This book presents an alternative approach to monetary theory that differs from the General Theory of Keynes, the Monetarism of Friedman, and the New Classicism of Lucas. Particular attention is given to the work of Hawtrey and his analysis of financial crises and his explanation of the Great Depression. The unduly neglected monetary theory of Hawtrey is examined in the context of his contemporaries Keynes and Hayek and the subsequent contributions of Friedman and of the Monetary Approach to the Balance of Payments. Studies in the History of Monetary Theory aims to highlight the misunderstandings of the quantity theory and the price-specie-flow mechanism and to explain their unfortunate consequences for the subsequent development of monetary theory. The book is relevant to researchers, students, and policymakers interested in the history of economic thought, monetary theory, and monetary policy.

This pioneering book provides the first systematic historical analysis of occupational and social mobility in England. Using a collection of over 10,000 marriage certificates to examine inter-generational change, and almost 500 autobiographical texts and abstracts to explore the dynamics of career mobility, it shows how the development of the nineteenth-century economy was accompanied by rising rates of mobility, which made English society more 'open' while at the same encouraging a distinct process of working-class formation.

What is science? How is it performed? Is science only a method or is it also an institution? These are questions at the core of Managing Science, a handbook on how scientific research is conducted and its results disseminated. Knowledge creation occurs through scientific research in universities, industrial laboratories, and government agencies. Any knowledge management system needs to promote effective research processes to foster innovation, and, ultimately, to channel that innovation into economic competitiveness and wealth. However, science is a complicated topic. It includes both methodological aspects and organizational aspects, which have traditionally been discussed in isolation from each other. In Managing Science, Frederick Betz presents a holistic approach to science, incorporating both philosophical and practical elements, in a framework that integrates scientific method, content, administration and application. Illustrating all of the key concepts with illustrative case studies (both historical and contemporary, and from a wide spectrum of fields), Betz provides in-depth discussion of the process of science. He addresses the social, organizational, institutional, and infrastructural context through which research projects are designed and their results applied, along the path from experimentation to innovation to commercialization of new products, services, and processes. This practical approach to science is the foundation of today's knowledge-intensive and technology-enabled industries, and positions the management of science within the broader context of knowledge management and its implications for organizations, industries, and regional and national technology management policies. Managing Science will be an essential resource for students in all areas of research, industry scientists and R&D specialists, policymakers and university administrators, and anyone concerned with the application of research to economic growth and development.

In attaining economic globalization, China needs world economy, world economy also needs China. This book outlines the foundation of an analytically oriented public finance that intends to promote sound development of China, and discusses various contemporary topics, including the impacts of the tradition, the mechanisms of economic policies and operations, the modernization perspective and international trade conflict, as well as current rural issues and the legal environment in China. The book focuses on explaining China's special phenomena, and trying to provide answers to questions on 'why'. The intent of this book is to share the knowledge and experience that author has gained from working in China and the United States of America and to serve as an intellectual bridge for global investors, economists and market watchers in general to understand China better. "This Book is the story of an economic revival unlike anything seen before. It is the story of a "Mixed Economic System" that to date has achieved remarkable economic gains. It is a story of how directed investment with a purpose which combines Government to kick start free enterprise can work. It is also a story of trial and error and practical applications of capital flows based on measured results. It is a story that accentuates the value of pragmatism and flexibility to change course instead of slavish adherence to ideology. It is also a story of how much more needs to be done to spread the economic resurgence across all segments of the population and all regions of the Country. The Book is a "must study" for graduate students in economics and finance." A. Robert Abboud, former Chairmen of the First National Bank of Chicago, Chairman of First City Bank of Texas and President of Occidental Petroleum.

This book explores the complex history of Catalonia in relation to Spain from an economic and political perspective. It begins in the Middle Ages and ends in the present day, analysing the intricate political problems of modern day Catalonia within a context of European integration and nationalism.

This book examines what we can gain from a critical reading of Marx's final manuscript and his conclusion of the "systematic presentation" of his critique, which was the basis for Engels's construction of the third volume of his infamous 'Capital'. The text introduces the reader to a key problemof Marx's largely implicit epistemology, by exploring the systematic character of his exposition and the difference of this kind of 'systematicity' from Hegelian philosophical system construction. The volume contributes to establishing a new understanding of the critique of political economy, as it has been articulated in various debates since the 1960s - especially in France, Germany, and Italy - and as it had already been initiated by Marx and some of his followers, with Rosa Luxemburg in a key role. All the chapters are transdisciplinary in nature, and explore the modern day relevance of Marx's and Luxemburg's theoretical analysis of the dominance of the capitalist mode of production.

