Search

The spirit of capitalism is a sentimental reflection of its practice, and the practice envisioned by the likes of Adam Smith and other early proponets of capitalism assumed an intimate commerce among friends and neighbors. With the advent of the industrial revolution and the development of the modern corporation, commercial relationships increasingly became anonymous, with the result that the sentimal forces that once shaped capitalism withered, leaving a crude, uncomplicated form of self-interest in their place. Drawing on economic history, classic works of political economy, and personal interviews, I tell the story of these two competing visions of capitalism, the intimate capitalism of the old world (a phenomenon still visible in small town America, today) and the anonymous capitalism of contemporary commerce., Author(s): John Paul Rollert [sup.1] Author Affiliations: (Aff1) 0000 0004 1936 7822, grid.170205.1, University of Chicago Booth School of Business, , 5807 South Woodlawn Avenue, 60637, Chicago, Illinois, USA Before [...]

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., 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 [...]

DEBT, suspicion, and obligation are perhaps the most pervasive of all thematic conflicts in Philip Massinger's many plays. The recurring trope is of characters' foolhardy indebtedness depriving them of the [...]

At least since Adam Smith's time, economists have acknowledged the benefits associated with specialization within the academy and within economics. Notwithstanding this appreciation, they fail to appreciate the benefits associated [...]

An excessive desire for liberty at the expense of everything else is what undermines democracy and leads to the demand for tyranny. --Plato, The Republic Studies of nineteenth-century southern political [...]

We develop a parsimonious finance and endogenous growth model with microeconomic frictions in entrepreneurship and a role for credit constraints. We demonstrate that though an efficiency--growth relation will always exist, the efficiency--depth--growth relation may not. This has implications for the connection between the theory and empirics of finance and growth. We go on to ask whether the model can account for some historical trends in growth, financial depth and financial efficiency for the UK over the period 1850-1913. The best model of finance and growth is one that departs from the standard depth-growth link. JEL classification: O11; O16; O40; N13; N23 Keywords: Finance and growth; Endogenous growth; Economic history

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 [...]

The economic and social dimensions of change have penetrated all aspects of history like military history, the history of science and medicine, political and diplomatic history, and the history of art which were hermetically sealed within their own methodological convention, utilizing just their own criteria. The economic history has recovered from its danger of losing its own battle with its range broadened to embrace social and cultural history.

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.

