This is the second volume of conference proceedings for the handbook of the economic history of the Alpine region in the preindustrial era, which finally provides an extensive cross-regional synopsis of the history of the Alpine economy. Like Braudel's classic on the Mediterranean region, renowned scholars examine the region and its people, the everyday lives of Alpine inhabitants, and commerce, migration, and communication in three volumes.

This book theoretically and empirically investigates the emergence of strong money demand in wartime Japan (1937-1945), its disappearance after the end of the war (1945-1949), and the reemergence of strong money demand in contemporary Japan (from 1995 to the present) in terms of the effects on fiscal activities and the price level. An augmented fiscal/monetary theory of the price level is constructed from a close examination of the strong money demand present in these periods. Then, profoundly puzzling phenomena such as mild deflation despite monetary expansion, low long-term interest rates despite fiscal unsustainability, and weak aggregate demand despite near-zero rates of interest, all of which are actually being observed in contemporary Japan, can now be interpreted in line with the above augmented theory. In the present, strong money demand at near-zero rates endows the Japanese government with maximum fiscal flexibility. However, if it disappeared for some reason, prices would surge to the quantity theory of money level, and fiscal sustainability would have to be restored. In the future, alternative currency units issued by private banks might carry out a purge of such strong demand for the yen.

This fascinating volume offers a comprehensive synthesis of the events, causes and outcomes of the major financial crises from 1929 to the present day. Beginning with an overview of the global financial system, Sara Hsu presents both theoretical and empirical evidence to explain the roots of financial crises and financial instability in general. She then provides a thorough breakdown of a number of major crises of the past century, both in the United States and around the world. Hsu's thorough and ambitious survey begins with the Great Depression of 1929, the first crisis created within the institutions of our current financial system, and moves through the aftermath of the Depression in the 1930s and 1940s, the inter-crisis period of the 1950s through the 1970s, and the emerging market debt default crisis of the 1980s. From there, she tackles major crises in specific countries from the 1990s on, including those in Mexico, Asia (Thailand, Indonesia, South Korea and Malaysia), Russia, Brazil and Argentina, as well as the Great Recession of 2008. The book concludes with a chapter detailing insightful policy recommendations for preventing future crises. Students and professors of economic history, financial and regulatory economics and banking will find this an invaluable resource, both for its comprehensive historical approach and its thoughtful look toward the future of the global economy.

The issue of government or state involvement in the process of economic development and reform has become very popular in the economic development literature. This timely volume examines China's post-Mao economic reforms, and the Chinese government's involvement in the process of managing those reforms. Focusing on management issues, the book considers the state led reforms from a comprehensive and interdisciplinary perspective. The work consists of two parts--the experience of China's post-Mao reforms and major issues associated with the reforms. The first part covers the background, stages and measures, and achievements and problems of economic reforms. The second part addresses major changes in China's regional development, administrative system, and state-society relations. A final chapter considers the lessons of China's economic reforms.

This edited collection examines the evolution of regional inequality in Latin America in the long run. The authors support the hypothesis that the current regional disparities are principally the result of a long and complex process in which historical, geographical, economic, institutional, and political factors have all worked together. Lessons from the past can aid current debates on regional inequalities, territorial cohesion, and public policies in developing and also developed countries. In contrast with European countries, Latin American economies largely specialized in commodity exports, showed high levels of urbanization and high transports costs (both domestic and international). This new research provides a new perspective on the economic history of Latin American regions and offers new insights on how such forces interact in peripheral countries. In that sense, natural resources, differences in climatic conditions, industrial backwardness and low population density areas leads us to a new set of questions and tentative answers. This book brings together a group of leading American and European economic historians in order to build a new set of data on historical regional GDPs for nine Latin American countries: Argentina, Bolivia, Brazil, Chile, Colombia, Mexico, Peru, Uruguay and Venezuela. This transnational perspective on Latin American economic development process is of interest to researchers, students and policy makers.

This is an interpretative history of the Russian Empire and Soviet Union between 1850 and 1991. During this tumultuous period, the countries of this vast area were transformed from traditional, agrarian societies into modern industrial states. Like China, the Soviet Union underwent this transition under the banner of communism. After introductory chapters on traditional Russian history and lifeways, David Christian discusses how these transformations affected both governments and ordinary citizens, what they gained, what they endured, and why the Communist experiment ultimately failed.

