The bursting of the “bubble economy” in 1989–1990 brought decades of challenge for Japanese Small and Medium-Sized Enterprises (SMEs), which had assumed the role of subcontractor within production networks dominated by large companies. This article explores the impact of a rapidly altered business environment, due to economic crisis, the decline of relational subcontracting, and technological change, on the management and organization of firms. It provides a needed historical account of Japanese SMEs striving to avoid “hollowing out,” and detailed case studies explain what gaining greater independence as a flexible specialist meant in practice. A focus on the immediate advantages of computerized tools could not bring about the intended strategic objectives, whereas the systemizing of new and existing resources in skills and equipment enabled sustainable competitive differentiation in production and products. The case studies map out the internal competence transformations of SMEs over time, and indicate the value of historical approaches to exploring strategic and organizational change.

Welcome to Volume 24, No. 4 of Enterprise and Society. There is a slight deviation from tradition for this issue this year. As is well-known, the final issue of the year typically carries both the Presidential Address, delivered at the annual meeting in the spring, as well as summaries by all Krooss Prize finalists. Those of you able to attend the annual meeting in Detroit in March 2023 will have been spellbound by Dan Wadhwani’s Presidential Address, which wove together strands of his rich historical entrepreneurship scholarship with threads of his own fascinating family story. Converting such a personal address, combined with the continuous uncovering of materials, has involved intricate ongoing work. Dan and I have agreed to hold his address back to give him the opportunity to write the piece he really wants to write. Personally, I cannot wait to read it.

Since the 1990s, a new model for market control organized through tripartite standards regimes (TSR), has expanded globally and affected most market exchanges through standard-setting, accreditation, and certification. This article investigates business-consumer relations under this regime, with a specific focus on the functions of accreditation and certification. In our case study of Sweden, a new picture of consumer protection under late capitalism evolves. Seeing it as a form of neoliberalization, the article uncovers a transition between two regimes of control; from one built on a potential conflict between consumer and business interests, to one based on the assumption that business interests are beneficial for all parties. Although business interest was formulated as pleasing the consumer—or the “customer”—by both certification firms and the Swedish Accreditation Authority, in practice consumer interest as something worth protecting was made abstract in the era of the TSR.

Capitalist ideas of productivity became central to medicine under slavery. They shaped how physicians treated enslaved patients, crafted a scientific basis for medicine, and conceived of themselves as professionals. Between the late-eighteenth-century and the mid-nineteenth-century, white male physicians in Louisiana and Cuba distinguished themselves from other healers: first, by aligning with Spanish colonialism, and then, by making themselves essential to a new form of plantation management that used clock-time discipline, hierarchical divisions of labor, and complex accounting systems. These technologies helped planters track the hours and days each enslaved person spent working, eating, sleeping, birthing, suffering from sickness and injuries, and recovering. This in turn enabled precise interpretations of enslaved health in terms of productivity, which was primarily measured in work time and the number of commodities produced. Physicians, who were seeking a rigorous intellectual foundation for medical knowledge production, latched onto planter methods of calculating and controlling enslaved health. One of those methods was what planters and physicians called “sick time,” which was an allotment of time away from work intended to manage illness enough for enslaved people to return to work. However, as physicians used plantation management to cast an air of scientific accuracy over their knowledge, enslaved people reconfigured their own medical practices to make themselves less visible and countable. Fugitive practices involving trees, animals, and natural springs helped enslaved people to heal by taking their own forms of sick time.

Histories of semiconductor and computing technology in the United States have emphasized the supporting role of the U.S. state, especially the military, in answer to libertarian denials of state aid that are influential in Silicon Valley today. Somewhat implicit in that historiography, though, is the leading role of actors and organizations that blur any distinction between public and private. Some industries of this sort—telecommunications, aerospace, auto manufacturing—do figure in the historiography, but the class should be expanded further. One such industry—oil—has been exceptionally but almost invisibly influential in the development of computing and semiconductor manufacturing in the United States. Oil firms invested heavily in semiconductors and computing. There was also an “oil spillover” of personnel and technology from oil firms to computing and semiconductor manufacturing. Oil shows up in the biographies of many prominent individuals and organizations in the history of those technologies, from Fairchild Semiconductor to Edsger Dijkstra. These ties potentially hold important implications for the much-needed transition to a more sustainable energy regime.

