How have the most influential political economists of the past three centuries theorized about sovereign borrowing and shaped its now widespread use? This important question receives a comprehensive answer in this original work, featuring careful textual analysis and illuminating exhibits of public debt empirics since 1700. Beyond its value as a definitive, authoritative history of thought on public debt, this book rehabilitates and reintroduces a realist perspective into a contemporary debate now heavily dominated by pessimists and optimists alike. The book simultaneously explicates and critiques the most prominent theories concerning why states borrow in the first place, whether or not they borrow productively, the incidence of their debts, why they sometimes borrow too much and why they often default, whether explicitly or implicitly. The author classifies major public debt theorists as pessimists, optimists or realists. This book also examines the influence of regime types, especially why most modern welfare states tend not only to over-issue bonds but also to incur even larger implicit obligations via unfunded, off-balance sheet liabilities. Scholars and undergraduate and graduate students in economics and political science, as well as policymakers, will find this analysis of public debt and public spending insightful and revealing.

In The Political Economy and Feasibility of Bitcoin and Cryptocurrencies Spencer J. Pack brings his authority as a scholar and advisor to this study of bitcoin and cryptocurrencies from the perspective of the history of economic thought. Major theorists analyzed in depth include Aristotle, Smith, Law, Marx, Keynes, Rothbard and Hayek, and the book draws extensively upon the ideas of Schumpeter, Galbraith and Sraffa. The book argues for reconceptualization of the basic microeconomic categories into rental, sale and financial asset prices along with a reconsideration of Keynes' general theory to his special theory and Rothbard's relationship to Rousseau. The author posits that intense theoretical and practical struggles will continue over who should control the quantity of money, the cause of the capitalist economy's instability, and who or what is more dangerous: concentrated centers of private wealth and private enterprises or the contemporary state. He concludes that in terms of the quality of money, the cryptocurrency community is probably correct, with new forms of money potentially being better than sovereign fiat currency. The book's relevance will appeal to members of the history of economic thought community, economic theorists, and political science and political theory scholars as well as to policy makers and members of the cryptocurrency community.

This unique troika of Handbooks provide indispensable coverage of the history of economic analysis. Edited by two of the foremost academics in the field, they gather together insightful and original contributions from scholars across the world. The encyclopaedic breadth and scope of the original entries will make these Handbooks an invaluable source of knowledge for all serious students and scholars of the history of economic thought. Each Handbook can be read individually and acts as a self-contained volume in its own right. They can be purchased separately or as part of a three-volume set. Volume III contains entries on the development of major fields in economics from the inception of systematic analysis until modern times. The reader is provided with succinct summary accounts of the main problems, the methods used and the results obtained across time. The emphasis is on both the continuity and major changes that have occurred in the economic analysis of problematic issues such as economic growth, income distribution, employment, inflation, business cycles and financial instability. Contributors: M. Assous, A. Baccini, Jr., A. Baujard, E. Bertrand, M. Boumans, J.L. Cardoso, M. Dal Pont-Legrand, J. De Boyer Des Roches, M. De Vroey, S. Di Rizzello, S. Diatkine, K. Dopfer, A.K. Dutt, R. Ege, G. Erreygers, D. Foley, R. Gomez Betancourt, D. Haas, H. Hagemann, E. Hosoda, H. Igersheim, A. Kirman, J. Kleinert, H. Kliemt, H.D. Kurz, R. Leonard, P. Malgrange, A. Maneschi, P. Mehrling, S. Mohun, M. Mosca, S. Noto, A. Opocher, N. Palan, F. Petri, A. Rainer, S. Rizzello, J.B. Rosser, M. Salles, N. Salvadori, M. Schutz, R. Signorino, A. Spada, P. Steiner, A. Stirati, R. Strohmaier, R. Sturn, C. Sunna, J.-F. Thisse, P. Tubaro, K. Watarai

