The first history of the involvement of American business in direct foreign investment explores a number of pertinent questions: What was the genesis of U.S. business interests in overseas markets? What perspectives guided the financial and social policies of the pioneering companies? In what way did the activities of American business abroad influence U.S. foreign policy?

Mira Wilkins recounts the histories of early foreign investment by such familiar companies as Singer, United Fruit, Edison, American Smelting and Refining, Anaconda Copper, American Telephone, and International Harvester. Refuting a well-established myth, she demonstrates that early American foreign investment was not confined to the extractive industries and utilities, and shows that, by 1914, while America remained a debtor nation in international accounts, a large number of U.S. multinational manufacturing corporations had already come into existence. Indeed, the percentage of the 1914 gross national product attributed to direct foreign investment equals that percentage of the 1966 GNP.

Though wholly self-contained, this works joins with the author’s subsequent volume, The Maturing of Multinational Enterprise: American Business Abroad from 1914 to 1970, to form the first overall history of American business abroad from our earliest times to the late twentieth century.

Why should manufacturing firms in many national industries maintain multiple small scale plants when they might produce the same output at a lower unit cost in a single large establishment? What specific benefits are attained through the operation of multiple plants? To address these questions, the authors conducted 125 in-depth interviews with businessmen actively involved in plant size and multi-plant operating decisions. They investigated the experience of twelve industries in six countries (West Germany, France, the United Kingdom, Sweden, Canada, and the United States).

The authors develop an economic theory of plant size and multi-plant decisions and apply it to analyze the statistical and qualitative evidence on factors affecting plant size choices. They then examine the extent of multi-plant operation, its statistical correlate, and the economy actually or potentially realizable from various modes of multi-plant operation. Implications are drawn from antitrust and foreign trade policy, the evolution of scientific business management, and the development of industrial organization knowledge.

Why—contrary to much expert and popular opinion—more education may not be the answer to skyrocketing inequality.

For generations, Americans have looked to education as the solution to economic disadvantage. Yet, although more people are earning degrees, the gap between rich and poor is widening. Cristina Groeger delves into the history of this seeming contradiction, explaining how education came to be seen as a panacea even as it paved the way for deepening inequality.

The Education Trap returns to the first decades of the twentieth century, when Americans were grappling with the unprecedented inequities of the Gilded Age. Groeger’s test case is the city of Boston, which spent heavily on public schools. She examines how workplaces came to depend on an army of white-collar staff, largely women and second-generation immigrants, trained in secondary schools. But Groeger finds that the shift to more educated labor had negative consequences—both intended and unintended—for many workers. Employers supported training in schools in order to undermine the influence of craft unions, and so shift workplace power toward management. And advanced educational credentials became a means of controlling access to high-paying professional and business jobs, concentrating power and wealth. Formal education thus became a central force in maintaining inequality.

The idea that more education should be the primary means of reducing inequality may be appealing to politicians and voters, but Groeger warns that it may be a dangerous policy trap. If we want a more equitable society, we should not just prescribe more time in the classroom, but fight for justice in the workplace.

This book provides a systematic and coherent framework for understanding the interactions between the micro and macro dimensions of economic adjustment policies; that is, it explores short-run macroeconomic management and structural adjustment policies aimed at promoting economic growth. It emphasizes the importance of structural microeconomic characteristics in the transmission of policy shocks and the response of the economy to adjustment policies. It has particular relevance to the economics of developing countries.

The book is directed to economists interested in an overview of the economics of reform; economists in international organizations, such as the UN, the IMF, and the World Bank, dealing with development; and economists in developing countries. It is also a text for advanced undergraduate students pursuing a degree in economic policy and management and students in political science and public policy.

