New Books in Economic and Business History

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Darryl Campbell, "Fatal Abstraction: Why the Managerial Class Loses Control of Software" (W. W. Norton, 2025)
A tech insider explains how capitalism and software development make for such a dangerous mix. Software was supposed to radically improve society. Outdated mechanical systems would be easily replaced; programs like PowerPoint would make information flow more freely; social media platforms like Facebook would bring people together; and generative AI would solve the world’s greatest ills. Yet in practice, few of the systems we looked to with such high hopes have lived up to their fundamental mandate. In fact, in too many cases they’ve made things worse, exposing us to immense risk at the societal and the individual levels. How did we get to this point? In Fatal Abstraction: Why the Managerial Class Loses Control of Software (W. W. Norton, 2025), Darryl Campbell shows that the problem is “managerial software”: programs created and overseen not by engineers but by professional managers with only the most superficial knowledge of technology itself. The managerial ethos dominates the modern tech industry, from its globe-spanning giants all the way down to its trendy startups. It demands that corporate leaders should be specialists in business rather than experts in their company’s field; that they manage their companies exclusively through the abstractions of finance; and that profit margins must take priority over developing a quality product that is safe for the consumer and beneficial for society. These corporations rush the development process and package cheap, unproven, potentially dangerous software inside sleek and shiny new devices. As Campbell demonstrates, the problem with software is distinct from that of other consumer products, because of how quickly it can scale to the dimensions of the world itself, and because its inner workings resist the efforts of many professional managers to understand it with their limited technical background. A former tech worker himself, Campbell shows how managerial software fails, and when it does what sorts of disastrous consequences ensue, from the Boeing 737 MAX crashes to a deadly self-driving car to PowerPoint propaganda, and beyond. Yet just because the tech industry is currently breaking its core promise does not mean the industry cannot change, or that the risks posed by managerial software should necessarily persist into the future. Campbell argues that the solution is tech workers with actual expertise establishing industry-wide principles of ethics and safety that corporations would be forced to follow. Fatal Abstraction is a stirring rebuke of the tech industry’s current managerial excesses, and also a hopeful glimpse of what a world shaped by good software can off. Alfred Marcus is Edson Spencer Professor at the Carlson School of Management, University of Minnesota. Learn more about your ad choices. Visit megaphone.fm/adchoices
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1:09:28
Odd Arne Westad and Chen Jian, "The Great Transformation: China's Road from Revolution to Reform" (Yale UP, 2024)
In 1968, Mao Zedong launched the Cultural Revolution, asserting his control of China 15 years later, Deng Xiaoping launched the reform and opening up period, putting China on the path to becoming an economic powerhouse. But what happens in between these two critical periods of Chinese history? How does China go from Mao's Cultural Revolution to Deng's embrace of reforms? Odd Arne Westad and Chen Jian together fill in this history in The Great Transformation: China's Road from Revolution to Reform (Yale University Press: 2024) Odd Arne Westad is the Elihu Professor of History and Global Affairs at Yale University. His books include The Global Cold War: Third World Interventions and the Making of Our Times (Cambridge University Press: 2012), winner of the Bancroft Prize, and Restless Empire: China and the World since 1750 (Basic Books: 2012). Chen Jian is Distinguished Global Network Professor of History at NYU and NYU Shanghai and Hu Shih Professor of History Emeritus at Cornell University. His books include China’s Road to the Korean War (Columbia University Press: 1994), Mao’s China and the Cold War (The University of North Carolina Press: 2001), and Zhou Enlai: A Life (Harvard University Press: 2024). You can find more reviews, excerpts, interviews, and essays at The Asian Review of Books, including its review of The Great Transformation. Follow on Twitter at @BookReviewsAsia. Nicholas Gordon is an editor for a global magazine, and a reviewer for the Asian Review of Books. He can be found on Twitter at @nickrigordon. Learn more about your ad choices. Visit megaphone.fm/adchoices
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41:03
Jack Copley, "Governing Financialization: The Tangled Politics of Financial Liberalization in Britain" (Oxford UP, 2022)
