Recently, women’s presence on top boards of directors has significantly increased, challenging the long standing of male-led corporate elites. In light of the still-developing literature, this article provides a century-long examination of women’s entry into the Spanish corporate elite, offering several original contributions. In addition to its pioneering input into the country’s historiography, the work uses a holistic model to introduce a comparative European approach. Moreover, it empirically examines the significant yet previously unexplored impact of elite training institutions on the advancement of female directors as well as their arrival through a national holding company and their presence in leading publicly traded companies. Findings showed four distinct stages in their trajectory: discriminatory exclusion, during the first third of the twentieth century; exceptional inclusion, with early positions in their family-owned firms; gradual incorporation, with increased political representation and expanded academic access in the latter decades of the last century; and promotion, supported by twenty-first-century political strategies, while still revealing the handicap of women’s delayed entry into the corporate network.

Turn-of-the-century America witnessed many forgotten risk-making experiments that probed the limits of insurability by stepping beyond the familiar fields of life, fire, and marine insurance. One attempted to underwrite firms’ lost profits during strikes.

The ensuing debates on strike insurance’s practicability revealed scientistic expectations of never-ending actuarial progress that united an otherwise-divided business community. Yet attempting to realize strike insurance quickly meant grappling with the limits of insurability. Labor strife’s fuzzy causality involving human agency forestalled the homogenous classification that underlay actuaries’ averaging. Thus, strike underwriters sidestepped actuarial ratemaking to offer uniform premiums to those deemed acceptable risks. This solution not only left them susceptible to adverse selection and moral hazard but also highlighted the limits of insurers’ ability to transform uncertainty into commoditized risk, more broadly.

Recognizing these limits has important historiographical implications. Based largely on studies of life insurance—the gold standard of insurability—the rise of financial risk management has claimed a central place in the history of American capitalism. This literature thus threatens to obscure the ongoing significance of unclassifiable, unquantifiable uncertainty. Uncovering forgotten risk-making projects like attempts to establish strike insurance, where Americans grappled with the limits of insurability, is thus a crucial corrective.

This paper examines the population of corporate directors of Britain at the turn of the twentieth century. Over the period 1881-1911 the corporate form became the most common mode of business organisation for large businesses. As their number increased, the population of directors expanded and reflected an increasingly diversified corporate landscape. Based on a large-scale dataset, this paper analyses the characteristics and networks of this wider population of directors. The study goes beyond previous work, which has mainly focused on elite directors or prominent companies, and shows three key findings. First, the population of directors was very connected into a large network, complete isolation from this network was rare. Second, over 1881-1911 director interlocks with banks became less important for most sectors, while interlocks with other financial institutions such as trusts became increasingly important. Insurance companies stood out as the most connected sector spanning smaller local companies and larger international ones. Third, during the period studied there was a shift from director clusters that were mainly based on proximity, to those that were connected through industries.

As a result of the partial privatization and public listing of two large state-owned enterprises in 2001, the Norwegian state became the largest owner at the Oslo stock exchange. A new mode of corporate governance was developed, through which retainment of the corporate headquarters (HQ) of hybrid state-owned enterprises became the sole political goal of continued state ownership in these corporations. This article explores the perceived benefits to the national economy of these company HQ through an investigation of public documents and interviews with key stakeholders. The article argues that the main function of the goal of HQ retainment was to portray national interests and political goals as mere (positive) externalities of HQ location, and that this goal was formalized due to a perceived need to depoliticize the corporate governance of hybrid state-owned enterprises.

This article contributes an account of a key moment in the development of venture capital. I argue the US Small Business Administration’s Task Force on Venture and Equity Capital for Small Business, established in 1976 and headed by William J. Casey, had an outsized impact on the development of modern venture capital and its close associations with the high technology sector. The Task Force’s 1977 report was influential in establishing both the figure of the venture capitalist and the business model of institutionally supported, limited partnership venture capital in the minds of policymakers, businesspeople, and the general public. This article traces the influence of one part of the Report: a prominently featured schematic model, entitled “Life Cycle of a New Enterprise: Model of a Growing and Successful Company, 1975-1976 Financial Market Conditions.” I trace the influence of the LCM as it spread through the developing high technology sector, as shown by its appearances in business publications, governmental reports, and congressional testimonies offered by industry leaders. The LCM was genericized away from its original authors and intentions, becoming part of the economic imaginary of the technology and innovation sector.

