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Books > History > History of specific subjects > Economic history
China's loss of economic, technical, and cultural supremacy after the Song Dynasty (A.D. 960-1279) has produced one of the greatest enigmas of world history. Why did China fail to undergo an industrial revolution? Explanations relate to deficiencies of Chinese cultural values, social structure, class system, bureaucracy, and technology. This volume examines the subject of technological development, particularly agricultural development, in order to evaluate whether China suffered all-round technological stagnation. Using the example of the nongshu, or agricultural book, the author also examines the role of Chinese values, social structure, class structure, and bureaucracy in the accumulation, preservation, diffusion, promotion, and recovery of knowledge. Nongshu formed an organic part of Chinese agriculture and thus of Chinese economic history. Thus examination of the nongshu phenomenon leads to new insights into the sociopolitical structure and long-term economic development of pre-modern China. The examination also shows that Chinese technology in agriculture, the leading sector of the economy, did not completely stagnate.
A detailed exploration of the influence and utility of Thomas Malthus' model of population growth and economic changes in Europe since the nineteenth century. This important contribution to current discussions on theories of economic growth includes discussion of issues ranging from mortality and fertility to natural resources and the poverty trap.
The financial crisis has exposed severe shortcomings in mainstream monetary economics and modern finance. It is surprising that these shortcomings have not led to a wider debate about the need to overhaul these theories. Instead, mainstream economists have closed ranks to defend existing theories and public authorities have expanded their interference in markets. This book investigates the problems associated with mainstream monetary economics and finance, and proposes alternatives based on the Austrian school of economics. This school emanated from the work of the nineteenth-century Austrian economist Carl Menger and was developed further by Eugen von Boehm-Bawerk, Ludwig von Mises, and Friedrich August von Hayek. In monetary economics, the Austrian school regards the creation of money by banks through credit extension as a key source of economic instability. From this follows the need for a comprehensive reform of our present monetary system. In a new monetary order, money could be issued by both public and private institutions, and there would be no need for fractional reserve banking. Instead of creating money, banks would intermediate it. In finance, the Austrian school rejects the notion of rational expectations and measurable risk. Individuals use their subjective knowledge to gather and evaluate information, and they act in a world of radical uncertainty. Hence, markets are not "efficient" nor can portfolios be built on the basis of known probability distributions of asset prices as described in the modern finance literature. This book explores the need for a new theoretical foundation for asset pricing and investment management that will give practitioners more useful orientation.
"Managing the World Economy," while recognizing how much has been
achieved since the start of the Industrial Revolution, challenges
the view that much better results could not have been attained. It
argues that faster economic growth and much better use of the
available human talent could have been in the past, and should be
in the future, achievable targets. The reasons for the performance
of the world economy over the past 200 years being well below the
achievable optimum stem mainly from misconceptions about
macroeconomic policy, which the book sets out to explain and
correct.
"The Economic Crisis and the State of Economics" brings together leading economists from a diverse set of backgrounds and presents their take on how economics can explain the current crisis but also how the crisis will affect economic thought.
This is the first book to examine behavioral theories on social preference from institutional and philosophical perspectives using economic experiments. The experimental method in economics has challenged central behavioral assumptions based on rationality and selfishness, proposing empirical evidence that not only profit seeking but also social preferences matter in individuals' decision making. By performing distribution experiments in institutional contexts, the author extends assumptions about human behavior to understand actual social economy. The book also aims to enrich behavioral theories of economics directed toward institutional evolution.The author scrutinizes how specific institutional conditions enhance or mute individuals' selfish incentives or their fairness ideals such as egalitarian, performance-based, labor-value radicalism or libertarianism. From experimental results and their analysis, implications for actual problems in social economy and institutional change are derived: why performance-based pay often fails to promote workers' productivity; why labor wages decline whereas shareholder's values increase after financialization; and whether socially responsible investment can be a social institution for corporate governance.The book is also addressed to philosophers of social sciences interested in how experimental methods can contribute to developing cognition of human behaviors and be extended to social theories. Referring to behavioral theorists in the history of economic thought, the author discusses the meanings of experiments in the methodology of social sciences. She also proposes new ways of interpreting experimental results by reviving historic social theories and applying them to actual social problems.
This book presents a great deal of new primary research on a wide range of aspects of early modern East Asia. Focusing primarily on maritime connections, the book explores the importance of international trade networks, the implications of technological dissemination, and the often unforeseen consequences of missionary efforts. It demonstrates the benefi ts of a global history approach, outlining the complex interactions between Western traders and Asian states and entrepreneurs. Overall, the book presents much interesting new material on this complicated and understudied period. .
