Series Information:
RoutledgeCurzon Studies in the Growth Economies of Asia

This book examines the crisis at the famous insurance market, Lloyd's of London, during the late twentieth century, which nearly destroyed the 300-year-old institution. While rapid structural change resulting from system collapse is less common in insurance than in the history of other financial services, one exception was the Lloyd's crisis. Hitherto, explanations of the crisis have focused on the effects of catastrophic losses and poor governance. By drawing on contemporary accounts of the crisis, the author constructs the first comprehensive scholarly analysis of the public and political response. The book applies theoretical concepts from behavioural economics and economic psychology to argue that multiple delusions of competence were at work both within and outside the Lloyd's market. Arrogance, elitism and defence of vested interests comprised endogenous elements of the crisis. Entrenched ideas about the virtues of self-regulation and faith in insider experts also played a role. The result was a misdiagnosis by both insiders and politicians of what ailed Lloyd's and a series of reforms that failed to address the underlying causes of its disease. This book offers a salutary lesson from recent history about the importance of the transparency, accountability and effective monitoring of financial institutions. It is of interest to academics and students of economic and financial history, business, insurance, political economy and history.

Peter Burnham presents a detailed, archive-based account of the keys aspects of international monetary relations in the 1950s focusing in particular on Anglo-American policy surrounding the restoration of sterling convertibility. He argues that in 1952 the British government had a unique opportunity to take an almost revolutionary step in the external field to transform the international political economy (through the abolition of the fixed rate system, the International Monetary Fund, and the European Payments Union) and restructure Britain's domestic economy to tackle longstanding productivity, export and labour market problems.

In postwar Britain, journalists and politicians predicted that the class system would not survive a consumer culture where everyone had TVs and washing machines, and where more and more people owned their own homes. They were to be proved hopelessly wrong. Lifestyle revolution charts how class culture, rather than being destroyed by mass consumption, was remade from flat-pack furniture, Mediterranean cuisine and lifestyle magazines. Novelists, cartoonists and playwrights satirised the tastes of the emerging middle classes, while sociologists claimed that an entire population was suffering from 'status anxiety', but underneath it all, a new order was being constructed out of duvets, quiches and mayonnaise, easy chairs from Habitat, white emulsion paint and ubiquitous pine kitchen tables. More than just a world of symbolic goods, this was an intimate environment alive with new feelings and attitudes. -- .

The book explores the evolution, through the first half of the 20th century, of the key neoclassical concept of rationality. The analysis begins with the development of modern decision theory, covers the interwar debates over the role of perfect foresight and analyses the first game-theoretic solution concepts of von Neumann and Nash. The author's proposition is that the notion of rationality suffered a profound transformation that reduced it to a formal property of consistency. Such a transformation paralleled that of neoclassical economics as a whole from a discipline dealing with real economic processes to one investigating issues of logical consistency between mathematical relationships. Modeling Rational Agents will be of great interest to scholars of the history of economic thought and method, as well as all those working in the field of game and decision theory.

This book provides a rigorously chronological journey through the economic history of modern Spain, always with an eye opened to what happens in the international economy and a focus on economic policy making and institutional change. It shows the central theme of the Spanish economy from the late 18th century to the early 21st century is the painful transformation from being a major imperial power to a small nation and later a member of the European Community and a player in a globalized economy. It looks in detail at two major issues - economic growth and convergence or divergence to the Western European pattern- and the permanent tension between the two when assessing historical experience since the industrial revolution. This book proposes new visions of the economic past of Spain and provides comparisons over time and space, which will be of interest to academics and students of economic history, European economic history and more specifically Spanish economic history.

The Showa Period covers the reign of Emperor Hirohito (1926-1989), encompassing war and destruction of the Japanese empire, the occupation, recovery from the ruins of war and Japan's emergence as an economic superpower. But what defines Showa historically? What sets Showa apart from the history of Meiji and Taisho Japan? Whereas historians have traditionally approached this question by splitting "prewar" and "postwar" the emphasis in this anthology is on long-term continuities which were decisive in shaping modern Japan. The readings address such crucial issues as the nature of the imperial state, why Japan embarked upon war early in the period, the impact of the occupation, the dilemmas of Japanese democracy, the social costs and international repercussions of exceptionalism, and Japan's evolving world role. With 1945 marking the beginning of a new era, the emphasis in this anthology is on long-term continuities which were decisive in shaping modern Japan. The readings address such crucial issues as the nature of the imperial state, why Japan embarked upon war early in the period, the impact of the occupation, the dilemmas of Japanese democracy, the social costs and international

This book examines the views of Greek Church Fathers on hoarding, saving, and management of economic surplus, and their development primarily in urban centres of the Eastern Mediterranean, from the late first to the fifth century. The study shows how the approaches of Greek Fathers, such as Clement of Alexandria, Basil of Caesarea, John Chrysostom, Isidore of Pelusium, and Theodoret of Cyrrhus, to hoarding and saving intertwined with stances toward the moral and social obligations of the wealthy. It also demonstrates how these Fathers responded to conditions and practices in urban economic environments characterized by sharp inequalities. Their attitudes reflect the gradual widening of Christian congregations, but also the consequences of the socio-economic evolution of the late antique Eastern Roman Empire. Among the issues discussed in the book are the justification of wealth, alternatives to hoarding, and the reception of patristic views by contemporaries.

