Economic history Books

Book SynopsisSince China announced the Belt and Road Initiative (BRI) in 2013, the Gulf States have regarded it as a means for diversifying their national economies in order to reduce dependence on oil revenues and to achieve their national development strategy. The Persian Gulf region has a significant role in the successful implementation of BRI. Emerging strategic, diplomatic and financial partnerships will enable China to control the flow of its exports to world markets. The BRI has five major goals: Policy coordination, facilities connectivity, free trade, financial integration, and people-to-people bonds. Facilities connectivity, which focuses on transportation and energy infrastructure, is the initiatives priority. The integration between the national development plans of Gulf monarchies, the economic reconstruction plans of Iraq and Iran, and the new economic goals of Saudi Arabia, with Chinas Belt and Road vision have converged to bring forward opportunities. The implementation of the new Silk Road strategy will unleash a regional infrastructure boom by connecting China with Asia, Europe, and Africa by land and sea, boosting renminbi internationalization. Nevertheless, there are challenges that could complicate the envisaged bilateral partnerships. Saudi Arabia: The strategic synergy between the BRI and Saudi Vision 2030 has forged a joint economic development path, but external conflicts (Yemen, Iran) could derail plans. Iran: While Tehran has a special geographical status in West Asia, Washingtons decision to withdraw from the Iran nuclear agreement might create Sino-Iranian trade barriers. The UAE: In July 2018 bilateral relations were elevated to a comprehensive strategic partnership. The synergy between the BRI and UAE Vision 2021 is multifaceted trade, energy, infrastructure and logistics, financial services, military ties, tourism and cultural cooperation but very complex. Most of the Gulf States are governed by monarchies, are at the primary stage of industrialization, and are susceptible to US and European influence. The challenges Chinas ascendancy poses for the US, and the inevitable geopolitical fight back, in conjunction with Gulf regional turbulence, mean that the BRI project will face substantive challenges in the years ahead.

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Book Synopsis'This wise and lucid guide to pluralism in economics embodies the values of its cause. Generous, open-minded, fair, accurate and accessible: John Harvey's new book is a fine achievement that every economics major should read.'- James K. Galbraith, The University of Texas at Austin, USJohn Harvey's accessible book provides a non-technical yet rigorous introduction to various schools of thought in economics. Premised on the idea that economic thinking has been stunted by the almost complete rejection of anything outside the mainstream, the author hopes that this volume will open readers' minds and lead them in new and productive directions. In his exploration of Neoclassical, Marxist, Austrian, Post Keynesian, Institutionalist, New Institutionalist and Feminist schools of thought, unique features of each approach are highlighted, complemented by discussions of methodology, world views, popular themes, and current activities. Accurate and impartial, every chapter covering a heterodox school of thought has been vetted by an acknowledged expert in that field. Though written for use in undergraduate courses, this guide will no doubt offer a great deal to any scholar wishing to gain a fresh perspective and greater understanding of the variety and breadth of current economic thinking.Trade ReviewFifty years ago I used Robert L. Heilbroner's The Worldly Philosophers to get students excited about economics. Today I would use John T. Harvey's Contending Perspectives in Economics. The book is beautifully written and full of insights into who economists are and why they think the way they do. --Paul D. Bush, California State UniversityEconomics is a mess. Oppositional clans (''schools''), pseudo-science, corruption of various kinds and relentless disdain for the real-world predominate. If you are thinking of entering this war-zone, then reading John Harvey's Contending Perspectives in Economics is your best bet for retaining your intellectual health. --Edward Fullbrook, University of the West of England, UKI just finished reading the book! I feel like I learned so much from it, and not just in terms of the information itself. As I read, it stimulated so much thought I found myself writing many pages on things I'd never even thought about! --Marcus Schiebold, Economics Undergraduate Student, University of North TexasTable of ContentsContents: 1. Introduction 2. Economics as a scientific discipline 3. Neoclassical economics 4. Marxism 5. Austrian economics 6. Post Keynesian economics 7. Institutionalism 8. New Institutionalism 9. Feminist economics 10. Ecological Economics 11. Conclusions Index

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Book SynopsisOffering a comprehensive guide to financial shocks and crises, this book explores their increasing occurrence in current market economies, as well as their power to wrench the macroeconomy. It discusses three critical questions: what causes financial shocks; which channels may exacerbate their impact; and what policies could help avoid them or limit their negative effect on the economy and society at large. Drawing together contributions from top scholars in the field, this Modern Guide addresses both the causes and consequences of financial instability after the Global Financial Crisis (GFC) at both micro and macro levels. Chapters conceptualise financial crises, highlight their main channels of transmission, and explore the role of public policies, looking at how to learn from past financial crises to prevent future ones. The book further examines why financial shocks will be a permanent trait in the future, and the potential impacts of market economics continuing to expand financialisation as they have done over recent decades. This Modern Guide will be a timely resource for economics students and scholars, particularly as it compares the impacts of the GFC and Covid-19 and explores why these are so different. It will also be an important read for policy makers seeking advice on how to manage and avoid financial crises.Table of ContentsContents: Preface ix PART I FINANCIAL INSTABILITY AFTER THE GLOBAL FINANCIAL CRISIS: TAXONOMY AND MODELS 1. The Global Financial Crisis 2 Vincenzo D’Apice and Giovanni Ferri 2. Minsky’s financial instability hypothesis 22 Maria Nikolaidi 3. Financial accelerator framework 45 Tommaso Oliviero and Giovanni W. Puopolo PART II MAIN CHANNELS OF TRANSMISSION OF THE FINANCIAL SHOCK 4. The role of the household balance sheets 66 Christophe André 5. The European network of cross-border lending 93 Ornella Ricci and Francesco Saverio Stentella Lopes 6. International banks and the transmission of financial shocks 111 Eugenio Cerutti and Haonan Zhou 7. The role of bank ownership types and business models 135 Giorgio Caselli 8. The role of market valuation in financial crises 159 Paola Bongini and Emanuele Rossi PART III THE ROLE OF PUBLIC POLICIES 9. Reflections on the shifting consensus about monetary and fiscal policies following the GFC and the COVID-19 crises 180 Alex Cukierman 10. Fiscal policy lessons since the Global Financial Crisis 199 Jérémie Cohen-Setton 11. The government as lender of last resort and temporary owner 212 Aneta Hryckiewicz 12. The sovereign-bank nexus 241 Giovanni Ferri and Valerio Pesic 13. Financial reforms 262 Alexandre Garel and Arthur Petit-Romec PART IV LEARNING FROM PAST FINANCIAL CRISES TO PREVENT FUTURE ONES 14. Looking back: a historical perspective on European crises 289 Elias Bengtsson 15. Looking ahead: early warning systems 314 E. Philip Davis and Dilruba Karim Index 349

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Book SynopsisThis insightful book traces the evolution of corporate power in the United States, from social control over corporate power under early state laws to the modern liberation of the corporation serving primarily private purposes. It illustrates how the transition of attitudes towards corporations and dynamic changes in public policy have ushered in an age of financial fragility, income inequality and macroeconomic instability.The book employs an evolutionary methodology to consider the role of the corporation in the US economy, and how that role as a tool for public purposes, defined by special charters, changed with the widening of markets and increasing industrial capacity for mass production. Evaluating the stages of capitalist development, chapters demonstrate how the co-evolution of law, economics and finance altered economic organization, leading to the evolution of core economic concepts such as capital, income and resources. The book examines the transition of corporate purpose towards generating wealth and enhancing profits in the early twentieth century and analyzes recent trends through illuminating case studies in financialization. It concludes with crucial insights into the future of the corporation, offering potential pathways for economists to intervene and address the systemic problems that are endemic to the modern financial era.A rousing and provocative call to arms for modern economists, this book is key reading for scholars and researchers of economics, particularly those focusing on the evolution of economic and business institutions and its impact on the social fabric of the US. Practitioners and policymakers will also benefit from its empirical perspectives on financialization.Trade Review‘Evolution of the Corporation in the United States is essential reading on today’s corporations. Combining economics, law, and finance, it demonstrates how corporations evolved from serving the public interest to advancing the private interest of financial elites. Anyone aiming to fashion an agenda for economic reform must begin with this book.’ -- - Charles J. Whalen, University at Buffalo- SUNY, USTable of ContentsContents: 1. Financialization and the corporation in the twenty-first century 2. Capitalist development 3. Widening of the market and the transition from scarcity to abundance 4. Role of the corporation 5. Failure of federal policy to achieve social control 6. Corporations and finance 7. Case studies in financialization 8. Creating the path forward by social control References List of cases Index

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Book SynopsisThis volume contains thirty-seven contributions from the most significant early developers of monetary economics. Starting with Aristotle, the collection tracks the development of the modern theory of money through the ages by thinkers like Thomas Aquinas, Martin de Azpilcueta, John Locke, Richard Cantillon, David Hume, and A.R.J Turgot. Also included are the first translations of Jean Buridan's writings on money and of Albert the Great's writings on money from Latin. A Source Book on Early Monetary Theory will be of interest to bankers, historians, and macroeconomists and can be used as a supplementary text on courses in macroeconomics, money and banking, and the history of economic thought.Trade Review'Edward Fuller's convenient anthology of contributions to monetary economics by thirty writers before Adam Smith, from Aristotle to Hume and Condillac, will be greatly appreciated by anyone interested in the origins and development of monetary economics. Many of these important writings were previously difficult of access. Now it is easy, and enjoyable, to peruse in a single book the long and rich heritage of monetary analysis in the two millennia from Aristotle to Adam Smith.' -- Robert W. Dimand, Brock University, Canada'A timely book. Edward Fuller leads us back to the intellectual sources of sound thinking on money. His anthology is essential reading in an age of monetary insanity.' -- Guido Hulsmann, Universite d'Angers, France'Money has been making the world go 'round since ancient times. This volume , dealing with monetary thought from Aristotle to Condillac, provides, in one place, an excellent source of and easy access to the ideas of pre-Smithian monetary theorists, including translations of key writings. It should have a prominent place on the bookshelf of professional economists and advanced students alike.' -- Warren Young, Bar Ilan University, Israel and Carnegie-Mellon University, US'It is very useful to have in one volume the highlights of pre-Smithian European monetary theory, including some selections translated into English for the first time. The volume begins with Aristotle's influential (if theoretically dubious) remarks on money, followed by important commentaries they inspired from Albertus Magnus, Thomas Aquinas, and Jean Buridan. Next come choice selections from the brilliant medieval writer critic of debasement, Nicholas Oresme, and from several thoughtful Spanish scholastics including Juan de Mariana. Relevant monetary extracts from the early modern writers Grotius, Pufendorf, Locke, and Cantillon follow. The volume winds up with Scottish and French Enlightenment figures like Hutcheson, Hume, Turgot, and Condillac. Altogether this collection is a welcome resource for teachers and students of monetary history and the history of economic thought.' -- Lawrence H. White, George Mason University, USTable of ContentsContents: Foreword by Jesús Huerta de Soto vii Foreword by Joseph T. Salerno viii 1 Introduction: The Aristotelian Monetary Tradition 1 Edward W. Fuller 2 Aristotle: Nicomachean Ethics (c. 350 BC) 8 3 Aristotle: Politics (c. 350 BC) 11 4 Albert the Great: Commentary on Aristotle’s Nicomachean Ethics (c. 1262) 14 5 Albert the Great: Commentary on Aristotle’s Politics (c. 1263) 21 6 Thomas Aquinas: Commentary on Aristotle’s Nicomachean Ethics (c. 1271) 29 7 Thomas Aquinas: Commentary on Aristotle’s Politics (c. 1272) 34 8 Peter John Olivi: A Treatise on Contracts (c. 1295) 41 9 Jean Buridan: Commentary on Aristotle’s Nicomachean Ethics (c. 1336) 47 10 Jean Buridan: Commentary on Aristotle’s Politics (c. 1349) 54 11 Nicholas Oresme: Treatise on Money (1358) 70 12 Gabriel Biel: On the Power and Utility of Moneys (1495) 89 13 Copernicus: Essay on the Coinage of Money (1526) 96 14 Luís Saravia de la Calle: Instructions for Merchants (1544) 103 15 Martín de Azpilcueta: On Exchange (1556) 105 16 Tomás de Mercado: Manual of Deals and Contracts (1569) 113 17 Sir Thomas Smith: A Discourse of the Commonweal of this Realm of England (1581) 114 18 Francisco García: A Very General and Useful Treatise on Contracts (1583) 120 19 Bernardo Davanzati: A Discourse upon Coins (1588) 123 20 Luís de Molina: A Treatise on Money (1597) 132 21 Leonard Lessius: On Buying and Selling (1605) 134 22 Juan de Mariana: A Treatise on the Alteration of Money (1609) 137 23 Hugo Grotius: The Rights of War and Peace (1625) 168 24 Samuel Pufendorf: The Elements of Universal Jurisprudence (1660) 171 25 Samuel Pufendorf: The Whole Duty of Man (1673) 174 26 John Locke: Some Considerations of the Consequences of the Lowering of Interest, and Raising the Value of Money (1691) 177 27 Dudley North: Discourses upon Trade (1691) 194 28 Isaac Gervaise: The System or Theory of the Trade of the World (1720) 206 29 Richard Cantillon: An Essay on Economic Theory (1730) 217 30 Jacob Vanderlint: Money Answers All Things (1734) 244 31 Francis Hutcheson: Philosophiae Moralis Institutio Compendiaria (1747) 246 32 Ferdinando Galiani: On Money (1751) 248 33 David Hume: Of Money (1752) 260 34 David Hume: Of Interest (1752) 267 35 David Hume: Of the Balance of Trade (1752) 274 36 Joseph Harris: An Essay upon Money and Coins (1757–58) 283 37 A.R.J. Turgot: Reflections on the Formation and Distribution of Wealth (1766) 289 38 Étienne Bonnot de Condillac: Commerce and Government Considered in Their Mutual Relationship (1776) 296 Index 310

