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TABLE OF CONTENTS I. CONVERGENCE, PATH DEPENDENCY, AND THE "CORPORATIZED" CHINESE STATE-OWNED ENTERPRISE (SOE) 962 II. THE STATE-CONTROLLED CHINESE CORPORATION AND ENTERPRISE IN THE LATE 2010s 967 III. THE FIRM [...], This Article analyzes the contemporary program of "corporatization without privatization" in the People's Republic of China (PRC) directed at China's traditional state-owned enterprises (SOEs) through a consideration of long ago precursor enterprise establishments--starting from the last Chinese imperial dynasty's creation of "government-promoted / - supervised, merchant-financed/-operated" (guandu shangban) firms in the latter part of the nineteenth century. While analysts are tempted to see the PRC corporations with listings on international exchanges that dominate the global economy and capital markets as expressions of "convergence," this Article argues that such firms in fact show deeply embedded aspects of path dependency unique to the Chinese context even prior to the fall of the Qing dynasty in 1911. To that end, this Article identifies commonalities between China's large-scale state (imperial court)-promoted or -operated enterprises after 1870 and the PRC's largest corporations and corporate groups that have grown since the early 1990s--commonalities which touch on the national development ambitions behind such firm establishments, financing, operations, monopoly franchise rights, corporate governance, relationship to law and domestic and transnational legal systems, the interaction between the state and other non-state sectors, and more. Conversely, the Article investigates key differences in the surrounding geopolitical, political, legal, economic, and market environments between the late nineteenth century and today, so as to explain how today's largest Chinese enterprises are, and will be, distinct from their nineteenth century ancestors. This Article does not address the extent to which China's corporatized, publicly held SOEs should be understood as "sovereign" for purposes of evaluating foreign sovereign immunity and the like. Instead, this Article aims to help policy makers, global capital markets participants, and even corporate governance specialists understand more concretely the underlying differences between modern China's apparently convergent corporations, on one side, and corporate enterprises operating and financed in other parts of the world, on the other. This analysis may, in turn, illuminate the future trajectory of the PRC and its rising corporate entities as global political and economic actors of abiding power and influence.

This essay attempts to quantify and explain the economic performance of Australia from the first European settlement to the present, and beyond. A general dynamic theory--the 'dynamic-strategy' theory--has been employed to provide a new interpretation of 'dynamics Downunder'. It is shown, among other things, that the bold attempt from the 1910s to the 1960s to turn aside from the traditional development policy of exogenously driven natural-resource exploitation in order to embark on an endogenously determined dynamic process, has broken down during the course of the present generation. This was mainly due to a failure of 'strategic leadership' on the part of recent Australian governments that have, quite rightly, dismantled the framework of protection but have failed to replace it with the infrastructure of strategically relevant technological ideas. Once again Australia's economic prosperity depends heavily on the fluctuating fortunes of the global economy. While in the nineteenth century this took the form of reliance on the prosperity of Britain, today it centres on the continuing growth of Japan and China. This critical problem has been exacerbated by the misconceived policy of inflation targeting, which is damaging the central endogenous dynamic mechanism. What then of the future? It all depends on whether strategic leadership can ever be rediscovered, and a new dynamic economic strategy be adopted. Keywords: Long-run dynamics, Dynamic-strategy theory, Inflation targeting, Strategic leadership, Strategic demand. JEL codes: 011, 047, 056

A micro-founded measure of aggregate bilateral trade costs is derived which allows the combined magnitude macroeconomic frictions that impede international trade to be estimated. Examination of the global trade from 1870 reveals that trade cost declines explains around 55 percent of pre World War I trade boom and 33 percent of the post-World War II trade boom.

This article evaluates critically the meta-narrative that capitalism is becoming totalizing and hegemonic. Recently, an emerging corpus of postdevelopment thought has begun to deconstruct this discourse, but only in relation to Western economies and the majority (third) world. To further contribute to this emerging critique, the aim is to analyze the degree to which capitalist economic practices have permeated postsocialist societies through a case study of Moscow. Based on face-to-face interviews with 313 households during 2005/06 concerning their work practices, a relatively shallow penetration of capitalism in this city is identified, with only a minority of households relying on the capitalist economy in particular, and the formal economy more generally, to secure their livelihood. The vast majority of the population is found to depend heavily on an array of noncapitalist economic practices; and capitalist and noncapitalist practices are identified as operating in tandem with, rather than in opposition to, each other. The outcome is a call to refute the universality of capitalist hegemony and to rethink the nature of economic development from a perspective that recognizes the persistence of economic pluralism.