The Bryant & May company is well known for its operations in Britain. Historians have paid less attention to the actions of the company overseas. The opening of a new Australian subsidiary factory in 1909 marked an early venture in multinational manufacturing within the British Empire. This article uses business records and newspapers from both the British and Australian archives to examine the day-to-day operations of this multinational, with a particular focus on the human dimension of the interactions between London and Melbourne. The Bryant & May case study reveals the evolving, sometimes tense, relationship between the “home” and “subsidiary” branches in the context of British imperialism and Australian federation in the years preceding World War I. Business, personal, and imperial relationships intertwined. While business historians have developed theoretical frameworks to understand why companies embark on multinational operations, work remains to be done on the longer-term operations of companies in particular political, social, and cultural contexts. We examine the building of the Empire Works match factory in Melbourne, the nature of transnational management, labor relations, and key production challenges up to the Interstate Commission of 1914. We reveal how Melbourne managers, sometimes against the inclinations of the London directors, were prepared to drive a hard bargain with local politicians and workers. Bryant & May successfully, and sometimes controversially, gained competitive advantage as a “local” company with access to preferential tariffs. This placed the firm in an ideal position to prosper when international trade was disrupted during World War I.

This article analyzes the ways that shopping center tenants deployed narratives to encourage government intervention in the Australian retail property sector during the 1980s. Tenants claimed that landlords were abusing their market power through a range of egregious and exploitative practices. Landlords responded with stories of their own, claiming that amateurish retailers were using isolated cases to make broad generalizations about the industry as a whole. Politicians retold retailers’ stories in Parliament, championed small business enterprise as a driver of economic growth, and produced retail leasing legislation aimed at protecting shopping center tenants. In the process, established conceptions of shopping centers were inverted. In the 1960s and 1970s they were seen as bastions of capitalist enterprise constructed by nation-building visionaries. Through stories, retailers captured the cultural legitimacy of entrepreneurship from their landlords, who were characterized as feudal barons blocking the free operation of markets they controlled. Exploring these developments offers new insights into the relational dynamics of preplanned retail environments, expands our understanding of postwar Australian retail history, and contributes to a growing historiography on the role of narrative in business history.

In this essay, I reflect on the growing political obstacles to doing business history in China and how, in my doctoral dissertation research, I attempted to overcome them. More specifically, I discuss how I drew on unconventional historical sources and novel data to examine the relationship between informal entrepreneurial activity and economic change in Maoist China (1949–1978). Through the quantitative analysis of thousands of case files of individuals prosecuted as “speculators and profiteers”—discarded administrative documents that were recovered from Chinese flea markets—I reassessed the scale and scope of informal entrepreneurial activity in Maoist China. I then went on to triangulate these data with evidence found in other sources to illustrate how, over time, informal entrepreneurial activity became more collusive, encompassing, and impossible to contain. Ultimately, I argued that China’s “Reform and Opening Up” was not the state-led watershed event that it is often made out to be; rather, economic and institutional change was, at least partly, the result of a bottom-up transformation, decades in the making. This essay thus suggests that the use of unconventional sources and mixed methods presents opportunities both for doing research in contexts where history is being actively securitized and for producing countervailing narratives that decenter the state.

This article uses trade directories and notifications in the London Gazette to reconstruct the Potteries industrial district at the firm level for 1781 to 1851, a dynamic period of growth for a knowledge-intensive industry. It cuts across the organizational spectrum of the district in terms of the scale and scope of firms traditionally examined by including both the larger lead-firms and the smaller firms for which limited or no business records survive. It addresses difficulties associated with analysis of early clusters before the late nineteenth century. Directories offer a consistent series of records that, when cross-referenced with the Gazette and local newspapers, allow for detailed examination of firm behavior and the structure of the district during a formative growth period. Analysis highlights patterns of cooperative competition in an industry in which tacit knowledge played a crucial role as a source of competitive advantage, raises questions for future research, and provides an empirical base on which to consider further investigation of the trees that made up the forest.

