Who Makes Cents?: A History of Capitalism Podcast

In this month's episode, co-host Jessica Levy and guest Cheryl Narumi Naruse examine popular narratives surrounding Singapore's "miraculous" journey from Third to First world nation, currently ranked third in the world in terms of Gross Domestic Product per capita. The episode takes a particular look at the period leading up to and following the 1997 Asian financial crisis, during which this tiny island city-state underwent a massive rebranding campaign to transform its reputation from a culturally sterile and punitive nation to an alluring location for economic flourishing. Topics discussed include Singapore’s relationship with a core constituency of Global Asia, namely Overseas Singaporeans, genres of postcolonial capitalism, and much, much more.

One recent study found that 81% of businesses in the United States have zero employees. That is, they are run by sole proprietors, working for and by themselves, The ideal of self-employment has become dominant in our culture, too. More Americans than ever dream of becoming an entrepreneur, an independent owner, a founder. But for all of its prevalence in our economy and in our imaginations, the origins of this impulse are a bit hazy. When did so many of us begin to idolize self-employment? What might it reveal about broader shifts in the employment landscape in the 20th and 21st centuries? In his new book, One Day I'll Work for Myself: The Dream and Delusion That Conquered America, Ben Waterhouse answers precisely those questions. He explains how the rise of self-employment dates back to the economic transformations of the 1970s and intensified during the decades of precarity that followed. In our wide-ranging conversation, we touch on everything from franchise jurisprudence to the gig economy to the surprising story behind the Sam Adams beer company.

Most scholars would date the origins of neoliberalism to the 1970s, when a range of crises gave rise to new forms of market-oriented governance. But Brent Cebul, our guest on this month's episode, argues that liberalism’s sharp turn towards neoliberalism wasn’t so sharp after all. In fact, as early as the New Deal, liberals tried to realize their policy goals through market means. And officials in Washington worked hand-in-hand with otherwise conservative business and municipal elites on those development programs. Throughout the entirety of the long twentieth century, liberals have bound their visions of progress to the local needs of capital. In the process, they’ve ended up entrenching the very inequalities that they had set out to solve in the first place.

In 2022, roughly one in 10 suburban residents lived in poverty (9.6%), compared to about one in six in primary cities (16.2%), according to a recent study by the Brookings Institute. The issue of suburban poverty has garnered significant attention, prompting more than a bit of nostalgia for the good ole days of when suburbs were prosperous, living proof of the American dream. This narrative of postwar suburbia as prosperous, if also exclusive places, has been reinforced by historians and other scholars who, over the years, have shown how the federal government via FHA-insured mortgages and other programs facilitated a dramatic rise in suburban homeownership after WWII, while laregely restricting access through covenants and zoning laws to White Americans. But is this the full story? In this month's episode, Tim Keogh challenges this narrative, demonstrating that for many the postwar American suburban dream was more myth than reality. Alongside exclusive white middle-class communities, Keogh explains how the suburbs have long served as home to low-income residents, whose labor in construction, retail, childcare and a range of other low-wage jobs helped enable suburban prosperity in the absence of a robust welfare state. Along the way, we explore the policy decisions that helped to ensure poverty's persistence alongside prosperity and what we can do today to eliminate poverty wherever it might appear.

Today, discussions of care are ubiquitous. From employer-programs promoting self-care to the $800 billion healthcare industry, care forms a central part of our lives and the economy. But, are the systems and structures currently in place to care serving those who need it the most? This month's episode, featuring historian and activist Premilla Nadasen, takes a close look at the care economy and its relationship to racial capitalism and the reconfiguration of the welfare state. Along the way, we talk about the rise of the care-industrial-complex, wherein private corporations and non-profits benefit from public investment in care; what it's like for those who work in the care industry; and what a caring society built on radical care, as opposed to care-for-profit, might look like.