The EU is under stress. Many believe in the euro's demise because they blame it for the 2008 financial crisis and the unwelcome austerity measures. Many resent the immigrants from the new EU member states, threatening the survival of the Single European Market. Many complain of a 'Brussels diktat', seeking an escape from joint EU decisions. Several member states want to unilaterally deal with the enhanced competition from the emerging markets, especially China, undermining the EU's 'common commercial policy', run by a single EU commissioner. And many in the UK want its exit from the EU, diluting EU unity and reducing its global influence. These concerns are either misguided or require a stronger EU to deal with them - this book aims to address these issues by considering the nature, importance and future of the European Union.

This collection describes the changing structure of jobs during the period of robust employment expansion that preceded the 2008 financial crisis. It also provides an analysis of labour market developments in the EU and the US in terms of gender, international mobility and debates over the quality of work.

The leading professional accounting bodies in Britain today boast more than a quarter of a million qualified members and accountants are moving into top management positions in increasing numbers. Accountants have become the foremost professional grouping in British business management. The Priesthood of Industry documents the rise of the accountancy profession, from the handful of accountants listed in the trade directories of the major cities in the late-eighteenth century to the huge commercially-oriented firms of the late-twentieth century. The authors focus on the individual: the professional accountant, and adopt an economic determinist analysis to explain the rise of public practice and the transfer of staff to industry in increasing numbers. They also consider the routes through which this transfer of skills took place, and identify demand and supply side factors to explain the professional accountant's present hegemony in business management.

Since its inception in the late 19th century, Britain's mail order industry both exploited and generated social networks in building its businesses. The common foundation of the sector was the agency system; Sales were made through catalogs held by agents, ordinary people in families, neighborhoods, pubs, clubs and workplaces. Through this agency system mail order firms in Britain were able to tap social networks both to build a customer base, but also to obtain vital information on credit worthiness.
In this, the first comprehensive history of the British mail order industry, the authors combine business and social history to fully explain the features and workings of this industry. They show how British general mail order industry firms such as Kay and Co., Empire Stores, Littlewoods, and Grattan grew from a range of businesses as diverse as watch sales or football pools. A range of business innovations and strategies were developed throughout the twentieth century, including technological development and labor process rationalization. Indeed, the sector was in the vanguard of many aspects of change from supply chain logistics to computerization. The social and gender profile of the home shopper also changed markedly as the industry developed. These changes are charted, from the male-dominated origins of the industry to the growing influence of women both within the firm and, more importantly, as the centre of the mail order market. The book also draws parallels and contrasts with the much more widely studied mail order industry of the United States.
The final section of the book examines the rise of internet shopping and the new challenges and opportunities it provided forthe mail order industry. Here the story is one of continuity and fracture as the established mail order companies struggle to adjust to a business environment which they had partly created, but which also rested on a new range of core competencies and technological and demographic change.

This volume offers a snapshot of the resurgent historiography of political economy in the wake of the ongoing global financial crisis, and suggests fruitful new agendas for research on the political-economic nexus as it has developed in the Western world since the end of the Middle Ages. New Perspectives on the History of Political Economy brings together a select group of young and established scholars from a wide variety of disciplinary backgrounds-history, economics, law, and political science-in an effort to begin a re-conceptualization of the origins and history of political economy through a variety of still largely distinct but complementary historical approaches-legal and intellectual, literary and philosophical, political and economic-and from a variety of related perspectives: debt and state finance, tariffs and tax policy, the encouragement and discouragement of trade, merchant communities and companies, smuggling and illicit trades, mercantile and colonial systems, economic cultures, and the history of economic doctrines more narrowly construed. The first decade of the twenty-first century, bookended by 9/11 and a global financial crisis, witnessed the clamorous and urgent return of both 'the political' and 'the economic' to historiographical debates. It is becoming more important than ever to rethink the historical role of politics (and, indeed, of government) in business, economic production, distribution, and exchange. The artefacts of pre-modern and modern political economy, from the fourteenth through the twentieth centuries, remain monuments of perennial importance for understanding how human beings grappled with and overcame material hardship, organized their political and economic communities, won great wealth and lost it, conquered and were conquered. The present volume, assembling some of the brightest lights in the field, eloquently testifies to the rich and powerful lessons to be had from such a historical understanding of political economy and of power in an economic age.