This fascinating and important book uses a wealth of contemporary sources to reconstruct the mental world of medieval farmers and, by doing so, argues that these key figures in the Middle Ages have been unfairly stereotyped. David Stone overturns the traditional view of medieval countrymen as economically backward and instead reveals that agricultural decision-making was as rational in the fouteenth century as in modern times. Investigating agricultural mentalities first at a local level and then for England as a whole, Dr Stone argues that human action shaped the course of the rural economy to a much greater extent than has hitherto been appreciated, and challenges the commonly held view that the medieval period was dominated by ecological and economic crises. Focusing in particular on responses to commercial forces and the adoption of agricultural technology, this book has significant implications for our understanding of agricultural development throughout the last thousand years.

This book examines the application of risk-sharing finance as a national economic policy in history and how it stimulated economic recovery during a short period in Germany between 1933 and 1935. Economic history indicates that risk-sharing instruments have promoted socio-economic development in many parts of the world while risk-shifting methods have imposed huge socio-economic costs on many nations, leading to debt slavery on individual members. This book highlights lessons to be learned from history and argues that risk-sharing is a powerful tool for generating rapid economic recovery and resumption of growth.

In the period 1890-1914, the business elite in Germany turned their economy into the most dynamic in Europe. An older school of biographers tended to view the wealthiest businessmen as unique individuals - pioneers or geniuses who braved the rough waters of the business world, alone or as part of an unusual family. Other biographers placed their subject in the context of the larger questions of German history - the aristocracy's supposed eclipse of the bourgeoisie, anti-Semitism, the rise of corporate capitalism or war aims in World War I. Empirical research on businessmen as a group - an elite or a segment of the bourgeoisie - was long left to political and economic historians; social historians were primarily concerned with the working or lower-middle class. This study takes a new approach, combining comprehensive quantitative data on the 502 wealthiest businessmen of the time with material from public and private papers and 200 autobiographies to produce a many-sided study of this group. Not only business history, but family and social history, gender roles, ethnicity, class relations, consumption patterns, and broader historical factors are synthesized in the first coherent view of the social world of the wealthy business elite of Wihelmine Germany. The extensive bibliography alone will no doubt be an invaluable resource for years to come.

Charles MacKay's groundbreaking examination of a staggering variety of popular delusions, crazes and mass follies is presented here in full with no abridgements. The text concentrates on a wide variety of phenomena which had occurred over the centuries prior to this book's publication in 1841. Mackay begins by examining economic bubbles, such as the infamous Tulipomania, wherein Dutch tulips rocketed in value amid claims they could be substituted for actual currency. As we progress further, the scope of the book broadens into several more exotic fields of mass self-deception. Mackay turns his attention to the witch hunts of the 17th and 18th centuries, the practice of alchemy, the phenomena of haunted houses, the vast and varied practices of fortune telling and the search for the philosopher's stone, to name but a handful of subjects. Today, Extraordinary Popular Delusions and The Madness of Crowds is distinguished as an expansive, well-researched and somewhat eccentric work of social history.

Roberta J. Newman and Joel Nathan Rosen have written an authoritative social history of the Negro Leagues. This book examines how the relationship between black baseball and black businesses functioned, particularly in urban areas with significant African American populations--Chicago, Detroit, Indianapolis, Kansas City, Newark, New York, Philadelphia, and more. Inextricably bound together by circumstance, these sports and business alliances faced destruction and upheaval.

Once Jackie Robinson and a select handful of black baseball's elite gained acceptance in Major League Baseball and financial stability in the mainstream economy, shock waves traveled throughout the black business world. Though the economic impact on Negro League baseball is perhaps obvious due to its demise, the impact on other black-owned businesses and on segregated neighborhoods is often undervalued if not outright ignored in current accounts. There have been many books written on great individual players who played in the Negro Leagues and/or integrated the Major Leagues. But Newman and Rosen move beyond hagiography to analyze what happens when a community has its economic footing undermined while simultaneously being called upon to celebrate a larger social progress. In this regard, "Black Baseball, Black Business" moves beyond the diamond to explore baseball's desegregation narrative in a critical and wide ranging fashion.

Chen provides an analysis of the political economy of rural development in China during the reform era. Revolving around the central theme of statecraft, Chen's study gives a concise and comprehensive treatment of the interaction of ideology and politics with central policy and economic growth. He examines China's economic reform in historical perspective, characterizes China's economic and political transformation since the reform, and proposes that the Chinese Communist Party is being transformed into a party of economics while China's ideology is becoming market-oriented communal socialism.

In addressing the issue of the Chinese path of development, Chen discusses the role of local party organizations in China's modernization drive and the microform of market-oriented communal socialism in the newly emerged village conglomerate, highlights the challenges that China faces at the turn of the new century after 20 years of economic reform, and analyzes the context of the introduction of village elections in 1990, and the establishment of Deng Xiaoping's Theory as a new ideological discourse at the 15th National Congress as well as the rationale behind them. In examining the connection between the two goals of statecraft --improving people's welfare and strengthening the state--and between central policies and local initiatives, Chen provides a study that will be of great interest to scholars, students, and other researchers involved with contemporary Chinese politics and development.

