Originally published in 2002, this is the second of three volumes in a history of finance in America. This volume starts with the investment bankers who dominated finance at the beginning of the twentieth century. It then describes the Panic of 1907 and the resulting creation of the Federal Reserve Board (the 'Fed'). The volume then traces finance through World War I, and it examines the events that led to the stock market crash of 1929 and the Great Depression. From there it reviews the rebirth of finance after World War II and the growth of the institutional investor.

Originally published in 2002, this volume focuses on the growth of derivatives, the savings and loan crisis, the merger mania of the 1980s, the accompanying insider trading scandals, and the battle with inflation. This history then reviews the market run-up in the 1990s and the rebirth of finance that was being strongly pushed by the Internet economy as the third millennium began.

Originally published in 2011, this volume examines the Enron-era scandals and several corporate governance issues that were raised as a result of these scandals. It then describes developments in the securities and derivatives markets, covering hedge funds, venture capital, private equity and sovereign wealth funds.

Originally published in 2010, this book covers the development of the mortgage market, the residential housing boom and bust that led to the subprime crisis, and the effect of this crisis on financial institutions as well as the stock market panic of 2008. It details the massive government interventions that sought to prevent another Great Depression.

In the work of most classical economists - including Smith and Keynes - theory was often embedded in application. But from the second half of the last century on, mainstream economics styled itself as "pure" economics, where the theory is presented in a very abstract form detached from any application. This book maintains that economics is a social science whose mission is to explain and, when possible, predict, phenomena of the real-world economy. The book argues that the first step to restoring economics as a social science is to define what issues economics should address. Only after this research agenda is established should the appropriate methodology be chosen, not the other way around. In this respect, examples from other social sciences as well as from natural sciences are considered more appropriate models for economics rather than physics. Moreover, the need for a closer interaction with psychology, sociology and other social sciences is required to restore the discipline to that field instead of acting as a branch of applied mathematics. The book also argues for a more pluralist approach to economic education to enable prospective economists to understand real-world economic phenomena and potential policy solution. For this reason, a good economics education should necessarily include the study of economic history and of the institutional environment. This book is essential reading for anyone who wants to see economics return to its origins as a social science.

Aiming to go beyond reiterating the stereotypical narrative of the rise of welfare states, this interdisciplinary book examines the long-run historical processes of the development of the welfare state. It focuses on the complex political, social, economic and institutional transformations which give rise to these peaceful and cohesive societies. Welfare is crucial to the story of peaceful social integration and this book explores and explains this vital connection, taking a non-linear view of the history of moving from fragmentation to peace with comprehensive welfare institutions. Chapters collectively focus on three central areas: (a) types of socio-political fragmentation, (b) the interconnection of social, political, and economic forces that led to the institutionalisation of integrationist processes and policies (including re-distributional welfare systems), and (c) how this new institutional development helped achieve, or failed to achieve, social peace and welfare. The international panel of expert contributors provide case studies from a rich variety of country contexts, including Germany, South Africa, the Netherlands, Austria, and the Nordic Countries. This thought-provoking collection of essays is well suited for advanced students and researchers in social history, economic history, political economy and social policy.

Marx's Capital, Capitalism and Limits to the State examines the capitalist state in the abstract, and as it exists in advanced capitalism and peripheral capitalism, illustrating the ideas with evidence from the North and the South. The volume unpacks the capitalist state's functions in relation to commodity relations, private property, and the crisis-ridden production of (surplus) value as a part of the capital circuit (M-C-M'). It also examines state's political and geographical forms. It argues that no matter how autonomous it is, the state cannot meet the pressing needs of the masses significantly and sustainably. This is not because of so-called capitalist constraints, but because the state is inherently capitalist. Each chapter begins with Capital volume 1. And each chapter ends with theoretical/practical implications of the ideas which taken together counter existing state theory's focus on state autonomy and reforms and point to the necessity for the masses to establish a new transitional democratic state. But the book goes 'beyond' Marx too, as it deploys the combined Marxism of 19th and 20th centuries. Marx's Capital, Capitalism and Limits to the State will interest scholars researching state-society/economy relations. It is suitable for university students as well as established scholars in sociology, political science, heterodox economics, human geography, and international development.

