1 Dollar, Farmers' and Mechanics' Bank of Rahway, New Jersey, 1850

Banks’ Own Private Currencies in 19th-Century America

Before the Civil War local banks issued their own money. It was totally legit, too.
President Joe Biden holds a semiconductor during his remarks before signing an Executive Order on the economy

Semiconductor Shortages End an Era of Globalization

Our security studies columnist on leanness, supply chains, and resilience in a post-pandemic world.
A woman picking vegetables

How the Black Labor Movement Envisioned Liberty

To Reconstruction-era Black republicans, the key to preserving the country’s character was stopping the rise of a wage economy.
New Orleans, 1939

How St. Louis Domestic Workers Fought Exploitation

Without many legal protections under the New Deal, Black women organized through the local Urban League.
US Airmail stamp: Inverted Jenny Air Mail Issue of 1918

Stamp Collecting as Metaphor for the Free Market

The hobby was originally pursued by middle-class women and children. But its resemblance to capitalist values made it attractive to men.
Former Archbishop of Canterbury Robert Runcie (1921 - 2000) addresses a Drop The Debt rally in Trafalgar Square, 13th June 1999.

Debt, History of

From debtors' prison to student loan debt, six stories from the archive.
Daughter sitting in working mothers lap

Class and Choice in “Mommy Track” Jobs

During a childcare crisis, it's important to listen to mothers who have made sacrifices for their kids. But not all sacrifices are identical.
Lady Duff Gordon

World War I Austerity Couldn’t Stop the Fashion Show

To the designer Lucile, luxury consumerism was a virtue as wartime economies struggled.
A slot machine featuring the faces of Donald Trump and Joe Biden

How Accurate Are Prediction Markets?

Will I get COVID-19? Will I have a job in three months’ time? Will the shops have what I need? Research indicates that markets might not know best.
The parking lot at Hilltop Mall sits empty on March 17, 2020 in Richmond, California.

The Commercial Real-Estate Market’s Impending Crash

Shopping malls are in trouble, as are the commercial mortgage-backed securities built around them. Can another 2008 be averted?