Bringing (The History of) Capitalism Back In Noam Maggor (bio) Bhu Srinivasan. Americana: A 400-Year History of American Capitalism. New York: Penguin Press, 2017. 576 pp. $30.00. Peter Kolozi. Conservatives Against Capitalism: From the Industrial Revolution to Globalization. New York: Columbia University Press, 2017. 264 pp. $60.00. Harry S. Stout. American Aristocrats: A Family, a Fortune, and the Making of American Capitalism. New York, Basic Books, 2017. 432 pp. $32.00. William J. Novak and Naomi R. Lamoreaux. Corporations and American Democracy. Cambridge: Harvard University Press, 2017. 528 pp. $35.00. Ten years after the financial crisis that announced the arrival of the "history of capitalism," the impact of this new scholarship remains uneven. "Capitalism" has certainly caught on as a focal point of debate, generating a steady stream of monographs, edited collections, conferences, manifestos, and critical assessments. This lively debate, however, has failed to crystalize any methodological consensus. It has also struggled to broaden the scope of inquiry beyond a few, and mostly U.S.-centered, topics. The effort to foster a broad conversation that would bring together scholars from separate fields and backgrounds, at least thus far, seems to have generated more friction than cooperation. The four works under consideration here, hailing from the subfields of business history, intellectual history, social history, and legal history (or history of the state), demonstrate why continued fragmentation is deeply unfortunate. Each one of the books offers insights from the vantage point of a well-defined subfield. Each exploration brings attention to a neglected topic, deepening and complicating our historical understanding of the American political economy. As works in discrete areas of study, however, the books are nevertheless powerless to more fundamentally dislodge traditional meta-narratives and analytical frameworks. They demonstrate why the pursuit of greater synthesis—of the type historians of capitalism have called for—remains a worthwhile goal. [End Page 140] Bhu Srinivasan's Americana: A 400-Year History of American Capitalism, the least scholarly of the four books, is also most symptomatic of the tendency to use the history of capitalism as a new bottle for very old wine. A tech entrepreneur-turned-author, Srinivasan is an informed and lively narrator. He builds on work in business history to offer a fast-clipped narrative, moving through thirty-five "Next Big Things," from the Virginia Company, through Standard Oil and Henry Ford, to Apple and Facebook. As with many popular histories, the past in this account is emphatically not a foreign country. With terms drawn from the corporate world, capitalism is insinuated into American history as folklore, hence the book's title. The Virginia Company, we are told, was formed via "adventure capital" and had "an unlimited upside" (pp. 6–7). Slaves in the antebellum South were "the single most valuable asset class in America" (p. 126). Federal regulation under Theodore Roosevelt was not anti-business but merely helped "correct for excesses" in the market (p. 275). Capitalism in the U.S., in this rendition, did not emerge over time but has been integral to American society from its inception. All major pivots or collisions in this history are subsumed under a relentless but ultimately benign process of invention and reinvention. The dark chapters—racial slavery, violent labor conflict, residential segregation—are not ignored, but neither are they allowed to cast more than a passing shadow on the overall arc of progress. The result typifies the sensibility of what Nancy Fraser has called progressive neoliberalism: forward-looking, pragmatic, and optimistic about markets. It tells an exceptionally American story of how entrepreneurs, with the helping hand of government (always in a supporting role), transformed the world time and time again. The only real enemy, it proposes, has been misguided dogmatism of any sort, of the libertarian or the socialist variety. That Srinivasan so easily and unproblematically assimilates capitalism into the American past suggests that political economy and cultural methods have not yet made their way into the core of business history, despite considerable efforts to this effect in recent years. The notion that capitalism has always been as American as apple pie, not a historically specific and controversial formation, remains firmly in place. The attempt to rethink U...