This book examines the three historical master tales and questions their validity and relevance in today's moment of global disorientation and lack of convincing and dominant economic narrative. Investigating the ideological dimension and exploring the continued impact of Marx, Keynes and Hayek, the authors demonstrate how these three economic narratives became entangled over time and under increasing complexity, overlapping and competing with each other. The book reflects on the meaning of the historical legacy of the three narratives and investigates their significance today. All three outlined the prospects of a better and more economically efficient world with increased social justice, Magnusson and Strath argue that they constitute a legacy on which a new economic tale must be based, a legacy to draw on or confront. A concise and engaging work, this is an ideal resource for students and academics interested in economics, political science, history and global studies. A Brief History of Political Economy presents a powerful economic history of the last 170 years as a basis for economic reconsideration.

Anders Chydenius (1729 - 1803) was a contemporary of Adam Smith and a leading classical liberal in Nordic history. Chydenius wrote a remarkable essay containing a very clear exposition of the basic principles of economic liberalism and there can be very little doubt that it would have been a paper of great international fame if it had been published in English at the time he wrote it. In the essay Chydenius comes very close to expressing the famous Smithian metaphor of the invisible hand. This volume brings together Chydenius' contributions to the history of economic thought for the first time. With a biography from Juha Manninen and editorial contributions from academics such as Gustav Bjorkstrand and Bo Lindberg, Routledge are proud to present this valuable work which will doubtless be of great interest to historians of economic thought across the globe.

Has America always been the champion of free trade? Debates about free trade and protection are one of the dominant features of 19th century economic discourse. The writings of the British classical economists, in particular, have been the subject of extensive secondary literature. In contrast, the writings of their American counterparts have often been overlooked. This collection seeks to help rectify this, by giving access to an extensive range of 19th-century American writings on trade issues. Many of the pieces selected are unavailable, even in America. Each has been carefully retypeset. Early American economics is often criticized for lacking the theoretical sophistication of European economics. The picture which emerges from these texts is more complex. It seems that far from being of universal application, the ideas of the English classical economists did not fit neatly in the context of 19th-century America, and it is much harder to draw a sharp doctrinal divide between protectionists and free-traders. The texts reproduced discuss: "the American system" of protection for infant industries; the North/South divide in the US, made manifest by the slavery question and the civil

The British mercantilist writers of the 17th and 18th centuries had great influence on modern economics. Their writings, especially on trade and on money, have had an impact both through their ideas and by shaping the language in which subsequent economic debate took place. This text demonstrates that the mercantilists were more subtle and balanced economists than Smith and his followers alleged. Far from naively confusing wealth and money, the writers produced sophisticated accouts of the workings of the economic system which show a complex response to the political economy of the time. The texts reproduced range from Thomas Mun's "A Discourse of Trade from England Unto the East..." (1621) to Jacob Vanderlint's " Money answers to all things..." (1734). Other writers featured include Edward Misselden, John Cary, Joshua Child, John Locke, Charles Davenant and Matthew Decker.

Eli Heckscher's "Mercantilism" is a classic work in the history of economic thought, economic history and international economics. A pioneer in both economic history and trade theory, Heckscher brought a unique breadth to this study. Covering all of the major European countries, the book explores the content and significance of mercantilist ideas over nearly two centuries. Acknowledging the difficulties involved in defining mercantilism, Heckscher nonetheless succeeded in identifying a set of its key characteristics. Available for the first time after many years, "Mercantilism" remains relevant to a world preoccupied with maintaining its trading order. Hecksher's full text, notes and supporting material are supplemented by a new introduction by Lars Magnusson which discusses the origin, content and impact of the book.

Since the days of Adam Smith, Mercantilism has been a hotly debated issue. Condemned at the end of the 18th century as a "false" system of economic thinking and political practice, it has returned paradoxically to the forefront in regard to issues such as the creation of economic growth in developing countries. This concept is often used in order to depict economic thinking and economic policy in early modern Europe; its meaning and content has been highly debated for over two hundred years. Following on from his 1994 volume Mercantilism - The Shaping of an Economic Language, this new book from Lars Magnusson presents a more synthetic interpretation of Mercantilism not only as a theoretical system, but also as a system of political economy. This book incorporates samples of material from the 1994 publication alongside new material, ordered in a new set of chapters and up-date discussions on mercantilism up to the present day. Tracing the development of a particular political economy of Mercantilism in a period of nascent state making in Western and Continental Europe from the 16th to the 18th century, the book describes how European rulers regarded foreign trade and industrialisation as a means to achieve power and influence amidst international competition over trades and markets. Returning to debates concerning whether Mercantilism was a system of power or of wealth, Magnusson argues that it is in fact was both, and that contemporaries almost without exception saw these goals as interconnected. He also emphasises that Mercantilism was an all-European issue in a time of trade wars and the struggle for international power and recognition. In examining these issues, this book offers an unrivalled modern synthesis of Mercantilist ideas and practices.