In the twentieth century, the United States replaced the United Kingdom as the centre of both the output of economic literature and the international economy. Having examined the structure of influence within the Keynesian and the Anti-Keynesian Traditions, (volume 1 and 2), this volume, the third of the trilogy, focuses more directly on economists and it highlights a multi-layered structure of influence within the policy process. Unpublished archival evidence illuminates aspects of the process by which the USA emerged as a dominant player in the world economy. This volume will be of interest not just to economists but to historians and social scientists, and to anyone interested in this transformation in world history.
The essaysthat comprise thisvolume were written over the period of some ten years, for different purposes and on different occasions, but they are unitedby a number of features, which this preface may serve to indicate. While the collection begins with a translation drawn from the fourth p- sentation of Hobbes's political thought, namely, the Latin Leviathan of 1668, after The Elements of Law (1640), De Cive (1642 and 1647) and the English Leviathan of 1651, the focus of the essays is largely on theEnglish version of his masterpiece of political philosophy. It isthe center of gravityinthe twenty eight years spanninghis departure from England for exile in France in 1640 till the publication in 1668 of the Latin Leviathan, withits lengthy and c- plex Appendix. The translation andintroduction of theAppendix, previously published, appears here with several revisions and additions, as does the essay 'Thomas Hobbes and the EconomicTrinity. ' A second feature common to these essays isthe deliberate attempttomake sense of thereligious elements inHobbes's thought, bothintheir own rightand inrelation to his politics and natural science. These themes are woven together in complex ways. For instance, objecting to the use of Greek philosophic language and concepts to interpret the doctrines of the Christian religion, he propounds what he takes to be a more thoroughly scriptural interpretation, in pursuit of the goal of demolishing the basis for anypower inthe state independent of thecivil sovereign.
The epic successor to one of the most important books of the century: at once a retelling of global history, a scathing critique of contemporary politics, and a bold proposal for a new and fairer economic system. Thomas Piketty’s bestselling Capital in the Twenty-First Century galvanized global debate about inequality. In this audacious follow-up, Piketty challenges us to revolutionize how we think about politics, ideology, and history. He exposes the ideas that have sustained inequality for the past millennium, reveals why the shallow politics of right and left are failing us today, and outlines the structure of a fairer economic system. Our economy, Piketty observes, is not a natural fact. Markets, profits, and capital are all historical constructs that depend on choices. Piketty explores the material and ideological interactions of conflicting social groups that have given us slavery, serfdom, colonialism, communism, and hypercapitalism, shaping the lives of billions. He concludes that the great driver of human progress over the centuries has been the struggle for equality and education and not, as often argued, the assertion of property rights or the pursuit of stability. The new era of extreme inequality that has derailed that progress since the 1980s, he shows, is partly a reaction against communism, but it is also the fruit of ignorance, intellectual specialization, and our drift toward the dead-end politics of identity. Once we understand this, we can begin to envision a more balanced approach to economics and politics. Piketty argues for a new “participatory” socialism, a system founded on an ideology of equality, social property, education, and the sharing of knowledge and power. Capital and Ideology is destined to be one of the indispensable books of our time, a work that will not only help us understand the world, but that will change it.
The contributions of Understanding the Sources of Early Modern and Modern Commercial Law: Courts, Statutes, Contracts, and Legal Scholarship show the wealth of sources which historians of commercial law use to approach their subject. Depending on the subject, historical research on mercantile law must be ready to open up to different approaches and sources in a truly imaginative and interdisciplinary way. This, more than many other branches of law, has always been largely non-state law. Normative, 'official', sources are important in commercial law as well, but other sources are often needed to complement them. The articles of the volume present an excellent assemblage of those sources. Anja Amend-Traut, Albrecht Cordes, Serge Dauchy, Dave De ruysscher, Olivier Descamps, Ricardo Galliano Court, Eberhard Isenmann, Mia Korpiola, Peter Oestmann, Heikki Pihlajamaki, Edouard Richard, Margrit Schulte Beerbuhl, Guido Rossi, Bram Van Hofstraeten, Boudewijn Sirks, Alain Wijffels, and Justyna Wubs-Mrozewicz.
Since the end of World War II, European airlines have revealed their own operational style. By analyzing seven European flag carriers, Dienel and Lyth provide a comparative study of the airline business, covering government policy, aircraft procurement, network growth, commercial performance and collaboration with other airlines and transport modes. This study also seeks to explain why national flag carriers have survived in an age of globalization and strategic alliances. A concluding chapter views the contrasting American air transport industry.