This article presents a business history of the Barranquilla Railway and Pier Company (BRPC) and its impact on Colombia’s Caribbean region. It explores the company’s operations, profitability, shareholders, infrastructure development, and competition with other coastal railways for insights into the role of foreign capital in regional growth. The BRPC’s railway and port infrastructure connected the coastal city of Barranquilla with the Colombian interior, allowing the city to supplant Cartagena as the country’s principal international port. Statistical analysis reveals the railway’s remarkable profitability, which attracted transnational investors, who consolidated majority control. The company’s ability to leverage engineering expertise and capital underscored its strategic significance, yet its interests centered on protecting its transport monopoly. The railway’s lack of visibility in London and information asymmetries shaped investor perceptions. Extending the pier demonstrated BRPC’s role in accommodating rising export volumes during Colombia’s “despegue cafetero.” However, the railway faced obsolescence, as the government opened the obstructing Bocas de Ceniza sandbank and pursued railway nationalization. The railway’s redundancy, demographic shifts, and rise of Buenaventura underscore its eventual decline. This paper reveals the complex dynamics between foreign capital, infrastructure, and trade monopolies in shaping uneven development. It highlights the BRPC’s overlooked yet fundamental role in Colombia’s export economy and Barranquilla’s ascendancy.

Via an investigation of the collaboration between banks and foreign offices, this article demonstrates that the restructuring of China’s state debt before and after the revolution of 1911 was not simply a part of Chinese globalisation undertaken under the benign stewardship of foreign banks. Rather, the contest for Chinese loans reflected a power struggle for regional hegemony between expansionist states that hinged on both competition and cooperation, as well as Chinese attempts to preserve their economic and territorial sovereignty. It further shows that the notion that financial institutions operated independently of the state does not reflect the clear record of close coordination between states and financial institutions during loan negotiations.

This address calls on historians and other social scientists to delve deeper into the nature of human imagination and its role in business. Interpreting a business plan written by my father prior to his death, I draw attention to the opportunity to use such sources to study the formation and consequences of “entrepreneurial imaginaries.” By this term, I mean the situated and embodied process by which human beings imagine desirable future ventures. Drawing on insights from neuroscience, philosophy, and psychology, I explore how recognizing the embodied nature of human imagination can deepen our understandings of how our subjects (a) imagine their ventures, (b) imagine themselves, and (c) imagine the moral worth of their venture in society. I conclude by highlighting why some of the sources and methods used by business historians may be particularly well suited for studying imagination and its relationship to entrepreneurship and change.

This article argues that live cattle futures, launched in 1964 in Chicago, were revolutionary for professional economics, the derivatives industry, and the beef cattle industry because cattle were the first successful “non-storable” derivatives. Since the late nineteenth century, the ability of derivatives to provide financial services to risk-averse farmers rested on the assumption that futures were interchangeable with physical commodities in storage. Live cattle futures upset theories and norms, which enabled experiments in increasingly abstract forms of speculation and tremendous growth in the derivatives industry. Economists, exchange leaders, and commodity producers cooperated to make live cattle futures work, but they all understood and felt their impacts differently. The article applies market performativity theory to better understand how financial instruments and markets became first less and later more physically abstract over time. The article reveals that the changing materiality of derivatives also led to changes in the social purpose of speculative finance. Sources include published economics articles, conference proceedings, congressional hearings, historical newspapers, and archival records from the derivatives and cattle industries.

Forecasts play a central role in the development of energy infrastructure. Since building energy infrastructure is long and costly, energy system planners try to anticipate future demand to avoid both shortages and overcapacity. But energy demand forecasts aren’t neutral: they represent a certain vision of the future that forecasters hope to bring into being. This article uses a historical case study to open the black box of forecasting and the world it contains. It studies electricity demand forecasts made by Hydro-Québec, one of the biggest industrial firms in North America, from the 1960s to the 1980s. Based on linear extrapolation models forecasting exponential demand and endless growth, the state-owned firm embarked on huge hydroelectric megaprojects with deep consequences on the environment and Indigenous lands. The energy crisis of the 1970s, by disturbing energy systems, led to criticism from the provincial government and civil society towards Hydro-Québec’s bullish forecasts that justified its expansionist agenda. This uncertain context favored other methods of predicting the future, like scenario analysis, and brought scrutiny towards the hydroelectric powerhouse’s business. At the crossroads of business history, energy history, and science and technology studies, the article argues that energy forecasts are used by actors like energy suppliers and governments to produce and project power relations onto the future. They become performative when powerful interests coalesce around their vision of the future to implement it.

