The Cotton Kings: Capitalism and Corruption in Turn-of-the-Century New York and New Orleans by Bruce E. Baker and Barbara Hahn (review)

The Cotton Kings is a remarkable book in many respects, but perhaps its most unique feature is that it deserves both an enthusiastic recommendation and an equally forceful critique. This primarily stems from the duality of its ambitions as part of the expanding catalog of new histories of capitalism, framing a careful analysis of cotton markets around a more ambitious consideration of political economy and social consequences on scales ranging from regional to transnational.

As a business history, the book is a notable success. Promising an "economic drama" enlivened by corruption and intrigue, Baker and Hahn sketch fitting antagonists in the New York bears, turn-of-thecentury speculators who spread misinformation to artificially depress cotton futures and reap the rewards at the expense of growers. Opposing them were the New Orleans bulls, Southern upstarts exemplified by protagonist William P. Brown, a Mississippi-born businessman and social climber who cultivated the networks and amassed the capital necessary to corner global cotton markets in the early twentieth century.

By driving up cotton prices, Brown and his allies made millions and supplemented the Southern agricultural economy by an estimated $2 billion, but ongoing battles with the bears also destabilized markets and sparked recurring scandals. Federal intervention came in the form of the Cotton Futures Act of 1914, which reined in corruption and tamed the unruly cotton economy by standardizing practices along more equitable lines. New Orleans businessmen were the daring and resourceful forerunners of a regulatory regime that conformed prices more closely with real-world conditions of supply and demand.

This is a compelling story, told compellingly. In the hands of the authors, Brown's papers and dry statistics culled from the back pages of contemporary newspapers become the basis for a narrative that strikes an engaging balance between readability and rigorous analysis. While the esoteric nature of turn-of-the-century finance might have served as a barrier to entry, Baker and Hahn reduce the burden through lucid prose and a helpful glossary. The long-term consequences of regulation are unexplored, but the consequential struggles that preceded federal intervention are presented clearly and effectively. For shedding valuable light on the world of cotton futures and the ambitious men behind the price swings, The Cotton Kings deserves a place among the classics of Southern-facing business history.

The book encounters more difficulty when it ventures beyond those figures. The Cotton Kings promises a social and environmental history, although its commitments on those fronts are lukewarm. It claims to be a story about "men and their wives," along with Carnival krewes and a host of other factors, but the narrative mostly remains doggedly traditional. Women appear in isolated paragraphs, offering no more insight into the intersection of gender and finance than to suggest that marrying up is a durable strategy for advancement in business circles. Likewise, the prospect of weaponized boll weevils makes a memorable appearance—before quickly vanishing. Too much richness remains at the periphery.

More problematic is the decision to portray the New Orleans bulls as champions of the public good. Brown is an enigmatic protagonist in this narrative, as his motivations are merely suggested by his penchant for grandiose construction projects. Although his actions inarguably boosted cotton prices—thereby benefiting growers—it is entirely unclear whether this was anything more than an unintended consequence of his desire for personal aggrandizement. One might just as readily describe the New York bears as working-class heroes for boosting the capacity of mills and indirectly feeding New England families. Yet for dubious reasons, Brown earns the distinction of being the hero in this version of events.

This is more than a superficial concern. Moral characterization is central to the narrative.

Baker and Hahn brush aside the absence of non-white actors, saying that "it...