An interdisciplinary and global approach to the different roles and impact of gold on society and the global economy from the late 19th century to the modern day.
This book provides a historical analysis that integrates the different roles of gold--monetary, commodity, banking, industrial and cultural--with the multiple actors- central banks, mining groups, refineries, bullion houses and major banks - to provide an understanding of their particular interests and reciprocal influence on the global gold market from the late 19th century to the present day. Adopting an inter-disciplinary and global approach, it establishes an innovative and rich dialogue between different branches of the social sciences, including microeconomics, business history, sociology, political and economic history.
Coverage of the book will include a comprehensive overview of the many facets of the global gold market's organization, from the extraction of this precious metal to its consumption. Special attention is given to some of the major international gold markets, such as London, Hong Kong, and Zurich, and to the national and global regulations regarding the gold trade. The book studies both the legal and illegal circuits of gold, as well as their interrelation. Together, the contributions show the complex networks and actors involved in different phases of this commodity chain, from the main gold producers, such as South Africa; to the major European financial markets; and then to the traditional Arab and Asiatic hoarding centres.
This collection of essays, most of which utilise new archival resources, will be of great interest to students and researchers examining the role of this key element in monetary, financial, political and social history.

This book examines the history of the first trust company, the Farmers' Loan and Trust, and its influence on the evolution of corporate law, regulation, and taxation.

This book re-evaluates the role of local agency and provides a new perspective to the political, social and cultural history of state formation, taking a microhistorical approach and through close analysis of archival sources between 1550 to 1700. The backcountry of the Republic of Genoa is a laboratory for gauging the weight and significance of two elements which, according to Charles Tilly and other scholars, have characterized the construction of the modern state: judicial administration and fiscal extraction. The instruments employed in this respect were arbitration and compensation. Interactions between center and periphery occurred within a stratified and discontinuous fabric of fluid jurisdictions and segmented residential topographies, which constituted spaces of mediation. Such spaces were generated by conflicts between kin groups (feuds and factional alignments) and managed both by Genoese officials and by local notables and notaries, who translated a whole set of local practices into judicial procedures. This book offers a rich contextualization of material life, family relationships, economic activities, and power struggles in a corner of the Mediterranean world that was extremely important, but about which very little has been published in English.

Marx expected the working class to create 'a movement of immense majority, in the interests of immense majority'. However, there is not and never has been such a movement. At least a part of the reason is that the traditional Marxist picture of a two-class polarisation bears little resemblance to the diverse and complex society of today's Western world. In this book, Michal Polak attempts to move beyond the austerity of the two-class model to come closer to the empirical realities. In the process, the author re-examines the very foundations of the Marxist theory, demonstrating how an important critique of the theory can in fact be fruitfully interpreted as a generalisation of it. While remaining true to the Marxian spirit, he comes up with original and innovative extensions of the traditional concepts, which finally allow for the explanation of the diverse class map of the advance capitalist societies.

Alfred Marshall and Modern Economics demonstrates that it is possible to take Marshall's theoretical insights in two distinctly different directions: one is to reject evolution and go down the equilibrium path, while the second is to reject equilibrium and go down the evolutionary path. Neil Hart re-examines Marshall's legacy and relevance to modern economic analysis with the more settled conventional wisdom concerning evolutionary processes allowing advances in economic theorising which were not possible in Marshall's life time. A more theoretically coherent and relevant approach to modern economic analysis is proposed by connecting aspects of Marshall's revitalised evolutionary economics with Post-Keynesian theories, in a manner which parallels Marshall's endeavour to maintain a unity between value theory and explanations of industry organisation and economic development. This book will be essential reading for all researchers and students interested in the history of economic thought.

