A SCHOLARLY BOOK REPOSITORY
Elite colleges have long played a crucial role in maintaining social and class status in America while public universities have offered a major stepping-stone to new economic opportunities. However, as Charlie Eaton reveals in Bankers in the Ivory Tower, finance has played a central role in the widening inequality in recent decades, both in American higher education and in American society at large.
With federal and state funding falling short, the US higher education system has become increasingly dependent on financial markets and the financiers that mediate them. Beginning in the 1980s, the government, colleges, students, and their families took on multiple new roles as financial investors, borrowers, and brokers. The turn to finance, however, has yielded wildly unequal results. At the top, ties to Wall Street help the most elite private schools achieve the greatest endowment growth through hedge fund investments and the support of wealthy donors. At the bottom, takeovers by private equity transform for-profit colleges into predatory organizations that leave disadvantaged students with massive loan debt and few educational benefits. And in the middle, public universities are squeezed between incentives to increase tuition and pressures to maintain access and affordability. Eaton chronicles these transformations, making clear for the first time just how tight the links are between powerful financiers and America’s unequal system of higher education.
Written for anyone who is wondering how we’ve come to this point, Rob Larson holds mainstream economic theory up against the grim reality of a planet in meltdown. He looks at scientists’ conclusions about climate change, the business world’s opinions about its own power, and reveals the fingerprints of finance on American elections.
With a unique and engaging approach to each crucial subject, students, academics and activists will find a lot to appreciate in this quiet call-to-arms for a saner and more stable world.
Tracking the movement of finance capital toward far-flung investment frontiers, Noam Maggor reconceives the emergence of modern capitalism in the United States. Brahmin Capitalism reveals the decisive role of established wealth in the transformation of the American economy in the decades after the Civil War, leading the way to the nationally integrated corporate capitalism of the twentieth century.
Maggor’s provocative history of the Gilded Age explores how the moneyed elite in Boston—the quintessential East Coast establishment—leveraged their wealth to forge transcontinental networks of commodities, labor, and transportation. With the decline of cotton-based textile manufacturing in New England and the abolition of slavery, these gentleman bankers traveled far and wide in search of new business opportunities and found them in the mines, railroads, and industries of the Great West. Their investments spawned new political and social conflict, in both the urbanizing East and the expanding West. In contests that had lasting implications for wealth, government, and inequality, financial power collided with more democratic visions of economic progress.
Rather than being driven inexorably by technologies like the railroad and telegraph, the new capitalist geography was a grand and highly contentious undertaking, Maggor shows, one that proved pivotal for the rise of the United States as the world’s leading industrial nation.
A skillful and fascinating retelling of the often testy relationship between J. P. Morgan and Roger Fry, two men who did more to establish the preeminence of the Metropolitan Museum of Art than any collector and curator before or since.
Shortly after the turn of the twentieth century, the Metropolitan Museum of Art began an ambitious program of collection building and physical expansion that transformed it into one of the world’s foremost museums, an eminence that it has maintained ever since. Two men of singular qualities and accomplishments played key roles in the Met’s transformation—J. P. Morgan, America’s leading financier and a prominent art collector, and Roger Fry, the headstrong English expert in art history who served as the Met’s curator of painting. Their complicated, often contentious relationship embodies and illuminates the myriad tensions between commerce and art, philanthropists and professional staff, that a great museum must negotiate to define and fulfill its mission.
In this masterful, multidisciplinary narrative, Charles Molesworth offers the first in-depth look at how Morgan and Fry helped to mold the cultural legacy of masterpieces of painting and the development of the “encyclopedic” museum. Structuring the book as a joint biography, Molesworth describes how Morgan used his vast wealth to bring European art to an American citizenry, while Fry brought high standards of art history from the world of connoisseurs to a general public. Their clashes over the purpose and functions of the Met, which ultimately led to Fry’s ouster, reveal the forces—personal and societal—that helped to shape the Metropolitan Museum and other major American cultural institutions during the twentieth century.
“A dark, troubling vision of life in the desert, defined broadly; of mountain lions and drug kingpins, Mexican hopes and Indian feuds.”
—Los Angeles Times
“In these powerful epic tales of the Sonora Desert, Bowden peoples the harsh land on both sides of the US-Mexican border with saints and sinners, but his enduring hero is the desert itself.”
—Kirkus Reviews
Fedor Chizhov built the first railroad owned entirely by Russian stockholders, created Moscow’s first bank and mutual credit society, and launched the first profitable steamship line based in Archangel. In this valuable book, Thomas Owen vividly illuminates the life and world of this seminal figure in early Russian capitalism.
