front cover of Race, Nation, and Market
Race, Nation, and Market
Economic Culture in Porfirian Mexico
Richard Weiner
University of Arizona Press, 2004
Prior to the Revolution of 1910, economic ideals were a dominant mode of political and social discourse in Mexico. Scholars have focused considerable attention on the expansion of the market economy during this period—particularly its political, economic, and social importance. Richard Weiner now enhances our understanding of the emergence of modern Mexico by exploring the market's immense symbolic significance. Race, Nation, and Market traces the intellectual strands of economic thought during the late Porfiriato. Even in the face of Díaz's political reign, the market became the dominant theme in national discourse as contemporaries of all political persuasions underscored its social and cultural effects. This work documents the ways in which liberals, radicals, and conservatives employed market rhetoric to establish their political identities and map out their courses of action, and it shows how the market became an emblem linked to the identity of each group. Weiner explains how the dominant political interests—the científicos, the Mexican Liberal Party, and the social Catholics—each conceived economic issues, and he compares how they rhetorically used their conceptions of the market to promote their political objectives. Some worshiped it as a deity that created social peace, political harmony, and material abundance, while others demonized it as a source of social destruction. Weiner delineates their approaches and reveals how distinct notions of race, gender, community, and nationality informed economic culture and contradicted a laissez-faire conception of society and economy. By focusing on these rhetorical contests, Race, Nation, and Market offers a new perspective on social mobilization in late nineteenth-century Mexico as it also explores the related field of Porfirian economic culture and thought, about which little thus far has been written. In the face of today's controversy over globalization, it offers a unique historical perspective on the market's long-standing significance to political activism.
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Racial Blackness and the Discontinuity of Western Modernity
Edited by Justin A. Joyce, Dwight A. McBride, and John Carlos Rowe
University of Illinois Press, 2013
The unfinished manuscript of literary and cultural theorist Lindon Barrett, this study offers a genealogy of how the development of racial blackness within the mercantile capitalist system of Euro-American colonial imperialism was constitutive of Western modernity. Masterfully connecting historical systems of racial slavery to post-Enlightenment modernity, this pathbreaking publication shows how Western modernity depended on a particular conception of racism contested by African American writers and intellectuals from the eighteenth century to the Harlem Renaissance.

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The Radiant Past
Ideology and Reality in Hungary's Road to Capitalism
Michael Burawoy and János Lukács
University of Chicago Press, 1992
Communism, once heralded as the "radiant future" of all humanity, has now become part of Eastern Europe's past. What does the record say about the legacy of communism as an organizational system?

Michael Burawoy and Janos Lukacs consider this question from the standpoint of the Hungarian working class. Between 1983 and 1990 the authors carried out intensive studies in two core Hungarian industries, machine building and steel production, to produce the first extended participant-observation study of work and politics in state socialism.

"A fascinating and engagingly written eyewitness report on proletarian life in the waning years of goulash communism. . . . A richly rewarding book, one that should interest political scientists in a variety of subfields, from area specialists and comparativists to political economists, as well as those interested in Marxist and post-Marxist theory."—Elizabeth Kiss, American Political Science Review

"A very rich book. . . . It does not merely offer another theory of transition, but also presents a clear interpretive scheme, combined with sociological theory and vivid ethnographic description."—Ireneusz Bialecki, Contemporary Sociology

"Its informed skepticism of post-Communist liberal euphoria, its concern for workers, and its fine ethnographic details make this work valuable."—"àkos Róna-Tas, American Journal of Sociology
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Raising Keynes
A Twenty-First-Century General Theory
Stephen A. Marglin
Harvard University Press, 2020

Back to the future: a heterodox economist rewrites Keynes’s General Theory of Employment, Interest, and Money to serve as the basis for a macroeconomics for the twenty-first century.

John Maynard Keynes’s General Theory of Employment, Interest, and Money was the most influential economic idea of the twentieth century. But, argues Stephen Marglin, its radical implications were obscured by Keynes’s lack of the mathematical tools necessary to argue convincingly that the problem was the market itself, as distinct from myriad sources of friction around its margins.

Marglin fills in the theoretical gaps, revealing the deeper meaning of the General Theory. Drawing on eight decades of discussion and debate since the General Theory was published, as well as on his own research, Marglin substantiates Keynes’s intuition that there is no mechanism within a capitalist economy that ensures full employment. Even if deregulating the economy could make it more like the textbook ideal of perfect competition, this would not address the problem that Keynes identified: the potential inadequacy of aggregate demand.

