Nineteenth-century Brazil's constitutional monarchy credibly committed to repay sovereign debt, borrowing repeatedly in international and domestic capital markets without default. Yet it failed to lay the institutional foundations that private financial markets needed to thrive. This study shows why sovereign creditworthiness did not necessarily translate into financial development. "Using a vast array of archival evidence, Summerhill convincingly shows that political commitment to a secure public debt was neither necessary nor sufficient to insure financial development in nineteenth-century Brazil. A must-read for economic and financial historians and for anyone interested in the politics of financial development." -Jean-Laurent Rosenthal, California Institute of Technology

This book analyzes the Philippine economy from the 1960s to the 1980s. During this period, the benefits of economic growth conspicuously failed to "trickle down". Despite rising per capita income, broad sectors of the Filipino population experienced deepening poverty.;Professor Boyce traces this outcome to the country's economic and political structure and focuses on three elements of the government's development strategy: the "green revolution" in rice agriculture, the primacy accorded to export agriculture and forestry, and massive external borrowing.;James Boyce is the author of "Agrarian Impasse in Bengal" and co-author of "A Quiet Violence: View from a Bangladesh Village".

Volume 21 of Research in Economic History is a substantial contribution in several respects. Its heft reflects the continuing increase in quality submissions to this series, which invites (although it does not require) authors to take advantage of less stringent space limitations than is typically true in a journal article.

The papers offer regional diversity: two papers with principal focus on England, one on Germany, one on Australia, and three on the United States. There are some commonalities in themes: we have three papers on 1931, three papers that have something to do with banks, two on urban economic history, and two on wage stickiness, albeit in different countries and addressing labor markets several centuries apart. What can be said of all of these inquiries, however, is that each involves the careful consideration of quantitative and qualitative data within a well articulated theoretical framework. And in almost every case, we have original analysis of primary source material.

It's a pleasure in this volume to publish work of scholars at all stages of their careers. We have contributions ranging from those of recently minted Ph.D.s to those of distinguished senior scholars. Each of these articles is written with care, polish, and often passion. Academic disciplines flourish - and economic history is no exception -- when scholars immerse themselves in their subjects and combine this with commitments to logic and evidence, detail, and clarity of exposition. The consequences are the fascinating papers and great scholarship evident here.

We look forward to continuing to publish innovative, well written and carefully considered contributions to economichistory, providing a niche which complements outlets such as the Journal of Economic History, Explorations in Economic History, and the Economic History Review. Potential contributors are urged to contact the editor for information on submission requirements.

Part of a five-volume series on the history of Anglo-Japanese relations, this volume is concerned with the development of business and economic relations between Britain and Japan from the early 17th century up to the year 2000. These essays give particular attention to commodity trade, capital flows, the transfer of knowledge and the overall balance of economic power between the two nations.

Why do stock and housing markets sometimes experience amazing booms followed by massive busts and why is this happening more and more frequently? In order to answer these questions, William Quinn and John D. Turner take us on a riveting ride through the history of financial bubbles, visiting, among other places, Paris and London in 1720, Latin America in the 1820s, Melbourne in the 1880s, New York in the 1920s, Tokyo in the 1980s, Silicon Valley in the 1990s and Shanghai in the 2000s. As they do so, they help us understand why bubbles happen, and why some have catastrophic economic, social and political consequences whilst others have actually benefited society. They reveal that bubbles start when investors and speculators react to new technology or political initiatives, showing that our ability to predict future bubbles will ultimately come down to being able to predict these sparks.

