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'Incisive debut treatise... Mohsin brings to the proceedings a reporter's eye for story'— Publisher's WeeklyFrom Bloomberg News reporter Saleha Mohsin, the untold story of how one of America's most invincible institutions—the Treasury—has used the U.S. dollar to define America's role in the world, and our economic future.In 1995, Treasury Secretary Robert Rubin re-defined the next thirty years of currency policy with the mantra, “A strong dollar is in America's interest.” That mantra held, ushering in exceptional prosperity and cheap foreign goods, but the strong dollar policy also played a role in the devastating hollowing out of America's manufacturing sector. Meanwhile, abroad, the United States increasingly turned to the dollar as a weapon of war. In Paper Soldiers, Saleha Mohsin reveals how the Treasury Department has shaped U.S. policy at home and overseas by wielding the American dollar as a weapon—and what that means in a new age of crisis.For decades, America has preferred its currency superpower-strong, the basis of a'strong dollar'policy that attracted foreign investors and pleased consumers. Drawing on Mohsin's unparalleled access to current and former Treasury officials like Robert Rubin, Steven Mnuchin, and Janet Yellen, Paper Soldiers traces that policy's intended and unintended consequences, including the rise of populist sentiment and trade war with China—culminating in an unprecedented attack on the dollar's pristine status during the Trump presidency—and connects the dollar's weaponization from 9/11 to the deployment of crippling financial sanctions against Russia. Ultimately, Mohsin argues that, untethered from many of the economic assumptions of the last generation, the power and influence of the American dollar is now at stake.With first-hand reporting and fresh analysis that illustrates the vast, often unappreciated power that the Treasury Department wields at home and abroad, Paper Soldiers tells the inside story of how we really got here—and the future not only of the almighty dollar, but the nation's teetering role as a democratic superpower.

Emerging relatively unscathed from the banking crisis of 2008, China has been viewed as a model of both rampant success and fiscal stability. But beneath the surface lies a network of fissures that look likely to erupt into the next big financial crash. A bloated real-estate sector, roller-coaster stock market, and rapidly growing shadow-banking sector have all coalesced to create a perfect storm: one that is in danger of taking the rest of the world's economy with it.Walden Bello traces our recent history of financial crises – from the bursting of Japan's'bubble economy'in 1990 to Wall Street in 2008 – taking in their political and human ramifications such as rising inequality and environmental degradation. He not only predicts that China might be the site of the next crash, but that under neoliberalism this will simply keep happening. The only way that we can stop this cycle, Bello argues, is through a fundamental change in the ways that we organise: a shift to cooperative enterprise, respectful of the environment, and which fractures the twin legacies of imperialism and capitalism.Insightful, erudite and passionate, Paper Dragons is a must-read for anyone wishing to prevent the next financial meltdown.

In this special issue of Research in Finance, editors Rita Biswas and Michael Michaelides compile eleven papers, five of which were selected from the II International Conference on Economics and Finance (ICEF-II) in Bengaluru, India. This volume focuses on a gamut of topics ranging from monetary policy to corporate governance in emerging economies. More specifically, it presents papers on the role of board characteristics and sub-committees on firm performance, the impact of US quantitative easing on countries like India and China, public-private partnerships in infrastructure projects in India, and multinational banking evolution in Nigeria and India. In order to advance the field of international economics and finance, it is necessary to question conventional practice and research approach. Incorporating analysis of classical theories of international finance and economics, the papers in this volume present new innovative theories that seek to do just that. They are essential reading for researchers interested in development economics and emerging finance.

Die'langen'1970er Jahre waren durch tiefgreifende Umwälzungen in Wirtschaft, Gesellschaft, Wissenschaft und Technologie gekennzeichnet. In diesem Zeitraum erfolgten zentrale Weichenstellungen, die für einzelne Branchen und Unternehmen lang anhaltende Prosperität oder einen Niedergang einleiteten. Viele damalige Entscheidungen sind heute noch prägend für die Unternehmen, einzelne Wirtschaftsregionen und auch die gesellschaftlich-kulturellen Verhältnisse in der Bundesrepublik. Dennoch oder gerade deshalb divergieren die bisherigen Interpretationen in der Wissenschaft und die Einordnung dieses Jahrzehnts in längerfristige Abläufe, weshalb die Autorinnen und Autoren in diesem Sammelband bereits bestehende Forschungsthesen, vor allem das Krisennarrativ, einer kritischen Analyse unterziehen. Dabei nehmen sie zudem bisher wenig beachtete Aspekte, insbesondere die Mikro- und Mesoebene und das Verhältnis von Innovativität und Krise, in den Blick. Indem sich die Autorinnen und Autoren mit den technisch-wirtschaftlichen, politisch-gesellschaftlichen sowie kulturellen Veränderungsprozessen aus verschiedenen Perspektiven auseinandersetzen, trägt dieser Sammelband zu einer interdisziplinären Betrachtungsweise des komplex-mehrschichtigen Phänomens der Epochenschwelle der'langen'1970er Jahre bei.

Obwohl sich Spitäler in der Vormoderne in erster Linie als karitative Institutionen verstanden, waren sie doch auch überdurchschnittlich große Wirtschaftsbetriebe mit qualifizierten Mitarbeitern. Sie produzierten umfangreiches Verwaltungsschriftgut, das faszinierende Einblicke in den Alltag zulässt: Wie wirtschafteten Spitäler? Wie war der Betrieb organisiert? Welche Konflikte entstanden, wie wurden sie gelöst? Wie gestaltete sich die Interaktion zwischen Spital und Markt? Zudem stellen die Dokumente wertvolle Quellen für die wirtschafts-, sozial- und kulturhistorische Forschung dar. Wie lassen sie sich für Fragestellungen nutzen, die über die Institution Spital hinausgehen? Welche methodischen Probleme stellen sich dabei, wie lassen sie sich lösen?

