"The need for realism in reform of its monetary system is what makes Bernstein's story of the Power of Gold so timely. It is a compelling reminder that maintaining a fixed price for gold and fixed exchange rates were difficult even in a simpler financial environment....Peter Bernstein was reluctant to project the story of gold into the future. But to me his message was clear. Yes, gold will be with us, valued not only for its intrinsic qualities but as a last refuge and store of value in turbulent times. But its days as money, as a means of payment and a fixed unit of account are gone."--From the New Foreword by Paul Volcker

This bestselling book reveals a record of human nature in the ubiquity of gold with a new foreword by Paul Volcker

In this exciting book, the late Peter L. Bernstein tells the story of history's most coveted, celebrated, and inglorious asset: gold. From the ancient fascinations of Moses and Midas through the modern convulsions caused by the gold standard and its aftermath, gold has led many of its most eager and proud possessors to a bad end. And while the same cycle of obsession and desperation may reverberate in today's fast-moving, electronically-driven markets, the role of gold in shaping human history is the striking feature of this tumultuous tale. Such is the power of gold.

Whether it is Egyptian pharaohs with depraved tastes, the luxury-mad survivors of the Black Death, the Chinese inventor of paper money, the pirates on the Spanish Main, or the hardnosed believers in the international gold standard, gold has been the supreme possession. It has been an icon for greed and an emblem of rectitude, as well as a vehicle for vanity and a badge of power that has shaped the destiny of humanity through the ages.Discusses the beginnings of gold as something with magical, religious, and artistic qualities and follows its trail as we progress to the invention of coinage, the transformation of gold into money, and the gold standard Other bestselling books by the late Peter Bernstein: "Against the Gods," "Capital Ideas," and "Capital Ideas Evolving" Contemplates gold from the diverse perspectives of monarchs and moneyers, potentates and politicians, men of legendary wealth and others of more plebeian beginnings

Far more than a tale of romantic myths, daring explorations, and the history of money and power struggles, "The Power of Gold" suggests that the true significance of this infamous element may lie in the timeless passions it continues to evoke, and what this reveals about ourselves.

Monograh; Selling points not required

Money is central to the functioning of economies, yet for the pre modern period, our knowledge of monetary systems is still evolving. Until recently, historians of the medieval world have conflated the use of coins with a high degree of monetization. States without coinage were considered under-monetized. It is becoming more evident, however, that some medieval states used money in complex ways without using coinage. Moneys of account supplanted coins wholly or in part. But there is an imbalance of evidence: coins survive physically, while intangible forms of money leave little trace. This has skewed our understanding. Since coin usage has been well studied in the past, these essays flesh out our consideration of societies that used money but struck no coins. Absence or shortage of coining metals was not the causative factor: some of these societies had access to metal supplies but still remained coinless. Was this a strategic choice? Does it reflect the unique system of governance that developed in each kingdom? It is surely time to unravel this puzzle. This book examines money use in the Bay of Bengal world, using the case of medieval Bengal as a fulcrum. Situated between mountains and the sea, this region had simultaneous access to both overland and maritime trade routes. How did such 'cashless' economies function internally, within their regions and in the broader Indian Ocean context? This volume brings together the thoughts of a range of upcoming scholars (and a sprinkling of their elders), on these and related issues. Please note: Taylor & Francis does not sell or distribute the Hardback in India, Pakistan, Nepal, Bhutan, Bangladesh and Sri Lanka

An "Economist" Best Book of the Year
In the 1980s and 1990s many in the West came to believe in the myth of an East-Asian economic miracle, with countries seen as not just development prodigies but as a unified bloc, culturally and economically similar, and inexorably on the rise. In "How Asia Works," Joe Studwell distills extensive research into the economics of nine countries--Japan, South Korea, Taiwan, Indonesia, Malaysia, Thailand, the Philippines, Vietnam, and China--into an accessible, readable narrative that debunks Western misconceptions, shows what really happened in Asia and why, and for once makes clear why some countries have boomed while others have languished. Impressive in scope, "How Asia Works" is essential reading for anyone interested in a region that will shape the future of the world.
"Pithy, well-written and intellectually vigorous . . . Studwell's thesis is bold, his arguments persuasive, and his style pugnacious. It adds up to a highly readable and important book." --"Financial Times"

