South Wales was one of the main centres of the Industrial Revolution in Britain but the story of the rapid growth of an industrial society there has not yet been fully told, since much of the work done has consisted of articles rather than books.
This volume brings together a selection of important contributions hitherto only accessible in a large number of scattered periodicals. These articles have been selected to present a considered sequence and are preceded by an introduction which puts the story of the industrialization of Wales into perspective. They deal firstly with the problems of population and migration then with the basic industries of iron, coal, tinplate and copper. These are followed by essays on banking, and the volume concludes with contributions on trade unionism and building. This is by no means merely the story of regional development since the book has a wider appeal; a number of the articles are concerned with the links with America and with the place of Wales in the Atlantic economy. Amongst the authors are the late Sir Lewis Namier and some of the leading writers on the history of modern Wales including Brinley Thomas and A. H. Dodd.

Sidney Pollard has provided a concise survey of economic issues for students of the European community.

Going back to 1815, he links the progress of industrialisation in Europe to the relative ease with which ideas, men and capital were able to cross national frontiers. European frontiers make little economic sense and frequently cut across vital natural links. Professor Pollard shows how open frontiers speeded progress, in the particular circumstances of the spread of industrialisation from Britain to Western Europe and then to the rest of the continent, adn opened up new markets and opportunities of learning and technology transfer. Closed frontiers and the national selfishness of economic warfare led in contrast to stagnation, hostility and at times to all-out war. This classic study was first published in 1981.

This is the first history of finance - broadly defined to include money, banking, capital markets, public and private finance, international transfers etc. - that covers Western Europe (with an occasional glance at the western hemisphere) and half a millennium.
Charles Kindleberger highlights the development of financial institutions to meet emerging needs, and the similarities and contrasts in the handling of financial problems such as transferring resources from one country to another, stimulating investment, or financing war and cleaning up the resulting monetary mess. The first half of the book covers money, banking and finance from 1450 to 1913; the second deals in considerably finer detail with the twentieth century.
This major work casts current issues in historical perspective and throws light on the fascinating, and far from orderly, evolution of financial institutions and the management of financial problems. Comprehensive, critical and cosmopolitan, this book is both an outstanding work of reference and essential reading for all those involved in the study and practice of finance, be they economic historians, financial experts, scholarly bankers or students of money and banking.
This groundbreaking work was first published in 1984.

This book was first published in 1961.

Years of Recovery was the first comprehensive study of the transition from war to peace in the British economy under the Labour government of 194551. It includes a full account of the successive crises and turning-points in those hectic years the coal and convertibility crises of 1947, devaluation in 1949 and rearmament in 1951. These episodes, apart from their dramatic interest, light up the dilemmas of policy and the underlying economic trends and pressures in a country delicately poised between economic disaster and full recovery. Many of the debates on economic policy that are still in progress on incomes policy, demand management, the welfare state and relations with Europe, for example have their roots in those years. Many of the trends originating then persisted long afterwards.
The book also examines the interaction between events and policy and the role in a managed economy of the policy-making machine. Now that the public records are open to 1954, it has been possible to make use of official documents to review the possibilities of action that were canvassed and the thinking and differences of opinion that underlay ministerial decisions. Combining personal involvement with thorough research, this fascinating study will be a major contribution to our understanding of post-war economic policy.
Alec Cairncross was Chancellor of the University of Glasgow and a former Master of St Peters College, Oxford. He spent the years covered by this volume as a civil servant in London, Berlin and Paris before moving to Glasgow as Professor of Applied Economics. This classic book of some of his most brilliant research was first published in 1985.

This classic book tells the story of the development of Income Tax from its beginning in 1799 to the present day and relates it to the social, economic and political history of the period.
There have been studies of Income Tax at various stages in its growth; studies of finance and taxation in general in which Income Tax has been closely concerned; studies too of some of the Chancellors of the Exchequer who have made significant contributions to the Income Tax system; but this is the first time an attempt has been made to encompass the whole 160 years or so of its life in one volume.
And a fascinating story it is too when set in perspective. The author shows how Income Tax was introduced to finance the Napoleonic Wars, how it was revived by Peel to pay for Free Trade, and how it underwrote Victorian prosperity and confidence. He then describes its immense expansion through two World Wars to its present position as a dominant feature of British finance. This book was first published in 1966.

Class Structure and Economic Growth was first published in 1971.