Technological Revolutions and Financial Capital presents a novel interpretation of the good and bad times in the economy, taking a long-term perspective and linking technology and finance in an original and convincing way. Carlota Perez draws upon Schumpeter's theories of the clustering of innovations to explain why each technological revolution gives rise to a paradigm shift and a 'New Economy' and how these 'opportunity explosions', focused on specific industries, also lead to the recurrence of financial bubbles and crises. These findings are illustrated with examples from the past two centuries: the industrial revolution, the age of steam and railways, the age of steel and electricity, the emergence of mass production and automobiles, and the current information revolution/knowledge society. By analyzing the changing relationship between finance capital and production capital during the emergence, diffusion and assimilation of new technologies throughout the global economic system, this seminal book sheds new light on some of the most pressing economic problems of today. A bold interpretation of how the changing relationship between technological advances and financial capital shapes the patterns of economic cycles, this path-breaking book will provide essential insights for business leaders, policymakers, academics and others concerned with managing change in the world economy.

'The global financial crisis of 2007-2008 was a wake-up call to all who study and practice in the field of law and economics: traditional approaches are simply inadequate for understanding the co-evolution of the economic and legal systems, and that inadequacy can result in missed opportunities to warn of impending social harm. Atkinson and Paschall demonstrate the value of an alternative approach - law and economics from an evolutionary perspective - that builds on the work of John R. Commons, a leading figure in the field nearly a century ago. In the process, they offer an eye-opening historical account of the role of the state in the economy and provide a vital starting point for future policy discussions.' - Charles J. Whalen, author of Financial Instability and Economic Security after the Great Recession'An indispensable history of business law and regulation, alongside a powerful theory of law and the courts. Glen Atkinson and Stephen P. Paschall give us an evolutionary casebook for the twenty-first century, deeply rooted in the ideas of Veblen, Commons, and other masters of the tradition.' - James K. Galbraith, The University of Texas at Austin 'The language of court documents is notably difficult to understand for people with no legal training. The present volume, a product of fruitful collaboration between a university professor and a lawyer, offers valuable assistance in translating US Supreme Court decisions made in the span of the nineteenth and twentieth centuries with respect to economic disputes into the language spoken by evolutionary and institutional economists. As the authors persuasively show, law and economics co-evolve. A much-needed follow-up to and development of John Commons's Legal Foundations of Capitalism! - Anton Oleinik, Memorial University of Newfoundland and Labrador, Canada and the Central Economics and Mathematics Institute, Russia Law and economics are interdependent. Using a historical case analysis approach, this book demonstrates how the legal process relates to and is affected by economic circumstances. Glen Atkinson and Stephen P. Paschall examine this co-evolution in the context of the economic development that occurred in the nineteenth and early twentieth centuries as well as the impact of the law on that development. Specifically, the authors explore the development of a national market, the transformation of the corporation, and the conflict between state and federal control over businesses. Their focus on dynamic, integrated systems presents an alternative to mainstream law and economics. The authors apply John R. Commons's approach to three main law and economics issues: the changing relationship between corporations and the State, the application of the Commerce Clause and the Fourteenth Amendment of the U.S. Constitution to state and federal regulation of business, and the relationship of antitrust law to industrialization. They provide a valuable linking of law with changing economic circumstances, such as antitrust policy changes and the development of the corporate form. This analytical approach to the practice of law and economics will be of interest to researchers, students, and faculty in law and economics, economic history, constitutional law, economic regulation, public policy, and the sociology of law. Business students and researchers will also find value in this book's presentation of court decisions and exploration of economic development.

The Post-Keynesian methodology emphasising uncertainty is indispensable to analysing and understanding the major challenges of the 21st Century. On that basis, this book focuses on the failures of the market economic system to secure stability and sustainability, and demonstrates why this is not recognised by conventional economic theory. The Post-Keynesian economics set out here aims for an understanding of the economy as a whole and as an integral part of society. Chapters analysing money, banks and finance as dynamic phenomena open the book. They are followed by chapters focusing on methodological issues such as uncertainty, longer-term aspects, sustainability and other non-monetary economic activities. This important book is a useful tool for students and researchers who wish to gain a better understanding of real world economics. In these areas where conventional macroeconomic theory may not be sufficient, this book offers viable post-Keynesian alternatives. Contributors include: A. Asensio, V. Chick, S. Dow, A. Freeman, J. Ghosh, C. Goodhart, P. Hawkins, J. Jespersen, M.O. Madsen, R. McMaster, C.J. Rodriguez-Fuentes, R. Rotheim, S. Sen, R. Studart, B. Tieben, G. Tily