Histories of electrification revolve around networks of power developed by “system builders.” These histories, though immensely important, explain the progress of electrification from the perspective of institutions or individuals, rather than through everyday relationships. While the industry pushed the idea that electricity was an obvious must-have for urbanites, vast resources in the 1920s and 1930s went toward cultivating “courteous” relationships among meter readers, electricians, repairmen, billing clerks, and customers. These relationships were pivotal to electrification, especially with complaints about high bills, malfunctioning meters, and “inadequate” wiring, which led to customer curtailment and threatened the prosperity of central power stations. This article expands the notion of who counts as critical actors in the success of electric grids and counters contemporary claims: namely, that grids fail because of bad consumer behavior. By emphasizing the role of everyday relationship-building in the evolution of electric utilities, this study contributes to a history of electricity that examines invisible and mundane networks to expose the relations beneath the grid.

The construction sector has long been underrepresented in business historical studies and debates. While an application of the “historical alternatives to mass production” approach has provided a valuable conceptual framework, this paper offers a still-needed quantitative basis to assess actual long-term changes and continuities in the forms of business organization and entrepreneurship in construction. A database of c. 16,700 construction enterprises in Brussels between 1830 and 1970, drawn from trade directories and fiscal registers, uncovers evolutions in sectoral and subsectoral numbers of enterprises, firm sizes, and rates of company formation. Thus, the growing divergence at the core of the construction industry becomes clear. Industrialization and urbanization led to market concentration, firm growth, and incorporation with some capital-intensive enterprises, whereas the variability of the work on the construction site resulted, with many others, in the persistence of labor-intensive processes, and small-scale, flexible, and informal forms of business organization.

In line with recent research that regards the Second World War as a “defining moment” rather than a temporary disruption to the development of consumer societies, this paper explores how consumers were imagined in nonbelligerent Sweden. The main empirical source material consists of business-to-business advertisements from newspaper and magazine publishers aimed at potential advertisers. There, publishers portrayed their readers as suitable consumers, and, given that the division of the press constituted the main infrastructure for reaching different consumer groups, this is interpreted as a key to understanding market segmentation processes. The findings show how geographical, demographic, and psychological factors were considered in optimizing advertising influence and reaching classed and gendered target audiences. Although the segmentation process consolidated during the war, focusing on stable, large consumer groups, the imagined consumer also underwent fundamental changes, combating anxiety and despair through dreams of both future and present patriotic consumption.

In this article, we explore the impact of colliery closure programs across the nationalized British coal industry. We chart the regional disparities in these and the mobilization of community opposition to national protests, leading to the national miners’ strikes of 1972, 1974, and 1984–5. This article demonstrates how closures have changed the industrial politics of mining unions for miners, junior officials, and managers and have increasingly alienated NCB officials and mining communities. We demonstrate how this undermined the ideals of nationalization. This is examined through moral economic frameworks and within the context of changes to the UK’s energy mix, with implications for contemporary deliberations on public ownership, energy transitions, and regional development.

Like other creative industries emerging in mid-1945 from 12 years of Nazi rule, including six years of war, German publishing was ideologically suspect, internationally isolated, and insular. By the 1950s, however, the book trade in the two German successor states was once again varied and vibrant. And it was also tightly integrated into the international publishing business, within which it had become an increasingly active and important presence. This article analyzes the development of the German book publishing industry during the Allied occupation, 1945-1949, through the lens of knowledge transfer. It was a time during which capital-starved German publishers harnessed the political and ideological objectives of the occupiers and their prewar contacts to achieve their own commercial and cultural ambitions, including taking initial steps toward internationalization. The focus is on literary fiction, a genre that constituted a minority of all published output in the postwar period, but which also included all top bestsellers. Literature in translation, moreover, accounted for a substantial proportion of those bestselling books, and at the same time represented a key vehicle for internationalization. Two case studies, one drawn from the Soviet zone of occupation, the later East Germany, and one from the western zones that came to be dominated by the Americans, the later West Germany, illustrate two different, yet remarkably similar paths through which this interplay of ideological alignment and commerce played out among a range of actors and laid the basis for the subsequent development of the industry.

