A powerful account of the claims made by victims of the 1863 Draft Riots reveals how Americans’ emotional and legal responses to loss informed the development of contemporary capitalism.

The right to property has been central to America’s history, but for Joanna Cohen, loss of property has been powerful, too, not as a right but as an emotion. In The Properties of Loss, Cohen focuses on the aftermath of Manhattan’s infamous Draft Riots in July 1863, where Civil War draft protests fomented anti-Black terrorism that set the city aflame. In the wake of this destruction, nearly 2,000 people filed claims against the city, seeking reparation. But they found that the city chose not to value their property or imagine their losses as they did. Beyond the individual stories of suffering and struggle, these claims serve as a nexus for understanding how the conception of loss, the value of property, and the obligations of restitution changed in the nineteenth century. Charting these changes by focusing closely on emotions, Cohen shows how these changes shaped contemporary capitalism and underpin a surprising array of today’s discriminatory forces.