The development of political economy as a philosophical preoccupation constitutes a defining feature of the Enlightenment, but no consensual agreement on this issue was formed in the period. In this book contributors reassess the conflicting views on money, trade, banking, and the role of the State in the work of leading figures such as Locke, Davenant, Toland, Berkeley and Smith, and Smith's critics in revolutionary France. Key events, from the Recoinage crisis in the 1690s to the South Sea Bubble in the 1720s and the consequences of the French Revolution, sharpened the need for a more dynamic conception of economic forces in the midst of the Financial Revolution. Political economy emerged as a disruptive force, challenging philosophers to debate and define unstable phenomena in a new climate of expanding credit, innovation in money form, political change and international competition. In Money and political economy in the Enlightenment contributors investigate received critical assumptions about what was progressive and what was backward-looking, and reconsider traditional attempts to periodise the Enlightenment. Major questions explored include: the impact of economic and political crises on philosophy; transitions from mercantilist to 'classical' analyses of the market; the challenge of reviving ancient republicanism on the foundations of a modern commercial system, with its inherent social inequalities.

Danger Sound Klaxon! reveals the untold story of the Klaxon automobile horn, one of the first great electrical consumer technologies of the twentieth century. Although its metallic shriek at first shocked pedestrians, savvy advertising strategies convinced consumers across the United States and western Europe to adopt the shrill Klaxon horn as the safest signaling technology available in the 1910s. The widespread use of Klaxons in the trenches of World War I, however, transformed how veterans heard this car horn, and its traumatic association with gas attacks ultimately doomed this once ubiquitous consumer technology. By charting the meteoric rise and eventual fall of the Klaxon, Matthew Jordan highlights how perceptions of sound-producing technologies are guided by, manipulated, and transformed through advertising strategies, public debate, consumer reactions, and governmental regulations. Jordan demonstrates in this fascinating history how consumers are led toward technological solutions for problems themselves created by technology.

This unique troika of Handbooks provide exhaustive and indispensable coverage of the history of economic analysis. Edited by two of the foremost academics in the field, they gather together insightful and original contributions from scholars across the world. The encyclopaedic breadth and scope of the original entries will make these Handbooks an invaluable source of knowledge for all serious students and scholars of the history of economic thought. Each Handbook can be read individually and acts as a self-contained volume in its own right. They can be purchased separately or as part of a three-volume set. Volume II contains entries on the major schools of economic thought and analysis. These schools differ with regard to their 'vision' of the working of the economic system, the major forces and interactions that shape its path, and the policy recommendations proposed. At any moment of time, several such schools typically compete with one another, striving for dominance within the economic and political discourse. Contributors include: F. Allisson, R. Baranzini, M. Bellet, A.A. Belykh, C. Benassi, A. Beraud, C.B. Blankart, A. Brewer, G. Chaloupek, I. Chaplygina, S. Cook, J. Creedy, J. de Boyer des Roches, T. Demals, R.B. Emmett, G. Faccarello, C. Gehrke, G.C. Harcourt, J.E. King, H.D. Kurz, A. Lapidus, M. Lavoie, M.C. Marcuzzo, A. Molavi Vassei, P.L. Porta, A. Rosselli, M. Rutherford, N. Salvadori, B. Schefold, N.T. Skaggs, R. Solis Rosales, H.-P. Spahn, N. Thompson, H.-M. Trautwein, K. Tribe