Modern bank insurance is traced to its roots in The Chinese Cornerstone of Modern Banking: The Canton Guaranty System and the Origins of Bank Deposit Insurance 1780-1933. Frederic Delano Grant, Jr. provides new understandings of the Canton System, collective responsibility for debt at Canton, and the history of deposit insurance. The Canton Guaranty System inspired radical reform in New York in 1829 - the ancestor of all modern deposit insurance. Yet it was never the success imagined, and soon failed. In the Opium War, the Chinese government as implicit guarantor was forced to pay its debts in full on 23 July 1843. The afflictions of the Chinese system, including moral hazard, too big to fail, and unenforced laws, remain familiar today.
The untold story of the mysterious company that shook the world. On the coast of southern China, an eccentric entrepreneur spent three decades steadily building an obscure telecom company into one of the world’s most powerful technological empires with hardly anyone noticing. This all changed in December 2018, when the detention of Meng Wanzhou, Huawei Technologies’ female scion, sparked an international hostage standoff, poured fuel on the US-China trade war, and suddenly thrust the mysterious company into the global spotlight. In House of Huawei, Washington Post technology reporter Eva Dou pieces together a remarkable portrait of Huawei’s reclusive founder, Ren Zhengfei, and how he built a sprawling corporate empire—one whose rise Western policymakers have become increasingly obsessed with halting. Based on wide-ranging interviews and painstaking archival research, House of Huawei dissects the global web of power, money, influence, surveillance, bloodshed, and national glory that Huawei helped to build—and that has also ensnared it.
After 1688, Britain underwent a revolution in public finance, and the cost of borrowing declined sharply. Leading scholars have argued that easier credit for the government, made possible by better property-rights protection, lead to a rapid expansion of private credit. The Industrial Revolution, according to this view, is the result of the preceding revolution in public finance. In Prometheus Shackled, prominent economic historians Peter Temin and Hans-Joachim Voth examine this hypothesis using new, detailed archival data from 18th century banks. They conclude the opposite: the financial revolution led to an explosion of public debt, but it stifled private credit. This led to markedly slower growth in the English economy. Temin and Voth collected detailed data from several goldsmith banks-Child's, Gosling's, Freame and Gould, Hoare's, and Duncombe and Kent. The excellent records from Hoare's, founded by Sir Richard Hoare in 1672, offer particular insight. Numerous entrants into the banking business tried their hand at deposit-taking and lending in the early 17th century; few survived and fewer thrived. Hoare's and a small group of competitors did both. Temin and Voth chart the growth of the successful banks in the face of frequent wars and heavy-handed regulations. Their new data allows insights into the interaction between financial and economic development. Government regulations such as (a sharply lower) maximum interest rate caused severe misallocation of credit, and a misguided attempt to lighten the nation's debt burden led directly to the South Sea Bubble in 1720. Frequent wars caused banks to call in loans, resulting in a sharply slower economic growth rate. Based on detailed micro-data, the authors present conclusive evidence that wartime borrowing crowded out investment. Far from fostering economic development, England's financial revolution after 1688 did much to stifle it - the Hanoverian "warfare state" was a key reason for slow growth during Britain's Industrial Revolution. Prometheus Shackled is a revealing new take on one of the most important periods of economic and financial development.
Volume 23C of this research annual first presents lecture notes from courses at the University of Wisconsin during 1955-6 given by Hans Hl. Gerth and Edwin E. Witte, together with correspondence of Selig Perlman. The volume also presents notes taken by F. Taylor Ostrander in courses given at the University of Chicago during 1933-4. The notes are from courses given by John U. Nef, Charles O. Hardy, and Chester W. Wright, on European economic history, money and banking, and U.S. economic history, respectively.
Trading enterprise figures prominently in Indonesian history. Commercial activities penetrated deep into the economy, politics and society of the former Netherlands Indies. Dutch Commerce and Chinese Merchants in Java describes this, largely forgotten, world of commerce. During the period 1800-1942 this vanished world was, however, bustling. Merchants of very different background and stature cooperated and competed with each other. Trading relations were forged and dissolved, contracts were honoured and broken, fortunes were made and lost. Using unpublished archival sources in Indonesia and the Netherlands Alexander Claver recounts the diverse trading mechanisms, complex credit relations and countless participants involved. How Dutch, Chinese, and Arab traders related to each other in such demanding business environment is the fascinating story of this book.
The Austrian economic school famously predicted and explained the problems of calculation in a socialist society. With their concept of spontaneous order, they challenged mainstream economists to look beyond simplified static models and consider the dynamic and evolutionary characteristics of social orders. However, many feel that Austrians took their victory too far and became ideologically devoted to laissez-faire. Austrian Theory and Economic Organization is a collection of essays on problems and possibilities in economic organization, written by economists and political scientists with an interest in the dynamic and evolutionary nature of market economies. Each chapter explores areas of potential agreement between Austrian theory, market socialist economics, and other heterodox schools of economic and political science. The collection aims to bridge cultural and political divisions between free market advocates who stress individual rights and left-leaning thinkers who stress social justice and a culture of solidarity.