Chizhov condemned European capitalism as detrimental to the ideal of community and the well-being of workers and peasants. In his strategy of economic nationalism, Chizhov sought to motivate merchants to undertake new forms of corporate enterprise without undermining ethnic Russian culture. He faced numerous obstacles, from the lack of domestic investment capital to the shortage of enlightened entrepreneurial talent. But he reserved his harshest criticism for the tsarist ministers, whose incompetence and prejudice against private entrepreneurship proved his greatest hindrance.
Richly documented from Chizhov’s detailed diary, this work offers an insightful exploration of the institutional impediments to capitalism and the rule of law that plagued the tsarist empire and continue to bedevil post-Soviet Russia.
Robert E. Wright and David J. Cowen here chronicle how a different group of founding fathers forged the wealth and institutions necessary to transform the American colonies from a diffuse alliance of contending business interests into one cohesive economic superpower. From Alexander Hamilton to Andrew Jackson, the authors focus on the lives of nine Americans in particular—some famous, some unknown, others misunderstood, but all among our nation’s financial founding fathers. Such men were instrumental in creating and nurturing a financial system that drove economic growth in the nascent United States because they were quick to realize that wealth was as crucial as the Constitution in securing the blessings of liberty and promoting the general welfare. The astonishing economic development made possible by our financial founding fathers was indispensable to the preservation of national unity and of support for a government that was then still a profoundly radical and delicate political experiment.
Grand in scope and vision, Financial Founding Fathers is an entertaining and inspiring history of the men who made America rich and steered her toward greatness.
First published in 1912, Theodore Dreiser's third novel, The Financier, captures the ruthlessness and sparkle of the Gilded Age alongside the charismatic amorality of the power brokers and bankers of the mid-nineteenth century. This volume is the first modern edition of The Financier to draw on the uncorrected page proofs of the original 1912 version, which established Dreiser as a master of the American business novel. The novel was the first volume of Dreiser’s Trilogy of Desire, also known as the Cowperwood Trilogy, which includes The Titan (1914) and The Stoic (1947).
Dreiser laboriously researched the business practices and personal exploits of real-life robber baron Charles Yerkes to narrate Frank Algernon Cowperwood's early career in The Financier, which explores the unscrupulous world of finance from the Civil War through the panic incited by the 1871 Chicago fire. In 1927, the monumental novel reappeared in a radically revised version for which Dreiser, notorious for lengthy novels, agreed to cut more than two hundred and seventy pages. This revised version became the most familiar, reprinted by publishers and studied by scholars for decades.
For this new edition, Roark Mulligan meticulously reviewed earlier versions of the novel and its publication history, including the last-minute removal of paragraphs, pages, and even whole chapters from the 1912 edition, cuts based mainly on the advice of H. L. Mencken. The restored text better matches Dreiser's original vision for the work. More than three hundred additional pages not available to modern readers--including those cut from the 1927 edition and more than seventy hastily removed from the manuscript just days before publication in 1912--more effectively establish characterization and motivation. Restored passages dedicated to the internal thoughts of major and minor characters bring a softer dimension to a novel primarily celebrated for its realistic attention to the cold external world of finance.
Mulligan's historical commentary reveals new insights into Dreiser's creative practices and how his business knowledge shaped The Financier. This supplemental material considers the novel's place within the tradition of American business novels and its reflections on the scandalous business practices of the robber baron era.
From Redstone to Ludlow depicts the bipolarity of his approach to the threat of unionism. The "Redstone experiment," a model industrial village designed to improve the lives of workers through social programs, showed Osgood's efforts to attain his anti-union goals through compassion. Conversely, the Ludlow tent colony and the events that transpired there, marked by armed gunmen and machine guns paid for by Osgood, illustrate his willingness to resort to violence and intimidation for the same purpose. A leading participant in the transformation of the West, Osgood helped to shape the character of the Gilded Age. Today, the beautiful village of Redstone and a granite memorial at Ludlow are reminders of Osgood's complex role in the clash between labor and management during the most violent industrial struggle in American history.
John Mackay offers new insight into the life and achievements of this remarkable man. It also places Mackay in the broader context of his time, an era of robber barons and rampant corruption, rapidly advancing technology, national and international capitalism, and flagrant displays of newfound wealth. Even in this context, he stood out, not only for his contributions to Nevada and mining history, but also for his reputation as an important business leader fighting the consolidation and venality of corporate power in the Gilded Age. His actions freed the Comstock from a financial monopoly, resulting in moderated rates for the milling, timber, shipping, transportation, and water that made mining possible and precipitated the discovery and development of the ore field known as the “Big Bonanza.”
