During the 1690s, both the English and Ottoman states developed new institutions for longer-term borrowing and reformed their imperial monetary systems. These synchronous but divergent developments present a puzzle that has not been answered by rigidly separate English and Ottoman historiographies. “Empires of Obligation” follows merchants trading between England and the Ottoman Empire to understand how both states responded differently to the challenges of global trade and fiscal crisis. At this time, English merchants were the most powerful European traders in the Ottoman Empire, and the Ottoman Empire represented England’s greatest single market for its woolen textiles, its largest industry. As Levant Company merchants swapped woolens for silk, they also blended international private credit with domestic public finance. They were the largest merchant investors relative to the size of their trade in the Bank of England and helped facilitate Ottoman longer-term public borrowing through the mālikāne system. From within England’s bureaucracy, they also worked to ease global trade through an “intrinsic value” theory of money, the idea that coins represented a government commitment to provide a fixed amount of precious metal. At the same time, the Ottoman state sought to redefine money as an instrument of the state, not a tool of trade. Following merchants who themselves bridged two empires that are rarely compared shows interconnected but divergent responses to the challenges of making money work both within and between states at the end of the seventeenth century.

This article studies the rise and fall of commercial aviation in Iran, then known as Persia, between 1923 and 1932. Two airlines, the German Junkers Luftverkehr AG and Britain’s Imperial Airways, invested significant time and effort in developing air routes but eventually failed due to financial hardship and political intransigence. Exploring this erratic development, the article has two aims: first, to investigate the entangled history of two of the world’s oldest airlines and the challenges they navigated; and second, to assess the fraught relationship between state and business interests. The German and British airlines were rivals in Iran, but they became partly dependent on each other. Both airlines suffered from the global political dynamics of the interwar period while Junkers, in particular, also struggled financially. Meanwhile, the Iranian state had yet to decide whether to view the new technology with enthusiasm or concern. Its ambivalent and reluctant reaction had profound effects on the trajectories of Junkers and Imperial Airways. Assessing the capability of a nascent airline industry to develop viable business models outside of Europe, the article also serves as a case study revealing the headwinds airlines encountered in the earliest phase of commercial aviation.

In 1989, British Petroleum (BP) made the largest onshore investment in the company’s 72-year history in Scotland by expanding its Grangemouth petrochemical complex. Construction and operation were promised to generate between 1,200 and 1,500 jobs, but upon the project’s completion, over 1,000 industrial jobs were lost in the town, and employment never increased. This research explains this outcome by embedding it within a history of post-World War II deindustrialization and engaging with E.P. Thompson’s moral economy and the concept of “noxious deindustrialization”: expanding environmentally destructive capacity and shrinking industrial employment. It illuminates what the buildup and later transgression of moral economy promises looked like for a town experiencing rapid but fragile expansion on the back of petrochemicals, a modern, highly toxic, and land-intensive industry. Using oral history and archive study, the research establishes the presence of noxiousness in Grangemouth from the mid-twentieth century onward. Between 1951 and 1970, industrialization, urban expansion, and paternalistic corporate practices shaped customary notions that embedded the petrochemical sector into the community, justifying concerns about pollution, smells, and the industry’s intensive requirements on land. Between 1970 and 1989, the moral economy was transgressed as the planning system was dismantled and BP’s welfarist responsibility to Grangemouth lessened under economic liberalization. Amid growing environmental concerns globally, noxiousness became intolerable. Noxious deindustrialization accelerated with changes in energy prices, consolidation of private power, and discovery of North Sea oil, leading to company restructuring and job cuts in BP Chemicals. Consequently, the link between employment, population growth, and economic security broke down.