Monetary Policy and the Onset of the Great Depression challenges Milton Friedman and Anna Schwartz's now-consensus view that the high tide of the Federal Reserve System in the 1920s was due to the leadership skills of Benjamin Strong, head of the Federal Reserve Bank of New York. In this new work, Toma develops a self-regulated model of the Federal Reserve, which stands in contrast to a conventional discretionary model. Given the easy redemption of dollars for gold and the competition among Reserve banks, the self-regulated model implies that the early Fed could control neither the money supply nor the price level. Exploiting an untapped data set, later chapters test the thesis of self-regulation by focusing on the monetary decisions of individual Reserve banks.
The micro-based evidence indicates that "Reserve banks really did compete" - and that Benjamin Strong as decisive leader during the 1920s is a myth. This finding, with its emphasis on monetary policy in the years leading up to the Great Depression, will be of interest to scholars, students, and sophisticated lay readers with an interest in macroeconomic and monetary economic policy issues, specifically to those with an interest in economic history.

This volume presents a study of the Second World War as a period of crisis which brought about significant changes in the relationship between business and the state. The requirements of the war economy increased the power of the state but also showed the limits of such power. The comparative approach of this volume permits the exploration of such questions as the extent to which corporatist forms of cooperation between business and the state were created in wartime conditions; the effectiveness of the control exerted by such institutions; how far conditions of crisis affected the forms of economic organisation that emerged; and the long-term consequences of the emergence of new forms of economic organisation.

This study of a specific industry's survival and growth in three countries is a useful resource for research on industrial development in 19th century Europe. Presenting the history of three major cutlery districts in Western Europe during the 19th century - Sheffield in England, Bergische land (Solingen and Remscheid) in Germany, and Eskilstuna in Sweden - the author focuses on each region's industrial development in relation to its socio-cultural context. This work challenges the flexible specialisation thesis often used to explain the seeming persistence of small-scale and decentralised production within the cutlery industry since the 19th century, and argues that growing businesses had to develop competitive strategies for control over important resources.

This thoroughly revised and updated edition of Needler's well-known text brings his comprehensive examination and analysis of Mexican politics up through the 1994 Mexican elections. Providing historical and geographical background, the work examines economics and politics in the light of the structural changes attending the adoption of the neo-liberal economic model. Also addressed are the implications of NAFTA, the Zapatista rebellion, and the assassination of Luis Donaldo Colosio, among other current political issues. An ideal text for students of comparative politics, Latin American studies, and recent Latin American history.

This book examines the relationship that prevails between the state and freedom in the works of Milton Friedman and Friedrich Hayek, as well as those of some of their peers, including Gary Becker, James Buchanan, and George Stigler. The author explains that their concept of freedom was largely derived from the principles and values of neo-liberalism. However, she maintains that neo-liberals never cared about providing the masses with genuine freedom; rather, they value freedom for its instrumental value in terms of facilitating the global spread of free-market capitalism. The author explains that the neo-liberal concept of freedom has been a very useful tool in promoting the superiority of free-market capitalism over centrally planned economies aimed at achieving the common good. She argues that even though neo-liberals are strongly opposed to central planning, they are tolerant of state planning intended to help establish and sustain the conditions of a free-market system. She also contends that the extensive implementation of neo-liberal reforms and policies has led to states losing their sovereignty and moving away from their traditional role of achieving the common good. The author claims that the world has essentially become the sum of many neo-liberal societies, particularly during the last four decades. She also maintains that, throughout human history, no other ideology, school of thought, political, religious or military institution, kingdom, or empire has been as successful as neo-liberalism, when it comes to shaping people's beliefs, ideals, goals, and lifestyle on a global scale. Unfortunately, neo-liberalism has proven to be very detrimental for civilization and the future of the planet. The author concludes that the widespread adoption of the neo-liberal concept of freedom, in combination with the pretense that economics is a natural, ahistorical and value-free science, has triggered the emergence of methodological monism, which has resulted in unfreedom and the poverty of economics, while also delaying the progress of the entire discipline.

