New Books in Economic and Business History

Jeremy Adelman’s The Capitalist Era: The Making—and Unmaking—of the Global Mind (Princeton University Press, 2026) puts the world’s current unwinding in much-needed historical perspective. Combining political, economic, intellectual, and environmental history, the book tells the epic story of the forces that, since the late eighteenth century, have transformed the world into a single but fractured survival unit that is integrated by exchange and flow, yet divided by suspicion and fear. It is a story of hopes for universal peace, panic over planetary destruction, and debates, policies, and media that have shaped how people view one another across distances and borders.

The Capitalist Era chronicles how global integration compelled people from different parts of the world to reckon with what it means to need each other for resources or recognition without knowing one another, and it describes the confrontations and experiments that have shaped the world through periods of integration and disintegration over the past two centuries. Rejecting simplistic determinisms about inevitable peace or inescapable doom, this book illuminates the brittle unity of today’s world.
The author, Jeremy Adelman, is the Henry Charles Lea Professor Emeritus of History at Princeton University and the Director of the Global History Lab at Cambridge University.
The host, Elisa Prosperetti, is an Assistant Professor of African and global history at NIE/NTU in Singapore. She is the author of An Anticolonial Development: Race, Schooling, and Emancipation in Twentieth-Century West Africa (Cambridge University Press, 2026).

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The twelfth century was a pivotal time in Japan’s history. It witnessed intense factionalism at the imperial court in Kyoto, Japan’s first national civil war, and above all the rise of warriors to national prominence, culminating with the establishment of Japan’s first warrior government, the Kamakura Shogunate. This dramatic power shift has understandably dominated historical debates. However, focusing almost exclusively on military and political narratives led scholarship to overlook the extraordinary economic transformation that unfolded in parallel.

Beginning in the mid-twelfth century, Japan transformed from a rice economy to one based on cash coins imported from China. For the next three centuries, transactions, tax collections, and even fines were expressed in terms of copper coins, which in turn spurred the emergence of trade cities, new classes of merchants and artisans, and the establishment of guilds. And yet not a single coin was issued in Japan. This “minting-less” monetization seemingly stood in sharp contrast to developments in medieval Europe, where monetization went hand in hand with rulers who struck their own coins.

In The Disease of Money: Japan’s Monetization in the Early Middle Ages (U Hawai’i Press, 2026), Dr. Mikael Adolphson offers an analysis of this initial import of Chinese coins and its subsequent monetization through three lenses. First, he provides a contextual and macroeconomic explanation by looking at the context of East Asian trade, where the political and economic developments in Song China also played an especially vital role. Second, the matter of agency behind the import of and demand for coins is dealt with in depth, revealing that several groups played key roles, but above all that Chinese merchants were the most influential agents. Finally, in an effort to put Japan’s medieval monetization into a disciplinary perspective, a comparison is made with Scandinavia around the same time. It shows that while Japan took a different route to its monetization, there were also comparable situations in Europe.

By moving beyond the warrior-centric view, The Disease of Money uncovers a richer, more complex portrait of medieval Japan—one of innovation, adaptation, and global economic connectivity.
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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We tend to talk about globalisation as if it arrived with container ships, multinationals and the internet. Christopher Meissner’s One from the Many: The Global Economy since 1850 (Oxford UP, 2024) argues that it has a far longer and messier history. In my latest New Books Network interview, I put that history, and some of its biggest open questions, to him.
A book for a nervous moment
Tariffs, industrial policy, “economic security” and the relocation of supply chains have revived the argument that globalisation is going into reverse. Meissner, Professor of Economics at UC Davis and a Research Associate at the NBER, takes the long view. Trade, capital and migration surged between 1850 and 1914, collapsed between the wars, and were rebuilt after 1945. His conclusion is that globalisation is hard to kill, but not guaranteed to survive. That depends on political choices and international cooperation.

If you teach economics, history or political science, or simply want to know whether today’s headlines signal the end of globalisation, this book and this conversation are for you.
What we talk about
Why the first globalisation happened, and what a Briton, an Argentine or an American in 1900 would have made of today’s world
Migration: we have liberalised goods and capital far more than people, so how much does that limit globalisation’s power to reduce inequality?
Whether backlash was always built into globalisation, or whether wars and shocks brought it down, and what that means for today’s politics
The Great Depression and the question of leadership: can the world economy function without a power willing to underwrite it?
The paradox of the US dollar, and why capital flows towards the richest economy rather than the poorest
What evidence would convince Chris that “this time really is different”
Writing a first book, and why economics works best inside history rather than bolted on beside it.

Some of these questions came from my own students, where the book is now core reading. They like it because it explains long-run change while making formal theory accesible.
What other reviewers say
Barry Eichengreen, in Foreign Affairs, praised its clarity and concision across nearly two centuries. In Good Reads, Jason Furman called it a reliable, readable history, well grounded in the research literature. Donald Boudreaux, in The Independent Review, judged it an admirable survey of key events and theories, although he took issue with some analytical choices. That makes it a useful starting point for readers who want to form their own view.

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How Henry Ford institutionalized a social gospel Henry Ford did not just mass produce cars.
As a member of the Episcopal Church, reader of New Thought texts, believer in the “gospel of reincarnation,” mass marketer of antisemitic material, and employer who institutionalized a social gospel, Henry Ford’s contributions to American models of business were informed by and produced for an America he understood to be broadly Christian. Though Ford’s efforts at the head of the Ford Motor Company have commonly been understood as secular, Ford himself was explicit that his work in engineering and auto production was prophetic and meant to remake the world. This religious history of Henry Ford and the Ford Motor Company repositions them within critical studies of religion, examining how Ford transformed American religious practice in the twentieth century. Drawing directly on documents from Ford’s archive, Assembling Religion: The Ford Motor Company and the Transformation of Religion in America (NYU Press, 2025) examines Ford’s mass production methods and bureaucratic reforms as examples of prosperity gospel traditions, illuminating the ways manufacturing and technology intersect with American religious practice. Bridging American religious and industrial history, Assembling Religion offers a new and surprising way to understand Ford’s impact on culture, commerce, and the technology of labor.

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In the first half of the twentieth century, Asia's colonial trade, commerce, and enterprise pivoted on five cities- Shanghai, Hong Kong, Singapore, Calcutta, and Bombay. Today, among these, only Calcutta no longer plays a significant role in the Asian or global economy. Why? Agents of Inertia: Business, Urban Crisis, and Economic Decline in Twentieth-Century Calcutta (Cambridge UP, 2026) answers this question by investigating how Calcutta's British and Indian businesses have engaged with the city's infrastructural and economic challenges. It throws up a startling result: through the first seven decades of twentieth century, Calcutta's businesses, in contrast to their counterparts elsewhere, staunchly resisted several measures that intended to update and improve the city's infrastructure. It is this resistance, Agents of Inertia argues, that led to Calcutta's postcolonial urban crisis and contributed to capital- flight and economic decline. One of the first full-length monographs on Calcutta's postcolonial urban-economic decline, it shows how big businesses not only make but can also break a city's fortunes.

Gaurav C. Garg is a historian of modern South Asia, cities, mountains, and international development at Ashoka University, Delhi NCR.

Soumyadeep Guha is a fifth-year PhD student in the History Department at Binghamton University, New York. He is interested in historical research focusing on themes such as Agrarian/Environmental History, History of Science and Tech, Global History, and their intersections. His prospective dissertation questions are on the pre-history of the ‘Green Revolution’ in Eastern India.

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