The argument about the limits of Free Trade or Protectionism rages throughout the world to this day. Following the Repeal of the Corn Laws in 1846, free trade became one of the most distinctive defining features of the British state, and of British economic, social, and political life. While the United States, much of the British Empire, and the leading European Powers turned towards protectionism before 1914, Britain alone held to a policy which had seemingly guaranteed power and prosperity. This book seeks to explain the political history of this tenacious loyalty. While the Tariff Reform opponents of free trade have been much studied, this is the first substantial account, based on a wide range of printed and archival sources, which explains the primacy of free trade in nineteenth- and early-twentieth century Britain. It also shows that by the centenary of the Repeal of the Corn Laws in 1946, although British free traders lamented the death of Liberal England, they heralded, under American leadership, the rebirth of the liberal international order.

Stemming from the idea that economics is a social science that tends to forget its own history, this refreshing book reflects on the role of teaching with historical perspectives. It offers novel ways of integrating the history of economics into the curriculum, both in history of economic thought modules and in other sub-disciplines. Coming from a wide diversity of experiences, the contributors explore the idea that studying the history of thought exposes students to pluralism, and that it is therefore an essential pedagogical tool. They also argue that this method of teaching will reveal the historical contextualisation of current theories and show how they are the results of a specific evolution within the discipline. Ultimately, this book demonstrates how some modules have successfully operationalized both the history of economic thought and the teaching of various sub-disciplines from a historical perspective. Teaching the History of Economic Thought will be invaluable and enlightening for teaching and learning institutes across the academic world, as well as for economists, heterodox economists in particular, and social scientists. Contributors include: R. Bellofiore, G. Friedman, S. Fuller, J. Halevi, C. Repapis, L.-P. Rochon, S. Rossi, D. Tavasci, L. Ventimiglia

Firm growth. This concept has interested researchers for generations. Economists have sought to predict and measure firm growth using a host of different variables, while strategic management scholars depict growth as the result of clever analyses and rational resource exploitation. Entrepreneurship scholars - ever engrossed by successful start-ups - have pondered why growth sometimes comes fast and sometimes never at all, while the field of business history has given countless examples of growing firms in a range of different settings. Yet despite research across fields, our knowledge of how growth in a firm actually comes about is limited and we still know little about the process. This book offers a new reading of economist Edith Penrose's The Theory of the Growth of the Firm. The bold statement is that although Penrose's work - across fields and generations - is amongst the most quoted on firm growth, the basic points of her work have yet to be realized and explored empirically. Essentially, growth is created by a dynamic interrelation between the firm's self-conception and its image of context. Based on these two subjective categories, the firm makes decisions and its actions lead it to develop along a particular path. To Penrose this is the basic engine that drives the growth and development of firms. This book discusses how the engine of firm growth can be captured in empirical analysis using interpretative theory and narrative methods inspired by recent streams of research in business history.

Tracing the monetary history of Europe, this study explores the impact of change in the availability and use of bullion, in the form of money, on the economic evolution of Europe. The Romans fostered economic prosperity through the accumulation of bullion and circulation of accredited currency. Over time, shortages of species rendered the Roman coinage worthless. As a result, commercial activities contracted, causing the breakdown of the Roman economic and political systems. Lack of liquidity in the early Middle Ages limited commercial activities, and promoted conditions sustaining dependency on land, thereby enabling feudalism to flourish. In the late 10th century, discovery of rich silver mines in Central Europe increased the circulation of coinage, promoting trade and demographic urbanization. The augmentation of silver resources continued to boost economic prosperity during the 12th and 13th centuries. In the 14th century, decrease in mine output induced severe scarcity of bullion. Lack of currency caused the contraction of economic activities, leading to food shortages, famines, depopulation, and the eventual breakdown of the feudal economic order. Continuous shortage of bullion in the 15th century forced the reintroduction of barter trade and limited commercial activities. Scarcity of precious metals induced the Portuguese to venture into Africa. African gold provided them with the incentive and capital for expeditions of discovery to the East, but the lack of sufficient bullion prevented them from monopolizing the eastern trade. In the 16th century the influx of species from the mines of central Europe and America ended the European bullion famine and gave rise to economicprosperity.

Although there have been numerous studies of the causes and consequences of the Great Financial Crisis of 2007-2010 in the US and abroad, many of these were undertaken only for a small number of countries and before the financial and economic effects were fully realized and before various governmental policy responses were decided upon and actually implemented. This book aims to fill these voids by providing a more thorough assessment now that the worst events and the regulatory reforms are sufficiently behind us and much more information about these developments is available. It reviews and analyzes the causes and consequences of and the regulatory responses to the Great Financial Crisis, particularly from a public policy viewpoint. In the process, it explores such intriguing questions as: What caused the crisis? How did the crisis differ across countries? What is the outlook for another crisis, and when? This is a must read for those who are trying to find answers to these questions.