At least since Athenian trade sanctions helped to spark the Peloponnesian War, economic coercion has been a prominent tool of foreign policy. In the modern era, sovereign states and multilateral institutions have imposed economic sanctions on dictatorial regimes or would-be nuclear powers as an alternative to waging war. They have conditioned offers of aid, loans, and debt relief on recipients’ willingness to implement market and governance reforms. Such methods interfere in freedom of trade and the internal affairs of sovereign states, yet are widely used as a means to advance human rights. But are they morally justifiable?

Cécile Fabre’s Economic Statecraft: Human Rights, Sanctions, and Conditionality provides the first sustained response to that question. For millennia, philosophers have explored the ethics of war, but rarely the ethics of economic carrots and sticks. Yet the issues raised could hardly be more urgent. On what grounds can we justify sanctions, in light of the harms they inflict on civilians? If, as some argue, there is a human right to basic assistance, should donors be allowed to condition the provision of aid on recipients’ willingness to do their bidding?

Drawing on human rights theories, theories of justifiable harm, and examples such as IMF lending practices and international sanctions on Russia and North Korea, Fabre offers a defense of economic statecraft in some of its guises. An empirically attuned work of philosophy, Economic Statecraft lays out a normative framework for an important tool of diplomacy.

Environmental Land Use Planning and Management is a unique new textbook that presents a diverse, comprehensive, and coordinated approach to issues of land use planning and management and their impacts on the environment. It builds on recent advances in environmental science, engineering, and geospatial information technologies to provide students with the scientific foundation they need to understand both natural land systems and engineering approaches that can mitigate impacts of land use practices. While offering a base of knowledge in planning theory and natural science, its primary emphasis is on describing and explaining emerging approaches, methods, and techniques for environmental land use planning, design, and policy.

The book is divided into two parts. Part I, "Environmental Land Use Management," introduces broad concepts of environmental planning and describes management approaches. Those approaches include collaborative environmental management, land conservation, environmental design, government land use management, natural hazard mitigation, and ecosystem and watershed management. Part II, "Environmental Land Use Principles and Planning Analysis," focuses on land analysis methods, such as geospatial data and geographic information systems (GIS); soils and slope analysis; assessment of stormwater quantity and quality; land use and groundwater protection; ecological assessment for vegetation, wetlands, and habitats; and integrated analytical techniques like land suitability analysis, carrying capacity studies, and environmental impact assessment.

Environmental Land Use Planning and Managementoffers a unique interdisciplinary perspective with an emphasis on application. It is an important new text for advanced undergraduate and graduate courses in environmental planning, landscape architecture, geography, environmental studies, and natural resource management, and a valuable resource for professionals and others concerned with issues of environmental planning and land use.

Recent agricultural reforms in the People's Republic of China have generated great interest in the ability of the Chinese state, traditional and modern, to accommodate rapid economic change. Exhausting the Earth examines an earlier period—from the late Ming to the mid-Qing era marked by tremendous population growth, extension of the market, and increases in agricultural productivity.

Peter C. Perdue describes the relationship between agricultural production and state policies toward taxation, land clearance, dike-building; property rights, and agriculture in Hunan. During the late seventeenth and early eighteenth centuries, Hunan changed from a peripheral, sparsely populated region into a crowded, highly commercialized, grain-exporting province. State policies had stimulated this growth, but by the early nineteenth century serious signs of overpopulation, social conflict, and ecological exhaustion had surfaced. Local officials were conscious of these dangers, but the influence of the state on the economy was so weakened that they could not alter the ominous trends. The stage was set for the disintegration and rebellion of the nineteenth century. This in-depth study of official policies in one region over a long stretch of time illuminates the dynamics of official initiatives and local response.

A quiet revolution came to corporate America during the late 1980s and early 1990s. Large shareholders—pension funds, insurance companies, money manages, and commercial banks—exercised new-found muscle, pressuring senior managers to improve disappointing financial results by reshaping their organization. Michael Useem reveals how those investor pressures have transformed the inside structures of many corporations, better aligning them with shareholder interest.

