This book outlines the considerable increase in public expenditure in the UK from around 10 per cent of GDP in the 1870s to 40 per cent and above in the21st century. Clive Leeexplores the fluctuations in state spending, highlighting theongoing political conflictover the size and extent of welfare provision.

The Cobb-Douglas regression, a statistical technique developed to estimate what economists called a 'production function', was introduced in the late 1920s. For several years, only economist Paul Douglas and a few collaborators used the technique, while vigorously defending it against numerous critics. By the 1950s, however, several economists beyond Douglas's circle were using the technique, and by the 1970s, Douglas's regression, and more sophisticated procedures inspired by it, had become standard parts of the empirical economist's toolkit. This volume is the story of the Cobb-Douglas regression from its introduction to its acceptance as general-purpose research tool. The story intersects with the histories of several important empirical research programs in twentieth century economics, and vividly portrays the challenges of empirical economic research during that era. Fundamentally, this work represents a case study of how a controversial, innovative research tool comes to be widely accepted by a community of scholars.

What can America learn from countries as faraway and diverse as Bhutan, Chile, Denmark, Nigeria and South Korea? Quite a lot, as it turns out. At a time of fundamental change in global power, the country that undisputedly ruled the latter half of the 20th century is no longer firmly in the lead. In the search for new ideas to redevelop America, co-editors Joe Colombano and Aniket Shah point to what has happened outside the borders of the United States. By relying on a wealth of cross-country and multi-disciplinary contributions from an impressive number of world-renown experts, the editors provide a systematic review of successful policies undertaken overseas, discuss their relevance to the US, and offer them as contributions to the national debate on the future of the American economy. What they find is a rich set of policy recipes - from maintaining fiscal discipline and fostering growth, to reviving competitiveness to ensuring equity and basic human decency.

This book considers the "three Ps" of liberty: pragmatism, pluralism, and polycentricity. These concepts enrich the complex tradition of classical liberal jurisprudence, providing workable solutions based on the decentralization, diffusion, and dispersal of power.

A History of European Economic Thought grafts the history of economic thought onto Global History by showing how significant economic ideas have influenced the process of Europe's formation from the very beginning to the present day. This work combines two classical stories that until today have followed parallel paths. On the one hand, there is the political history of Europe, which is often limited to a few fleeting references to the ideas of the great economists of the past. On the other hand, there is the history of economic thought, which examines Europe as a whole, as a distinct supranational community, only with reference to the institutions created after World War II. The volume sheds light on the constitutive values of Europe, which also stem from a particular economic culture, and provides essential reading for students and scholars of the history of economic thought.

"The South African Economy, 1910-90" surveys the growth of the South African economy since 1910, when the four provinces came together to form the Union of South Africa. The theme of this book is the economic organization that made possible the growth of the South African economy which has contended with natural disasters, a backward but politically influential agricultural sector, a fixed gold price, the impact of two world wars and finally the constraints on growth imposed by the apartheid policies present since 1948. The book describes how the gold industry fuelled the growth of the economy and enabled the government to subsidise agriculture. The gold idustry, however, was a mixed blessing and since 1973 the dramatic rise in its price has not been accompanied by a boom in the growth rate. In fact it led to a marked deceleration in the rate of growth and triggered a burst of inflation that is still ravaging the South African economy. The affects on the economy of leaving the Commonwealth in 1961 are then examined, as this caused an industrial revolution that made South Africa the power house of Africa; but accompanying the industrial transformation was a population explosion that

The dramatic events of 1989 in Poland had their roots in the country's economic crisis of a decade earlier. In "The Polish Economic Crisis," Batara Simatupang analyzes the economic crisis of the late 1970s and early 1980s and places it in a wider political-economic context. He identifies the issues involved in this recession as a combination of governmental economic incompetence, a lumbering bureaucracy, and the tenuous legitimacy of the ruling communist party--all set within the international economic environment in which Poland existed.
The book also analyzes the aftermath of this crisis and the steady procession from recession to slump. The country's poor economic performance, the failed attempt to reform the economic and political systems in 1988 and 1989, the loss of geopolitical support, and the disintegration of state socialism all culminated in a much more serious crisis. The regime's ultimate collapse made possible the deflationary shock and rapid transition to a market economy in 1990. The book traces the path to Poland's political breakthrough in 1989, relating it to the collapse of "really existing socialism" in the rest of Eastern Europe and the former Soviet Union.