In this modern study of the causes of nationalization, experts in British industrial history analyze the public ownership debates, and explain how many well-informed and moderate groups came to believe that the public ownership of certain major industries would be economically beneficial. During Attlee's Labour governments of 1945-51, a number of important industries, including coal, electricity, the railways and gas were taken into public ownership, and legislation was passed for the nationalization of the steel industry. It was then argued that nationalization would lead to an improvement in the efficiency of these key sectors, on which the rest of British industry depended for inputs. Today, such a policy would be almost unthinkable. This study examines the historical issues and uses detailed case studies of industries to explore the public ownership debate.

The book is a dialogue between a money manager and a young man who asks whether or not he should invest. Their conversation explores How for money and not-for-money investment differ; How accounting and economic assets compare with social and natural assets; How time is central to all of investment, building capabilities in the present which can deliver resources in the future; How banks collectively create and destroy money; How the yield curve shows the market interest rates for financial assets of different durations; How competitive advantage is important in determining the returns achieved on real assets; How fundamental value differs from price, or what someone is prepared to pay; How fundamental analysis and technical analysis of price data provide insights into risk; How mean-variance analysis of price data is the conventional approach to risk; How the economic ecosystem creates prices How capitalism may be a lousy system and yet the best available as it adapts continuously to align money prices and human values. The book is for people who want to know how investment works and how they can invest their savings. I think of it as an amalgam of an everyman's guide to business and economics, an introduction to investment, and an apology for 'capitalism'. Ben Paton

This book is the culmination of a lifetime of research into Chinese development, situated in a global historical context. The author explores the irreplaceable role of state capacity, state-owned-enterprises and five-year plan in China's transformation from an agricultural state to an industrial state and then to the world's economic powerhouse, as well as the remarkable achievements of social policy to reduce the rural-urban gap and regional gap. This book will be of interest to China scholars, development economists, political activists, and general readers who would like to know more about China's growth miracle.

Business Cycles in Economic Thought underlines how, over the time span of two centuries, economic thought interacted with cycles in a continuous renewal of theories and rethinking of policies, whilst economic actions embedded themselves into past economic thought. This book argues that studying crises and periods of growth in different European countries will help to understand how different national, political and cultural traditions influenced the complex interaction of economic cycles and economic theorizing. The editors of this great volume bring together expert contributors consisting of economists, historians of economic thought and historians of economics, to analyse crises and theories of the nineteenth and the twentieth century. This is alongside a comprehensive outlook on the most relevant advances of economic theory in France, Germany and Italy, as well as coverage of non-European countries, such as the United States. Several of the highly prestigious Villa Vigoni Trilateral Conferences formed the background for the discussions in this book. This volume is of great interest to students and academics who study history of economic thought, political economy and macroeconomics.

This volume explores Japan's industrialization from the perspective of "indigenous development", focusing on what may be identified as "traditional" or "indigenous" factors. Japanese industrialization has often been described as the process of transferring or importing technology and organization from Western countries. Recent research has, however, shown that economic development had already begun in pre-modern period (Tokugawa-era) in Japan. This economic development not only prepared Japan for the transfer from the West, but also formed the basis of the particular industrialization process which paralleled transplanted industrialization in modern Japan. The aim of the volume is to demonstrate this aspect of industrialization through the detailed studies of so-called "indigenous" industries. This collection of papers looks at the industries originating in the Tokugawa-era, such as weaving, silk-reeling and pottery, as well as the newly developed small workshops engaged in manufacturing machinery, soap, brash, buttons, etc. Small businesses in the tertiary sector, transportation and commerce, are also observed. Available for the first time in English, these papers shed new light on the role of "indigenous development" and our understanding of the dualistic character of Japan's economic development.

The growth of China's foreign trade in recent years has been widely attributed to its economic reforms and open door policies. This book outlines the process of China's trade reforms over the past two decades and assesses the impact of these reforms on the economy. The author provides a quantitative analysis to trace China's evolving commodity pattern of trade and changing comparative advantage structure over the entire reform period. Comparison is made between the trade patterns and comparative advantage to reveal the dynamic effects of the recent economic reform on resource allocation efficiency.