Examining the domestic politics of imperial expansion these essays question the role of the Industrial Revolution and British imperial leadership beyond the issue of hierarchy and The Great Divergence. This volume brings together leading global economic historians to honour Patrick O'Brien's contribution to the establishment of global economic history as a coherent and respected field in the academy. Inspired by O'Brien's seminal work on the British Industrial Revolution as a global phenomenon, these essays expand the role of the Industrial Revolution and British imperial leadership beyond the issue of hierarchy and The Great Divergence. The change from the protective Atlantic empire, 1650-1850, to the free trade empire of the last half of the long nineteenth century is elaborated as are the conscious efforts of the free trade empire to develop markets and market economies in Africa. British domestic politics associated with the change and the continuation to the recent politics of Brexit are fascinatingly narrated and documented, including the economic rationale for imperial expansion, in the first instance. The narrative continues to the crises of globalization caused by the world wars and the Great Depression, which forced the free trade British Empire to change course. Further, the effects of the crises and the imperial reaction on the East African colonies and on New Zealand and Australia are examined. Given current concerns about the environmental impact of economic activities, it is noteworthy that this volume includes the environmental impact of globalization in India caused by the free trade policy of the British free trade empire.

Brings together three key concepts - race, nation and capitalism, to analyse the inequalities caused by the confluence of all three, which allows the reader to really grasp the key relationship between them across history. Useful for those studying topics on racism, race, capital, the history of inequality, and human and civil rights. Racism particularly, but also issues around nationalism and capitalism, are increasingly of interest to students thinking about how history relates to the present. Compared to other titles which only look at individual nations or one of the three themes discussed in this volume, this book is more extensive because it looks at the interrelationship of these three concepts in history.

Peter Wilding offers an arresting answer, plotting out a new course for Britain's troubled relationship with Europe. He channels the pride Britain draws from its heritage through the prejudice Britain has historically had against Europe, and proposes a new popular-based platform for British influence in Europe: 'smart power'. Wilding identifies how British leaders from Pitt to Cameron have attempted to use exactly this 'smart power' in their approach to Europe. He tells the story of their shared experiences in forging Churchill's strategy - a long-term plan which put Britain at the heart of Europe and the Commonwealth and alongside the United States - and applies it to Britain today. Outlining a new approach for Britain's leaders, Wilding proposes a new, positive vision to position Britain in a fast-changing and fractured world. His book will provide valuable new perspectives on the debate about what Britain does next after the EU referendum.

This is the first title in The Growth of the World Economy series and collects together the most significant research and scholarship on a crucial period in the growth of international trade, from the fifteenth to the seventeenth centuries. This three hundred year span saw a dramatic expansion in the volume of world trade. Trade during this period became more truly international due to the rise of the nation-state in Europe. Articles are written by leading scholars around the world and take up such topics as the emergence of new world trade routes, trade in particular goods and commodities, European trade policies and mercantilism. With its focus on the beginnings of world trade, Trade in the Pre-Modern Era, 1400-1700 will be an indispensable reference source for all researchers concerned with the initial development of both international trade and the expansion of the world economy.

Originally published in 1976 and based upon the extensive use of original archival material, this book provides a detailed account of the 2 years in which the German army enjoyed unprecedented power and influence. The rise of Hindenburg and Ludendorff is seen against the background of the failure of the army to win a decisive victory in the early stages of the war. The book provides insights into the dynamics of German militarism and imperialism, and is an important contribution to the discussion of the continuity of German history.

