The Austrian economic school famously predicted and explained the problems of calculation in a socialist society. With their concept of spontaneous order, they challenged mainstream economists to look beyond simplified static models and consider the dynamic and evolutionary characteristics of social orders. However, many feel that Austrians took their victory too far and became ideologically devoted to laissez-faire. Austrian Theory and Economic Organization is a collection of essays on problems and possibilities in economic organization, written by economists and political scientists with an interest in the dynamic and evolutionary nature of market economies. Each chapter explores areas of potential agreement between Austrian theory, market socialist economics, and other heterodox schools of economic and political science. The collection aims to bridge cultural and political divisions between free market advocates who stress individual rights and left-leaning thinkers who stress social justice and a culture of solidarity.

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Alexis de Tocqueville is best known as the author of Democracy in America and The Ancien Régime and the Revolution. Yet among his contemporaries he was also esteemed for his brilliant investigations on social issues such as prison reform, pauperism and the plight of abandoned children. This study explores the intellectual and social context of these neglected yet startlingly innovative writings and it reveals how they proved central to the composition of those works for which Tocqueville is best known.

This work examines the development of the Greek economy during the years 1950-1991. George A. Jouganatos divides that era into five separate political periods and evaluates each one's economic development. He supplies an overview of the political history for each period and provides a thorough analysis of specific economic policies and plans, as well as their impact on economic growth and development. The application of an original econometric model aids in the evaluation of Greek economic development over this 40-year span. Advancing the argument that Greek economic development has progressed best under highly democratic conditions with independent progressive policy, Dr. Jouganatos recommends progressive reforms aimed at achieving independent economic development.

This famous book was the first up-to-date survey of its field for a generation; even today, when work on early modern social history proliferates, it remains the only general economic history of the age. This second edition, substantially revised and expanded, is clear in outline, rich in detail, stressing continuity as well as change, balancing the glamour of privilege with the misery and privation of the poor, and dealing with the dark side of Tudor life -- vagabondage, starvation, superstition and cruelty -- as well as its heroic achievements.

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.

Winner of the 2019 Michael Mitterauer-Prize for best monograph The Peasant Production of Opium in Nineteenth-Century India is a pioneering work about the more than one million peasants who produced opium for the colonial state in nineteenth-century India. Based on a profound empirical analysis, Rolf Bauer not only shows that the peasants cultivated poppy against a substantial loss but he also reveals how they were coerced into the production of this drug. By dissecting the economic and social power relations on a local level, this study explains how a triangle of debt, the colonial state's power and social dependencies in the village formed the coercive mechanisms that transformed the peasants into opium producers. The result is a book that adds to our understanding of peasant economies in a colonial context.

The process of colonisation that followed the Norman Conquest defined much of the history of England over the next 150 years, structurally altering the distribution of land and power in society. This theme is defined in a previously unpublished lecture on Colonial England, given in 1994, but it runs through all the sixteen essays in this collection. J.C. Holt's subjects include Domesday Book, the establishment of knight-service, aristocratic structures and nomenclature, the relation of family to property, security of title and inheritance, among other matters. He comments on the work of Maitland, Round and Stenton and ends with studies of the treaty of Winchester (1153), the rasus regis, and Magna Carta.

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.

Knowledge, Social Institutions and the Division of Labour gives rise to a new and richer institutional analysis of the economy centred around the analysis of language, the division of labour and social knowledge. It is in this perspective that the economic analysis of institutions comes to be associated with the study of civil society, or with the broad framework of communication and coordination behind the interaction of individuals in economic and non-economic spheres. This fascinating book is divided into three parts beginning with the issue of the development of science as an aspect of the division of labour, starting from methodological problems on the communication of scientific knowledge. The volume goes on to explore issues on the moral bases of social interaction and, more particularly, of commercial society before ending with in depth analyses of questions on the division of labour, social institutions and the diffusion of knowledge in society.

This book gives an account of the social and economic developments in Anglo-Saxon England from the first settlements in the fifth and sixth centuries to the immediate aftermath of the Norman conquest. The basic structure of analysis rests on the surviving legal and literary evidence, buttressed by the latest findings of archaeologists, numismatists, and art historians. In nearly 30 years since the first edition there has been great advance in knowledge, notably on the numismatic side, but the main themes remain constant and deal with a steady development from tribal institutions where the social power of the kindred is dominant towards the creation of a territorial kingdom where the chief bonds that keep a community together concern lordship in all its attributes.