Inspired by the work and legacy of Francesca Carnevali, this collection brings together new research into nineteenth- and twentieth-century British and European economic history, socio-cultural history and business history.This collection brings together new research into nineteenth- and twentieth-century British and European economic history, socio-cultural history and business history. It is inspired by the work and legacy of Francesca Carnevali who, throughout her career, encouraged a lively dialogue between these different disciplines. The book offers innovative views and perspectives on key debates and emphasises the connections between economic environments and wider social and cultural elements. It also considers methodological issues and emerging approaches in economic history. Topics include banks and business finance in the nineteenth century, mass-market retailing and class demarcations, economic microhistory, and comparative history and capitalism. Economic, business, social and cultural historians alike will find it of interest. PAOLO DI MARTINO is Senior Lecturer in International Business History at the Birmingham Business School, University of Birmingham. ANDREW POPP is Professor of Business History at the University of Liverpool. PETER SCOTT is Professor of International Business History at the University of Reading's Henley Business School and Director of Henley's Centre for International Business History. CONTRIBUTORS: Andrea Colli, Paolo Di Martino, Leslie Hannah, Matthew Hilton, Ken Lipartito, Lucy Newton, Andrew Popp, Peter Scott, Anna Spadavecchia, James Walker, Chris Wickham

In light of the opportunities and the challenges facing African economies in the 21st century, this edited volume traces the evolution of poverty in the course of economic development in sub-Saharan Africa over the recent decades. By engaging with, and seeking to develop on, the work of Professor Erik Thorbecke, it examines the evolving dynamics of poverty in multiple dimensions. It also discusses how to lay down foundations for improved governance and institutions that will realize inclusive development in sub-Saharan Africa. Thus, the volume contributes to our understanding of dynamics of pro-poor growth and pro-growth poverty reduction, and to the on-going policy and academic debates on how to overcome fragility and vulnerability and secure inclusive development through socio-economic transformation in sub-Saharan Africa. The volume is divided into four parts; two overview chapters in Part 1 set out a common theme running through the volume. Four chapters in Part II examine an evolution of the poverty profile in different dimensions in sub-Saharan Africa since the new millennium. Part III presents three country case studies of tracing poverty dynamics under a country-specific institutional and policy environment. Part IV consists of three chapters, each of which addresses the question of how to advance an inclusive development agenda in sub-Saharan Africa, but from three different perspectives: structural changes, a governance framework, and an institutional foundation.

In the last decade, over half of the EU countries in the euro area or with currencies pegged to the euro were hit by large risk premium shocks. Previous papers have focused on the impact of these shocks on demand. This paper, by contrast, focuses on the impact on supply. We show that risk premium shocks reduce the output level that maximizes profit. They also lead to unemployment surges, as firms are forced to cut costs when financing becomes expensive or is no longer available. As a result, all countries with risk premium shocks saw unemployment surge, even as euro area core countries managed to contain unemployment as firms hoarded labor during the downturn. Most striking, wage bills in euro area crisis countries and the Baltics declined even faster than GDP, whereas in core euro area countries wage shares actually increased.

Growth Growth Growth retells history as a succession of pivotal crises linked to economic growth. Beginning with agriculture ten thousand years ago, each crisis led to an impasse until human ingenuity devised a technical'solution'to fix it. These solutions included the alphabet, paper, clocks, guns, the printing press, the steam engine, the petrol engine, electricity, nitrogen fertilizer, and the computer. Each solution, however, played a part in the next crisis. Growth-driven crises led to the world wars of the first half of the twentieth century, including the atrocities of Stalin, Hitler and Hiroshima. The brief'golden age'of capitalism of the 1950s and 1960s gave way to the ultra-corporate capitalism that, in one variant or another, is now the global economic system. Julian Cobbing's lively account exposes the historical roots of our converging problems - the destruction of the environment, the massacre of other species, the running down of oil reserves, global heating, and the nuclear threat to all of us. This time there is no technical solution, since we are devouring the Earth's finite resources. Cobbing reminds us that we are just one species in a planetary life system which could dispense with us if we are not needed

This book is a compilation of the best papers presented at the 2023 edition of the Asia-Pacific Conference on Economics & Finance (APEF), which is held annually in Singapore. It presents the latest research findings in economics and finance and discusses relevant issues in today's world. The book is a useful resource for readers who want access to economics, finance and business research that focusing on the Asia-Pacific region.

In this 36th volume of Research in Economic History, editors Christopher Hanes and Susan Wolcott assemble a cohort of experts to present new historical data, analyses of historical questions, and an investigation of historians'networks. The volume covers a range of ideas, beginning with a look in to new data from the sources of Swiss comparative advantage in the time of the first globalization, and of funding for investments in Russian human capital from the late imperial period to the present. A third paper turns to a newly-created database of articles published in major economic history journals from 1980-2018, demonstrating the breadth of scholars'networks and the types of questions they asked. Then, the volume pivots to North American economic development. Looking at deflators when estimating Canadian economic growth between 1870-1900, a new, more complete price index for Canada is presented which should alter scholars'views on the contributions of the country to the North Atlantic economy. Another paper expands the literature on the unusual US system of state and local banks in the early 20th century. Finally, the volume presents new estimates on the number and value of slaves entering the US during the Antebellum period.

In this new volume of Research in Economic History, editors Christopher Hanes and Susan Wolcott bring together a cast of expert contributors to vigorously interrogate and analyze historic economics questions. The volume looks across a range of issues. Two papers address the political economy of the US: one explores how editorials in Business Week encouraged the acceptance of Keynesian policies among US business elites; and one quantifies the role of economics in the political support of William Jennings Bryan. Two papers bring new insight into longstanding debates, looking at the “antebellum puzzle” and why medieval peasants had scattered fields. Finally, two papers explore topics in European history, including the effect of deflation on the distribution of income in Denmark, 1930-1935, and the influence of shareholders on policy at the Banque de France. For researchers and students of economic history, this volume pulls together the latest research on a variety of unanswered questions.

