Disease is thought to be a great leveler of humanity, but in antebellum New Orleans acquiring immunity from the scourge of yellow fever magnified the brutal inequities of slave-powered capitalism. Antebellum New Orleans sat at the heart of America’s slave and cotton kingdoms. It was also where yellow fever epidemics killed as many as 150,000 people during the nineteenth century. With little understanding of mosquito-borne viruses—and meager public health infrastructure—a person’s only protection against the scourge was to “get acclimated” by surviving the disease. About half of those who contr ..read more

In the nineteenth century, most American farms had a small orchard or at least a few fruit-bearing trees. People grew their own apple trees or purchased apples grown within a few hundred miles of their homes. Nowadays, in contrast, Americans buy mass-produced fruit in supermarkets, and roughly 70 percent of apples come from Washington State. So how did Washington become the leading producer of America’s most popular fruit? In The Washington Apple: Orchards and the Development of Industrial Agriculture (The University of Oklahoma Press, 2022), Amanda L. Van Lanen offers a comprehensiv ..read more

The eighteenth-century Bank of England was an institution that operated for the benefit of its shareholders--and yet came to be considered, as Adam Smith described it, "a great engine of state." In Virtuous Bankers: A Day in the Life of the Eighteenth-Century Bank of England (Princeton UP, 2023), Anne Murphy explores how this private organization became the guardian of the public credit upon which Britain's economic and geopolitical power was based. Drawing on the voluminous and detailed minute books of a Committee of Inspection that examined the Bank's workings in 1783-84, Murphy fr ..read more

Opium is an awkward commodity. For the West, it’s a reminder of some of the shadier and best forgotten parts of its history. For China (and a few other countries), it’s a symbol of national humiliation, left to the past–unless it needs to shame a foreign country. But the opium trade survived for decades, through to the end of the Second World War. How did that trade actually work? How was it possible to trade a good that was, at best, tolerated in the strange gap between legal and illegal. This trade is what Peter Thilly covers in his book The Opium Business: A History of Crime and Capita ..read more

How common is financial malpractice in big, well known financial companies? Is it so common that it should really be seen as a business model more than an occasional aberration by rogue traders? These are questions posed by Ronen Palan and Anastasia Nesvetailova in their book Sabotage: The Business of Finance (PublicAffairs, 2020). Listen to Owen Bennett-Jones discuss the future of big finance with Anastasia Nesvetailova. Owen Bennett-Jones is a freelance journalist and writer. A former BBC correspondent and presenter he has been a resident foreign correspond ..read more

Does a strong state mean a weak market? This is a common misconception amongst economists. Many view the state as either taxing and regulating the market too much or too little. However, the truth is that state capacity is just not well conceptualized in economic theory. James A. Robinson is a political scientist, economist, and professor at the University of Chicago. His recent book, co-authored with Daron Acemoglu, The Narrow Corridor: States, Societies, and the Fate of Liberty, explores the critical balance needed between state and society and how liberty can continue to thrive de ..read more

Charles Kindleberger ranks as one of the twentieth century's best known and most influential international economists. This book traces the evolution of his thinking in the context of a 'key-currency' approach to the rise of the dollar system, here revealed as the indispensable framework for global economic development since World War II. Unlike most of his colleagues, Kindleberger was deeply interested in history, and his economics brimmed with real people and institutional details. His research at the New York Fed and BIS during the Great Depression, his wartime intelligence work, and his ro ..read more

This episode features Professor Simon Ville talking about his latest book with David Merrett International Business in Australia Before World War One: Shaping a Multinational Economy (Palgrave MacMillan, 2022). This book challenges conventional wisdom by revealing an extensive and heterogeneous community of foreign businesses in Australia before 1914. Multinational enterprise arrived predominantly from Britain, but other sender nations included the USA, France, Germany, New Zealand, and Japan. Their firms spread out across Australia from mining and pastoral communities, to ports ..read more