This article examines the origin of the “Prancing Horse” symbol and its role in helping the racing team Ferrari survive under the fascist regime in Italy. Enzo Ferrari, the company’s founder, adopted the coat of arms of Francesco Baracca, the most renowned Italian military aviator during World War I, as the logo of his new racing team. By repurposing it from military aviation to motorsport, he benefitted from powerful cultural associations and strong political and cultural endorsement of Baracca’s persona. Drawing from scholarship on cultural branding and consumer culture, this study shows how new companies can establish powerful business icons by borrowing symbols connected to populist worlds and national ideologies, and transferring them to various industries. Strategic repurposing thus emerges as a distinct process within cultural branding to obtain institutional support and establish powerful brand identities in challenging contexts.

This article uses a lawsuit between British engineers and Dominican merchants over a sugar estate mortgage to examine how transnational capital networks functioned at the local level during a moment of transition in the late nineteenth-century global economy. When Dominican courts ruled against the engineers, the firm unsuccessfully sought diplomatic intervention, raising questions on the one hand about the incremental construction of Dominican sovereignty and on the other about the links between diplomatic and business networks on the ground. It is situated within calls for new approaches to the history of the Dominican Republic that utilize international archives and focus on corporate bodies, both in local and Pan-Caribbean contexts.

This article examines government–business relations in the context of World War II mobilization of the US carbon black industry. The topic contributes to the ongoing debates about whether this relationship laid the foundation for postwar US prosperity. The primary research question is: What role did wartime mobilization and the US government play in carbon black industrial transitions and changes in technology and productivity? The evidence from wartime records of the carbon black program shows that industry dominated the government–business relations during the period. The War Production Board was unable to effectively resolve or even report on disputes between synthetic rubber and carbon black industry factions or resist carbon black industry control over product prices and specifications and approval of government-financed plant construction projects. Behind the transition was prewar and wartime carbon black industrial research and development. Through the federal government’s cooperative research, procurement, and sponsored construction contracts, the carbon black industry applied its industrial research discoveries to transform its business model to high-efficiency production in the context of postwar expansions of transportation infrastructure, economic growth, and natural gas pipelines.

Since the mid-1970s, the U.S. commodity futures exchanges have increasingly been the focus of tight government regulation, which resulted in strong control by a specific agency: the Commodity Futures Trading Commission. In Europe, the regulation of futures diverged from the U.S. model. No regulation at the communitarian level was implemented; at the national level, the United Kingdom emerged as a model of self-regulation of commodity markets. This article explores the historical causes behind this lack of regulation in Europe, placing it in the context of global commodity trading and arguing that the European regulation of futures trading was reshaped by a dialogue established between the European Commission and big players of commodity futures trading in the City of London. Since the mid-1960s, the City of London has become a pivotal global market venue for commodity futures, which has increasingly attracted players from abroad, thanks to its financial integrity and self-regulatory model. Both established London merchants and emerging players in the global trade of financial products cooperated to stave off any attempt at regulating the London futures exchanges. The inference here is that those attempts were instrumental in setting the conditions leading to the regulatory fragmentation that still characterizes futures trading in the global market.

“Building Blocs” charts a global history of the last great crisis of globalization—the transwar decades from the 1880s through the 1940s—by centering strategic minerals needed to make steel. Little studied, but critically important, alloying minerals like tungsten and manganese were only needed in small amounts, but they were essential to the foundations of both national prosperity and security: steel and military production. Herein lay a fundamental problem: none of the industrial powers possessed adequate domestic deposits of these minerals, which were concentrated in remote locations such as central India, the Caucasus, southern China, Brazilian jungles, the Australian outback, and southern Africa. In a world in which steel was power, “Building Blocs” shows that resource anxieties motivated interwar quests for autarky and autonomy in the form of self-contained blocs. The scramble for strategic minerals escalated tensions and put rivals on the road to war, reshaping the forms and structures of geopolitical entities and international institutions throughout the transwar period.