Recently there has been an explosive growth of interest in Latin American markets, above and beyond Mexico. Over the years, business executives and academics from the industrialized world seldom paid serious attention to South America for its market potential. The ratification in 1994 of the North American Free Trade Agreement (NAFTA) among the United States, Canada, and Mexico awakened them to look to the south of the US border. Then exactly one year later, on January 1, 1995, MERCOSUR (Mercado Com??n del Sur) went into effect among the four countries in the Southern Cone region of South America - Argentina, Brazil, Paraguay, and Uruguay. Subsequently, in June 1996, Chile and Bolivia agreed to join MERCOSUR, extending the frontiers of the South American trading bloc. Chile's participation took effect on October 1 1996, and Bolivia's formal association with MERCOSUR began on January 1, 1997. Indeed, MERCOSUR's goal is to incorporate all South American countries by 2005 before linking up with NAFTA.
This book offers in-depth analysis of trade and liberalization movements in Latin America, examines managerial issues related to collaborating with Latin American companies, and explores macro- and micro-financial implications of investing in Latin American countries.

John Kenneth Galbraith was an eminent economist and proponent of change. The contributors to the book further his analysis on the evolution of capitalism; taking into account changes to the general economic climate since the publication of J.K. Galbraith's main thesis, they outline new ideas which form fertile ground for new research.The book begins with a penetrating analysis of the main features of today's capitalism and in particular the conflict between shareholders and managers. It moves on to focus on the consequences of globalization in the decision-making processes of large corporations and represents an important step in the development of a theory of fraud and corruption within corporations. In the final part, the authors address and explore the consequences of the domination of influential groups over major social and political decisions, on the blurred boundaries between the public and the private sectors and its consequences in the fields of technological regulation and the evolution of public services. In so doing, the authors question the meaning and power of democracy in today's society. Innovation, Evolution and Economic Change will appeal to a wide readership and audience of economists, policy makers and political organization.

This book demonstrates the continuing relevance of Marx's critique of the capitalist system, in which value is simply equated with market price. It includes chapters specifically on the environment and financialisation, and presents Marx's qualitative theory of value and the associated concept of fetishism in a clear and comprehensive manner. Section I demonstrates how fetishism developed in Marx's writing from a journalistic metaphor to an analytical device central to his critique. In Section II, commodity fetishism is distinguished from other forms: of money, capital and interest-bearing capital. There follows an analysis of Marx's complex attempt to distinguish his argument from that of Ricardo, and Samuel Bailey. The section ends with a discussion of the ontological status of value: as a social rather than a natural phenomenon. Section III considers the merits of understanding value by analogy with language, and critically assesses the merits of structural Marxism. Section IV challenges Marx's emphasis solely on production, and considers also exchange and consumption as social relations. Section V critically assesses recent Marx-inspired literature relating to the two key crises of our time, finance and the environment, and identifies strong similarities between the key analytical questions that have been debated in each case.

This is an innovative analysis of the relationship between women's economic opportunity and marriage in the fourteenth and fifteenth centuries. It is based on an intensive study of York and Yorkshire, but also utilizes evidence from other parts of England and continental Europe. P. J. P. Goldberg explores the role of women in the economy and the part that marriage played in their lives. Importantly, he challenges the Wrigley and Schofield thesis of nuptiality: his analysis of the demography of marriage demonstrates that in late medieval Yorkshire, women participated strongly in the labour force, deferring marriage or avoiding it entirely. This is a stimulating and intelligent book, which makes an important contribution to our understanding of medieval ways of life.

This volume of essays contains 16 papers the author has written over the last 40 years on various aspects of the life and work of John Maynard Keynes and Nicholas Kaldor. It covers both theoretical and applied topics and highlight the continued relevance of Keynesian and Kaldorian ideas for understanding the functioning of capitalist economies.

The Global Financial Crisis is acknowledged to be the most severe economic downturn since the 1930s, and one that is unique in its underlying causes, its scope, and its wider social, political and economic implications. This volume explores some of the ethical issues that it has raised.