This book is an innovative collection of essays by a new generation of British and American historians and political theorists. The volume explores how critical traditions and beliefs have helped to shape capitalism. Chapters follow diverse critiques in Britain and America and explore their Atlantic and imperial exchanges. The volume includes chapters on questions of law and property in the Victorian empire; traditions of land reform in 19th century America and Britain; the influence of American romanticism on British socialism; the role of Britain in American progressivism; American and British consumer protection; the evolution of trusteeship and ideas of cosmopolitan democracy; the 'third way' and narratives of globalization.

The current debate about the best methods of European organization - central or regional - is influenced by an awareness of regional identity, which offers an alternative to the rigidities of organization by nation-state. Yet where does the sense of regionalism come from? What are the distinctive factors that transform a geographical area into a particular 'region'? Tom Scott addresses these questions in this study of one apparently 'natural' region - the Upper Rhine - between 1450 and 1600. This region has been divided between three countries and so historically marginalized, yet Dr Scott is able to trace the existence of a sense of historical regional identity cutting across national frontiers, founded on common economic interests. But that identity was always contingent and precarious, neither 'natural' nor immutable.

This book illuminates British imperial policy after World War II in the context of economic policy and offers a novel argument about the end of the British empire. Economic discrimination in the empire in the late 1940s and early 1950s sustained Britain's recovery, when political control in the colonies was feasible. Subsequently, economic liberalization and the move towards financial cosmopolitanism, combined with rising constraints for economic and political management in the colonies, loosened and ultimately severed Britain's imperial link.

The book describes the birth and growth of financial institutions and stock exchanges in Scandinavia and Finland from 1656 to 2010, including their banking crises and the history of banking regulation. It argues that quantitative regulations cannot, in the long run, produce the desired results and bear the seeds of future financial crises.

In this monograph on the Russian cooperative movement before 1914, economic and social change is considered alongside Russian political culture. Looking at such historical actors as Sergei Witte, Piotr Stolypin, and Alexander Chaianov, and by tapping into several newly opened Russian local and state archives on peasant practice in the movement, Kotsonis suggests how cooperatives reflected a pan-European dilemma over whether and to what extent populations could participate in their own transformation.

Is inclusiveness in the commons and sustainability a paradox? Late medieval and Early Modern rural societies encountered challenges because of growing population pressure, urbanisation and commercialisation. While some regions went along this path and commercialised and intensified production, others sailed a different course, maintaining communal property and managing resources via common pool resource institutions. To prevent overexploitation and free riding, it was generally believed that strong formalised institutions, strict access regimes and restricted use rights were essential. By looking at the late medieval Campine area, a sandy, infertile and fragile region, dominated by communal property and located at the core of the densely populated and commercialised Low Countries, it has become clear that sustainability, economic success and inclusiveness can be compatible. Because of a balanced distribution of power between smallholders and elites, strong property claims, a predominance of long-term agricultural strategies and the vitality of informal institutions and conflict resolution mechanisms, the Campine peasant communities were able to avert ecological distress while maintaining a positive economic climate.

A detailed exploration of the influence and utility of Thomas Malthus' model of population growth and economic changes in Europe since the nineteenth century. This important contribution to current discussions on theories of economic growth includes discussion of issues ranging from mortality and fertility to natural resources and the poverty trap.

Drawing on neo-Gramscian theories of International Political Economy, this book explores the impact of the Marshall Plan on labour and government in Britain. Rather than the US imposing a 'politics of productivity' on an unwilling government, the centre-right of the Labour Party used the Marshall Plan to achieve its own political ends. Manipulating Hegemony shows how the government was able to marginalise the left to create a pattern of state-labour politics that was to endure until the end of the 1970s.

Markets and fairs played a fundamental part in the commerce of the Mediterranean region in the Roman period. But where were they held, and what commodities were sold there? Using evidence from archaeology, inscriptions, and literary sources, Dr Frayn builds up a detailed and enlivening picture of stalls and stallholders, profiteering, and price control in ancient Italy, and invites comparison with medieval and modern practices. Besides the macella, or permanent markets in towns, Dr Frayn also looks at the much more numerous nundinae, or local markets, held every eight days, and the many fairs and festivals throughout Italy where retailing took place, often associated with shrines and characterized by religious motifs. The book includes a discussion of the economic and social effects of markets and fairs, including their relation to geography, demography, and modern `central place theory'. There is also a chapter on market law, which can be traced from the ius commercii to the supervision of weights, measures, and pricing. As trade contacts widened, and merchandise grew more diverse, markets and marketing evolved with increasing complexity into a highly developed system, which in the wake of conquest came to influence larger areas of inter-regional trade.

This book traces the growth of capitalism in South East Asia between 1870 and 1941, a crucial element in understanding contemporary economic and political developments in the region. It focuses on three questions. Why was indigenous capitalism so weak in colonial South East Asia? What were the institutional weaknesses in an otherwise dominant Chinese capitalist class, and why did it fail to transform itself into a modern industrial elite? What was the impact of western colonialism and Japanese economic penetration on South East Asia's prospects for achieving sustainable economic growth?