This book provides a thorough understanding of the key policy debates on international trade and investment for development with a focus on the East African Community (EAC) to strengthen Member States'capacity to develop policies to promote their exports'competitiveness and diversification. Beyond Member States', the book serves as a base for a deeper understanding of the challenges, opportunities and requirements of the intra-continental trade agreement which is now in sight with the ratification of the Tripartite (EAC-COMESA-SADC) Free Trade Area that is critical in addressing key constraints to trade in the African continent. Moreover, the lessons from this edited volume may also extend to the challenges and opportunities of the African Continental Free Trade Area. The book brings together a comprehensive overview and an evidence-based analysis that can be considered best practice in the region. The trade and investment policy analysis of constraints and opportunities aims to improve trade and competitiveness and covers macro- (economy-wide), meso- (sectoral) and micro- (firm or household) levels. This multi-level approach is crucial for understanding how current trade and investment policies limit competitiveness and diversification in order to identify more tangible policy action for overcoming such constraints. The individual contributors follow comprehensive applied empirical approaches, and each chapter generates knowledge needed to identify key challenges and opportunities focusing on research-led policy-relevant approaches that enable readers to better understand national, bilateral, and multilateral cooperation as well as policies for sustainable development in East Africa. The contributors know the EAC context very well as their engagement in policymaking goes beyond the context of the papers they are writing about. The individual chapters were developed as part of a research and capacity building programme under the aegis of ACP and EUthat we implemented in 2020-2022. The research project well fits into the Frontiers in African Business Research series as we have many African contributors. The contributions matter to policymakers and academic circles. For students, the book serves as an excellent guide for understanding international trade and investment theories and gaining up-to-date knowledge on developments in the world economy and their effects on developing countries and SDGs. Trade policy researchers and students will be able to extend theories and empirical data to address new and emerging topics beyond the settings already covered in the book.

This book traces the story of how and why thousands of Scots made money from buying and selling humans… a story we need to own. We need to admit that many Scots were enthusiastic participants in slavery. Union with England gave Scotland access to both trade and settlement in Jamaica, Britain's richest colony and its major slave trading hub. Tens of thousands from Scotland lived and worked there. The abolition campaign and slave revolts threatened Scottish plantation owners, merchants, traders, bankers and insurance brokers who made their fortunes from slave-farmed sugar in Jamaica and fought hard to preserve the system of slavery. Archives and parliamentary papers in both countries reveal these transatlantic Scots in their own words and allow us to access the lives of their captives. Scotland and Jamaica were closely entwined for over one hundred years. Bought & Sold traces this shared story from its early beginnings in the 1700s to the abolition of slavery in the British Empire and reflects on the meaning of those years for both nations today.

Volume 34 contains articles on the economic history of Europe, North America and South America and brings new analysis, and newly created datasets to address issues of interest. Two of the papers present newly constructed datasets. In'Prices, Wages and the Cost of Living in Old Republic São Paulo: 1891-1930', Ball presents a newly constructed real wage index. São Paulo was the main destination for immigrants to Brazil in this period, but there has never before been sufficient data to analyse why. In'Multiple Core Regions: Regional Inequality in Switzerland, 1860 to 2008', Stohr uses the wealth of available Swiss data on agriculture and employment to create GDP measures for subregions in Switzerland. He uses these data to argue that aggregate inequality in Switzerland was low in the initial push to industrialization because there were multiple, similar centers industrializing simultaneously, thus mitigating inequality across regions. Two of the papers gather together existing data so that it can be analysed for the first time in a consistent manner. In'The forgotten half of finance: working-class saving in late nineteenth-century New Jersey', Bodenhorn uses previously unexplored consumer surveys to characterize the savings behavior of the working class. And in'Heights across the last 2000 years in England', Galofré-Vilà, Hinde, and Guntupalli gather all existing skeletal data for England for 2000 years to create a consistent longitudinal height series. They compare the series to height series of other regions as well as other measures of well being in England. And finally, in'Monetary Policy and the Copper Price Bust: A Reassessment of the Causes of the 1907 Panic', Rogers and Payne dig into the details of copper prices to discover the link between the Bank of England's contractionary monetary policy and changes in real asset prices. Their findings have important implications for understanding the mechanisms of monetary policy.

In this 37th volume of Research in Economic History, editors Christopher Hanes and Susan Wolcott assemble a group of lead experts to showcase new historical data, analyses of historical questions, and an investigation of historians'networks. The volume covers a wide range of ideas, beginning with an examination of the sharp decline in school attendance among white children in the Southern US after the Civil War, followed by a study on the fiscal administration of an experimental parliamentary subsidy on English knight's fees and income from 1431. A third paper assembles new county-level, household-level, and individual-level data, including new complete-count IPUMS microdata databases of the 1830-1880 censuses, to evaluate different theories for the nineteenth-century American fertility decline. The volume then pivots to deal with the development of banking in the Crown of Aragon from the end of the 13th century through the establishment of money changers. Finally, the volume summarizes in detail the content of Pieter Stadnitski's revolutionary 1787 report An Explanatory Message Concerning the Funds, analyzing its arguments with the context of Dutch archival materials including deeds, newspaper reports, and letters, as well as congressional records from American sources. This new volume presents fascinating new areas of enquiry and analysis for all scholars in the field of economic history, including economists, historians and demographers.

This open access book examines from a variety of perspectives the disappearance of moral content and ethical judgment from the models employed in the formulation of modern economic theory, and some of the papers contain important proposals about how moral judgment could be reintroduced in economic theory. The chapters collected in this volume result from the favorable reception of the first volume of the Virtues in Economics series and represent further contributions to the themes set out in that volume: (i) examining the philosophical and methodological fallacies of this turn in modern economic theory that the removal of the moral motivation of economic agents from modern economic theory has entailed; and (ii) proposing a return descriptive economics as the means with which the moral content of economic life could be restored in economic theory.This book is of interest to researchers and students of the methodology of economics, ethics, philosophers concerned with agency and economists who build economic models that rest in the intention of the agent.

This book includes papers presented at the 11th International Conference “Economies of the Balkan and Eastern European Countries” (EBEEC), held in Bucharest, Romania, in May 2019. It sheds new light on the micro- and macroeconomic developments in the Eastern European and Balkan countries, while at the same time taking into account the broader regional and global factors influencing these developments. By examining how the decisions and the performance of economic, social and political actors in the region are intertwined with wider regional and global events, the contributions highlight the dynamic development in Eastern Europe and the Balkans region. Further, the book demonstrates how the region has overcome numerous challenges in the past and is evolving within the framework of European economic integration and the global effervescent economy.

