Economic History, Historical Analysis, and The“New History of Capitalism”

Economic History, Historical Analysis, and The“New History of Capitalism”

Economic History, Historical Analysis, and the“New History of Capitalism” ERIC HILT This article presents a critical survey of ten books from the history of capitalism, a newly HPHUJLQJVXE¿HOGRIKLVWRU\$WWKHLUEHVWWKHERRNVRIIHUSURYRFDWLYHLQVLJKWVDQGYLYLG GHVFULSWLRQVRIVRPHRIWKHGDUNHUHSLVRGHVRIRXUHFRQRPLFSDVW<HWVSHFLRXVDUJXPHQWV DQGIDLOXUHVRIDQDO\WLFDOUHDVRQLQJVRPHWLPHVXQGHUPLQHWKHVHERRNV¶HIIHFWLYHQHVVDV VRFLDOFULWLFLVP,KLJKOLJKWLQVLJKWVIURPWKH¿HOGRIHFRQRPLFKLVWRU\WKDWZRXOGVWUHQJWKHQ WKHZRUNRIKLVWRULDQVRIFDSLWDOLVP,DOVRVXJJHVWVRPHRSSRUWXQLWLHVIRUGLDORJXHLIQRW FROODERUDWLRQEHWZHHQWKHWZRFRPPXQLWLHVRIVFKRODUV FRQRPLFKLVWRU\ZDVRQFHDGHHSO\LQWHUGLVFLSOLQDU\¿HOG7KH(FRQRPLF+LVWRU\ E$VVRFLDWLRQ (+$ ZDV IRXQGHG E\ PHPEHUV RI ERWK WKH $PHULFDQ +LVWRULFDO $VVRFLDWLRQ DQG WKH $PHULFDQ (FRQRPLF $VVRFLDWLRQ DQG WKH HDUO\ YROXPHV RI WKH Journal of Economic HistoryLQFOXGHGQXPHURXVFRQWULEXWLRQVE\KLVWRULDQV%XWRYHU WLPHDVKLVWRULDQV¶LQWHUHVWJUDYLWDWHGWRZDUGFXOWXUDOWRSLFVDQGDVWKH&OLRPHWULFV 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7KLVLVWKHVLJQL¿FDQFHRIWKHQDPHUDWKHUWKDQDGRSWLQJWKHDSSURDFKRIWKH¿HOGRI economic history, which seeks to analyze historical economic behavior, historians of FDSLWDOLVPDVSLUHWRVRPHWKLQJFORVHUWRVRFLDOFULWLFLVP7KH\IRFXVRQWKHKXPDQFRVWV DVVRFLDWHGZLWKKLVWRULFDOHFRQRPLFFKDQJHDQ³DFWLYLVWLPSXOVH´VHHPVWRDQLPDWHWKHLU ZRUN 5RVHQWKDO 7KH³KLVWRU\RIFDSLWDOLVP´ZRXOGVHHPWRGHQRWHDUHVHDUFK DJHQGDIRFXVHGRQZULWLQJWKHKLVWRU\RIFDSLWDOLVPEXWWKLVGRHVQRWFKDUDFWHUL]HWKH QHZ OLWHUDWXUH ZHOO 0RVW RI WKH VFKRODUV SURGXFLQJ LW DUH LQ IDFW $PHULFDQLVWV DQG PDQ\DUHIRFXVHGRQWKHWZHQWLHWKFHQWXU\:LWKIHZH[FHSWLRQVWKHOLWHUDWXUHLVQRW FRQFHUQHGZLWKWKHHDUO\RULJLQVRUGHHSLQVWLWXWLRQDOIRXQGDWLRQVRIFDSLWDOLVPDQGLW GRHVQRWVHHNWRDQDO\]HWKHIXOOHYROXWLRQRIFDSLWDOLVPRYHUWLPH1RQHRIWKHERRNV HYHQGH¿QHVZKDWLVPHDQWE\FDSLWDOLVP%XWWKHQDJDLQFDSLWDOLVPLWVHOILVQRWDFWXDOO\ WKHVXEMHFWRIWKHLUDQDO\VLV,QVWHDGWKHVHZRUNVSUHVHQWDFULWLFDODQDO\VLVRIHFRQRPLF