In a pair of 1925 lectures, John Maynard Keynes described world economic history with reference to a classification of stages developed by John R. Commons. This article examines Keynes's two 1925 lectures in the context of Commons's writings. It spotlights lesser-known aspects of Commons's scholarship and helps clarify ambiguities in Keynes's two addresses. It also identifies a key document, written by Commons, upon which Keynes relied when developing his presentations. In addition, the article explains how the work of Commons and Keynes in the 1920s has relevance for the contemporary development of evolutionary Keynesianism (which can also be called Post-Keynesian Institutionalism). Keywords: John R. Commons, John Maynard Keynes, evolutionary Keynesianism, Post-Keynesian Institutionalism, reasonable value JEL Classification Codes: B 31, B52, N10, P11, In August 1925, John Maynard Keynes addressed the Liberal Party's Summer School. His presentation divided the pressing questions of the day into five categories--peace, government, sex, drugs, and economics--and each [...]

Synopsis on the economy of Roman Empire is presented.

The three-part natural experiment in fiscal policy aimed at observing the impact on the economy and stock market of the fiscal policies that followed three important economic booms in United States and Japan is discussed.

Byline: Jay Cochran (1) Keywords: great depression; katallactics; measurement Abstract: This paper develops a view of the extent of the market based on the katallactic notions advanced by Mises, Hayek, Buchanan, and others. This contractarian approach to the katallactic process is used to analyze one of the most studied but still controversial periods of U.S. economic history, the interwar years from 1919 to 1939. The pictures that emerge from a katallactic analysis of the interwar years are quite different from those that emerge, for example, from considerations of national income and product. The katallactic approach reveals, for example, that a much larger and more dynamic structure of production and financial exchanges sits behind the relatively sanguine facade of final consumption during this turbulent period. Author Affiliation: (1) Research Fellow in Regulatory Studies, Mercatus Center, George Mason University, 3301 N. Fairfax Drive, Fourth Floor, Arlington, VA, 22201, USA Article History: Registration Date: 27/10/2004

Noneconomic objectives were a significant part of the international economics subspecialty in economics.

The economical value of a local cultural history museum, namely, the Museum of Central Finland in Jyvaskyla is determined. The difference between users (visitors) and non-users is analysed in detail and a prognostic model of the willingness to maintain the Museum is constructed.

This article discusses the need to focus on global economic inequality throughout history. Topics include culture, imperialism, social reform, poverty, and tradition.

This article compares the economic histories of China and Europe. Topics include international trade, economic development, mercantilism, agrarianism, and competition.

This article discusses Chinese economic history and compares it to that of Europe. Topics include industrialization, economic growth, consumer behavior, population growth, agricultural production, and international trade.

The article examines the origins of the descriptive phrase 'captains of industry' and how its current meaning differs from that intended by Thomas Carlyle, the 19th-century Scottish economist who coined it. While the phrase today means a prominent and influential business figure or entrepreneur, Carlyle originally applied the phrase to the aristocracy, the social group he expected to rightfully control human labor.

Andrew Britton (*) The Review is pleased to give hospitality to CLARE Group articles, but is not necessarily in agreement with the views expressed. Members of the CLARE Group are [...]

This article discusses the relationship between inflation and high cost of living in United States economic history. Topics include an analysis of economic policy, popular culture, and party politics.

Recent research has suggested that the U.S. cotton-textile industry would have been wiped out had it not received tariff protection throughout the antebellum period. We reaffirm Taussig's earlier judgement that the U.S. cotton-textile industry was largely independent of the tariff by the early 1830s. American and British producers specialized in quite different types of textile products that were imperfect substitutes for one another. Using data from 1826 to 1860, we estimate the responsiveness of domestic production to fluctuations in import prices and conclude that the industry could easily have survived even if the tariff had been completely eliminated.

Recent historical research tends to view the 1848 revolutions in Europe as caused by a surge of radical ideas and by long-term socioeconomic problems. However, many contemporary observers interpreted much of the upheaval as a consequence of short-term economic causes, specifically the serious shortfall in food supply that had shaken large parts of the continent in 1845-1847, and the subsequent industrial slump. Applying standard quantitative methods to a data set of twenty seven European countries, we show that it was mainly immediate economic misery, and the fear thereof, that triggered the European revolutions of 1848.

The relative price of capital goods, an important component of the user cost of capital, has rarely been incorporated into comparative studies of long-run capital accumulation. This article constructs and explores a data set for capital-goods and equipment prices covering the 1870-1950 period for eleven OECD countries. We document substantial differences across countries in the relative prices of capital goods, but also find convergence in those prices over time. Finally, we show that relative capital-goods prices are strongly negatively correlated with investment rates.

This article defines the concept of market economy and investigates its relationship with ancient Rome's economic structure. An analysis of economic development, goods and services exchanges, and economic integration is presented.

The author compares the economic development of countries which had abolished slavery in the 19th century with antebellum Southern states. Issues include racial adjustment, the conditions of exslaves, and compensation; countries used in comparison include Brazil,Haiti and the British West Indies.