The endogenous nature of money is a fact that has been recognized rather late in monetary economics. Today, it is explained most comprehensively by post-Keynesian economic analysis. This book revisits the nature of money and its endogeneity, featuring a number of the protagonists who took part in the original debates in the 1980s and 1990s, as well as new voices and analyses. Expert contributors revisit long-standing discussions from the position of both horizontalism and structuralism, and prescribe new areas of research and debate for post-Keynesian scholars to explore. Louis-Philippe Rochon and Sergio Rossi eloquently situate the nature of money and its endogeneity in an historical context, before bringing together an engaging array of chapters written by contemporary leading scholars. These chapters put forth detailed analyses of money creation; central bank operations and the role of monetary authorities; a link between interest rates and income distribution; a stock-flow analysis of monetary economies of production; and finally, a reinterpretation of horizontalism and structuralism. Post-Keynesian and heterodox economists, institutionalist economists, scholars of money and finance, and graduate students studying economics will all find this an enlightening read. Contributors include: A. Cottrell, P. Dalziel, P. Docherty, G. Fontana, S.T. Fullwiler, E. Hein, J.E. King, J. Knodell, M. Lavoie, N. Levy-Orlik, C.J. Niggle, T.I. Palley, Y. Panagopoulos, L.-P. Rochon, C. Rogers, S. Rossi, M. Sawyer, M. Setterfield, J. Smithin, A. Spiliotis

Institutional economics is a sociocultural discipline and policy science which draws on the idea that economies are best understood through an appreciation of history, real-world institutions, and socioeconomic interrelations. This book brings together leading institutionalists to examine the tradition's most essential perspectives and methods. The contributors to the book draw on a broad range of institutional thought from the classic work of Thorstein Veblen, John R. Commons, and Karl Polanyi, to the newer viewpoints of post-Keynesian institutionalism, feminist institutionalism, and environmental institutionalism. Methods range from frameworks used to analyze public policy and institutional change, to modes of analysis including myth busting, historically grounded narratives, and computer-based simulations. Each chapter surveys the origins, development, key features, applications, and frontiers of a particular viewpoint, framework, or mode of analysis. Due consideration is given to both strengths and weaknesses; and woven into the chapters is attention to core institutionalist concepts, including technology, institutions, culture, and complexity. The book provides economists with promising starting points for new research, students with contributions refreshingly in touch with the real world, and policymakers and social scientists with compelling reasons for engaging further with the institutionalist tradition.

'A fascinating analysis of the proposition that the start of the 21st century is witnessing the rapid rise in South East Asia of a new and powerful transnational economic zone, the Asian Mediterranean. It uses a wide range of historical and contemporary multidisciplinary sources to systematically explore how, why, and in what ways we can better interpret and understand this contemporary version of economic globalisation by looking back to the equivalent processes centred on the ports around the Mediterranean and the Baltic seas during late 16th century.' - Peter Daniels, University of Birmingham, UK 'Francois Gipouloux has written a vast and comprehensive history of the Asian economic system. In the tradition of Braudel, he paints a picture that is detailed, full of insight, and essentially very long term. On the basis of an analysis of the old Mediterranean and Hanseatic economic networks, he surveys the pre-modern Asian system, bringing it up to date with studies of Yokohama, Hong Kong, Singapore and other Asian hubs. The culmination of many years work, Gipouloux throws light on a new China -- a China no longer land based and inward looking but dependent on, and a power in, a maritime world.' - Christopher Howe, University of London, UK 'Gipouloux's ground breaking study based on a long career as a scholar of Asia's past is a most original contribution to the study of globalization. Connecting past and present, the author has further developed the somewhat vague metaphor of an Asian Mediterranean into a well defined concept that can also be applied for analyzing contemporary affairs. While in the past the traditional Chinese and Japanese state systems were failing to formulate adequate answers, on a more informal level, the port cities were able to meet with the maritime challenges of the emerging modern world system. The author convincingly shows how also in the age of globalization, a string of coastal metropolises continues to be instrumental in opening up the Far Eastern economy to the global economy.' - Leonard Blusse, Leiden University, The Netherlands This insightful book draws upon a wide range of disciplines - political economy, geography and international relations - to examine how Asia has returned to its central position in the world economy. As in the case of the hosting of the Olympic games, it is cities rather than states which compete, whether as financial centers, logistical hubs or platforms for coordinating international subcontracting. Analyzing the historical precedents of the Mediterranean maritime republics, the Baltic Sea Hanseatic League and the South China Sea mercantile kingdoms, the book delineates the way stable economic and legal institutions were developed largely beyond the purview of, and at times in conflict with, the State. Discussing the strong link between history and contemporary economic situation, The Asian Mediterranean will appeal to academics, including post-graduates students, of economics, geography, history, regional studies and Asian studies.

