Business History

Business History is a featured research topic and an initiative at Harvard Business School.
 
Harvard Business School has a long tradition of investing in business history, and of asserting its central role in management education. In 1927, the School created the first endowed professorship in the field. It also founded the field’s first journal, the Business History Review. Since the work of Joseph Schumpeter at Harvard's Center for Entrepreneurial History in the 1940s, the School has taken an interdisciplinary and global approach to understanding business history. Today business historians at the School investigate a broad range of themes, including entrepreneurship, innovation, globalization, and environmental sustainability.

Featured Works

 

  1. Chapter | The Oxford Handbook of Management in Emerging Markets | 2019

    International Business and Emerging Markets in Historical Perspective

    G. Jones

    This chapter examines international business in emerging markets over the long run. It shows how the strategies of Western multinationals evolved over time. In the first era of globalization in the 19th century, Western firms sought access to resources, and they faced little political risk due to Western imperialism. The main risks were logistical due to infrastructure and technological inadequacies. During the Great Reversal between 1929 and 1979, the main challenges faced by Western multinationals were political, as they faced widespread host government hostility and expropriation. In the contemporary global economy, political risk partially declined with the spread of liberalization, although the management of relations with host governments remained a challenge, notably in China. The growth of local competitors and a resurgence in local consumer sensitivities obliged multinationals to incorporate local relevance into global brands.

    Keywords: Emerging Markets; Business History; Multinational Firms and Management; Globalization;

    Citation:

    Jones, G. "International Business and Emerging Markets in Historical Perspective." Chap. 3 in The Oxford Handbook of Management in Emerging Markets, edited by Robert Grosse and Klaus E. Meyer, 55–76. Oxford, UK: Oxford University Press, 2019.  View Details
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  2. Case | HBS Case Collection | February 2019 (Revised April 2019)

    Electric Car Wars, 2018

    John R. Wells and Benjamin Weinstock

    Electric cars had long been championed by environmentalists as a superior solution to the internal combustion engine (ICE), but, despite large government incentives and strong pioneering efforts by a few automakers over the years, electric and hybrid cars and light trucks still accounted for less than 1% of total global production in 2016. However, events took a turn in 2017 and 2018, when many governments committed to banning ICE vehicles. In response, leading automakers announced plans to launch hundreds of electric vehicle models within five years. Early pioneer Tesla, which, in 2017, had built a stock market valuation exceeding that of General Motors (GM), despite only delivering 103,000 cars compared to GM’s 9.0 million, looked as if it were about to be engulfed by this new competition.

    But not all were convinced that electric cars would soon displace conventional ICE vehicles. It was not clear that the infrastructure was in place to charge all these electric vehicles. There were also questions concerning the electrical generating capacity to meet the new demand. Would battery prices fall enough to make mass-market demand a possibility? In low gasoline cost jurisdictions, such as the United States, the economics of owning an electric vehicle didn’t appear justified, unless subsidies were maintained indefinitely. In Europe, where gasoline taxes were high, the case for electric vehicles was stronger. But European governments depended on those taxes to meet their budget needs. Would a significant uptake of electric vehicles necessitate higher taxes on electricity? In 2018, electric cars were an expensive novelty for the rich subsidized by the poor. Would the sudden rush of new models change the balance?

    Keywords: electric vehicle; electric vehicles; Electricity; electric motors; Electric Power Generation; electricity usage; electricity distribution; Internal Combustion Vehicle; auto manufacturing; Automobile Manufacturing; automotive industry; Tesla; General Motors; history; Nissan; innovation; batteries; Battery; subsidies; Government initiatives; government incentives; political issues; Energy Generation; Production; Infrastructure; Innovation and Invention; Government Legislation; Global Range; Business History; Auto Industry; China;

    Citation:

    Wells, John R., and Benjamin Weinstock. "Electric Car Wars, 2018." Harvard Business School Case 719-470, February 2019. (Revised April 2019.)  View Details
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  3. Article | Enterprise & Society

    Oral History and the Business History of Emerging Markets

    G. Jones and R. Comunale

    This article highlights the benefits that rigorous use of oral history can offer to research on the contemporary business history of emerging markets. Oral history can help fill some of the major information voids arising from the absence of a strong tradition of creating and making accessible corporate archives in most countries in Africa, Asia, and Latin America. It also permits a level of nuance that is hard to obtain even if written archives are accessible. Oral histories provide insights into why events did not occur as well as why companies have chosen certain industries over others. Oral history can also shed light on hypersensitive topics, such corruption, which are rarely formally documented.

