Professor of US History, Fundamentals, Social Thought, and the College

Associate Faculty Member, Law School
Faculty Affiliate, Center for the Study of Race, Politics, and Culture
Faculty Chair, Law, Letters, and Society
Senior Fellow, Society of Fellows in the Liberal Arts, the College

PhD'08 University of Chicago
AM'03 University of Chicago
AB'00 Yale University

Mailing Address

The University of Chicago
Department of History
1126 E. 59th Street, Mailbox 32
Chicago, IL 60637

Social Science Research Building., room 504 – Office
(773) 702-8369 – Office telephone
(773) 702-7550 – Fax

Field Specialties

United States; economic history; capitalism; global and comparative history; legal history; intellectual history; slavery and emancipation


I am a historian of economic life in the United States, with interests in the relationships between business and economic history, political economy, legal history, and the history of ideas. My research and teaching span the nineteenth and twentieth centuries and are increasingly preoccupied with global and comparative questions.

I am currently at work on a number of projects. The first is an interpretive history of US capitalism, Ages of American Capitalism, which is forthcoming from Random House. The book narrates American economic life from British colonial settlement to the great recession of 2008.  A related article, “Capital as Process and the History of Capitalism,” is forthcoming from the Business History Review.

A second project concerns the history of investment and global capital markets across the twentieth century, from the perspective of John Maynard Keynes’s concept of "liquidity preference," elaborated in his The General Theory of Employment, Interest, and Money. This was the subject of a recent series of lectures that I gave at the École des hautes études en sciences sociales. I’ve also recently written about the significance of the topic of investment in "Stuck in a Gilded Age," Dissent  (Sum. 2016).

Another cluster of my current research concerns the historical relationship between for-profit and nonprofit corporations in the United States. I have published a series of pieces on this topic: "From Fiscal Triangle to Passing Through: Rise of the Nonprofit Corporation,” in Corporations and American Democracy (Cambridge, 2017); "Altruism and the Origins of Nonprofit Philanthropy" in Philanthropy in Democratic Societies: History, Norms, Institutions (Chicago, 2016);  and "Accounting for Profit and the History of Capital," Critical Historical Studies 1, no. 2 (Fall 2014): 171–214.

My first book, Freaks of Fortune: The Emerging World of Capitalism and Risk in America (Harvard, 2012), is a history of risk in the United States. The book has a dual focus, tracing the simultaneous rise, in the context of slave emancipation, of a new individualist creed that equated freedom with risk-taking and a new corporate financial system of risk management. Freaks of Fortune won the Organization of American Historians' Frederick Jackson Turner Award, Ellis W. Hawley Prize, and Avery O. Craven Award and the American Society for Legal History's William Nelson Cromwell Book Prize.

Graduate Advising

I welcome applications from graduate students interested in US history and the history of economic life broadly construed.

Recent Courses Offered


  • History of American Capitalism
  • Rise of the Modern Corporation
  • History of the American Workplace


  • Capitalism Since 1970
  • Capitalist Transformations
  • History and Theory
  • History of the Gilded Age and Progressive Era
  • Political Economy Seminar: America and the World (with Amy Dru Stanley)

Publications (selected)

"From Fiscal Triangle to Passing Through: Rise of the Nonprofit Corporation." In Corporations and American Democracy, edited by Naomi Lamoreaux and William Novak. Cambridge: Cambridge University Press, forthcoming.

"Altruism and the Origins of Nonprofit Philanthropy." In Philanthropy in Democratic Societies: History, Norms, Institutions, edited by Rob Reich, Chiara Cordelli, and Lucy Bernholtz. Chicago: University of Chicago Press, 2016.

Coauthored with Jeremy Adelman. "The Fall and Rise of Economic History." Chronicle of Higher Education (Dec. 1, 2014).

"Accounting for Profit and the History of Capital." Critical Historical Studies 1, no. 2 (Fall 2014): 171–214.

Freaks of Fortune: The Emerging World of Capitalism and Risk in America. Cambridge, MA: Harvard University Press, 2012.

  • Frederick Jackson Turner Award, Organization of American Historians
  • Avery O. Craven Award, OAH
  • Ellis. W. Hawley Prize, OAH
  • William Nelson Cromwell Book Prize, American Society for Legal History
  • Notable Title, Society for US Intellectual History

"'The Mortgage Worked the Hardest': The Fate of Landed Independence in Nineteenth-Century America." In Capitalism Takes Command: The Social Transformation of Nineteenth-Century America, edited by Gary J. Kornblith and Michael Zakim. Chicago: University of Chicago Press, 2012.

"The Freaks of Fortune: Moral Responsibility for Booms and Busts in Nineteenth-Century America."The Journal of the Gilded Age and Progressive Era 10, no. 4 (Oct. 2011): 435–46.

"Contemplating Delivery: Futures Trading and the Problem of Commodity Exchange in the Unied States, 1875–1905." American Historical Review 111, no. 2 (Apr. 2006): 307–35.


—Embarks on New Study of the Economy with Amy Dru Stanley
—Chicago appointment announced in The Chronicle of Higher Education