After reflecting on the thematic evolution of business history as a field over the past 50 years, this revised presidential address invites readers to consider the potential payoffs of expanding the contexts in which business historians work together on research projects, as well as with colleagues from cognate fields and with students. In addition to charting the steady growth in collaborative research among business historians since 2000, the essay also identifies areas that especially lend themselves to this mode of historical inquiry, including comparative or transnational analysis that requires detailed knowledge of multiple societies, the development of oral history projects, and the use of data science techniques. It concludes by exploring the advantages of incorporating interdisciplinary research teams into curricular structures, using the example of the Bass Connections program at Duke University.

This article examines the origins and development of oil futures trading in the United States to demonstrate the important role that energy concerns played in the financialization of the U.S. economy in the 1970s and 1980s. The article contextualizes the emergence of oil futures contracts by narrating the longer history of U.S. futures markets and financialization. It also explores the halting development of oil futures contracts, and analyzes the three kinds of legitimating narratives that accompanied oil futures trading: reason, the primacy of price, and power. As a whole, the article argues that energy crisis discourse contributed significantly to the financialization of the U.S. economy by framing futures markets as the only viable solution to the energy crisis. The much-celebrated oil futures contracts on the New York Mercantile Exchange supported and marked the emergent power of financial thinking as the United States entered a neoliberal era.

Conceptual metaphors, like Galambos and Amatori’s “entrepreneurial multiplier,” play a pivotal but largely unexamined role in historical interpretation. They do this by allowing historians to see one set of historical associations or relationships in terms of another, more familiar, one. I highlight this interpretive role by comparing Galambos and Amatori’s construct to Joseph Schumpeter’s “gale of creative destruction” and Arthur Cole’s “entrepreneurial stream” as metaphors that attempt to explain the relationship between entrepreneurship and historical change. I also point out the risks that taken-for-granted metaphors can have in narrowing room for interpretation, and argue that reflexivity and playfulness are essential to keeping conceptual metaphors alive as interpretive devices. I conclude by suggesting that metaphors are an intrinsic form of theorizing in historical interpretation, and illustrate my argument by briefly examining “industrial revolution” as a construct in business and economic history.

The problem of action is the problem of both identifying and explaining it. The two aspects are not as distinct as this formulation might suggest, and the present paper focuses on the first, bringing in only as much of the second as is absolutely necessary. (A companion paper focuses on the second in a similar way.) Because business history is for all practical purposes a history of organizations and because action in and by organizations generally implicates those organizations’ routines, addressing the problem of action as business historians encounter it requires discussion of relatively recent literature on the relationship between structure and agency. That discussion raises questions about the meaning of agency in human conduct and in historical analysis. After exposition of some helpful ideas drawn from the sociology literature, this paper draws out implications for writing the business history of firms and industries.

Multinationals experienced a great growth after the European postwar boom. Factors in the 1970s included increasing competition from the United States, the emerging European market, as well as ongoing economic crises and changes in the international economy. The articles analyzes three case studies of Western European chemical companies—Hoechst, Akzo, and Rhône-Poulenc—to show the consequences of structural changes on management and the workforce. This article argues that (1) domestic export-oriented supplement investments lost importance, and the domestic workforce had a harder time meeting qualification requirements; (2) organizational changes incorporated divisional competitive elements into a company’s organization of work; and (3) managers had to learn to respect national path dependencies and specific skills of the local workforce. Furthermore, it illustrates the developments of the workforce in Europe and abroad and stresses the importance of nationality within the management of multinationals.

Galambos and Amatori applaud this discourse over entrepreneurship but contend that the multiplier is not a metaphor. They acknowledge Wadhwani’s insightful analyses and look forward to further fruitful discussions focused on innovation, capitalism’s major strength. They briefly argue for scalar evaluations rather than binary evaluations of innovation and the socio-economic problems they inevitably create.

This article analyzes the causes for the long-term success of the Barcelona (Spain) and São Paulo (Brazil) automobile industry clusters. Comparative evidence suggests that both clusters emerged in the early twentieth century through the formation of Marshallian external economies. Nevertheless, neither Barcelona nor São Paulo reached mass automobile production before 1950. The consolidation of the clusters required the adoption of strategic industrial policy during the golden age of capitalism. This policy succeeded in encouraging a few hub firms to undertake mass production by using domestic parts. The strategic policy also favored these leading corporations transferring their technical, organizational, and distribution capabilities, which in turn amplified the advantages of the clusters. Local institutions did not make a significant contribution.

This article investigates the dynamics that characterized the top fashion industry companies in Italy and Spain in the last three decades of the twentieth century and the first thirteen years of the new millennium. The first section describes the sources and the methodology adopted. The second compares the features and transformations of the largest firms in the industry. The third focuses on these companies in 2013. The fourth discusses our findings, focusing on the impact that globalization and a possible “advantage of backwardness” had on the emergence of Italy and Spain as trendsetters.

During the 1960s, Sarnia was the wealthiest city in Ontario and the one with the dirtiest air. Its economy was dominated by Chemical Valley, the city’s petrochemical industry. Chemical Valley firms and executives were civically active, donating to public causes, dominating the local chamber of commerce, and working closely with provincial and municipal officials to ensure a friendly business environment. They also maintained a monopoly on information about local air pollution levels and were not required by government to adhere to clean air regulations. However, like the rest of the chemical industry at the time, Chemical Valley was exposed to an onslaught of negative publicity, raising the threat of regulation and loss of their control over emissions data and production processes. This article illustrates how economic elites in Sarnia prevented the problematization and regulation of air pollution. In doing so, it describes the actors in the policy system and examines its recourse to suppress dissent when activists sought to raise the air pollution issue.

From 1948 to 1960, an executive secretary at the National Association of Manufacturers (NAM) attempted to persuade NAM leaders to commission an “objective” history of the organization. The project never came to fruition, but the story reveals a fundamental split within the NAM between its professional staff and its conservative leadership over the organization’s mission. It thus offers a unique perspective on the NAM not as a powerful lobby, but as a contested workplace with its own fraught dynamics, which, in turn, reveals a more progressive image of the 1950s-era NAM than historians have typically recognized.