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Book SynopsisIn this significant new book, Bruna Ingrao and Claudio Sardoni emphasize the crucial importance of considering credit/debt relations and financial markets for a comprehensive understanding of the world in which we live. The book offers both a thorough historical and theoretical reconstruction of how 20th century macroeconomics got (or did not get) to grips with the interactions between banks and financial markets, and the 'real' economy. The book is split into two distinct and thematic parts to expose the different attitudes to banks and finance before and after the Great Depression of the 1930s. Part I explores the period from the turn of the 20th century to the late 1930s, when many important economists devoted great attention to banks and credit relations in their explanations of the working of market economies. Part II discusses the post-war period up until the modern day, when banks and financial markets ceased to be a major concern of mainstream macroeconomics. The 2007-8 crisis gave rise to a renewed interest in credit relations, but many problems inherited from the past still remain open. The authors stress, in particular, the implications of the uneasy, if not impossible, coexistence of the endeavour to set macroeconomics within the framework of general equilibrium theory with the attempt to develop the analysis of the monetary and financial features of actual economies. Macroeconomists will greatly benefit from this timely book as it examines the historical evolution of the discipline, pointing out the major factors that have largely prevented the development of satisfactory analyses of the interrelations of credit, finance and the macroeconomy. Those involved in current economic policy debates will also benefit from the lessons offered in this book.Trade Review'Financial markets are terribly important in a modern economy. Yet, economists have mostly preferred to approach money from highly simplified perspectives that shunt the complexities of finance to one side. Still, from time to time, economists have tried to grasp the nettle. Ingrao and Sardoni provide a highly readable historical account of those efforts to integrate banking and finance into macroeconomic theory, which illuminates both why the problem is a difficult one and why it is important.' --Kevin D. Hoover, Duke University, US'By historically analysing the ways in which macroeconomic theories have conceptualized the role of banks and financial markets, this book solves the puzzle of why mainstream macroeconomics puts the financial system in the background even though it has expanded enormously in its complex interaction with the real side of the economy.' --Mario Amendola, University of Rome, ItalyTable of ContentsContents: PART I From the 1920s to the early postwar period 1. Introduction 2. Banks and the quantity theory: Wicksell and Fisher 3. Money and banking in the process of change: Schumpeter and Robertson 4. Banks, debt and deflation in the Great Depression 5. Keynes on banks in A Treatise, The General Theory and after 6. Further discussions and criticisms of Keynes’s General Theory PART II From the Neoclassical Synthesis to New Keynesian Economics 7. Finance in macroeconomics in the post-war years: The neoclassical synthesis 8. The Monetarist counter-revolution: from the ‘resuscitation’ to the disappearance of money 9. Credit and finance in today mainstream 10. Conclusions Index

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Book SynopsisBeginning with the 2008 global crisis in the United States, and particularly after the COVID-19 pandemic shook economies around the world, academics, practitioners, and other experts have become increasingly sensitised to the potential for financial and economic fragility to result in a systemic breakdown. Presenting a synopsis of lessons learnt from financial crises arising out of the 19th, 20th and 21st centuries, each entry examines a unique past issue to help to develop future outcomes, operating as a touchstone for further research.This Encyclopedia is vital for those who wish to learn from the past in preparation for economic turbulence ahead. With wide coverage of causes, events and outcomes, it offers an insightful sample of financial crises in various regions and times throughout modern history.This authoritative work will be incredibly useful for students and scholars of finance management, policy and economics.Key Features: Over 100 entries written by experts in the field International scope with entries on financial crises around the world, covering six continents A plethora of entries on terms and phenomena to better understand the financial crisis history and literature Trade Review‘The literature on financial crises is as rich and dramatic as financial crises themselves. Scholars of the subject – specialists and neophytes alike – are lucky to now have definitive introductions to its various aspects all in one place. We are indebted to Sara Hsu and colleagues for providing this essential reference.’ -- Barry Eichengreen, University of California, Berkeley, US‘The Elgar Encyclopedia of Financial Crises, edited by Professor Sara Hsu is a fascinating “little shop of horrors” of financial mismanagement, poor judgement, and greed gone wild from Finland to the Philippines and just about everywhere in between. Written by knowledgeable scholars from around the globe, this authoritative Encyclopedia should be the “go to” source for students, scholars and policy makers who want to understand the amazing variety of financial follies perpetrated over the decades in places near and far.’ -- Gerald Epstein, University of Massachusetts Amherst, USTable of ContentsContents: Preface xii 1 2002 Uruguay banking crisis 1 Simone Selva 2 2008 Financial Crisis in the US 7 Sara Hsu and Brandon Dupont 3 A Classical-Keynesian approach to financial crises 11 Carlo Panico 4 A financial crisis as a form of VUCA (volatile, uncertain, complex, and ambiguous situation) 17 Tiia Vissak 5 A modern Greek tragedy: the crises of 2009–2015 21 Animesh Ghoshal 6 Argentina’s 1989 crisis 26 Hernán Eduardo Neyra and Andrés Ernesto Ferrari Haines 7 Asian financial crisis 31 Andrew Sheng 8 Assessing reserve management during economic crises: lessons from Indonesia and Nigeria 35 Phyllis Papadavid 9 Austrian School monetary explanation for the business cycle 43 Cameron M. Weber 10 Bank and corporate balance sheet vulnerabilities and currency crises 48 Manuel Duarte Rocha and Roberto Accioly Perrelli 11 Belgium’s crises in the pre-World War I era 51 Gertjan Verdickt 12 Bolivia—debt accumulation in the 1970s, hyperinflation in the 1980s 54 Gabriel Martinez 13 Canada and the global financial crisis 58 Ian Roberge 14 Canada’s asset-backed commercial paper crisis 62 Ian Roberge 15 Central banks 65 Nicolás Varela García 16 Changes in commodity prices as the factor triggering financial crises 70 Marek Dabrowski 17 Chile: the 1973 economic crisis and the military coup 76 Juan M. Padín 18 Chile’s 1981–83 crisis 78 Gabriel Martinez 19 Colombia during the financial crisis of the 1980s 84 Carlos Eduardo Hernández and Edwin López-Rivera 20 Colombia during the financial crisis of the late 1990s 88 Carlos Eduardo Hernández and Edwin López-Rivera 21 Colombia during the Great Depression 92 Carlos Eduardo Hernández and Edwin López-Rivera 22 Crisis prevention and resolution 95 Sara Hsu 23 Definition of banking crisis 98 Ali Ari 24 Determinants of banking crises 101 Ali Ari 25 Discovering business opportunities emerging from financial crises 105 Tiia Vissak 26 Early warning systems (EWS) of currency crises 108 Manuel Duarte Rocha and Roberto Accioly Perrelli 27 Ecuador’s 1999 triple financial crisis 111 Gabriel Martinez 28 Egypt’s currency and financial crisis 118 Simon Neaime and Isabelle Gaysset 29 Factors determining public debt sustainability 121 Marek Dabrowski 30 Financial crises and financial regulation: what relationship? 127 Lyubov Klapkiv and Faruk Ülgen 31 Financial crises in Spain after Bretton Woods: 1977 and 2008 crises 136 Concha Betrán and María A. Pons 32 Financial crises in the Ottoman Empire 141 Akif Berber 33 Financial crises in Turkey 146 Ali Ari 34 Financial crises, their forms, interrelations between them, and crises’ origins 151 Marek Dabrowski 35 Financial liberalization, the capital surge, and the 1994–1995 peso crisis 155 Juan Carlos Moreno-Brid and Joaquín Sánchez Gómez 36 Financial stability in the insurance sector: the case of the American International Group, AIG 157 Lyubov Klapkiv and Faruk Ülgen 37 Firms’ ways to deal with financial crises 162 Tiia Vissak 38 Fiscal policy and financial instability 165 John Lodewijks 39 Global capital flows and financial instability 168 John Lodewijks 40 Global imbalances and global recession 171 Ensar Yõlmaz 41 Global pandemic and stock market volatility of Asia-Pacific countries 176 Naji Mansour Nomran and Razali Haron 42 Great crises of the twentieth and twenty-first centuries: a Schumpeterian perspective 181 Faruk Ülgen and Lyubov Klapkiv 43 Hyman Minsky (1919–1996) 189 Brenda Spotton Visano 44 IMF and World Bank remedies for financial instability 191 John Lodewijks 45 Income inequality before the Great Depression and Global Recession 194 Ensar Yõlmaz 46 India’s balance of payments crises 199 Animesh Ghoshal 47 Inequality created by active monetary policy 204 Cameron M. Weber 48 Inflation 209 Nicolás Varela García 49 International banking regulation 214 Martina Metzger 50 Italy and the 1992 crisis of the European Monetary System 219 Roberto Di Quirico 51 Italy and the Eurozone crisis 222 Roberto Di Quirico 52 John Maynard Keynes (1883–1946) 226 Brenda Spotton Visano 53 Joseph Alois Schumpeter (1883–1950) 230 Brenda Spotton Visano 54 Lebanon’s perfect storm 232 Simon Neaime and Isabelle Gaysset 55 Liability dollarization 236 Gabriel Martinez 56 London and the exchange-rate crisis of 1931 240 Christopher Godden 57 London and the financial crisis of 1914 244 Christopher Godden Malaysian crisis 1985 248 Simone Selva 59 Marxian crisis theory 251 Deb Das 60 Monetary policy and financial stability in Africa during COVID-19 253 Phyllis Papadavid and Dirk Willem te Velde 61 Panic of 1857 256 William V. Rapp 62 Panic of 1907 260 William V. Rapp 63 Philippines banking crisis of 1981 264 Simone Selva 64 Portuguese banking crisis of 1876 267 Rita Martins de Sousa 65 Portuguese financial crisis of 1890/91 270 Rita Martins de Sousa 66 Recoveries from financial crises 275 Peter H. Bent 67 Southeast Asian crisis from a currency perspective 280 Martina Metzger 68 Spain’s crises in the interwar period: the Great Depression 284 Concha Betrán and María A. Pons 69 Spain’s crises in the second half of the nineteenth century (gold standard system) 289 Concha Betrán and María A. Pons 70 Systemic risk and credit risk 294 Victor A. Beker 71 Thailand 1997: the spark that started the fire 296 Gabriel Martinez 72 The 1893 bank crisis 303 Brandon Dupont 73 The 1931 banking crisis in Italy 307 Roberto Di Quirico 74 The 1935 Italian currency crisis 311 Roberto Di Quirico 75 The 1967 Indonesian banking crisis 314 Agusman Agusman 76 The 1997–1998 Korean financial crisis 317 Seung Jung Lee 77 The 1997–1998 financial crisis in Japan 320 Hiromichi Iwaki 78 The 1997/1998 Indonesian banking crisis 326 Agusman Agusman 79 The 1998 Russian debt crisis 330 Peter C. Earle 80 The 2001 Argentina financial crisis 332 Hernán Eduardo Neyra and Andrés Ernesto Ferrari Haines 81 The 2007 financial crisis in the United Kingdom 340 Seung Jung Lee 82 The 2008–2009 international financial crisis: influenza or minor cold in Mexico? 343 Juan Carlos Moreno-Brid and Joaquín Sánchez Gómez 83 The 2008/2009 financial crisis in Brazil 346 Rafael F. Schiozer and Paulo R. S. Terra 84 The Argentinean financial and debt crisis of 2019 351 Juan Santarcángelo 85 The banking crisis in Norway 1987–1993 354 Ola Honningdal Grytten 86 The Brazilian banking crisis of 1994/95 360 Rafael F. Schiozer and Paulo R. S. Terra 87 The Brazilian currency crisis of 1999 363 Rafael F. Schiozer and Paulo R. S. Terra 88 The Covid-19 crisis in Mexico (2020 …) 368 Juan Carlo Moreno-Brid and Joaquín Sánchez Gómez 89 The Credit-Anstalt crisis of 1931 372 Aurel Schubert 90 The debt crisis in Latin America in the 1980s 376 Juan Santarcángelo 91 The developing country debt crisis of the 1980s 379 Harald Sander 92 The Euro Crisis 383 Harald Sander 93 The financial crisis in Japan in the 1920s 389 Hiromichi Iwaki 94 The Finnish banking crisis of the 1930s 394 Karlo Kauko 95 The Finnish banking crisis of the 1990s 397 Karlo Kauko 96 The Great Depression in Norway 402 Ola Honningdal Grytten 97 The Great Depression in the United States 406 Charles Bartlett 98 The Icelandic banking crisis of 2008 413 Karlo Kauko 99 The impacts of financial crises on firms’ exports 417 Tiia Vissak 100 The Irish financial crisis of 2007–2010 420 Aurel Schubert 101 The lost decade and the 1982 debt crisis in Mexico 424 Juan Carlos Moreno-Brid and Joaquín Sánchez Gómez 102 The Norwegian monetary crisis in the mid-1920s 426 Ola Honningdal Grytten 103 The “odious” route to a sovereign debt crisis in the Democratic Republic of Congo 431 Mohit Arora 104 The period of the 1930s in the Portuguese economy 436 Rita Martins de Sousa 105 The post-war depression in Norway in the early 1920s 440 Ola Honningdal Grytten 106 The special period in Cuba 444 Peter C. Earle 107 The US savings and loan crisis 446 James R. Barth, Yanfei Sun and Min Gu 108 Tobin Tax and capital controls 452 John Lodewijks 109 Too big to fail 455 Victor A. Beker 110 Tulip mania 1637 and other crises in the Netherlands 458 Simone Selva 111 US financial crises and growing federal oversight of banking 463 James R. Barth and Stephen Matteo Miller Index 473