The Compelling Saga of One of the World's Oldest Companies.Combining ancient craftsmanship with modern technology andmarketing innovations, Japan's Kikkoman Corporation hasquietly become a $2 billion market leader. The KikkomanChronicles is the fascinating story of how Kikkoman changedthe course of international marketing, shrewdly adapting to20th century realities while never truning their backs oncenturies of tradition; how one man envisioned the future ofglobal enterprise, spearheading the first Japanese manufacturing plant of any kind on U.S. soil; and howgenerations of Mogi family leadership have produced one oftoday's most formidable global competitors.More than an authoritative how-to international business, The Kikkoman Chronicles is the spellbinding story of: Shige Maki, the tough and resourceful woman who narrowlyescaped the 17th century siege of Osaka Castle to sow theseeds to today's Kikkoman Corporation. Kikkoman's survivaland adaptation across more than 300 hyears of social andpolitical upheaval in Japan. Innovative strategies Kikkoman has followed to become the world leader in the productionand marketing of soy sauce - an Asian staple.The Kikkoman Chronicles is a one-of-a-kind corporatebiography. By combining anecdotes and stories about Japan'samazing history wth hands-on tips and recommendations forproven international business success, Ronald E. Yates hasproduced an entertaining book that should become required reading for businesspersons and students throughout the world.

This book demonstrates that during Japan's early modern Edo period (1603-1868) an ethical code existed among the merchant class comparable to that of the well-known Bushido. There is compelling evidence that contemporary merchants, who were widely and openly despised as immoral by the samurai, in fact acted in highly ethical ways in accordance with a well-articulated moral code. Japanese society was strictly stratified into four distinct and formally recognized classes: warrior, farmer, craftsman and merchant. From the warriors' perspective, the merchants, at the base of the social order, had no virtue, and existed only to skim profits as middlemen between producers and consumers. But were these accusations correct? Were the merchants really unethical beings who engaged in unfair business practices? There is ample evidence that negates the ubiquitous slanders of the warrior class and suggests that merchants - no less than the warriors - possessed and acted in accordance with a well-developed ethical code, a spirit that may be called shonindo or "The Way of the Merchant." This book examines whether a comparison of shonindo, depicting the ethical point of view of the merchant class, and Bushido, embodying that of the warrior class, reveals that shonindo may have in fact surpassed Bushido in some aspects. Comparing contemporarily published historical documents concerning both shonindo and Bushido, as well as Inazo Nitobe's classic work Bushido: The Soul of Japan, published in 1900, the author examines how Bushido surpassed shonindo in that warriors were willing to die for their strict ethical code. Shonindo, however, may have surpassed Bushido in that merchants were liberal, willing to expand and extend application of their ethical beliefs into all aspects of everyday life for the overall benefit of society. This ethical code is compared with that of the conservative Bushido, which demonstrably proved not up to the task for the modernization and improved well-being of Japan. Ichiro Horide is professor emeritus of Reitaku University. Edward Yagi (Reitaku University) and Stanley J. Ziobro II (Trident Technical College) collaborated in the translation of the original Japanese manuscript into English.

This book examines the management of three projects from the nineteenth century which led to substantial business transformation: the Stockton to Darlington Railway, the US Transcontinental Railroad and the Manchester Ship Canal. The lessons learned are of great relevance to contemporary project management, particularly those concerned with disruptive technology. The book addresses a wide range of project management topics associated with transformation. These include value management, sponsorship, governance, partnerships, opportunity management, project culture and morale, project complexity, uncertainty, prototyping and piloting, agility, innovation, risk and knowledge management.

Since the collapse of the USSR there has been a growing interest in the Stolypin Land Reform as a possible model for post-Communist agrarian development. Using recent theoretical and empirical advances in Anglo-American research, Dr Pallot examines how peasants throughout Russia received, interpreted, and acted upon the government's attempts to persuade them to quit the commune and set up independent farms. She shows how a majority of peasants failed to interpret the Reform in the way its authors had expected, with outcomes that varied both temporally and geographically. The result challenges existing texts which either concentrate on the policy side of the Reform or, if they engage with its results, use aggregated, official statistics which, this text argues, are unreliable indicators of the pre-revolutionary peasants reception of the Reform.