Useem draws on numerous sources, including interviews with senior managers and intensive studies of seven large corporations representing a range of restructuring experiences and industries—including pharmaceuticals, transportation, chemicals, retailing, electronics, and financial services. He shows that organizational changes have affected many areas of corporate life: headquarters staffs have been reduced authority has filtered down to operating units, and compensation has become more closely tied to performance. Change also extends to corporate governance, where managers have fought back by seeking legal safeguards against takeovers and by staggering board terms. They’ve also put significant resources into building more effective relations with shareholders.

As Useem demonstrates, this revolution has reached beyond the corporation, influencing American politics and law. As increasing ownership concentration has caused companies to focus more attention on shareholders, corporate political agendas have shifted from fighting government regulation to resisting shareholder intrusion.

Free-market capitalism, hegemony, Western culture, peace, and democracy—the ideas that shaped world politics in the twentieth century and underpinned American foreign policy—have lost a good deal of their strength. Authority is now more contested and power more diffuse. Hegemony (benign or otherwise) is no longer a choice, not for the United States, for China, or for anyone else.

Steven Weber and Bruce Jentleson are not declinists, but they argue that the United States must take a different stance toward the rest of the world in this, the twenty-first century. Now that we can’t dominate others, we must rely on strategy, making trade-offs and focusing our efforts. And they do not mean military strategy, such as “the global war on terror.” Rather, we must compete in the global marketplace of ideas—with state-directed capitalism, with charismatic authoritarian leaders, with jihadism. In politics, ideas and influence are now critical currency.

At the core of our efforts must be a new conception of the world order based on mutuality, and of a just society that inspires and embraces people around the world.

The safety of the work place is now a highly visible public issue. Many are calling for tighter regulation to reduce worker risk, while others feel government intervention is ineffective and costly. Here Kip Viscusi explores how well markets for hazardous jobs actually work. According to classical economics, other things being equal, a worker will demand more pay for a hazardous job than a safe one. However, this assumes that job related hazards are known, when often they are not. Using recent advances in the economics of information, Viscusi develops a theory of individual responses to job hazards under conditions of uncertainty.

His assumptions are that hazards are uncertain events and that learning about them is a process that takes place over time. He then employs this analysis to study the performance of job markets in matching persons and jobs and in compensating persons for exposure to hazards. Finally he tests his adaptive model of the decision to quit and finds substantial evidence that risks are indeed reflected in wage differentials and quit behavior.

A rare study of labor migration in the Global South, Ethnic Dissent and Empowerment answers essential questions about why nations export and import migrant workers and how the workers protect themselves not only within the system, but by circumventing it altogether.

The century-long process by which a distinct pattern of Japanese labor relations evolved is traced through the often turbulent interactions of workers, managers, and, at times, government bureaucrats and politicians. The author argues that, although by the 1920s labor relations had reached a stage that foreshadowed postwar development, it was not until the 1940s and 1950s that something closely akin to the contemporary pattern emerged.

The central theme is that the ideas and actions of the workers, whether unionized or not, played a vital role in the shaping of the system. This is the only study in the West that demonstrates how Japanese workers sought to change and to some extent succeeded in changing the structure of factory life. Managerial innovations and the efforts of state bureaucrats to control social change are also examined.

The book is based on extensive archival research and interviewing in Japan, including the use of numerous labor-union publications and the holdings of the prewar elite’s principal organization for the study of social issues, the Kyochokai (“Association for Harmonious Cooperation”)—both collections having only recently been catalogued and opened to scholars. This is an intensive look at past developments that underlie labor relations in today’s Japanese industrial plants.

Originally delivered as the Stegner Lecture at the 2020 annual symposium of the Wallace Stegner Center for Land, Resources and the Environment, this book explores how, in the context of the broad global trends of population growth, climate crisis, and inequitable food availability, food systems need to be re-oriented to ensure they can produce enough food to nourish the world. Fanzo discusses moving toward on-farm sustainable food production practices, decreasing food loss and waste, addressing poverty by creating jobs and decent livelihoods, and providing safe, affordable, and healthy diets for everyone. At the same time, food systems must decrease the pressure on biodiversity loss, conserve land and water resources, minimize air and water pollution, and lower greenhouse gas emissions.

