This book examines the three historical master tales and questions their validity and relevance in today's moment of global disorientation and lack of convincing and dominant economic narrative. Investigating the ideological dimension and exploring the continued impact of Marx, Keynes and Hayek, the authors demonstrate how these three economic narratives became entangled over time and under increasing complexity, overlapping and competing with each other. The book reflects on the meaning of the historical legacy of the three narratives and investigates their significance today. All three outlined the prospects of a better and more economically efficient world with increased social justice, Magnusson and Strath argue that they constitute a legacy on which a new economic tale must be based, a legacy to draw on or confront. A concise and engaging work, this is an ideal resource for students and academics interested in economics, political science, history and global studies. A Brief History of Political Economy presents a powerful economic history of the last 170 years as a basis for economic reconsideration.

The essays in this book explore the forces behind modern economic growth and, in particular, the causes of the extraordinary surge of growth since the Second World War. The introductory essay is an extended treatment of how economists now view the growth process and its causes. Other essays consider the contributions of capital formation, education, and the changed nature of industries and occupations. Professor Abramovitz asks why elevated incomes failed to bring the social progress and personal satisfaction that people had looked for. The final chapters in the book take up the causes of our discontent and consider whether the Welfare State has itself become an obstacle to further economic progress.The essays in this book explore the forces behind modern economic growth and, in particular, the causes of the extraordinary surge of growth since the Second World War. The introductory essay is an extended treatment of how economists now view the growth process and its causes. Other essays consider the contributions of capital formation, education, and the changed nature of industries and occupations. Professor Abramovitz asks why elevated incomes failed to bring the social progress and personal satisfaction that people had looked for. The final chapters in the book take up the causes of our discontent and consider whether the Welfare State has itself become an obstacle to further economic progress.

This study focuses on a sample of occupational groups representative of the Mittelstand in the city of Hamburg - white-collar workers, artisans, retailers, civil servants and house owners - and examines the strains imposed by the infaltionary conditions on each group, seriously questioning the commonly-held interpretation of the Infaltion's effects and chronology.

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.

When we talk about clusters, it's the fabulous destiny of Silicon Valley that first comes to mind - the place where entrepreneurs and policymakers alike flock. But do we really understand the complex mechanics of these clusters? What tools can economics and other related disciplines use to analyze their performance? When it comes to spending taxpayer money to support cluster development, do benefits actually exceed costs? This book provides a synthesis of cluster theory and presents methodologies to analyze their structure and performance. It also contains insights into how to renew regional innovation policy. The French edition of this volume was granted Best Book in Economics 2016 by The French Association of Economics (AFSE)

This book serves as a foundational reference of U.S. land settlement and early agricultural policy, a comprehensive journey through the evolution of 20th century agricultural policy, and a detailed guide to the key agricultural policy issues of the early 21st century. This book integrates the legal, economic and political concepts and ideas that guided U.S. agricultural policy from colonial settlement to the 21st century, and it applies those concepts to the policy issues agriculture will face over the next generation. The book is organized into three sections. Section one introduces the main themes of the book, explores the pre-Columbian period and early European settlement, and traces the first 150 years of U.S. agricultural policy starting with the post revolution period and ending with the "golden age" of agriculture in the early 20th century. Section two outlines that grand bargain of the 1930s that initiated the modern era of government intervention into agricultural markets and traces this policy evolution to the early days of the 21st century. The third section provides an in-depth examination of six policy issues that dominate current policy discussions and will impact policy decisions for the next generation: trade, environment/conservation, commodity checkoff programs, crop insurance, biofuels, and domestic nutrition programs.

This book presents the complete and pioneering works of the great Spanish economist, German Bernacer (1883-1965), to an English audience for the first time. Bernacer, the first director of the Research Service of the Bank of Spain (1930-55), inspired Keynes' theory but was also a major critic and opponent of it. A macro economist by trade, Bernacer's major theory related to recurring crises, which he believed were inherent in the existence of speculative markets such as property, works of art, long term currency markets, commercial trading, materials, and energy. Bernacer believed that these speculative markets generate unearned income and hoarding,they abound in financial capital and, when such capital is captured, it then lacks in production industries where real value is created, draining their financing. The author shows how history has repeated itself in this manner in 1929, 2007, 2008, 2014 and 2016. The author derives his content from Bernacer's Spanish publications and his private correspondence with his contemporary economists, providing an historical and thematic insight into his thinking. It is well-timed to contribute to current worldwide debates on monetary,financial and budgetary policies needed to implement an economic order that can restore economic stability, providing readers with rare and important insights into the deep roots of crises. The book will be of interest to all readers interested in the history of economic thought, history of financial crises, Keynesian approaches to economics and criticism to Keynesian approaches.

