In this significant new book, Bruna Ingrao and Claudio Sardoni emphasize the crucial importance of considering credit/debt relations and financial markets for a comprehensive understanding of the world in which we live. The book offers both a thorough historical and theoretical reconstruction of how 20th century macroeconomics got (or did not get) to grips with the interactions between banks and financial markets, and the 'real' economy. The book is split into two distinct and thematic parts to expose the different attitudes to banks and finance before and after the Great Depression of the 1930s. Part I explores the period from the turn of the 20th century to the late 1930s, when many important economists devoted great attention to banks and credit relations in their explanations of the working of market economies. Part II discusses the post-war period up until the modern day, when banks and financial markets ceased to be a major concern of mainstream macroeconomics. The 2007-8 crisis gave rise to a renewed interest in credit relations, but many problems inherited from the past still remain open. The authors stress, in particular, the implications of the uneasy, if not impossible, coexistence of the endeavour to set macroeconomics within the framework of general equilibrium theory with the attempt to develop the analysis of the monetary and financial features of actual economies. Macroeconomists will greatly benefit from this timely book as it examines the historical evolution of the discipline, pointing out the major factors that have largely prevented the development of satisfactory analyses of the interrelations of credit, finance and the macroeconomy. Those involved in current economic policy debates will also benefit from the lessons offered in this book.

While many have interpreted the cooperative movement as propagating a radical alternative to capitalism, Cooperative Rule shows that in the late British Empire, cooperation became an important part of the armory of colonialism. The system was rooted in British rule in India at the end of the nineteenth century. Officials and experts saw cooperation as a unique solution to the problems of late colonialism, one able to both improve economic conditions and defuse anticolonial politics by allowing community uplift among the empire's primarily rural inhabitants. A truly transcolonial history, this ambitious book examines the career of cooperation from South Asia to Eastern and Central Africa and finally to Britain. In tracing this history, Aaron Windel opens the door for a reconsideration of how the colonial uses of cooperation and community development influenced the reimagination of community in Europe and America from the 1960s onward.

The Handbook of Historical Economics guides students and researchers through a quantitative economic history that uses fully up-to-date econometric methods. The book's coverage of statistics applied to the social sciences makes it invaluable to a broad readership. As new sources and applications of data in every economic field are enabling economists to ask and answer new fundamental questions, this book presents an up-to-date reference on the topics at hand.

The Chinese work point system was a series of labor organization rules and regulations used for the calculation of the amount and quality of labor and for determining the form of labor organization. The history of the work point system is thus the history of China's agricultural collectivization. In this book we analyse how these work points were allotted, how they provided, or impaired, labor incentives, and if they leave open the possibility for income mobility.

This title is part of UC Press's Voices Revived program, which commemorates University of California Press's mission to seek out and cultivate the brightest minds and give them voice, reach, and impact. Drawing on a backlist dating to 1893, Voices Revived makes high-quality, peer-reviewed scholarship accessible once again using print-on-demand technology. This title was originally published in 1982.

Technological Revolutions and Financial Capital presents a novel interpretation of the good and bad times in the economy, taking a long-term perspective and linking technology and finance in an original and convincing way. Carlota Perez draws upon Schumpeter's theories of the clustering of innovations to explain why each technological revolution gives rise to a paradigm shift and a 'New Economy' and how these 'opportunity explosions', focused on specific industries, also lead to the recurrence of financial bubbles and crises. These findings are illustrated with examples from the past two centuries: the industrial revolution, the age of steam and railways, the age of steel and electricity, the emergence of mass production and automobiles, and the current information revolution/knowledge society. By analyzing the changing relationship between finance capital and production capital during the emergence, diffusion and assimilation of new technologies throughout the global economic system, this seminal book sheds new light on some of the most pressing economic problems of today. A bold interpretation of how the changing relationship between technological advances and financial capital shapes the patterns of economic cycles, this path-breaking book will provide essential insights for business leaders, policymakers, academics and others concerned with managing change in the world economy.

How have the most influential political economists of the past three centuries theorized about sovereign borrowing and shaped its now widespread use? This important question receives a comprehensive answer in this original work, featuring careful textual analysis and illuminating exhibits of public debt empirics since 1700. Beyond its value as a definitive, authoritative history of thought on public debt, this book rehabilitates and reintroduces a realist perspective into a contemporary debate now heavily dominated by pessimists and optimists alike. The book simultaneously explicates and critiques the most prominent theories concerning why states borrow in the first place, whether or not they borrow productively, the incidence of their debts, why they sometimes borrow too much and why they often default, whether explicitly or implicitly. The author classifies major public debt theorists as pessimists, optimists or realists. This book also examines the influence of regime types, especially why most modern welfare states tend not only to over-issue bonds but also to incur even larger implicit obligations via unfunded, off-balance sheet liabilities. Scholars and undergraduate and graduate students in economics and political science, as well as policymakers, will find this analysis of public debt and public spending insightful and revealing.