The practice of reading aloud has a long history, and the tradition still survives in Cuba as a hard-won right deeply embedded in cigar factory workers' culture. In El Lector, Araceli Tinajero deftly traces the evolution of the reader from nineteenth-century Cuba to the present and its eventual dissemination to Tampa, Key West, Puerto Rico, and Mexico. In interviews with present-day and retired readers, she records testimonies that otherwise would have been lost forever, creating a valuable archive for future historians.

Through a close examination of journals, newspapers, and personal interviews, Tinajero relates how the reading was organized, how the readers and readings were selected, and how the process affected the relationship between workers and factory owners. Because of the reader, cigar factory workers were far more cultured and in touch with the political currents of the day than other workers. But it was not only the reading material, which provided political and literary information that yielded self-education, that influenced the workers; the act of being read to increased the discipline and timing of the artisan's job.

Although alcohol is generally forbidden in Muslim countries, beer has been an important part of Egyptian identity for much of the last century. Egypt’s Stella beer (which only coincidentally shares a name with the Belgian beer Stella Artois) became a particularly meaningful symbol of the changes that occurred in Egypt after British Occupation.

Weaving cultural studies with business history, Egypt’s Beer traces Egyptian history from 1880 to 2003 through the study of social, economic, and technological changes that surrounded the production and consumption of Stella beer in Egypt, providing an unparalleled case study of economic success during an era of seismic transformation. Delving into archival troves—including the papers of his grandfather, who for twenty years was CEO of the company that produced Stella—Omar D. Foda explains how Stella Beer achieved a powerful presence in all popular forms of art and media, including Arabic novels, songs, films, and journalism. As the company’s success was built on a mix of innovation, efficient use of local resources, executive excellence, and shifting cultural dynamics, this is the story of the rise of a distinctly Egyptian “modernity” seen through the lens of a distinctly Egyptian brand.

It is often alleged that late Victorian businessmen in Britain displayed little of the vigor of their fathers in competition with the new industrial powers of the late nineteenth century, Germany and the United States. This allegation has been the foundation for a great many interpretations of the end of British domination over the world's economic life and of the economic difficulties that Britain has faced subsequently.

The British iron and steel industry is taken traditionally as the prime example of entrepreneurial decline. Mr. McCloskey shows, however, that businessmen in the industry performed on most counts as well as their German and American counterparts. The lack of evidence of entrepreneurial failure in the industry casts serious doubt on the importance of the entrepreneurial factor in Britain's relative decline. It suggests, indeed, that the supposed failure was a mere reflex of Britain's early attainment of economic maturity and the contemporaneous drive to maturity of Germany and the United States.

McCloskey uses relatively uncomplicated economic tools to establish these points. The central tool is the measurement of total factor productivity in the iron and steel industry in Britain and abroad. It is supplemented by analyses of supply and demand (to remove the influence of slowly growing demand at home from the record of the British industry): of the profitability of adopting the basic open hearth process of steelmaking (to show that the slowness of Britain to adopt it-which has been the keystone of the case for entrepreneurial failure-was economically rational); and of the competitiveness of the industry's markets (to validate use of these simple tools).

The book is based on a thorough study of the trade newspapers of the industry, its scientific journals, its statistical annuals, and the many reports of the British government and contemporary observers on its activities. It combines, therefore, the virtues of the "old" and the 'new" economic history. And although the book is historical, its conclusions are relevant to any study of economic growth past or present, in particular to the study of the role of entrepreneurship.

This book, a revision of Mr. McCloskey's Ph.D. dissertation, was awarded the David A. Wells Prize for l970-7l. The author is Associate Professor of Economics, The University of Chicago.