This book traces the origins of a financial institution, the modern corporation, in Genoa and reconstructs its diffusion in England, the Netherlands, and France. At its inception, the Casa di San Giorgio (1407-1805) was entrusted with managing the public debt in Genoa. Over time, it took on powers we now ascribe to banks and states, accruing financial characteristics and fiscal, political, and territorial powers. As one of the earliest central banks, it ruled territories and local populations for almost a century. It controlled strategic Genoese possessions near and far, including the island of Corsica, the city of Famagusta (in Cyprus), and trading posts in Crimea, the Black Sea, the Lunigiana in northern Tuscany, and various towns in Liguria. In the early sixteenth century, in his Florentine Histories (Book VIII, Chapter 29), Niccolo Machiavelli was the first to analyze the relationship between the Casa di San Giorgio's financial and territorial powers, declaring its possession of territories as the basis of its ascendancy. Later, the founders of some of the earliest corporations, including the Dutch East India Company (1602), the Bank of England (1694), and John Law's Mississippi Company (1720) in France, referenced the model of the Casa di San Giorgio.

Through two World Wars and the Great Depression, this book explores the turbulent history of colonial Indian industry in the period immediately prior to independence. Focusing on five major industries in Bengal - coal mining, iron-smelting, jute manufacturing, paper making and tea plantation - the book looks at the impact of the war efforts on production, employment and capital: some industries experienced rapid growth due to additional investment, others suffered due to the dislocation of markets. Moreover, by drawing lessons from the war economy (especially the dearth of various essential commodities including war materials), the colonial government took up various measures in the inter-war period to promote India's domestic industries for the first time. Additionally, the book also argues that many of the expatriate firms in India became financially weak because of the Depression which paved the way for the 'Indianisation' of corporate houses. These elements were significant factors in the decline of British industrial hegemony in India and aided the de-colonisation process which followed. This book will be of interest to scholars of Indian economic history as well as those with wider interests in decolonisation, industrial history and the first half of the twentieth century.

This book explores the roles played by entrepreneurship and multinational enterprises in the development of the modern global world. Through a combination of new and previously published essays charting business developments from the nineteenth century onward, the author demonstrates how multinational corporations have driven globalization through the transfer of innovation and cultural values. The chapters include studies of global industries and major corporations, including Beiersdorf and Unilever, and explore economic and corporate development in specific countries, such as India, Iran and Turkey. Merging rich historical evidence with discussion of the current state of global business, this book reveals how examining entrepreneurial activity and multinational strategies deepen explanations of historical and global patterns of wealth and poverty. It offers compelling new perspectives on current debates about globalization from one of the most prominent scholars in the field of business history. This volume will appeal to students and professors of economics, entrepreneurship, international business and history as well as anyone with an interest in understanding the past, present and future of globalization.

The globally spreading privatisation wave that occurred in the 1990s deeply changed the structure of economic institutions worldwide. This turmoil overturned not only economic institutions, but shared cultural and societal institutions as well. This book is the result of an investigation into the history of the privatisation of the steel industry in Italy, completed between 1994 and 1995. It explores the history of the Italian steel industry by looking at the interplay of local intertwined interests, political relations, and ideological formations that characterised an idiosyncratic hegemonic historical bloc. Rather than stigmatising this pattern as the legacy of a dysfunctional provincialism, the authors mobilise Gramsci's theory of hegemony to explain how the Italian privatisation process unfolded to accommodate economic pressures, political interests, and ideological constraints of a hegemonic social group, or aggregation of social groups. Thus, in reconstructing the privatisation of Italian steel, this book proposes a hegemony theory of privatisation and, more generally, describes a model that explains how political and cultural dynamics give rise to idiosyncratic local variations in globally spreading policies. It will be of interest to researchers, academics, and students in the fields of business history, economics, sociology, and political science.

The eleven articles in this volume examine controversial subjects of central importance to medieval economic historians. Topics include the relative roles played by money and credit in financing the economy, whether credit could compensate for shortages of coin, and whether it could counteract the devastating mortality of the Black Death. Drawing on a detailed analysis of the Statute Merchant and Staple records, the articles chart the chronological and geographical changes in the economy from the late-thirteenth to the early-sixteenth centuries. This period started with the triumph of English merchants over alien exporters in the early 1300s, and concluded in the early 1500s with cloth exports overtaking wool in value. The articles assess how these changes came about, as well as the degree to which both political and economic forces altered the pattern of regional wealth and enterprise in ways which saw the northern towns decline, and London rise to be the undisputed financial as well as the political capital of England.