VAN STEL A. J. and NIEUWENHUIJSEN H. R. (2004) Knowledge spillovers and economic growth: an analysis using data of Dutch regions in the period 1987-1995, Reg. Studies 38, 393-407. The importance of knowledge spillovers for achieving innovation and economic growth is widely recognized. It is not straightforward which types of spillover are most effective: intra-sectoral spillovers or inter-sectoral spillovers. We investigate this controversy using a model of regional growth. The model also deals with the impact of local competition on innovation and growth. The model is estimated using sectoral data for 40 Dutch regions. We find that local competition is important particularly for economic growth in industry sectors (manufacturing and construction), while diversity, a proxy for inter-sectoral spillovers, is important particularly for growth in service sectors. We find no effect for specialization (a proxy for intra-sectoral spillovers). Knowledge spillovers Innovation Economic growth Industry structure VAN STEL A. J. et NIEUWENHUIJSEN H. R. (2004) Les retombees de connaissance et la croissance economique: une analyse puisant dans des donnees sur les regions neerlandaises de 1987 a 1995, Reg. Studies 38, 393-407. L'importance des retombees de connaissance pour reussir l'innovation et la croissance economique est repandue. L'efficacite des diverses retombees n'est pas tout a fait evidente: les retombees intrasectorielles sont-elles plus efficaces que ne le sont les retombees intersectorielles, ou viceversa? A partir d'un modele de la croissance economique, on examine cette polemique. Le modele traite aussi de l'impact de la concurrence locale sur l'innovation et la croissance. On estime le modele en employant des donnees sectorielles pour 40 regions neerlandaises. La concurrence locale s'avere importante, notamment pour ce qui est de la croissance economique des secteurs industriels (la fabrication et la construction), tandis que la diversite, qui constitue une variable substitut relative aux retombees intersectorielles, s'avere particulierement importante pour ce qui concerne la croissance du secteur tertiaire. Il n'en resulte aucun effet quant a la specialisation (une variable substitut relative aux retombees intrasectorielles). Retombees de connaissance Innovation Croissance economique Structure industrielle VAN STEL A. J. und NIEUWENHUIJSEN H. R. (2004) Wissensverbreitung und Wirtschaftswachstum: eine auf Daten der niederlandischen Regionen im Zeitraum 1987-1995 gestutzte Analyse, Reg. Studies 38, 393-407. Die Bedeutung der Wissensverbreitung zur Erzielung von Innovation und Wirtschaftswachstum ist allgemein anerkannt. Es ist nicht einfach, festzustellen, welche Art der Verbreitung am wirksamsten ist, ob intrasektorale oder intersektorale Verbreitung. Die Kontroverse wird mit Hilfe eines Modells regionalen Wachstums untersucht. Daruberhinaus beschaftigt es sich auch mit Auswirkungen ortlichen Wettbewerbs auf Innovation und Wachstum. Es wird mit Hilfe von Sektorendaten fur 40 Regionen der Niederlande berechnet. Es stellt sich heraus, dass Wettbewerb am Orte besonders fur das wirtschaftliche Wachstum in den Industriesektoren (Herstellung und Konstruktion) von Bedeutung ist, wahrend Vielfalt, ein Ersatz fur intersektorale Verbreitung, sich besonders fur Zunahme in Dienstleistungssektoren als wichtig erweist. Bei Spezialisierung (einem Ersatz fur intrasektorale Verbreitung) wird keine Wirkung festgestellt. Wissenverbreitung Innovation Wirtschaftliches Wachstum Industriestruktur VAN STEL A. J. y NIEUWENHUIJSEN H. R. (2004) Desbordamientos de conocimientos ('knowledge spillovers') y crecimiento economico: un analisis utilizando datos de regiones holandesas para el periodo comprendido entre 1987-1995, Reg. Studies 38, 393-407. La importancia de los desbordamientos de conocimientos a la hora de conseguir innovacion y crecimiento economico es un hecho ampliamente reconocido. No es evidente que tipo de desbordamientos son los mas efectivos: desbordamientos intra-sectoriales o inter-sectoriales. Nosotros investigamos esta controversia utilizando un modelo de crecimiento regional. El modelo tambien mide el impacto que la competicion local ejerce sobre la innovacion y el crecimiento. El modelo se calcula utilizando datos sectoriales para 40 regiones holandesas. Descubrimos que la competicion local es importante particularmente para el crecimiento economico en los sectores industriales (manufacturacion y construccion), miestras que la diversidad, una variable sustituta (proxy) para los desbordamientos inter-sectoriales, es particularmente importante para el sector servicios. En lo que se refire a especializacion no hallamos ningun efecto (una variable sustituta (proxy) para los desbordamientos intra-sectoriales). Desbordamientos de conocimientos Innovacion Crecimiento economico Estructura industrial JEL classifications: O31, R11

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 paper reports new aggregate and industry productivity series for the New Zealand economy for the period 1988 to 2002. Comparison between Australia and New Zealand shows that market sector multifactor productivity growth has been similar in both countries over the full sample period. Since 1994 average labour productivity growth has been higher in Australia, which reflects the relatively lower rate of physical capital accumulation in New Zealand after 1993. On the other hand, New Zealand's capital productivity growth has been higher than Australia's capital productivity growth since 1994, reflecting the relatively higher growth in hours worked in New Zealand., 1. Introduction Productivity growth is inextricably linked to economic growth and increases in welfare. As some recent research suggests that most of the difference in cross-country per capita GDP growth [...]

This paper addresses aspects of New Zealand's economic performance by first analysing the country's relative international position against a comparative group of five OECD countries. Cointegration test results fail to confirm prima facie evidence that New Zealand's per capita output is on a clear divergence path from the rest of the group. A detailed analysis of New Zealand productivity trends at the sectoral level is carried out next. The results indicate that removal of government protectionist measures has in general been associated with enhanced productivity performance. This may have contributed to keeping the output gap from other OECD countries from widening., 1. Introduction This paper is an update of our earlier work on relative sectoral productivity performance during the period 1972-1994 in New Zealand (see Fare, Grosskopf, Margaritis 1996). The present [...]

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.

A discussion of Nicholas Barbon's economic theories is presented, focusing on seventeenth-century balance of trade theory. Topics include money, value, interest, wealth, infinite demand, and infinite supply.

The author examines the economic and political crises that caused the collapse of Russian capitalism in 1998. Topics include factors that led to economic downturn, such as a decline in industry, devaluation of the ruble, refusal to accept government securities and political instability; the role of politicians in the crisis is also discussed.

Similarities can be found between the economic theories of institutionalists such as Thorstein Veblen, John R. Commons, and Wesley C. Mitchell and Durkheimian positive economists such as Francois Simiand and Maurice Halbwachs. Similarities occur along the lines of orthodox economics, economic institutions, and economic consumption. Studies may also indicate similarities in treatment of wages and money. There are also differences between the schools, and among members in the schools.