This book examines failure in the urbanisation of Northwest China as a result of government industrial policies that have impacted on the economic development of the region. By looking at the under-researched provinces of Gansu, Qinghai and Inner Mongolia, which make up a quarter of China's territory, Zheng and Deng challenge the common story of China's miracle growth and reveal the dark side of the country's pursuit of modernity. Severe weather conditions, chronic drought, permanent lack of oxygen and unforgiving terrain in the Northwest make farming, manufacture and services difficult simply because people tend not to stay. Yet, China's current political system forces growth to take place even though basic conditions and prerequisites for market-based growth are missing. This volume analyses 'ghost cities' and social tension in the process of 'forced urbanisation' in which huge amount of resources are wasted, the local environment is systematically damaged and ordinary people's basic rights are brutally violated in the name of higher GDP and greater government glory.

Herbert Hoover, as Secretary of Commerce, and Benjamin Strong, as Governor of the Federal Reserve Bank of New York, played a critical role in the formulation of American monetary policy during the 1920s. Yet little attention has been given to the relationship between them--at first cooperative, then increasingly one of conflict and factionalism--or to the impact of that relationship on policy formulation. This book sheds new light on their roles in policy making and relates those roles to larger conflicts over where policy should be made, how the Federal Reserve System should be structured, and the balance that should be struck between international, national, and regional considerations.

Focusing on the Hoover-Strong relationship from a political rather than a purely economic perspective, the book's scope includes both domestic and international aspects of Federal Reserve policy formulation. New sources have enabled the author to provide both fresh details and a broader interpretation. Elaborating on the belief that the Depression resulted from policies developed during the autumn of 1927, the author contends that the foundation for those policies was laid with America's decision to underwrite the Dawes plan, the decision to underwrite England's return to the gold standard, and the involvement in European monetary stabilization--all issues over which Hoover and Strong disagreed.

Why did Europe experience industrialisation and modern economic growth before China, India or Japan? This is one of the most fundamental questions in Economic History and one that has provoked intense debate. The main concern of this book is to determine when the gap in living standards between the East and the West emerged. The established view, dating back to Adam Smith, is that the gap emerged long before the Industrial Revolution, perhaps thousands of years ago. While this view has been called into question - and many of the explanations for it greatly undermined - the issue demands much more empirical research than has yet been undertaken. How did the standard of living in Europe and Asia compare in the seventeenth and eighteenth centuries? The present book proposes an answer by considering evidence of three sorts. The first is economic, focusing on income, food production, wages, and prices. The second is demographic, comparing heights, life expectancy and other demographic indicators. The third combines the economic and demographic by investigating the demographic vulnerability to short-term economic stress. The contributions show the highly complex and diverse pattern of the standard of living in the pre-industrial period. The general picture emerging is not one of a great divergence between East and West, but instead one of considerable similarities. These similarities not only pertain to economic aspects of standard of living but also to demography and the sensitivity to economic fluctuations. In addition to these similarities, there were also pronounced regional differences within the East and within the West - regional differences that in many cases were larger than the average differences between Europe and Asia. This clearly highlights the importance of analysing several dimensions of the standard of living, as well as the danger of neglecting regional, social, and household specific differences when assessing the level of well-being in the past.

This book discusses the role historical events played in determining the pattern of growth of Indian manufacturing. Two important historical events significantly influenced the course of Indian manufacturing from the 15th century AD. The first was the arrival of European merchants via sea route pioneered by Vasco-da-Gamma in 1498 and the other was the dawn of the Mughal Empire in 1526. The book explores how these two events provided the appropriate stimulus for the emergence of traditional flexible manufacturing in India and how they played a vital role in the pattern of growth of the Indian manufacturing: The Mughal Empire created an integrated economy of continental size whereas European trading companies expanded the commercial connectivity of the Indian economy and South East Asia. It further investigates how the circumstances created by the colonial administration, factor endowment and market conditions created the complex forms of manufacturing enterprises that India inherited at the time of independence. It is a valuable resource for students of history, economic history, business history and the history of technology.