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Book SynopsisThis book is concerned with the eighteenth-century typographer, printer, industrialist and Enlightenment figure, John Baskerville (1707-75). Baskerville was a Birmingham inventor, entrepreneur and artist with a worldwide reputation who made eighteenth-century Birmingham a city without typographic equal, by changing the course of type design. Baskerville not only designed one of the world’s most historically important typefaces, he also experimented with casting and setting type, improved the construction of the printing-press, developed a new kind of paper and refined the quality of printing inks. His typographic experiments put him ahead of his time, had an international impact and did much to enhance the printing and publishing industries of his day. Yet despite his importance, fame and influence many aspects of Baskerville’s work and life remain unexplored and his contribution to the arts, industry, culture and society of the Enlightenment are largely unrecognized. Moreover, recent scholarly research in archaeology, art and design, history, literary studies and typography, is leading to a fundamental reassessment of many aspects of Baskerville’s life and impact, including his birthplace, his work as an industrialist, the networks which sustained him and the reception of his printing in Britain and overseas. The last major, but inadequate publication of Baskerville dates from 1975. Now, forty years on, the time is ripe for a new book. This interdisciplinary approach provides an original contribution to printing history, eighteenth-century studies and the dissemination of ideas.Trade ReviewReviews 'A fascinating account of the printer, type designer, and manufacturer, John Baskerville, which sheds new light on the history of this polymathic figure. Focusing on previously unexplored details of his personal life, the book explores his contribution to fields beyond printing, and his relationship with the broader technologies and ideas of Enlightenment Birmingham.'Dr Freya Gowrley, University of Edinburgh‘This book brings to light the life of this relatively unknown 18th century figure…This volume is an important addition to the story of Birmingham and the power of networks that brought together art and industry during the Industrial Revolution.’The William Shipley Group Bulletin'This enterprising volume of essays makes a determined effort to…underline the influence that Baskerville had in the Midlands, Britain and beyond.'Paul Elliott, Midland History'This collection of papers is a useful contribution to the study of Baskerville [...] There is valuable original work here, especially in filling out some of the gaps in our knowledge of Baskerville’s life.' John Feather, Publishing History'Due to the variety of its chapters, and the depth of their investigations, John Baskerville: Art and Industry of the Enlightenment is a most welcome title, and one can only hope that it may be the first in what will become a series of 'Baskerville studies' addressing a range of topics from authors in a variety of fields.'Dan Reynolds, Journal of the Printing Historical SocietyTable of ContentsList of Figures viiAcknowledgements xiForeword xiiiTimeline xvBaskerville Family Tree xviiIntroduction: John Baskerville: Art and Industry ofthe Enlightenment 1Caroline Archer-Parré and Malcolm Dick1 The Topographies of a Typographer: Mapping JohnBaskerville since the Eighteenth Century 9Malcolm Dick2 Baskerville’s Birmingham: Printing and the English Urban Renaissance 25John Hinks3 Place, Home and Workplace: Baskerville’s Birthplaceand Buildings 42George Demidowicz4 John Baskerville: Japanner of ‘Tea Trays and otherHousehold Goods’ 71Yvonne Jones5 John Baskerville, William Hutton and their Social Networks 87Susan Whyman6 John Baskerville the Writing Master: Calligraphy and Typein the Seventeenth and Eighteenth Centuries 113Ewan Clayton7 A Reappraisal of Baskerville’s Greek Types 133Gerry Leonidas8 John Baskerville’s Decorated Papers 151Barry McKay and Diana Patterson9 The ‘Baskerville Bindings’ 166Aurélie Martin10 After the ‘Perfect Book’: English Printers and their Use ofBaskerville’s Type, 1767–90 185Martin Killeen11 The Cambridge Cult of the Baskerville Press 206Caroline Archer-ParréAppendix 1 The ‘Baskerville Bindings’ 222Appendix 2 Members of the Baskerville Club 226Appendix 3 Comparative Bibliography 230Further Reading 248General Bibliography 255Notes on the Contributors 260Index 263

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Book Synopsis'In 1958, Britain and Denmark both advocated closer European cooperation through the looser framework of the Free Trade Area (FTA) rather than membership of the nascent European Economic Community (EEC). By 1972, however, the situation had changed drastically. The FTA was a long-forgotten concept. Its replacement, the European Free Trade Association (EFTA), seemed economically and politically inept. Now, at the third time of asking, both countries were on the verge of joining the EEC as full members. This compelling analysis compares how the European policies of the British Labour Party and the Danish Social Democrats evolved amid this environment. Based on material from 12 archives in four countries, it updates our knowledge of key moments in both parties’ interaction with the integration story, including in the formative stages of the EEC in 1958¬–60 and the negotiations for British and Danish EEC membership in 1961–63, 1967 and 1970–72. More innovatively, this book argues that amid an array of national and international constraints the reciprocal influence exerted by Labour and the SD on each other via informal party contacts was itself a crucial determinant in European policymaking. In so doing, it sheds light on the sources of Labour European thinking, the role of small states like Denmark in the integration process, and the prominence of the Anglo-Scandinavian nexus in the broader narrative of British foreign policy in this period.'Trade ReviewReviews 'Clearly written, logically structured and underpinned by an impressive base of archival material, this is a strong comparative analysis of British Labour and the Danish Social Democrats.' Dr Paul Corthorn, Queen’s University Belfast'The book is an impressive piece of scholarship, using a broad range of secondary sources in English and the Scandinavian languages as well as a few in French and German. Its anchoring in primary sources is exemplary. The author has trekked not just to the obvious archives in Britain and Copenhagen, but even to Amsterdam and Oslo in pursuit of his project.'European History Quarterly'Broad’s book is a fine accomplishment which sets an example on how government centred analysis can be hugely enriched by supplementing it with a transnational approach that moves beyond and below the state level – and still helps us to understand government agency.' Thorsten Borring Olesen, Journal of European Integration History

