The best economic history books

When I first started covering Wall Street as a reporter, I faced a steep learning curve. I had always loved history, but I knew almost nothing about the history of Wall Street itself. I started educating myself -- and what began as a utilitarian effort to do my job better became a life-changing passion. Too often, financial history gets written for analysts and academics; it was a rare joy to find writers who told these wonderful Wall Street tales in an engaging, accessible way. That became my goal as an author: to write financial history in a way that could fascinate the general reader.

One of the oldest questions is: why are some countries rich and some countries poor? Adam Smith famously answered that it was the division of labor (specialization) and trade in his book The Wealth of Nations. The more you study trade, however, the more complicated the answer becomes. I have been grappling with this question since the 1990s, as a student, and I still do not have a simple answer like Adam Smith. However, I think I have come up with a framework to understand how the economic history of the world developed and I have been teaching that global history in college as a professor since the 2010s.

I am an English professor, and for the past decade I’ve focused my attention on the fiction that is money. I’ve also been a magazine writer for many years and came to money by a circuitous route – through writing about food, which led to writing about global hunger, which in turn led to writing about how food gets its price, which finally and lastly led me to the strange ways of Wall Street – options, futures, and the idea that money can be manipulated into a story, a narrative, or as we say in English departments, a plot.

Bill Poorvu is a successful real estate investor and developer who for 35 years headed the real estate program at Harvard Business School, where he taught several generations of students, many of whom went on to become industry leaders. He is also one of the founders of the Baupost Group, a Boston-based investment firm that is considered one of the savviest hedge funds in the world, with some $30 billion in assets under management.

I have been trying to understand India’s evolution especially its economic path for the last half-century— by reading, traveling, and writing on aspects of that evolution. Originally this started with the Cold War concern about how a democracy would navigate using a democratic political system. So I took appropriate courses in college and graduate school, worked in India in the Peace Corps, and then spent a little under a decade teaching about it a doing research. For the following five decades I have continued my interest and publishing and studying. Whether I have understood much is for others to determine but these are my five book nominees.

I research, write and speak about the global environmental emergency and the policies and politics we need to adequately respond. Drawing on a decade of experience in academia, activism, and policymaking, my work explores the leadership needed to transition to more sustainable and equitable societies while contending with the growing destabilisation resulting from the worsening environmental crisis. I’ve worked at a range of leading policy research organisations and universities and have won awards for my work. I’ve got a BSc in physics and an MPhil in economies from the University of Oxford. 

Walking the rims of remote crater lakes in Uganda to map a tiny piece of terra incognita was a big childhood dream coming true. I then went from a geography master to studies of conflicts, development & journalism. This brought me to the DRC, India, and Nepal, where I covered war, aid, and revolution. Since 2009 I combine professional environmentalism with freelance journalism, publishing books, and giving lectures. With a great global team of researchers and activists I co-created the largest database of environmental conflicts in the world, which doubled as fieldwork for my book Frontlines.

I have been fascinated with history in general, and the history of Japan, since I was in junior high when I read a book on the samurai. After attending summer school at Harvard in 1985, I resolved to devote myself to the study of Japan. Since then, I have studied at Michigan, Stanford, and Kyoto before teaching Japanese history at first Bowdoin College and now, Princeton University. Although I primarily research Japanese history, I find scholarship pertaining to medieval and early modern Europe to be fascinating as well. 

I'm an artist, activist, and social entrepreneur. Latino bilingüe and history nerd. I’m the Founder of Resilient Coders, a free and stipended nonprofit coding bootcamp that trains people of color for careers as software engineers. I built that organization for the same reason I write: I care about the economic wellness of Black and Latinx people. I want my neighbors to have the purchasing power to keep my local bodega open. They carry my coffee. Whole Foods doesn’t.

Marion Turner is a Professor of English Literature at Oxford University where she teaches medieval literature. Her critically-acclaimed biography of the poet Geoffrey Chaucer was picked as a Book of the Year by the Times, the Sunday Times, the New Statesman, and the TLS, and has been hailed as ‘an absolute triumph,’ and a ‘masterpiece.’ It won the British Academy Rose Mary Crawshay Prize and the English Association Beatrice White Prize, and was shortlisted for the Wolfson History Prize.

Doing historical research and thinking about history is an essential part of my personality. During my life, many things changed: the language I speak most of the time, the country where I live, people closest to me, my views, tastes, and habits. Ancient history and its research remain my vocation, job, and place of safety from early youth till nowadays. I am grateful to all people, long dead and living, whose insights on the study of the human past have taught me not only how to do research, but first and foremost how to live.