For over a century now, historians have debated the causes of the lagged industrialization of the Dutch economy during the nineteenth century. To this debate, Trials of Convergence brings the analytical perspective of prices, factor costs and the functioning of markets. Its critical insight is that only an approach based on the integrated incentive structure of the economy allows us to delimit the role of alternative explanations. Using statistical reconstruction and microdata, it shows that the retarded transition resulted from a confluence of forces. These ranged from open economy effects and natural endowments to the resilient influence of the institutions of the former Dutch Republic and the fiscal policy adopted in response to Belgian secession. At the height of the British Industrial Revolution the Dutch economy slowed, triggering a return to the problems of eighteenth-century stagnation. All this meant that the transition to 'modern economic growth' after 1860 came about only in a changed international context and after a period of politico-economic reform.

Historiographically this book rests on the fact that European transitions to modern economic growth were obstructed and promoted by the Revolution in France and 15 years of geopolitical conflict sustained by Napoleon in order to establish French Hegemony over the states and economies of Britain, France, Germany, the Netherlands, Italy, Spain, Portugal and overseas commerce. The chapters reveal that their authors concerns to analyse both the nature and significance of connections between geopolitical and economic forces lend coherence to a collaborative endeavour utilising comparative methods to address a mega question. What might be plausibly concluded about the economic costs and the benefits of this protracted conjuncture of Revolutionary and Napoleonic Warfare? Contributors are: Patrick Karl O'Brien, Loic Charles, Guillaume Daudin, Silvia Marzagalli, Marjolein 't Hart, Johan Joor, Mark Dincecco, Giovanni Federico, Leandro Prados de la Escosura, Carlos Santiago-Caballero, Cristina Moreira, Jaime Reis, Rita Martins de Sousa, and Peter M.Solar.

Through this book's roughly 50 reference entries, readers will gain a better appreciation of what life during the Industrial Revolution was like and see how the United States and Europe rapidly changed as societies transitioned from an agrarian economy to one based on machines and mass production. The Industrial Revolution remains one of the most transformative events in world history. It forever changed the economic landscape and gave birth to the modern world as we know it. The content and primary documents within The Industrial Revolution: History, Documents, and Key Questions provide key historical background of the Industrial Revolution in Europe and the United States, enable students to gain unique insights into life during the period, and allow readers to perceive the similarities to developments in society today with ongoing advances in current science and technology. Roughly 50 reference entries provide essential information about the most important people and developments related to the Industrial Revolution, including Richard Arkwright, coal, colonialism, cotton, the factory system, pollution, railroads, and the steam engine. Each entry provides information that gives readers a sense of the importance of the topic within a historical and societal perspective. For example, the coverage of movements during the Industrial Revolution explains the origin of each, including when it was established, and by whom; its significance; and the social context in which the movement was formed. Each entry cites works for further reading to help users learn more about specific topics. Provides entries on a wide range of ideas, individuals, events, places, movements, organizations, and objects and artifacts of the Industrial Revolution that allow readers to better grasp the lasting significance of the period Offers a historical overview essay that presents a narrative summary of the causes of the Industrial Revolution and a timeline of the most important events related to the Industrial Revolution Includes primary sources-each introduced by a headnote-that supply contemporary perspectives on vital elements of social history, especially the actions and conditions of laborers during the Industrial Revolution, providing insights into people's actions and motivations during this time of transition

This book investigates the Guinea Company and its members, aiming to understand the genealogy of several major changes taking place in the English Atlantic and in the Anglo-Africa trade in the seventeenth century and beyond. Little attention has been paid to the companies that preceded the Royal African Company, launched in 1672, and by presenting the Guinea Company - the earliest of England's chartered Africa companies - and its relationship with the influential men who became its members, this book questions the inevitability of the Atlantic reality of the later seventeenth and eighteenth centuries. Through its members, the Guinea Company emerged as a purpose-built structure with the ability to weather a volatile trade undergoing fundamental change.

Historical Studies in Industrial Relations was established in 1996 by the Centre for Industrial Relations, Keele University, to provide an outlet for, and to stimulate an interest in, historical work in the field of industrial relations and the history of industrial relations thought. Content broadly covers the employment relationship and economic, social and political factors surrounding it - such as labour markets, union and employer policies and organization, the law, and gender and ethnicity. Articles with an explicit political dimension, particularly recognising divisions within the working class and within workers' organizations, will be encouraged, as will historical work on labour law.