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Book SynopsisThis scholarly book conducts an extensive exploration into the central ideas of Karl Marx, focussing on the key concepts that have defined his thought and legacy. Bringing together a wealth of internationally renowned contributors, across different generations, Marx: Key Concepts analyses in depth Marx’s theories of (surplus) value, money, and capital, and their reception in classical and contemporary economic, sociological and philosophical debates. Chapters cover Marx’s core writings on the meaning of critique of political economy, materialism, dialectical method, real abstraction, absolute value, money, automatic Subject, reproduction, original accumulation, material interchange, domination, social reproduction, and pre-capitalist modes of production.Rediscovering the theoretical stratified density of the basic notions in Capital, the book provides crucial insight into the complexity and global significance of Marx’s ideas and their relevance for the understanding of contemporary society, politics and economy. This book will be essential reading for academics, scholars and researchers interested in the history and the methodology of economic thought, social science, political economy, sociology, and political theory.Trade Review‘In Marx: Key Concepts, fourteen internationally well-known scholars, true experts in Marx's profound ideas, delve into and amplify the critical concepts of his remarkable thought. This groundbreaking book is an innovative exploration in Marx’s laboratory and a must-read for passionate specialists, enthusiastic activists, and curious readers yearning to unravel the intricate tapestry of our world.’ -- Massimiliano Tomba, University of California, Santa Cruz, US‘This state-of-the-art book is witness to a renaissance of interest in Marx, covering the new directions of emerging research and exploring the liveliness of ongoing debates. The arguments are immensely interesting, supported by sophisticated philosophical understanding and an in-depth knowledge of Marx’s work.’ -- Christopher J. Arthur, formerly University of Sussex, UKTable of ContentsContents: Introduction to Marx: Key Concepts xi Riccardo Bellofiore and Tommaso Redolfi Riva 1 Critique 1 Tommaso Redolfi Riva 2 Materialism and dialectics 16 Stefano Breda 3 Finite Marxism 32 Frieder Otto Wolf 4 The economic cell form 49 Bob Jessop 5 Absolute value 67 Riccardo Bellofiore 6 Money, measurement and quantification 108 Frank Engster 7 Automatic subject 128 Luca Micaloni 8 Reproduction 145 Roberto Fineschi 9 Primitive accumulation 156 Sebastiano Taccola 10 Domination 169 Chris O’Kane 11 Real abstraction 187 Gianluca Pozzoni 12 Social reproduction 203 Kirstin Munro 13 Material interchange 217 Vittorio Morfino 14 Ethnological notebooks 228 Emanuela Conversano

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Book SynopsisEconomic theory reached its highest level of analytical power and depth in the middle of the nineteenth century among John Stuart Mill and his contemporaries. This book explains classical economics when it was at its height, followed by an analysis of what took place as a result of the ensuing Marginal and Keynesian Revolutions that have left economists less able to understand how economies operate. Chapters explore the false mythology that has obscured the arguments of classical economists, clouding to the point of near invisibility the theories they had developed. Steven Kates offers a thorough understanding of the operation of an economy within a classical framework, providing a new perspective for viewing modern economic theory from the outside. This provocative book not only explains the meaning of Say's Law in an accessible way, but also the origins of the Keynesian revolution and Keynes's pathway in writing The General Theory. It provides a new look at the classical theory of value at its height that was not based, as so many now wrongly believe, on the labour theory of value. A crucial read for economic policy-makers seeking to understand the operation of a market economy, this book should also be of keen interest to economists generally as well as scholars in the history of economic thought.Trade Review‘Classical Economic Theory and the Modern Economy should be a welcome addition to the reading lists of both amateurs and professional economists, whether one’s interest is in macroeconomics or the history of economic thought. Although the book is a worthwhile read on its own without familiarity with Kates’s work, this reviewer believes it really shines when read as a sequel and conclusion to the author’s previous contributions.’ -- Per L Bylund, The Quarterly Journal of Austrian Economics'In Classical Economic Theory and the Modern Economy, Kates seeks to correct this dangerous intellectual detour economists took due to Keynes and finally get modern economists to practice economics beyond the shadow of Keynes. It is a Herculean task, but armed with J.B. Say and especially J.S. Mill, Steven Kates makes as strong an effort for resurrection of classical economy theory as can be marshaled. This will be a must read for all students of economics, and a compelling contribution to the history of economic doctrine.' --Peter Boettke, George Mason University, US'This book delivers hard blows to the tenets of modern economics, retells its history and evolution, and pokes holes at our misperceptions of classical economic theory. The result is as much a burial of the macroeconomics of Keynes as it is a resuscitation of the classical economics of J.S. Mill.' --Per Bylund, Oklahoma State University, USTable of ContentsContents: Introduction 1. The Purpose of this Book and Why Only I could Write It 2. The Background 3. The Keynesian Revolution and Classical Theory 4. Understanding Classical Presuppositions, Terminology and Concepts 5. The Classical Theory of Value and the Marginal Revolution 6. Keynesian Theory Overruns the Classics 7. The Basis for Keynes’s Success: Why Keynes was Able to Succeed 8. Classical Theory and the Role of Government 9. Austrian Economics and Classical 10. An Overview of Classical Economic Theory Afterword Bibliography Index

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Book SynopsisFor most economists, 'Austrian economics' refers to a distinct school of thought, originating with Mises and Hayek and characterised by a strong commitment to free-market liberalism. This innovative book explores an alternative Austrian tradition in economics. Socialist in spirit but too diffuse to be described as a single school of thought, it shares a common conviction that the market, while possibly a good servant, is a very poor master. Demonstrating how the debate on the economics of socialism began in Austria long before the 1930s, this unique book analyses the work and impact of many leading Austrian economists. Beginning with the Austro-Marxist theorists Otto Bauer and Rudolf Hilferding and moving through to the new generation of social democratic economists, most prominently Kurt Rothschild and Josef Steindl, The Alternative Austrian Economics provides insight into the history and evolution of socialist economics in Austria. Offering a previously underrepresented discussion of a century of Austrian socialist economics, this engaging book will prove to be of great value to Marxian and heterodox economists, historians of economic thought and political scientists interested in political economy.Trade Review'Economists associate the Austrian school with the free market classical liberal ideas of Ludwig von Mises and Friedrich Hayek, Professor King describes the ideas of another group of Austrian economists: Marxists who were active in Vienna in the early twentieth century, and later Austro-Marxists who built on their work. King's book is a delightful description of this intellectual community, and explains how their work was designed to be an extension and updating of Marx's ideas.' --Randall G. Holcombe, Florida State University, USTable of ContentsContents: 1. Introduction 2. ‘Red Vienna’ and the Roots of Austro-Marxism 3. The Young Rudolf Hilferding 4. Otto Bauer 1904-1914 5. The Economics of Socialism 6. Otto Bauer 1917-1938 7. Other Voices 8. The Heirs. I: Josef Steindl 9. The Heirs. II: Kurt Rothschild 10. What is Left Bibliography Index

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Book SynopsisOffering a fresh analysis of late imperial China, this cutting-edge book revisits the roles played by merchant networks, economic institutions, and business practices in the divergence between Europe and China during the trade revolution.Focusing on the operating modes of three major regional trading networks active in Fujian, Huizhou, and Shanxi from the sixteenth to the nineteenth centuries, François Gipouloux assesses the driving forces behind their dynamism, the role they played in Chinese economic development, and the constraints in which they were embedded. Examining merchants’ business practices, partnerships,and investment strategies, chapters portray the three central figures of China’s economy – the financier, the middleman, and the business entrepreneur – and their complex relationships with the imperial bureaucracy. By analysing the divergent trajectory of seemingly identical institutions in China and Europe, Elusive Capital takes a comparative approach to shed light on the factors that inhibited the transformation of commercial development into an industrial revolution, ultimately discovering why capital accumulation proved so elusive in late imperial China.Revealing novel insights from primary documentation including trial accounts, Elusive Capital will prove an invigorating read for students and scholars of economic history, business studies, and Asian urban and regional studiesTrade Review‘The intrinsic value of Gipouloux’s Elusive Capital lies in an in-depth understanding of traditional China as a unique economic universe parallel to Western Europe. Apart from historians and economic historians, scholars from many other disciplines may also benefit from it, including economics, management, sociology, politics and international relations.’ -- Kent Deng, The China Quarterly‘Examining the details of three major Chinese merchant groups between the 14th and 19th centuries, Professor Gipouloux compares and contrasts the Chinese model of wealth accumulation with the European model of capital concentration. The insightful archival analysis and references provide us with historical clues to discuss the contemporary world economy.’ -- Hamashita Takeshi, University of Tokyo, Japan‘Few historical topics are as timely as late imperial China’s commercial economy, and few Western scholars have penetrated its mysteries as successfully as François Gipouloux. Read with pleasure his disclosures on such vital topics as brokers, maritime trade, Shanxi merchant operations, and capital movement, and feel grateful for his generous erudition.’ -- Joseph P. McDermott, University of Cambridge, UK‘This book will not only be applauded as an expert’s contribution to the economic history of imperial China but will appear on the bibliographies of a growing community of global historians who wish to include Chinese commercial history as highly significant for our understanding of mercantile agency, institutions and developments for transitions to modern economic growth.’ -- Patrick Karl O'Brien, University of London and London School of Economics, UKTable of ContentsContents: 1. Introduction: comparative economic history and the trajectory of economic institutions 2. The city and the merchant 3. Regional merchant networks 4. The figure of the intermediary: brokers, merchant manufacturers and guilds 5. Ultra-marine trade: forms, structures and actors 6. Partnerships, company, contracts and risk management in overseas trade 7. Capital mobilization, human capital development and shareholding 8. The elusive capital 9. The decline of regional merchant networks 10. Conclusion: fragile prosperity and the matter of divergence Bibliography Index

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Book SynopsisRecent discussion, academic publications and many of the national exhibitions relating to the Great War at sea have focussed on capital ships, Jutland and perhaps U-boats. Very little has been published about the crucial role played by fishermen, fishing vessels and coastal communities all round the British Isles. Yet fishermen and armed fishing craft were continually on the maritime front line throughout the conflict; they formed the backbone of the Auxiliary Patrol and were in constant action against-U-boats or engaged on unrelenting minesweeping duties. Approximately 3000 fishing vessels were requisitioned and armed by the Admiralty and more than 39,000 fishermen joined the Trawler Section of the Royal Naval Reserve. The class and cultural gap between working fishermen and many RN officers was enormous. This book examines the multifaceted role that fishermen and the fish trade played throughout the conflict. It examines the reasons why, in an age of dreadnoughts and other high-tech military equipment, so many fishermen and fishing vessels were called upon to play such a crucial role in the littoral war against mines and U-boats, not only around the British Isles but also off the coasts of various other theatres of war. It will analyse the nature of the fishing industry’s war-time involvement and also the contribution that non-belligerent fishing vessels continued to play in maintaining the beleaguered nation’s food supplies.Table of ContentsIntroductionChapter One: Fish and Naval Forces: The Edwardian BackgroundChapter Two: 1914: The Early Months of the WarChapter Three: The Trawler Reserve and Minesweeping: January 1915 to December 1917Chapter Four: Offensive ActionsChapter Five: Fighting OverseasChapter Six: Fishing During the Great WarChapter Seven: 1918: Mine Sweeping and Anti-Submarine Operations during the Final YearChapter Eight: The AftermathEpilogue: Contribution and Cost