This article follows the early history of the Eastman Kodak Company, examining how the photographic company came to be led by experts in chemistry, who created manufacturing processes that were crucial to the mass manufacture of motion pictures. It argues that celluloid film, the substance necessary for motion pictures, was central to the evolution of Kodak into an industrial chemical company. Kodak’s work to manage the specific technological problems and risks created by this material was itself constitutive of the new industrial shape the firm took. In embracing an intraplant goal of purity of raw materials and finished goods, Kodak made it possible for cinema to become a mass medium, with moving images able to look the same way across time and space, over countless copies. Kodak’s transformation, however, was uneven, as the firm’s photosensitive emulsion continued to be made according to far more empirical, secretive, and artisanal procedures, developed by a photographer without a high school degree. These artisanal processes coexisted alongside a highly standardized plant regime, and both were required to make celluloid film. This history demonstrates one way in which broad cultural transformations of the early twentieth century were closely tied to material and practical transformations within industrial firms.

Drawing from the literature strands of philanthropy, business, and history, this work explores the business, prosocial, and political activities of a prominent family in the Scotch whisky industry, with specific emphasis on two brothers’ philanthropy and its impact on a place—the city of Perth, Scotland. In our analysis, we tell the story of the second-generation owners of Dewar’s Scotch whisky company, brothers John Alexander and Tommy Dewar, and their journey of prosocial place-based service and giving. Consistent throughout are the themes of global success, family, local and national networks, and regional embeddedness, alongside the role of formal and informal giving. We offer an analysis of the prosocial activities that represent unexplored dimensions of business success, placing them in both spatial and temporal contexts. Within this is the story of a multigenerational family business’s international growth and success.

This article examines the role of state-owned firms in economic growth. While some scholars denigrate state firms, most analysts of East Asian development have noted their importance. To date, however, little work has been done on how state firms operate and how they have actually contributed to industrial development and economic growth. Looking closely at postwar Taiwan as a newly industrializing country and the case of Taiwan Machinery Manufacturing Corporation (TMMC), this article argues that state enterprises resolved coordination failures and provided manufacturing capacity to infant industries. Drawing on company archives and state records, I argue that TMMC helped drive growth through the provision of manufacturing machinery, equipment, parts, repairs, and upgrading. By supplying firms with the necessary technology and materials to modernize production and be competitive on the global market, I show how TMMC helped facilitate Taiwan’s economic miracle.

aspects of the research, writing, and teaching of business history and of the environment in which business operates.Its membership is international and representative of economists, historians, and those in allied elds, such as history of technology, accounting, labor, transportation, and government, who focus on business history as a means of understanding their subjects.

Welcome to Volume 25, No. 4 of Enterprise & Society. By tradition, this issue carries the presidential address delivered at the annual meeting of the Business History Conference. Sharon Murphy delivered a compelling talk on the topic “Doing Business in the Public Interest,” intermixing sharp reflections with personal family history. We are delighted to present Sharon’s fine essay here. Also, by tradition, this issue carries summaries of the dissertations shortlisted for the Krooss Prize at the annual meeting in the spring. This year four finalists presented their work to the conference. The four finalists were Manuel Bautista-González, Liane Hewitt, Jordan Howell, and Ellen Nye. This year’s winner of the Herman E. Krooss Prize for Best Dissertation in Business History was Ellen Nye. Unfortunately, personal circumstances have prevented Dr. Bautista-González from completing his summary in time for this issue, but we look forward to publishing his contribution as soon as possible.

Abstract Because nuclear power development entails massive initial investments in power plants, along with institutional innovations in regulation, law, and basic physical infrastructure, there are strong grounds to support the pervasiveness of the central state in the industry. Furthermore, considering the scale economies in reactor installation, standardization in design, and enhanced learning by doing, little scope remains for the consideration of decentralized business interests. This article argues that competition, in the sense of rivalry between firms, can nonetheless be a driving force behind the nuclear industry. To illustrate the point, we draw a comparative, eventful history of two Iberian nations, Portugal and Spain: Portugal has failed several attempts to introduce nuclear power, while Spain has become one of the largest nuclear power nations in Europe. A fine-grained analysis of the circumstances surrounding the nuclear history of both countries is presented, highlighting the key variables of business history and the role of the central state and political actors in economic policy.