When Poland and Ukraine introduced their political, social and economic system reforms at the beginning of the 1990s, both economies were at a similar level of economic development (GDP $9,500 per capita). However, in 2018, Ukrainian GDP per capita had remained at the same levels since 1991, while in Poland, it had increased significantly, to more than $27,000 per capita. This book assesses the reasons for the growing gap between the level of economic development in Ukraine and Poland. It examines the course of events and evaluates the effectiveness of the system transformations, both in the context of the economy, as a whole, and in individual regions (Polish 'voivodeships' (provinces) and Ukrainian 'oblasts'). It also analyzes the consequences of the 2008-2009 Ukrainian-Russian gas conflict and 2013-2014 Euromaidan events for the Ukrainian economy. Additionally, the authors offer an insight into the migration movements, which have recently been observed in Poland and Ukraine. This is the first comprehensive, comparative analysis concerning the spatial diversification of economic development in these two countries, and the authors highlight the ways in which these reforms have proved effective in Poland and hardly effective in Ukraine. This analysis helps to identify the basic interrelations between the core macroeconomic variables at the regional level and the impact of political events from both a national and regional perspective. The book will appeal to academics, researchers and policy makers interested in the economic and political changes in these two countries, in a comparative setting and on national and regional levels, as well as those working on issues of EU integration.

The Political Economy of Populism explores the interplay between identity, the economy and inequality to explain the dynamics of populist votes since the beginning of the 20th century. The book discusses the political and economic implications of populist governance using data on populist incumbencies and linking it to historical data on the macro economy and democracy. Chapters draw from the most recent political science, economics and other social science literature, as well as historical data, to explain the long-term causes and consequences of populism. Populism emerges and gains traction when political entrepreneurs exploit underlying identity conflicts for political gains. As the distributional consequences of both economic distress and economic growth typically favor the elite over the poor and the lower middle class, economic shocks usually sharpen the underlying identity conflicts between the groups. The book provides evidence of significant differences in the ways fiscal and monetary policies are conducted by incumbent populists in Latin America, Europe and the OECD. The work concludes by suggesting avenues through which a 21st century social consensus can be built, so that our society can avoid repeating the mistakes that led to wars and failed economic experiments in the 20th century. The Political Economy of Populism marks a significant contribution to the study of populism and is suited to students and scholars across the social sciences, including economics, political science and sociology.

In the aftermath of the Napoleonic Wars Britain found itself faced with a stagnant economy. Economist David Ricardo believed that the full re-integration of Britain into the world market would allow for both capital accumulation and population growth, and used arguments that anticipate ideas entertained in modern contributions to the theory of economic growth and development. However, several of these arguments have not yet been translated into the language of modern classical economics. Ricardo's Theory of Growth and Accumulation seeks to overcome this striking lacuna. The latest entry in the Graz Schumpeter lecture series, this text explores and elaborates Ricardo's arguments and the models utilized by those who subsequently followed in support of his work. The Ricardian system is first examined through a one-sector economy, following Kaldor's model, and a two-sector economy, following Pasinetti's model. These building blocks are developed through the exploration of a small open economy, which allows an analysis of the impact of international trade in exceedingly simple circumstances. This discussion expands further by considering the world economy. More sophisticated variants of the two-sector model are presented, in which commodity prices are endogenously determined by the trading interplay amongst several countries. A final analysis makes Ricardo's case by introducing accumulation in the world economy. This book is of interest to students and scholars of Ricardo, classical economics, and - more broadly - growth theory, the theory of international economics, and globalization. The author was keen to render the analytical parts compelling to the historian and the historical parts compelling to the theorist.