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Book SynopsisThis book uncovers the complex interconnections between politics and finance in the midst of the French Revolution. Charting the trajectories of members of the financial elite between London, Paris and Amsterdam, this study reveals the ever-shifting relationship between market actors and the political world.The French Revolution paved the way for bankers, especially those working in international finance, to occupy a new position within not only the economic framework of the time but also on the political stage. The profession of banker went through a series of transitions in its relationship with the political authorities. These changes affecting the social, economic and political status of bankers led to increasingly active interactions between politics and finance that have become a feature of our modern societies.Using a transnational and interdisciplinary approach, this book highlights how during the Age of Revolution there emerged a dynamic which is still present today: the financial world and the sphere of politics became strongly intermixed while actors from both sides made efforts to overpower their counterparts. In this way, it provides an ideal perspective for bridging the gap that has long separated economic from cultural history in the study of the French Revolution.Trade Review‘In this much needed transnational history of banking and finance in the age of revolutions, Valmori offers countless new insights into individual decisions, everyday practices, government policies, crises of credit, diplomatic intrigues, and not least the making of war and peace. The author’s aptly targeted studies of different kinds of archives and documents will provoke discussion for years to come.’ Lynn Hunt, author of History: Why It Matters‘This wide-ranging and carefully written book shows how late eighteenth-century bankers in London, Amsterdam and Paris networked their way around wars and revolution to become the “embedded” partners of the modern imperial state. It also shows how states learned, sometimes the hard way, that financial markets require a certain degree of autonomy. Valmori’s illuminating account reminds us that the vexed yet interdependent relationship between financial capitalism and nation-states, so visible in recent times, has its origins in the age of democratic revolution.’ Charles Walton, co-editor of Social Rights and the Politics of Obligation in HistoryTable of ContentsACKNOWLEDGEMENTSINTRODUCTIONCHAPTER ONETHE INVISIBLE HANDS: MERCHANTS AND BANKERS IN PARIS AND LONDON AT THE END OF THE EIGHTEENTH CENTURY 1.1 Financial institutions and stock markets between Britain, France and The Netherlands1.2 A fluid world: merchants and bankers in eighteenth-century Britain and France1.3 ‘Improve your writing’: becoming a banker in the eighteenth century. The case of Alexander Baring and his traineeship at the Dutch bank Hope & Co.1.4 The internal life of an eighteenth-century bank: clerks and partners at Hoare & Co.CHAPTER TWOTHE POLITICISATION OF FINANCE: THE ENGLISH FINANCIAL WORLD IN THE MIDST OF THE REVOLUTIONARY WARS, 1796-1800 2.1 Fighting over the public debt: Thomas Paine’s The Decline and Fall of the English System of Finance2.2 The engagement of bankers during war: Francis Baring and Robert Barclay at the end of the eighteenth centuryCHAPTER THREEA HISTORY OF UNCHALLENGED DISTRUST: FRENCH PUBLIC OPINION AND BANKERS, 1789-17993.1 The debate on the creation of a French national bank: old suspects and new fears in 17893.2 A new role for financial interests in France? Pierre-Louis Roederer and the ‘normalisation’ of finance within French societyCHAPTER FOURBETWEEN RISK AND COLLABORATION: FINANCIAL AND POLITICAL ELITES DURING REVOLUTION AND WAR, 1792-1805 1604.1 When war changes the rules: the unfortunate trade of James Bourdieu with France4.2 Unravelling relations: bankers and politicians during the 1797 credit crisis4.3 Old commercial practices in revolutionary times: the bank Hogguer & Co. and the evaluation of counterparties’ riskCHAPTER FIVEINVESTING IN A NEW MARKET DURING THE AGE OF REVOLUTION: EUROPEAN BANKERS AND THE NEW WORLD, 1783-1803 5.1 Between expectations and failures: European investments in the US market in the last quarter of the eighteenth century5.2 Bracing for the big leap: the houses of Baring and Hope at the eve of their investments in the United States of America5.3 A fateful journey: Alexander Baring’s discovery of the United States of AmericaCHAPTER SIXEXTENDING NETWORKS IN WAR AND PEACE: CREDIT AND TRUST IN UNCERTAIN TIMES, 1801–18136.1 Diamonds in Paris: global trade and international finance during the Amiens peace, 1802-18036.2 Brokering in times of war: the role of Hope and Baring in the Louisiana Purchase6.3 Raising money in times of war: the case of Ouvrard under the Napoleonic EmpireCHAPTER SEVENINTERLOCKING INTERESTS: BANKERS AND POLITICIANS IN ENGLAND, 1789-18107.1 A history of collaborative relations: Sir Francis Baring and the British government7.2 Private banking and politics in times of war: the dialogue of interest between bankers and the Pitt CabinetCHAPTER EIGHTCONSTRAINT AND AUTONOMY: FINANCE AND POLITICS FROM THE NAPOLEONIC EMPIRE TO THE CONGRESS OF VIENNA, 1800-1815 8.1 The impossible autonomy: the thorny relationship between the Banque de France and Napoleon, 1800-18068.2 Beyond repression: understanding the Paris financial market through police reports8.3 The Dutch connection: investing in the Parisian market during the Napoleonic periodCONCLUSIONBibliography

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Book SynopsisThe Financial Markets of Roman Egypt analyses some 4,367 financial transactions, leases, sales and loans, recorded on papyri in Roman Egypt in the period AD 1 to 350. The analysis of this remarkable body of information, the ancient equivalent of modern-day ‘Big Data’, helps us understand how ordinary people thought about some of the most important decisions they would make in their life: buying a house, lending their savings or renting land. Using innovative theories and techniques inspired by classics, mathematics and the financial markets, it brings out the differences and similarities of behaviours with modern and historical comparators. The book looks at risk and return for both asset holders - the landlords and lenders - and those dependent on the use of those assets - the tenants and borrowers. In particular it quantifies the risks facing families, including climate variability. Issues such as wealth concentration, social mobility and the role of the aged and women in the financial markets are addressed. The analysis presented expands our knowledge of the nature of the financial markets, and from that examination a sharper insight into the nature of the economy of the Roman world is gained, making it clear that there was no single “market” economy, but different sectors, some of which were driven by reciprocity/redistribution and others by financially rational judgements.Table of Contents1. Introduction 1.1 Theories of the Market 1.2 Who were the People concerned? 2. The Drachma in your Pocket 3. Housing – Markets within Markets 4. Buy land, 'cause God ain't making any more of it 4.1 Agricultural Land Sales 4.2 Land Leases 5. Usury or Solidarity? 6. Women and the Financial Markets 7. Warning: Investments can go down as well as up 8. Conclusions Appendix – Assumptions Glossary

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Book SynopsisTom Palley has made a significant contribution to understanding the meaning and significance of neoliberalism. This chronicle collects some of his best work to explain how global adoption of neoliberal policies over the past thirty years has increased income inequality and created tendencies to stagnation.The book explores the impact of neoliberal policies on the US, Europe, and global economy. It shows how the 2008 financial crisis and Great Recession were predictable outcomes of the neoliberal policy experiment, as is the emergence of global "race to the bottom" competition. It also explains how Europe's economic fragility is connected to the neoliberal design of the euro. Neoliberalism creates a particular variety of capitalism. It is a political choice. That means society is tacitly engaged in a "war of ideas", the outcome of which will determine our future political economic trajectory.Students, scholars, and readers in economics and political science will find this rich collection illuminating in their efforts to better understand the policy matrix that currently dominates the political landscape.Trade Review‘Tom Palley is a lighthouse – bright, clear, solid and unshakable – in his warnings over many years against the perils of neoclassical economics and neoliberal policy.’ -- James K. Galbraith, The University of Texas at Austin, USTable of ContentsContents: Preface viii 1 Introduction: Neoliberalism as a Variety of Capitalism 1 PART I THE UNITED STATES 2 ‘Economic Contradictions Coming Home to Roost? Does the U.S. Economy Face a Long-Term Aggregate Demand Generation Problem?’, Journal of Post Keynesian Economics, 25 (1), Fall, 2002, 9–32 10 3 ‘The Questionable Legacy of Alan Greenspan’, Challenge, 48 (6), November/ December, 2005, 17–31 34 4 ‘The Fallacy of the Revised Bretton Woods Hypothesis: Why Today’s Global Financial System is Unsustainable and Suggestions for a Replacement’, International Journal of Political Economy, 36 (4), Winter, 2007–2008, 36–52 49 5 ‘The U.S. Economy after Bush’, Challenge, 51 (6), November/December, 2008, 26–37 66 6 ‘America’s Exhausted Paradigm: Macroeconomic Causes of the Financial Crisis and Great Recession’, New School Economic Review, 4 (1), 2010, 15–43 78 7 ‘The US Economy: Explaining Stagnation and Why it Will Persist’, in A. Gallas, H. Herr, F. Hoffer and C. Scherrer (eds), Combatting Inequality: The Global North and South, Chapter 8, London: Routledge, 2016, 113–31 107 PART II EUROPE 8 ‘Europe’s Crisis Without End: The Consequences of Neoliberalism’, Contributions to Political Economy, 32, 2013, 29–50 127 9 ‘The European Monetary Union Needs a Government Banker’, Challenge, 54 (4), July/August, 2011, 5–21 149 10 ‘Fixing the Euro’s Original Sins: The Monetary–Fiscal Architecture and Monetary Policy Conduct’, Real-World Economics Review, 81, September, 2017, 1–12 166 PART III THE GLOBAL ECONOMY 11 ‘Capital Mobility and the Threat to American Prosperity’, Challenge, 37 (6), November/December, 1994, 31, 34–9 179 12 ‘The Free Trade Debate: A Left Keynesian Gaze’, Social Research, 61 (2), Summer, 1994, 379–94 186 vi Neoliberalism and the Road to Inequality and Stagnation 13 ‘The Economics of Globalization: Problems and Policy Responses’, in Toward Reducing Unemployment, 5th Plenary Session, Vatican City: Pontifical Academy of Social Sciences, 1999, 202–216 [originally 185–205] 202 14 ‘Developing the Domestic Market’, Challenge, 49 (6), November/December, 2006, 20–34 217 15 ‘The Rise and Fall of Export-led Growth’, Investigación Económica, LXXI (280), April–June, 2012, 141–61 232 16 ‘A Labor Perspective on Globalization’, Internationale Politik und Gessellschaft (International Politics and Society), April, 2009, 22–39 253 17 ‘Labor in the Global Economy: The Globalization Clock’, Dollars & Sense, May/June, 2006, 12–13. Revised in 2018 and republished as ‘The Globalization Clock’, Article 7.1 in Real World Globalization, 19th edition, edited by Armağan Gezici, Elizabeth T. Henderson, Jeannette Mitchell, Jawied Nawabi, and the Dollars and Sense Collective, Economic Affairs Bureau Inc., December 2020, 177–9 271 PART IV THE WAR OF IDEAS 18 ‘After the Bust: The Outlook for Macroeconomics and Macroeconomic Policy’, Real-World Economics Review, 49, March, 2009, 22–35 275 19 ‘The War of Ideas: A Comparison of the U.S. and Europe’, with Gustav A. Horn in Restoring Shared Prosperity: A Policy Agenda From Leading Keynesian Economists, CreateSpace.com, 2013, 289–93 [originally 7–14] 289 20 ‘Inequality and Stagnation by Policy Design: Mainstream Denialism and its Dangerous Political Consequences’, Challenge, 62 (2), 2019, 128–43 294 Index

