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Located in Manchuria (Northeast China), the geopolitical borderland between China, Russia, and Japan, among others, Anshan Iron and Steel Works (Angang) was Mao-era China's most important industrial enterprise. The history of Angang from 1915 to 2000 reveals the hybrid nature of China's accelerated industrialization, shaped by transnational interactions, domestic factors, and local dynamics. Utilizing archives in Chinese, Japanese, Russian, and English, Koji Hirata provides the first comprehensive history of this enterprise before, during, and after the Mao era (1949–1976). Through this unique lens, he explores the complex interplay of transnational influences in Mao-era China. By illustrating the symbiotic relationship between socialism and capitalism during the twentieth century, this major new study situates China within the complex global history of late industrialization.
This article contributes to scholarship on business history and gender in twentieth-century energy transitions. It examines Canadian electric power utility marketing plans and materials, newspaper and magazine accounts, and oral history interview records. Utilities initially sought to sell power as capital and labor rationality, mirroring industrial ideals of producing more with fewer resources. As those labor savings were realized, they increasingly sold power as a means to perform new organizational and emotional jobs of creating a more intimate, happier, and child-centered family life. In doing so, they redefined social life, from family-as-labor unit to family-as-leisure unit, while also redefining leisure-as-labor for women. Women in utility marketing materials, as observed in subsequent time-use studies, eventually saw fewer hours of housework and family care, although offset by increasing leisure jobs. Mobilizing social groups to advance an electrification agenda, utilities sold this new labor as an extension of energy service work in homes, public spaces, and leisure facilities.
This article begins by examining the historiography of Shanxi piaohao and asking how modernist financial discourse gradually took shape over the past century. It then counters the persistent modernist discourse and its anachronistic application to the history of piaohao and the north Chinese interior from two aspects. First, how piaohao managed to build an empire-wide financial network and facilitated flows of capital and goods during the nineteenth century. Second, how family-centered capitalist and non-capitalist histories countered piaohao's unrealized path to modern Western-style banking. This article challenges the perceived universalism of the Western European economy and adopts a Braudelian emphasis on an essential feature of the history of capitalism in a global context—that is, capitalism's unlimited flexibility and capacity for change and adaptation, as seen throughout the history of the Shanxi merchants and piaohao firms, not confined to the singular future of transformation into modern Western-style banks.
China's cattle trade before 1949 is effectively invisible to historians. With no geographic center, few dominant firms, and little government oversight, cattle trade left behind no clear archive of sources, leaving scholars to the mercy of conjecture and episodic evidence. Combining insights from business and social history, we focused our attention on trade intermediation as the key to understanding the operations of a diffuse trade system. In the absence of a top–down archive, we composited hundreds of local sources on intermediation in cattle trade and remotely interviewed 80 former brokers. These sources revealed large numbers of individuated trade routes, which we break into three types: persistent supply, specialized demand, and resource circulation. Each type of trade called for distinct forms of intermediation with relatively little overlap between specialized networks. This recreation of China's cattle trade reveals a sophisticated market for animal labor that calls into question the direct causal link between imperialist resource extraction and rural immiseration, and suggests the utility of applying tools and perspectives of social history to other sorts of decentered commercial systems.
This article analyses the structure and changes of large companies based on a new database of the 200 largest non-financial firms operating from 1913 to 1971 in Argentina. The main contribution of the research consists of the elaboration of the rankings of the 200 largest companies according to their paid-up capital between 1913 and 1971 and the construction of a database of large companies based on homogeneous sources and criteria. The study identifies the long-lasting presence of family-based diversified business groups and foreign multinationals from the first global period to the end of Import Substitution Industrialisation. It also shows that the presence of foreign companies among the 200 largest firms is higher than that identified in other countries. The study constitutes the first comprehensive research into big business in Argentina until the 1970s and a first attempt to identify the life cycles of the largest companies in Argentina.
West Germany finally realized the energy project Italy had begun and Austria had advanced. West Germany made material, through the capitalization of a durable infrastructure, the relationship the Soviets had sought with Western Europe for so long. In 1962 the United States had vetoed a series of oil-for-pipes contracts that would have brought Soviet energy to the heart of Europe. This chapter recounts how half a decade later, with the groundwork having been laid by its two southern neighbors, West German business, local governments, and finance assembled the technopolitical coalition that would redraw East–West politics and labor relations throughout Europe. With the vast, capital intensive construction that West German industrial and financial power made possible, the Soviets could draw on further reserves of capital backstopped by a nigh-irrevocable, material infrastructure.