Volume 33 contains articles on the economic history of Europe, America and Asia and brings new analysis, and newly created datasets to address issues of interest. Two papers focus on the US and contribute to our understanding of the Great Depression. In'Reexamining the Origins of the Smoot-Hawley Tariff Act', Beaudreau argues industrialists used the plight of farmers to raise tariffs on manufactured goods. And Jalil and Rua show in'Inflation Expectations in the U.S. in Fall 1933” that shifts in inflationary expectations could be responsible for the patterns in output witnessed in 1933: an expansion in the early part of the year which stalled by the Fall. Two papers present new data.'First Cabin Fares from New York to the British Isles, 1826-1914'by Dupont, Keeling and Weiss extends their work on understanding early tourism by creating a new series to examine the time path of first class travel over the 19th century.'Reforms and Supervisory Organizations: Lessons from the History of the Istanbul Bourse, 1873–1883'by Hanedar, Hanedar, Torun and Çelikay data newly collected from the Istanbul Bourse to better understand how investors respond to different types of reforms. And finally, Field in'The Savings and Loan Insolvencies and the Costs of Financial Crisis'gives a reinterpretation of the Savings and Loan Crises of the late 1980s and early 1990s in light of the subsequent, much more severe crisis of 2007/08.

George Stigler (1911-1991) was unquestionably one of the post-war giants of the economics profession. Along with such compatriots as Milton Friedman, Aaron Director, Gary Becker and others at Chicago, he would manage to radically reshape the contours of the discipline, engineering a virtual counter-revolution against the previous post-war consensus. Stigler essentially pioneered the fields of industrial organisation and regulatory economics while contributing landmark studies to the history of economic thought. George Stigler was awarded a much-deserved Nobel Prize in 1982.At heart always a shy boy from the provinces, defending himself and his beliefs against the demands of a more wicked and devious world, he remained one of the only truly inscrutable figures in the history of modern economics. A kind, deeply caring family man, he fended off those outside his inner circle by employing a razor sharp, and often cruel, wit, keeping friends, colleagues and especially enemies at an arm's distance. “… [there was] the student who came to George complaining that he didn't deserve the ‘F'he'd received in George's course. George agreed but explained that ‘F'was the lowest grade the administration allowed him to give.” Many who had the fortune, or misfortune, of coming within the range of his sharp tongue, even in the seeming context of an innocent encounter, would bear the scars of that contact for years to come. “With a paper like this, [delivering it] under the table, would not be inappropriate.”This volume is then one of the first to shed light on an entirely enigmatic figure by approaching both the man and his work from very divergent and original perspectives. Whether it succeeds is up to the whims of the reader. Or as George Stigler was wont to say, “Let the chips fall where they may.”

This book explores peripheral visions on economic development, both in the sense that it deals with specific issues of economic development and underdevelopment in countries at the periphery of the world economy, and in terms of its exploration of the economic thinking developed in those regions, particularly in Latin America. Bringing together an international group of historians of thought, economic historians and development economists from Latin America, Europe and other parts of the world, this volume is highly credited and is an excellent contribution to development economic studies. This book is divided into four parts. Following the introduction, the first set of papers describes the evolution of core-periphery perspectives in key contributions by Raúl Prebisch, Oskar Lange, Albert Hirschman, Celso Furtado and Homero Cuevas. The second set discusses the links between unbalanced productive structures and external trade in peripheral countries. The third set contains papers on critical episodes in the development of monetary and financial systems in Latin America during the 19th and 20th centuries. The fourth set deals with geographical and institutional aspects of path dependence in the governance of external trade and in the development of liberties, property rights and economic education in Europe, Latin America and Africa. Several chapters make use of hitherto unexplored archival material. Other chapters draw attention to important episodes or literatures that have largely gone unnoticed in the English-speaking world. Yet others combine conceptual innovations with work on new historical data and other sources hitherto not utilized in such contexts. This book is ideal for those who study and research development economics, history of economic thought and economic history, especially in Latin America.

Plant Here the Standard tells the story of the world's oldest evening newspaper, the (London) Evening Standard. Commencing in the time of Oliver Cromwell, it traces the history of the Baldwin Family, fearless Protestant publishers, whose successors launched The Standard in 1827. Later owners of the paper were to include: C.Arthur Pearson, founder of the Daily Express; Lord Beaverbrook; and, now, Lord Rothermere. And throughout there are tales of the paper's scoops, its famous journalists and cartoonists, and its political involvements.

Allyn Young (1876-1929) was a deep thinker and achieved fame during his lifetime. His fame owes more to his style and influence as a teacher than his published work. His greatest fame as an author rests on a single economic paper on increasing returns and economic progress but he contributed much more as a mentor to his graduate students such as Frank Knight, Edward Chamberlin, and Lauchlin Currie at Harvard and to the undergraduate Nicholas Kaldor at the London School of Economics. He shot into international fame for his role as a member of the American delegation led by President Woodrow Wilson to negotiate peace at Paris after WWI. However, recent interest in Young is more due to his thought than to his contribution to the economics profession or public service. At the time of his death, he was working on two treatises, one on Money and the other on Economics. The one on Money was at a fairly advanced stage but no trace of either was found in his family's hasty departure from London after his untimely death. There is a general dearth of published material about Young, his thought and his life. His economic thought, apart from his views on growth theory and monetary economics, is relatively unknown. This volume offers a thematic approach to his contributions and biography.