The links between self-interest and morality have been examined in moral philosophy since Plato. Economics is a mostly value-free discipline, having lost its original ethical dimension as described by Adam Smith. Examining moral philosophy through the framework provided by economics offers new insights into both disciplines and the discussion on the origins and nature of morality. The Morality of Economic Behaviour: Economics as Ethics argues that moral behaviour does not need to be exogenously encouraged or enforced because morality is a side effect of interactions between self-interested agents. The argument relies on two important parameters: behaviour in a social environment and the effects of intertemporal choice on rational behaviour. Considering social structures and repeated interactions on rational maximisation allows an argument for the morality of economic behaviour. Amoral agents interacting within society can reach moral outcomes. Thus, economics becomes a synthesis of moral and rational choice theory bypassing the problems of ethics in economic behaviour whilst promoting moral behaviour and ethical outcomes. This approach sheds new light on practical issues such as economic policy, business ethics and social responsibility. This book is of interest primarily to students of politics, economics and philosophy but will also appeal to anyone who is interested in morality and ethics, and their relationship with self-interest.

Incorporating a broad range of economic approaches, Understanding Financial Crises explores the merits of various arguments and theories which have been used to explain the causes of financial crises. The book explores eight of these different explanations: underconsumption, debt accumulation, financialization, income inequality, financial fragility, tendency of rate of profit to fall, human behavior, and global imbalances. The introduction provides a brief overview of each argument along with a comparison of their relative merits. Each chapter then introduces one of the arguments, explores a historical case, and focuses on the insights that can be gleaned into the global crisis in 2007-2008. The book draws on insights from various schools of thought including post-Keynesian economics, Marxist economics, behavioral economics, neoclassical economics, and more, to provide a pluralist overview of the causes of economic crises in general and the Great Recession in particular. This book marks a significant contribution to the literature on economic and financial crises, political economy and heterodox economics. It is well suited to academicians, practitioners, and financial analysts working within the relevant fields.

This book offers a comprehensive study of regional industrialization in Europe and Asia from the early nineteenth century to the present. Using case studies on regional industrialization, the book provides insights into similarities and differences in industrialization processes between European, Eurasian and Asian countries. Important factors include the transition from traditional to modern industrial production, industrial policy, agglomeration forces, market integration, and the determinants of industrial location over time. The book is an invaluable reference that attempts to bridge the fields of economic history, political history, economic geography, and economics while contributing to the debates on economic divergence between Europe and Asia as well as on the role of economic integration and globalization.

This book investigates the economic organization of ancient societies from a comparative perspective. By pursuing an interdisciplinary approach, including contributions by archaeologists, historians of antiquity, economic historians as well as historians of economic thought, it studies various aspects of ancient economies, such as the material living conditions including production technologies, etc.; economic institutions such as markets and coinage; as well as the economic thinking of the time. In the process, it also explores the comparability of economic thought, economic institutions and economic systems in ancient history. Focusing on the Ancient Near East as well as the Mediterranean, including Greece and Rome, this comparative perspective makes it possible to identify historical permanencies, but also diverse forms of social and political organization and cultural systems. These institutions are then evaluated in terms of their capacity to solve economic problems, such as the efficient use of resources or political stability. The first part of the book introduces readers to the methodological context of the comparative approach, including an evaluation of the related historiographical tradition. Subsequent parts discuss a range of development models, elements of economic thinking in ancient societies, the role of trade and globalization, and the use of monetary and financial instruments, as well as political aspects.

Prince Peter Kropotkin (1842-1921) was the most outstanding anarchist thinker of his time. His writings, which combine revolutionary fervor with intellectual rigor, were influential far beyond the bounds of the anarchist movement. No mere propagandist, Kropotkin aimed to provide anarchism with a scientific base through research of dominant tendencies in society. Fields, Factories and Workshops (1899) is a meticulously researched and brilliantly argued outline for redirecting agricultural and industrial production In a world of shrinking resources and increasing human needs. More prophetic than utopian, this volume remains remarkably pertinent to economic conditions at the end of the twentieth century.