Ordinary citizens have paid a steep price for the distortion of Keynes’s message. Fiscal policy has been relegated to emergencies like the Great Recession. Monetary policy has focused unduly on inflation. In both cases the underlying rationale is the false premise that in the long run at least the economy is self-regulating so that fiscal policy is unnecessary and inflation beyond a modest 2 percent serves no useful purpose.

Fleshing out Keynes’s intuition that the problem is not the warts on the body of capitalism but capitalism itself, Raising Keynes provides the foundation for a twenty-first-century macroeconomics that can both respond to crises and guide long-run policy.

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Rationalizing Capitalist Democracy
The Cold War Origins of Rational Choice Liberalism
S.M. Amadae
University of Chicago Press, 2003
In Rationalizing Capitalist Democracy, S. M. Amadae tells the remarkable story of how rational choice theory rose from obscurity to become the intellectual bulwark of capitalist democracy. Amadae roots Rationalizing Capitalist Democracy in the turbulent post-World War II era, showing how rational choice theory grew out of the RAND Corporation's efforts to develop a "science" of military and policy decisionmaking. But while the first generation of rational choice theorists—William Riker, Kenneth Arrow, and James Buchanan—were committed to constructing a "scientific" approach to social science research, they were also deeply committed to defending American democracy from its Marxist critics. Amadae reveals not only how the ideological battles of the Cold War shaped their ideas but also how those ideas may today be undermining the very notion of individual liberty they were created to defend.
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Ready-Made Democracy
A History of Men's Dress in the American Republic, 1760-1860
Michael Zakim
University of Chicago Press, 2003
Ready-Made Democracy explores the history of men's dress in America to consider how capitalism and democracy emerged at the center of American life during the century between the Revolution and the Civil War. Michael Zakim demonstrates how clothing initially attained a significant place in the American political imagination on the eve of Independence. At a time when household production was a popular expression of civic virtue, homespun clothing was widely regarded as a reflection of America's most cherished republican values: simplicity, industriousness, frugality, and independence.

By the early nineteenth century, homespun began to disappear from the American material landscape. Exhortations of industry and modesty, however, remained a common fixture of public life. In fact, they found expression in the form of the business suit. Here, Zakim traces the evolution of homespun clothing into its ostensible opposite—the woolen coats, vests, and pantaloons that were "ready-made" for sale and wear across the country. In doing so, he demonstrates how traditional notions of work and property actually helped give birth to the modern industrial order. For Zakim, the history of men's dress in America mirrored this transformation of the nation's social and material landscape: profit-seeking in newly expanded markets, organizing a waged labor system in the city, shopping at "single-prices," and standardizing a business persona.

In illuminating the critical links between politics, economics, and fashion in antebellum America, Ready-Made Democracy will prove essential to anyone interested in the history of the United States and in the creation of modern culture in general.
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front cover of Recasting Welfare Capitalism
Recasting Welfare Capitalism
Economic Adjustment in Contemporary France and Germany
Mark I. Vail
Temple University Press, 2009
In Recasting Welfare Capitalism, Mark Vail employs a sophisticated and original theoretical approach to compare welfare states and political-economic adjustment in Germany and France. He examines how and why institutional change takes place and what factors characterize economic evolution when moving from times of prosperity to more austere periods and back again. Covering the 1970s to the present, Vail analyzes social and economic reforms, including labor policy, social-insurance, and anti-poverty programs. He focuses on the tactics and actions of key political players, and demolishes the stagnation argument that suggests that France and Germany have largely frozen political economies, incapable of reform.

Vail finds that these respective evolutions involve interrelated changes in social and economic policies and are characterized by political relationships that are continuously renegotiated—often in unpredictable ways. In the process, he presents a compelling reconceptualization of change in both the welfare state and the broader political economy during an age of globalization.
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front cover of Reckoning with Slavery
Reckoning with Slavery
Gender, Kinship, and Capitalism in the Early Black Atlantic
Jennifer L. Morgan
Duke University Press, 2021
In Reckoning with Slavery Jennifer L. Morgan draws on the lived experiences of enslaved African women in the sixteenth and seventeenth centuries to reveal the contours of early modern notions of trade, race, and commodification in the Black Atlantic. From capture to transport to sale to childbirth, these women were demographically counted as commodities during the Middle Passage, vulnerable to rape, separated from their kin at slave markets, and subject to laws that enslaved their children upon birth. In this way, they were central to the binding of reproductive labor with kinship, racial hierarchy, and the economics of slavery. Throughout this groundbreaking study, Morgan demonstrates that the development of Western notions of value and race occurred simultaneously. In so doing, she illustrates how racial capitalism denied the enslaved their kinship and affective ties while simultaneously relying on kinship to reproduce and enforce slavery through enslaved female bodies.
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Reinventing State Capitalism
Leviathan in Business, Brazil and Beyond
Aldo Musacchio and Sergio G. Lazzarini
Harvard University Press, 2014