France offers a contrast to the ways in which finance and energy, and by extension economic life, was governed elsewhere in Europe. The French state, as keen as the Soviets to develop material exchanges beyond the hegemony of American stricture, sought to institutionalize these exchanges through a series of committees and working groups that would govern talks and practices. This was successful to a degree. But despite pressure from the Soviets to liberalize French trade and finance, the French state did not consider it urgent to get a hold of Soviet energy. Instituting working groups in the second half of the 1960s that would meet regularly to discuss trade and finance had been fruitful for the Soviets at the height of Bretton Woods and the technologies it purveyed, such as trade lists and long-term trade agreements. They were still, in many ways, the backbone of the economic relations the Soviet Union maintained with its Western neighbors. What they were not, however, was the future the Soviets envisaged. In Franco-Soviet relations, it was the Soviets that insistently pushed the temporal and material limits. And the French, reluctantly, followed.
Every organization of the world economy has been unstable. Each system is necessarily composed of trade-offs. Opportunities emerge, and disappointments abound. Nothing lasts; nothing is finished; and nothing is perfect.
In the 1990s, three Scandinavian news media companies, Bonnier, Kinnevik, and Schibsted, internationalized their newspapers. Despite doing this during the same period, competing in the same industry and institutional environment, being exposed to the same opportunities by the opening of the Eastern European markets, and all belonging to a smaller language area, they differed in their internationalization models as well as in their outcomes. Despite initial successes, Bonnier and Kinnevik eventually discontinued their newspapers in the new markets, in many cases following significant losses, while Schibsted fared better. The main explanation for using different internationalization models was differences in business models, basically striving to do business internationally in a similar way as domestically. That is, they did not choose a specific internationalization model but sought to simply expand their business models internationally. Consequently, this article finds that when researching internationalization, more focus should be placed on business models.
The Czech Republic often has been cited as an example of successful economic transformation. The available literature has primarily focused on changes in the macroeconomic environment, although the actions of economic agents at the microeconomic level have emerged as the crucial factor explaining this success. Based on 101 oral history interviews, this article offers the firsthand experiences, frustrations, challenges, and human dimensions of doing business at that time and shows that the road from socialism to the market economy was a bumpy one. Our approach fills major information voids, and thus offers a unique opportunity for business historians to avoid slipping into the incomplete view of the world presented by written literature and archives.
The revocation of the Royal African Company's (RAC) monopoly in 1698 inaugurated a transformation of the transatlantic slave trade. While the RAC's exit from the slave trade has received scholarly attention, little is known about the company's response to the loss of its trading privileges. Not only did the end of the company's monopoly increase competition, but the unprecedented numbers of private traders who entered the trade exacerbated the company's principal-agent problems on the West African coast. To analyze the company's behavior in the post-monopoly period, we exploit a series of 292 instruction letters that the RAC issued to its slave-ship captains between 1685 and 1706, coding each individual command in the letters. Our database reveals two new insights into the company's response to its upended competitive landscape. First, the RAC showed a remarkable degree of organizational flexibility, reacting to a heightened principal-agent problem. Second, its response was facilitated by the infrastructure of the transatlantic slave trade, which gave the company a monitoring mechanism by virtue of the slave-ship captains who continually sailed to the West African coast.
Compared with many other regions of the world, the polar regions have not been areas with much industry. The few exceptions, both north and south, have mostly been associated with resource exploitation: fur-hunting, sealing, whaling, mining – and also tourism. Therefore, in economic-geographical publications, the polar regions have usually been described as Resource Frontier Regions.1 Considering both the Arctic and the Antarctic, whaling stands out in terms of the very long time period in which it has continuously been undertaken – and in terms of its scale.
The boundaries of Business History, as a discipline, are constantly revisited. There have been contradictory views on the nature of our field for many decades, and they still exist today, reformulated by new generations and interest groups. As if these differences were not enough, there are also substantial disparities on when and how the subject has evolved worldwide. The discipline has expanded to new geographies recently, and several signals point to a more multicultural business history setting. However, some critical aspects still need to be addressed. How can we reinterpret and overcome the perpetuation of some hierarchies in our field? What are possible key insights from embracing an even more inclusive, global, and pluralistic vision of business history? My proposition is that these issues can be reinvigorated as part of a broader epistemological debate on humanistic and social sciences. This brief article considers possible alternatives for embracing even more diversity and complexity in our field from a Latin American perspective.