"This is the book on porcelain we have been waiting for. . . . A remarkable achievement."-Edmund de Waal, author of The Hare with Amber Eyes A sweeping cultural and economic history of porcelain, from the eighteenth century to the present Porcelain was invented in medieval China-but its secret recipe was first reproduced in Europe by an alchemist in the employ of the Saxon king Augustus the Strong. Saxony's revered Meissen factory could not keep porcelain's ingredients secret for long, however, and scores of Holy Roman princes quickly founded their own mercantile manufactories, soon to be rivaled by private entrepreneurs, eager to make not art but profits. As porcelain's uses multiplied and its price plummeted, it lost much of its identity as aristocratic ornament, instead taking on a vast number of banal, yet even more culturally significant, roles. By the nineteenth and twentieth centuries, it became essential to bourgeois dining, and also acquired new functions in insulator tubes, shell casings, and teeth. Weaving together the experiences of entrepreneurs and artisans, state bureaucrats and female consumers, chemists and peddlers, Porcelain traces the remarkable story of "white gold" from its origins as a princely luxury item to its fate in Germany's cataclysmic twentieth century. For three hundred years, porcelain firms have come and gone, but the industry itself, at least until very recently, has endured. After Augustus, porcelain became a quintessentially German commodity, integral to provincial pride, artisanal industrial production, and a familial sense of home. Telling the story of porcelain's transformation from coveted luxury to household necessity and flea market staple, Porcelain offers a fascinating alternative history of art, business, taste, and consumption in Central Europe.

National competitiveness has become a misnomer, as competitiveness is increasingly understood as a regional phenomenon and regions are not confined to the boundaries of the nation state. This book focuses on the Port of Rotterdam and its hinterland - i.e. the Lower Rhine and the Ruhr area. A transnational perspective is imperative to understand the historical trajectories of the port, the hinterland and the region itself. This book brings geography and the transnational study of regions back into the historical discipline, linking places to larger geographical scales and to systems of production and consumption and the global chains in which they are organised. This book will be of interest to scholars and practitioners in urban studies, urban planning, public policy, geography and political science.

This volume is concerned with periods of very rapid inflation in the period before 1950 and shifts the emphasis from hyperinflation as commonly defined to a wider range of experience. It examines the source and origins of these inflationary episodes, how they started and what measures were used to bring them to an end. The experience of the last twenty years, when the entire world has been on fiat money and inflation has burgeoned, sometimes in excess of 100 per cent per annum, has led economists to reflect on historical examples of this phenomena. The extreme nature of episodes such as the German inflation of the early 1920s ensures that they offer a special kind of evidence on money and prices that is of considerable interest at the present time. Much of the material here is very recent, as relatively little contemporary attention was given to inflations and much of the best scholarship has only appeared in the last twenty years. However, this volume also provides the reader with access to the reflections of contemporary economists, such as Joan Robinson and Gordon Tullock.

This book looks at how the fledgling British East India Company state of the 1760s developed into the mature Anglo-Indian empire of the 19th century. It investigates the bureaucratic culture of early Company administrators, primarily at the district level, and the influence of that culture on the nature and scope of colonial government in India. Drawing on a host of archival material and secondary sources, James Lees details the power relationship between local officials and their superiors at Fort William in Calcutta, and examines the wider implications of that relationship for Indian society. The book brings to the fore the manner in which the Company's roots in India were established despite its limited military resources and lack of governmental experience. It underlines how the early colonial polity was shaped by European administrators' attitudes towards personal and corporate reputation, financial gain, and military governance. A thoughtful intervention in understanding the impact of the Company's government on Indian society, this volume will be of interest to researchers working within South Asian studies, British studies, administrative history, military history, and the history of colonialism.

Economists' role in society has always been an uneasy one, and in recent years the ethicality of the profession and its practitioners has been questioned more than ever. This collection of essays is the first to investigate the multifaceted nature of what forms economists' ethical and economic views. Bringing together work from international contributors, The Ethical Formation of Economists explores the ways in which economists are influenced in their training and career, examining how this can explain their individual ethical stances as economists. The book suggests that if we can better understand what is making economists think and act as they do, considering ethicality in the process, we might all be better placed to implement changes. The intent is not to exonerate economists from personal responsibility, but to highlight how considering the circumstances that have helped shape economists' views can help to address issues. It is argued that it is important to understand these influences, as without such insights, the demonization of economists is too easily adapted as a stance by society as well as too easily dismissed by economists. This book will be of great interest to those studying and researching in the fields of economics, ethics, philosophy and sociology. It also seeks to bring an ethical debate within and about economics and to cause change in the practical reasoning of economists.