In the past 25 years, exports have contributed strongly to growth and economic convergence in many small open economies. However, the Western Balkan (WB) region, consisting of small emerging market economies, has not fully availed itself of this driver of growth and convergence. A lack of openness, reliance on low value products, and weak competitiveness largely explain the insignificant role of trade and exports in the region's economic performance. This paper focuses on how the countries in the WB could lift exports through stronger integration with global value chains (GVCs) and broadening of services exports. The experience of countries that joined the European Union in or after 2004 shows that participation in GVCs can help small economies accelerate export and income growth. WB countries are not well integrated into Europe's vibrant GVCs. Trade within the region is also limited—it tends to be bilateral and not cluster-like. Our analysis shows that by improving infrastructure and labor skills and adopting trade policies that ensure investor protection and harmonize regulations and legal provisions, the region can greatly enhance its engagement with GVCs. Services exports are an increasingly important part of global trade, and they offer an untapped source of growth. The magnitude of services exports from the WB region compares favorably with that of peers in Europe, particularly in travel services where several of these countries have a revealed comparative advantage. But there is significant room for growth in tourism exports and an untapped potential in business and information technology services exports that these countries can materialize through policy efforts that increase openness and enhance connectivity and labor skills. Serbia offers a good example of how decisive efforts, including education policies to ensure a sustained supply of skilled labor, can help information technology services exports to take off.

NAMED A BEST BOOK OF 2017 by BLOOMBERG BUSINESSWEEK, THE FINANCIAL TIMES, AND AMAZONLook out for Tim's next book, The Data Detective.A lively history seen through the fifty inventions that shaped it most profoundly, by the bestselling author of The Undercover Economist and Messy. Who thought up paper money? What was the secret element that made the Gutenberg printing press possible? And what is the connection between The Da Vinci Code and the collapse of Lehman Brothers? Fifty Inventions That Shaped the Modern Economy paints an epic picture of change in an intimate way by telling the stories of the tools, people, and ideas that had far-reaching consequences for all of us. From the plough to artificial intelligence, from Gillette's disposable razor to IKEA's Billy bookcase, bestselling author and Financial Times columnist Tim Harford recounts each invention's own curious, surprising, and memorable story. Invention by invention, Harford reflects on how we got here and where we might go next. He lays bare often unexpected connections: how the bar code undermined family corner stores, and why the gramophone widened inequality. In the process, he introduces characters who developed some of these inventions, profited from them, and were ruined by them, as he traces the principles that helped explain their transformative effects. The result is a wise and witty book of history, economics, and biography.

On June 3, 2015, the Greek Parliamentary Budget Office, the National and Kapodistrian University of Athens, the Democritus University of Thrace, and the University of Peloponnese sponsored an international conference to address medium- and long-term growth in Greece. This collection presents the strongest papers on the conditions required to revive and maintain economic growth. Leading experts cover almost every major issue identified in the latest literature, from demographic issues and proposals for export strategy to the need for innovation and structural reform. The combination of qualitative and quantitative approaches to assessing present conditions make this ground-breaking collection a valuable resource for a variety of academics, professional economists, and economic policy practitioners planting the seeds of Greece's future.

This volume presents fourteen papers by Roman archaeologists and historians discussing approaches to the economic history of Pompeii, and the role of the Pompeian evidence in debates about the Roman economy. Four themes are discussed. The first of these is the position of Pompeii and its agricultural environment, discussing the productivity and specialization of agriculture in the Vesuvian region, and the degree to which we can explain Pompeii's size and wealth on the basis of the city's economic hinterland. A second issue discussed is what Pompeians got out of their economy: how well-off were people in Pompeii? This involves discussing the consumption of everyday consumer goods, analyzing archaeobotanical remains to highlight the quality of Pompeian diets, and discussing what bone remains reveal about the health of the inhabitants of Pompeii. A third theme is economic life in the city: how are we to understand the evidence for crafts and manufacturing? How are we to assess Pompeii's commercial topography? Who were the people who actually invested in constructing shops and workshops? In which economic contexts were Pompeian paintings produced? Finally, the volume discusses money and business: how integrated was Pompeii into the wider world of commerce and exchange, and what can the many coins found at Pompeii tell us about this? What do the wax tablets found near Pompeii tell us about trade in the Bay of Naples in the first century AD? Together, the chapters of this volume highlight how Pompeii became a very rich community, and how it profited from its position in the centre of the Roman world.

Joseph Halevi, G. C. Harcourt, Peter Kriesler and J. W. Nevile bring together a collection of their most influential papers on post-Keynesian thought. Their work stresses the importance of the underlying institutional framework, of the economy as a historical process and, therefore, of path determinacy. In addition, their essays suggest the ultimate goal of economics is as a tool to inform policy and make the world a better place, with better being defined by an overriding concern with social justice. Volume II assess application and policies.

Joseph Halevi, G. C. Harcourt, Peter Kriesler and J. W. Nevile bring together a collection of their most influential papers on post-Keynesian thought. Their work stresses the importance of the underlying institutional framework, of the economy as a historical process and, therefore, of path determinacy. In addition, their essays suggest the ultimate goal of economics is as a tool to inform policy and make the world a better place, with better being defined by an overriding concern with social justice. Volume III explores the ethics of economics.

Joseph Halevi, Geoff Harcourt, Peter Kriesler and J. W. Nevile bring together a collection of their most influential papers on post-Keynesian thought. Their work stresses the importance of the underlying institutional framework, of the economy as a historical process and, therefore, of path determinacy. In addition, their essays suggest the ultimate goal of economics is as a tool to inform policy and make the world a better place, with better being defined by an overriding concern with social justice. Volume I analyses the contributions of Keynes, Harrod and Kalecki.

Throughout the history of Ecuador, the ambivalent evolution of major political and social events such as the stability of serving presidents, coups and even war, has coincided with changes in the financial environment. The product of careful historical study,'Boom & Bust: Ecuador's Financial Rollercoaster'combines evidence from prior studies with original research, including data from the Central Bank of Ecuador, unpublished diplomatic papers and documents from the personal archives of relevant historical figures. A central finding is that the export performance of Ecuador's three primary commodities - cacao, bananas and oil - has significantly shaped 20th-century Ecuadorian history. Synthesis of old and new insights reveals how the state of the nation's economy has frequently determined the outcome of critical events. All the while, the strength, immediacy and direction of the relationships examined has varied. The book would appeal to anyone with an interest in Ecuador's recent history as well as specialists and scholars of Latin American economic and political history.

The Global Diamond Industry: Economics and Development brings together a collection of papers covering various aspects of the diamond industry including economics, law, history, sociology and development across two volumes.