This volume uses the extreme case of misers to examine interlocking categories that undergirded the emergence of modern British society, including new perspectives on charity, morality, and marriage; new representations of passion and sympathy; and new modes of saving, spending, and investment. Misers surveys this class of people-as invented and interpreted in sermons, poems, novels, and plays; analyzed by economists and philosophers; and profiled in obituaries and biographies-to explore how British attitudes about saving money shifted between 1700 and 1860. As opposed to the century before, the nineteenth century witnessed a new appreciation for misers, as economists credited them with adding to the nation's stock of capital and novelists newly imagined their capacity to empathize with fellow human beings. These characters shared the spotlight with real people who posthumously donned that label, populating into a cottage industry of miser biographies by the 1850s. By the time A Christmas Carol appeared in 1843, many Victorians had come to embrace misers as links that connected one generation's extreme saving with the next generation's virtuous spending. With a broad chronological period, this volume is useful for students and scholars interested in representation of misers in eighteenth- and nineteenth-century Britain.

Drawing on a wide range of literature and adopting a macroeconomic approach, this book provides a comprehensive overview of the Italian economy during the Renaissance, focusing on the period between 1348, the year of the Black Death, and 1630. The Italian Renaissance played a crucial role in the formation of the modern world, with developments in culture, art, politics, philosophy, and science sitting alongside, and overlapping with, significant changes in production, forms of organization, trades, finance, agriculture, and population. Yet, it is usually argued that splendour in culture coexisted with economic depression and that the modernity of Renaissance culture coincided with an epoch of epidemics, famines, economic crisis, poverty, and destitution. This book examines both faces of the Italian economy during the Renaissance, showing that capital per worker was plentiful and productive capacity and incomes were relatively high. The endemic presence of the plague, curbing population growth, played an important role in this. It is also shown that the organization of production in industry and finance, consumerism, human capital, and mercantile rationality were the forerunners of modern-day capitalism. This book is an invaluable resource for scholars and students of the Renaissance and Italian economic history.

Drawing on an impressive range of archival material, this monograph delves into the careers of two businessmen who worked for Nordic chartered monopoly trading companies to illuminate individual entrepreneurship in the context of seventeenth-century long-distance trade. The study spans the Caribbean to the Indian Ocean, examining global entanglements through personal interactions and daily trading activities between Europeans, Asian merchants and African brokers. It makes an important contribution to our understanding of the role of individuals and their networks within the great European trading companies of the early modern period. This unique book will be of interest to advanced students and researchers of economic history, business history, early modern global history and entrepreneurship.

Throughout the eighteenth century hundreds of thousands of men and women were cast into prison for failing to pay their debts. This apparently illogical system where debtors were kept away from their places of work remained popular with creditors into the nineteenth century even as Britain witnessed industrialisation, market growth, and the increasing sophistication of commerce, as the debtors' prisons proved surprisingly effective. Due to insufficient early modern currency, almost every exchange was reliant upon the use of credit based upon personal reputation rather than defined collateral, making the lives of traders inherently precarious as they struggled to extract payments based on little more than promises. This book shows how traders turned to debtors' prisons to give those promises defined consequences, the system functioning as a tool of coercive contract enforcement rather than oppression of the poor. Credit and Debt demonstrates for the first time the fundamental contribution of debt imprisonment to the early modern economy and reveals how traders made use of existing institutions to alleviate the instabilities of commerce in the context of unprecedented market growth. This book will be of interest to scholars and researchers in economic history and early modern British history.

With the spread of interest-based transactions, major problems such as inequality, poverty and debt-based slavery have emerged. Those who practiced professions such as usury have, despite the negative connotations attributed to them, contributed extensively to the construction of the conventional financial system in the global economy, suggesting that the core concepts in this practice need to be analyzed in greater depth and from a historical perspective. This book analyzes the evolution of interest-bearing debt transactions from ancient times to the era of Abrahamic religions. In modern times, interest is strictly prohibited by Islam, but this book demonstrates that it is a practice that has been condemned and legally and morally prohibited in other civilizations, long before Islam outlawed it. Exploring the roots of this prohibition and how interest has been justified as a viable practice in economic and financial transactions, the book offers deep insight into the current nature of finance and economics, and the distinctive features of Islamic finance in particular and enables researchers to further delve into a review of interest-free financing models. Islamic finance, or alternative financial methods, have become extremely popular particularly in the aftermath of global financial crises, suggesting that they will attract further interest in the future as well. The book is primarily aimed at undergraduate and graduate students but, as it avoids the use of technical jargon, it also speaks to a general readership. It will appeal to those who have an interest in financial history, particularly the history of debt as well.

