Featured Interviews

Nicholas Mulder’s new book The Economic Weapon: The Rise of Sanctions as a Tool of Modern War details the history of sanctions, their wartime origins in the economic blockade of the First World War, and their evolution from a deterrent to an actively used tool of modern state warfare. In doing so, it raises and answers important theoretical questions about the limits and contradictions of the interwar liberal international order, state sovereignty, and the legitimacy of a totalising instrument that profoundly and rather devastatingly impacts civilian societies. Through the story of sanctions, the book also offers a fresh perspective on the tragic escalatory spiral of the 1930s—the rise of fascist states but also the Second World War.

2022 Winner of the Toynbee First Book Manuscript Workshop competition: Ana María Otero-Cleves (Universidad de los Andes, Colombia)

Manuscript Commentators: Toynbee Trustee Jeremy Adelman (Princeton University); Jeremy Prestholdt (University of California, San Diego); Frank Trentmann (Birkbeck, University of London)

Book manuscript: Cherished Consumers: Global Connections, Local Consumption, and Foreign Commodities in Nineteenth-Century Colombia (provisional)

Quinn Slobodian reveals how neoliberal thinkers developed a vision of global free trade in goods and capital, though not necessarily people, during the crises of the 1930s and the era of decolonization. In his book, Globalists, he argues that neoliberal thinkers did not oppose the state and prize individualism, but rather sought to use rules to encase the market away from democratic governance. His discussion with us also presented a chance to explore neoliberals' interpretations of the nexus between law and economics as well as current debates over the significance of racism to neoliberal thought. Slobodian explained the role of Central Europe in the global history of neoliberalism and the legacy of the Habsburg Empire for neoliberals' understanding of political economy. Slobodian addressed the critical conflation of neoliberalism, economism, and pretensions to all-knowability in the recent historiography of the "invention of the economy."

A global history of cotton, Sven Beckert explains in Empire of Cotton, is enlightening for several reasons. Firstly, its spatial organization shifted radically during the last three hundred years. Due to the difficulties of growing cotton in cold, damp Europe, Eurasia or North America, it should come as no surprise that most cotton cultivation–and, for ages–production was confined to local industries in places like China and, above all, India. But by the 18th and 19th century, a radical shift was underway, as the finished production of cotton goods shifted towards what we now identify as the industrial heartlands of the North Atlantic economy: the textile mills of northern England and a panoply of mill towns in Continental Europe and North America.

Capitalism versus Communism. To many, the latter half of the twentieth history was deeply shaped by the confrontation between these two ideological and socioeconomic systems. When the Soviet Union collapsed in 1991, capitalism's triumph was credited to its valorization of money and protection of markets, among other factors; and, as the story continues, Communists failed, in part, because they suppressed markets and globalization. Yet, how much of this historical picture holds true?

Christy Thornton’s Revolution in Development: Mexico and the Governance of the Global Economy (University of California Press, 2021) places Mexico at the center of histories of international economic governance. In the wake of Mexico’s exclusion from international capital markets following its 1914 default, she argues, Mexican economists and diplomats began to consider the nature of sovereignty, political and economic, and imagine a reconfiguration of international credit-debt relationships in order to foster development. Rather than envision autarky, Mexican leaders pursued a politics of both recognition and redistribution on the international stage from the interwar period to the crafting of the New International Economic Order (NIEO) in the 1970s. Recognition entailed equitable representation in multilateral institutions, while redistribution meant long-term, concessionary lending. According to Thornton, their reckonings with the existing international economic order presaged modernization and dependency theory and reached a climax when President Luis Echeverría Álvarez led the movement to author and pass the Charter of Economic Rights and Duties of States.

The House of Barings was established in 1762 and started out by trading on its own account, and on joint account with other merchants, buying and selling commodities and other goods in British and overseas markets. They also acted as London agents for overseas merchants, arranging shipping and insurance, making and collecting payments. Over time, Barings reduced their stakes in commodity trading due to its speculative and risky nature, and heavily ventured into the work of issuing securities for governments and businesses, especially railway companies. Barings also acted as paying agents, being particularly associated with Argentine, United States, Canadian and Russian governments.