Based on a wide range of archival sources, this book analyses the response of the most peripheral country in Western Europe, Franco's Spain, to the challenges of increasing economic interdependence from the end of World War II to the establishment of the EEC, 1945-57. In so doing, the author sheds new light on the fundamental question of the survival of the Franco regime and stimulates further discussion on the external factors responsible for Spain's pattern of economic growth after 1945.

This book examines real and monetary analysis in economic paradigms and looks at real analysis in a range of economic theories. The book also examines interest rate, distribution and capital accumulation through post-Keynesian models, including the Kaldor-Robinson and Kaleckian models, and distribution conflict, inflation and monetary policy in a credit economy.

In Debt, Innovations, and Deflation, the authors analyze the deflation theories of Thorstein Veblen, Irving Fisher, Joseph A. Schumpeter, and Hyman Minsky. In so doing, they develop a paradigm for understanding the phenomenon of deflation. They explain how technological, organizational, and financial innovations, combined with developments related to the creation and use of debt, give rise to conditions in which both deflation and inflation can be present in the modern economy. The past several years have ushered in a new era in economic policy issues. After decades of concern over inflation, a series of studies brought to light the potentially greater danger of deflation. In response, the authors provide a critical re-examination of the literature and theories of deflation. A driving question behind the research is whether post-World War II capitalist economies rely on economic policies and institutional reforms to keep an inherent tendency toward deflation in check? And can the theories of Veblen, Fisher, Schumpeter and Minsky shed light on how the creation and use of debt can create a modern economy affected simultaneously by deflation and inflation? Scholars and students of economic history and finance will enjoy this insightful examination of the subject.

With motivated human resources and a rich natural bounty, Myanmar is expected to take off with sustained growth and eventually attain a unique welfare state. On the basis of the authors' field surveys and innumerable dialogues with public officials, private professionals, scholars, and others, in addition to intensive desk studies since around 2000, the present volume lays out the essential ingredients for drawing a roadmap to realise the above-mentioned objective. That goal is, specifically, financial development, adequate social capital, indigenous modern manufactures and closer international tie-ups, among others, but above all, sound agrarian development. An effort has been made to place the required ingredients in their historical contexts, as historical experiences constitute an important sociopolitical condition in which development takes place. Myanmar nationals and readers concerned with the country's economic progress are encouraged to give serious, sustained thought to coming up with a socially supportable roadmap for the country's development path. The present volume provides valuable hints for that purpose.

This book explores the nature of money and banking throughout their history, and applies this to the study of financial crises. The first part of the book covers the evolution of monetary arrangements, money creation and the business of banking since their earliest manifestations to the present day, showing how changes in the business of banking led to a transformation in the money we use. The second part of the book applies the understanding acquired during the first part to the study of financial crises, showing that money is taken out of circulation when bank loans are paid back. This key insight is at the core of the mechanism that explains financial crises, since an economy that sees its money supply diminish is also an economy that cannot generate enough demand for its own goods and services. Financial crises result when bank lending slows down or comes to a halt - while outstanding bank loans are still due for repayment. The mechanism is discussed in detail, and the crucial role of banks highlighted. Adequate policy measures to prevent crises, or to mitigate their effects, are then put forward in light of this mechanism. The book will be of interest to researchers and students of economic and financial history, as well as those working in finance, banking and economics more widely.

This volume is the first ever English translation of Part III of Johann von Thunen's famous 'Isolated State'. The original German publication from 1863 has been translated by Keith Tribe and is E Ulrich van Suntum on behalf of the Thunen Society. It deals with the optimum rotation period of woods, a central problem of capital theory, which has been studied by many famous economists. Debates on this issue have still not reached a final conclusion, and therefore Thunen's early approach to sustainable forestry is of central importance. Thunen has been hailed an innovator way ahead of his time. This book celebrates his ideas as an economist, as a farmer and a thinker on agrarian policy, and endeavoursto revive the study and discussion of forestry economics and its history.