Evolutionary Economics and Path Dependence presents important new theoretical and empirical work on economic change, learning processes, institutional change, choice and path dependency.The theoretical section includes discussion of the microfoundations of path dependency, path dependency in industrial networks, path dependence and the theory of the firm, lock-in effects in relation to professional organizations, the notion of bricolage in relation to path dependency and new and neo-institutional perspectives on the theory of the firm. The empirical part focuses on institutional change in the communications and transport sectors of the economy. More specifically it shows how path dependency occurs and develops through various types of lock-in effects within institutions. This book will be essential reading for academics and students of economics and economic history wishing to keep up-to-date with research at the frontier of this exciting field.

Ever since the Physiocrats and Adam Smith, mercantilism or 'the mercantile system' have been described as the opposite of classical political economy. This view is very much brought into question by the current book. It argues that the sharp distinction between mercantilism and 19th century laissez-faire economics has obscured the meaning, content and contribution of the former.
This book presents a full-scale account of the development of mercantilism as a trend of economic thought during the 17th and 18th centuries. Instead of accepting existing interpretations, it begins with the most fundamental questions: What was mercantilism? Did it have a central message? Was it really a coherent school of thought?
A central theme of the book is its critique of narrow definitions of its subject. Mercantilism must be understood as a series of written texts appearing in a particular political and economic context, rather than as an all-embracing system of economic thought. Within this context a language and vocabulary of economics was developed that was an essential precondition for the subsequent growth of economic thought and knowledge. In this sense mercantilism was much more modern than has been previously appreciated.

The industrial revolution and the creation of the modern (national) state are two of the most important historical processes to have occurred in Europe during the 19th century. The state and other bodies of governance play an important role in the development of capitalist market societies since the 18th century. But modern market economies are to a large degree a product of the interplay between market and governance. Yet we are often told a strikingly different tale about the modern economy, at least how it ought to work and operate - as far as possible without public interference. Even more frequently we have been taught that the modern capitalist market economy is a product of an industrial revolution, originating with the UK in the middle of the 18th century propelled by laissez faire and the triumph of free markets which gradually liberated themselves from the grip of an old dirigiste state. This book argues that in order to get a better understanding of this period and the rise of modern industrial capitalism it is necessary to link the industrial revolution in its various forms to a political and institutional context of state-making and the creation of modern national states. Professor Magnusson demonstrates that a historical narrative which does not acknowledge the role of the state and public governance for the establishment of the modern capitalist market economy is fundamentally flawed.

The notion and interpretation of path dependence have been discussed and utilized in various social sciences during the last two decades. This innovative book provides significant new insights onto how the different applications of path dependence have developed and evolved.The authors suggest that there has been a definite evolution from applications of path dependence in the history of technology towards other fields of social science. They also discuss the various definitions of path dependence (strong or weak) and explore the potential applications of path dependence in new areas such as political economy and economic geography. With new perspectives on how the debate surrounding path dependence has evolved, this book will strongly appeal to postgraduate students and scholars of economic history, economic geography, political science and business studies.

The industrial revolution and the creation of the modern (national) state are two of the most important historical processes to have occurred in Europe during the 19th century. The state and other bodies of governance play an important role in the development of capitalist market societies since the 18th century. But modern market economies are to a large degree a product of the interplay between market and governance. Yet we are often told a strikingly different tale about the modern economy, at least how it ought to work and operate - as far as possible without public interference. Even more frequently we have been taught that the modern capitalist market economy is a product of an industrial revolution, originating with the UK in the middle of the 18th century propelled by laissez faire and the triumph of free markets which gradually liberated themselves from the grip of an old dirigiste state.

This book argues that in order to get a better understanding of this period and the rise of modern industrial capitalism it is necessary to link the industrial revolution in its various forms to a political and institutional context of state-making and the creation of modern national states. Professor Magnusson demonstrates that a historical narrative which does not acknowledge the role of the state and public governance for the establishment of the modern capitalist market economy is fundamentally flawed.

This book represents the first recent attempt to provide a comprehensive treatment of Sweden's economic development since the middle of the 18th century. It traces the rapid industrialisation, the political currents and the social ambitions, that transformed Sweden from a backward agrarian economy into what is now regarded by many as a model welfare state.