'The global financial crisis of 2007-2008 was a wake-up call to all who study and practice in the field of law and economics: traditional approaches are simply inadequate for understanding the co-evolution of the economic and legal systems, and that inadequacy can result in missed opportunities to warn of impending social harm. Atkinson and Paschall demonstrate the value of an alternative approach - law and economics from an evolutionary perspective - that builds on the work of John R. Commons, a leading figure in the field nearly a century ago. In the process, they offer an eye-opening historical account of the role of the state in the economy and provide a vital starting point for future policy discussions.' - Charles J. Whalen, author of Financial Instability and Economic Security after the Great Recession'An indispensable history of business law and regulation, alongside a powerful theory of law and the courts. Glen Atkinson and Stephen P. Paschall give us an evolutionary casebook for the twenty-first century, deeply rooted in the ideas of Veblen, Commons, and other masters of the tradition.' - James K. Galbraith, The University of Texas at Austin 'The language of court documents is notably difficult to understand for people with no legal training. The present volume, a product of fruitful collaboration between a university professor and a lawyer, offers valuable assistance in translating US Supreme Court decisions made in the span of the nineteenth and twentieth centuries with respect to economic disputes into the language spoken by evolutionary and institutional economists. As the authors persuasively show, law and economics co-evolve. A much-needed follow-up to and development of John Commons's Legal Foundations of Capitalism! - Anton Oleinik, Memorial University of Newfoundland and Labrador, Canada and the Central Economics and Mathematics Institute, Russia Law and economics are interdependent. Using a historical case analysis approach, this book demonstrates how the legal process relates to and is affected by economic circumstances. Glen Atkinson and Stephen P. Paschall examine this co-evolution in the context of the economic development that occurred in the nineteenth and early twentieth centuries as well as the impact of the law on that development. Specifically, the authors explore the development of a national market, the transformation of the corporation, and the conflict between state and federal control over businesses. Their focus on dynamic, integrated systems presents an alternative to mainstream law and economics. The authors apply John R. Commons's approach to three main law and economics issues: the changing relationship between corporations and the State, the application of the Commerce Clause and the Fourteenth Amendment of the U.S. Constitution to state and federal regulation of business, and the relationship of antitrust law to industrialization. They provide a valuable linking of law with changing economic circumstances, such as antitrust policy changes and the development of the corporate form. This analytical approach to the practice of law and economics will be of interest to researchers, students, and faculty in law and economics, economic history, constitutional law, economic regulation, public policy, and the sociology of law. Business students and researchers will also find value in this book's presentation of court decisions and exploration of economic development.

Mexican independence was, in a sense, an economic event. It was so on two counts. First, it was in the realm of the economic that elites managed to create a common ground with non-elites in their demands against foreign domination. Second, it was an economic event in that, throughout the 19th century, independence was imagined by the lettered men of Mexico as a feat that nationalized, or that could have nationalized, a rich and productive economic apparatus. Mexico, Interrupted investigates the fate of these economic hopes during the difficult decades between the year of the country's definite separation from Spain and the year of the defeat of the French occupation and the restoration of the Republic, which many took to be the second and final independence of the territory. Drawing on the writings of politicians, journalists, intellectuals, industrialists, and novelists, this book studies the Mexican intelligentsia's obsessive engagement with the labor and idleness of the citizenry in their attempts to create a wealthy, independent nation. By focusing on work and its opposites in the period between, Mexico, Interrupted reconstructs the period's "economic imaginaries of independence": the repertoire of political and cultural discourses that structured the understandings, beliefs, and fantasies about the relationships between "the economy" and the life of an independent polity. All told, by bringing together intellectual history, critical theory, and cultural studies, this project offers a new account of the Mexican nineteenth century and complicates existing histories of the spread of the "spirit of capitalism" through the Americas.

The development of political economy as a philosophical preoccupation constitutes a defining feature of the Enlightenment, but no consensual agreement on this issue was formed in the period. In this book contributors reassess the conflicting views on money, trade, banking, and the role of the State in the work of leading figures such as Locke, Davenant, Toland, Berkeley and Smith, and Smith's critics in revolutionary France. Key events, from the Recoinage crisis in the 1690s to the South Sea Bubble in the 1720s and the consequences of the French Revolution, sharpened the need for a more dynamic conception of economic forces in the midst of the Financial Revolution. Political economy emerged as a disruptive force, challenging philosophers to debate and define unstable phenomena in a new climate of expanding credit, innovation in money form, political change and international competition. In Money and political economy in the Enlightenment contributors investigate received critical assumptions about what was progressive and what was backward-looking, and reconsider traditional attempts to periodise the Enlightenment. Major questions explored include: the impact of economic and political crises on philosophy; transitions from mercantilist to 'classical' analyses of the market; the challenge of reviving ancient republicanism on the foundations of a modern commercial system, with its inherent social inequalities.