This volume brings together important articles from the Cambridge historian A. G. Hopkins and reflect the enlargement and evolution of historical studies during the last half century. The essays cover four of the principal historiographical developments of the period: the extraordinary revolution that has led to the writing of non-Western indigenous history; the revitalization of new types of imperial history; the now ubiquitous engagement with global history, including a reinterpretation of American Empire, and the current revival of economic history after several decades of neglect.

Culture is a priceless inheritance and source of wellbeing that is of immense value to humankind. Cultural economics set out to examine the nature and social benefits of cultural products and phenomena as they exist in the market. This volume is the masterpiece of Li Yining, one of the best-known Chinese economists, active in devoting his attention to the role of culture in the economy since the 1950s. Considering the importance of culture in the development of socialism with Chinese characteristics, the author combines cultural history, economic history, and the history of economic thought to produce unique perspectives. This book not only introduces the central concepts of cultural economics and the culture industry, but proposes several groundbreaking views that greatly influenced the culture policies of China, including cultural adjustment, cultural confidence, and cultural checks and balances. Researchers and students of economics, cultural studies, and Chinese politics, as well as policy makers, will benefit from this volume.

It would be difficult to examine interest- free alternative fi nancial systems without reviewing the evolution of debt; thus, this book offers a chronological account of the development of interest- bearing debt and contributors offer their take on how the issue of interest has been addressed throughout medieval and modern civilizations. The Evolution of Interest and Debt provides a review of the impact of these interest-bearing debt and practices upon social relations and institutions, throughout the history of modern economics, observing the relative conditions of the time and, as such, will shed light on the ongoing problems as well. The authors assert that the development of the concept of interest can be traced through three historical periods. The first period covers measures from a more radical stance, as introduced by the Abrahamic religions, with the same foundations and principles at their core. The second period examines the arguments that justify interest-bearing debt, particularly how the stance of major religions has been translated into a basis of support for these transactions. The third and final part offers a chronological account of the development of interest-bearing debt transactions and their disruptive impacts throughout the history of modern economics from the medieval to the modern era. Initially, the book presents a conceptual framework of terms applicable to the discussions and then examines the consistency and reliability of the theological and philosophical arguments on the restrictions imposed upon the practice of interest and debt, including rigid prohibition. Each period presents its own dynamics and helps analysts better understand the history and roots of interest-bearing debt. While the book is grounded on research that relies heavily on historical sources, it offers a contribution to the literature on economics as well, since the historical findings are analyzed in the context of economic terms and theories. An interdisciplinary effort, the book will attract the attention of those who have an interest in fi nance, economics, history, religion and sociology.

This book explains the role of formal labour market institutions in keeping the labour utilisation in Central and Eastern Europe above the level characteristic for Western European states. It provides an innovative and enriching take on labour utilisation at large and how various formal labour market institutions can affect the ongoing trend in labour utilisation in a way that is not covered by the extant literature. The impact of labour market institutions on labour market outcomes is analysed throughout 12 chapters, both from a cross-country perspective and in detailed case-studies, by 21 labour market experts from various CEE countries. Most chapters are based on empirical methods yet are presented in an easy-to-follow way in order to make the book also accessible for a non-scientific audience. The volume explores three key questions: How can labour utilisation be increased by labour market institutions? Which CEE countries managed to create a labour market institutional framework beneficial for labour utilisation? How should the labour market institutions in CEE countries be reformed in order to increase labour utilisation? The book argues that the legacy of transition reforms and a centrally planned past is still relevant in explaining common patterns among CEE countries and concludes that increasing the stock of skills accumulated by the employed and improving utilisation of these skills seems to be the first-best solution to increase labour utilisation. The book will be of interest to post-graduate researchers and academics in the fields of labour economics, regional economics, and macroeconomics as well as scholars interested in adopting an institutional analysis approach. Additionally, due to the broader policy implications of the topic, the book will appeal to policymakers and experts interested in labour economics.

This groundbreaking series brings together a critical selection of key papers by the Nobel Memorial Laureates in Economics that have helped shape the development and present state of economics. The editors have organised this comprehensive series by theme and each volume focuses on those Laureates working in the same broad area of study. The careful selection of papers within each volume is set in context by an insightful introduction to the Laureates? careers and main published works. This landmark series will be an essential reference for scholars throughout the world.