    Keywords: oral history; corruption; Business History; Emerging Markets; Entrepreneurship; Globalization; Business and Government Relations; Government and Politics; Asia; Africa; Latin America;

    Citation:

    Jones, G., and R. Comunale. "Oral History and the Business History of Emerging Markets." Enterprise & Society 20, no. 1 (March 2019): 19–32.  View Details
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  4. Working Paper | HBS Working Paper Series | 2018

    Oral History and Writing the Business History of Emerging Markets

    Geoffrey Jones and Rachael Comunale

    This working paper highlights the benefits that rigorous use of oral history can offer to research on the contemporary business history of emerging markets. Oral history can help fill some of the major information voids arising from the absence of a strong tradition of corporate archives in most countries in Africa, Asia, and Latin America. Oral history also permits a level of nuance that is hard to obtain even if written documents exist and are accessible in corporate and governmental archives. Oral histories can provide insights into why events did not occur as well as why companies chose certain industries over others, including wishing to avoid sectors where there was extensive government interference. Oral history can shed light on hypersensitive topics, such as corruption, which are rarely formally documented. While the methodological challenges of oral history are considerable and fully acknowledged, oral history can still be seen as a critical source of data on opinions, voices, and judgements on events in which there was often silence in written records.

    Keywords: oral history; Business History; Research; Emerging Markets;

    Citation:

    Jones, Geoffrey, and Rachael Comunale. "Oral History and Writing the Business History of Emerging Markets." Harvard Business School Working Paper, No. 19-056, November 2018.  View Details
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  5. Article | Australian Economic History Review

    Business, Governments and Political Risk in South Asia and Latin America since 1970

    G. Jones and Rachael Comunale

    This article contributes to the literature on political risk in business and economic history by examining both new perspectives (risk encountered by companies domestically, rather than risk for foreign investors) and new settings (emerging markets economies in Latin America and South Asia). It makes use of the Creating Emerging Markets oral history database at the Harvard Business School to examine business leaders’ perceptions of political risk over time between the 1970s and the present day, employing NVivo coding of the dataset to move beyond simple descriptive use of the content. The article identifies five major sources of risk operating in both geographies. Macroeconomic and policy turbulence emerged as the biggest source of risk for Latin Americans, while excessive bureaucracy was the biggest source of risk for South Asians. Political instability, corruption, and violence were other sources of risk encountered by many firms. The article examines not only the types of risk found in different environments, but also how interviewees discussed and responded to risk. In the case of corruption, although most countries surveyed had similarly high levels of corruption, it manifested itself differently in different regions. Especially informative was the issue of bureaucratic risk. Although interviewees in both regions reported having to dedicate significant time to navigating government regulation, interviewees in South Asia frequently reported attempting to stay away from highly regulated industries, while many interviewees in Latin America discussed how they adapted to heavier government oversight by forming closer ties or working relationships with incumbent administrations. This article demonstrates how oral history testimony can deepen and nuance current understandings of the evolution of business in emerging markets over the last half century. It can shed light on sensitive topics that are hard to study using written sources alone and adds nuance to phenomena commonly surveyed or measured qualitatively.

    Keywords: political risk; emerging market; bribery; Business ＆ government relations; turbulence; violence; Risk and Uncertainty; Emerging Markets; Crime and Corruption; Business and Government Relations; Business History; India; Latin America;

    Citation:

    Jones, G., and Rachael Comunale. "Business, Governments and Political Risk in South Asia and Latin America since 1970." Australian Economic History Review 58, no. 3 (November 2018): 233–264.  View Details
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  6. Case | HBS Case Collection | August 2018 (Revised May 2019)

    Rev. Georgiette Morgan-Thomas & The American Hat Factory

    Steven Rogers and Ariel Rogers

    On a sunny Monday morning, Rev. Morgan-Thomas walked into her newly acquired hat factory thinking, “What have I gotten myself into? Things are worse than I imagined. Can I ever turn this company around given all of the known and unknown problems? Can I make it profitable?” This case is about one of the few Black females in the country who has become an entrepreneur via acquisition. Topics covered include buying a company out of bankruptcy, the process for valuing an underperforming company, retaining key customers and, identifying the key skills needed to successfully turn around a company.