This book illustrates the role of international economic advisors in the development of Israel's economic policies. Based on extensive archival and historical research, it presents case studies on the policy impacts of the world-renowned advisors Michal Kalecki, Abba Lerner, Richard Kahn, Milton Friedman, Herbert Stein and Stanley Fischer. The authors evaluate the contributions of these advisors to policy developments in various fields, including international trade and capital flows, exchange rates, fiscal and monetary policy, industrial policy and labor relations. Readers will discover a wealth of previously unpublished information on these advisors' activities, perspectives on policy and interactions with policymakers and the public. Using the Israeli experience as a guide, the authors subsequently derive general hypotheses regarding the conditions that are conducive to the success of economic advisors.

Is the 'natural resource curse' destiny? Are different ways to link natural resources and economic development? Using two particular regions as case studies, this edited collection examines the divergent development paths of natural resource rich countries over the past two centuries. Bolivia, Chile and Peru are neighbour states with a common history and are globally known by their mining endowments. Norway and Sweden have also a strong common history, and different natural resource endowments (forestry, mining and fishing) are essential to understand their current economic success. By comparing natural resource management in the long run in these two divergent regions, this book can help rethink how developing countries can better take advantage of their natural resource endowments. Specifically, the book examines the interaction between natural resources and different key determinants of long-term development: trade, fiscal policy, sustainability, human capital accumulation and business strategies.

This second part of a two-volume series examines in detail the financing of America's major wars from the Spanish-American War to the Vietnam War. It interweaves analyses of political policy, military strategy and operations, and war finance and economic mobilization with examinations of the events of America's major armed conflicts, offering useful case studies for students of military history and spending policy, policymakers, military comptrollers, and officers in training.

This book provides an analysis of the process and outcomes of the tax reform, with a focus on progressivity, redistribution, and inequality. Between 1977 and 1986, Spain underwent a comprehensive tax reform which shaped its fiscal system until today. It was made in connection with the transition to democracy and indeed was understood as a fundamental part of the political change. The book situates the reform both within Spanish history and international trends in tax systems and connects it to the expansion of the welfare state and regional decentralization in Spain. The analysis reveals that the tax system failed to attain progressivity, and significant levels of fraud had a noticeable impact on inequality. Because of this, fiscal redistribution remained limited. In the new political economy of the second globalization, late democratic and fiscal transitioners were unable to emulate the path of the welfare state forerunners.

As the most important figures in the history of economics, the work of John Maynard Keynes is nearly without precedent in the history of economics. THE ECONOMIC CONSEQUENCES OF PEACE, first published in 1919, achieved great notoriety due of its contemptuous critique of the French premier as well as President Woodrow Wilson. Keynes criticized the Allied victors for signing the Treaty of Versailles in 1920, which would have ruinous consequences for Europe. At the time, few world and economic leaders appreciated his criticisms as Keynes saw his worst fears realized in the rise of Adolf Hitler and the resulting devastation of World War II. JOHN MAYNARD KEYNES (1883-1946) was born into an academic family. His father, John Nevile Keynes, was a lecturer at the University of Cambridge where he taught logic and political economy while his son was educated at Eton and Cambridge. Most importantly, Keynes revolutionized economics with his classic book, The General Theory of Employment, Interest and Money (1936). This work is generally regarded as perhaps the most influential social science treatise of the 20th Century, as it quickly and permanently changed the scope of economic thought. Interestingly, Keynes was a central member of the Bloomsbury Group, a collection of upper-class Edwardian aesthetes that served as his life outside of economics, which included Virginia Woolf, Clive Bell, and Lytton Strachey.

This book provides a historical background of the American business cycle, challenges the validity of conventional Keynesian ideology, and presents a bold, alternative theory of how production leads to wealth in our modern economy. The United States is mired in the aftermath of booming economic prosperity, resembling the trouble recently experienced by the Japanese economy due partially to similar Keynesian bailouts and subsidies. Now more than two years into the current financial crisis, Americans are starting to wonder if we can ever escape the consequences of past mistakes. If our "recovery" plan continues along the previous paths that generated economic bubbles and unemployment, then we are destined for failure. Destined for Failure: American Prosperity in the Age of Bailouts provides a conceptual framework previously available only to those with formal university training. It explains the effects of government regulation, political interference in the housing and job markets, misallocation of resources in health and education, moral hazard, environmental constraints, and excessive taxation. The authors provide insight into their view of Keynesian economics as an outdated, detrimental ideology, and take the Bush and Obama administrations to task for budget deficits and cronyistic subsidies and bailouts. The senior author is a distinguished economist who supplemented his in-depth knowledge with contributions from two of his brightest undergraduate students Seven graphical representations and three data tables highlight key information Index provides the reader with easy access to specific topics throughout the text More than 20 case studies apply the general theory of the book to real-world examples, each concluding with specific policy proposals