This set reprints works by, and about, Swedish economists working between the turn of the century and 1960. The volumes contain a number of recent articles, monographs and collections of essays. Examples are given of the lively involvement in public affairs and public discussions by the generations of economists under consideration. The editor provides an overview of Swedish economics, as well as growth and specialization within the discipline. Amongst the schools and individuals included are the early neo-classical scholars Knut Wicksell, Gustav Cassel and Eli Heckscher, the Stockholm School, including Erik Lindahl, Gunner Myrdal, Bertil Ohlin, Erik Lundberg and politically influential trade economists such as Rudolf Meidner and Gosta Rehn.

This is a study of the long-run evolution of the relationship between China and the world economy. The book presents an original interpretation of the country's socio-economic processes in the past 150 years, focusing on China's interaction with the expanding capitalist world economy. The author argues that the general thrust of China's quest for development or modernization has been to catch up with the wealthy nations of the West, and goes on to explain the changing paths and outcomes.

This set of four volumes collects the major English language contributions to the theories of the structure and performance of the Japanese economy in the 20th century. It covers a wide range of topics: Volume I covers Japan before the Pacific War; Volume Two covers post-war growth; Volume Three covers trading with Japan; Volume Four explores the nature of the Japanese firm. The set gives the reader access to the most important debates about the contours of the modern Japanese economy and their evolution. Many of the articles in the set should also be accessible to non-economists, especially to political scientists.

This second volume, Basics of a Liberal Psychological, Social and Moral Order, overviews developments in the theory of spontaneously ordered complex phenomena, the psychology of inference and expectation, the nature of anticipatory systems in the psychological and economic domains, and the evolution of scientific thought and knowledge. The book applies these insights to the nature of markets and morals, what education should consist of, and the problems of alienation and our existential malaise as we move into an increasingly abstract society. In doing so it also shows the unscientific nature of the rationalist constructivist approach of progressivism, and the disastrous consequences that would arise from following these positions. The book shows the complex interplay between top-down or directed structures (what Hayek and others have called taxis organizations) and far more complex orders of the social or psychological cosmos in which they are embedded as constituents. It details how the key to the market orders of society depends upon their capacity to impersonally convey information to agents. Markets can serve unknown and unforeseen ends for individuals who do not know or have contact with other market participants. This is a vastly more powerful and productive system than anything that can arise in a tribal or face-to-face organization limited to personal contact, such as the sort proposed by the constructivists. The book will be of interest to academics and scholars in classical liberalism, economics and political philosophy.

This book explores the impact of railroads on 19thcentury Russian peasant collectivism. The mutual-insurance mechanism in a precarious agricultural environment, provided bya structured communal-village system predicated on the reputation and authorityof community norms,is exposed to rationalist exchange-occasioning an institutional adaptation process:the individualization of property rights in land. Spatial-mobility technology animated market integration, specialization, literacy,and human-capital acquisition among peasant wage workers who commuted from their villages.Temporarily rising transaction costs forced the Tsar to concede household property rights in land in the so-called Stolypin reform of 1906.This challenge to the imperial patrimony, powered by the railroads, steered late imperial Russia toward constitutional governance.The spatial-mobility technology gave peasants access to centers of agglomeration of knowledge, changedcognitive perceptions of distance, and reduced the uncertainty and opportunity costs of travel. The empirical findings in this monograph corroborate the conclusion that the railroads occasioned a cultural revolution in late imperial Russia and made Stalin unnecessary for the modernization of the Euro-asian giant. This book highlights the profound effect that the development of the railroads had on Russian economic and political institutions and practices. It will be of indispensable valueto students and researchers interested in transitional economics and economic history.

As a country's current development is path dependent, the rise of China and its strategic implications can only be understood in a historical context. Hence, the key to understanding contemporary China is the understanding of its past. So far there has been an absence of a comprehensive text dealing with Chinese economic history in the English language. An Economic History of Modern China fills this important gap, focusing on modern Chinese economic growth and comprehensively surveying the patterns of China's growth experience over the past 200 years, from the Opium wars to the present day. Key events are traced back to their foundations in history to explain their impact on China's modern economic growth.