In the nineteenth century Adam Smith and others gradually invented a 'tradition' of free trade. This was a towering achievement and has proved to be influential to this day. This book examines this construction of the free trade tradition.
Showing how historical contruction is a vital component in the writing of doctrinal history, Lars Magnusson argues that it is important for historians of economic thought to distance themselves from the practice of writing history backwards. Contrasting what occurred in Britain in the nineteenth century with what occurred in the United States and in Sweden, this book shows that perhaps the classical tradition meant something else entirely in different national contexts.
This original and thought-provoking book is written such that it will be of great interest not only to historians specializing in economic thought, but also historians with other areas of interest.

The Tradition of Free Trade investigates the rise of the 'free trade versus protectionism' debate in the nineteenth century. Lars Magnusson looks at how the ideas of Smith and Ricardo and the classical economists were interpreted by later writers in Britain, Sweden and America. The analysis of why the doctrine of free trade was interpreted in a variety of different ways by different countries at different times is what makes this book interesting and extremely useful to those interested in the history of international trade.

This book represents the first recent attempt to provide a comprehensive treatment of Sweden's economic development since the middle of the 18th century. It traces the rapid industrialisation, the political currents and the social ambitions, that transformed Sweden from a backward agrarian economy into what is now regarded by many as a model welfare state. Based upon comprehensive research, "An Economic History of Sweden" represents an invaluable resource for both economic historians and students of economic theory. Its central narrative provides historical material reaching right up to the modern era, including an analysis of the more troubled recent past of the "Swedish Model." In addition, the authors discussion of the motors of Sweden's industrial development offers an important contribution to recent theoretical debate on the role of institutions for economic development and growth.

Ever since the Physiocrats and Adam Smith, mercantilism has been described as the opposite of classical political economy. Lars Magnusson challenges this view by suggesting that there is a sharp distinction between mercantilism and the nineteenth century laissez-faire economics. He contends that the conventional view, which conflates the two economic ideologies, only further obfuscates the true nature of mercantilism and thereby disregards the salient contribution it made to subsequent economic theory.
"Mercantilism" presents a full-scale account of the development of mercantilism as a trend of economic thought during the seventeenth and eighteenth centuries. Instead of accepting existing interpretations, he fundamentally questions the specific elements of mercantilism, examining whether or not it really was a coherent school of thought.
Magnusson provides a critique of narrow definitions of the subject. He suggests that mercantilism must beunderstood as a series of written texts appearing in a particular political and economic context, rather than as an all-embracing system of economic thought. Within this framework a language and vocabulary of economies was developed that was an essential precondition for the subsequent growth of economic thought and knowledge. In this sense, mercantilism was much more influential than has previously been appreciated.

The book consists of eleven of the most important writings of Anders Chydenius, an eighteenth century pioneer of freedom and democracy. Thematically they touch upon subject areas such as the freedom of trade and industry, emigration, the monetary system of the Swedish realm in the eighteenth century, the freedom of the press (or as Chydenius said: the freedom of writing and printing), the freedom of information, the rights of the rural working class and the freedom of religion. The book also includes a comprehensive biography of Chydenius written by Lars Magnusson together with commentaries and explanatory notes to each text.

The first book that acknowledges cameralism as a European rather than just a German historical phenomenon. This book discusses the impact of cameralism on the practices of governance, early modern state-building and economy in seventeenth- and eighteenth-century Europe. It argues that the cameralist conception of state and economy - aform of 'science' of government dedicated to reforming society while promoting economic development, and often associated mainly with Prussia - had significant impact far beyond Germany and Austria. In fact, its influence spread into Denmark, Sweden, Russia, Portugal, Northern Italy and other parts of Europe. In this volume, an international set of experts discusses administrative practices and policies in relation to population, forestry, proto-industry,trade, mining affairs, education, police regulation, and insurance. The book will appeal to early modernists, economic historians and historians of economic thought. MARTEN SEPPEL is Associate Professor of Early ModernHistory at the University of Tartu, Estonia. He holds an MPhil from the University of Cambridge. KEITH TRIBE has a PhD from the University of Cambridge and taught at the University of Keele (UK) from 1976 to 2002, retiring as Reader in Economics. He is now working as a highly regarded professional translator and independent scholar. Forthcoming work includes a new translation of Max Weber, Economy and Society Part One (Harvard University Press, 2018). His publications include Strategies of Economic Order (CUP, 1995/2007); The Economy of the Word. Language, History, and Economics (OUP, 2015); and (edited with Pat Hudson) The Contradictions of Capital in the Twenty-First Century (Agenda, 2016). Contributors: ROGER BARTLETT, ALEXANDRE MENDES CUNHA, HANS FRAMBACH, GUILLAUME GARNER, LARS MAGNUSSON, INGRID MARKUSSEN, FRANK OBERHOLZNER, GOERAN RYDEN, MARTEN SEPPEL, KEITH TRIBE, PAUL WARDE