Ronald H. Coase, one of the most innovative and provocative economists of the twentieth century, has had a lasting influence in economics, law and economics, organization theory, management and political science. In this comprehensive Companion, 31 leading economists, social scientists and legal scholars, including two Nobel Laureates, offer the first global assessment of the initial impact of Coase's work and the continuing inspiration that researchers and policy makers find in his contributions.The book presents a review of the continuing power of Coase's work, including the reshaping of public policies with particular respect to public utilities and network industries. Further chapters explore research programmes that he initiated including the concept of transaction costs and the analysis of property rights, especially in terms of the regulation of the communications industry and the creation of markets for the right to pollute. The book clearly demonstrates the originality of Coase's work and the challenge that it posed to conventional perspectives which has been a hallmark of his research throughout his life, from his initial view on the nature of the firm to his recent analysis of the development of capitalism in China. Less well-known features of Coase's research going beyond his famous papers on 'The Nature of the Firm' and 'The Problem of Social Cost' are also explored in detail. From economics to public policy, this complete and thorough assessment of Coase's vast contribution will be an invaluable reference to all those interested in the many areas influenced by this great economist. Contributors: D.W. Allen, K.J. Arrow, B. Arrunada, Y. Barzel, E. Bertrand, R.R.W. Brooks, J.N. Drobak, G.W. Evans, W. Farnsworth, J. Farrell, K. Foss, N.J. Foss, R.F. Freeland, J. Groenewegen,R. Guesnerie, F. Gul, T.W. Hazlett, P.G. Klein, G.D. Libecap, S.G. Medema, C. Menard, M.W. Moszoro, J.H. Mulherin, J.V.C. Nye, S. Pratten, M.M. Shirley, P.T. Spiller, J. Thomas, P. de Vries, N. Wang, O.E. Williamson

Marx and Engels were right when they observed in the Communist Manifesto that free markets had in a short time created greater prosperity and more technological innovation than all previous generations combined. A century and a half later, all the evidence shows that capitalism has lifted millions and millions from hunger and poverty.

Today's story about global capitalism, shared by right-wing and left-wing populists, but also by large sections of the political and economic establishment, does not deny that prosperity has been created, but it says it ended up in far too few hands. This in turn has made it popular to talk about the global economy as a geopolitical zero-sum game, where we have to fight to control new innovations, introduce trade barriers and renationalise value chains.

In this incisive and passionate investigation, Johan Norberg instead states the case for capitalism and the vital role played by the free market in today's uncertain world. Ultimately, he argues that that a move away from global capitalism would not only squeeze the growth out of the economy but also deepen an already large social exclusion for the vulnerable.

First published in 1979, The Miners: A History of the National Union of Mineworkers 1939-46 describes the events and factors that led to the nationalisation of the coal industry in 1946. The World War had a creative as well as a destructive effect on the industry; it compressed fundamental changes into seven short years. By the end of the war, the federated trade unions had succeeded in bringing about the unification of their industry; and the various county, district and craft associations were themselves also unified in one single national body. Two rival plans emerged during 1945: a coal-owners' plan, in conjunction with an 'experts' report', approved by Churchill and his Caretaker Cabinet, and Labour's 'plan for the coal industry' which came into force in 1946 as the Coal Industry Nationalisation Act. Anew epoch in management had begun, with a National Coal Board, new industrial relations and a new National Union of Mineworkers. This book will be of interest to students of history, sociology, economics and political science.

First published in 1969, Advising Ministers is a general account of the arrangements for 'advising Ministers', based on a case-study, enabling the reader to judge the effectiveness of an advisory body in a particular case, which itself gained much publicity and in which hopes were high that results would be achieved. Mr. Smith's conclusions are based on published material and informed, shrewd deduction to provide a valuable addition to the all too meagre case-study material on British administration. This book will be of interest to students of history, sociology, economics and political science.

