View the Table of Contents.
Read the Introduction.

"(Wright and Smith) have written a remarkably lucid and elegantly organized history that keeps the major themes in view, even while discussing the minutiae of crafting and marketing various new insurance products or of managing the firm and its investment portfolio. As the authors themselves point out, the history of life insurance has not attracted much serious scholarship or inspired writing. Fortunately, Mutually Beneficial has both. It integrates the Guardian's career into a wider account of the American life-insurance business and American economic history more generally, and it manages to do so with a light touch."
--Geoffrey Clark, "Harvard Business History Review"

"(Mutually Beneficial is), without doubt, a major contribution to the economics and history of life insurance in the twentieth century. Wright and Smith have provided, for example, the most comprehensive account yet of product development, and the section on investment strategies is also important. In sum this will make a fine addition to the library of insurance historians, and to financial and business historians more generally."
--Robin Pearson, "Accounting, Business & Financial History"

"The matieral is well documented. The authors have produced a nonvanity company history that goes behind the scenes to describe the company's corporate culture and policies and provide a explanation of how ethical and business precepts have led to consistent profitability."
--"Enterprise & Society"

Mutually Beneficial tells the story of the evolution of The Guardian Life Insurance Company of America, one of the most important life and health insurers inthe history of the U.S. economy and life insurance industry. Relying on exclusive access to the company's archives, interviews with its current executive officers, the public record, and scholarly articles and monographs, Robert E. Wright and George David Smith provide a strategic analysis of Guardian, from its founding to its standing in the insurance world today.

Mutually Beneficial also describes the origin of Guardian's distinctive approach to business-its corporate culture and policy-and how these principles flow from the ethical and business precepts of its founders. By rigorously attending to its policyholders as a matter of practice as well as principle, Guardian has long been one of the most consistently profitable life insurance firms as measured by return on net wealth. This unique history will be of interest to anyone in the insurance business, as well as financial and economic professionals.

Changing Scotland uses longitudinal data from the British Household Panel Survey to improve our knowledge and understanding of the impact of devolution on the lives of people in Scotland. It is the first time that BHPS data has been used in this way. The book provides a detailed examination of social, economic, demographic and political differences, especially those involving dynamic behaviour such as residential mobility, unemployment duration, job mobility, income inequality, poverty, health and deprivation, national identity, family structure and other aspects of individual's lives as they change over time. This data provides a 'baseline' for policy formulation and for analysing the impact of subsequent differential developments arising out of devolution. The book is also an invaluable resource for establishing pre-existing differences between England and Scotland and evaluating the impact of policy initiatives by the Scottish Executive.

Robert E. Wright portrays the development of a modern financial sector--including a central bank, a national monetary system, a network of financial intermediaries, and efficient capital markets--as the driving force behind America's economic transition from agricultural colony to industrial juggernaut. He applies the economic theory of information asymmetry to understandings of early U.S. financial development, expanding on recent scholarship of finance-led economic growth. The book builds upon many of Adam Smith's lesser-known insights into financial relationships.

Modern financial theories enable us to look at old problems in early American Republic historiography from new perspectives. Concepts such as information asymmetry, portfolio choice, and principal-agent dilemmas open up new scholarly vistas. Transcending the ongoing debates over the prevalence of either community or capitalism in early America, Wright offers fresh and compelling arguments that illuminate motivations for individual and collective actions, and brings agency back into the historical equation.

Wright argues that the Colonial rebellion was in part sparked by destabilizing British monetary policy that threatened many with financial insolvency; that in areas without modern financial institutions and practices, dueling was a rational means of protecting one's creditworthiness; that the principle-agent problem led to the institutionalization of the U.S. Constitution's system of checks and balances; and that a lack of information and education induced women to shift from active business owners to passive investors. Economists, historians, and political scientists alike will be interested in this strikingly novel and compelling recasting of our nation's formative decades.

This book explains how six policies collectively called the North American Wildlife Conservation Model (NAWCM), put in place around the turn of the twentieth century, saved numerous iconic big game species from extinction. Rigid adherence to the NAWCM, however, especially its ban on the commercial sale of wild game meat, has allowed deer and some other species to become overabundant pests in areas where hunting pressure recently declined and habitat rebounded. Texas and South Africa have proven that scientific insight and market incentives can combine to prevent game overabundance and decrease the fragility and extend the range of iconic mammal game species. This book outlines how intermediate steps, like proxy hunting and other wildlife regulation reforms, could be used to lure more hunters into the field and move other states towards the Texas model incrementally, thereby minimizing risks to wildlife or human stakeholders.