The analysis of trends at work in the United States, Japan, and China are of amazing predictive power. Kropotkin's farsighted vision of future industrial planning is today being fulfilled on a wide scale in regions of Asia, Africa, and Latin America. Equally prophetic is his critique of mass production in which he anticipates contemporary calls for multifaceted job training and greater flexibility in the workplace. Fields, Factories and Workshops constitutes a valuable source of Inspiration toward the reinvigoration of the moral point of view in the discussion of economics and social justice. It will be of continuing interest to historians, economists, sociologists, and labor studies specialists.

Nowadays remembered mostly through Adam Smith's references to the short-lived Ayr Bank in the Wealth of Nations, the 1772-3 financial crisis was an important historical episode in its own right, taking place during a pivotal period in the development of financial capitalism and coinciding with the start of the traditional industrialisation narrative. It was also one of the earliest purely financial crises occurring in peacetime, and its progress showed an impressive geographical reach, involving England, Scotland, the Netherlands and the North American colonies. This book uses a variety of previously unpublished archival sources to question the bubble narrative usually associated with this crisis, and to identify the mechanisms of financial contagion that allowed the failure of a small private bank in London to cause rapid and severe distress throughout the 18th century financial system. It re-examines the short and turbulent career of the Ayr Bank, and concludes that its failure was the result of cavalier liability management akin to that of Northern Rock in 2007, rather than the poor asset quality alleged in existing literature. It furthermore argues that the Bank of England's prompt efforts to contain the crisis are evidence of a Lender of Last Resort in action, some thirty years before the classical formulation of the concept by Henry Thornton.

Inequalities and the Progressive Era features contributors from all corners of the world, each exploring a different type of inequality during the Progressive Era (1890s-1930s). Though this era is most associated with the United States, it corresponds to a historical period in which profound changes and progress are realized or expected all over the globe. The original and international perspectives of the book make it possible to examine important issues or authors of the Progressive Era, who have at times been neglected or insufficiently discussed. This analysis allows us both to know more about this key period of the history of capitalism, and to consider contemporary debates regarding the treatment of inequalities with a pluralistic approach. Academics and students of all levels, from PhD and Master degree students to undergrads will appreciate the original focus on the roots and treatments of inequalities, and this innovative collaboration between researchers of various fields in social sciences. Contributors include: V. Babashkin, T. Briggs, B. Buarque de Hollanda, C. Castelain-Meunier, V. Chassagnon, R.W. Dimand, B. Dubrion, O. Goerg, F. Granda, O. Lakomski-Laguerre, C. Maumi, S. Meardon, A. Millmow, C. Morrisson, T. N'Diaye, A. Nikulin, J.N. Parker, S. Pressman, M. Rocca, C. Schrecker, F. Sember, R. Skidelsky, H. Tanaka, P. Thane, G. Vallet

Contents:
1. Introduction Richard Sylla and Gianni Toniolo Part I 2. Substitution for Prerequisites: Endigenous Institutions and Comparative Economic History C. Knick Harley, University of Western Ontario 3. The Role of Banks Richard Sylla 4. The Role of the State in Promoting Economic Development: The Russian Case and its General Implications Paul R. Gregory, University of Houston 5. Europe in an American Mirror: Reflections on Industrialization and Ideology William N. Parker, Yale University Part II 6. Britain N.F.R. Crafts, University of Warwick, S.J.Leybourne, University of Leeds and T.C. Mills, City University Business School 7. France Maurice Levy-Leboyer and Michel Lescure, University of Paris, Nanterre 8. Germany Richard Tilly, Universitat Munster 9. Italy Giovanni Federico, Universita di Pisa and Gianni Toniolo 10. Austria-Hungary David Good, University of Minnesota 11. Russia Olga Crisp, University of London Part III: On the Methodology of Economic History 12. Kinks, Tools, Spurts and Substitutes: Gerschenkron's Rhetoric of Relative Backwardness Donald N. McCloskey, University of Iowa

Fifteen scholars have collaborated to provide a comprehensive analysis of the life and work of one of the most influential economists of all time. The authors include the Official Historian of the Reserve Bank of Australia (Selwyn Cornish), the Director of the von Mises Institute (Douglas French), Hayek's second General Editor (Stephen Kresge), the founder of est (Werner Erhard), plus seven Professors - of Economics (David Laidler, Viktor Vanberg and Robert Leeson), Economic History (Avner Offer and Jan-Otmar Hesse), Politics (Melissa Lane) and Social Policy (Nils Goldschmidt). The Universities represented include Stanford, Princeton, Oxford, Bielefeld, Western Ontario, Uppsala and Freiburg. This is the first time that such a distinguished collection of scholars - from a variety of perspectives - have attempted to integrate Hayek's life, work and influence on world history with the archival evidence.

