New Books in Economic and Business History

The outbreak of the First World War shattered the established European art market. Amidst fighting, looting, confiscations, expropriation fears and political and economic upheaval, an integrated marketplace shaped by upper-class patrons broke down entirely. In its place, Maddalena Alvi argues, can be found the origins of a recognizably modern market of nationalized spheres driven by capitalist investment and speculation, yet open to wider social strata. Delving into auction records, memoirs, newspaper articles, financial and legal documents in six languages, Alvi explores these cultural and socio-economic developments across the British, French, and German markets, as well as trade spheres such as Russia and Scandinavia. 1914 marked the end of the European art market and cemented the connection between art and finance.  The European Art Market and the First World War: Art, Capital, and the Decline of the Collecting Class, 1910–1925 (Cambridge University Press, 2025) Maddalena Alvi holds a PhD in History from the University of Cambridge, an MSc in Economic and Social History from the University of Oxford, and an MLitt in Art History from the University of Glasgow. Priya S. Gandhi is a writer and strategist based in New York City. Learn more about your ad choices. Visit megaphone.fm/adchoices

Amid political repression and a deepening affordability crisis, Budget Justice: On Building Grassroots Politics and Solidarities (Princeton UP, 2025) challenges everything you thought you knew about “dull” and daunting government budgets. It shows how the latter confuse and mislead the public by design, not accident. Arguing that they are moral documents that demand grassroots participation to truly work for everyone, the book reveals how everyday citizens can shape policy to tackle everything from rising housing and food costs to unabated police violence, underfunded schools, and climate change–driven floods and wildfires.Drawing on her years of engagement with democratic governance in New York City and around the globe, Celina Su proposes a new kind of democracy—in which city residents make collective decisions about public needs through processes like participatory budgeting, and in which they work across racial divides and segregated spaces as neighbors rather than as consumers or members of voting blocs. Su presents a series of “interludes” that vividly illustrate how budget justice plays out on the ground, including in-depth interviews with activists from Porto Alegre, Brazil, Barcelona, Spain, and Jackson, Mississippi, and shares her own personal reflections on how changing social identities inform one’s activism.Essential reading to empower citizens, Budget Justice explains why public budgets reflect a crisis not so much in accounting as in democracy, and enables everyone, especially those from historically marginalized communities, to imagine and enact people’s budgets and policies—from universal preschool to affordable housing—that will enable their communities to thrive. Celina Su is the inaugural Marilyn J. Gittell Chair in Urban Studies (with an appointment in Critical Social & Environmental Psychology) at the Graduate Center of the City University of New York, as well as Associate Professor of Political Science at Brooklyn College. Her interests lie in civil society and the cultural politics of education and health policy. She is especially interested in how everyday citizens engage in policy-making—via deliberative democracy when inclusive institutions exist, and via protest and social movements when they do not. Celina received a Ph.D. in Urban Studies from MIT and a B.A. Honors from Wesleyan University. Jen Hoyer is Technical Services and Electronic Resources Librarian at CUNY New York City College of Technology. She is co-author of What Primary Sources Teach: Lessons for Every Classroom (2022) and The Social Movement Archive (2021), and co-editor of Armed By Design: Posters and Publications of Cuba’s Organization of Solidarity of the Peoples of Africa, Asia, and Latin America (2025). Learn more about your ad choices. Visit megaphone.fm/adchoices

In Hedged Out: Inequality and Insecurity on Wall Street (U California Press, 2022) Megan Tobias Neely, a former hedge fund worker takes an ethnographic approach to hedge funds. Manager? A greedy fraudster, a visionary entrepreneur, a wolf of Wall Street? She gives readers an insider perspective on the phenomenon. Facing an unpredictable and risky stock market, hedge fund workers work long hours and build tight-knit networks with people who look and behave like them. Neely shows how the system of elite power and privilege sustains and builds over time as the beneficiaries concentrate their resources. Learn more about your ad choices. Visit megaphone.fm/adchoices

In The Land Trap (Portfolio / Penguin), Mike Bird—Wall Street editor at The Economist—reveals how this ancient asset still exerts outsize influence over the modern world. From the speculative land grabs of colonial America to China's real estate crisis today, Bird shows how fortunes are built—and destroyed—on the bedrock of land. Tracing three centuries of history, Bird explores how land quietly became the linchpin of the global banking system, driving everything from soaring housing prices to rising geopolitical tensions. As governments wrestle with inequality and land grows ever scarcer, The Land Trap offers a powerful new framework for understanding the hidden force behind today's most urgent challenges. This is the book for anyone who wants to see beyond markets and money to the real game being played on a foundation as old as civilization itself. Timely, provocative, and essential, The Land Trap will change how you see the ground beneath your feet. Reed Schwartz (@reedschwartzsf) holds an MPhil in Intellectual History from the University of Cambridge. Learn more about your ad choices. Visit megaphone.fm/adchoices

As the world moves with increasing urgency to mitigate climate change and catalyze energy transitions to net zero, understanding the governance mechanisms that will unlock barriers to energy transitions is of critical importance. Governing Energy Transitions: A Study of Regime Complex Effectiveness on Geothermal Development in Indonesia and the Philippines (Cambridge UP, 2025) by Dr. Kathryn Chelminski examines how the clean energy regime complex-the fragmented, complex sphere of governance in the clean energy issue area characterized by proliferating and overlapping international institutions-can be effective in fostering energy transitions at the domestic level, particularly in emerging market and developing economies (EMDEs). Through comparative case studies of geothermal development in Indonesia and the Philippines, the chapters provide two different tales of energy transitions, demonstrating how domestic factors have hindered or facilitated progress. This book will be useful for students, researchers, and practitioners working in international relations, energy politics, political science, development studies, public policy, international law, and sociology. 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. Learn more about your ad choices. Visit megaphone.fm/adchoices