    Keywords: Millinery; factory; B-to-B; B-to-C; women's hats; crowns; brims; hat maker; custom; wholesale; Arts; Buildings and Facilities; Business Ventures; Mergers and Acquisitions; Financial Crisis; Business History; Apparel and Accessories Industry; Fashion Industry; Manufacturing Industry; Retail Industry; Pennsylvania;

    Citation:

    Rogers, Steven, and Ariel Rogers. "Rev. Georgiette Morgan-Thomas & The American Hat Factory." Harvard Business School Case 319-009, August 2018. (Revised May 2019.)  View Details
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  7. Working Paper | HBS Working Paper Series | 2018

    Sustainability and Green Business in Latin America During Globalization Waves

    Geoffrey Jones

    This working paper examines the impact of modern business enterprise on the natural environment of Latin America during the globalization waves between the 19th century and the present day. It argues that although global capitalism created much wealth for the region, this was at the cost of massive ecological destruction in Latin America. During the first global economy considerable wealth was created from the exploitation of natural resources for the land-owning elite in Latin America, at the cost of large-scale ecological destruction. During the Great Reversal in the mid-20th century, public policies aimed at “catching up” resulted in the co-proliferation of hydro-electric schemes and resulting co-creation of ecological damage by firms and governments. In the new global economy since 1980, renewed economic growth and consumerism resulted in mountains of waste in increasingly polluted mega-cities. Biodiversity and the natural environment have been challenged across the subcontinent. However, there were interesting positives as these ecological horrors also created opportunities for a surprising cohort of green businesses across sectors ranging from beauty and health to ecotourism. In the 21st century, both business and governments in the region needed to address sustainability issues far more seriously, before a point of no return was reached.

    Keywords: Globalization; Natural Environment; Outcome or Result; Business History; Pollution and Pollutants; Environmental Sustainability; Green Technology Industry; Beauty and Cosmetics Industry; Tourism Industry; Latin America;

    Citation:

    Jones, Geoffrey. "Sustainability and Green Business in Latin America During Globalization Waves." Harvard Business School Working Paper, No. 19-009, August 2018.  View Details
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  8. Article | Journal of the Economic and Social History of the Orient | 2018

    Revenue Farming Reconsidered: Tenurial Rights and Tenurial Duties in Early Modern India, ca. 1556–1818

    Sudev J Sheth

    The meaning of land revenue farming in Indian history has eluded consensus. Some view it as an administrative aberration indicating weak state control, while others see it as a strategy for consolidating authority. This essay traces the historical development of iqṭāʻ and ijārah, two Perso-Arabic terms frequently translated from the sources as “revenue farming estate.” I then suggest that existing perspectives do not capture the broader structure and significance of various entitlements to land revenue. Instead, I suggest that entitlements be schematized according to how regularized the right was, whether it was permanent, and how duty-bound the right holder was. In this formulation, revenue farm refers to a complex of rights and duties secured by contract in which a sovereign transferred the temporary exploitation of a holding for rent in advance. It was one of four tenurial complexes under which entitlements fell, the others being estates from bureaucratic assignment, hereditary occupation or possession by grant/gift, and tributary or chieftaincy.