How does social spending relate to economic growth and which countries have got this right and wrong? Peter Lindert examines the experience of countries across the globe to reveal what has worked, what needs changing, and who the winners and losers are under different systems. He traces the development of public education, health care, pensions, and welfare provision, and addresses key questions around intergenerational inequality and fiscal redistribution, the returns to investment in human capital, how to deal with an aging population, whether migration is a cost or a benefit, and how social spending differs in autocracies and democracies. The book shows that what we need to do above all is to invest more in the young from cradle to career, and shift the burden of paying for social insurance away from the workplace and to society as a whole.

Economic growth in China has transformed both politics and society. Old orthodoxies are painfully being eroded in the drive for reform while new social and cultural tensions are coming to light. It has been argued that the cycles of reform and retreat since 1978 which culminated in the Tiananmen Square tragedy were induced by the tensions of the reform process. It is clear that the way in which China handles these issues in the future will have major implications for the next phase of the country's development. The authors of this book analyze how reform has affected major groups in society such as urban workers, rural and urban cadres, the army, intellectuals and private entrepreneurs. They examine the interaction between old attitudes and new needs in such areas as education, policing and social control, rural administration and the status of women. What emerges is a broad insight into China's reform process which looks both at the enormous changes that have come about and at the problems to follow. This book should be of interest to postgraduates and researchers in Chinese and East Asian studies, politics and economics.

This Pivot book provides a framework for understanding the economic and potentially unequal effects of pandemics, focusing closely on the Spanish Flu. It provides an in-depth analysis of the different effects of the Spanish Flu on the economy from unequal mortality to wages, housing and output. There is a general review of the literature but an important feature of this book is that it explains results using data from Spain, an ideal country to perform this exercise, as its mortality data is not affected by the First World War. Spain was also developed enough to have reliable data, but it was very heterogeneous across regions which will allow a comparison of more and less developed regions. No other book exists that offers a comprehensive and data-driven view of the effects of the Spanish Flu, which is the closest pandemic example to Covid-19. With the outbreak of Covid-19 increasing the need to learn about the economic effects of pandemics, this book will be of interest to academics and students of economic history, macroeconomics (economic crises) and economic development, as well being accessible for the general reader.

This open access book is the first attempt to elaborate the formalization phase of banking supervision in eight developed countries-USA, Japan, Sweden, Germany, Switzerland, Belgium, France, and UK. This innovative study in the field of banking supervision history identifies why national histories of banking supervision share similarities, but also remain different and are heavily path dependent. This book will be of great interest not only to financial/economic historians but also to general readers interested in banking supervision, i.e., students, bankers, supervisors, and international officials.

Gustavo Corni offers a balanced and comprehensive study of Nazi agricultural policies and German agriculture between 1930 and 1939. The author gives a full account of the decisive rural support for the Nazi party during this period and describes how the Nazi agrarian ideology was developed to gain mass support.

F. A. von Hayek (1899-1992) was a Nobel Prize winning economist, famous for promoting an Austrian version of classical liberalism. This multi-volume biography examines the evolution of his life and influence. In this ninth volume of Leeson's collaborative biography of Friedrich August von Hayek, a variety of well-known contributors discuss Hayek's views on the divine right of the market taking democratic and free-market principles into account.

This book develops a general economic theory that integrates various economic theories and ideas and establishes important relationships between economic variables that are not formally recognized in the economic literature. The author demonstrates how the basic model is integrated with neoclassical growth theory, Walrasian general equilibrium theory, and Ricardian distribution theory, and how these theories can be incorporated through a single set of equations with a microeconomic basis. The book offers new insights into income and wealth distribution between heterogeneous households, racial and national differences in growth and development, interdependence between different stock variables with portfolio choices among different markets. It will appeal to scholars of economists interested in an integrative theoretical approach to this discipline.