Fox Trading and the Problem of Polar Bears in the Hudson’s Bay Company: Arctic Human Ecology and Fur in a Global Value Chain, 1900–1940

George Colpitts and Andrew Goodwin

Business History Review, 2025, vol. 99, issue 1, 97-119

Abstract: Just before World War I, the Hudson’s Bay Company (HBC) geographically expanded its trade in the Canadian Arctic to derive profits from Arctic fox fur and secure its position in a global value chain (GVC) delivering fur to metropolitan consumers. The “problem of nature” challenged the company’s business venture. Furthermore, “nature” was made and remade by the HBC’s own capital investments. The fox trade itself changed human ecology. Technology transfers to Inuit modified their hunting regimes to increase the company’s returns of polar bear skins. Though these skins had high potential market value, modes of production introduced by the HBC to the Arctic precluded the company from sending high-quality products to metropolitan dressers. Within a changing Arctic human ecology, the HBC produced one highly valued commodity for the market while producing another from which it could derive only modest profit. The HBC’s fox and polar bear trade at the onset of the last century suggests ways that business empires can set off complex and unanticipated changes in human ecologies and, therefore, the dynamics of nature and business at their very peripheries.

Date: 2025
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