One of the most distinctive aspects of global capitalism in the last half century or so has been the increased role of the financial sector in the global economy, especially in the advanced industrial economies of the Global North. The profitability and market capitalization of firms in the financial sector have increased immensely, firms that originated in the real economy have diversified into financial activities, cross-border financial flows have limited the policy autonomy of national governments, and the value of financial assets has driven increasing global inequality. How did the financial sector come to occupy such an important position in the global economy? My guest today, the political economist Jack Copley, addresses this question by going back to the archives to investigate why the British government implemented key reforms associated with financial liberalization during the 1970s and 1980s. In Governing Financialization: The Tangled Politics of Financial Liberalization in Britain (Oxford UP, 2022), he shows that financialization did not result from some grand ideologically-driven policy agenda, nor did it result from the actions of far-sighted omnipotent state managers automatically adjusting the course of the British economy in the face of increased manufacturing competition. Rather, he argues that financial liberalization in the UK resulted from policymakers attempting to muddle through from one crisis to the next by balancing competing imperatives to enhance the country’s competitive position in the global economy while maintaining social and political order domestically. Short-term efforts to put out economic fires drove financial liberalization, rather than grand ideological designs or automatic adjustment to changing circumstances. Jack Copley is an assistant professor in international political economy at Durham University in the UK. Learn more about your ad choices. Visit megaphone.fm/adchoices
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44:52
Chloe Ahmann, "Futures After Progress: Hope and Doubt in Late Industrial Baltimore" (U Chicago Press, 2024)
Factory fires, chemical explosions, and aerial pollutants have inexorably shaped South Baltimore into one of the most polluted places in the country. In Futures After Progress: Hope and Doubt in Late Industrial Baltimore (U Chicago Press, 2024), anthropologist Chloe Ahmann explores the rise and fall of industrial lifeways on this edge of the city and the uncertainties that linger in their wake. Writing from the community of Curtis Bay, where two hundred years of technocratic hubris have carried lethal costs, Ahmann also follows local efforts to realize a good future after industry and the rifts competing visions opened between neighbors. Examining tensions between White and Black residents, environmental activists and industrial enthusiasts, local elders and younger generations, Ahmann shows how this community has become a battleground for competing political futures whose stakes reverberate beyond its six square miles in a present after progress has lost steam. And yet—as one young resident explains — “that’s not how the story ends.” Rigorous and moving, Futures after Progress probes the deep roots of our ecological predicament, offering insight into what lies ahead for a country beset by dreams deferred and a planet on the precipice of change. Futures after Progress is available in Open Access here.Mentioned in this episode: Ahmann, Chloe and Anand Pandian. 2024. “The Fight Against Incineration is a Chance to Right Historic Wrongs.” Baltimore Beat, June 26. Ahmann, Chloe. 2024. “Curtis Bay Residents Deserve a Coal-free Future.” Baltimore Sun, February 18. Boym, Svetlana. 2007. “Nostalgia and Its Discontents.” Hedgehog Review 9(2). Butler, Octavia. 1993. Parable of the Sower. New York: Grand Central Publishing. Butler, Octavia. 1998. Parable of the Talents. New York: Grand Central Publishing. Nixon, Rob. 2011. Slow Violence and the Environmentalism of the Poor. Harvard University Press. South Baltimore Community Land Trust. https://www.sbclt.org/ Weston, Kath. 2021. “Counterfactual Ethnography: Imagining What It Takes to Live Differently.” AIBR: Revista de Antropología Iberoamericana 16(3): 463–87. Chloe Ahmann is Assistant Professor of Anthropology at Cornell University. Her work explores what efforts to think and enact environmental futures look like from the sedimented space of late industrialism. Liliana Gil is Assistant Professor of Comparative Studies (STS) at The Ohio State University. [please link my name. Special thanks to Brittany Halley, Nikoo Karimi, Abigail Musch, Kate Roos, and Koray Sackan, who helped prepare this interview in the Comparative Studies Seminar in Technology and Culture. Learn more about your ad choices. Visit megaphone.fm/adchoices
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36:32
Laleh Khalili, "Extractive Capitalism: How Commodities and Cronyism Drive the Global Economy" (Profile Books, 2025)
Whether it's pumping oil, mining resources or shipping commodities across oceans, the global economy runs on extraction. Promises of frictionless trade and lucrative speculation are the hallmarks of our era, but the backbone of globalisation is still low-cost labour and rapacious corporate control. Extractive capitalism is what made - and is still making - our unequal world. In Extractive Capitalism: How Commodities and Cronyism Drive the Global Economy (Verso, 2025) Professor Laleh Khalili reflects on the hidden stories behind late capitalism, from seafarers abandoned on debt-ridden container ships to the nefarious reach of consultancy firms and the cronyism that drives record-breaking profits. Piercing, wry and constantly revealing, Extractive Capitalism brings vividly to light the dark truths behind the world's most voracious industries. This interview was conducted by Dr. Miranda Melcher whose new 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 episodes on New Books with Miranda Melcher, wherever you get your podcasts. Learn more about your ad choices. Visit megaphone.fm/adchoices
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