This article uses a case study to illustrate the dynamics of firm structure and property rights in Brazil during the nineteenth and twentieth centuries. The St. John d´el Rey Mining Company was a British mining company in Brazil. Its experiences demonstrate that, property rights were not under-specified; they were over-specified and varying provisions for rights were mutually inconsistent. Precise laws protected capital investment to such an extent that dissolving partnerships became problematic. At the same time, inheritance laws mandated partible division of personal estates among heirs. The mining company's history demonstrates the opportunities for posthumously emerged heirs, essentially, to claim partnership rights.

This article takes criticisms of employment discrimination in the aftermath of the creation of workmen’s compensation legislation as a point of entry for arguing that compensation laws created new incentives for employment discrimination. Compensation laws turned the costs of employees’ workplace accidents into a risk that many employers sought to manage by screening job applicants in a manner analogous to how insurance companies screened policy applicants. While numerous critics blamed insurers for discrimination, I argue that the problem was lack of insurance. The less that companies pooled their compensation risks via insurance, the greater the incentives for employers to stop employing people they would have previously been willing to hire.

On May 29, 1945, Charles F. Calhoun, a vice president of the Permanente Metals Corporation (PMC), composed a telegram to his fellow company officers that celebrated a long-awaited triumph. “This is to confirm delivery to Tokyo, May 26th, during high wind, of large Permanente shipment by way Marion, Ohio, and B-29 express,” Calhoun began. “It is reported there was no loss of goods in transit but that considerable damage resulted from cargo being jettisoned within Tokyo city limits.” He could not resist adding, tongue firmly in cheek, “All ... claims of property damage will be forwarded to Permanente claims adjustment department.”

Corporations can be viewed as large information ecosystems, not more narrowly as corporate entities, and the author uses the example of IBM to defend this point. This essay illustrates issues and topics that can be studied to enhance understanding of corporate history, building on prior methods used by scholars. It builds on research the author performed in writing a history of IBM from the 1880s to the present.

Incorporated on the eve of the Panic of 1837, the Nesbitt Manufacturing Company of South Carolina owned and hired enslaved individuals to labor in their ironworks, but they also leveraged the market value of this enslaved property by exchanging them for shares of company stock and offering them as collateral in loan contracts. These slaveholders actively experimented with increasingly sophisticated financial tools and institutions in order to facilitate investment, market exchange, and profit maximization within the system of enslavement. Although historians have examined the role of enslaved labor in industrial concerns, they have largely ignored their role in the financing of these operations. Understanding the multiple ways that southerners were turning enslaved property into liquid, flexible financial assets is essential to understanding the depth and breadth of the system of enslavement. In doing so, we can move beyond questions of whether slavery was compatible with industrialization specifically and capitalism more broadly, to an understanding of how slavery and capitalism interacted to promote southern economic development in the antebellum period. At the same time, the experience of the Nesbitt Company reveals the limits of enslaved financing. The aftermath of the Panic of 1837 demonstrated that the market value of enslaved property was much more volatile than enslavers cared to admit. Although southerners could often endure this volatility in the case of enslaved laborers working on plantations or in factories, it made the financialization of slavery a much riskier endeavor for an emerging industrial regime.

Cathay Pacific’s shifting shareholder base underscores the dynamic interactions between the state and the market in an ever-changing geopolitical landscape. Focusing on its later transformation from a British airline, this article explores how Cathay Pacific refashioned its shareholding to respond to the shifting political climate of Hong Kong. In the protracted process through which Britain yielded jurisdictional power of Hong Kong to the People’s Republic of China, Cathay Pacific responded preemptively, first by enhancing its local profile, and then by appealing to economic nationalism of the sovereign state poised to take charge. The privately owned airline fashioned its corporate nationality in a bid to negotiate with political forces that affected its business development. The case of Cathay Pacific demonstrates how, in the absence of warfare, companies still need to mitigate political risks in a fluid geopolitical setting. By modifying its shareholding, Cathay Pacific crafted its corporate nationality, which proved instrumental in allaying political risks and managing business relationship with the state. The airline’s strategy attests to its dexterity as well as the pliability of the notion of “corporate nationality,” winning management the “license to operate”—legitimacy and state sponsorship—during a period of swift geopolitical shifts.

An analysis of corporate profitability leads to a reevaluation of economic policy during Argentina’s Great Depression. While the overall profit rate collapsed, some sectors were more affected than others: Commerce, insurance, and agriculture were worst hit, followed by transportation, industry, and finally banking, which was a beneficiary of economic policy, especially the decision not to default on or renegotiate the external public debt. Had a different economic policy been pursued, it is likely that the international crisis would not have affected Argentina so severely. Most importantly, it would have been possible to further devalue the peso, which would have benefitted both agriculture and industry. Moreover, interest rates would have been lower, and continued government borrowing would not have crowded out investment in the private sector. An analysis of corporate profitability thus leads to a less positive view of economic policy during Argentina’s Great Depression than is often found in the existing literature.

During the 1920s, the National Bureau of Standards (NBS) greatly expanded the kinds of activities it undertook, leading to a sense that the agency was ubiquitous. Some of the agency’s new activities were quasi-regulatory: they sought to shape markets and make products safer. The bureau was a part of the Department of Commerce, and its expansion of market-shaping activities took place when Herbert Hoover was Commerce Secretary. In Ellis Hawley’s influential, oft-repeated interpretation of the bureau’s actions during this period, Hoover pioneered an “associational” mode of governance that emphasized industry self-regulation and rational coordination via conferences, trade associations, and other gatherings. In this essay I show how the NBS under Hoover went well beyond fostering industry self-regulation, thus suggesting the need to revise Hawley’s interpretation. This essay is divided into two main sections: the first section examines the thinking of George K. Burgess, who rose to head the NBS in the early 1920s and who put forth an ambitious vision for the bureau’s role in society, particularly around its potential to improve products on the market. The second section then examines one case of the agency’s proliferation of new organizational routines, namely those around the automobile. A close consideration of Burgess and the NBS’s new routines indicates that the NBS extended its reach far beyond its traditional bounds. Most of these novel efforts were aimed at increasing the market’s virtues.

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.

This essay argues that American printers motivated by a deep commercial interest in fast and effective communication worked to overturn the British imperial postal service in 1774 and 1775. Printers enlisted merchants and members of the revolutionary elite, who also relied on long-distance communication through the post office for their own commercial and political purposes, to provide financial and political support. In making their case, printers mobilized a broad array of political ideology and imagery already familiar to colonists during the decade-long imperial crisis, emphasizing the political necessity of replacing the imperial institution. At the same time, they uncontroversially asserted that a new American post office would safeguard their precarious commercial ventures. The essay therefore demonstrates that printers were not “mere mechanics” but actively shaped the political debates leading to the American Revolution as part of a process that scholars have recently highlighted in a work on the economic and commercial influences on the Revolution. Furthermore, it grants the post office its due as part of the Habermasian public sphere; although understudied, the post office—both as a physical space and as a network through which information could travel—was a crucial means by which Americans developed a national infrastructure for political communications. Exploring the overthrow of the British post office, and the creation of an American post office, reveals an understudied but crucial episode to explain the symbiosis between politics and commerce during the American Revolutionary era.