Results by title

The recently concluded Uruguay Round of the General Agreement on Tariffs and Trade (GATT) will undoubtedly lead to a fundamental transformation of the world trading system as an instrument of a global economy. In Traders in a Brave New World, Ernest H. Preeg, a distinguished former U.S. diplomat and trade negotiator, presents a blow-by-blow account of the Uruguay Round, an examination of the historical context in which it took place, and an insider's assessment of the agreement's future impact on the international trading system.

Preeg places the Uruguay Round in the broader context of global politics and economics, showing how changes in the world order—from the collapse of communism to dramatic economic reforms in developing countries—influenced both the topics of negotiations and their outcome. He then assesses the final GATT agreement as a case study in international negotiations and evaluates its probable effects on income and trade.

Finally, Preeg looks to the short- and long-term issues confronting future trade-policy negotiators. He shows that the international trade agenda will consist of three evolving types of agreement—further multilateral commitments, regional free-trade agreements, and selective bilateral accords. Going to the heart of current debates on the "new world order," an important final chapter evaluates the political and economic relationships that will result from the international trading system.

Located in the heart of the Andes, Potosí was arguably the most important urban center in the Western Hemisphere during the colonial era. It was internationally famous for its abundant silver mines and regionally infamous for its labor draft. Set in this context of opulence and oppression associated with the silver trade, Trading Roles emphasizes daily life in the city’s streets, markets, and taverns. As Jane E. Mangan shows, food and drink transactions emerged as the most common site of interaction for Potosinos of different ethnic and class backgrounds. Within two decades of Potosí’s founding in the 1540s, the majority of the city’s inhabitants no longer produced food or alcohol for themselves; they purchased these items. Mangan presents a vibrant social history of colonial Potosí through an investigation of everyday commerce during the city’s economic heyday, between the discovery of silver in 1545 and the waning of production in the late seventeenth century.

Drawing on wills and dowries, judicial cases, town council records, and royal decrees, Mangan brings alive the bustle of trade in Potosí. She examines quotidian economic transactions in light of social custom, ethnicity, and gender, illuminating negotiations over vendor locations, kinship ties that sustained urban trade through the course of silver booms and busts, and credit practices that developed to mitigate the pressures of the market economy. Mangan argues that trade exchanges functioned as sites to negotiate identities within this colonial multiethnic society. Throughout the study, she demonstrates how women and indigenous peoples played essential roles in Potosí’s economy through the commercial transactions she describes so vividly.

Looks at the shift from the marketplace as an actual place to a theoretical idea and how this shaped the early American economy.

When we talk about the economy, “the market” is often just an abstraction. While the exchange of goods was historically tied to a particular place, capitalism has gradually eroded this connection to create our current global trading systems. In Trading Spaces, Emma Hart argues that Britain’s colonization of North America was a key moment in the market’s shift from place to idea, with major consequences for the character of the American economy.

Hart’s book takes in the shops, auction sites, wharves, taverns, fairs, and homes of seventeenth- and eighteenth-century America—places where new mechanisms and conventions of trade arose as Europeans re-created or adapted continental methods to new surroundings. Since those earlier conventions tended to rely on regulation more than their colonial offspring did, what emerged in early America was a less-fettered brand of capitalism. By the nineteenth century, this had evolved into a market economy that would not look too foreign to contemporary Americans. To tell this complex transnational story of how our markets came to be, Hart looks back farther than most historians of US capitalism, rooting these markets in the norms of seventeenth- and eighteenth-century Britain. Perhaps most important, this is not a story of specific commodity markets over time but rather is a history of the trading spaces themselves: the physical sites in which the grubby work of commerce occurred and where the market itself was born.

The Impact of Illicit Trade Between the North and South During the Civil War
While Confederate blockade runners famously carried the seaborne trade for the South during the American Civil War, the amount of Southern cotton exported to Europe was only half of that shipped illicitly to the North. Most went to New England textile mills where business “was better than ever,” according to textile mogul Amos Lawrence. Rhode Island senator William Sprague, a mill owner and son-in-law to Treasury Secretary Salmon P. Chase, was a member of a partnership supplying weapons to the Confederacy in exchange for cotton. The trade in contraband was not confined to New England. Union General William T. Sherman claimed Confederates were supplied with weapons from Cincinnati, while General Ulysses S. Grant captured Rebel cavalry armed with carbines purchased in Union-occupied Memphis. During the last months of the war, supplies entering the Union-controlled port of Norfolk, Virginia, were one of the principal factors enabling Robert E. Lee’s Confederate army to avoid starvation. Indeed, many of the supplies that passed through the Union blockade into the Confederacy originated in Northern states, instead of Europe as is commonly supposed. Merchants were not the only ones who profited; Union officers General Benjamin Butler and Admiral David Dixon Porter benefited from this black market. President Lincoln admitted that numerous military leaders and public officials were involved, but refused to stop the trade.
            In Trading with the Enemy: The Covert Economy During the American Civil War, New York Times Disunion contributor Philip Leigh recounts the little-known story of clandestine commerce between the North and South. Cotton was so important to the Northern economy that Yankees began growing it on the captured Sea Islands of South Carolina. Soon the neutral port of Matamoras, Mexico, became a major trading center, where nearly all the munitions shipped to the port—much of it from Northern armories—went to the Confederacy. After the fall of New Orleans and Vicksburg, a frenzy of contraband-for-cotton swept across the vast trans-Mississippi Confederacy, with Northerners sometimes buying the cotton directly from the Confederate government. A fascinating study, Trading with the Enemy adds another layer to our understanding of the Civil War.

In the years that followed World War II, both the United States and the newly formed West German republic had an opportunity to remake their economies. Since then, much has been made of a supposed “Americanization” of European consumer societies—in Germany and elsewhere. Arguing against these foggy notions, Jan L. Logemann takes a comparative look at the development of postwar mass consumption in West Germany and the United States and the emergence of discrete consumer modernities.

 

In Trams or Tailfins?, Logemann explains how the decisions made at this crucial time helped to define both of these economic superpowers in the second half of the twentieth century. While Americans splurged on private cars and bought goods on credit in suburban shopping malls, Germans rebuilt public transit and developed pedestrian shopping streets in their city centers—choices that continue to shape the quality and character of life decades later. Outlining the abundant differences in the structures of consumer society, consumer habits, and the role of public consumption in these countries, Logemann reveals the many subtle ways that the spheres of government, society, and physical space define how we live.