The wave of liberalization that swept world markets in the 1980s and 90s altered the ways that governments manage their economies. Reinventing State Capitalism analyzes the rise of new species of state capitalism in which governments interact with private investors either as majority or minority shareholders in publicly-traded corporations or as financial backers of purely private firms (the so-called “national champions”). Focusing on a detailed quantitative assessment of Brazil’s economic performance from 1976 to 2009, Aldo Musacchio and Sergio Lazzarini examine how these models of state capitalism influence corporate investment and performance.

According to one model, the state acts as a majority investor, granting the state-owned enterprise (SOE) financial autonomy and allowing professional management. This form, the authors argue, has reduced many agency problems commonly faced by state ownership. According to another hybrid model, the state uses sovereign wealth funds, holding companies, and development banks to acquire a small share of equity ownership in a corporation, thereby potentially alleviating capital constraints and leveraging latent capabilities.

Both models have benefits and costs. Yet neither model has entirely eliminated the temptation of governments to intervene in the operation of natural resource industries and other large strategic enterprises. Nevertheless, the longstanding debate over whether private ownership is superior or inferior to state capitalism has become irrelevant, Musacchio and Lazzarini conclude. Private ownership is now mingled with state capital on a global scale.

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front cover of Religion and Economic Justice
Religion and Economic Justice
edited by Michael Zweig
Temple University Press, 1992

As Eastern European economies move to capitalism, many people there hope for a better life. But capitalism is no guarantee of prosperity. Economic deprivation, war, social marginalization, and powerlessness mark the lives of millions and spark social movements for economic justice aimed at correcting these conditions. Often these movements are based in religious communities, their activists motivated by religious commitment to human dignity and the need for personal empowerment. Although the new theology contains an economic critique, little dialogue has taken place between the religious and economic communities on matters of economic analysis. Religion and Economic Justice seeks to develop this exchange.

This book contains original essays by distinguished contributors from economics, religious ethics, and biblical studies. The authors provide a powerful critique of the individualism which underlies mainstream economic analysis and which fragments our communities, a critique that extends to the values implicit in the market system. The authors also show how social marginalization and economic deprivation are the consequences of economic organization, not simply the failings of individuals.

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Religion, Order, and Law
David Little
University of Chicago Press, 1984
"The issue of the Protestant ethic and the spirit of capitalism has been debated endlessly, but few scholars have seriously continued Weber's own research into the Reformation sources of seventeenth-century England. David Little's study was one of the first to do so, and remains an important contribution."—Guenther Roth, University of Washington
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front cover of Reluctant Partners
Reluctant Partners
Implementing Federal Policy
Robert P. Stoker
University of Pittsburgh Press, 1991

Constitutional principles at the core of the United States government divide authority between market and state and within the structure of the state itself. This diffusion of authority is valuable because it defends against the excesses of national government, causing federal policy initiatives to be more attuned to the concerns of local jurisdictions, and creating a context in which free enterprise may flourish.

However, this diffusion of authority weakens the control that federal officials enjoy over resources vital to the implementation of national policy. To implement their plans, federal policy formulators must often call upon autonomous participants such as state or local governments, advocacy groups, or commercial interests. When federal policy challenges the perspectives, interest, or priorities of these participants, they become reluctant partners. These implementation participants enjoy substantial autonomy, making their cooperation in pursuit of federal policy goals uncertain and difficult to achieve. How, then, can the federal government secure the cooperation it needs to implement policy when the act of implementation empowers potential adversaries?

Reluctant Partners explores these problems and proposes strategies to reduce the impediments to cooperation and promote policy coordination. Drawing upon theories of regime development and cooperation, Stoker suggests the “implementation regime framework” to analyze the difficulties of realizing cooperation in the implementation process. The framework is illustrated with numerous vignettes and two extensive case studies: the National School Lunch Program and federal nuclear waste disposal policy.