This book is the first English translation of Felice di Michele Brancacci's diary of his 1422 mission to the court of Sultan Al-Ashraf Seyf-ad-Din Barsbay of Egypt. Following the purchase of Port of Pisa in 1421, and the building of a galley system, Florence went on to assume a more active role in Levant trade, and this rich text recounts the maiden voyage of the Florentine galleys to Egypt. The text portrays the transnational experiences of Brancacci including those between the East and West, Christians and Muslims, and the ancient and modern worlds. The accompanying critical introduction discusses the unexpected motifs in Brancacci's voyage, as well as tracing the aftershocks of what was a traumatic Egyptian experience for him. It shows that this aftershock was then measured, captured, and memorialized in the iconic image of Tribute Money, the fresco he commissioned from Masaccio, on his return to his own world in Florence.

This regional study examines the declining fortunes of a craft town on the Upper Rhine from 1450 to 1530, in the context of its relations with the country communities around it. In the debate on the transition between feudalism and capitalism in this period, rival interpretations have focused on town and country in isolation from each other. Tom Scott has used the techniques of historical and economic geography to examine them as a totality, consciously writing regional history, but also contributing to the wider history and theory of revolution as he extends these techniques to analyse popular protest.

This study focuses on Empires, from an economic historical perspective. In doing so, it relates current debates in international relations (IR) and politics to the vexed legacy of empires in the past. The book includes analyses of the comparative scholarly literature on Empire in Antiquity, and Empire in the Early Modern and Modern Ages, asking the question if the United Sates is an Empire, and if China an emerging Empire. It contributes to the field given its interdisciplinarity, bringing together both historical and IR insights into world systems in times past. In addition it draws out four key points of separateness between pre-modern and modern empires, and emphases specific economic data. Further to that, the book advances the notion of the emergence of "empires from within" in the 21st century, that is nation-states becoming more multi-ethnic while often stepping back from globalization. And finally it offers future scenarios for the evolution of empires in a Schumpeterian post-industrial world.

This book examines the role of mercantile networks in linking Asian economies to the global economy. It contains fourteen contributions on East, Southeast and South Asia covering the period from 1750 to the present.

In times of pandemic and global economic crisis, little more than a decade after the last, there are serious questions about how the liberal order can stand, who its friends are, and what the future will look like. This edited collection provides a comprehensive overview of the principles and stakes at play in the dispute between liberalism and socialism. It explores the 21st century appeal of socialism, particularly to millennials and other relatively young citizens, and shows why modern classical liberalism and neoliberalism have generated tepid support, leading to the resurgence of socialism after it was thought dead and buried due to the dramatic failures of statist models in 1989. The authors put modern socialism and liberalism into renewed dialogue with another to examine whether the two can coexist peacefully, or even reach an overlapping consensus on social reform going forward. It delves into the history and theory of both liberalism and socialism to determine points of overlap and tension, in addition to a cross-disciplinary interpretive analysis of the present epoch to determine how both traditions have evolved since the 20th century. The book is interdisciplinary and provides a broad array of perspectives including a diversity of ideological perspectives ranging from committed Marxists to libertarians. It will be of interest to academics and students in economics and contemporary political culture.

Autos and Progress studies the automobile as both a tool and a cultural symbol of Brazil's status as a modern "developed" nation. As such it addresses debates on state-making, the role of multi-national corporations in the region, middle-class consumerism, working-class politics, and sports and leisure in the crafting of national identity, among others. Such a study is key for understanding the twentieth century because auto-based transportation became the central facet of Brazilian attempts to gain control over its massive national space. The most obvious expressions of this include the building of Brasilia to be the new, interior national capital, the extensive road building throughout the Amazon in the 1970s, the nation's development of one of the world's leading alternative fuel industries, Brazilian dominance in world Formula One racing, and the fact that the current president, Luiz Inacio Lula da Silva, is a former auto worker and trade union leader. This focus on Brazilians' fascination with automobiles and their reliance on auto production and consumption as keys to their economic and social transformation, explains how Brazil - which enshrined its belief in science and technology in its national slogan of Order and Progress - has differentiated itself from other Latin American nations. This embrace of automobility allowed the Brazilian elite to use industrialism and the increased mobility of an auto-based society to attempt to remake the nation's poor into a more homogeneous population. Autos and Progress engages key issues in the Brazil around the meaning and role of race in society and also addresses several classic debates in Brazilian studies about the nature of Brazil's great size and diversity and how they shaped state-making. Autos and Progress unifies Brazilian economics, politics, and culture in the twentieth century. It provides a unique historical context for understanding Brazilian modernism in politics and culture. Moreover, by analyzing the origins of auto-oriented industrialism and consumerism, the book is an economic, cultural and social history of Brazilian attempts to remake the nation into a middle-class democracy. This aspect of the study presents a new interpretation for the rise of Brazil's New Unionism, which was born in Brazil's auto, truck, and bus factories. It also provides important context for understanding the place of the Partido dos Trabalhadores (Workers' Party) in national politics and culture, and the rise of President Luiz Inacio Lula da Silva, a former auto worker.