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Book SynopsisKeynes’ macroeconomic revolution is based on his microfoundations of economic behavior derived from ‘casual’ observations but impressively substantiated by rigorous research in behavioral economics and neurology. Ronald Schettkat argues that the allegation of the missing microfoundations in Keynes’ theory is false. Instead, both Keynes’ theory and behavioral economics relate to humans in ‘the economy we live in’, differing substantially in their fundamentals from the neoclassical model.Showing that Keynes’ micro has much in common with Behavioral Economics, the book starts with the fundamentals ranging from the methodological approach to economics as a real versus an axiomatic science and the consequences for knowledge building methods (interviews, observations, experiments), the rationality and equilibrium concepts to the functioning of markets, before delving into the topics in greater detail.Providing a thorough theoretical grounding in economics, this book will be a discerning read for economists, students of economics, political science, sociology and psychology as well as for the general public.Table of ContentsContents: 1. Introduction to The Behavioural Economics of John Maynard Keynes 2. Fundamentals of economics 3. Rational choice: a normative concept 4. Choice under uncertainty: animal spirits 5. Expectations over time 6. Socially embedded individuals 7. The resurrection and fall of homo oeconomicus 8. Conclusion: the economy we live in References Index

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Book SynopsisThe centerpiece of Volume 40B of Research in the History of Economic Thought and Methodology is a symposium on the work of William Baumol, edited by Erwin Dekker. The symposium includes contributions from Alex Tabarrok, Jochen Hartwig and Hagen M. Krämer, Alexandre Chirat, Victor A. Beker, Caroline Colton, Magnus Henrekson and Mikael Stenkula, and Anna Noci. Volume 40B also features new general-research essays from Juan Pablo Castilla and Fabrizio Bientinesi.Table of ContentsPART I: A Symposium on the Work of William J. Baumol: Heterodox Inspirations and Neoclassical Models; Erwin Dekker Chapter 1. Introduction - The Work of William J. Baumol: Heterodox Inspirations and Neoclassical Models; Erwin Dekker Chapter 2. William Baumol and the Cost Disease; Alex Tabarrok Chapter 3. Baumol’s Cost Disease in Times of Rising Income Inequality; Jochen Hartwig and Hagen M. Krämer Chapter 4. The Correspondence between Baumol and Galbraith (1957–1958): An Unsuspected Source of Managerial Theories of the Firm; Alexandre Chirat Chapter 5. Baumol´s Contribution to Telecommunications Regulation; Victor A. Beker Chapter 6. William Baumol and Contestability: From AT&T to Platforms; Caroline Colton Chapter 7. William J. Baumol: Innovative Contributor to Entrepreneurship Economics; Magnus Henrekson and Mikael Stenkula Chapter 8. So, What did Marx ‘Really’ mean? The Methodenstreit between Baumol and Samuelson on the History of Economic Thought; Anna Noci PART II: Essays Chapter 9. To Kill a Black Swan: The Credibility Revolution at Cede, 2000-2018; Juan Pablo Castilla Chapter 10. A Bias for Bias? The Impact of “Authoritarian” Politics as shown by Italian International Trade Debate Experience, 1913-1942; Fabrizio Bientinesi

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Book SynopsisIn The Political Economy and Feasibility of Bitcoin and Cryptocurrencies Spencer J. Pack brings his authority as a scholar and advisor to this study of bitcoin and cryptocurrencies from the perspective of the history of economic thought. Major theorists analyzed in depth include Aristotle, Smith, Law, Marx, Keynes, Rothbard and Hayek, and the book draws extensively upon the ideas of Schumpeter, Galbraith and Sraffa.The book argues for reconceptualization of the basic microeconomic categories into rental, sale and financial asset prices along with a reconsideration of Keynes’ general theory to his special theory and Rothbard’s relationship to Rousseau. The author posits that intense theoretical and practical struggles will continue over who should control the quantity of money, the cause of the capitalist economy’s instability, and who or what is more dangerous: concentrated centers of private wealth and private enterprises or the contemporary state. He concludes that in terms of the quality of money, the cryptocurrency community is probably correct, with new forms of money potentially being better than sovereign fiat currency.The book’s relevance will appeal to members of the history of economic thought community, economic theorists, and political science and political theory scholars as well as to policy makers and members of the cryptocurrency community.Trade Review‘At a time when the history of economic thought is unfortunately neglected, it is refreshing to see this book in which Spencer Pack deals brilliantly with a critical contemporaneous and practical issue from the perspective of the history of economic thought. The analysis fills a big gap in the literature on bitcoin and cryptocurrencies.’ -- Imad Moosa, RMIT, AustraliaTable of ContentsContents: Preface PART I ESSENTIAL FOUNDATIONS: BEFORE THE FRENCH REVOLUTION 1. Introduction to The Political Economy and Feasibility of Bitcoin and Cryptocurrencies 2. Aristotle’s (384–322 BCE) seminal contributions to the economics tradition 3. Adam Smith (1723–1790) on money 4. John Law (1671–1729): the financial engineer as social engineer PART II SOME ESSENTIAL DEBATES AND DEVELOPMENTS IN THE MODERN ERA 5. Marx’s (1818–1883) monetary theory: mainstream conservative theory; yet radical, revolutionary challenge 6. Keynes (1883–1946): monetary theorist as capitalism’s saviour – the key issues PART III BLOWBACK 7. The surprising rise of libertarianism and the libertarian response: starring Murray Rothbard (1926–1995) – What Has Government Done to Our Money? 8. On the road again: Friedrich A. Hayek’s (1899–1992) Denationalisation of Money PART IV CURRENT ISSUES ON THE POLITICAL ECONOMY OF BITCOINS AND CRYPTOCURRENCIES 9. Issues raised by bitcoins and cryptocurrencies for monetary theory 10. Issues raised by monetary theory concerning bitcoins and cryptocurrencie References Index

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Book SynopsisIt is widely believed that central banks have grown (the Bank of England) or were established (the Federal Reserve) to pursue the twin objectives of monetary and price stability. But why should they? Central bankers are people, too, whose behavior is presumably determined, like the rest of us, by their incentives and the information available to them. The author explores this question.Two sets of data confirm the reservations. Central banks have often worsened, even initiated, monetary instabilities by bailing out the risk-takers and their effects on prices, which depending on the quantities of money created by central banks, have often been catastrophic. The evidence suggests that central bankers have really been in business to support the politically powerful upon whose favors they depend, particularly high-spending governments and needy financial institutions. The book consists of several examples of this behavior and its consistency during wars and financial crises in the UK and US over the course of the last two centuries.Professors and students of finance will find A Comparative History of Central Bank Behavior to be a compelling and thoughtful exploration of how central banks have historically responded to and influenced financial markets.Trade Review‘In A Comparative History of Central Bank Behavior, Wood investigates the reality behind the claim of central bank “independence.” Through probing investigation of historical episodes for both the Bank of England and the Federal Reserve System, he documents convincingly that their behavior is a complicated result of the exigencies of government. Anyone interested in the design of -- the monetary arrangements of a country needs to take into account the interplay of forces that determines central bank policies.’– Robert L. Hetzel, Retired, Federal Reserve Bank of Richmond, US‘By mixing political economy and history in perfect proportions this book forcefully presents enduring and timely lessons about central banks, their purposes and their accomplices. I could not put this book down.’ -- Thomas Sargent, New York University and Hoover Institution, Stanford, USTable of ContentsContents: Preface 1. Governments and their banks 2. Aristocratic government and the Bank of England during the Age of Reform 3. The commercial crisis of 1847 4. The Bank of England and the Great Depression 5. The Bank of England after the Great Depression 6. American monetary policy in the nineteenth century 7. The Federal Reserve and the Great Depression 8. The Great Recession 9. The politics of famine 10. Endless wars 11. Summary: government and the public References Index

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Book SynopsisResearch in the History of Economic Thought and Methodology (RHETM) is a book series dedicated to an interdisciplinary approach to a broad range of topics related to the history and methodology of economics.Table of ContentsPART I. A Symposium on John Kennethj Galbraith: Economic Structures and Policies for the Twenty-First Century Chapter 1. Introduction; Richard P. F. Holt Chapter 2. Galbraith and Economic Power; Steven Pressman Chapter 3. Consumer Sovereignty in the Digital Society; Alexandre Chirat Chapter 4. John Kenneth Galbraith’s Social Balancing Theory in the 21st Century; Eric Scorsone Chapter 5. John Kenneth Galbraith on the Military Industrial Complex; Adem Yavuz Elveren Chapter 6. The Social Consequences of Inflation and Unemployment and their Remedies; Alexandre Chirat, Basile Clerc, and Richard P. F. Holt PART II. Essays Chapter 7. Pareto efficiency from Lausanne to the United States: the role of Maurice Allais; Irène Berthonnet Chapter 8. From Regulation to Deregulation and (Perhaps) Back: A Peculiar Continuity in the Analytical Framework; William McColloch and Matías Vernengo

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Book SynopsisResearch in the History of Economic Thought and Methodology (RHETM) is a book series dedicated to an interdisciplinary approach to a broad range of topics related to the history and methodology of economics.Table of ContentsPART I. A Symposium on Hazel Kyrk's A Theory of Consumption 100 Years after Publication Chapter 1. Introduction; Rebeca Gomez Betancourt Chapter 2. Hazel Kyrk’s intellectual roots: When First-Generation Home Economists Met the Institutionalist Framework; David Philippy, Rebeca Gomez Betancourt, and Robert W. Dimand Chapter 3. Hazel Kyrk’s A Theory of Consumption, Veblen’s Business and Industrial Concerns, and W.C. Mitchell’s Essays on Spending and Money: Conceptual Links; Zdravka Todorova Chapter 4. Hazel Kyrk and her Research on Standards of Consumption; Edith Kuiper Chapter 5. Hazel Kyrk, the Economics of the Social Relevance of Consumption and John Maynard Keynes’ Consumption Function; Atilio Trezzini Chapter 6. What should families want? From Hazel Kyrk to Margaret Reid and beyond; Miriam Bankovsky PART II. Essays Chapter 7. On the Integration of Institutional Themes and Neoclassical Formalism: Locational Economics as a Case Study in Pragmatic Empiricism; Yue Xiao and Joseph Persky Chapter 8. Nutter and Buchanan did not turn against tuition grants for segregated schools in 1965: A comment on Fleury (2023) and Levy and Peart (2023); Daniel Kuehn Chapter 9. Response to Kuehn: Buchanan on the rules for public school funding: Additional thoughts; David Levy and Sandra Peart

