BiblioVault - Books about Economic History

The Value of Labor

The Science of Commodification in Hungary, 1920-1956

Martha Lampland

University of Chicago Press, 2016

At the heart of today’s fierce political anger over income inequality is a feature of capitalism that Karl Marx famously obsessed over: the commodification of labor. Most of us think wage-labor economics is at odds with socialist thinking, but as Martha Lampland explains in this fascinating look at twentieth-century Hungary, there have been moments when such economics actually flourished under socialist regimes. Exploring the region’s transition from a capitalist to a socialist system—and the economic science and practices that endured it—she sheds new light on the two most polarized ideologies of modern history.
Lampland trains her eye on the scientific claims of modern economic modeling, using Hungary’s unique vantage point to show how theories, policies, and techniques for commodifying agrarian labor that were born in the capitalist era were adopted by the socialist regime as a scientifically designed wage system on cooperative farms. Paying attention to the specific historical circumstances of Hungary, she explores the ways economists and the abstract notions they traffic in can both shape and be shaped by local conditions, and she compellingly shows how labor can be commodified in the absence of a labor market. The result is a unique account of economic thought that unveils hidden but necessary continuities running through the turbulent twentieth century.

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VC

An American History

Tom Nicholas

Harvard University Press, 2019

“An incisive history of the venture-capital industry.”
—New Yorker

“An excellent and original economic history of venture capital.”
—Tyler Cowen, Marginal Revolution

“A detailed, fact-filled account of America’s most celebrated moneymen.”
—New Republic

“Extremely interesting, readable, and informative…Tom Nicholas tells you most everything you ever wanted to know about the history of venture capital, from the financing of the whaling industry to the present multibillion-dollar venture funds.”
—Arthur Rock

“In principle, venture capital is where the ordinarily conservative, cynical domain of big money touches dreamy, long-shot enterprise. In practice, it has become the distinguishing big-business engine of our time…[A] first-rate history.”
—New Yorker

VC tells the riveting story of how the venture capital industry arose from America’s longstanding identification with entrepreneurship and risk-taking. Whether the venture is a whaling voyage setting sail from New Bedford or the latest Silicon Valley startup, VC is a state of mind as much as a way of doing business, exemplified by an appetite for seeking extreme financial rewards, a tolerance for failure and experimentation, and a faith in the promise of innovation to generate new wealth.

Tom Nicholas’s authoritative history takes us on a roller coaster of entrepreneurial successes and setbacks. It describes how iconic firms like Kleiner Perkins and Sequoia invested in Genentech and Apple even as it tells the larger story of VC’s birth and evolution, revealing along the way why venture capital is such a quintessentially American institution—one that has proven difficult to recreate elsewhere.

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Virtue, Fortune, and Faith

A Genealogy of Finance

Marieke de Goede

University of Minnesota Press, 2005

Less than two centuries ago finance - today viewed as the center of economic necessity and epitome of scientific respectability - stood condemned as disreputable fraud. How this change in status came about, and what it reveals about the nature of finance, is the story told in Virtue, Fortune, and Faith. A unique cultural history of modern financial markets from the early eighteenth century to the present day, the book offers a genealogical reading of the historical insecurities, debates, and controversies that had to be purged from nascent credit practices in order to produce the image of today's coherent and - largely - rational global financial sphere. Marieke de Goede discusses moral, religious, and political transformations that have slowly naturalized the domain of finance. Using a deft integration of feminist and poststructuralist approaches, her book demonstrates that finance - not just its rules of personal engagement, but also its statistics, formulas, instruments, and institutions - is a profoundly cultural and politically contingent practice. When closely examined, the history of finance is one of colonial conquest, sexual imagination, constructions of time, and discourses of legitimate (or illegitimate) profit making. Regardless, this history has had a far-reaching impact on the development of the modern international financial institutions that act as the stewards of the world's economic resources. De Goede explores the political contestations over ideas of time and money; the gendered discourse of credit and credibility; differences among gambling, finance, and speculation; debates over the proper definition of the free market; the meaning of financial crisis; and the morality of speculation. In an era when financial practices are pronounced too specialized for broad-based public, democratic debate, Virtue, Fortune, and Faith questions assumptions about international finance's unchallenged position and effectively exposes its ambiguous scientific authority.

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Voices of the Industrial Revolution

Selected Readings from the Liberal Economists and Their Critics

John Bowditch and Clement Ramsland, Editors

University of Michigan Press, 1961

Studies social and economic issues through the writings of great thinkers of the age

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