GHYHORSPHQWLQWKHFRQWH[WRIFDSLWDOLVWLQVWLWXWLRQV7KHQDPH³KLVWRU\RIFDSLWDOLVP´ FDOOVDWWHQWLRQWRWKHSUHVHQFHRIFDSLWDOLVPEXWLWVKRXOGPDLQO\EHVHHQDVVLJQLI\LQJ FULWLFDOVRFLDODQDO\VLVE\KLVWRULDQV 7KHWHQERRNVGLVFXVVHGLQWKLVDUWLFOHDUHOLVWHGLQ7DEOHLQWKHRUGHULQZKLFKWKH\ DSSHDULQWKLVHVVD\,VHOHFWHGWKHERRNVZLWKLQSXWIURPKLVWRULDQVRIFDSLWDOLVPDQG ,QGHHG%HFNHUW¶V HVVD\ZKLFKLVVRPHWKLQJRIDFDWDORJXHUDLVRQQpRIWKHKLVWRU\RIFDSLWDOLVP DVLWVWRRGDWWKHWLPHOLVWVHFRQRPLFKLVWRULDQV1DRPL/DPRUHDX[DQG*DYLQ:ULJKWDVDPRQJWKHKLVWRULDQV RIFDSLWDOLVP History of Capitalism TABLE 1 :25.6',6&866(',17+,6(66$< 6ODYHU\&RWWRQDQG&DSLWDOLVP %HFNHUW6YHQEmpire of Cotton: A Global History. &DPEULGJH+DUYDUG8QLYHUVLW\3UHVV %DSWLVW(GZDUGThe Half Has Never Been Told: Slavery and the Making of American Capitalism. 1HZ<RUN%DVLF%RRNV -RKQVRQ:DOWHURiver of Dark Dreams: Slavery and Empire in the Cotton Kingdom &DPEULGJH+DUYDUG8QLYHUVLW\3UHVV )LQDQFH5LVNDQG,QVXUDQFH /HY\-RQDWKDQFreaks of Fortune: The Emerging World of Risk in America&DPEULGJH +DUYDUG8QLYHUVLW\3UHVV :KLWH5LFKDUGRailroaded: The Transcontinentals and the Making of Modern America1HZ <RUN::1RUWRQ +\PDQ/RXLVDebtor Nation: The History of America in Red Ink3ULQFHWRQ3ULQFHWRQ 8QLYHUVLW\3UHVV 2WW-XOLDWhen Wall Street Met Main Street: The Quest for an Investor’s Democracy &DPEULGJH+DUYDUG8QLYHUVLW\3UHVV &RQVHUYDWLYH(FRQRPLF'RFWULQHV 3KLOOLSV)HLQ.LPInvisible Hands: The Businessmen’s Crusade Against the New Deal1HZ <RUN::1RUWRQ %XUQV-HQQLIHUGoddess of the Market: Ayn Rand and the American Right1HZ<RUN2[IRUG 8QLYHUVLW\3UHVV 0RUHWRQ%HWKDQ\To Serve God and Wal-Mart: The Making of Christian Free Enterprise &DPEULGJH+DUYDUG8QLYHUVLW\3UHVV Source$XWKRUFRPSLODWLRQ IURPFRQVXOWDWLRQVRIUHDGLQJOLVWVRIFRXUVHVLQWKH¿HOG(DFKLVZHOOUHJDUGHGDQG VHYHUDOKDYHZRQRQHRUPRUHPDMRUSUL]HV$OWKRXJKQRWDFRPSUHKHQVLYHOLVWWKHWHQ ERRNVDUHTXLWHUHSUHVHQWDWLYHRIWKH¿HOG,KDYHJURXSHGWKHPLQWRWKUHHEURDGWRSLFV VODYHU\FRWWRQDQGFDSLWDOLVP¿QDQFHULVNDQGLQVXUDQFHDQGFRQVHUYDWLYHHFRQRPLF GRFWULQHV 7RJHWKHUWKHERRNVSUHVHQWDFULWLFDODFFRXQWRIWKHGHYHORSPHQWRIWKH$PHULFDQ 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