The Company-State rethinks the nature of the early English East India Company as a form of polity and corporate sovereign well before its supposed transformation into a state and empire in the mid-eighteenth century. Taking seriously the politics and political thought of the early Company on their own terms, it explores the Company's political and legal constitution as an overseas corporation and the political institutions and behaviors that followed from it, from tax collection and public health to warmaking and colonial plantation. Tracing the ideological foundations of those institutions and behaviors, this book reveals how Company leadership wrestled not simply with the bottom line but with typically early modern problems of governance, such as: the mutual obligations of subjects and rulers; the relationship between law, economy, and sound civil and colonial society; and the nature of jurisdiction and sovereignty over people, commerce, religion, territory, and the sea. The Company-State thus reframes some of the most fundamental narratives in the history of the British Empire, questioning traditional distinctions between public and private bodies, "commercial" and "imperial" eras in British India, a colonial Atlantic and a "trading world" of Asia, European and Asian political cultures, and the English and their European rivals in the East Indies. At its core, The Company-State offers a view of early modern Europe and Asia, and especially the colonial world that connected them, as resting in composite, diffuse, hybrid, and overlapping notions of sovereignty that only later gave way to more modern singular, centralized, and territorially- and nationally-bounded definitions of political community. Given growing questions about the fate of the nation-state and of national borders in an age of "globalization," this study offers a perspective on the vitality of non-state and corporate political power perhaps as relevant today as it was in the seventeenth century.

With the fall of the Soviet Union, the political environment in Europe has changed dramatically, and security requirements for NATO countries have undergone a radical transformation. Yet, as illustrated by the recent bombing of Kosovo, restructuring of the defense industrial sectors in Europe lags behind the United States. The most egregious example is the armored vehicle sector, particularly in Britain, Germany, and France. Identifying five conditions necessary for restructuring the armored vehicle industry, this book looks at the absence or presence of these economic conditions in each of these countries and analyzes the impact on the armored vehicle industry.

Comparing these countries to the United States, where the armored vehicle industry has restructured as fully and as ruthlessly as the defense aerospace and electronic industries, the author shows private ownership, flexible capital and labor markets, a profitable scale of production, a lack of commercial diversification, and an active state defense industrial policy to be necessary prerequisites. All five factors exist in the United States, whereas two or more are missing in the European countries, retarding development of this industry.

Rooted in the pan-Africanist ideals that animated the struggle against colonialism, regional integration has been on the African agenda for six decades. As soon as African countries attained political independence in the 1960s, they were quick to embrace the need for regional integration because of its strategic value.

The following years saw the adoption of various continental initiatives such as the Southern African Development Community, the Economic Community of West African States, the East African Community and the transformation of the Organisation of African Unity into the African Union.

Regional integration, however, remains elusive. The Quest for Unity is a necessary guide towards efforts for regional integration.

Pathology of the Capitalist Spirit is about capital and about the economic system that bears its name. In this book, Levine argues that our pursuit of ever-more wealth in the form of capital expresses our dissatisfaction with the world we live in, with what we have and what we don't have. Capital embodies our hope for something different. Because capital embodies this hope, it has become desire's object. In his study of capitalism, Levine explores the meaning of capital as a social reality connected to fundamental human aspirations. The link between capital and the pursuit of a hoped-for state is especially important in light of the stubborn insistence on the part of its critics that capitalism exists to serve the material interests of those whose vocation is to own capital. This misunderstanding ignores what is essential about capital, which is its link not to interests but to hope, especially the hope that by accumulating capital the individual can achieve an attachment to the good. It is this hope that blocks tolerance of any notion that there is something unfair in the capitalist's acquisition of wealth and that fairness can be achieved through its redistribution to others. It is also this hope that animates the capitalist system as a whole. And in that sense, this hope is the spirit of capitalism. To develop this theme, Levine calls on the ideas and writings of major theorists involved with understanding modernity and capitalism: Adam Smith, Karl Marx, Max Weber, Emile Durkheim, and Joseph Schumpeter.

This book argues that ancient democracy did not stop at the door of economic democracy, and that ancient Athens has much to tell us about the relationship between political equality and economic equality. Athenian democracy rested on a foundation of general economic equality, which enabled citizens to challenge their exclusion from politics.