A great deal has been talked about the economic recovery of Western Germany since the Second World War. It is know htat this recovery was accompanied by the return of the Federal Republic to the markets of the world. Not so much is know abotu the details - about the work effected through the opitimism of the Minister for Economics, Professor Ludwig Erhard.
In this book, the minister himself speaks. A detailed description is given of the stages by which first the Bizone, and then the Federal Republic, has effected the remarkable comeback which has created keen interest and concern. The book goes into the full detail which might be expected from on who is in charge of the entire machinery. The description of the way in which Government policy was employed to stimulate a free market economy is of great technical interest. Equally important is the detailed description of the way in which every nook and cranny is exploited to give the Federal Republic a foothold in foreign markets. No opportunity is neglected, from the fostering of the most ambitious long-term capital development schemes to the publication of day-to-day reports on trade openings. This book was first published in 1954.

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.

The period from 1957-1988 was transformative for the international oil industry. As the home to two major oil companies, BP and Shell, as well as the possessor of large quantities of oil and gas in its territorial waters, the United Kingdom was at the heart of this transition. While famous for its liberal policy towards oil and gas production, both before and after the discovery of North Sea oil and gas, this period actually saw the United Kingdom respond to shifts in power from the major oil companies to the oil-producing states, many of them in OPEC, by building up its competency regarding oil matters. This took the form of efforts to influence the activities of BP and Shell abroad as well as in creation of a state-run oil company, the British National Oil Corporation, in an attempt to exercise greater state control over oil and gas production and distribution. The failure of these efforts was driven in part by internal divisions within Whitehall, the efforts of the oil companies themselves, and ultimately the political will of the Conservative Party under Margaret Thatcher to get the state out of the business of oil and gas.

Providing an account of the development of economic thought, this book explores the extent to which economic ideas are rooted in moral values. Adopting an approach rooted in 'pragmatism', the work explores key questions which have been considered by economists since the classical political economists. These include: what degree of priority ought to be granted to property rights among all individual liberties; whether uncertainties in economic life justify investing political authorities with the power to stabilize business cycles; whether it is better to trust entrepreneurial initiatives to resolve societal dilemmas or to centralize policy-making in the hands of a benevolent government. The chapters argue that economic thought has evolved from an emphasis on "sympathy" (as defined by Adam Smith) and that there has more recently been a rediscovery of the significance of sympathy reinvented as "fair reciprocity" in the wake of the emergence of behavioural economics and its connection to evolutionary psychology. This key book is of great interest to readers in the history of ideas, political and moral philosophy, and political economy.

The period between 1767 and 1873 shaped public finance in Britain (and, by extension, many other countries) as we know it today, with the major economists of the time providing influential contributions. Until now, no book has examined and compared the thought of these 'classical economists' from the perspective of public finance rather than that of pure theory.

This groundbreaking volume critically analyzes and compares the writings on government expenditure, taxation and public debt of thinkers such as Adam Smith, Jeremy Bentham, David Ricardo and Thomas Malthus. These key figures are united by their struggles with fiscal theory - an important feature in the formation and development of political economy.

An original and intriguing read, this book breathes fresh life into the history of economic thought. Dome's clear and exciting arguments will make for essential reading for historians of economic thought, economic historians and those with an interest in public finance.

The main focus of the volume - the processes of choice and decision-making in different economic systems - offers exceptional scope for the convergence of economic and anthropological perspectives. It concentrates on transactions that both express and influence social relationships and values. Covering a wide geographic area there are specific studies on societies in Equatorial Africa, Colombia, South India and the Balkans. First published in 1967.

Macroeconomic Analysis in the Classical Tradition explains how the influence of Keynes's macroeconomics, including his changed definitions of some key macroeconomic concepts, has impeded many analysts' ability to readily resolve disputes in modern macroeconomics. Expanding on his earlier work-Macroeconomics without the Errors of Keynes (2019)-the author delves into more aspects of macroeconomic theory and argues for a revision of Keynes's contribution to the field. Attention is given to theories and concepts such as Say's Law, the quantity theory of money, the liquidity trap, the permanent income hypothesis, 100% money, and the Phillips curve analysis. The chapters work to build a careful critique of Keynes's economics and make the case that the classical macroeconomics of Smith, Say, Ricardo, Mill, and others could help resolve present-day policy disagreements and redefine macroeconomic priorities. This book provides essential reading for advanced students and scholars with an interest in the foundations of Keynes's theories and current debates within macroeconomic policy.