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Remaindered Life
Neferti X. Tadiar
Duke University Press, 2022
In Remaindered Life Neferti X. M. Tadiar offers a new conceptual vocabulary and framework for rethinking the dynamics of a global capitalism maintained through permanent imperial war. Tracking how contemporary capitalist accumulation depends on producing life-times of disposability, Tadiar focuses on what she terms remaindered life—practices of living that exceed the distinction between life worth living and life worth expending. Through this heuristic, Tadiar reinterprets the global significance and genealogy of the surplus life-making practices of migrant domestic and service workers, refugees fleeing wars and environmental disasters, criminalized communities, urban slum dwellers, and dispossessed Indigenous people. She also examines artists and filmmakers in the Global South who render forms of various living in the midst of disposability. Retelling the story of globalization from the side of those who reach beyond dominant protocols of living, Tadiar demonstrates how attending to remaindered life can open up another horizon of possibility for a radical remaking of our present global mode of life.
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Re/presenting Class
Essays in Postmodern Marxism
J . K. Gibson-Graham, Stephen Resnick, and Richard Wolff, eds.
Duke University Press, 2001
Re/presenting Class is a collection of essays that develops a poststructuralist Marxian conception of class in order to theorize the complex contemporary economic terrain. Both building upon and reconsidering a tradition that Stephen Resnick and Richard Wolff—two of this volume’s editors—began in the late 1980s with their groundbreaking work Knowledge and Class, contributors aim to correct previous research that has largely failed to place class as a central theme in economic analysis. Suggesting the possibility of a new politics of the economy, the collection as a whole focuses on the diversity and contingency of economic relations and processes.
Investigating a wide range of cases, the essays illuminate, for instance, the organizational and cultural means by which unmeasured surpluses—labor that occurs outside the formal workplace‚ such as domestic work—are distributed and put to use. Editors Resnick and Wolff, along with J. K. Gibson-Graham, bring theoretical essays together with those that apply their vision to topics ranging from the Iranian Revolution to sharecropping in the Mississippi Delta to the struggle over the ownership of teaching materials at a liberal arts college. Rather than understanding class as an element of an overarching capitalist social structure, the contributors—from radical and cultural economists to social scientists—define class in terms of diverse and ongoing processes of producing, appropriating, and distributing surplus labor and view class identities as multiple, changing, and interacting with other aspects of identity in contingent and unpredictable ways.
Re/presenting Class will appeal primarily to scholars of Marxism and political economy.

Contributors. Carole Biewener, Anjan Chakrabarti, Stephen Cullenberg, Fred Curtis, Satyananda Gabriel, J. K. Gibson-Graham, Serap Kayatekin, Bruce Norton, Phillip O’Neill, Stephen Resnick, David Ruccio, Dean Saitta, Andriana Vlachou, Richard Wolff


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front cover of Restructuring Domination
Restructuring Domination
Industrialists and the State in Ecuador
Catherine M Conaghan
University of Pittsburgh Press, 1988
The industrial development of Ecuador has made fortunes for some, but has largely bypassed the general population. Armed by its new power, the bourgeoisie has captured sate mechanisms for its own advancement, leading to the paradox of a “democratic authoritarianism.” In this study, Catherine M. Conaghan views the crucial differences between the social and economic changes in newly developed Latin American nations and those of the southern cone.  Using Ecuador as her case study, she shows how industrial growth has given birth to an exclusive, ingrown bourgeoisie that is highly dependent on the state and foreign capital and is increasingly alienated from the peasants and urban poor.
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front cover of Reworking Modernity
Reworking Modernity
Capitalisms and Symbolic Discontent
Pred, Allan
Rutgers University Press, 1992

Using both grand conceptualizations and grounded case studies, Allan Pred and Michael Watts look at how people cope with and give meaning to capitalism and modernity in different times and places. As capital accumulation has grown and taken new forms, it has affected technology and labor relations which in turn have affected people's daily lives. These changes have not always been either welcome or easy. Pred and Watts focus on the symbolic discontent and cultural confrontations that accompany capitalism. They depict people struggling over the meaning of change in their lives and over new relations of power.