This IEA publication deals head-on with a number of widely quoted myths about the market economy. In the case of the philosophical myths, such as the idea that economists believe that everybody is greedy, the author, Christopher Snowdon, carefully and entertainingly unpicks the misguided ideas that have taken hold. The author then moves on and effectively disposes of a number of economic myths using empirical evidence that is often ignored by commentators.

This book, focusing on the Japanese economy mainly from the 1990s to the 2010s, examines the Japanese industrial and fiscal-monetary policies and evaluates its achievements and limits from a historical perspective. Although the period that was also referred to as the'lost decade (or two, three decades)'was marked by various policy discussions, there are still few studies that summarize them as a history. Another unique feature of this publication is that it includes the contributions not only from researchers, but also from those who are/were in a position close to the policy makers. By rethinking this era, many Japanese not just researchers and policy makers will be motivated to move toward a new era. Many of the chapters in the book are based on the primary sources not found elsewhere, including the interviews with policymakers and collection of policy documents, in addition to the authors'own analysis, views, and findings. They attempt to describe policymakers'struggles to exit from the long-term recession after the collapse of the bubble economy, seeking to get back on the trajectory for economic growth. The readers will gain new factual perceptions and discoveries from these historical contexts. The issues presented in this book will also contribute to the international understanding of policy efforts in Japan, which is facing a frontier with high uncertainty. Japan's experience and its challenges are common in many aspects to developed countries now and in the future.

This book first analyzes the institutional changes and historical value orientations brought about by China's economic reforms and then explores the justice and progressiveness of changes in social production relations, as well as the uniqueness of economic growth and macro control in China's institutional changes. It further delves into the effectiveness and qualitative improvement during the growth process, including the evolution of structural height, the formation of structural benefits, and the improvement of factor productivity and input–output efficiency. Finally, the book dissects the systemic motivation of China's economic growth and development and proposes the requirements for systemic changes to achieve sustainable development. The main innovation of this book lies in revealing the basic driving factors of the debate on the justice of institutional change from the perspective of value theory, deepening the understanding of China's reform and development experience,and emphasizing the importance of economic growth structure efficiency and total factor efficiency.

This book is a study of comparative social and political theory, examining how Hayek's classical liberalism has been influencing the development of Chinese liberalism since 1949. While both Chinese liberalism and the thought of Hayek can each be studied in its own right, this is the first systematic study on how Hayek's ideas have helped post-war Chinese liberals enrich their social and political theory in the pursuit of freedom and in formulating theoretical responses to the challenges of modernity in China. This book examines and identifies those central theoretical tenets of Hayek that are most inspiring to the post-war Chinese liberals in their efforts in developing a more robust and profound understanding of freedom in the Chinese context. It argues that the new post-war understanding of Chinese liberalism has superseded the social democratic understanding that was widely adopted by pre-war Chinese liberals. These theoretical/Hayekian tenets include: the critique of totalitarianism and scientism, the idea of the free market, the insights inherited from the Scottish Enlightenment to counter the excess of Cartesian Rationalism, the thesis of the concurrent evolution of culture and mind, and the central importance of the rule of law in defending individual freedom. This book aims to help political theorists and historians of comparative political thought both in the East and in the West better understand the intellectual issues involved and explore further research endeavours in the same area.

This book analyses the emergence and growth of the creative sector in Naples between the early modern and modern eras, focusing particularly on the development of music markets in the city. From the seventeenth century, Naples became one of the most culturally enriched regions in the Italian peninsula, with internationally known music schools, theatres and opera venues attracting visitors from across Europe in a burgeoning tourist market. This book sheds light on the driving economic factors and political contexts behind this key case study for the early growth of the opera and music sector in Europe. Starting with a discussion of the value of economic history to understanding cultural industries, the chapters approach this analysis through multiple lenses: the formation of human capital as the result of Naples'institutional urban welfare system; the role of cultural consumption as it evolved from a primarily religious activity to growing popular demand; and the rolethat central city authorities played in encouraging cultural activity through private investment and public policy. The book also draws on fascinating archival research to examine the contribution of Naples'music conservatories in the local creative economy. This book is a valuable resource to a broad range of readers, including those working in economic history, tourism history, the history of music and theatre, Italian social history and more.

First published in 1930, “The Fur Trade in Canada” is a book by Harold Innis that draws sweeping conclusions about the complex and frequently devastating effects of the fur trade on aboriginal peoples; about how furs as staple products induced an enduring economic dependence among the European immigrants who settled in the new colony and about how the fur trade ultimately shaped Canada's political destiny. Covers the fur trade era in Canada from the early 16th century to the 1920s. It analyses the economic and social implications of Canada's reliance on staple products.

The South African economy has largely performed below its potential. Although the size of the South African economy has significantly increased since 1994, its performance has lagged behind other comparable economies, and has even been overtaken by Nigeria as the largest economy in Africa. Unemployment, income inequality, and poverty have remained high since 1994. In the past decade, South African economic performance has been so poor that is has resulted in declining per capita incomes. In this study, Vusi Gumede and his co-authors offer a comprehensive analysis of the South African economy since 1994, dealing with many important issues, ranging from its history to its political travails in an effort to provide better understanding and find possible solutions to ensuring inclusive growth.

Fashion is a research topic of increasing interest to economic and business historians as it points towards new understandings of economic growth and decline. This book explores the role of institutions and institutional change in the Italian fashion system from the 1940s to the 1980s. Starting from the premise that institutions play a central role in explaining the peculiarity and development of the Italian fashion system, this book analyses the diverse institutional entities involved in supporting and promoting Italian fashion. The objective is twofold: to highlight, with a comparative approach, the distinctly polycentric nature of Italian fashion and to explain the emergence of the stylist as the outcome of a lengthy process of institutional change. The book explores the role that institutions and institutional actors have played in making Italian fashion a key player into the world economy, enriching the existing interpretative framework through unique interdisciplinary analysis. This book will be of interest to researchers and students working in economic and business history, the history of fashion, and cultural studies.