The first book of its kind: a fascinating and entertaining examination of hedge funds today Shortlisted for the Financial Times/Goldman Sachs Business Book of the Year Award 'An enormously satisfying book: a gripping chronicle of the cutting edge of the financial markets and a fascinating perspective on what was going on in these shadowy institutions as the crash hit' Observer Wealthy, powerful, and potentially dangerous, hedge-find managers have emerged as the stars of twenty-first century capitalism. Based on unprecedented access to the industry, More Money Than God provides the first authoritative history of hedge funds. This is the inside story of their origins in the 1960s and 1970s, their explosive battles with central banks in the 1980s and 1990s, and finally their role in the financial crisis of 2007-9. Hedge funds reward risk takers, so they tend to attract larger-than-life personalities. Jim Simons began life as a code-breaker and mathematician, co-authoring a paper on theoretical geometry that led to breakthroughs in string theory. Ken Griffin started out trading convertible bonds from his Harvard dorm room. Paul Tudor Jones happily declared that a 1929-style crash would be 'total rock-and-roll' for him. Michael Steinhardt was capable of reducing underlings to sobs. 'All I want to do is kill myself,' one said. 'Can I watch?' Steinhardt responded. A saga of riches and rich egos, this is also a history of discovery. Drawing on insights from mathematics, economics and psychology to crack the mysteries of the market, hedge funds have transformed the world, spawning new markets in exotic financial instruments and rewriting the rules of capitalism. And while major banks, brokers, home lenders, insurers and money market funds failed or were bailed out during the crisis of 2007-9, the hedge-fund industry survived the test, proving that money can be successfully managed without taxpayer safety nets. Anybody pondering fixes to the financial system could usefully start here: the future of finance lies in the history of hedge funds.

This is a scholarly and stimulating study of settlement and expansions on the frontier lands in Canada and Argentina during their `Golden Years' of the late nineteenth and early twentieth centuries. Jeremy Adelman challenges many of the assumptions made about the economic `success' of North America and the `failure' of Latin America. Based on extensive primary research in Argentina, Canada, and Britain, Dr Adelman's book points to the central importance of property relations in economic history. The distribution, control, and use of land, labour, and capital shaped these emerging economies. At the centre of the analysis is the development of family farming in Canada, and large estates in Argentina. Each system presented opportunities and posed costs - Argentine estates proving more efficient than hitherto argueed, while Canadian farms involved high social and economic costs. The approach taken here suggests directions for future research for comparative historians.

This is an easy-to-read book that explains how and why Japan industrialized rapidly. It traces historical development from the feudal Edo period to high income and technology in the current period. Catch-up industrialization is analyzed from a broad perspective including social, economic and political aspects. Historical data, research and contesting arguments are amply supplied. Japan's unique experience is contrasted with the practices of today's developing countries. Negative aspects such as social ills, policy failures, military movements and war years are also covered. Nineteenth-century Japan already had a happy combination of strong entrepreneurship and relatively wise government, which was the result of Japan's long evolutionary history. Measured contacts with high civilizations of China, India and the West allowed cumulative growth without being destroyed by them. Imported ideas and technology were absorbed with adjustments to fit the local context. The book grew out of a graduate course for government officials from developing countries. It offers a comprehensive look and new insights at Japan's industrial path that are often missing in standard historical chronicles. Written in an accessible and lively form, the book engages scholars as well as novices with no prior knowledge of Japan.

This text blends economic theory with empirical evidence to chart business development over the last two centuries in the U.K., the U.S., Japan, and Australia. It addresses enduring concerns for entrepreneurs and managers and demonstrates the value of a historical perspective from which to judge present-day issues. Each chapter considers an issue of current significance, introduces theories to illuminate the topic, and discusses historical evidence and debates.

After the collapse of the Soviet Union a team of young economic reformers led by Yegor Gaidar worked to create a new economic future for Russia. Against an overwhelming threat of looming hunger and civil war, they created a market economy which is still in place today. In the face of crisis, a process of 'shock therapy'- involving the end of price regulation, the introduction of privatisation and a reduction in public spending - appeared necessary. Their plans have been the subject of controversy ever since - the path to the new economy was not smooth and Russia continued to struggle with economic crises throughout the 1990s. Yet Gaidar's plans have been widely praised for saving the country from complete collapse. For the first time in this book, the participants in the process reveal their experiences during those frantic days, their insights into Yegor Gaidar and of the formation of post-Soviet Russia. In doing so, this book provides a unique perspective on contemporary Russia, making it an indispensable resource for understanding its economic and political complexities.

This 32 volume set reissues key out-of-print titles that will prove invaluable in understanding the current resurgence of economic nationalism. Covering all aspects of international trade policy, and focusing particularly on tariffs and protectionism, this set will be invaluable to the modern student.

Although colonies are often viewed as having been of crucial economic importance to Britain's empire, those responsible for administering the colonies were often not at all interested in or supportive of commercial ventures, as this book demonstrates. Based on extensive original research, and including detailed case studies of the agricultural and mining sectors in late nineteenth and early twentieth century Malaya, the book examines how administrators and capitalists interacted, showing how administrators were often hostile to business and created barriers to business success. It discusses in particular contradictory colonial government policies, confusion over land grants and conflicts within bureaucratic hierarchies, and outlines the impact of such difficulties, including the failure to attract capital inflows and outright business failures. Overall, the book casts a great deal of light on the detail of how business and government actually worked in Britain's colonial empire.