This work focuses on problems of economic development, modernization, effective control, and possible democratic evolution of Russia. It is intended to bring the study of Russian politics into the mainstream of political science, and it assumes no previous knowledge on the part of the reader. Fundamental questions about the nature of political, economic, and social development are addressed. It examines and explains the incapacity of the Soviet system to deal with problems of modernization, including establishing and maintaining a political order, economic growth, and legitimacy. The work emphasizes dynamic relationships and changes.

This book explores the causes and nature of the industrial revolution through a comparative study of the main wool textile manufacturing regions of England. Addressing many of the current debates in economic history and eighteenth-century studies through a detailed, archivally-based analysis, it examines how the interplay between merchants, markets and producers shaped the pace and character of economic growth during the eighteenth century, paying particular attention to the implications of rapid product innovation and the export trade.

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.

This book is the first study that analyses bilateral commercial treaties as instruments of peace and trade comparatively and over time. The work focuses on commercial treaties as an index of the challenges of eighteenth-century European politics, shaping a new understanding of these challenges and of how they were confronted at the time in theory and diplomatic practice. From the middle of the seventeenth century to the time of the Napoleonic wars bilateral commercial treaties were concluded not only at the end of large-scale wars accompanying peace settlements, but also independently with the aim to prevent or contain war through controlling the balance of trade between states. Commercial treaties were also understood by major political writers across Europe as practical manifestations of the wider intellectual problem of devising a system of interstate trade in which the principles of reciprocity and equality were combined to produce sustainable peaceful economic development.

This is a unique account of working-class childhood during the British industrial revolution, first published in 2010. Using more than 600 autobiographies written by working men of the eighteenth and nineteenth centuries Jane Humphries illuminates working-class childhood in contexts untouched by conventional sources and facilitates estimates of age at starting work, social mobility, the extent of apprenticeship and the duration of schooling. The classic era of industrialisation, 1790-1850, apparently saw an upsurge in child labour. While the memoirs implicate mechanisation and the division of labour in this increase, they also show that fatherlessness and large subsets, common in these turbulent, high-mortality and high-fertility times, often cast children as partners and supports for mothers struggling to hold families together. The book offers unprecedented insights into child labour, family life, careers and schooling. Its images of suffering, stoicism and occasional childish pleasures put the humanity back into economic history and the trauma back into the industrial revolution.

This new edition contains the texts and translations of two key documents in medieval English history. The Dialogus de Scaccario, or Dialogue of the Exchequer, written by Richard fitzNigel - an insider at the court of Henry II (1154-89), has long formed the basis of historical knowledge of royal finance in the later twelfth century. It focuses on the annual audit of the sheriffs' accounts that led to the writing of the documents known as the pipe rolls. The Dialogus details the personnel and procedures of revenue collection at a time of critical importance for English government, administration, law, and economic development. It is a practical handbook rather than a theoretical treatise, and it occupies a unique place in English history.
The Constitutio Domus Regis, dating from the reign of Henry I (1100-35), is the first document to describe the payments made to that group of men (and one woman) whose duty it was to look after the king's bodily needs. Kings have always been surrounded by such people, but it is not until the early years of the twelfth century that we can begin to see these people in any detail. The Constitutio is an enigmatic text and has been largely misunderstood by those who have used it before now.
This edition is the first to collate all the relevant manuscripts fully. The two documents are accompanied by new readable translations, full introductions, and detailed notes, making them accessible and comprehensible twelfth-century English texts. Together, they provide a window into the workings and personnel of medieval English government.

This book studies past economics from anthropological, archaeological, historical and sociological perspectives. By analyzing archeological and other evidence, it examines economic behavior and institutions in ancient societies. Adopting an interdisciplinary perspective, it critically discusses dominant economic models that have influenced the study of past economic relations in various disciplines, while at the same time highlighting alternative theoretical trajectories. In this regard, the book's goal is not only to test theoretical models under scrutiny, but also to present evidence against the rationalization of past economic behavior according to the rules of modern markets. The contributing authors cover various topics, such as trade in the classical Greek world, concepts of commodity and value, and management of economic affluence.