This book presents the most compelling arguments for and against implementing a basic income guarantee today, in the voice of proponents and critics, in alternating chapters. Tables, figures, and pictures illustrate the key concepts and evidence, which include benefit cliffs and disincentive deserts, time series macroeconomic data, business, economic, and technological change (BETC), artificial intelligence and other general purpose technologies, along with advanced robotics, the environmental Kuznets Curve, income distributions, democracy, social justice, dependence, autonomy, and economic freedom. A neutral, non-partisan tone introduction defines UBI and covers the history of universal income plans, while the conclusion summarizes the main arguments for and against UBI before surveying alternative policies, including universal basic asset, credit, service, job, and training plans.

Guide to U.S. Economic Policy shows students and researchers how issues and actions are translated into public policies for resolving economic problems (like the Great Recession) or managing economic conflict (like the left-right ideological split over the role of government regulation in markets). Taking an interdisciplinary approach, the guide highlights decision-making cycles requiring the cooperation of government, business, and an informed citizenry to achieve a comprehensive approach to a successful, growth-oriented economic policy. Through 30 topical, operational, and relational essays, the book addresses the development of U.S. economic policies from the colonial period to today; the federal agencies and public and private organizations that influence and administer economic policies; the challenges of balancing economic development with environmental and social goals; and the role of the U.S. in international organizations such as the IMF and WTO. Key Features: 30 essays by experts in the field investigate the fundamental economic, political, social, and process initiatives that drive policy decisions affecting the nation's economic stability and success. Essential themes traced throughout the chapters include scarcity, wealth creation, theories of economic growth and macroeconomic management, controlling inflation and unemployment, poverty, the role of government agencies and regulations to police markets, Congress vs. the president, investment policies, economic indicators, the balance of trade, and the immediate and long-term costs associated with economic policy alternatives. A glossary of key economic terms and events, a summary of bureaus and agencies charged with economic policy decisions, a master bibliography, and a thorough index appear at the back of the book.

The nature of America's early economy has been hotly contested for several decades. Historians have often focused on the question of when America became "capitalist," while economists have tried to determine when American economic growth sped up. In The Origins of Commercial Banking in America, Robert E. Wright argues that the ultimate causes of American economic development and transformation into a modern society can be reduced to the causes of American banking. In the first full analysis of the origins of American commercial banking since Bray Hammond's monumental study forty-five years ago, Wright skillfully examines the political and economic forces that contributed to the origins and rise of banks in cities such as Philadelphia, New York, and Boston, as well as in smaller towns servicing rural America. Wright expertly assesses the impact of the war for independence, Superintendent of Finance Robert Morris' policies under the Confederation, the economic and political effects of the postwar depression of 1784-86, the attempts of the Constitutional Convention of 1787 to address the country's economic problems, and Secretary of the Treasury Alexander Hamilton's financial program under the new Constitution. Wright looks at both the macro and micro sides of issues how state and national governments addressed problems and chartered (and sometimes unchartered banks) as well as how private individuals tried to cope with the need to obtain capital and the effects on them of early bankruptcy laws. He describes the varied and sometimes arcane financial and commercial instruments that existed both before and after the establishment of banks, and how they fostered economic development. We are introduced to an emerging capitalist system struggling to provide capital needed by America's voracious economy. The Origins of Commercial Banking in America is essential reading for anyone interested in the political and economic origins of the early republic."

This volume assembles a broad selection of rare primary resource materials in the form of essays, reports, books and compendia informing on US public finances in the late eighteenth century. It investigates the debates put forward, from which comparisons with today's debt can be drawn.

This volume assembles a broad selection of rare primary resource materials in the form of essays, reports, books and compendia informing on US public finances in the early nineteenth century. It investigates the debates put forward, from which comparisons with today's debt can be drawn.

This volume assembles a broad selection of rare primary resource materials in the form of essays, reports, books and compendia informing on US public finances in the first half of the nineteenth century. It investigates the debates put forward, from which comparisons with today's debt can be drawn.

This volume covers the latter half of the nineteenth century and concepts such as inflation, the international market for bonds, and the complicated structure of the post-war public debt. It focuses on the varying state of the market and possible changes in the public debt's structure.

An entertaining, must-have guide to the indicators most investors aren't following--but should be

To make the best possible investment decisions, savvy investors know that they should pay close attention to economic indicators. But while most are looking at conventional barometers like unemployment rates and housing starts, the smartest investors are following the often ignored, sometimes curious, but always interesting indicators that offer a true sense of where the economy is and where it's going. They provide the vital information needed to beat the market.

