After World War II, the United States moved into what historians are now recognizing as a full-blown consumer society. Consumer society carried with it vast cultural changes, including shifts in fundamental values. Not least important were shifts in the practices of thrift, as seen in how Americans regarded personal savings and debt. Traditionally seen as opposites, those two economic behaviors became intertwined in the 1950s, as Americans continued to save, not to accumulate wealth but to spend and often even as they took on consumer debt. Thus, the 1950s were a tipping point between industrial capitalism and consumer capitalism.

Like so many of the fields that have flourished in history departments in recent years, business history has an uneasy relationship with political history. When business history first emerged in the United States as a separate field in the 1920s, its founders stressed the importance of lavishing on business records the same reverence that political historians accorded the personal papers of lawmakers. Only in this way, business historians assumed, would it be possible to convince other historians of the centrality of business leaders—and, more broadly, of economic institutions—to the making of the nation.

The history of slavery cannot be separated from the history of business in the United States, especially in the context of the relationship between public power and individual property rights. This essay suggests that the American devotion to “sacred” property rights stemsmore from the vulnerability of slaveholding elites than to a political heritage of protection for the “common man.”

The New York Yankees donated their financial records to the National Baseball Hall of Fame. These records provide a rare glimpse into the business of professional team sports. I use these records to examine how the Yankees' management reacted to the Great Depression. Since the team possessed both price-setting power over ticket prices andmonopsony power over player salaries, how did the team adjust ticket prices and salaries in response to the falling incomes of its customers and general deflation of the early 1930s? How did the team's response differ from other teams in Major League Baseball?

The half-century following the Civil War witnessed an epochal transformation in American telecommunications. In the 1870s, the telegraph network became a spawning ground for a remarkable spate of inventions that included the phonograph and the telephone, and around 1900 the telephone network became the first electrical communications medium that network providers intended to be accessible to the entire population. This transformation was a centerpiece of the still unprecedented burst of inventive activity that economic historians call the Second Industrial Revolution.

This essay explores how historians and others have used the concept of political economy, arguing that its application to United States history between the 1920s and 1940s helps to clarify the relationships between politics, the economy, and liberalism.