Mexico's export assembly industry has been the object of an intensely polarized debate. While some observers laud the maquiladora industry as a source of much-needed employment and foreign exchange for Mexico, others berate it as a vehicle for exploitation and pollution. Exports and Local Development attempts to transcend the dichotomy by taking a practical look at how this export industry could be better utilized to promote local development.

Using data gathered from a field survey of more than seventy maquiladora plants, Patricia A. Wilson compares the Mexican industry with its more successful Asian counterparts to determine how policy initiatives might help Mexico use local linkages to tap the potential of both local and foreign-owned assembly plants.

The study grounds its analysis of the maquiladora industry in leading-edge issues including the rise of free trade, changing corporate sourcing strategies, the competitiveness of U.S. manufacturing, the Japanese challenge, the spread of flexible technology and management methods, the impacts of export-led development strategies, the importance of business networking, and the role of small business. It will be of interest to a wide audience in international business, economic development planning, public policy, and economic geography.

This book charts the vicissitudes of a rural community of papermakers in Sichuan. The process of transforming bamboo into paper involves production-related and social skills, as well as the everyday skills that allowed these papermakers to survive in an era of tumultuous change. The Chinese revolution—understood as a series of interconnected political, social, and technological transformations—was, Jacob Eyferth argues, as much about the redistribution of skill, knowledge, and technical control as it was about the redistribution of land and political power.

The larger context for this study is the “rural–urban divide”: the institutional, social, and economic cleavages that separate rural people from urbanites. This book traces the changes in the distribution of knowledge that led to a massive transfer of technical control from villages to cities, from primary producers to managerial elites, and from women to men. It asks how a vision of rural people as unskilled has affected their place in the body politic and contributed to their disenfranchisement. By viewing skill as a contested resource, subject to distribution struggles, it addresses the issue of how revolution, state-making, and marketization have changed rural China.

More than any other single group of individuals, the Boston Associates were responsible for the sweeping economic transformation that occurred in New England between 1815 and 1861. Through the use of the corporate form, they established an extensive network of modern business enterprises that were among the largest of the time. Their most notable achievement was the development of the Waltham-Lowell system in the textile industry, but they were also active in transportation, banking, and insurance, and at the same time played a major role in philanthropy and politics.

Evaluating each of these efforts in turn and placing the Associates in the context of the society and culture that produced them, the author convincingly explains the complex motives that led the group to undertake initiatives on so many different fronts. Dalzell shows that men like Francis Cabot Lowell, Nathan Appleton, and Amos and Abbott Lawrence are best understood as transitional figures. Although they used modern methods when it suited their interest, they were most concerned with protecting the positions they had already won at the top of a traditional social order. Thus, for all the innovations they sponsored, their commitment to change remained both partial and highly selective. And while something very like an industrial revolution did occur in New England during the nineteenth century, paradoxically the Associates neither sought nor welcomed it. On the contrary, as time passed they became increasingly preoccupied with combating the forces of change.

In addition to the light it sheds on a crucial chapter of business history, this gracefully written study offers fresh insights into the role and attitudes of elites during the period. Furthermore it contradicts some of the prevailing thought about entrepreneurial behavior in the early phases of industrialization in America.

One of the most striking features of contemporary industrial economies is their ability to offer an ever-expanding and improving range of products. Personal computers, tiny pacemakers, digital watches, and VCRs simply did not exist, and were not even dreamt of, only a few decades ago. Such product innovations play an increasingly important role in modern economic growth, and it is therefore imperative that economists come to grips with them, just as they have done with traditional economic phenomena.

In this skillfully crafted and imaginative study, Manuel Trajtenberg develops the tools to quantify and analyze the notion of product innovation. He argues persuasively that the magnitude of an innovation should be equated with the social benefits that it generates. Drawing from the "characteristics approach" to demand theory and the econometrics of discrete choice, he presents an ingenious method to estimate the benefits from product innovations that accrue to the consumer over time. His method centers on consumer preferences for different product attributes -such as speed and size of memory in computers-and then uses those preferences to evaluate the changes in attributes.