Makley’s book recounts the life and career of one of the most successful men of his age, a capitalist of immense wealth who generously helped those around him and worked diligently in the public interest. This engaging biography will appeal to readers interested in the Comstock Lode and mining in the West during the latter part of the nineteenth century as well as general western history enthusiasts.
After the Revolution of 1910, a powerful group of Monterrey businessmen led by the Garza-Sada family emerged as a key voice of the Mexican private sector. The Monterrey Elite and The Mexican State is the first major historical study of the "Grupo Monterrey," the business elite that transformed Monterrey into a premier industrial center, the "Pittsburgh" of Mexico.
Drawing on archival resources in the United States and Mexico and the work of previous scholars, Alex Saragoza examines the origins of the Monterrey elite. He argues that a "pact" between the new state and business interests was reached by the 1940 presidential elections—an accord that paved the way for the "alliance for profits" that has characterized relations between the Mexican state and capitalists since that time.
More than a standard business history, this study delves into both the intimate social world of the Garza-Sadas and their allies and the ideas, beliefs, and vision of the Monterrey elite that set it apart from and often against the Mexican government. In so doing, The Monterrey Elite and the Mexican State reveals the underlying forces that led to the most historic battle between the private sector and the Mexican state: the dramatic showdown in 1936 between the Garza-Sadas and then President Lázaro Cárdenas in Monterrey, Nuevo León.
Networked Business and Politics in Decentralizing Indonesia evaluates three cases of deep-seated political conflict and intrigue including central government, local governments, and multinational companies. It looks at how the structure of the national political economy has changed as the result of local politicians becoming involved in disputes with the national government over control of natural resources. It also analyzes how these changes will affect the distribution of wealth in the country as well as Indonesia’s evolving democratic politics and modes of governance.
Over the course of his career, British writer Aldous Huxley (1894-1963) shifted away from elitist social satires and an atheistic outlook toward greater concern for the masses and the use of religious terms and imagery. This change in Huxley's thinking underlies the previously unpublished play Now More Than Ever.
Written in 1932-1933 just after Brave New World, Now More Than Ever is a response to the social, economic, and political upheavals of its time. Huxley's protagonist is an idealistic financier whose grandiose schemes for controlling the means of production drive him to swindling and finally to suicide. His fate allows Huxley to expose the evils he perceives in free-market capitalism while pleading the case for national economic planning and the rationalization of Britain's industrial base.
This volume contains the full text of Now More Than Ever, which was believed to be lost until 1976, when a copy was found at the Harry Ransom Humanities Research Center of the University of Texas at Austin. A "thinker's play" that has never been produced on stage, it is the last previously unpublished piece of Huxley's major writings and immensely important to understanding his development as a writer. The editors of this volume have annotated the play for contemporary readers. Their introduction sets the play in the context of Huxley's intellectual life.
In The Outsider, veteran journalist and best-selling author Dan Rottenberg deftly chronicles the astonishing rises, falls, and countless reinventions of this savvy businessman. Greenfield's power allowed him to cross social, religious, and ethnic boundaries with impunity. He alarmed Philadelphia's conservative business and social leaders-Christians and Jews alike-some of whom plotted his downfall.
In this engaging account of Greenfield's fascinating life, Rottenberg demonstrates the extent to which one uniquely brilliant and energetic man pushed the boundaries of society's limitations on individual potential. The Outsider provides a microcosmic look at three twentieth-century upheavals: the rise of Jews as a crucial American business force, the decline of America's Protestant establishment, and the transformation of American cities.
A common generalization about the Nationalist Government in China during the 1927-1937 decade has been that Chiang Kai-shek's regime was closely allied with the capitalists in Shanghai. This book brings to light a different picture--that Nanking sought to control the capitalists politically, to prevent them from having a voice in the political structure, and to milk the wealth of the urban economy for government coffers. This study documents major political conflicts between the capitalists and the government and demonstrates that the regime gradually suppressed the main organizations of the capitalists and gained control of many of their financial and industrial enterprises.
This is the first systematic examination of the political role of the Shanghai capitalists during the Nanking decade. A number of related issues--the operation of the government bond market, the role of the Shanghai underworld and its ties to Chiang Kai-shek, the personalities and policies of key government officials such as TV. Soong and H.H. Kung, the Japanese attempt to control the economic policies of the Nanking government, and the growth of "bureaucratic capitalism"--are brought into focus.