Italian accounting has a long and honourable tradition of theoretical and applied analysis of the accounting and reporting function, perceived and defined much more broadly than in the Anglo-Saxon tradition. The high point of this perhaps, is the creation of what is known as Economia Aziendale (EA). The antecedents, genesis and later developments are presented here in detail by highly knowledgeable specialists in the field. EA takes as a prerequisite the necessity of the business (entity/azienda) to ensure its own long-run survival. This requires that the necessary resources are retained and preserved, so operating capital maintenance, by definition future-oriented, is essential. It requires a focus on the particular business organization, entity-specific and consistent with today's notion of the business model. Entity-specific information relevant to current and future cash flows is a necessary pre-requisite for ensuring long-run survival, which historical cost accounting, or fair value (being market-specific not entity-specific) satisfactorily achieve. Flexibility of valuation and of reporting, always relevant to the specific asset at the specific time in the specific place, is a necessary condition for effective management. This is exactly the focus of EA and its analysis and tradition. Scholars and advanced students of international regulation and accounting, as well as accounting history, will find this an invaluable guide to a vibrant, scholarly tradition of great practical relevance today.
Korean Americans are one of the fastest growing ethnic groups in the United States. Although they share many similar cultural characteristics with other Asian Americans, the Korean Americans are unique in terms of their strong ethnic attachment, extensive participation in Christian churches, heavy involvement in self-employed small businesses, wide geographic dispersion in settlement, and the emergence of the 1.5 generation phenomenon. This book answers the following questions for the student or interested reader: * Who are the Korean people? * Why did they come to the United States? * How did they adapt to their new country? * How are they received by the majority of Americans? * What are their accomplishments, problems, and contributions to American society? Other special features include: * An extensive coverage on the ethnic background (history, language, religion, customs, and other cultural heritage) of Korean Americans. * Current statistical data on Korean immigration to the United States. * A comprehensive analysis of socioeconomic characteristics of Korean Americans as compared with those of other minority groups. * A succinct analysis of the unique characteristics of Korean Americans. * Effective use of personal narratives. In 1970 there were about 70,000 Korean Americans-the number grew tenfold to about 790,000 in 1990. The Korean American population is now estimated at well over a million, and demographic projections indicate that the number will reach about three million by the year 2030. Korean Americans are thus among the new groups of Americans to become another integral part of the American history of cultural pluralism and ethnic diversity. Examined are the most significant areas of Korean American's adaptation-economic adjustment, sociocultural adaptation, family life, ethnic associations, intergroup relations, and psychological adjustment. In each area of adaptation, positive attainment as well as the problems of adjustment are analyzed in light of current theories and empirical research. The book concludes with a discussion of the unique characteristics of Korean Americans and their impact on society.
Follow the Money is based on a startling insight: there are three different forms of money, not just one; and the form of money a society implements determines the kind of society it will be, and what's more, how it will think. For money is not neutral. It is a product of human artifice, the particular expression of a particular society, that at the same time determines the further course of that society, not just in terms of economics, but in all areas of cultural endeavor. This thesis is implemented with verve. The book takes the reader on a journey through history, beginning with ancient Mesopotamia, through Phoenicia, Greece, and Rome, then through medieval and early-modern Europe in its interaction with the Near and Far East, all the way to the modern-day community of nations. It demonstrates in no uncertain terms just how decisive the institution of money has been, and at the same time just how misunderstood - its role, its effects, even the very form it takes. This is still the case, with the result that political choices and action end up entirely misguided. It is especially true of the attempt to address the credit and debt crises afflicting the world today. The way forward will only come through a better understanding of money as institution. This book is a first step in arriving at such an understanding. As such, it takes the form of historical inquiry, which is the only form such a first step can take. Follow the Money is illustrated and published in full color.
The experience of one region over 25 years within the European Union forms the basis of an examination of how the EU impacts on a region's economy, on its society and on its own particular problems. In the case of Northern Ireland, inclusion in the European Union has coincided with the most sustained campaign of political terrorism in western Europe. Specialist contributors to this book consider what difference the European dimension has made to the region over the quarter century since 1973.
David Ricardo on Public Debt provides a comprehensive view of public debt from the Ricardian standpoint. It shows how and why Ricardo's analysis of public debt connects to other themes and issues in Ricardian economics. Nancy Churchman demonstrates that his writings and speeches on the subject of public debt provide an interesting exploration of issues still very relevant today. In addition, they furnish us with a rich source of evidence regarding topics of interest to all Ricardian scholars, including his theories of resource allocation and economic growth, the quality of his applications of analysis to practical questions, and the motives behind both his abstract reasoning and policy recommendations.
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