This book uses the experience of three generations of the Earle family to throw light on the social and economic history of Liverpool during its rise to prominence as a great port, from 1688 to 1840. The focus is on six members of this successful family, John who came to Liverpool as apprentice to a merchant in 1688, his three sons, Ralph, Thomas and William, who all became merchants specializing in different branches of the trade of the port, and William's two sons, another Thomas and another William, who consolidated the fortunes of the family and began the process of converting their wealth into gentility. The approach is descriptive rather than theoretical, and the aim throughout has been to make the book entertaining as well as informative. Where sources permit, the book describes the businesses run by these men, often in considerable detail. Trading in slaves was an important part of the business of three of them, but they and other members of the family also engaged in a variety of other trades, such as the import-export business with Leghorn (Livorno) in Italy, fishing in Newfoundland and the Shetland Islands, the wine and fruit trades of Spain, Portugal and the Azores, the import of raw cotton for the industries of the Industrial Revolution and the Russia trade. Other family interests included privateering, art collection and the trade in art, a sugar plantation in Guyana, and the emigrant trade. While the book is mainly a work of economic history, there is also much on the merchants' wives and families and on the social history of both Liverpool and Livorno.

This unique troika of Handbooks provide indispensable coverage of the history of economic analysis. Edited by two of the foremost academics in the field, they gather together insightful and original contributions from scholars across the world. The encyclopaedic breadth and scope of the original entries will make these Handbooks an invaluable source of knowledge for all serious students and scholars of the history of economic thought. Each Handbook can be read individually and acts as a self-contained volume in its own right. They can be purchased separately or as part of a three-volume set. Volume III contains entries on the development of major fields in economics from the inception of systematic analysis until modern times. The reader is provided with succinct summary accounts of the main problems, the methods used and the results obtained across time. The emphasis is on both the continuity and major changes that have occurred in the economic analysis of problematic issues such as economic growth, income distribution, employment, inflation, business cycles and financial instability. Contributors: M. Assous, A. Baccini, Jr., A. Baujard, E. Bertrand, M. Boumans, J.L. Cardoso, M. Dal Pont-Legrand, J. De Boyer Des Roches, M. De Vroey, S. Di Rizzello, S. Diatkine, K. Dopfer, A.K. Dutt, R. Ege, G. Erreygers, D. Foley, R. Gomez Betancourt, D. Haas, H. Hagemann, E. Hosoda, H. Igersheim, A. Kirman, J. Kleinert, H. Kliemt, H.D. Kurz, R. Leonard, P. Malgrange, A. Maneschi, P. Mehrling, S. Mohun, M. Mosca, S. Noto, A. Opocher, N. Palan, F. Petri, A. Rainer, S. Rizzello, J.B. Rosser, M. Salles, N. Salvadori, M. Schutz, R. Signorino, A. Spada, P. Steiner, A. Stirati, R. Strohmaier, R. Sturn, C. Sunna, J.-F. Thisse, P. Tubaro, K. Watarai

In 1780 Richard Sheridan noted that merchants worked 'merely for money'. However, rather than being a criticism, this was recognition of the important commercial role that merchants played in the British empire at this time. Of course, merchants desired and often made profits, but they were strictly bound by commonly-understood socio-cultural norms which formed a private-order institution of a robust business culture. In order to elucidate this business culture, this book examines the themes of risk, trust, reputation, obligation, networks and crises to demonstrate how contemporary merchants perceived and dealt with one another and managed their businesses. Merchants were able to take risks and build trust, but concerns about reputation and fulfilling obligations constrained economic opportunism. By relating these themes to an array of primary sources from ports around the British-Atlantic world, this book provides a more nuanced understanding of business culture during this period. A theme which runs throughout the book is the mercantile community as a whole and its relationship with the state. This was an important element in the British business culture of this period, although this relationship came under stress towards the end of period, forming a crisis in itself. This book argues that the business culture of the British-Atlantic mercantile community not only facilitated the conduct of day-to-day business, but also helped it to cope with short-term crises and long-term changes. This facilitated the success of the British-Atlantic economy even within the context of changing geo-politics and an under-institutionalised environment. Not working 'merely for money' was a successful business model.

The Invisible Bicycle brings together different insights into the social, cultural and economic history of the bicycle and cycling in historical eras of ubiquitous bicycle use that have remained relatively invisible in bicycle history. It revisits the typical timeline of cycling's decline in the 1950s and 1960s and the renaissance beginning in the 1970s by bringing forth the large national and local variations, varying uses and images of the bicycle, and different bicycle cultures as well as their historical background and motivations. To understand the role, possibilities and challenges of the bicycle today, it is necessary to know the history that has formed them. Therefore The Invisible Bicycle is recommended also to present-day practitioners and planners of bicycle mobility. Contributors are: Peter Cox, Martin Emanuel, Tiina Mannistoe-Funk, Timo Myllyntaus, Nicholas Oddy, Harry Oosterhuis, William Steele, Manuel Stoffers, Sue-Yen Tjong Tjin Tai, Frank Veraart.