Much thought has been accorded to the evolving nature of business history. It is only relatively recently, however, that attempts have been made to articulate methodological issues in a more epistemologically explicit and reflexive fashion. This article contributes to this burgeoning agenda by examining the methodology underpinning an intensive archival study of the British interwar management movement (1918–1939), a major force in British management education between the wars. We explicate the methodology employed and question what this material tells us about the interwar management movement, in terms of its determination to modernize management, encourage openness between firms, and extend a new spirit of partnership. We show that the interwar management movement was characterized by organized cooperation and methodological openness. Our main contribution is to demonstrate that interpretations themselves can become entrenched and prone to inertia, inviting us to revisit these periodically and, if appropriate, recast them.
It rained on the first day of December in 1838. This was a day to remember. Across the Cape Colony the yoke of forced labour had been lifted from the almost 40,000 inhabitants who had formerly been classified as slaves. They were now free.
It had been a long road to freedom. When the Dutch first settled the Cape in the mid-seventeenth century the Atlantic slave trade was expanding. As we discussed in Chapter 11, hundreds of thousands of Africans were being shipped across the Atlantic by Portuguese, British, French and Dutch traders and sold to settlers in the New World. Because of the profitability of the trade, the rivalry between these slave-trading nations was intense. It would be this rivalry that would bring the first shipment of Angolan slaves to the Cape.
This article proposes to see the history of the international law on foreign investment as about the promotion of investor rights as much as the resistance to investor obligations. The argument is that the divide between investment protection and the responsibility of foreign investors is one of the most significant features of international investment law. The article shows that the different treatment of rights and obligations is grounded in the same business project and legal imagination. Maintaining this divide has never been easy, as this model faced resistance, particularly from Latin America, trade unions and human rights activists. The analysis concludes by noting that academics can contribute to reimagining the international law on foreign investment by bringing investment treaty law and business and human rights closer. This shift is already happening.
Public companies now face constant pressure to meet investor expectations. A company must continually deliver strong short-term performance every quarter to maintain its stock price. This valuation treadmill creates incentives for corporations to deceive investors. Published more than twenty years after the passage of Sarbanes-Oxley, which requires all public companies to invest in measures to ensure the accuracy of their disclosures, The Valuation Treadmill shows how securities fraud became a major regulatory concern. Drawing on case studies of paradigmatic securities enforcement actions involving Xerox, Penn Central, Apple, Enron, Citigroup, and General Electric, the book argues that corporate securities fraud emerged as investors increasingly valued companies based on their future performance. Corporations now have an incentive to issue unrealistically optimistic disclosure to convince markets that their success will continue. Securities regulation must do more to protect the integrity of public companies from the pressure of the valuation treadmill.
The Introduction provides an overview of the themes and arguments of the book. It first situates this book within the larger literature on foreign banks in modern China, the history of globalization and the history of international and multinational banking. It then presents the ‘frontier bank’ and the Chinese frontier as a conceptual framework for understanding the activities of foreign banks in modern China. Then it introduces the four main themes of the book: financial internationalization, transnational networks, the conflict between nationalism and economic globalization, and risk. Finally, the Introduction discusses how this book fits into larger discussions about modern China’s relations with the global economy, modern Chinese economic development and economic globalization. The Introduction concludes with an overview of the book’s chapters.
The book’s Conclusion returns to and reflects upon the arguments and themes of the book and explains the relevance of the book’s findings for our understanding of the history of foreign banks in modern China, the development of Chinese public finance and the Chinese economy, and modern economic globalization and multinational enterprises in China. The Conclusion also discusses why after 1914 we see a deterioration in the role of foreign banks in the Chinese economy. Finally, the Conclusion ends with a discussion of the return of foreign banks to China after 1978 and the role of these banks in the Chinese economy today.
In this wide-ranging study, Ghassan Moazzin sheds critical new light on the history of foreign banks in late nineteenth and early twentieth century China, a time that saw a substantial influx of foreign financial institutions into China and a rapid increase of both China's foreign trade and its interactions with international capital markets. Drawing on a broad range of German, English, Japanese and Chinese primary sources, including business records, government documents and personal papers, Moazzin reconstructs how during this period foreign banks facilitated China's financial integration into the first global economy and provided the financial infrastructure required for modern economic globalization in China. Foreign Banks and Global Finance in Modern China shows the key role international finance and foreign banks and capital markets played at important turning points in modern Chinese history.