Populism and Neoliberalism argues that the roots of populism lay in the contradiction between the democratic ideal, which implies that the people should decide, and neoliberal governance, which seeks to make markets and competition the arbiters of major social developments. Neoliberalism is not the product of a clearly conceived ideology but rather a set of doctrines based on a few major principles which have been embraced by decision-makers of all kinds with little reassessment along the way. In practice, a certain art of governing that exploited an economic thinking insensitive to social complexity gradually imposed itself by being wrongly identified as the successor to liberalism. The rise of populist movements poses a significant challenge to liberal democracies, yet the causes of these movements remain beyond the understanding of experts. The explanation of populism is often limited to a mere political analysis. Contrary to that, this book investigates the economic and social dynamics of the free-market system and explains how populism emerges from its imbalances. It also aims to explain the emergence of the neoliberal doctrines during the 1930s and to characterise their common features. In light of this, it explores how the rise of inequality and social discontent create a pressing duty to develop another model, and argues that we must now rethink our policies in depth in order to respond to the challenge of authoritarian populism. This book marks a significant intervention in the debate about the rise and fall of neoliberalism. Its analysis of the links between the failings of neoclassical economics and the failings of neoliberal politics provides essential reading for anyone interested in the damaging impact of neoliberalism, the failings of neoclassical economics, and explanations for the rise of populism.

With Britain's empire collapsing and Stalin's ascendant, U.S. officials under new Secretary of State George C. Marshall set out to reconstruct western Europe as a bulwark against communist authoritarianism. Their massive, costly, and ambitious undertaking would confront Europeans and Americans alike with a vision at odds with their history and self-conceptions. In the process, they would drive the creation of NATO, the European Union, and a Western identity that continues to shape world events. This is the story behind the birth of the Cold War, and the U.S.-led liberal global order, told with verve, insight, and resonance for today. Bringing to bear fascinating new material from American, Russian, German, and other European archives, Benn Steil's book will forever change how we see the Marshall Plan. Focusing on the critical years 1947 to 1949, Steil's gripping narrative takes us through the seminal episodes marking the collapse of postwar U.S.-Soviet relations: the Prague coup, the Berlin blockade, and the division of Germany. In each case, Stalin's determination to crush the Marshall Plan and undermine American power in Europe is vividly portrayed. And in a riveting epilogue, Steil shows how the forces which clove Europe in two after the Second World War have reasserted themselves since the collapse of the Soviet Union. A polished and masterly work of historical narrative, The Marshall Plan is an instant classic of Cold War literature.

This collection begins with the cultural renaissance of the early 20th century, the rebellion against Western and Japanese imperialism after 1919, the rise of the Nationalist and Communist movements and their conflict in mainland China until the Communist victory of 1949. After that, the focus is on the revolutionary changes under Mao Zedong's regime, and the ideological struggles after his death. Under Deng Ziaoping economic reform prompted rapid growth but also led to calls for greater political freedom, culminating in the Tiananmen protests of 1989. The final chapters illustrate the problems the regime faces today, including the ambitions of the Tibetan minority, and social issues such as unemployment and corruption. Next to domestic issues, China's role in the Korean War and changing relations with the USA and Soviet Union are also covered.
The collection includes classic documents as well as less accessible extracts, including a number available in English for the first time. Anyone interested in the modern history of China will find "China Since 1919 "an invaluable source of information.

The figure of the entrepreneur has become a relevant factor that explains the process of growth and economic development. Rising unemployment rates have generated among institutional and private agents, a significant interest in promoting entrepreneurship as a formula to eradicate this social scourge of unemployment. Active policies that favor business culture and initiative are being promoted in all areas. In the university world, academic research has multiplied the work on entrepreneurship, a term that includes a triple meaning: the figure of the entrepreneur, the business function and the creation of companies. This versatile meaning must be based on a consistent theory about the company and the entrepreneur. This book presents specific cases of companies and entrepreneurs that have had their role throughout the history of Spain. The intention is to show the techniques and learning acquired by those agents, which have allowed a considerable advance in the knowledge of the structure and business development. This book brings together the research carried out by its authors with primary sources and makes it accessible to a wide audience-Spanish and Latin American-and will be of value to researchers, academics, and students with an interest in Spanish entrepreneurship, business, and management history.

Originally published in 2006, this book examines the collapse of the Enron Corp. and other financial scandals that arose in the wake of the market downturn in 2000. Part 1 reviews the market book and bust that preceded Enron's collapse. It then describes the growth of Enron and the events that led to its sensational failure. Part 2 examines the role of the Securities and Exchange Commission's full disclosure system in corporate governance and the role of accountants in that system. Part 3 reviews the meltdown in the telecoms sector and the accounting scandals that emerged. Part 4 traces the remarkable market recovery that followed the financial scandals and the resumption of the growth of finance in America.