This book reviews China's strategic pathway over the last 1000 years and considers its prospects for ascending to high-income status by the end of the 21st century. It analyzes why, although China's chances of joining the global core are sound, they are not outstanding; in addition, it faces mounting challenges, internal and external alike. The argument is presented in the framework of dynamic-strategy theory, which is expounded here in novel form. This exposition includes a wide ranging survey of global history, with a focus on the development of the industrialisation paths of the major economies of today, including a detailed study of Japan's long-run strategic pathway. The book's closing section presents a scenario-based discussion of China's potential place in the world in 2100. The analysis implies that China's zenith is likely to be reached slightly before mid-century, after which its relative economic scale will likely decline. Beyond that generalfinding, the scenarios investigate the wide range of plausible outcomes that China may experience: a range that the author contends is much wider for China than for nations under-pinned by less complex political-economies. Given its scope, the book will appeal to scholars of history, economics, geopolitics and sinology, and to anyone interested in learning about China's economic prospects at a time of increasingly heated ideological and empirical debates.

World history suffers from a paucity of clearly articulated, convincing explanations. While the rise of postmodernism and challenges to Eurocentrism did lead to some important correctives, the pendulum has swung too far the other direction, with a corresponding danger of ‘throwing the baby out with the bathwater'. We need careful, theoretically informed debates about ways of organizing world history. What constitutes a good historical explanation? What should guide historians to choose relevant facts? Which theoretical schools could be made useful, and to what ends? These questions are especially relevant to the main topic of this book: the ‘great divergence'between the west and the rest of the world, and how this historical rupture is to be explained. The book provides extensive critical analyses of some of the key claims in world history, analyzing their strengths as well as their major weaknesses—too often rooted in insufficient familiarity of historians with theories they discard. It also historicizes the field and the debates to partly account for what caused some theories to become more influential and others to fall into oblivion—despite the fact that the more influential frameworks are seriously flawed and some of the more marginalized ideas are more coherent and plausible. The book offers insights regarding the theoretical and political relevance of older debates about the transition to capitalism and historical materialism. Three major schools of thought in world history are critically examined through an in-depth theoretical and comparative analysis that has not been undertaken elsewhere: the so-called ‘California School', World Systems Analysis, and Marxist theories of history, capitalism, and the transition from feudalism to capitalism. Murphy argues that, despite some of the more recent criticisms of older approaches to world history, the older theories remain indispensable for the writing of world history and for coming to terms with issues of global poverty, inequality and eco-catastrophe.

This book, the second of two volumes, explores India's economic development from the Gupta Empire (400AD) through to modern day India. The specific characteristics of economic development in India are examined to help determine development paths India can pursue to create sustainable development in the 21st century. The transition from the primary section to the secondary sector, through the process of industrialisation and in turn the move towards the services sector, is discussed in relation to climate change, technological innovation, and the pressure on resources posed by population growth. This book aims to contextualise India's economic development within the political economy of trade, with a particular focus on institutions such as the IMF and the British East India Company. It will be relevant to students and researchers interested in economic history, development economics, and the political economy.

This book is the first comprehensive history of the British Trade Corporation, which was constituted under a Royal Charter on 21st April 1917. Its charter was meant to last for sixty years, but in 1926, after a turbulent existence of only nine years, it was amalgamated with the Anglo-Austrian Bank, and absorbed into the Anglo-International Bank. The corporation together with its two main subsidiaries, the Levant Company and the National Bank of Turkey, conducted business not only in Britain but in Russia, Turkey, the Middle East and in Continental Europe. Although the corporation was not an agent of empire, it reflected Britain's imperialistic ambitions after the First World War. As a result, it invested in some of the most unstable regions of the world. It was also severely affected by British foreign policy, which was often misjudged and, at times, duplicitous, resulting in serious damage to British trade. Within five years of its launch, the British Trade Corporation needed to be refinanced. The economic downturn in the early 1920s and ongoing hostilities in Eastern Europe and the Near East meant that it struggled to survive. Its difficulties reflected many of those faced by Britain in general after the war and the need to come to terms with the new realities of the post-war world. Despite its innovative attempt to address the perceived deficiencies in Britain's financial system, especially in respect of industrial finance, the British Trade Corporation has been largely ignored by financial historians. Based on substantial archival research, this book rectifies this neglect and makes an important contribution to the financial history of interwar Britain.

The book brings to light how Latin American states have traditionally stood before the field of International Investment Law and Arbitration. It delves into their posture of resistance to critically examine how their perspective has gradually changed and how they have adapted and molded their investment agreements so as not to leave their position as players in the field of International Investment Law. Many Latin American states have appeared as defendants before international investment tribunals and some of these, like Venezuela, Bolivia or Ecuador, have denounced their international investment agreements. Deeming the law field as imbalanced, they have looked for alternatives to continue providing legal protection to foreign investors while protecting their right to regulate in the name of public interest. Some interesting investment agreements models, sometimes of a different ilk, have consequently flourished and have arrested the attention of those studying or working with international investment law.The main objective of this book is to critically discuss how Latin American states have accepted, resisted, or adapted themselves to international investment law and arbitration. Accordingly, the general connection between these states and international investment law are explained in an introduction which examines the general trends as per which Latin American states have offered a legal protection to foreign investments. The first part enters the merits of where international investment law and arbitration stand in some Latin American states whereby the experience of Brazil, Chile, Argentina, Venezuela, and Uruguay are discussed. The following parts explain the trends in international investment law and arbitration in Latin America. These trends are namely related to dispute settlement and governance, to the connection between investment law and human rights and finally to regionalization. In these parts, the experience of states like Brazil,Colombia, Peru, and Mexico are perused.

This volume examines the effects of the COVID-19 pandemic on the labor market and the business environment in the European Union (EU), with a specific focus on Romania, the least developed country in the EU. The book emphasizes the need to rethink recovery models and suggests a new normal based on the pillars of economic, climatic, and social resilience. Is proposed the redefinition the policies'mix that will allow fundamental changes in development, focused also on social and societal profit, the redefinition of productivity and environmental performance of businesses, and the rebalancing of work and leisure life. The COVID-19 crisis not only accelerated the digital transformation of society but also reconfigured the coordinates of economic development by prioritizing sustainable development for all, based on green jobs as a starting point for business innovation and decent jobs for active social protection. Following this approach, the contributions discuss selected issues with importance to the development of society in the post-pandemic world. The book is of interest to students, scholars and researchers in economics, business, management and political science, as well as to policy makers and practitioners, for a better understanding of the impact of the COVID-19 pandemic on the labor market and the business environment in European Union.

