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.

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.

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

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.

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.

Management methodology and its applicability in society has changed drastically during the COVID-19 pandemic. Organizations have had to adopt new forms of resilience based on the needs of a different consumer. The COVID-19 market is a challenge for both producers and consumers as it meets new needs and a new capacity of merchandising. Challenges and Emerging Strategies for Global Networking Post COVID-19 fully unleashes the broad potential of entrepreneurial activity by exploring and highlighting new businesses and, as a result, the well-being of millions of people globally throughout the COVID-19 pandemic and prospects for the future. Delving into topics such as student empowerment, economic sectors, and personal finance, this book is an essential resource for managers, CEOs, consultants, faculty of higher education, students, researchers, policymakers, and academicians.

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.

Over the past two centuries, economic growth has freed billions from poverty and made our lives far healthier and longer. As a result, the unfettered pursuit of growth defines economic life around the world. Yet this prosperity has come at an enormous price: deepening inequalities, destabilizing technologies, environmental destruction and climate change.

Confusion reigns. For many, in our era of anaemic economic progress, the worry is slowing growth - in the UK, Europe, China and elsewhere. Others understandably claim, given its costs, that the only way forward is through 'degrowth', deliberating shrinking our economies.

At this time of uncertainty about growth and its value, award-winning economist Daniel Susskind has written an essential reckoning. In a sweeping analysis full of historical insight, he argues that we cannot abandon growth but shows instead how we must redirect it, making it better reflect what we truly value. He explores what really drives growth, and offers original ideas for combatting our economic slowdown.

Lucid, thought-provoking and brilliantly researched, Growth: A Reckoning is a vital guide to one of our greatest preoccupations.

The Post-Keynesian methodology emphasising uncertainty is indispensable to analysing and understanding the major challenges of the 21st Century. On that basis, this book focuses on the failures of the market economic system to secure stability and sustainability, and demonstrates why this is not recognised by conventional economic theory. The Post-Keynesian economics set out here aims for an understanding of the economy as a whole and as an integral part of society. Chapters analysing money, banks and finance as dynamic phenomena open the book. They are followed by chapters focusing on methodological issues such as uncertainty, longer-term aspects, sustainability and other non-monetary economic activities. This important book is a useful tool for students and researchers who wish to gain a better understanding of real world economics. In these areas where conventional macroeconomic theory may not be sufficient, this book offers viable post-Keynesian alternatives. Contributors include: A. Asensio, V. Chick, S. Dow, A. Freeman, J. Ghosh, C. Goodhart, P. Hawkins, J. Jespersen, M.O. Madsen, R. McMaster, C.J. Rodriguez-Fuentes, R. Rotheim, S. Sen, R. Studart, B. Tieben, G. Tily

This book addresses the divide that exists between the reality of finance and the image it projects. A functioning financial system is an essential feature of a modern economy, providing it with money, credit, capital, and investments. Conversely, those who provide this essential service are neither respected nor trusted. The causes and consequences of this divide is explored using the British experience from 1800 to the present, drawing upon a mixture of factual evidence and contemporary fiction. Nothing of this scale has been attempted before and this is the product of 50 years of research.

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.

Human Action - a treatise on laissez-faire capitalism by Ludwig von Mises is a historically important and classic publication on economics, and yet it can be an intimidating work due to its length and formal style. Choice: Cooperation, Enterprise, and Human Action, however, skillfully relays the main insights from Human Action in a style that will resonate with modern readers. The book assumes no prior knowledge in economics or other fields, and, when necessary, it provides the historical and scholarly context necessary to explain the contribution Mises makes on a particular issue. To faithfully reproduce the material in Human Action, this work mirrors its basic structure, providing readers with an enjoyable and educational introduction to the lifes work of one of history's most important economists.

'A fascinating analysis of the proposition that the start of the 21st century is witnessing the rapid rise in South East Asia of a new and powerful transnational economic zone, the Asian Mediterranean. It uses a wide range of historical and contemporary multidisciplinary sources to systematically explore how, why, and in what ways we can better interpret and understand this contemporary version of economic globalisation by looking back to the equivalent processes centred on the ports around the Mediterranean and the Baltic seas during late 16th century.' - Peter Daniels, University of Birmingham, UK 'Francois Gipouloux has written a vast and comprehensive history of the Asian economic system. In the tradition of Braudel, he paints a picture that is detailed, full of insight, and essentially very long term. On the basis of an analysis of the old Mediterranean and Hanseatic economic networks, he surveys the pre-modern Asian system, bringing it up to date with studies of Yokohama, Hong Kong, Singapore and other Asian hubs. The culmination of many years work, Gipouloux throws light on a new China -- a China no longer land based and inward looking but dependent on, and a power in, a maritime world.' - Christopher Howe, University of London, UK 'Gipouloux's ground breaking study based on a long career as a scholar of Asia's past is a most original contribution to the study of globalization. Connecting past and present, the author has further developed the somewhat vague metaphor of an Asian Mediterranean into a well defined concept that can also be applied for analyzing contemporary affairs. While in the past the traditional Chinese and Japanese state systems were failing to formulate adequate answers, on a more informal level, the port cities were able to meet with the maritime challenges of the emerging modern world system. The author convincingly shows how also in the age of globalization, a string of coastal metropolises continues to be instrumental in opening up the Far Eastern economy to the global economy.' - Leonard Blusse, Leiden University, The Netherlands This insightful book draws upon a wide range of disciplines - political economy, geography and international relations - to examine how Asia has returned to its central position in the world economy. As in the case of the hosting of the Olympic games, it is cities rather than states which compete, whether as financial centers, logistical hubs or platforms for coordinating international subcontracting. Analyzing the historical precedents of the Mediterranean maritime republics, the Baltic Sea Hanseatic League and the South China Sea mercantile kingdoms, the book delineates the way stable economic and legal institutions were developed largely beyond the purview of, and at times in conflict with, the State. Discussing the strong link between history and contemporary economic situation, The Asian Mediterranean will appeal to academics, including post-graduates students, of economics, geography, history, regional studies and Asian studies.

This book is part of a new generation of work on the events of the 1920s and 1930s, one that provides a gestalt view of this period. As such, the many events that have until now been viewed as unrelated, are viewed as parts of a greater whole, namely the introduction of a new power drive technology in the form of electric unit drive and its effects. The Roaring Twenties, the spectacular growth of the 1920s, the Smoot-Hawley Tariff Act, the Stock Market Boom and Crash, the decline in investment expenditure, the ensuing depression and the National Industrial Recovery Act are all shown to be related.