)
Today everybody wants to be a capitalist, even Chinese communists. It would be easy to think, then, that capitalism is “natural,” that there is a little profit-seeker in each one of us just waiting to pop out. There is some truth to this notion: humans are the most cooperative species on earth, and one of the most common ways we cooperate is through trade. Some form of “you scratch my back and I’ll scratch yours” lies at the heart of almost every human relationship. We are built for reciprocation, and we do it remarkably well.
But, as Joyce Appleby shows in her provocative, readable, and thoroughly entertaining The Relentless Revolution: A History of Capitalism (Norton, 2010), the natural impulse for reciprocal back-scratching did not capitalism make. A set of very unusual historical forces did. These historical forces were not everywhere and always. On the contrary, they came together in one place at one time: Northwestern Europe in what we might call the “long modern period,” roughly the 15th though 18th centuries. Of course people in other places and other times traded, and even traded a lot. But they did not develop the culture of capitalism, that is, a set of values that suggested making money was good not only for the money-maker but for everyone else. Alexander Pope, one of the early apologists of capitalism, put the capitalist ethic this way: “Thus God and Nature link’d the gen’ral frame, and bade self-love and social be the same.” (An Essay on Man, 1733) Gordon Gekko, in the (anti-capitalist) film Wall Street (1987), put it more crudely: “Greed…is good.” Neither, it should be said, did pre-capitalist traders develop the institutions that make capitalism operate, that is, things like investment banks, credits, stock markets, insurance, and a whole host of government regulations (yes, government regulations) without which “free trade” could not be “free” at all. Caesar was not concerned about in the federal reserve. He didn’t even have a federal reserve to be concerned about.
All of which leads to a single and startling conclusion: the culture and institutions of capitalism are Western. Thus when we in the West promote capitalism as the “best” way of going about things economic, we are engaging in a subtle form of cross-cultural persuasion. We may be right, capitalism may indeed be the best way to provision goods and services to the masses (I think it obviously is). But that doesn’t make capitalist culture any the less foreign to most of the world.
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59:0104/02/2011