Are you a professional living and working in an English-speaking country? If so, this episode is for you. Teachers, doctors, nurses, accountants, engineers, lawyers, social workers, the list goes on, professionals play an important role in our society. This wasn't always the case. This episode explores the rise of the professional class in the Anglophone world, including engaging in a decades-old question of whether or not professionals constitute a class. Topics covered include the role that professionals played in the rise of Anglo-settler colonialism; the relationship between the professions and virtue; racial, gendered, and class identities among professionals; and the intensifying battle between professionals and managers. Once seen as allied in administering the global welfare state, professionals and managers, in recent decades, have increasingly found themselves on opposing sides—a conflict made pronounced, in the United States, at least, by a series of recent teachers and nurses strikes, among other examples.

An iced cold Coca-Cola. A cross-country flight on Delta to visit friends. A much-needed medication overnighted via Fed-Ex. Bulk toilet paper purchased at Wal-Mart. What do these items have in common? In today’s modern economy, each of these can be purchased from the comfort of the couch, frequently with a credit card pioneered by Bank of America. They are all also from companies headquartered in the American South. In this month's episode, historian Bart Elmore explains how corporations from the American South helped make it possible for us to satisfy our desires from the convenience of our home and/or hometown, no matter how remote, and the environmental costs associated with each.

This month's episode gives a nod to one of the figures in our logo: the construction worker. Our guest, Mark Erlich has worked in the construction industry as a carpenter and union leader for a half century. In this episode, he shares his insights on the industry's past, present, and future, paying particular attention to the politics and material conditions surrounding construction work. In response to those who argue that today's labor shortages in the construction industry are the result of societal preferences, Erlich points to the decades-long degradation of construction work, including declining pay and protections. Fix those and you'll solve the labor problem.

In this month's episode, guest Chelsea Schields discusses oil refining and intimacy, illuminating the social ties and affective attachments engendered by oil in the Dutch islands of Aruba and Curaçao. Known today for their gorgeous beaches and sunny weather that attract tourists year-round, during the mid-twentieth century these islands were home to some of the largest oil refineries in the world. Along the way, we cover topics such as the role of race and gender in structuring labor relations; inter and intra imperial politics; migration; anti-colonial and anti-welfare movements; the 'offshore'; and much much more.

When it was completed in 1914, the Panama Canal nearly halved the travel time between the U.S. West Coast and Europe and revolutionized trade and travel between the Atlantic and Pacific Oceans. It’s construction, overseen by the U.S. government-Isthmian Canal Commission (ICC), has long been hailed as a marvel of American ingenuity. Less well-known was the project’s dependence on the labor of Black migrant women. In this episode, Joan Flores-Villalobos demonstrates how Black West Indian women’s intimate lives and labor were at the center of the Panama Canal’s construction, explaining how they built a provisioning economy that proved critical to the canal’s development and the maintenance of the West Indian diaspora.

In this month's episode, Christy Thornton discusses the surprising influence of post-revolutionary Mexico on some of the twentieth century's most important international economic institutions, including the World Bank and the International Monetary Fund. Triangulating between archives in Mexico, the United States, and Great Britain, Thornton traces how Mexican officials repeatedly led the charge among Third World nations campaigning for greater representation within and redistribution through multilateral institutions created to promote international development and finance. In doing so, she recovers the crucial role played by Mexican economists, diplomats, and politicians in shaping global economic governance and U.S. hegemony during the mid-twentieth century.

This month, we welcomed Jennifer Mittelstadt back to the show, joined by Mark Wilson, to discuss their new edited volume, The Military and the Market. Moving beyond familiar topics like defense spending, the volume takes an expansive approach to examining military-market relations in a wide range of contexts--from family business in the Civil War to managing post-World War II housing construction for U.S. soldiers and their families, and much more. Alongside Jennifer and Mark, listeners will hear from Kara Dixon Vuic, whose chapter explores the U.S. military's managment of markets for sex. Taken together, The Military and the Market challenges scholars and military policymakers alike to really grapple with the breadth and complexity of U.S. military-market relations over the course of two centuries.