Trust is often the premier concern highlighted in relation to the formation of mercantile business partnerships, the role of culture, family, and religion at the forefront. This is especially the case for expatriate communities. However, the Danish merchants of nineteenth century Newcastle-upon-Tyne, as especially demonstrated in the diaries of one of their number, Richard Steenberg, did not conform to this trend. This article investigates Steenberg and two other leading merchants, the Borries cousins, as well as some of their former employees, who typify trends within a wider body of 126 businessmen. It will show that they strategically chose partners who had complimentary supplies of financial, human, and social capital to improve the position of a shared firm, and these supplies formed the key criteria in forming or entering these businesses. The role of trust is not denied. Rather, this article seeks to direct debate toward the importance of financial, human, and social capital in commercial partnership formation in relation to trust.

How knowledge is created, accessed, stored and disseminated has become a major focus of study when assessing the success or failure of industrial clusters. Marshall (1890; 225) initiated this debate when he noted: ‘The mysteries of the trade become no mysteries; but are as it were in the air’. In the edited collection by Wilson, Corker and Lane (2022), emphasis has been placed on the links between knowledge, knowledge flows and how innovation systems evolve and adapt. This paper builds on their work examining how tacit and codified knowledge is created and disseminated across a cluster. Bathelt et al (2004) have demonstrated how successful clusters build effective ‘global pipelines’ to access knowledge generated elsewhere, prompting us to think how a business history analysis can incorporate these concepts and how these processes have worked in practice. The paper analyses two English clusters and the processes involved in the formation of a common body of knowledge, a ‘knowledge-cum-industrial zeitgeist’ which explains the cluster’s performance. Specifically, it proposes a model that links internally-generated knowledge and ‘global pipelines’ that clusters develop to tap into externally-generated knowledge, which through effective feedback into the ‘local buzz’ results in further innovation and strengthens the cluster’s competitive advantage.

This article explores the growth of abortion-related businesses in New York State that emerged to encourage Canadian women to travel across the border to access care. Referral agencies and clinics advertised their services, publicized their fees, and competed with each other. Canadian women living near the border were used to crossing to access goods and services not available in their home market. Their practice of traveling to New York for abortions was shaped by their experiences as consumers. The media used the language of commerce to explain this phenomenon, describing those involved in referral agencies as entrepreneurs and businessmen, highlighting the profits being made and evaluating the services being offered.

This article brings agency to discussions on financialization and financial education in Sweden by zooming in on two barely examined actors and arenas: civil society and public schools, respectively. The civil society organization Aktiespararna (Swedish Shareholders’ Association, founded in 1966) attempted to access and impact school education starting with its launch of youth efforts in the 1980s. Aktiespararna was joined in these efforts by Unga Aktiesparare (Swedish Young Shareholders’ Association), founded in 1990. This study describes the organizational strategies—tools, techniques, and discursive approaches—to reach Swedish upper-secondary school students. The result shows a crucial transition on how young Swedes were expected to relate to investing in stocks: from a special interest to pursue as either side activity or profession, to an inevitable part of everyday consumer life. The Swedish example is especially illuminating because it is general in its overall development from welfare state to market orientation. Yet, it emerges as distinctive in its pace and character. Apart from the apparent brisk, straightforward march from social-democratic hegemony, and one of the most regulated national economies in the mid-1900s, to a highly marketized and financialized society in the 2000s, Sweden holds a sociocultural history of strong popular movements and civil society associations. The article demonstrates important links between this aspect of collective engagement for individual progress and the financialization process.

In 1936 Gianni Caproni, one of the biggest aircraft producers in Italy, bought one of the biggest engineering companies in Emilia Romagna, the Officine Meccaniche Reggiane, and started manufacturing and exporting some of the topmost fighters ever produced in Italy. Based on different archival sources this paper would like to shed light on why, despite a national technological obsolescence in the field a company, which focused on the production of railway material, was able to come up with the most technologically innovative fighters (the Re. 2000 and successive models) which soon conquered the Italian and foreign markets. The author would like to indicate the original characteristics which help explain its primacy: the unique features of the Reggiane, the role of the new owner, risk-taker and forward-looking entrepreneur Gianni Caproni and in particular the importance of the transmission of knowledge, which in those autarchic years and in this particular case was reached by attracting human capital from abroad. The general argumentation of the paper would like to show the importance of deeply excavating in the company’s history, managerial choices, risk-taking attitudes, and knowledge transfer in explaining an otherwise almost inexplicable international business success in a such a competitive sector. The approach is not purely descriptive: the paper analyses the facts and figures of the Officine Meccaniche Reggiane before and after the Caproni takeover, it evaluates the company’s innovative production strategy in the new field of aircraft production and offers new interpretations on its success story in this field.