This book demonstrates how the political economy of mercantilism was not simply a Western invention by various cities and kingdoms during the Renaissance, but was the natural by-product of perpetually limited growth rates and rulers'relentless pursuits of bullion. It contributes to discussions of the economic history surrounding the so-called “Great Divergence” between East and West, which would consequently lend context and credence to differences of economic thought in the world today. Additionally, it seeks to explain present economic thought as tacitly derived from implicit antique paradigms. This book advances fields of research from numismatics and sigillography to historical materialism and historical political economy.Divided into three parts, Orthodox Mercantilism first examines the political theology (the sovereignty) of the œcumene from the early 11th century. Second, it analyzes its peripheral legislation from the customary laws of newly Christianized dynasties up to the Kormčaja Kniga's adoption (the Nomokanon) by 13th-century Orthodox dynasties across Eastern Europe. Third, it explores how these dynasties (and their own satellite dynasties) hoarded finite bullion to pay for defense, resulting in the 11–14th-century coinless period across Eastern Europe and Western Eurasia.Appealing to students and scholars alike, this book will be of interest to those studying and researching economic and mercantile history, particularly in the context of Byzantine and Eastern European societies.

This edited collection discusses the evolution of microfinance and social business from the late medieval period to the modern era. The book fills a gap in financial history by exploring lesser-known, informal forms of credit granted to the poorest people, which have often not been recorded in writing. The book highlights the particularly innovative forms of credit developed in Italy, but also includes global contributions on the presence of microfinance and social business across Europe, Asia, and the Middle East. This book illuminates for different countries and periods forms of financial assistance available for those not deemed as creditworthy – whether through the institution of the Monti di Pietà, an Italian credit instrument of the late Middle Ages, loans granted by shopkeepers, pawnbroking, or mutual aid distributed by lottery or religious institutions. The geographical diversity of the chapters enables comparative analyses to be drawn between different forms of credit and financial systems as they developed over a long period. The research presented offers new perspectives for contemporary microfinance, as well as reconstructing the experience of those living in poverty in a range of social, economic and religious contexts. The book will be of interest to a broad readership, including those working in financial, economic and social history.

Die Bundesrepublik Deutschland ist im internationalen Vergleich das Land mit den meisten Mitbestimmungsgesetzen. Nirgendwo sonst sind die Rechte der Arbeitnehmer so weitgehend geregelt wie hier. Und das bereits seit über 100 Jahren! Im Mittelpunkt dieser Mitbestimmung stehen die Mitwirkungs-und Mitbestimmungsrechte der Betriebsräte in sozialen, personellen und wirtschaftlichen Angelegenheiten. Von einer partnerschaftlichen und qualifizierten Zusammenarbeit von Arbeitgeber und Betriebsrat hängt der wirtschaftliche Erfolg eines Unternehmens in hohem Maße ab. Für den Wirtschaftsstandort Deutschland ist daher eine funktionierende Betriebspartnerschaft ein Kernelement der Wettbewerbsfähigkeit. In der Schrift „Betriebsräte in Deutschland“ sollen der Begriff der Mitbestimmung erläutert werden und die rechtliche und politische Entwicklung der Arbeitnehmervertretung Betriebsrat vom Arbeiterausschuss vor über 100 Jahren bis zum Mitgestalter des heutigen und künftigen Arbeitslebens. Im Mittelpunkt der Abhandlung steht die Entwicklung des Betriebsratsamtes und seine heutigen Mitwirkungs-und Mitbestimmungsrechte im Betrieb und Unternehmen. Dazu gehören ebenso die Verquickung von betrieblicher Mitbestimmung und Unternehmenspolitik durch Betriebsräte in den Aufsichtsräten der Kapitalgesellschaften und im Europäischen Betriebsrat Ein weiterer Schwerpunkt des Buches sind die Perspektiven der betrieblichen Mitbestimmung und die damit verbundenen Anforderungen an die Betriebsratsarbeit in der digitalen Arbeitswelt. Der Betriebsrat ist „Sprachrohr“ der Arbeitnehmer und gleichzeitig Mittler zwischen Arbeitgebern und Arbeitnehmern. Er ist Meinungsbildner im täglichen Arbeitsablauf im Betrieb. Somit ist er interessant für betriebsexterne Gruppen wie zum Beispiel Gewerkschaften und politische Parteien, um Werbung für ihre Politik zu betreiben. Betriebsräte als Multiplikatoren politischer Meinungen sind daher ebenso ein Gegenstand dieser Untersuchung. Beschrieben werden zu dem der „typische“ Betriebsrat. Die Kosten der Anwendung des Betriebsverfassungsgesetzes und der Betriebsrat im Spiegel empirischer Untersuchungen sind weitere ergänzende Themen. Eine Erkenntnis aus der Entwicklung des Betriebsrats als volkswirtschaftlicher Produktionsfaktor ist, dass es bei der Diskussion um die betriebliche Mitbestimmung nicht mehr um das „Ob“, sondern um das „Wie“ in der Zusammenarbeit von Arbeitgeber und Betriebsrat handelt.

This book explores the role of the informal sector at the beginning of the structural transformation of the Indian economy. It highlights the dynamic nature of the informal sector and the crucial role that it played in that transformation. The growth of the informal sector is analysed alongside the decline in agriculture and the growth of industry. Issues such as unemployment, wages, rural-to-rural migration, in addition to rural-to-urban migration, are discussed. The book also considers the role of social factors, including those relating to caste and tribe, in migration decisions. It also highlights the links between migration, the informal sector, and economic growth that are also relevant to other developing countries. This book will be of interest to students and researchers in development economics, development studies, and economic history.