A common generalization about the Nationalist Government in China during the 1927-1937 decade has been that Chiang Kai-shek's regime was closely allied with the capitalists in Shanghai. This book brings to light a different picture--that Nanking sought to control the capitalists politically, to prevent them from having a voice in the political structure, and to milk the wealth of the urban economy for government coffers. This study documents major political conflicts between the capitalists and the government and demonstrates that the regime gradually suppressed the main organizations of the capitalists and gained control of many of their financial and industrial enterprises.
This is the first systematic examination of the political role of the Shanghai capitalists during the Nanking decade. A number of related issues--the operation of the government bond market, the role of the Shanghai underworld and its ties to Chiang Kai-shek, the personalities and policies of key government officials such as TV. Soong and H.H. Kung, the Japanese attempt to control the economic policies of the Nanking government, and the growth of "bureaucratic capitalism"--are brought into focus.
Gathered here are seventeen sound investment principles that will help people make sensible choices for financial security. What is surprising, however, is how applicable these principles are to life.
In 1885, at the age of seventy-two and “in the evening of life,” Thomas Mellon published his autobiography in a limited edition exclusively for his family. He was a distinguished and highly successful Pittsburgh entrepreneur, judge, and banker, and his descendants would play major roles in American business, art, and philanthropy. Two of his sons, Andrew William and Richard Beatty, were to join Henry Ford and John D. Rockefeller as the four wealthiest men in the United States.
Thomas Mellon was an anomaly among the great American capitalists of his time. Highly literate and intelligent, astute and deadly honest about his own life and financial success, and an excellent narrative writer with a chilly but genuine sense of humor, he wrote a perspective and self-revealing book that remains to this day a major autobiography and an important source for American social and business history.
That it has found very few readers in the 114 year since its publication is due to the author himself. Warning his descendants in the preface that the book should never “be for sale in the bookstore, nor any new edition published,” because it contains “nothing which concerns the public to know, and much which if writing for it I would have omitted,” Thomas in effect buried a masterpiece.
Nor in later years has it ever been generally available. An abridged version was prepared solely for the Mellon family in 1968, and the book also appeared years ago in an obscure fascimile. Until the University of Pittsburgh Press edition, Thomas Mellon and His Times has been virtually unobtainable.
Born in Ulster with a Scotch-Irish heritage, Thomas Mellon immigrated to the United States in 1818 at the age of five. He was raised by his parents on a small, hilly farm at Poverty Point, about twenty miles east of Pittsburgh. When he was nine, he walked to Pittsburgh and, awe-struck, viewed the mansion and steam mill of the Negley family, “impressed . . . with an idea of wealth and magnificence I had before no conception of.”
Yet the true turning point of his life was a decision he made at the age of seventeen. For years his father, Andrew, had insisted that Thomas become a farmer. One summer day in 1831, leaving his son cutting timber, Andrew rode to the county seat to close on the purchase of an adjoining farm which he intended for Thomas. “Nearly crazed” by the impending collapse of all hope of “acquiring knowledge and wealth,” Thomas threw down his axe and ran ten miles to stop the purchase. From this spontaneous decision flowed his later success as a judge, banker, and capitolist who caught the exhilarating tide of the American economy in the second half of the nineteenth century.
For this new edition of the book, Paul Mellon, Thomas Mellon’s grandson, has written a preface, and David McCullough, winner of the Pulitzer Prize for his biography of Harry S. Truman, has contributed a foreword. The introduction, notes, and afterword by Mary L, Briscoe, Professor of English at the University of Pittsburgh and editor of American Autobiography, 1945-1980, provide the historical and social context for the autobiography. The book is illustrated with three maps and approximately twenty-five photographs, many of them rarely seen, from a variety of sources that includes Paul Mellon and other members of the Mellon family.
In this book, historian Rosemary Wakeman brings to life the frenzied, crowded streets, markets, ports, and banks of Bombay, London, and Shanghai. In the early twentieth century, these cities were at the forefront of the sweeping changes taking the world by storm as it entered an era of globalized commerce and the unprecedented circulation of goods, people, and ideas. Wakeman explores these cities and the world they helped transform through the life of Victor Sassoon, who in 1924 gained control of his powerful family’s trading and banking empire. She tracks his movements between these three cities as he grows his family’s fortune and transforms its holdings into a global juggernaut. Using his life as its point of entry, The Worlds of Victor Sassoon paints a broad portrait not just of wealth, cosmopolitanism, and leisure but also of the discrimination, exploitation, and violence wreaked by a world increasingly driven by the demands of capital.
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