I am a professor of history at Western University in London, Ontario, Canada. I have written about the history of international organizations, international trade, the British Commonwealth, and Canada in the world. Although these topics have taken me in different directions, I have always examined the political currents that run through them. Politics emerge in relation to ideology, policymaking, leadership, norms, values, interests, identity, international relations, and global governance. I have been especially interested in connecting economics and politics. Many scholars write about trade policies, organizations, and negotiations as though they are technical and narrowly economic when they are agents, instruments, and expressions of international politics. 

Selwyn Parker is an award-winning journalist, author, speaker and pianist. In journalism he focuses on transformational contemporary issues like the new era in energy, the upheaval in banking, the revolution in transportation and the fast-moving world of investment. However most of his dozen books – novels and non-fiction -- are rooted in landmark historical events whose effects still register today.

How did I – as a scholar of German literature – turn to economic topics? That had a certain inevitability. When I left for Paris in the early nineties, reading traces of anthropological knowledge in literature and aesthetics of the 18th century, I came across economic ideas on almost every page, in natural history, in medicine, in philosophy, in encyclopedias, in the theories of signs and in the teachings of beauty. There was circulation, communication, flows of exchange all over the place, and the Robinsons were the model. This reinforced the impression that the human being was engaged in aligning himself with homo oeconomicus. The question of  modern economics has therefore become unavoidable for me.

The three co-authors of The Smart Mission: NASA’s Lessons for Managing Knowledge, People, and Projects have been at the center of organizational and leadership transformation. Dr. Ed Hoffman was NASA’s first Chief Knowledge Officer and the founding Director of the NASA Academy of Program, Project, and Engineering Leadership (APPEL). Matthew Kohut is the managing partner of KNP Communications. He has prepared executives, elected leaders, diplomats, scientists, and public figures for events ranging from television appearances to TED talks. Laurence Prusak was the founder and executive director of the IBM Institute for Knowledge Management and one of the founding partners for the Ernst and Young Center for Business Innovation.

I began this veil as a mathematics major and a first generation college student. It was not easy and I had no great plans or ambitions. I was good at math. But as I read books like these, and many others, I changed my horizons altogether, saw a place for myself and a purpose previously lacking. Economic History resembles my first love of math, but with persons and human behavior included. The latter is endlessly fascinating, as is the tendency of “experts” to misread and make broad assumptions that I, ever skeptical, wish to test where I can. I like being engaged intellectually for its own sake, and, from books like Tristram Shandy, have always endeavored to take my work seriously, but not myself as a human being.

I grew up in China during the years of the one-child policy. In 1989 I joined millions of people in the pro-democracy protests. Our hope and joy were crushed by the Tiananmen Square Massacre. A year later, I left China and came to the States. I wanted to write a story about the students’ fight but create a more meaningful arc. It took me twenty years of soul searching to find my story. At the heart of my novel Living Treasures is a metaphor for the Tiananmen Square Massacre. My heroine continues the fight by doing grassroots work and helping rural women, who are victimized by the one-child policy.

I’m a professor of modern U.S. History and have written books explaining the political and cultural power of corporations, lobbyists, and business people in American life. To me, the signal event of recent history was when the rapid economic growth that followed WWII ended in the 1970s. From globalization and deindustrialization to the rise of authoritarianism under the guise of populism, from systemic racism and the rise of the carceral state to the proliferation of bad jobs and the gig economy—the effects of that historic change shape every aspect of modern life. But this topic can sometimes seem a little dry, so I’m always looking for books that help make sense of it.

I was initially drawn to economics as a way to understand and address global problems of poverty and hunger, like those I saw in Africa with the Peace Corps and later as a researcher. As my interests broadened toward environmental and other social problems, again I found that economics provides valuable insights about their causes and possible solutions. Economics is unfortunately often misunderstood and defined too narrowly: but as a social science, it encompasses a broad framework to comprehend individuals, families, cities, nations. It encompasses philosophical thought, normative questions, and intangibles like humans’ desire for respect. After decades as an economics professor I still find its insights fascinating and powerful.  

Since I began to study history at the university, I have always wondered why things could get so wrong in Europe in the 1930s. The key to understanding this crucial period of world history was the failure of economic policy. In the course of my studies, many of my questions have been answered, but I am still wondering about the extent of human and institutional collapse. Hence, to me, the Great Depression is such a fascinating topic that you can never leave once you started doing research about its causes and consequences.