New Books in Economic and Business History

John is joined by the brilliant and affable Paul Kramer of Vanderbilt (The Blood of Government) to discuss Capitalism: A Global History (Penguin, 2025) by Sven Beckert, Laird Bell Professor of History at Harvard University. With Christine A. Desan (Recall This Book adores her) he is the co-director of the Program on the Study of Capitalism at Harvard University. This builds on his marvelous previous work about the global cotton trade.

John wants to know about the importance of the state as money-maker and underpinner of markets. Paul asks about the key historical ruptures; the conversation goes back a millennium to traders in Aden and in China. Together Paul and Sven speculate on the role violence plays inside the “free” market that capitalist exchange established and now somewhat remarkably sustains. The singular turning-point of the late 19th century (which Sven decided to present in three interwoven chapters) comes in for sustained attention.

Mentioned in the Episode

Christine Desan, Making Money: Coin, Currency, and the Coming of Capitalism (2014)

Ursula Le Guin “We live in capitalism, its power seems inescapable — but then, so did the divine right of kings.” (National Book Foundation Medal speech 2014)

Ferdinand Braudel Afterthoughts on Material Civilization and Capitalism (1979)

Eric Williams, Capitalism and Slavery (1944)

Listen and Read here.

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It’s one of the biggest questions in economic history: How did a richer, more advanced China fall behind Europe? Why was Europe the home of the Industrial Revolution, and not China? And what does that journey tell us about politics and culture?

In Two Paths to Prosperity: Culture and Institutions in Europe and China, 1000–2000 (Princeton UP, 2025), Guido Tabellini, alongside his co-authors, argues that the answer comes from how European and Chinese organized cooperation—through corporations in Europe and through clans in China—and how that shaped each one’s society.

Guido Tabellini is the Intesa Sanpaolo Chair in Political Economics and Vice President at Bocconi University.
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Awash in a sea of rum describes the years between the 1670s and the 1830s in the colonies that would later become Canada. Millions of litres of the sugar-based liquor were imported every year to supply a comparatively small population of colonists and Indigenous people. Why rum, and why so much?Rum was cheap and plentiful. Intimately connected to the West Indian slave plantation complex, rum shipped to early Canada and around the Atlantic World was part of the early modern expansion of intercontinental trade known as the first globalization. Canada in the Age of Rum (McGill-Queen's UP, 2026) by Professor Allan Greer shows what happened to the vast quantities that came to Canadian shores. Rum was especially important to workers in the early Canadian staples industries. Fishermen and fur-trade voyageurs drank rum in massive quantities, supplied on credit and at grossly inflated prices by their employers, an arrangement that served to claw back wages and ensure the profitability of enterprises that would not have been viable otherwise. Traders deliberately sought to get hunting peoples hooked on rum in order to ensure a steady supply of pelts – alcohol was not so much a commodity for sale as it was a gift used to induce hunters to conform to the ways of the capitalist economy. However, Indigenous people drank rum in their own ways and for their own reasons; and when drinking became a serious social problem, they organized to resist it. The story ends in the 1830s when the combined effects of the temperance movement and the rise of whisky led to a sharp decline in rum consumption.This brilliant history follows the thread of a single commodity from West Indian plantations to Newfoundland, Quebec, and the west, revealing rum as a critical lubricant of the social life of early Canada and its particular version of early capitalism.

This interview was conducted by Dr. Miranda Melcher whose 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. You can find Miranda’s interviews on New Books with Miranda Melcher, wherever you get your podcasts.
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Peoples & Things host, Lee Vinsel, and guest host, Paula Bialski, Associate Professor of Digital Sociology at University of St. Gallen, talk to Ben Collier, Senior Lecturer in Digital Methods in the Science, Technology, and Innovation Studies department at the School of Social and Political Science at the University of Edinburgh, about his book, _Tor: From the Dark Web to the Future of Privacy_, as well as some of his other work. The book examines one of the most important and misunderstood technologies of the digital age, Tor, the overlay network that allows for anonymous communication, best known as the infrastructure underpinning the so-called Dark Web. Collier takes a community-centered approach and examines the many different reasons and motivations people become involved in using and maintaining the platform. The trio also talk about various other projects and themes, including Collier’s current project on the visual and aesthetic standardization of public security infrastructure, like barriers and bollards.
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In Precarious Accumulation: Fast Fashion Bosses in Transnational Guangzhou (Duke UP, 2026), the cultural anthropologist Nellie Chu tells the story of the migrant entrepreneurs at the heart of Guangzhou’s fast fashion industry—one of the world’s most dynamic hubs of transnational commodity production. Chu shows how rural Chinese migrants, West African traders, and South Korean jobbers navigate the high-speed, low-margin world of just-in-time garment production that fuels the constant accumulation of wealth via global supply chains. Drawing on fieldwork in Guangzhou’s urban villages and household workshops, Chu outlines how these entrepreneurs’ dreams of economic freedom clash with the reality of precarity and the exclusions of emigre status. Migrant bosses operate within a highly competitive, informal economy where they are both agents and target of exploitation, as they must evade rent collectors, endure racialized policing, and mitigate extortion from security officers and competitors. Chu crucially demonstrates how their efforts generate novel forms of migratory labor, commodity production, and cross-cultural exchange in postsocialist China.

Nellie Chu (email here) is Assistant Professor of Cultural Anthropology at Duke Kunshan University. Her research focuses on transnational and domestic migrant entrepreneurs across the global supply chains of fast fashion in southern China. She has papers published in leading academic journals, including positions: east asia critique, Modern Asian Studies, Culture, Theory, and Critique, and Journal of Modern Craft. Her work can also be found in Made in China Journal, Youth Circulations, and Noema Magazine.

Yadong Li is an anthropologist-in-training. He is a PhD candidate of Socio-cultural Anthropology at Tulane University. More details about his scholarship and research interests can be found here.
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