This book provides a unique historical perspective on expectations in economic theory, and applications of expectations models in economic history. Based on papers presented at the 2017 Thomas Guggenheim Conference, it brings together the work of economists, historians of economics, and economic historians on issues and events concerning expectations in economics and economic history. The contributions address: (i) the history of expectations models; (ii) growth, expectations and political economy; (iii) controversies regarding expectations methods and models; (iv) expectations in theory and reality; and (v) expectations in economic history. The book opens with a lecture by Thomas Guggenheim Prize winner Duncan Foley on the evolution of expectations in modern economic thought. The remaining content is divided into two parts, the first of which focuses on the utilization of expectations in the "ancient" and "meso" periods of high theory, i.e., from Smithian to Keynesian approaches. The papers cover topics such as "modern" applications of expectations in both "Tobinesque-Phillips" and "Harrodian-Solowian" contexts, and the debate between Friedmanite and Keynesian approaches to expectation formation. In turn, the last part presents essays on the role of economic expectations in connection with historical events and contexts, ranging from the early 20th century to World War II, and on the application of expectations theory to hyperinflation and stabilization, taking Israel as a case study.

Growing Public examines the question of whether social policies that redistribute income impose constraints on economic growth. Taxes and transfers have been debated for centuries, but only now can we get a clear view of the whole evolution of social spending. What kept prospering nations from using taxes for social programs until the end of the nineteenth century? Why did taxes and spending then grow so much, and what are the prospects for social spending in this century? Why did North America become a leader in public education in some ways and not others? Lindert finds answers in the economic history and logic of political voice, population aging, and income growth. Contrary to traditional beliefs, the net national costs of government social programs are virtually zero. This book not only shows that no Darwinian mechanism has punished the welfare states, but uses history to explain why this surprising result makes sense. Contrary to the intuition of many economists and the ideology of many politicians, social spending has contributed to, rather than inhibited, economic growth.

Originally published between 2002 and 2011, the first 6 meticulously researched and extensive volumes of this set cover a vast period of US financial and economic history, from the 'discovery' of America, through Civil War, Independence, two World Wars, the Great Depression, and on through the turbulent 20th and early 21st Centuries. An entirely new volume brings the series up to date to the Pandemic of 2020. Carefully documented and lucidly written by Jerry W. Markham, these volumes give an unparalleled insight into financial scandals; corporate governance issues; the development of US securities, derivative and mortgage markets; housing boom and bust and stock market panics. The final (entirely new) 7th volume is divided into three chronological sections: the first section describes the recovery of financial markets after the Great Recession. It begins with an overview of the state of the economy at the start of the new decade, including some of the political storms affecting the economy and financial markets. The second section sets forth regulatory responses to the Financial Crisis of 2008, including the massive fines imposed on large banks by a swarm of regulators. The third section describes the rules adopted under the Dodd-Frank Act of 2010 that broadly affected financial markets. It also recounts the Trump trade wars and ends with an account of the financial and economic turmoil that occurred during the Covid-19 pandemic in 2020.

One of TIME magazine's All-TIME 100 Best Nonfiction Books One of Times Literary Supplement's Hundred Most Influential Books Since the War One of National Review's 100 Best Nonfiction Books of the Century One of Intercollegiate Studies Institute's 50 Best Books of the 20th Century How can we benefit from the promise of government while avoiding the threat it poses to individual freedom? In this classic book, Milton Friedman provides the definitive statement of an immensely influential economic philosophy--one in which competitive capitalism serves as both a device for achieving economic freedom and a necessary condition for political freedom. First published in 1962, Friedman's Capitalism and Freedom is one of the most significant works of economic theory ever written. Enduring in its eminence and esteem, it has sold nearly a million copies in English, has been translated into eighteen languages, and continues to inform economic thinking and policymaking around the world. This new edition includes prefaces written by Friedman for both the 1982 and 2002 reissues of the book, as well as a new foreword by Binyamin Appelbaum, lead economics writer for the New York Times editorial board.

Protecting economic competition has become a major objective of government in Western Europe, and competition law has become a central part of economic and legal experience. National competition laws have long helped shape the relationship between government and the economy, and their influence has grown dramatically during the last decade. Competition law has also played a key role in the process of European integration, and is likely to do so in the future. Yet, despite its importance, images of European experience with competition law often remain vague and are sometimes dangerously distorted. This book examines that experience, analysing the dynamics of European competition law systems, revealing their impacts and assessing the political and economic issues they raise.