This interdisciplinary collection explores the relationships between women and built space in England between the 1870s and the 1940s. Historians working in cultural, literary, architectural, urban, design, labour, and social history approach the topic through case studies of often neglected organisations, individuals, practices and initiatives. Included are East End rent collectors, tenants, diarists and correspondents, the All-Europe House, the Women's Co-operative Guild, the Housewives Committee of the Council of Industrial Design, provincial and metropolitan exhibitors, and activists of varying kinds. Moving beyond the study of buildings and their designers, the volume considers the making of space in its broadest sense, from the production of discourses to the consumption of domestic appliances and the performance of roles as diverse as social reformers, committee members and homemakers. It thereby demonstrates that women made a significant contribution to the creation of modern built environments in both public and private spheres.

Even after the experience of WWII and despite the existence of various institutions such as United Nations to avoid conflict between nations, we have not succeeded in making a world free from war. The Cold War, the Vietnam War, the intervention of the superpowers in local conflicts and the spread of terrorism have made this all too clear. This volume brings together contributions by leading international scholars of various countries and reconstructs how economists have dealt with issues that have been puzzling them for nearly three centuries: Can a war be 'rational'? Does international commerce complement or substitute war? Who are the real winners and losers of wars? How are military expenses to be funded? The book offers a refreshing approach to the subject and how we think about the relations between economics and war.

In the first half of the twentieth century, a diverse community of Australians settled in Shanghai. There they forged a 'China trade', circulating goods, people and ideas across the South China Sea, from Shanghai and Hong Kong to Sydney and Melbourne. This trade has been largely forgotten in contemporary Australia, where future economic ties trump historical memory when it comes to popular perceptions of China. After the First World War, Australians turned to Chinese treaty ports, fleeing poverty and unemployment, while others sought to 'save' China through missionary work and socialist ideas. Chinese Australians, disillusioned by Australian racism under the White Australia Policy, arrived to participate in Chinese nation building and ended up forging business empires which survive to this day. This book follows the life trajectories of these Australians, providing a means by which we can address one of the pervading tensions of race, empire and nation in the twentieth century: the relationship between working-class aspirations for social mobility and the exclusionary and discriminatory practices of white settler societies.

The Industrial Revolution remains a defining moment in the economic history of the modern world. But what kind and how much of a revolution was it? And what kind of ?moment? could it have been? These are just some of the larger questions among the many that economic historians continue to debate. Addressing the various interpretations and assumptions that have been attached to the concept of the Industrial Revolution, Joel Mokyr and his four distinguished contributors present and defend their views on essential aspects of the Industrial Revolution. In this revised edition, all chapters?including Mokyr's extensive introductory survey and evaluation of research in this field?are updated to consider arguments and findings advanced since the volume's initial 1993 publication. Like its predecessor, the revised edition of The British Industrial Revolution is an essential book for economic historians and, indeed, for any historian of Great Britain in the eighteenth and nineteenth centuries.

In the half millennium of their existence, guilds in the Low Countries played a highly significant role in shaping the societies of which they were a part. One key aspect that has been identified in recent historical research to explain the survival of the guilds for such a long time is the guilds' continued adaptability to changing circumstances. This idea of flexibility is the point of departure for the essays in this volume, which sheds new light on the corporate system and identifies its various features and regional variances. The contributors explore the interrelations between economic organisations and political power in late medieval and early modern towns, and address issues of gender, religion and social welfare in the context of the guilds. This cohesive and focussed volume will provide a stimulus for renewed interest and further research in this area. It will appeal to scholars and students with an interest in early modern economic, social and cultural history in particular, but will also be valuable to those researching into political, religious and gender history.

