"It is hard to write engagingly about insurance and the history of statistics. Bouk has succeeded in this feat . . . a very ambitious book." ― The American Historical ReviewLong before the age of "Big Data" or the rise of today's "self-quantifiers," American capitalism embraced "risk"—and proceeded to number our days. Life insurers led the way, developing numerical practices for measuring individuals and groups, predicting their fates, and...

ONE OF THE NEW YORK TIMES BOOK REVIEW'S 100 NOTABLE BOOKS OF 2022From the historian Dan Bouk, a lesson in reading between the lines of the U.S. census to uncover the stories behind the data.The census isn't just a data-collection process; it's a ritual, and a tool, of American democracy. Behind every neat grid of numbers is a collage of messy, human stories—you just have to know how to read them.In Democracy's Data, t...

The census isn't just a data-collection process; it's a ritual, and a tool, of American democracy. Behind every neat grid of numbers is a collage of messy, human stories—you just have to know how to read them.In Democracy's Data, the data historian Dan Bouk examines the 1940 U.S. census, uncovering what those numbers both condense and cleverly abstract: a universe of meaning and uncertainty, of cultural negotiation and political struggle. He introduces us to the men and wo...

Some years ago, The Economist carried a lead editorial, ‘The puzzling failure of economics’. The frank admission was provoked by the publication of a new edition of Paul Samuelson’s Economist. The editorial concluded that it ‘is not a failure of economics, in fact, but of modern [neo-classical] economics’.The authors argue there is nothing puzzling about this failure. They document how the integrity of economics as a discipline was deliberately compromised towards the end of the 19t...

Until the nineteenth century, “risk” was a specialized term: it was the commodity exchanged in a marine insurance contract. Freaks of Fortune tells how the modern concept of risk emerged in the United States. Born on the high seas, risk migrated inland and became essential to the financial management of an inherently uncertain capitalist future.

Life insurance—the promise of an insurer to pay a sum upon a person's death in exchange for a regular premium—is a bizarre enterprise. How can we monetize human life? Should we? What statistics do we use, what assumptions do we make, and what behavioral factors do we consider? First published in 1979, Morals and Markets Is a pathbreaking study exploring the development of life insurance in the United States. Viviana A. Rotman Zelizer combines economic history and a sociological pe...

To gain a deep understanding of contract law, one needs to master not only the rules and principles of the field, but also its underlying theory and justification, and its long and intricate history. This book offers an accessible introduction to all aspects of American contract law, useful to both first-year law students and advanced contract scholars. The book is grounded on up-to-date scholarship and contains detailed references to cases, statutes, Restatements and international legal p...

The United States has long epitomized capitalism. From its enterprising shopkeepers, wildcat banks, violent slave plantations, huge industrial working class, and raucous commodities trade to its world-spanning multinationals, its massive factories, and the centripetal power of New York in the world of finance, America has come to symbolize capitalism for two centuries and more. But an understanding of the history of American capitalism is as elusive as it is urgent. What does it mean to ma...

Between 1888 and 1930, African Americans opened more than a hundred banks and thousands of other financial institutions. In Banking on Freedom, Shennette Garrett-Scott explores this rich period of black financial innovation and its transformative impact on U.S. capitalism through the story of the St. Luke Bank in Richmond, Virginia: the first and only bank run by black women.Banking on Freedom offers an unparalleled account of how black women carved out economic, ...

The Death of Contract is a masterful commentary on the common law, especially the law of promissory obligation known as contracts. In this slim and lively book, the late Yale law professor Grant Gilmore examines the birth, development, death, and even the resurrection of a body of American law. It is both a modern-day reply to and a funeral oration for an American legal classic—Oliver Wendell Holmes’s The Common Law. Gilmore argues that the rigid, formalistic approach of ...

What is the difference between gambling and speculation? This difficult question has posed a legal problem throughout American history. Many have argued that periodic failures by regulators to differentiate between the two have been the proximate causes of catastrophic economic downturns, including the Great Depression and the 2008 global financial crisis. In Speculation, Stuart Banner provides a sweeping history of how the fine lines separating investment, speculation, and outrig...

An in-depth examination of the economic and social transition from slavery to capitalism during ReconstructionAt the center of the upheavals brought by emancipation in the American South was the economic and social transition from slavery to modern capitalism. In Between Slavery and Capitalism, Martin Ruef examines how this institutional change affected individuals, organizations, and communities in the late nineteenth century, as blacks and whites alike l...