This is the first history on the subject of foreign investment in the United States since 1920. It shows how the United States changed from a debtor nation to a supplier of capital to the rest of the world, and then details the structural shifts to this creditor position after the breakdown of the Bretton Woods system in 1972. Geisst demonstrates that the United States has always been a magnet for foreign portfolio and direct investment. Traditionally, this has come from northern European or Canadian sources, but in the 1970s the Japanese became a major force. Currently, both types of investment in the United States are at historically high levels, but Geisst asserts that this foreign interest exerts a positive rather than a negative impact on the economic climate.

This study is a counterpart to the author's earlier examination of domestic investment in the United States, "Visionary Capitalism: Financial Markets and the American Dream in the Twentieth Century." It will be of interest to scholars and professionals in finance and investments, business history, and American history.

With the life story of Shibusawa Eiichi (1840-1931), one of the most important financiers and industrialists in modern Japanese history, as its narrative focal point, this book explores the challenges of importing modern business enterprises to Japan, where the pursuit of profit was considered beneath the dignity of the samurai elite. Seeking to overturn the Tokugawa samurai-dominated political economy after the Meiji Restoration, Shibusawa was a pioneer in introducing joint-stock corporations to Japan as institutions of economic development. As the entrepreneurial head of Tokyo's Dai-Ichi Bank, he helped launch modern enterprises in such diverse industries as banking, shipping, textiles, paper, beer, and railroads. Believing businesses should be both successful and serve the national interest, Shibusawa regularly cautioned against the pursuit of profit alone. He insisted instead on the 'unity of morality and economy' following business ethics derived from the Confucian Analects. A top leader in Japan's business community for decades, Shibusawa contributed to founding the Tokyo Stock Exchange, the Tokyo Chamber of Commerce, and numerous educational and philanthropic organizations to promote his vision of Confucian capitalism. This volume marks an important contribution to the international debate on the extent to which capitalist enterprises have a responsibility to serve and benefit the societies in which they do business. Shibusawa's story demonstrates that business, government, trade associations, and educational institutions all have valuable roles to play in establishing a political economy that is both productive and humane.

This book provides insight into the remarkable life and work of the Italian economist Antonio de Viti de Marco (1858-1943). This book presents eleven interviews with American and Italian scholars from various disciplines that provide a profile of this major intellectual as an economic theorist, politician, and individual. He was the founder of the pure theory of Public Finance, played an important role in the foundation of Public Choice, and was also a staunch liberal and radical politician. An English translation of one of his books, made as early as 1936, greatly influenced James M. Buchanan, Nobel prize-winner for economics.

This book explores the historical, current and future prospects of women's entrepreneurial activities in the former Yugoslavia, a region that is currently in a process of transition from socialism to a free-market economy. Each chapter presents the past, present and future of female entrepreneurship for each individual country. Some of the questions that the book answers include: Have women been historically and culturally ignored, marginalized, or systematically forbidden to run their own businesses? What are the status quo and future prospects for this group? And, is the investment climate conducive to women-owned businesses? The book provides an extensive overview of female entrepreneurship, its promotion and development, the role of the state, and other key factors that shape the female entrepreneurship ecosystem. Readers will gain an overall perspective on the essential issues and challenges to women's entrepreneurship, entrepreneurial initiatives and innovation, policy structures and institutional support to female entrepreneurship in the region.

Paul Auerbach's Socialist Optimism offers an alternative political economy for the twenty-first century. Present-day capitalism has generated growing inequality of income and wealth, persistent high levels of unemployment and ever-diminishing prospects for young people. But in the absence of a positive vision of how society and the economy might develop in the future, the present trajectory of capitalism will never be derailed, no matter how acute the critique of present-day developments. The detailed blueprint presented here focuses upon the education and upbringing of children in the context of social equality and household security. It yields a well-defined path to human development and liberation, as well as democratic control of working life and public affairs. Socialism as human development gives a unity and direction to progressive policies that are otherwise seen to be a form of pragmatic tinkering in the context of a pervasive capitalist reality.

