New Books in Economic and Business History

For more than two centuries, economists and researchers have struggled with the conundrum of reconciling Adam Smith’s views on economics and ethics. While some held that Smith’s capitalism and free markets institutionalized selfishness, greed, inequality and injustice, others focused on his theory of the moral nature of all human persons and the application of conscience and self-restraint in capitalist activities.

Adam Smith and Modern Economics: Reclaiming the Moral High Ground (de Gruyter, 2026) suggests that neither of these two conventional understandings alone is accurate and conducive to human flourishing. Smith put markets in the context of morality, observing that markets serve best when our moral sentiments are followed.
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As detailed in Selling Opportunity: The Story of Mary Kay (Penguin, 2026) by Mary Lisa Gavenas, as the only woman in Forbes’ Greatest Business Stories of All Time and the first woman to chair a company on the New York Stock Exchange, Mary Kay Ash has a life story that reads like a Barbara Taylor Bradford novel.

Growing up in Depression-era Texas, Mary Kathlyn Wagner is a dutiful daughter and diligent student with ambition aplenty and no place to use it. Married at sixteen, she is a grandmother at thirty-four. When she is not cooking or cleaning or taking care of the kids, she peddles cleaning products to other housewives. The work has no salary and no security but she sticks with it, sure that direct selling will make her dreams come true.

In 1963, after she has been divorced three times and widowed twice, she sets up her own company, selling second chance and self-invention for the price of a skin care showcase. Soon millions know her as the little lady in the big wig who gives away pink Cadillacs. From its unpromising start in a 500-square-foot Dallas storefront, Mary Kay Inc. grows into a global phenomenon with 3.5 million reps in over 35 countries. She becomes the most famous saleswoman in the world. Maybe the most famous ever.

Based on fifteen years of research, Selling Opportunity gives us a page-turning rags-to-riches story set against the background of direct selling in all its overstated, over-the-top glory. Here, for the first time, is the definitive history of a peculiarly American industry and a mid-century mindset that ennobled extreme self-reliance, sticking to your guns, and blind faith in the American dream.

This interview was conducted by Dr. Miranda Melcher whose book focuses on post-conflict military integration, understanding treaty negotiation and implementation in civil war contexts, with qualitative analysis of the Angolan and Mozambican civil wars. You can find Miranda’s interviews on New Books with Miranda Melcher, wherever you get your podcasts.
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How did an economic system that was the result of largely uncoordinated and unplanned individual decisions come to dominate our modern world? This is the core question that my guest, Berkeley economic historian Trevor Jackson, tries to answer in his new book, The Insatiable Machine: How Capitalism Conquered the World (Norton, 2026). Jackson begins with the origins of the global monetary system in the fifteenth century and ends in the early twentieth century, when capitalism faced its most serious challenges from communism and socialism. While wage labor and financial instruments like loans and stocks feel unremarkable today, he reminds us that “it wasn’t always this way.” Capitalism is not natural, timeless, or inevitable.

Trevor Jackson is an economic historian at the University of California, Berkeley. He previous book, Impunity and Capitalism: The Afterlives of European Financial Crises, 1690–1830, was published by Cambridge University Press in 2022.

Steven P. Rodriguez is a scholarly publishing professional and historian.
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In the thirteenth-century Mediterranean, commerce transformed as merchants shifted from Roman to Indo-Arabic numerals—an alternative that better facilitated complex calculations. It has long been known that this transition stemmed from Europe’s increasing exchanges with India, Persia, and the Arabic world. Yet much remains to be understood about how Indo-Arabic numerals—and the practical arithmetic they enabled—actually spread across Europe. As Dr. Raffaele Danna shows in The Craft of Indo-Arabic Numerals: How Practical Arithmetic Shaped Commerce and Mathematics in Western Europe, 1200–1600 (Harvard University Press, 2026), it was hundreds of ordinary merchants, schoolmasters, and artisans who nurtured these changes, thereby driving key advances in both commerce and mathematics.

Drawing on an original catalog of more than 1,200 practical arithmetic manuals, Dr. Danna charts the incremental spread of the new figures with unprecedented precision. While Italian merchants were the early adopters, it took nearly three centuries for Indo-Arabic numerals to become established in northern Europe. As Dr. Danna shows, adoption did not follow the routes of maritime trade. Rather, Indo-Arabic numerals moved gradually across the continent through inland networks of practitioners. Everywhere they went, the ten figures enhanced commercial practices and facilitated the emergence of a coherent language of mathematical craft. The growing social circulation of this knowledge, in turn, had a lasting impact on the economic trajectory of Western Europe. By the late sixteenth century, even academics were absorbing lessons from the vernacular tradition—a development that led to the first major breakthroughs in European mathematical theory since antiquity.

Combining economic history with the social history of mathematics, The Craft of Indo-Arabic Numerals illuminates the integral role of practical arithmetic in both intellectual and commercial transformations across Western Europe.

This interview was conducted by Dr. Miranda Melcher whose book focuses on post-conflict military integration, understanding treaty negotiation and implementation in civil war contexts, with qualitative analysis of the Angolan and Mozambican civil wars. You can find Miranda’s interviews on New Books with Miranda Melcher, wherever you get your podcasts.
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Hello! Thanks for reaching out. I'm glad you're here! Do you have any questions or thoughts about the recent discussion with Karen Hao on AI and its societal impacts?Hello! Thanks for reaching out. I'm glad you're here! Do you have any questions or thoughts about the recent discussion with Karen Hao on AI and its societal impacts?
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