Development has remained elusive in Africa. Through theoretical contributions and case studies focusing on Southern Africa's former white settler states, South Africa and Zimbabwe, this volume responds to the current need to rethink (and unthink) development in the region. The authors explore how Africa can adapt Western development models suited to its political, economic, social and cultural circumstances, while rejecting development practices and discourses based on exploitative capitalist and colonial tendencies. Beyond the legacies of colonialism, the volume also explores other factors impacting development, including regional politics, corruption, poor policies on empowerment and indigenization, and socio-economic and cultural barriers.

Series Information:
Routledge Studies in the History of Economics

This book focuses on the macro factors behind underdevelopment. The author builds two macro foundations which lead to an understanding of the economic conditions a society must satisfy in order to exist, survive, and develop. Social subsistence is used as the entry point and fundamental principle, while both production and distribution survival conditions are formulated. Demography plays a large role in the analysis. Economic history and the history of economic thought are reinterpreted through the lens of macro foundations. The author posits the need for lesser-developed countries to achieve survival conditions as the fundamental basis for economic progress.

Trade across the Pacific will be one of the dominant forces in the economy of the next century. This collection reflects the birth of Pacific Rim history, until recently largely neglected. It addresses the development of the Pacific Rim over four centuries, combining broad historical syntheses with a range of essays on specific topics, from trade with Hong Kong to British overseas banking. It will form a major contribution to this rapidly expanding new field.

eBook available with sample pages: 0203065352

Guild socialism has frequently been regarded as a cul-de-sac in social and economic thought. However, this work demonstrates its continued relevance. Focusing on the Douglas Social Credit movement, it examines the origin of the key ideas, gives an overview of the main theories, and discusses their subsequent history. Douglas is credited with being the author of a simple, ingenious but erroneous proposal to end depression in the inter-war years. The Social Credit Government which held power in Alberta during the middle decades of the century is equally remembered in association with Douglas. Although the Canadian party arose from an interpretation of the texts attrubuted to Douglas, its policies had little in common with the original texts. Historical documentation of the social credit phenomenon has focused almost exclusively on the Canadian experience. This work approaches the phenomenon from a different perspective. It explores the guild socialist origins of the texts and condenses the economic and social theory of the original texts.

Luxury, Fashion and the Early Modern Idea of Credit addresses how social and cultural ideas about credit and trust, in the context of fashion and trade, were affected by the growth and development of the bankruptcy institution. Luxury, fashion and social standing are intimately connected to consumption on credit. Drawing on data from the fashion trade, this fascinating edited volume shows how the concepts of credit, trust and bankruptcy changed towards the end of the early modern period (1500 1800) and in the beginning of the modern period. Focusing on Sweden, with comparative material from France and other European countries, this volume draws together emerging and established scholars from across the fields of economic history and fashion. This book is an essential read for scholars in economic history, financial history, social history and European history.

First Published in 1997. This is a case study of changing land-use patterns in Brittany over nearly 2000 years.

In Search of Ireland argues that Ireland's political problems are created by conflicts and confusions of identity. It brings together a number of distinguished contributors, each of whom examines a particular aspect of Ireland's diverse cultural geography and history. Issues covered include: the changing definitions of Irishness the roles of class and gender in constructing traditional alignments of identity the role of ethnicity in Irish society the invention and imagining of Irish 'place' the political implications of a pluralistic Ireland The contributors demonstrate that many people both inside and outside of Ireland continue to define themselves and their conflicts through simple sectarian stereotypes. The authors argue that politicians and others must reject these outdated either/or representations and accommodate instead the fluidity of Irish identity. James Anderson, University of Newcastle-Upon-Tyne S.J. Connolly, Queens's University, Belfast Neville Douglas, Queen's University, Belfast Brian Graham, University of Ulste

Thorough study of the people of Bukhara and their relations with settled peoples and nomads, from Muscovy to China, and Iran to India. The book deals fully with dynastic, internal and external problems, trade routes, coinage policies and the khans' attempts to encourage trade.

The unprecedented urbanization of the 19th century prompted a range of theoretical and empirical writings on the city. Some of these writings addressed specific urban problems, especially relating to infrastructure, housing and poverty. Others were more generally concerned with the nature and texture of city life. This set collects together some of the most significant writings on the city from the period 1898 to 1938. Primarily dealing with North America and the UK, the volumes nonetheless reflect the experience of rapid urban growth, making them particularly relevant to many of the newly industrializing countries. In all some nine volumes are reproduced in their entirety, and these are supplemented by an original introduction and collection of contemporary essays.