This book provides a fully revised and up-to-date analysis of the Economic and Monetary Union (EMU). With four entirely new chapters on responses to the financial crisis and the debate on reform options, Tomann assesses the EMU in comparison with other currency regimes through the adoption of a historical analysis. The book discusses in detail basic issues with currency and comprehensively analyzes monetary policy, highlighting problems of policy coordination. Tomann explores new monetary institutions that have been established in response to the financial crisis, before addressing long-term issues and reviewing reform proposals. By focusing on monetary issues the book offers a better understanding of macroeconomic policies and international policy cooperation, and, by extension, provides a thorough economic assessment of the EMU as an institution as it stands today.

In the last decades, women's role in the workforce has dramatically changed, though gender inequality persists and for women, gender identity still prevails over work identity. It is important not to forget or diminish the historical role of women in the labour market though and this book proposes a critical overview of the most recent historical research on women's roles in economic urban activities. Covering a wide area of early modern Europe, from Portugal to Poland and from Scandinavia to the Mediterranean, Bellavitis presents an overview of the economic rights of women - property, inheritance, management of their wealth, access to the guilds, access to education - and assesses the evolution of female work in different urban contexts.

Arguing that Britain's sterling policy had a significant impact on its colonial economic policy, this book focuses on the connection between Britain's sterling and balance of payments policy, colonial economic policy, and the British government's decision to transfer power to colonial peoples. The volume considers such factors as sterling policy and the state of the British economy, U.S. and Western European pressure for multilateralism in Britain's trade and commercial policy, the movement toward independence in colonial territories, and the cost of financing colonial development and welfare. The book argues that in the postwar years the assumptions guiding British policies for colonial political reform were undermined by postwar developments in Ghana, Nigeria, and the Malayan Federation--the three greatest dollar-earning colonies. As these colonies moved toward independence, their demands for development finance forced Britain to face the prospect of meeting such demands at great costs when the expenditure could not be justified. Britain extricated itself from this dilemma by transferring power to colonial peoples.

What actually was the economic situation in 1929 and what happened to the stock market? Harold Bierman's fresh look at the Crash of '29 provides provocative answers that challenge the "facts" and overturn previously held assumptions concerning the catastrophic events that led to ten years of economic depression and very likely created the fertile soil of despair and unrest that ultimately led to World War II. This cogent re-evaluation takes a different tack and arrives at a different set of conclusions than John Kenneth Galbraith's classic overview of the period, The Great Crash. Echoes of the great stock market price declines that ended ten years of the greatest prosperity the U.S. had ever experienced have continued to reverberate down the corridors of history. Bierman believes that a more complete understanding of these past events can enhance current market decisions; that by accurately assessing the stock market crash of 1929-1932, readers can better grasp the present market situation and more wisely forecast the future. Arriving at drastically different conclusions from most widely read books on the subject, the 11-chapter study takes the position that the stock market was not unreasonably high in October of '29, asserting that, in fact, there was reason for optimism. Bierman presents sound explanations for the initial decline that are not dependent on the assumption of overvaluation. He also clarifies the vital distinction between speculation and investment and shows how President Herbert Hoover's "war on speculation" may have contributed to the crash and subsequent depression. The first chapter outlines seven commonly held myths regarding 1929. Other chapters compare the stockmarket and profitability of corporations; attempt to determine whether RCA stock was outrageously overpriced or merely a reasonably priced growth stock; and look at the 1931 banking system hearings. The Mitchell, Wiggin, and Insull affairs are all given new, fact-based twists. Final chapters examine margin buying, probability, and short selling, develop important perspectives on the crash of 1987, and extract valuable lessons to be learned. The book effectively refutes prior notions and replaces them with solidly built, readable explanations that are most relevant to history courses dealing with the period or courses on investment in common stock. Any general reader with an interest in early twentieth century history or in investment will find this a rewarding read.

This book examines one of the most important economic outcomes in American history-the breakdown of the Keynesian Revolution. Drawing on economic literature, the memoirs of economists and politicians, and the popular press, Eric Crouse examines how economic decline in the 1970s precipitated a political revolution. Keynesian thought flourished through the presidencies of Lyndon B. Johnson, Richard Nixon, and Gerald Ford, until stagflation devastated American workers and Jimmy Carter's economic policies faltered, setting the stage for the 1980 presidential campaign. Tracking years of shifting public opinion and colorful debate between free-market and Keynesian economists, this book illuminates a neglected era of American economic history and shows how Ronald Reagan harnessed a vision of small government and personal freedom that transformed the American political landscape.