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Book SynopsisVolume 41A of Research in the History of Economic Thought and Methodology features a symposium on “Religion, the Scottish Enlightenment, and the Rise of Liberalism,” a new research essay by Syed Mohib Ali, and a roundtable on the institutionalist economics of Geoffrey Hodgson.Table of ContentsPART I: A Symposium on Religion, the Scottish Enlightenment, and the Rise of Liberalism; Jordan J. Ballor and Erik W. Matson Chapter 1. Introduction to the Symposium: Religion, the Scottish Enlightenment, and the Rise of Liberalism; Jordan J. Ballor and Erik W. Matson Chapter 2. Believing, Belonging and Understanding: Religion and Philosophy as Narratives and Practice in Adam Smith; Jimena Hurtado Chapter 3. Adam Smith and Religious Mercantilism; Maria Pia Paganelli Chapter 4. The Quest for Adam Smith’s Theodicy; Paul Oslington Chapter 5. The Circumstantiality of Bivariate Relationships in The Theory of Moral Sentiments; Daniel B. Klein Chapter 6. The Anthropology of Liberalism: Smith and Us; Christina McRorie Chapter 7. Opposing Sketches of the Clergy as Literati during the Scottish Enlightenment: Hugh Blair and John Witherspoon; Paul D. Mueller PART II: Essay Chapter 8. Description as Theory: Sen and Sraffa; Syed Mohib Ali PART III: Roundtable on Geoffrey Hodgson's "Discovering Institutionalism: One Person's Journey" Chapter 9. Discovering Institutionalism: One Person’s Journey; Geoffrey Hodgson Chapter 10. Geoffrey Hodgson’s Institutional Economics: Veblenian Origins and Beyond; Felipe Almeida Chapter 11. Can Institutional Economics Still Fascinate Scholars?; Angela Ambrosino Chapter 12. Why is Geoffrey Hodgson So Important for Institutional and Evolutionary Economics? Some Personal Views; Olivier Brette Chapter 13. Geoffrey Hodgson: An Institutionalist's Institutionalist; Daniel H. Cole Chapter 14. Comment on “Discovering Institutionalism: One Person’s Journey” by Geoff Hodgson; Richard N. Langlois Chapter 15. Learning Economics. Discovering Geoff Hodgson; Alain Marciano Chapter 16. The Three Scientific Faults in Some Neo-Institutionalism; Deirdre McCloskey Chapter 17. The Institutional Economics of Geoffrey Hodgson: Some Distinctive Foundations; David Duquech

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Book SynopsisA rich and detailed picture, across Britain and many other European countries, of the nature of women's factory work, the problems which arose and how women factory inspectors understood and reacted to the problems.Based on extensive original archival research both in Britain and in many European countries, this book is a comparative study of the large numbers of women who were engaged in industrial work in the western world in the late nineteenth and the early twentieth century, that is at a time when the industrial revolution was established and the problems caused by industrial work had become part of political debate and social discourse worldwide. It analyses the scope of female factory work, what the conditions were in such work, and what the motivations were for women to enter such employment. It reveals the composition of the female workforce as to age and marital status. In addition, it considers the first generation of female industrial inspectors, outlining the background of these inspectors, assessing to what extent were they were capable of taking on the role of protectors of women in manual work, and discussing the actions and attitudes of the female inspectors as recorded in inspection reports, biographies and contemporary discourse. Overall, the book presents a rich, detailed, comparative picture of women's factory work, contributing much to the understanding of the history of gender and class.

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Book SynopsisAnalyses data from the Bristol Port Books to rewrite the history of trade in Bristol, including the city's early involvement with the slave trade.

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Book SynopsisA detailed history of the town of Lowestoft, its society, economy, and topography. `A superbly researched study.... An excellent addition not only to the history of Suffolk but of early modern society and economy more generally.' Professor RICHARD SMITH, University of Cambridge. Lowestoft has grown from a small urban community to become Suffolk's second largest town; and this book provides a vivid picture of the town and its inhabitants during the early modern period. Making full use of surviving documentation, in particular the parish registers, it begins with an overview of Lowestoft's medieval history, then proceeds to investigate topographical development, demographic features, occupational structure, social geography, house-building and interior décor, wealth and inheritance, maritime pursuits, agriculture, local government, education and literacy, religious affiliation, and urban identity. Wherever possible, the town is set into a national and European context, and its maritime nature fully brought out.Trade ReviewThe book certainly lives up to the aims of the series. On a wider plane, social and economic historians will find plenty to interest them, especially those who specialise in smaller towns. [...] The Boydell Press should also be congratulated on producing a handsome volume, and readers will be struck by Lowestoft's good fortune in having such fine images of its early history. The book will be used not only by local historians, but also by academics attracted by this absorbing case-study, and by the thoroughness of its tireless historian. * ENGLISH HISTORICAL REVIEW *A richly detailed and ambitious study. [...] As a result of its wider perspective, and the impressive research on which it rests, this study presents a convincing and coherent view of a local maritime community. Provides a detailed survey of the changing fortunes and structures of community life, which examines in a careful and nuanced way the relationship between sea and land and the contribution it made to the fashioning of an urban identity. * INTERNATIONAL JOURNAL OF MARITIME HISTORY *A well-documented account of how a Suffolk seaside settlement in 1550 emerged as a thriving port and small town by 1750. [...] The Boydell Press has done an excellent job. [...] This is an essential book for all urban historians and indeed for all early modernists. It is also a good tool for family historians. * CEAS NEWSLETTER *An obvious labor of love by a longtime resident and schoolmaster, is likely to remain the standard account of this town's social and economic, if not political, history in the era at hand. * JOURNAL OF BRITISH STUDIES *The documentation is impeccable and comprehensive [.] a model of its kind. * THE LOCAL HISTORIAN *A thorough and deeply researched study. * SUFFOLK LOCAL HISTORY COUNCIL NEWSLETTER *A superbly researched study.... An excellent addition not only to the history of Suffolk but of early modern society and economy more generally. -- Professor RICHARD SMITH, University of Cambridge.Table of ContentsOrigins and Influences Topographical Features of the Town Historical Demography Occupation and the Local Economy Housing, Population and Social Geography House Design and Interior Arrangements Wealth, Credit and Inheritance Fishing and Maritime Trade Agriculture and Allied Industries Parochial and Manorial Administration Literacy, Education and Religious Belief Urban Status and Identity

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Book SynopsisThis is the first comprehensive modern account of the history of the Isle of Man, through the years between the establishment of the Stanley lordship early in the fifteenth century and the Revestment of 1830 by which the Island's lordship was returned to the English crown. Focusing on social and economic aspects, it traces developments in society, economy, religion and the Island church, education and literacy, daily life, arts and culture, and landscape and the built environment. Generously illustrated, it explores demographic changes, charts the growth of trade, and surveys social and cultural change including the changing status of the Manx language. It discusses disputes over land ownership, considers improvements in agriculture and fishing, and examines the encouragement of industry. Throughout the book emphasises the distinctiveness of the Manx experience, connected to, but different from the history of England, and of Scotland and Ireland.

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Book SynopsisPlato was the first of the great thinkers to integrate the economy into a wide-ranging synthesis of ethical absolutes and human interaction. In this original and stimulating book, David Reisman assesses his influential contribution to the political economy of production, consumption, distribution and exchange.Drawing on the whole of Plato's published work, this book explores Plato's insights into the core philosophical concerns of stability, hegemony, justice and balance. It situates Plato's economics in the context of fourth century Athens. It argues that the transition from oligarchy to democracy in the wake of the disastrous war with Sparta had reinforced the attraction of justice, moderation and the middle way to a political philosopher who wanted to reverse the decay in popular standards of right and wrong.Analytical but accessible, this book is crucial reading for students and scholars of economic and social thought. Researchers and practitioners interested in social and public policy will also benefit from this book's comprehensive and interdisciplinary approach.Trade Review'Historians of economic thought have traditionally questioned whether the ancient Greek philosophers understood the market system. In this highly perceptive book David Resiman argues that Plato appreciated how markets could set prices; he just did not make markets the focus of his economics. Rather, Reisman offers a convincing case that Plato employed a broad-based political economy where the market economy was contained within a social economy and a moral economy. Using his prior studies in the history of economic thought Reisman draws out the parallels and conflicts between Plato and such economic thinkers as Marshall, Veblen and Galbraith to show that Plato still has lessons for the modern world and especially for the post-modern world.' -- Donald Stabile, St. Mary's College of Maryland, USTable of ContentsContents: 1. Introduction 2. Justice 3. The divided soul 4. The part and the whole 5. Education 6. Form and philosophy 7. The political order 8. The social cycle 9. The economic system 10. A happy end References Works by Plato By other authors Index

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Book SynopsisThis volume contains thirty-seven contributions from the most significant early developers of monetary economics. Starting with Aristotle, the collection tracks the development of the modern theory of money through the ages by thinkers like Thomas Aquinas, Martin de Azpilcueta, John Locke, Richard Cantillon, David Hume, and A.R.J Turgot. Also included are the first translations of Jean Buridan's writings on money and of Albert the Great's writings on money from Latin. A Source Book on Early Monetary Theory will be of interest to bankers, historians, and macroeconomists and can be used as a supplementary text on courses in macroeconomics, money and banking, and the history of economic thought.Trade Review'Edward Fuller's convenient anthology of contributions to monetary economics by thirty writers before Adam Smith, from Aristotle to Hume and Condillac, will be greatly appreciated by anyone interested in the origins and development of monetary economics. Many of these important writings were previously difficult of access. Now it is easy, and enjoyable, to peruse in a single book the long and rich heritage of monetary analysis in the two millennia from Aristotle to Adam Smith.' -- Robert W. Dimand, Brock University, Canada'A timely book. Edward Fuller leads us back to the intellectual sources of sound thinking on money. His anthology is essential reading in an age of monetary insanity.' -- Guido Hulsmann, Universite d'Angers, France'Money has been making the world go 'round since ancient times. This volume , dealing with monetary thought from Aristotle to Condillac, provides, in one place, an excellent source of and easy access to the ideas of pre-Smithian monetary theorists, including translations of key writings. It should have a prominent place on the bookshelf of professional economists and advanced students alike.' -- Warren Young, Bar Ilan University, Israel and Carnegie-Mellon University, US'It is very useful to have in one volume the highlights of pre-Smithian European monetary theory, including some selections translated into English for the first time. The volume begins with Aristotle's influential (if theoretically dubious) remarks on money, followed by important commentaries they inspired from Albertus Magnus, Thomas Aquinas, and Jean Buridan. Next come choice selections from the brilliant medieval writer critic of debasement, Nicholas Oresme, and from several thoughtful Spanish scholastics including Juan de Mariana. Relevant monetary extracts from the early modern writers Grotius, Pufendorf, Locke, and Cantillon follow. The volume winds up with Scottish and French Enlightenment figures like Hutcheson, Hume, Turgot, and Condillac. Altogether this collection is a welcome resource for teachers and students of monetary history and the history of economic thought.' -- Lawrence H. White, George Mason University, USTable of ContentsContents: Foreword by Jesús Huerta de Soto vii Foreword by Joseph T. Salerno viii 1 Introduction: The Aristotelian Monetary Tradition 1 Edward W. Fuller 2 Aristotle: Nicomachean Ethics (c. 350 BC) 8 3 Aristotle: Politics (c. 350 BC) 11 4 Albert the Great: Commentary on Aristotle’s Nicomachean Ethics (c. 1262) 14 5 Albert the Great: Commentary on Aristotle’s Politics (c. 1263) 21 6 Thomas Aquinas: Commentary on Aristotle’s Nicomachean Ethics (c. 1271) 29 7 Thomas Aquinas: Commentary on Aristotle’s Politics (c. 1272) 34 8 Peter John Olivi: A Treatise on Contracts (c. 1295) 41 9 Jean Buridan: Commentary on Aristotle’s Nicomachean Ethics (c. 1336) 47 10 Jean Buridan: Commentary on Aristotle’s Politics (c. 1349) 54 11 Nicholas Oresme: Treatise on Money (1358) 70 12 Gabriel Biel: On the Power and Utility of Moneys (1495) 89 13 Copernicus: Essay on the Coinage of Money (1526) 96 14 Luís Saravia de la Calle: Instructions for Merchants (1544) 103 15 Martín de Azpilcueta: On Exchange (1556) 105 16 Tomás de Mercado: Manual of Deals and Contracts (1569) 113 17 Sir Thomas Smith: A Discourse of the Commonweal of this Realm of England (1581) 114 18 Francisco García: A Very General and Useful Treatise on Contracts (1583) 120 19 Bernardo Davanzati: A Discourse upon Coins (1588) 123 20 Luís de Molina: A Treatise on Money (1597) 132 21 Leonard Lessius: On Buying and Selling (1605) 134 22 Juan de Mariana: A Treatise on the Alteration of Money (1609) 137 23 Hugo Grotius: The Rights of War and Peace (1625) 168 24 Samuel Pufendorf: The Elements of Universal Jurisprudence (1660) 171 25 Samuel Pufendorf: The Whole Duty of Man (1673) 174 26 John Locke: Some Considerations of the Consequences of the Lowering of Interest, and Raising the Value of Money (1691) 177 27 Dudley North: Discourses upon Trade (1691) 194 28 Isaac Gervaise: The System or Theory of the Trade of the World (1720) 206 29 Richard Cantillon: An Essay on Economic Theory (1730) 217 30 Jacob Vanderlint: Money Answers All Things (1734) 244 31 Francis Hutcheson: Philosophiae Moralis Institutio Compendiaria (1747) 246 32 Ferdinando Galiani: On Money (1751) 248 33 David Hume: Of Money (1752) 260 34 David Hume: Of Interest (1752) 267 35 David Hume: Of the Balance of Trade (1752) 274 36 Joseph Harris: An Essay upon Money and Coins (1757–58) 283 37 A.R.J. Turgot: Reflections on the Formation and Distribution of Wealth (1766) 289 38 Étienne Bonnot de Condillac: Commerce and Government Considered in Their Mutual Relationship (1776) 296 Index 310