First published in 1930, New Zealand in the Making is an economic history of the democratic experiments in New Zealand. The geography, population, government ownership of public utilities, compulsory arbitration, pensions and all other factors have been covered in detail. The book will be of interest to anyone keen on learning about New Zealand as well as to students of economy, history, agriculture, and government.

First published in 1956, The Post-War Condition of Britain measures the extent of changes in Britain since the thirties. It contains more than two hundred tables on such matters as the national income, employment, production and productivity, investment and consumption; health, education, housing, and the insurance, assistance and similar services; on Trade Unions and industrial relations; class structure, political attitudes and party organizations; and the problems of local government and town and country planning. It is simply written, demanding from the reader the minimum of technical knowledge of economics or other specialized studies, and it should serve as an invaluable reference book for all who need exact information.

A major book from one of the most influential and well-known economists of the 20th century, who coined the term 'creative destruction' His students include famous economists such as Robert Solow and the former Federal Reserve chairman, Alan Greenspan and The Economist magazine even had a column called 'Schumpter' for many years Schumpeter launched the idea of the 'business cycle' in this book, which has become a permanent feature of thousands of curricula in business and economics Includes a new foreword by Richard Swedberg

From professional team sports to international events such as the Olympics and Tour de France, the modern sports industry continues to attract a large number of spectators and participants. This book, edited by John K. Wilson and Richard Pomfret, analyzes the economic evolution of sports over the last 150 years, from a pastime activity to a big business enterprise. It begins at a time when entrepreneurs and players first started making money from professional sports leagues, through to the impact of radio and TV in the twentieth century, and on to the present day. Using examples from sports across the world, the chapters cover such important issues as player migration, labor market restrictions, stadium arrangements and the rise and fall of workplace provisions. Unlike most sports economic texts, the contributors featured here provide insights into the historical origins of many practices and policies peculiar to the industry. This historical perspective casts light onto the development of practices, such as labor market regulations and public policies, which have become more prevalent in the modern age. The non-technical, user-friendly nature of this book will appeal to many students, particularly those enrolled in sports economics courses - a field of study which is increasingly common. Academics will also find this book to be a timely reference for their research and teaching. Contributors include: L. Borrowman, A. Carter, J. Cranfield, L. Frost, A.K. Halabi, K. Inwood, A. Kawaura, S. La Croix, M. Lightbody, J.-F. Mignot, R. Pomfret, J.A. Ross, W. Vamplew, J.K. Wilson

This Companion of nineteen essays, accompanied by the editor's introduction, investigates aspects of the philosophical foundations of Adam Smith's thought as well as his economic analysis and approach to policy. The authors view Adam Smith's work as an interconnected system of thought, which incorporates both moral philosophy and economics. His earlier work in moral philosophy, The Theory of Moral Sentiments receives significant consideration and the contributors also discuss important connections and insights into the sort of economics that Adam Smith is more widely known for in his Wealth of Nations. This book is distinguished from other collections of essays on Adam Smith in that all of the contributors are economists, and the coverage is determined by the interests of contemporary economists and scholars in the history of economic thought. A wide audience will find this Companion of great value and interest, including economists, the general economics profession, political scientists and political theorists, and philosophers with an interest in Adam Smith's work as well as historians of economics. Advanced undergraduate and post-graduate students in these fields will also warmly welcome the book.

The search for the pioneers of financial economics contained in this volume places the origins of financial economics well outside the conventional boundaries of the history of economic thought. Under the editorship of Geoffrey Poitras, a leading authority on the history of financial economics, these specially commissioned essays comprise contributions on the seventeenth to the early twentieth centuries, and include the work of both well-known and less familiar historical figures. The subjects studied display a variety of philosophical foundations and include: Jacob Bernoulli, Joseph de la Vega, Edmond Halley, Abraham de Moivre, Duvillard de Durand, Jules Regnault, Henri Lefevre, Louis Bachelier, and Vincenz Bronzin. Life annuity valuation, the modified internal rate of return, the nineteenth-century science of financial investments, and the early development of option pricing models are just some of the issues dealt with by these early thinkers and explored in depth within these pages. An outstanding volume of original analysis, Pioneers of Financial Economics is an essential reference source of seminal contributions on the early history of financial economics.