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The structure of the Turkish economy was similar to that of the late Ottoman economy in the 1920s. (1) Commercial agriculture and trade were the main economic activities. Coastal regions [...]

Pericles' use of economic terminology in the Funeral Oration is discussed as evidence of knowledge of economic principles among the Greeks in the 5th century BC. 'Axiosis,' meaning 'worth' or 'value' is used by Pericles as a metaphor for 'arete' ('honor') in a definition of friendship.

Hong Kong's return to China in 1997 has demonstrated the interdependence between the Hong Kong dollar and the Chinese Renminbi. The circulation of the Hong Kong dollar outside Hong Kong, begun in 1940s, required preventive mechanisms to avoid crisis between Chinese and British interests.

A study of the Bulgarian rose-oil trade between 1771 and 1941 is presented. Rose oil, an essential oil made by distilling rose flowers and re-distilling the rose water in turn, provided indispensable feedstock for perfumes in the 19th century, and Bulgaria was its primary international source until the 1970s. Evidence is presented tracing the history of rose essence and its discovery by European traders; by 1787 the town of Grasse was exporting the product throughout Europe. Production trends are tracked. Political upheavals periodically affected the trade, especially the collapse of Ottoman rule Areal yields began declining in the 1880s. Adulteration and eventual competition from synthetic materials are discussed extensively. Mercantile agents collected oil from growers and bulked it immediately; adulteration was so heavy that the best available had only 20 percent palmarosa, the active ingredient. The transition to synthetics was slow, and all rose oil was distilled in simple peasant stills until 1903, when industrial distilleries emerged. Crisis began in the 1930s due to political problems, economic weakness and eventually World War II. Statistical tables and charts are included.

A study of the impact of nation-states on economic development in Western Europe, comparing Britain with France, Germany and Italy, since the 18th century is presented. Britain and France were superpowers by the 1700s, with the British economy reflecting the emergence of capitalism under which the state protected business and the Continental economies reflecting a variety of upheavals ranging from the French Revolution to the odd combination of nationalism and liberalism nascent in Italy. Germany quickly developed economic integration beginning with a customs union or Zollverein, but otherwise lagged far behind Britain. The French state during the early 19th century Restoration found a role in the planning and financing of canals; industrialization soon proceeded, and the 18th century German empire sought to copy the French. Italy was slower to industrialize than England, France or Germany. The dichotomy between Britain and the Continent became more pronounced with the growth of railroads, which developed haphazardly through private enterprise in Britain while the State took a stronger hand on the Continent.

A study of Soviet monetary history during the period between 1919 and 1924, during which the older Tsarist money union disintegrated and was later revived by the Soviet government is presented. Overall economic failure resulted in hyperinflation and proliferation of multiple parallel currencies; the Soviets thought to achieve political union through monetary union, and an argument that the chevronet currency can be understood in these terms is presented. Issues affecting monetary union such as optimum currency area are discussed, and a quantitative assessment of the rule of the chevronets is presented mathematically.

A study of how Western-style banking generally failed in the 19th-century economy of the former Ottoman Empire is presented. Background information includes details of how the Ottoman Empire underwent processes of integration and industrialization during the period and how European powers set up banking concerns partly as imperialistic ventures. Most expected vast opportunities for profitable banking business, and some success appeared to take place in the provinces, but the situation turned to failure in the late 1860s. Key reasons for the failure included difficulty in the commercial environment and mismanagement. Statistical appendices are included.

A discussion of the poor economic situation in Naples during the 1550s, beginning shortly after Philip II ascended the throne, is presented. Philip II's attempts to build a system of public finance were hampered by the huge outflow of funds sent to religious bodies and by investors from Florence and elsewhere to their native lands. War with the Turks was an external budget constraint as well. Other factors included poor harvests, rising living costs and efforts to privatize publiic land. Philip's policies resulted in a scarcity of metallic money that affected foreign exchange. Overall economic difficulties contributed to the prevalance of brigandage and rebellion in the sixteenth century.

The division of German economic historiography into a younger and older historical school is exaggerated. The older school is seen to start in the 1840s, with the younger school arising in the 1870s. While new methodologies did grow from the works of the older economists, they did not have enough in common with each other to form a distinct school. The older economists were also not unique in their focus on history, to distinguish themselves from other scholars of their time.

Aristotle's definition of fair exchange has been ignored possibly because of a presumed inequity between his exchange participants, a builder and a shoemaker. Careful interpretation of Aristotle's fair exchange philosophy reveals that he believed a proportionate equity could be established for both parties in economic exchanges and justice. The inequity exists simply because of product values not social inequity so can be overcome by establishing proportionate values for products.

50 Years of Pakistan's Economy: Traditional Topics and Contemporary Concerns. Edited by Shahrukh Rafi Khan. Karachi: Oxford University Press Pakistan, 2000. Pp.vi + 500. [pound]18.99 and [pound]5.99. ISBN 0 19 [...]

Books on the history of business and economics in the United States are listed. The list includes 26 books by various authors.