The study of economic phenomena over time is a well-established and flourishing area of research and study, and this new four-volume collection in the Routledge Major Works series, Critical Concepts in Economics, meets the need for an authoritative, up-to-date, and comprehensive reference work synthesizing the voluminous literature from twentieth-century economic historians. Indeed, the sheer scale of the research output-and the breadth of the field-makes this collection especially welcome. It answers the need for a comprehensive collection of classic and contemporary contributions to facilitate ready access to the most influential and important scholarship from a wide range of theoretical and practical perspectives. The collection is organized into ten principal parts. Part 1 explores theory and methodology and the role of economic history as either an alternative to mainstream economics, or as a 'help discipline'. Part 2 gathers the key research on growth in economic history. The third and fourth parts cover the causes and social consequences of the Industrial Revolution, while Part 5 brings together the best and most influential work on the feudal and early modern economy. Part 6 deals with free trade, mercantilism, and imperialism. Part 7 focuses on the Great Depression, while Part 8 collects research on world economic history and the slave economy. The final part collects a fascinating miscellany of crucial issues, including taxation and gender. Twentieth-Century Economic History is edited by Lars Magnusson, a leading scholar in the field. The collection is fully indexed and has a comprehensive introduction, newly written by the editor, which places the material in its intellectual context. It is an essential work of reference and is destined to be valued by scholars and students as a vital one-stop research resource.

'England is a nation of shopkeepers'. Long before Napolean disdainfully paraphrased Adam Smith, British commerce had become a motor for economic growth and increased state power. This four-volume facsimile edition brings together a range of rare seventeenth- and eighteenth-century documents about the mercantile system.

'England is a nation of shopkeepers'. Long before Napolean disdainfully paraphrased Adam Smith, British commerce had become a motor for economic growth and increased state power. This four-volume facsimile edition brings together a range of rare seventeenth- and eighteenth-century documents about the mercantile system.

Mercantilist Theory and Practice: The History of British Mercantilism - 'England is a nation of shopkeepers'. Long before Napolean disdainfully paraphrased Adam Smith, British commerce had become a motor for economic growth and increased state power. This four-volume facsimile edition brings together a range of rare seventeenth- and eighteenth-century documents about the mercantile system. Publications on the role of trade during this period often included practical advice. Their aim was to convince kings, courts, parliaments and politicians as well as the general public of the necessity to support trade and commerce by proper regulation. However, the literature also offers theoretical advice - elements of which have been picked up by later generations of economists.Original source material is supported by extensive new editorial matter, including a general introduction, volume introductions, headnotes, endnotes and a consolidated index.

'England is a nation of shopkeepers'. Long before Napolean disdainfully paraphrased Adam Smith, British commerce had become a motor for economic growth and increased state power. This four-volume facsimile edition brings together a range of rare seventeenth- and eighteenth-century documents about the mercantile system.

'England is a nation of shopkeepers'. Long before Napolean disdainfully paraphrased Adam Smith, British commerce had become a motor for economic growth and increased state power. This four-volume facsimile edition brings together a range of rare seventeenth- and eighteenth-century documents about the mercantile system.

Regulatory regimes appear wherever market economies exist and whenever there is competition for limited resources. However, the rationale of public regulation of markets, as well as the mechanisms that characterise regulatory regimes, is not well understood. The State, Regulation and the Economy illustrates how economic theory, whether positive or normative, is not convincing in explaining the complex interactions between the state and the market. Instead, the book examines regulation and state intervention from an institutional and historical perspective. Utilising empirical evidence from Scandinavia and the US, the authors argue that the form and content of state interventionism is strongly influenced by historical and path dependent factors, and go on to propose an approach which illuminates the role of specific historical events in forming regulatory policy. Various aspects of regulation are discussed with reference to infrastructure and network industries, one of the few areas in the economy where the role of the state has changed dramatically during the past two decades. The authors believe that the fast changing attitudes and policies towards regulation might be better understood by applying a longer time horizon combined with analysis based on new institutional economics. Scholars of economics, business administration, economic history and political science, as well as those wishing to gain a greater insight into the historical dimension of regulation, will find this an original and valuable book.