The corporation model of organizations is in terminal decline, says Cook, and is being displaced by what he calls syntagma, a body of persons forming a division of the population of a country. The point he makes by this is that the emerging organization will be no artifact, no fabrication. It will be innately human, and in that sense, organic. His book traces the philosophical and historical development of the modern corporation through Hellenistic-Judeo-Christian theologies, with particular emphases on the social, political, and economic impacts of rationalistic science, impacts such as humanism, democracy, capitalism, and behaviorism. Cook offers an analysis of the critical aspects of the corporation as it exists today, and draws heavily for evidence upon contemporary management theories and practices. In doing so he argues that it is the radical changes going on in society itself that is rendering the traditional corporation obsolete. And, since western civilization is undergoing an epochal shift, the new, emerging corporation can have no resemblance to the old model. He maintains that the organization evolving to replace it will be characterized by common values, mutual purpose, excess capacity, and creative action, and will have two dynamics, what he calls commensuration and essentiality. Only with this kind of human system is it possible to create an organization that solely and exclusively serves the common good. His book is a provocative contribution to the professional and academic literature of several fields, including management, the social sciences, organizational behavior, development, and history, and will be of particular interest as well to certain well informed nonspecialists with concern for the role played the corporation in their societies.

First published in 1995. Routledge is an imprint of Taylor & Francis, an informa company.

This volume presents for the first time a collection of historically important papers written on the concept of rationality in the social sciences. In 1939-40, the famed Austrian economist Joseph A. Schumpeter and the famous sociologist Talcott Parsons convened a faculty seminar at Harvard University on the topic of rationality. The first part includes their essays as well as papers by the Austrian phenomenologist Alfred Schutz, the sociologist Wilbert Moore, and the economist Rainer Schickele. Several younger economists and sociologists with bright futures also participated, including Alex Gerschenkron, John Dunlop, Paul M. Sweezy, and Wassily W. Leontief, who was later awarded the Nobel Prize for developing input-output analysis. The second part presents essays and commentaries written by today's internationally noted social scientists and addressing the topic of rationality in social action from a broad range of perspectives. The book's third and final part shares the recently discovered correspondence between the seminar principals regarding the original but failed plan to publish its proceedings. It also includes letters, not previously published, between Richard Grathoff, Walter M. Sprondel and Talcott Parsons on the rationality seminar and the exchanges between Parsons and Schutz.

This book investigates the South African business cycle and its links to structural change in the economy. Against the backdrop of the democratic transition in 1994 and the global financial crisis, the authors study how business cycles in South Africa have changed and how cycles are related to key developments in the financial markets, international trade and business sentiment in the country. By focusing on peaks and troughs in economic activity - so-called 'turning-point cycles' - the book links up with the common approach of international policymakers to studying fluctuations in economic activity. The authors also introduce new approaches to measuring phases of the business cycle (to understand slow recoveries after the global crisis), provide comprehensive descriptions to complement quantitative analyses, and utilize new data sources that allow the measurement of economic activity over longer periods. As such, the book provides the first integrated overview of business cycles in an emerging market, providing academics and policymakers with a better understanding of the measurement challenges and drivers of the cycle.

This unique volume provides a survey of U.S. business history in a chronological framework. Designed as a basic chronology of representative events, the work covers the years from 1602 to 1988, presenting those events that pioneered trends and those that represented what was generally happening at a particular time. Richard Robinson has included minor details and incidents that are often missed in other histories of business and has arranged the descriptive historical data in a way that allows readers to draw their own conclusions about the trends and impact of American business.

Each chronological entry is divided into two sections. The first covers general events, describing the changes in lifestyles and living conditions that affected business and the marketplace. Economic conditions, government actions, educational developments, social indicators, union activities, and inventions are included here, as are certain articles and books that note the concerns of a particular time. The second section covers business events, charting the rise and fall of those enterprises engaged in producing goods or providing services. Small companies are featured alongside conglomerates, and wherever possible, the chronology focuses on the colorful individuals--the entrepreneurs, financiers, promoters, and others--who played such an important role in American business. With its chronological presentation, the book not only offers a clear picture of the development of U.S. business, but also a strong indication of how deeply it is interwoven in the fabric of society. It will be a valuable resource for courses in business history, sociology, and American history, and an important addition to both public and academic libraries.