Katherine of Alexandria was a major object of devotion within medieval Europe, ranking second only to the Virgin Mary in the canon of female saints. Yet despite her undoubted importance, relatively little is known about the significance and function of her cult within the German-speaking territories that stood at the heart of Europe. Anne Simon's study adds a welcome new interdisciplinary perspective to the study of Saint Katherine and the wider ecclesiastical landscape of a medieval Europe poised on the edge of religious change. Taking as a case study the wealthy and politically influential merchant city of Nuremberg, this book draws on a wide variety of textual and visual sources to explore interrelated themes: the shaping of urban space through the cult of Saint Katherine; her role in the moulding and advertising patrician identity and alliances through cultural patronage; and patrician use of the saint to showcase the city's political, economic, cultural and religious importance at the heart of the Holy Roman Empire. Further , the book reveals the construction of exemplarity in Saint Katherine's legend and miracles and their resonance within the context of the city and the Dominican Convent of Saint Katherine, whose nuns came from the same status-aware, confident patrician elite that so loyally supported successive Emperors. Filling a significant gap in current research, the work has much to offer scholars of medieval history, hagiography, art history, German studies, cultural and urban studies. Hence it not only expands our understanding of Saint Katherine's importance in German-speaking territories, but also adds to the picture of her cult in its European perspective.

This title was first published in 2002: The history of management consulting in Britain is a subject that has received little attention in the past in terms of research or publication. This work redresses the gap in the knowledge base of business and management history, presenting the historical situation in the context of management consulting. Identifying the beginnings of consultancy services in the mid-nineteenth century, Ferguson charts its progression through a series of time frames that span the twentieth century. Utilizing a series of consistent themes, such as service delivery forms and training, which can be compared and contrasted across time, the book provides not only a history of management consultancy services, but also shows how the take-up and form of services was heavily dependent upon the prevailing attitudes within business to the role of management. The thoroughly researched and well-presented arguments in this book will greatly add to our knowledge of British management during the twentieth century.

David Ricardo's theories were introduced in fragments in Japan after the Meiji restoration of 1868 and his work came into prominence late in comparison to other major thinkers figuring in the history of economic thought. The book seeks to analyse the studies in Japan from the year 1920 to the end of the 1930s - during the time before the outbreak of the Second World War, when even the study of classical economics became difficult. The book covers different aspects of his works and contains elements which may be interesting to foreign and even Japanese readers today without necessarily coming under the influence of Marx's reading. It presents works on Ricardo that are at present, wholly unknown to the Ricardo scholars and more generally to the historians of economic thought outside Japan. This book is an essential read on the history of economic thought in Japan.

First published in 1986, this book examines international trade, offering different theories and considering contemporary developments. Professor Hazari connects these theories and developments, such as theories of comparative advantage and factor-price differentials, to economic expansion and terms of international trade. Many key economic problems are related to the theory of international trade, problems such as tariffs, the dependency of developing countries and changing patterns of world trade, and the book shows how theory impinges on these other important issues. The theory of international trade is a popular and widely taught specialism within economics. This book surveys the pure theory which forms the core of the topic.

First published in 1937, this book examines the changes in working conditions and vast improvements on sugar plantations in 20th century Fiji. By the 1930s, the sugar industry had become economically stronger through the substitution of the small tenant farm for the large plantation. Andrews examines how this led to a moral and social transformation in Fijian society. He also highlights many unsolved problems, and is aware that dependence on a single crop supported by imperial preference is too narrow a basis for progress in Fijian society. In the latter chapters Andrews reviews the position of Indian dispersion in the pacific, and reviews the relation of India itself to the pacific countries and Europe at a time when the British Empire was experiencing a great fall in prestige. There are also chapters that contain matters of specific interest to Australia, New Zealand, and Canada.

Transportation Network Companies and Taxis: The Case of Seattle is a modern economic case history and thorough analysis of the devastating impact of the transportation network company (TNC) industry (Uber and Lyft) on the taxicab industry in Seattle, Washington, beginning in 2014. The events that transpired and lessons learned are applicable to most large cities in North America, Europe and Australia. As the regulator of the taxicab and TNC industries in Seattle during this period, the author offers a unique insider perspective. The book also provides internal operating statistics on the TNC industry, which are available here for the first time. Despite the spectacular growth of the TNC industry, growth rates have steadily declined and may fall to zero by 2019 or 2020, while the taxicab industry appears to have begun a modest recovery. This book offers a thorough explanation of how and why this decline has happened. It explains the taxicab industry, economic deregulation, competitive market failure, market disruption, price elasticity of demand and other concepts. There is also a wealth of data, computations and analysis for the specialized reader. This book considers the past, present and future of the taxicab and TNC industries in Seattle, It is recommended for both the general reader and industry professionals.