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The digital flood: the diffusion of information technology across the U.S., Europe, and Asia

theorists and frequently operationalises Karl Polanyi’s concept of embedded and disembedded markets. Economists, historians, and international business scholars will all profit from Konings’ thoughtful discussion of theory. The major problem with this book is that it is bereft of numbers, graphs, or any sort of quantitative analysis, no matter how rudimentary. There are a number of passages in the book that are screaming out for the inclusion of quantified evidence. For instance, on page 44 we learn that ‘commercial paper was still considered a relatively risky investment’. This statement would have been more convincing had it been illustrated by a few numbers (e.g. high interest rates that reflected perceptions of risk). This reviewer was also disappointed by the author’s failure to analyse the McFadden Act, an important and under-appreciated piece of legislation. The passage of the famous Glass–Steagall Act and its repeal are mentioned only briefly. There are few references to actual companies, although the name of J.P. Morgan is mentioned once (p. 55). These features of the book may limit its usefulness to business historians. That said, people in a wide range of disciplines will benefit from reading the author’s discussion of the IPE theory.