Over the course of the twentieth century, professional economists have become a feature in the policymaking process and have slowly changed the way we think about work, governance, and economic justice. However, they have also been a frustrating, paradoxical, and in recent years, controversial fixture in American public life. This book focuses on the emergence and growth of professional economics in the U.S., examining the challenges early professional economists faced, which foreshadowed obstacles throughout the twentieth century. From the founding of the American Economic Association in 1885 to the depths of the Great Depression, this volume illustrates why some of the most optimistic and capable economic minds struggled to help smooth economic transitions and tame market fluctuations. Drawing on archival research and secondary sources, the text explores the emergence of professional economics in the United States and explains how economists came to be 'irrelevant geniuses'. This book is well suited for those who study and are interested in American history, the history of economic thought and policy history.

This book offers the first intellectual biography of the Anglo Australian economist, Colin Clark. Despite taking the economics world by storm with a mercurial ability for statistical analysis, Clark's work has been largely overlooked in the 30 years since his death. His career was punctuated by a number of firsts. He was the first economist to derive the concept of GNP, the first to broach development economics and to foresee the re-emergence of India and China within the global economy. In 1945, he predicted the rise and persistence of inflation when taxation levels exceeded 25 per cent of GNP. And he was also the first economist to debunk post-war predictions of mass hunger by arguing that rapid population growth engendered economic development. Clark wandered through the fields of applied economics in much the same way as he rambled through the English countryside and the Australian bush. His imaginative wanderings qualify him as the eminent gypsy economist for the 20th century.

This book focuses on wealth inequality trends in the North Atlantic Anglo-sphere countries of Canada, the United Kingdom, and the United States over the period from 1668 to 2013: a wider perspective than generally used when wealth inequality is discussed. This book demonstrates that it is important to put current dimensions of wealth inequality into historical context by looking at performance over the long run rather than simply a few decades. Moreover, this contribution compiles a substantial amount of data on estimates of wealth inequality and provides a concise overview of trends as well as the drivers of inequality over the long term. It serves as a short supplementary text for economics and sociology courses on economic inequality, economic history and social change-while remaining of interest to scholars and policymakers invested in equality debates of the past and present.

The contributors to this collection question the boundaries and limitations that are imposed on the study of cities by urban sociology. They do not disagree that during most of their history, the regions and peoples of the world have been organized hierarchically and that there are differences that need to be explained. But they see the processes and relations that link regions and people together as the main factor that explains these differences. It is the differentiation and not the differences per se that constitute this volume's focus and, in its respective accounts, taking care not to privilege any one region or time period on the basis of its presumed special characteristics. Against this background the book is divided into three parts. Part one deals with places outside of western Europe and with times that preceded the establishment of the European-based capitalist world-economy. The articles in part two discuss the different aspects of the concept of hegemony and the establishment of domination as these apply to cities in the world-system. In part three the focus shifts back to extra-European zones where the patterns of transformation around cities under the aegis of capitalist world-economy are examined. This book constitutes an important addition to the literature on cities. By approaching cities from a large-scale and a long-term perspective, the contributors develop a historical explanation of some of the different patterns of development that affected particular cities in their interaction with the world-economy. This historical and holistic perspective represents an improvement over most of urban sociology, where cities or aspects of cities are studied in isolation from all contingent and contextual factors. This book can be used by scholars, graduate, and upper-division undergraduate students of urban history and sociology.

The Political Economy of Imperial Relations offers a much needed historical and theoretical intervention into the relationship between Britain and Malaya after the Second World War. It challenges existing accounts and details a strong continuity in this relationship from 1945 until 1960.

In the decades after World War II, inflation undermined the aspiration for full employment in Australia. This book tells the story of how the Australian state was shaped by the confrontation with monetary instability: a pre-history of neoliberalism.

First Published in 1972. The London Discount Market is unique, and its existence has contributed more than any other single factor to the elaboration of what may legitimately be called the Anglo-Saxon tradition in Central Banking technique. The bill of exchange has existed for centuries in its classical late Victorian form by many decades. This book assesses how in no other country in the world did the same relationships evolve between the Central institution and the Money Market.

This study eschews the uncritical acceptance of secondary sources that has characterized studies in this field, going back to and reinterpreting previously neglected primary sources, thereby enabling it to chart linkages between the European and Asian trades that have been regarded as parallel but unrelated (or at best competing) activities. In so doing, the work sheds new light on this crucial period.