Although the automobile industry has served as the backbone of much business history scholarship, business historians have paid little attention to this industry’s actions concerning the complex of environmental issues that took hold in the 1960s. Volvo represents a captivating case study to gain insight into why the automobile industry’s growth has been difficult to align with the shift toward environmental sustainability. Although Volvo pioneered the exhaust emission control technology on the U.S. market in the 1970s and gained an international reputation for high environmental and safety standards in the decades that followed, the company was unable to seriously address climate change in the 1990s. This article identifies several key factors impacting the automobile industry’s passive response to environmental challenges—for instance, weak and asymmetric emission control regulations on international markets, consumer preferences for larger cars (SUVs) in the 1990s, and a lack of systematic regulatory pressure to shift from fossil fuels and the internal combustion engine. In the case of Volvo, world leadership in safety standards, rather than low carbon emissions, constituted the company’s competitive advantage as climate change emerged as one of the most critical environmental issues in the 1990s.

This article challenges current interpretations of the rise of the Eurodollar market. It argues that rather than being the exclusive innovation of British banks, the Eurodollar market had also Italian origins. Foreign-currency lending in Italy in the 1950s was characterized by competitive behavior. I explain the accumulation of Eurodollar deposits by Italian banks as resulting from the fact that nonresident foreign-currency deposits were not subject to reserve requirements. Furthermore, I discuss the attitudes of the Bank of Italy regarding the financing of foreign-currency credits with nonresident dollar deposits (Eurodollars) and compare the Eurocurrency liabilities of Italian banks vis-à-vis those of the City of London. The comparison facilitates an approximate estimation of the size of the Eurocurrency market in the late 1950s and, even more importantly, a recalibration of the view that the City of London was the dominant Eurodollar player from the outset.

This paper examines the Africanization of human resources in East Africa during the latter part of the twentieth century. Focusing on the case of the East African Airways Corporation (EAAC) and later Kenya Airways, we analyze the long-term development of staffing policy in these companies and the impact of the changing political and managerial environment (colonial rule, joint ownership by three independent states, Kenyan state-owned enterprise, private enterprise with foreign ownership). This research shows that post-independence Africanization was hampered by a lack of specific local expertise. The EAAC solved this difficulty by cooperating with foreign organizations that provided adequate training for African pilots, engineers, and managers. However, indigenization was also used in a less meritocratic way and promoted clientelism.

Executive education programs offered by business schools became a global phenomenon for developing top managers in the 1960s. These programs were established in more than 40 countries in Europe, Asia, Africa, and Latin America in less than two decades. This article explores the phenomenon in three different Latin American contexts: Central America, Peru, and Colombia. In all these cases, initiatives led to successful executive programs, which contributed to the growth of business schools that gradually achieved high international reputation. By studying the way that various U.S. actors interacted differently with local actors in the three cases, the article contributes to three discussions within business history: the history of Americanization, management education, and the alternative business history of emerging markets.

This article analyzes the so-called turn to the market in Sweden, with an emphasis on aspects that are typically absent from large-scale narratives. How did the changes known as neoliberalization and financialization enter everyday life and mundane financial practices? And which analytical tools can historians use to meaningfully connect the experience of changes on the micro level to those on the macro level? Zooming in on the the year 1979 and focusing on two empirical cases—the popularization of stock saving and the domestication of consumer credit—allows us to elaborate and apply a set of analytical entry points about (1) mundane micro-infrastructures, (2) financial knowledge as learning and unlearning, and (3) moral boundary work. This framework offers a way of exploring when and in what ways new financial practices were experienced and eventually embraced by those who had previously been skeptical or even hostile. It also reveals the role played by actors and institutions not typically seen as agents of marketization.