Western Enterprise in Far Eastern Economic Development charts the activities of Western firms in China and Japan from the middle of the nineteenth century, when those countries were opened to foreign trade, until recently. The organization of the Western business undertakings, the types of firms concerned and relations between the Westerners and the Japanese and Chinese economies are all discussed. Among the economic activities covered are: merchant banking, finance, manufacturing, mining, shipping and domestic transport. A dominant theme is the contrast presented by China and Japan in their response to Western enterprise.

Depression and Protectionism considers the case of the oldest advocate of free trade and its greatest exponent, Britain, and examines the developments that led to the reversal of that policy in the 1930s. It also discusses the consequences of the protectionst policy for the domestic economy. * Discusses the most important debate in international economics * Using an explicit economic framework, the book examines the economic origins of the industrial tariff in Britain.

The essays in this book focus on the controversies concerning Britain's economic performance between the mid-nineteenth century and the First World War. The overriding theme is that Britain's own resources were consistently more productive, more resilient and more successful than is normally assumed. And if the economy's achievement was considerable, the influence on it of external factors (trade, international competition, policy) were much less significant than is normally supposed. The book is structured as follows: Part One: The Method of Historical Economics Part Two: Enterprise in Late Victorian Britain Part Three: Britain in the World Economy, 1846-1913.

This study of economic reforms throughout Eastern Europe covers the history of attempts at decentralization. The book: describes the centralized model and compares its requirements with the realities of socialist countries; discusses the economic policies of the post-Stalinist period; and examines the origin of the reforms which began in 1956, culminating in the Soviet economic reform of 1965 and the rehabilitation of profit. The countries it covers include the former USSR, the former East Germany and Hungary.

Contents:
Part 1. The Schoolmen and their problems
1. The Beginning of Scholasticism in the British Isles
2. Commerce and Ethics
3. Growth of Trade and Commerce
4. Conflict between Ethics and Economics

Part 2. Alexander of Hales (Alensis)
1. Community and Private Property
2. Trade and Commerce
3. Aristotle and the Schoolmen
4. Usury

Part 3. Richardus de Media Villa
1. Community and Liberty
2. Lawfulness of Trade and Commerce
3. Difference between Gain and Interest

Part 4. John Duns Scotus
1. Remarks on his Life and Work
2. Origin of Property and State
3. Trade and Commerce
4. Usury

Part 5. The Legacy of the Schoolmen
1. Preparing the Way for Modern Times
2. William of Ockham
3. Influence on Modern Views

Part 6. The Age of Mercantilism: General View
1. Definition of Mercantilism
2. Importance of Coin and Bullion
3. The Mechanism of Bullionist Policy
4. The Ethics of the Angevin Trade Legislation
5. The Two Periods of Mercantlism

Part 7. Sixteenth Century Economics
1. Price Revolution and Money Difficulties
2. The 'Dearth' and Debasement of the Coinage
3. John Hales on the Nature of Money
4. Influx of West Indian Treasure
5. Delivering Money by Exchange
6. Gerard Malynes and Thomas Milles against Exchangers
7. Excess of Imports
8. The Prime Cause of the Economic Difficulties
9. The Quantity Theory of Money: John Locke

Part 8. Balance of Trade
1. Mediaeval and Modern Conception of Trading
2. Rise of the term "Balance of Trade"
3. Origin of Some Ideas of the Balance of Trade
4. Thomas Mun and Edward Misselden
5. Influence of the Balance of Trade Doctrine

Part 9. Importance of Manufacture
1. Arts and Crafts as a Source of Treasure
2. Beginning of the Protective System
3. Sir William Petty on Money, Value and International Trade
4. Petty and his Contemporaries on Labour, Population and Wages
5. Conflict between Crown and Merchants

Part 10. Recapitualation
1. Meaning of the Balance of Trade
2. Mercantilism and Foreign Politics

Part 11. Transition to Liberal Economics
1. Introductory Remarks
2. Manufacture, Credit, Banking and Free Trade
3. The Ant-Mercantilists: Child, Barbon, Davenant
4. The Free-Trade Maxims of Dudley North
5. The Economics of the Free-Trade Doctrine
6. Jacob Vanderlint, Matthew Dekker, and Joseph Massie
7. David Hume

Retrospect: British Economies in 1750

This book illustrates how the first social science, that of economics, was built. It examines and discusses the work of Josiah Child, Nicholas Barbon, John Collins, William Petty, John Locke and Dudley North and the economic theories of the seventeenth and eighteenth centuries.