This article examines new research on income distribution in the United States during the 1920s. Topics include the stock market boom, income inequality, and war.

Economics, like geology, is an historical science. Geology has made incredible advances by accepting it is an historical, rather than a laboratory science. Economic historians can help economics make similar advances by adopting the research strategies of modern geology. Intensely empirical and global in their range, today's geologists focus on the historical remains of shocking, usually catastrophic, events in the earth's past. Already empirical and global, economic historians have ample shocks to study whether their specialty is population, technology, or institutions. A few examples of the possibilities should stimulate us to reinvigorate our parent disciplines of economics and history.

The paper estimates the correlation between tariffs and economic growth in the late 19th century, in the context of three types of growth equation: unconditional convergence equations; conditional convergence equations; and factor accumulation models. It does so for a panel of ten countries between 1875 and 1914. Tariffs were positively correlated with growth in these countries during this period.

There is a debate on whether a document on the impact of cultivating different qualities of land can be attributed to James Mill or Jeremy Bentham. Nathalie Sigot argues that Bentham is unlikely to have written the manuscript, but there are doubts as to whether he can be eliminated since the evidence against his authorship of the document is not strong enough. There are also passages in Bentham's works which indicate that he shared the concerns expressed in the manuscript.

Global economic optimism was boundless a year ago, with soaring stock markets and expanding real GDPs, but hopes for globalization are retreating due to the economic crises in South-east Asia and Russia. Some believe it is merely a salutary market correction. However it represents a more a profound shift in political, economic and social direction. The driving force is a cyclical generational dynamic, as nations experience generational transition in their leaders, with public mood matching the transition.

The establishment of linkages between socio-economic conditions and environmental state with sustainable agricultural development serves as an alternative solution to the problem of poverty confronting South Asian countries. Linkage establishment involves understanding the system covering the environment, social structure and the state of agriculture economics. Such strategy can be used to development projects being undertaken by South Asian countries.

Morishima has replied to criticisms of his views of the economic theories of Ricardo, and much of his reply does not relate to the key issues involved in the criticisms. This implies that he accepts the criticisms. Morishima's views of the major areas covered by Ricardo are all debatable, and this includes Ricardo's views on production, value and income distribution. Morishima has used Ricardo's work as a way to develop ideas of his own, and this is backed up by Morishima's reply.

Morishima has written an interesting work on Ricardo which helps students of Morishima's economics, but is misleading for students seeking to understand Ricardo. There are more differences between the views of Walrus and Ricardo than Morishima has recognised. Morishima has misinterpreted Ricardo in a number of ways, for example in not distinguishing between a focus on permanent wage changes which Ricardo separates from temporary changes. Morishima argues that he is seeking a new perspective in understanding the history of economic theory, but it is a mistaken perspective.

Economic history scholarship published in 1996 shows published articles on the early middle ages, 1500 to 1700, 1700-1850, and the modern era from 1850 onwards. Areas discussed include gender studies, marriage and family, economic issues, urban development, farming, and related social issues.

Analytical business history requires a synthesis of theories of transaction cost, entrepreneurship and firm-specific competence. These theories can be integrated using the concept of information cost. Economies of information cost explain the emergence of market-making intermediation in capitalist economies. Economists have been so preoccupied with production that they have ignored the role of market-making intermediation, despite the fact that market-making intermediation has a crucial impact on the strategy and organisation of the firm. This essay charts the historical emergence of market-making intermediation, and analyses its effects using a diagrammatic technique specifically developed for this purpose. It is suggested that the concept of information cost, and the techniques of analysis allied with it, offer a useful way forward for business historians., The institutional theory of the firm, derived from Coase and developed by Williamson and others, has only partially fulfilled its early promise.(1) It has succeeded in explaining where the boundaries […]

INTRODUCTION Following the abortive putsch of August, 1991, Russian president Boris Yeltsin installed a team of young reformers led by economist Yegor Gaidar. In 1992 Gaidar's team introduced so-called 'shock [...]

Reforms to the functions of the Central government in New Zealand had been initiated since 1985. The political and economic situations motivated the changes to a new system of public management. Ideas for the New Zealand model are American in origin, as culled from institutional economics and modern management theory/practice. Solutions to serious problems in economic and government management were offered. Results focused on idea implementation, extent of acceptance, impact on behavior of managers, and effects of objectives on government.

Cliometrics, which originated in 1957, unites economic theory and quantitative analysis to enhance economics and history. It advances research on economic history using economic theory and quantitative analysis. It also uses history to enhance the understanding of long-run economics and to assess and provoke economic theory. Cliometricians, however, are limited by the dominant economic theory and the constraints of computing and statistical tools. The relaxation of these constraints, starting around 1982, created challenges and opportunities to cliometrics.