Modernity is experienced differently in different times and places. To illustrate this point, Pred and Watts offer four case studies that range across time and space. These studies remind us that there are multiple capitalisms and mutiple reactions to capitalisms. Watts begins with a study of a Muslim millenarian movement that arose alongside the Nigerian oil boom of the 1970s. When a Muslim prophet and disenfranchised followers tried to create a distinctive community and identity, they came into brutal conflict with state authorities. Thousands died in the resulting oppression. Watts's next case is less bloody, at least in the short run. He tell us what happened when technological change was introduced in rice production in West African peasant society. Peasants were drawn into the world economy as contract farmers. This changed work relations and affected everyday life in peasant households. Families began to fight over who would work and under what conditions. They struggled over gender indentity and property rights. We move back in time and across space for ther third case study. Pred discusses changes in the daily life of the Stockholm working class at the end of the nineteenth century. He writes of the various forms their discontent took as they struggled with economic restructuring. Even conflict over street names took on special meaning. For the last case Pred takes us to a steel mill in California. When a South Korean company became half owner of the mill, there was money for modernization and the threat of layoffs was reduced.  But the workers remained unhappy. They protested low wages, unsafe conditions, and unfair recruitment practices. Their labor issues turned into issues of nationalism, morality and identity. All four case studies demonstrate the shock of modernity and how the resulting struggles affect daily life.

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front cover of The Rise and Fall of Neoliberal Capitalism
The Rise and Fall of Neoliberal Capitalism
David M. Kotz
Harvard University Press, 2014

The financial and economic collapse that began in the United States in 2008 and spread to the rest of the world continues to burden the global economy. David Kotz, who was one of the few academic economists to predict it, argues that the ongoing economic crisis is not simply the aftermath of financial panic and an unusually severe recession but instead is a structural crisis of neoliberal, or free-market, capitalism. Consequently, continuing stagnation cannot be resolved by policy measures alone. It requires major institutional restructuring.

Kotz analyzes the reasons for the rise of free-market ideas, policies, and institutions beginning around 1980. He shows how the neoliberal capitalism that resulted was able to produce a series of long although tepid economic expansions, punctuated by relatively brief recessions, as well as a low rate of inflation. This created the impression of a “Great Moderation.” However, the very same factors that promoted long expansions and low inflation—growing inequality, an increasingly risk-seeking financial sector, and a series of large asset bubbles—were not only objectionable in themselves but also put the economy on an unsustainable trajectory. Kotz interprets the current push for austerity as an attempt to deepen and preserve neoliberal capitalism. However, both economic theory and history suggest that neither austerity measures nor other policy adjustments can bring another period of stable economic expansion. Kotz considers several possible directions of economic restructuring, concluding that significant economic change is likely in the years ahead.

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The Rise of Central Banks
State Power in Financial Capitalism
Leon Wansleben
Harvard University Press, 2022

A bold history of the rise of central banks, showing how institutions designed to steady the ship of global finance have instead become as destabilizing as they are dominant.

While central banks have gained remarkable influence over the past fifty years, promising more stability, global finance has gone from crisis to crisis. How do we explain this development? Drawing on original sources ignored in previous research, The Rise of Central Banks offers a groundbreaking account of the origins and consequences of central banks’ increasing clout over economic policy.

Many commentators argue that ideas drove change, indicating a shift in the 1970s from Keynesianism to monetarism, concerned with controlling inflation. Others point to the stagflation crises, which put capitalists and workers at loggerheads. Capitalists won, the story goes, then pushed deregulation and disinflation by redistributing power from elected governments to markets and central banks. Both approaches are helpful, but they share a weakness. Abstracting from the evolving practices of central banking, they provide inaccurate accounts of recent policy changes and fail to explain how we arrived at the current era of easy money and excessive finance.

By comparing developments in the United States, the United Kingdom, Germany, and Switzerland, Leon Wansleben finds that central bankers’ own policy innovations were an important ingredient of change. These innovations allowed central bankers to use privileged relationships with expanding financial markets to govern the economy. But by relying on markets, central banks fostered excessive credit growth and cultivated an unsustainable version of capitalism. Through extensive archival work and numerous interviews, Wansleben sheds new light on the agency of bureaucrats and calls upon society and elected leaders to direct these actors’ efforts to more progressive goals.

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River of Dark Dreams
Slavery and Empire in the Cotton Kingdom
Walter Johnson
Harvard University Press, 2013

Winner of the SHEAR Book Prize
Honorable Mention, Avery O. Craven Award


“Few books have captured the lived experience of slavery as powerfully.”
—Ari Kelman, Times Literary Supplement


“[One] of the most impressive works of American history in many years.”
The Nation


“An important, arguably seminal, book…Always trenchant and learned.”
Wall Street Journal


A landmark history, by the author of National Book Critics Circle Award finalist The Broken Heart of America, that shows how slavery fueled Southern capitalism.