    Keywords: iqṭāʻ; ijārah; revenue farming; financial agents; Mughal Empire; Business History; Business and Government Relations; Property; Finance; South Asia;

    Citation:

    Sheth, Sudev J. "Revenue Farming Reconsidered: Tenurial Rights and Tenurial Duties in Early Modern India, ca. 1556–1818." Art. 4. Special Issue on Repossessing Property in South Asia: Land, Rights, and Law across the Early Modern/Modern Divide edited by Faisal Chaudhury. Journal of the Economic and Social History of the Orient 61, nos. 5-6 (2018): 878–919.  View Details
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  9. Working Paper | HBS Working Paper Series | 2018

    Business, Governments and Political Risk in South Asia and Latin America since 1970

    Geoffrey Jones and Rachael Comunale

    This working paper provides a new perspective on how businesses have responded to political risk in South Asia and Latin America over the last half century. The existing business history literature on political risk is focused on the experiences of Western multinationals in the 20th century, especially in Nazi Germany and the post-colonial developing world. This working paper is instead focused on perceptions of political risk by domestic business leaders active in Latin America and South Asia since the 1970s. Employing data from the Creating Emerging Markets oral history database developed at the Harvard Business School, the working paper identifies five major sources of political risk: macroeconomic and policy turbulence, excessive bureaucracy, political instability, corruption, and violence. Employing NVivo coding, marked regional differences were identified. Macroeconomic and policy turbulence was the biggest perceived source of risk in Latin America. Excessive bureaucracy was the biggest source of perceived risk in South Asia. There were regional differences also in how leaders in different regions responded to the same risk. In both regions business leaders reported having to dedicate significant time to navigating government regulations, but interviewees in South Asia frequently reported attempting to steer clear from highly regulated industries, while many interviewees in Latin America discussed how they adapted to heavier government oversight by forming closer ties or working relationships with incumbent administrations.

    Keywords: Business and Government Relations; Risk Management; Government and Politics; Business History; South Asia; Latin America;

    Citation:

    Jones, Geoffrey, and Rachael Comunale. "Business, Governments and Political Risk in South Asia and Latin America since 1970." Harvard Business School Working Paper, No. 18-102, May 2018.  View Details
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  10. Case | HBS Case Collection | April 2018 (Revised November 2018)

    Coco Chanel: From Fashion Icon to Nazi Agent

    Geoffrey Jones and Emily Grandjean

    This case describes the career of the iconic French fashion designer Coco Chanel who created a transformational business during the first half of the 20th century. Beginning in her early adulthood, Chanel leveraged relationships with acquaintances, friends, and romantic partners to build her fashion business and legendary luxury brand based on understated elegance. Chanel’s famous “little black dress” was accompanied by many other innovations including the use of jersey as material for daytime clothing and her development of the Chanel No. 5 perfume. The case pays close attention to the importance of Chanel’s networks among the cultural elite and European high society. It explores how she embraced the rise of Anti-Semitism among many members of the upper class at that time. During World War II, Chanel lived in the Ritz Hotel in Paris in occupied France, where she entered into a romantic relationship with a high-ranking German intelligence officer. Subsequently, Chanel herself became an intelligence operative for the Nazis. The case ends with Chanel in Switzerland in 1945 after she departed France following the Liberation of Paris by Allied forces. This case can be used to explore multiple issues including creating and building an iconic fashion brand, entrepreneurship, and ethical responsibility of business.

    Keywords: Business History; Biography; Entrepreneurship; Relationships; Brands and Branding; Ethics; Fashion Industry; Apparel and Accessories Industry;

    Citation:

    Jones, Geoffrey, and Emily Grandjean. "Coco Chanel: From Fashion Icon to Nazi Agent." Harvard Business School Case 318-139, April 2018. (Revised November 2018.)  View Details
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    11.  
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Initiatives & Projects

  • Business History

    The Business History Initiative seeks to facilitate learning from the past through innovative research and course development, employing global and interdisciplinary perspectives.

Faculty

HBS Working Knowledge

PicPic
re Geoffrey G. Jones, Tarun Khanna and Sudev J. Sheth
Geoffrey G. Jones reports on a business history conference studying the many shades of capitalism around the world and through time.
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re Geoffrey G. Jones
Professor Geoff Jones examines the career of Helena Rubinstein, one of the trailblazing female entrepreneurs of the 20th century. Using guile, brilliant branding, and more than a few falsehoods, Rubi
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re Daniel P. Gross
Information plays a critical role in technological progress, yet many inventors opt for trade secrecy to protect their intellectual property. This paper studies the myriad repercussions of concealing

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Harvard Business Publishing

Case
by John R. Wells and Benjamin Weinstock

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