In The Wall Street Journal Guide to the 50 Economic Indicators That Really Matter, Simon Constable and Robert E. Wright offer investors powerful new tools to guide them through the markets. Whether it's the VIX index (which tracks the level of anxiety among investors) or the Vixen index (which tracks the number of attractive waitresses in your hometown), this essential guide includes in-depth analyses of 50 valuable economic indicators, as well as what to watch for, what to do when movement happens, and the risk level involved in taking action. This must-have guide entertains and enlightens while offering essential advice on navigating the global economic climate.

A lively history of one of America's oldest publishing houses, published in conjunction with Wiley's bicentennial

Founded in New York City when Thomas Jefferson was president, Wiley has been a significant player in the publishing industry for two centuries. Now, on the occasion of Wiley's bicentennial, a distinguished team of authors brings Wiley's rich history to life, showing how the company has reacted to trends within the publishing industry as well as to larger economic, social, and cultural forces. "Knowledge for Generations" sheds light on the long-term strengths and weaknesses of Wiley's business, illuminates the continuities and changes over time, and shows how family ownership has influenced the company's strategies, values, and corporate culture. Drawing on unrestricted access to company archives and interviews with key executives, the authors capture a story of sustained business success, intriguing personalities, and dramatic changes in the industry. Illustrated throughout with illuminating photographs and graphics, "Knowledge for Generations" is a must-read for anyone interested in the history of publishing.

In The Wealth of Nations Rediscovered: Integration and Expansion in American Financial Markets, 1780-1850, Robert E. Wright portrays the development of a modern financial sector - with a central bank, a national monetary system, and efficient capital markets - as the driving force behind America's economic transition from agricultural colony to industrial juggernaut. This study applies the economic theory of information asymmetry to our understandings of early US financial development, expanding on scholarship of finance-led economic growth. The book's research is original, incorporating little-used archival material and data on early US securities prices, trading volumes, and stockholder patterns. The topics covered - securities trading, market liquidity, intermediation, banking reform, emerging market success, and foreign investment - are relevant to discussions in today's business community. Drawing from and building upon Adam Smith's lesser-known insights into financial relationships, The Wealth of Nations Rediscovered positions itself on the cusp of emerging paradigm shifts in history and economics.

This ground-breaking book adds an economic angle to a traditionally moral argument, demonstrating that slavery has never promoted economic growth or development, neither today nor in the past. While unfree labor may be lucrative for slaveholders, its negative effects on a country's economy, much like pollution, drag down all members of society. Tracing the history of slavery around the world, from prehistory through the US Antebellum South to the present day, Wright illustrates how slaveholders burden communities and governments with the task of maintaining the system while preventing productive individuals from participating in the economy. Historians, economists, policymakers, and anti-slavery activists need no longer apologize for opposing the dubious benefits of unfree labor. Wright provides a valuable resource for exposing the hidden price tag of slaving to help them pitch antislavery policies as matters of both human rights and economic well-being.

This innovative book presents a series of up-to-date analyses of the economics of outdoor recreation. The distinguished group of authors covers real-world recreation management issues and applies economic understanding to these problems. An extensive introduction by the editors details the historical background of economists' interests in this subject, and reveals how economics can provide practical insights into improving how we manage our natural recreation areas.The book is divided into three parts, each of which focuses on a specific environmental resource: mountains, forests, and rivers and the sea. An array of valuation methods - including stated preference and revealed preference techniques - are then applied to various outdoor recreation activities which occur in these different settings. These include such diverse pursuits as rock climbing, skiing, fishing, hunting and whale watching. The authors clearly demonstrate how recreation modelling can offer a productive link between people (their preferences and behaviour) and the natural environment. With extensive empirical examples from Europe and North America, this book will be of great value to economists, governments and NGOs who are interested in the environment, development and tourism. It will also be a valuable source of reference for policymakers concerned with land use and natural resource management, and students of environmental and resource economics.

Turn Crisis Into CashMoney matters got a lot scarier in 2020 and there is no end to the volatility in sight. Crisis means danger but also opportunity. To turn a profit during the next bust, or the next burst of inflation, individual investors and businesspeople must understand the economics of money, banking, and finance. That's what this book provides, in concise and understandable prose, with pictures. Understand inflation and interest rates, stock prices, money and monetary policy, and the basics of information and macroeconomic theory in short order. You might not beat the market after reading just this book, but if you learn its lessons the market won't beat up your business or investment portfolio the next time the economy tanks due to pandemic, war, high taxes, or alien invasion.