When Jefferson acquired the Louisiana Territory, he envisioned an “empire for liberty” populated by self-sufficient white farmers. Cleared of Native Americans and the remnants of European empires by Andrew Jackson, the Mississippi Valley was transformed instead into a booming capitalist economy commanded by wealthy planters, powered by steam engines, and dependent on the coerced labor of slaves. River of Dark Dreams places the Cotton Kingdom at the center of worldwide webs of exchange and exploitation that extended across oceans and drove an insatiable hunger for new lands. This bold reconsideration dramatically alters our understanding of American slavery and its role in U.S. expansionism, global capitalism, and the upcoming Civil War.

Walter Johnson deftly traces the connections between the planters’ pro-slavery ideology, Atlantic commodity markets, and Southern schemes for global ascendency. Using slave narratives, popular literature, legal records, and personal correspondence, he recreates the harrowing details of daily life under cotton’s dark dominion. We meet the confidence men and gamblers who made the Valley shimmer with promise, the slave dealers, steamboat captains, and merchants who supplied the markets, the planters who wrung their civilization out of the minds and bodies of their human property, and the true believers who threatened the Union by trying to expand the Cotton Kingdom on a global scale.

But at the center of the story are the enslaved people who pulled down the forests, planted the fields, picked the cotton—who labored, suffered, and resisted on the dark underside of the American dream.

“Shows how the Cotton Kingdom of the 19th-century Deep South, far from being a backward outpost of feudalism, was a dynamic engine of capitalist expansion built on enslaved labor.”
—A. O. Scott, New York Times

“River of Dark Dreams delivers spectacularly on the long-standing mission to write ‘history from the bottom up.’”
—Maya Jasanoff, New York Review of Books

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The Romance of Commerce and Culture
Capitalism, Modernism, and the Chicago-Aspen Crusade for Cultural Reform, Revised Edition
James Sloan Allen
University Press of Colorado, 2002
The Romance of Commerce and Culture is a lively and provocative history of how art and intellect formed an alliance with consumer capitalism in the mid-twentieth century and put Aspen, Colorado, on the map.
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Rotary International and the Selling of American Capitalism
Brendan Goff
Harvard University Press, 2021

A new history of Rotary International shows how the organization reinforced capitalist values and cultural practices at home and tried to remake the world in the idealized image of Main Street America.

Rotary International was born in Chicago in 1905. By the time World War II was over, the organization had made good on its promise to “girdle the globe.” Rotary International and the Selling of American Capitalism explores the meteoric rise of a local service club that brought missionary zeal to the spread of American-style economics and civic ideals.

Brendan Goff traces Rotary’s ideological roots to the business progressivism and cultural internationalism of the United States in the early twentieth century. The key idea was that community service was intrinsic to a capitalist way of life. The tone of “service above self” was often religious, but, as Rotary looked abroad, it embraced Woodrow Wilson’s secular message of collective security and international cooperation: civic internationalism was the businessman’s version of the Christian imperial civilizing mission, performed outside the state apparatus. The target of this mission was both domestic and global. The Rotarian, the organization’s publication, encouraged Americans to see the world as friendly to Main Street values, and Rotary worked with US corporations to export those values. Case studies of Rotary activities in Tokyo and Havana show the group paving the way for encroachments of US power—economic, political, and cultural—during the interwar years.

Rotary’s evangelism on behalf of market-friendly philanthropy and volunteerism reflected a genuine belief in peacemaking through the world’s “parliament of businessmen.” But, as Goff makes clear, Rotary also reinforced American power and interests, demonstrating the tension at the core of US-led internationalism.

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Royal Capitalism
Wealth, Class, and Monarchy in Thailand
Puangchon Unchanam
University of Wisconsin Press, 2022
Thanks to its active role in national politics, the market economy, and popular culture, the Thai crown remains both the country's dominant institution and one of the world's wealthiest monarchies. Puangchon Unchanam examines the reign of Thailand's King Bhumibol Adulyadej or Rama IX (1946–2016) and how the crown thrived by transforming itself into a distinctly "bourgeois" monarchy that co-opted middle-class values of hard work, frugality, and self-sufficiency.
The kingdom positioned itself to connect business elites, patronize local industries, and form strategic partnerships with global corporations. Instead of restraining or regulating royal power, white-collar workers joined with the crown to form a dynamic, symbiotic force that has left the lower classes to struggle in their wake. Unchanam presents a surprising case study that kings and queens live long and large in cooperation with the bourgeoisie's interests and ideology.
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