New Books in Economic and Business History

Epochal Crisis: The Exhaustion of Global Capitalism (Cambridge UP, 2025) is the most recent book from Professor William Robinson, Distinguished Professor of Sociology at the University of California, Santa Barbara. This title is the latest in excellent and ground-breaking titles from Professor Robinson in a distinguished career, where he began writing books on United States intervention into Nicaragua in the late 1980s and early 1990s, expanding this focus on United States hegemony more broadly in the ground-breaking book Promoting Polyarchy in 1996, up to then grappling with the totality of the capitalist world system more recently in titles such as The Global Police State in 2020, Can Global Capitalism Endure in 2022, and War, Global Capitalism and Resistance in 2024, alongside many other books.

Professor Robinson’s latest instalment we discuss in this episode, Epochal Crisis, tracks the multifactorial crises that are impacting the global capitalist system today, across economic, social, ecological, political and other dimensions, and how these intersecting and overlapping crises are degrading or exhausting the ability for capitalism to renew itself. This contemporaneous epochal crisis, as Professor Robinson carefully details, is catalysing morbid symptoms that express themselves as wars, unprecedented violence, ecological emergencies, rock-bottom political legitimacy and a host of other dangerous and cataclysmic effects. Epochal Crisis is both a wide-ranging and extensive investigation into the current, overlapping and intersecting crises that are plaguing the world capitalist system, as it appears in its final, violent death throes, and also a highly engaging work that is easy to digest and will help you understand the very naked reality of capital crisis that is so obvious to us all today. Thankfully, Professor Robinson also addresses what we can do in this latest, perhaps final, epochal breakdown of the capitalist system, to find some revolutionary hope in these dark times.

Elliot Dolan-Evans is a sessional lecturer and tutor in law at Monash University and RMIT. His research investigates the political economy of global capitalism, forms of international governance, and questions of war and peace. His first book, Making War Safe for Capitalism: The World Bank, IMF and the Conflict in Ukraine, is now out with Bristol University Press.
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The U.S. dollar is the world’s most important currency. Trade is priced in dollars, the world’s central banks keep U.S. dollars in reserve, some places–including my home of Hong Kong, peg their currencies to the dollar. But what explains the U.S. dollar’s success? And why have some challengers, like the Japanese yen or the Chinese yuan, failed to gain traction?

Paul Blustein, author of King Dollar: The Past and Future of the World's Dominant Currency, joins us on the show today; the book was released last year, and is now in paperback. In his book, Paul talks about how the U.S. dollar got to where it is today and punctures some of the myths surrounding dollar dominance–like the idea that the “petrodollar” made a difference.

Paul is a senior associate with the Economics Program and Scholl Chair in International Business at the Center for Strategic and International Studies (CSIS). He is also the author of several critically acclaimed books about global economic affairs. A graduate of the University of Wisconsin and Oxford University, where he was a Rhodes Scholar, he spent much of his career as a reporter at the Washington Post and Wall Street Journal.

A programming note: we recorded this interview on April 4th, about a month after the U.S. first launched its strikes on Iran.

You can find more reviews, excerpts, interviews, and essays at The Asian Review of Books. Follow on Twitter at @BookReviewsAsia.

Nicholas Gordon is an editor for a global magazine, and a reviewer for the Asian Review of Books. He can be found on Twitter at @nickrigordon.
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As detailed in Selling Opportunity: The Story of Mary Kay (Penguin, 2026) by Mary Lisa Gavenas, as the only woman in Forbes’ Greatest Business Stories of All Time and the first woman to chair a company on the New York Stock Exchange, Mary Kay Ash has a life story that reads like a Barbara Taylor Bradford novel.

Growing up in Depression-era Texas, Mary Kathlyn Wagner is a dutiful daughter and diligent student with ambition aplenty and no place to use it. Married at sixteen, she is a grandmother at thirty-four. When she is not cooking or cleaning or taking care of the kids, she peddles cleaning products to other housewives. The work has no salary and no security but she sticks with it, sure that direct selling will make her dreams come true.

In 1963, after she has been divorced three times and widowed twice, she sets up her own company, selling second chance and self-invention for the price of a skin care showcase. Soon millions know her as the little lady in the big wig who gives away pink Cadillacs. From its unpromising start in a 500-square-foot Dallas storefront, Mary Kay Inc. grows into a global phenomenon with 3.5 million reps in over 35 countries. She becomes the most famous saleswoman in the world. Maybe the most famous ever.

Based on fifteen years of research, Selling Opportunity gives us a page-turning rags-to-riches story set against the background of direct selling in all its overstated, over-the-top glory. Here, for the first time, is the definitive history of a peculiarly American industry and a mid-century mindset that ennobled extreme self-reliance, sticking to your guns, and blind faith in the American dream.

This interview was conducted by Dr. Miranda Melcher whose book focuses on post-conflict military integration, understanding treaty negotiation and implementation in civil war contexts, with qualitative analysis of the Angolan and Mozambican civil wars. You can find Miranda’s interviews on New Books with Miranda Melcher, wherever you get your podcasts.
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For more than two centuries, economists and researchers have struggled with the conundrum of reconciling Adam Smith’s views on economics and ethics. While some held that Smith’s capitalism and free markets institutionalized selfishness, greed, inequality and injustice, others focused on his theory of the moral nature of all human persons and the application of conscience and self-restraint in capitalist activities.

Adam Smith and Modern Economics: Reclaiming the Moral High Ground (de Gruyter, 2026) suggests that neither of these two conventional understandings alone is accurate and conducive to human flourishing. Smith put markets in the context of morality, observing that markets serve best when our moral sentiments are followed.
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In the thirteenth-century Mediterranean, commerce transformed as merchants shifted from Roman to Indo-Arabic numerals—an alternative that better facilitated complex calculations. It has long been known that this transition stemmed from Europe’s increasing exchanges with India, Persia, and the Arabic world. Yet much remains to be understood about how Indo-Arabic numerals—and the practical arithmetic they enabled—actually spread across Europe. As Dr. Raffaele Danna shows in The Craft of Indo-Arabic Numerals: How Practical Arithmetic Shaped Commerce and Mathematics in Western Europe, 1200–1600 (Harvard University Press, 2026), it was hundreds of ordinary merchants, schoolmasters, and artisans who nurtured these changes, thereby driving key advances in both commerce and mathematics.

Drawing on an original catalog of more than 1,200 practical arithmetic manuals, Dr. Danna charts the incremental spread of the new figures with unprecedented precision. While Italian merchants were the early adopters, it took nearly three centuries for Indo-Arabic numerals to become established in northern Europe. As Dr. Danna shows, adoption did not follow the routes of maritime trade. Rather, Indo-Arabic numerals moved gradually across the continent through inland networks of practitioners. Everywhere they went, the ten figures enhanced commercial practices and facilitated the emergence of a coherent language of mathematical craft. The growing social circulation of this knowledge, in turn, had a lasting impact on the economic trajectory of Western Europe. By the late sixteenth century, even academics were absorbing lessons from the vernacular tradition—a development that led to the first major breakthroughs in European mathematical theory since antiquity.

Combining economic history with the social history of mathematics, The Craft of Indo-Arabic Numerals illuminates the integral role of practical arithmetic in both intellectual and commercial transformations across Western Europe.

This interview was conducted by Dr. Miranda Melcher whose book focuses on post-conflict military integration, understanding treaty negotiation and implementation in civil war contexts, with qualitative analysis of the Angolan and Mozambican civil wars. You can find Miranda’s interviews on New Books with Miranda Melcher, wherever you get your podcasts.
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