Trajtenberg applies his approach to the study of one of the most remarkable innovations in medical technology--Computed Tomography (CT) scanners. He assembled for that purpose an impressive set of data on every aspect of the new technology, from qualities and prices, patents and research, to details on virtually every sale in the United States during the decade following the introduction of CT in 1973. This close-up view of an innovation, quite rare in economic literature, offers valuable insights on the nature of the innovative process, the interaction between innovation and diffusion, the effects of uncertainty about quality, and the implications of changing preferences.

“A landmark book…[a] bold reframing of the history of the British Empire.”
—Caroline Elkins, Foreign Affairs

An award-winning historian places the corporation—more than the Crown—at the heart of British colonialism, arguing that companies built and governed global empire, raising questions about public and private power that were just as troubling four hundred years ago as they are today.

Across four centuries, from Ireland to India, the Americas to Africa and Australia, British colonialism was above all the business of corporations. Corporations conceived, promoted, financed, and governed overseas expansion, making claims over territory and peoples while ensuring that British and colonial society were invested, quite literally, in their ventures. Colonial companies were also relentlessly controversial, frequently in debt, and prone to failure. The corporation was well-suited to overseas expansion not because it was an inevitable juggernaut but because, like empire itself, it was an elusive contradiction: public and private; person and society; subordinate and autonomous; centralized and diffuse; immortal and precarious; national and cosmopolitan—a legal fiction with very real power.

Breaking from traditional histories in which corporations take a supporting role by doing the dirty work of sovereign states in exchange for commercial monopolies, Philip Stern argues that corporations took the lead in global expansion and administration. Whether in sixteenth-century Ireland and North America or the Falklands in the early 1980s, corporations were key players. And, as Empire, Incorporated makes clear, venture colonialism did not cease with the end of empire. Its legacies continue to raise questions about corporate power that are just as relevant today as they were 400 years ago.

Challenging conventional wisdom about where power is held on a global scale, Stern complicates the supposedly firm distinction between private enterprise and the state, offering a new history of the British Empire, as well as a new history of the corporation.

"Globalization" is here. Signified by an increasingly close economic interconnection that has led to profound political and social change around the world, the process seems irreversible. In this book, however, Harold James provides a sobering historical perspective, exploring the circumstances in which the globally integrated world of an earlier era broke down under the pressure of unexpected events.

James examines one of the great historical nightmares of the twentieth century: the collapse of globalism in the Great Depression. Analyzing this collapse in terms of three main components of global economics--capital flows, trade, and international migration--James argues that it was not simply a consequence of the strains of World War I but resulted from the interplay of resentments against all these elements of mobility, as well as from the policies and institutions designed to assuage the threats of globalism. Could it happen again? There are significant parallels today: highly integrated systems are inherently vulnerable to collapse, and world financial markets are vulnerable and unstable. While James does not foresee another Great Depression, his book provides a cautionary tale in which institutions meant to save the world from the consequences of globalization--think WTO and IMF, in our own time--ended by destroying both prosperity and peace.

Empires on the Waterfront offers a new spatial framework for understanding Japan’s extended transition into the modern world of nation-states. This study examines a largely unacknowledged system of “special trading ports” that operated under full Japanese jurisdiction in the shadow of the better-known treaty ports. By allowing Japan to circumvent conditions imposed on treaty ports, the special trading ports were key to achieving autonomy and regional power.

Catherine L. Phipps uses an overtly geographic approach to demonstrate that the establishment of Japan’s maritime networks depended on initiatives made and carried out on multiple geographical scales—global, national, and local. The story of the special trading ports unfolds in these three dimensions. Through an in-depth assessment of the port of Moji in northern Kyushu, Empires on the Waterfront recasts the rise of Japan’s own empire as a process deeply embedded in the complicated system of maritime relations in East Asia during the pivotal second half of the nineteenth century.