In this episode, historian Allan Lumba explores how the United States wielded monetary authority in the colonial Philippines, including the role of money as a tool for countering decolonization, entrenching racial and class hierarchies, and directing the profits of colonialism towards the U.S. and Wall Street, in particular, with long-lasting consequences for Filipinos and Americans still dealing with the aftermath of what Lumba calls conditional decolonization.

This month’s episode takes listeners back in time to the late 19 and early 20 centuries, a time of significant labor unrest. At the time, employers, often with government support, went to great lengths to put down dissent, including employing violent tactics such as whippings, kidnappings, shootings, and imprisonment. Among those that helped to spear-head this violent suppression of workers and their allies were groups like the Ku Klux Klan, Law & Order Leagues, and Citizens Alliances. Though usually discussed separately, all of these groups used similar language to tar their lower-class challengers as menacing villains and deployed comparable tactics to suppress them. Calling into question a narrative of business management in this period centered on the adoption of scientific management principles and welfare capitalism, Pearson illuminates the repressive, and often terrifying, tactics undergirding industrial-labor relations at the turn of the 20 century.

This month’s episode picks up on a theme previously explored on the podcast: international finance. Drawing on a broad range of German, English, Japanese, and Chinese sources, Ghassan Moazzin traces the rise of foreign banking in China during the late 19 and early 20 centuries, a period that saw a dramatic increase in international trade and investment in the country. Particular attention is paid to the role of foreign banks in integrating China into global financial markets, including marketing China's sovereign debt, and their involvement in the 1911 Revolution and other events in modern Chinese history.

In this month's episode, Claire Dunning explains how and why non-profits came to play such an important role in U.S. cities after World War II. In doing so, she explores the emergence of non-profit neighborhoods amid various changes in urban policy, starting with urban renewal and continuing through the War on Poverty and the rise of community development corporations. While acknowledging all of the important work done by non-profits, the book also draws attention to a central paradox of our reliance on non-profits to address a range of social issues: the dramatic expansion in non-profits has coincided with rising poverty and inequality, rather than their eradication.

In this episode, Mircea Raianu traces the rise of the Tata Group, one of India's largest and oldest companies, from its early days involved in cotton and opium trading to multinational conglomerate invested in everything from salt to software, and, notably, steel. Among the topics discussed, include Tata’s involvement with colonial and anti-colonial developments; international networks of finance capital and scientific management; and Cold War geopolitics. Ultimately, Raianu offers a model for how to study global capitalism in the global South, explicating Tata’s connections to the world and India, while also avoiding the traps of exoticism and over generalization.

This month's episode centers Samoa, including the Pacific islands comprising the present-day independent country of Samoa and American Samoa, examining capitalism, globalization, and coconut colonialism at the turn of the 20th century. In doing so, it pays close attention to the lives of workers, including plantation laborers, ethnographic edutainers, and service workers, revealing how Samoans navigated colonialism and capitalism, contesting exploitative labor conditions, while, at the same time, articulating their own forms of Oceanian globality.

In 2020, George Floyd was killed by police outside a store in Minneapolis known as “the best place to buy menthols.” Of Black Americans who smoke, eighty-percent smoke menthol cigarettes. In this episode, Keith Wailoo explores the history of menthol cigarettes and their marketing to Black Americans. In doing so, he ties together the history of tobacco companies and the disproportionate number of Black deaths at the hands of police violence, COVID-19, and other forms of racial violence and exploitation, giving new meaning to the cry: “I can’t breathe.”

This month's episode takes a deep dive into the history of work and automation in the post-World War II era. It traces the discourse around automation from its origins in the factory to its wide-ranging implications in political and social life. Countering automation's proponents, who prophesize that robots will soon replace human labor, Jason Resnikoff reveals how the automation discourse has tended to obscure the human beings who continue to labor, often in sped up and intensified manners, alongside machines.