China's loss of economic, technical, and cultural supremacy after the Song Dynasty (A.D. 960-1279) has produced one of the greatest enigmas of world history. Why did China fail to undergo an industrial revolution? Explanations relate to deficiencies of Chinese cultural values, social structure, class system, bureaucracy, and technology. This volume examines the subject of technological development, particularly agricultural development, in order to evaluate whether China suffered all-round technological stagnation. Using the example of the nongshu, or agricultural book, the author also examines the role of Chinese values, social structure, class structure, and bureaucracy in the accumulation, preservation, diffusion, promotion, and recovery of knowledge. Nongshu formed an organic part of Chinese agriculture and thus of Chinese economic history. Thus examination of the nongshu phenomenon leads to new insights into the sociopolitical structure and long-term economic development of pre-modern China. The examination also shows that Chinese technology in agriculture, the leading sector of the economy, did not completely stagnate.

Socio-economic and political issues are dealt with selectively within a chronological historical framework, covering the dramatic colonial impact of 1940-60 until the present day. The state is examined from the point of view of social class as well as communalism, to explain the dominance of the ruling coalition over the 37 years since independence. The author argues that authoritarian-populism is the concept that best fits the apparent paradox of an enduring regime via the ballot box, and the extensive restrictions on the scope of democracy, particularly through the repressive apparatus of detention without trial. The underlying theme is a critique and explanation of Malaysia's human rights record.

After 1688, Britain underwent a revolution in public finance, and the cost of borrowing declined sharply. Leading scholars have argued that easier credit for the government, made possible by better property-rights protection, lead to a rapid expansion of private credit. The Industrial Revolution, according to this view, is the result of the preceding revolution in public finance. In Prometheus Shackled, prominent economic historians Peter Temin and Hans-Joachim Voth examine this hypothesis using new, detailed archival data from 18th century banks. They conclude the opposite: the financial revolution led to an explosion of public debt, but it stifled private credit. This led to markedly slower growth in the English economy. Temin and Voth collected detailed data from several goldsmith banks-Child's, Gosling's, Freame and Gould, Hoare's, and Duncombe and Kent. The excellent records from Hoare's, founded by Sir Richard Hoare in 1672, offer particular insight. Numerous entrants into the banking business tried their hand at deposit-taking and lending in the early 17th century; few survived and fewer thrived. Hoare's and a small group of competitors did both. Temin and Voth chart the growth of the successful banks in the face of frequent wars and heavy-handed regulations. Their new data allows insights into the interaction between financial and economic development. Government regulations such as (a sharply lower) maximum interest rate caused severe misallocation of credit, and a misguided attempt to lighten the nation's debt burden led directly to the South Sea Bubble in 1720. Frequent wars caused banks to call in loans, resulting in a sharply slower economic growth rate. Based on detailed micro-data, the authors present conclusive evidence that wartime borrowing crowded out investment. Far from fostering economic development, England's financial revolution after 1688 did much to stifle it - the Hanoverian "warfare state" was a key reason for slow growth during Britain's Industrial Revolution. Prometheus Shackled is a revealing new take on one of the most important periods of economic and financial development.

This set brings together an outstanding collection of works on industrial economics. Written by a range of international experts, the titles span from the historical development of trading enterprises, to the competition, mergers and tariffs of the twentieth century.

"The Economic Crisis and the State of Economics" brings together leading economists from a diverse set of backgrounds and presents their take on how economics can explain the current crisis but also how the crisis will affect economic thought.

"Managing the World Economy," while recognizing how much has been achieved since the start of the Industrial Revolution, challenges the view that much better results could not have been attained. It argues that faster economic growth and much better use of the available human talent could have been in the past, and should be in the future, achievable targets. The reasons for the performance of the world economy over the past 200 years being well below the achievable optimum stem mainly from misconceptions about macroeconomic policy, which the book sets out to explain and correct.

The financial crisis has exposed severe shortcomings in mainstream monetary economics and modern finance. It is surprising that these shortcomings have not led to a wider debate about the need to overhaul these theories. Instead, mainstream economists have closed ranks to defend existing theories and public authorities have expanded their interference in markets. This book investigates the problems associated with mainstream monetary economics and finance, and proposes alternatives based on the Austrian school of economics. This school emanated from the work of the nineteenth-century Austrian economist Carl Menger and was developed further by Eugen von Boehm-Bawerk, Ludwig von Mises, and Friedrich August von Hayek. In monetary economics, the Austrian school regards the creation of money by banks through credit extension as a key source of economic instability. From this follows the need for a comprehensive reform of our present monetary system. In a new monetary order, money could be issued by both public and private institutions, and there would be no need for fractional reserve banking. Instead of creating money, banks would intermediate it. In finance, the Austrian school rejects the notion of rational expectations and measurable risk. Individuals use their subjective knowledge to gather and evaluate information, and they act in a world of radical uncertainty. Hence, markets are not "efficient" nor can portfolios be built on the basis of known probability distributions of asset prices as described in the modern finance literature. This book explores the need for a new theoretical foundation for asset pricing and investment management that will give practitioners more useful orientation.

After the Second World War, the economics of the western capitalist countries were based on a production system called fordism, but in the mid 1970s this system began to break down, and it has been in crisis since. But does resolving this crisis imply a complete break with the past, notably with the principles of Taylor and Ford?;Based on an analysis of the transformations currently taking place in several international companies, this book reveals the complexities and subtleties of today's transitions.