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Book SynopsisChina is poised to become the world's largest economy and market by early next century. Since contemporary China is rooted in its past, the key to understanding the modern Chinese economy is in understanding its historical development.The Economic Development of Modern China traces the development of the Chinese economy from the mid-19th century to the present day. To accomplish this task, this collection brings together the most influential writings in this field during the twentieth century which were originally published in numerous specialized international journals and monographs. This authoritative three volume set, together with a new introduction by the editor, covers a wide range of topics including pre-war Chinese economic growth and development, socialist modernization during 1949-78, and the market orientated reforms since 1979. It will be an essential reference for students, researchers and professionals who are interested in the Chinese economy.Trade Review'As a source of writings, the three volumes provide a good grounding in the subject and a balance between older and more recent developments in the economy is well maintained. . . this is a very impressive and accessible sourcebook on Chinese economic growth and development, with an excellent editorial introduction.' -- David Pollard, China Information'It is an outstanding compilation, judiciously chosen and representative of varying, though never merely trendy, views of the nature of economic change in modern China. University libraries - above all, that increasing number of institutions offering courses on China, but which do not possess a specialized literature on it - should ensure that several copies of the three-volume set are prominently displayed for use by both their undergraduate and postgraduate students.' -- Robert Ash, The China Quarterly'It is a valuable addition to any university or faculty library; and indeed a few scholars may want to have this set on their own bookshelves.' -- Malcolm Warner, Asia Pacific Business Review'This is an outstanding collection of papers. It is very wide in coverage and the historical depth is exceptional. This will be essential reading for all China scholars.' -- Christopher Howe, School of Oriental and African Studies, University of London, UKTable of ContentsContents: Volume I: Acknowledgements • Introduction Joseph C.H. Chai Part I The Legacy of the Past 1. Joseph Needham (1981), ‘Introduction’ 2. Dwight H. Perkins (1969), ‘Improved Seeds, Changing Cropping Patterns, and New Crops’ and ‘Farm Implements, Water Control, and Fertilizer’ 3. Mark Elvin (1973), ‘Quantitative Growth, Qualitative Standstill’ 4. Carl Riskin (1975), ‘Surplus and Stagnation in Modern China’ 5. Hung-chao Tai (1989), ‘An Oriental Alternative: An Hypothesis on Culture and Economy’ 6. Dwight H. Perkins (1975), ‘Introduction: The Persistence of the Past’ 7. Justin Yifu Lin (1995), ‘The Needham Puzzle: Why the Industrial Revolution Did Not Originate in China’ 8. Kang Chao (1986), ‘Urban Population’ 9. G. William Skinner (1964), ‘Marketing and Social Structure in Rural China’ 10. Frank H.H. King (1965), ‘Banking and the Monetary System’ Part II Responses to Western Challenge in the Late 19th and Early 20th Century 11. Chi-ming Hou (1965), ‘A General Picture of Foreign Investment in China’ 12. Robert F. Dernberger (1975), ‘The Role of the Foreigner in China’s Economic Development, 1840–1949’ 13. Victor D. Lippit (1978), ‘Class Structure and the Development of Underdevelopment in China’ 14. Marion J. Levy, Jr. (1955), ‘Contrasting Factors in the Modernization of China and Japan’ 15. Dwight H. Perkins (1967), ‘Government as an Obstacle to Industrialization: The Case of Nineteenth-Century China’ 16. Albert Feuerwerker (1958), ‘The Kuan-tu Shang-pan System: “Official Supervision and Merchant Management”’ 17. Loren Brandt (1989), ‘The Accelerated of Commercialization of Agriculture’ 18. Thomas G. Rawski (1989), Excerpt from ‘Manufacturing’ 19. Wu Chengming (1992), ‘A Brief Account of the Development of Capitalism in China’ 20. Thomas G. Rawski (1989), ‘Economic Growth in China Before World War II’ 21. Philip C.C. Huang (1985), ‘Conclusion’ 22. Ramon H. Myers (1970), ‘Landlord and Peasant’ Name Index Volume II: Acknowledgements • An Introduction by the editor to all three volumes appears in Volume I Part I The Soviet Approach 1. Benjamin Ward (1980), ‘The Chinese Approach to Economic Development’ 2. Robert Ash (1976), ‘Economic Aspects of Land Reform in Kiangsu, 1949–52’ 3. Kenneth R. Walker (1966), ‘Collectivisation in Retrospect: The “Socialist High Tide” of Autumn 1955–Spring 1956’ 4. A.R. Khan (1978), ‘Taxation, Procurement and Collective Incentives in Chinese Agriculture’ 5. Thomas G. Rawski (1975), ‘China’s Industrial System’ 6. C.H. Chai (1981), ‘Domestic Money and Banking Reforms in China’ 7. Nicholas R. Lardy (1975), ‘Centralization and Decentralization in China’s Fiscal Management’ 8. Alexander Eckstein (1966), Excerpts from ‘Economic Relations with other Communist Countries’ Part II The Maoist Strategy 9. Mao Tsetung (1977), ‘On the Ten Major Relationships’ 10. Peter Van Ness and Satish Raichur (1983), ‘Dilemmas of Socialist Development: An Analysis of Strategic Lines in China, 1949–1981’ 11. Frederick W. Crook (1975), ‘The Commune System in the People’s Republic of China 1963–74’ 12. Dwight Perkins (1978), ‘Meeting Basic Needs in the People’s Republic of China’ 13. Dennis L. Chinn (1979) ‘Team Cohesion and Collective-Labor Supply in Chinese Agriculture’ 14. Shigeru Ishikawa (1972), ‘A Note on the Choice of Technology in China’ 15. Carl Riskin (1978), ‘Intermediate Technology in China’s Rural Industries’ 16. Barry Naughton (1988), ‘The Third Front: Defence Industrialization in the Chinese Interior’ 17. Franz Schurmann (1968), ‘Decentralization’ 18. Charles Bettelheim (1974), ‘Transformations in the Social Division of Labor’ 19. Carl Riskin (1975), ‘Maoism and Motivation: Work Incentives in China’ 20. Richard E. Batsavage and John L. Davie (1978), ‘China’s International Trade and Finance’ 21. Audrey Donnithorne (1972), ‘China’s Cellular Economy: Some Economic Trends Since The Cultural Revolution’ Part III Outcome of the Mixed Strategy 22. Gregory C. Chow (1993), ‘Capital Formation and Economic Growth in China’ 23. World Bank (1985), Extract from China: Economic Structure in International Perspective 24. Thomas G. Rawski (1979), ‘Economic Growth and Employment in China’ 25. Isabelle Tsakok (1979), ‘Inflation Control in the People’s Republic of China, 1949–1974’ 26. Irma Adelman and David Sunding (1987), ‘Economic Policy and Income Distribution in China’ 27. World Bank (1983), Extract from ‘Health and Nutrition’ 28. Carl Riskin (1998), ‘Seven Questions about the Chinese Famine of 1959–61’ 29. Nicholas R. Lardy (1984), ‘Consumption and Living Standards in China, 1978–83’ Name Index Volume III: Acknowledgements • An Introduction by the editor to all three volumes appears in Volume I Part I The Reforms and Opening Up 1. Harry Harding (1987), ‘The Rise of the Reformers’ 2. Dwight Perkins (1994), ‘Completing China’s Move to the Market’ 3. Robert F. Ash (1988), ‘The Evolution of Agricultural Policy’ 4. Justin Yifu Lin (1988), ‘The Household Responsibility System in China’s Agricultural Reform: A Theoretical and Empirical Study’ 5. Justin Yifu Lin (1992), ‘Rural Reforms and Agricultural Growth in China’ 6. William Byrd and Alan Gelb (1991), ‘Township, Village, and Private Industry in China’s Economic Reform’ 7. Christine P.W. Wong (1992), ‘Fiscal Reforms and Local Industrialization: The Problematic Sequencing of Reform in Post-Mao China’ 8. Anthony Y.C. Koo and K.C. Yeh (1997), ‘The Impact of Township, Village and Private Enterprises’ Growth on State Enterprises Reform: Three Regional Case Studies’ 9. Gary H. Jefferson and Thomas G. Rawski (1994), ‘Enterprise Reform in Chinese Industry’ 10. Theodore Groves, Yongmiao Hong, John McMillan and Barry Naughton (1994), ‘Autonomy and Incentives in Chinese State Enterprises’ 11. Joseph C.H. Chai (1997), ‘Reforms of the Price System’ 12. Nicholas R. Lardy (1998), ‘The Evolving Banking System’ 13. Leong Liew (1997), ‘Monetary Policy’ 14. On Kit Tam (1991), ‘Capital Market Development in China’ 15. John Knight and Lina Song (1995), ‘Towards a Labour Market in China’ 16. Y.Y. Kueh (1992), ‘Foreign Investment and Economic Change in China’ 17. Nicholas R. Lardy (1995), ‘The Role of Foreign Trade and Investment in China’s Economic Transformation’ Part II Performance and Lessons for Other Countries 18. World Bank (1997), ‘Understanding the Present’ and ‘Annex One: Accounting for China’s Growth’ 19. Joseph C.H. Chai (1992), ‘Consumption and Living Standards in China’ 20. World Bank (1997), ‘Overview’ 21. Ronald I. McKinnon (1994), ‘Financial Growth and Macroeconomic Stability in China, 1978–1992: Implications for Russia and Other Transitional Economies’ 22. Clem Tisdell (1997), ‘China’s Environmental Problems and Its Economic Growth’ 23. John McMillan and Barry Naughton (1992), ‘How to Reform a Planned Economy: Lessons from China’ 24. Jeffrey Sachs and Wing Thye Woo (1994), ‘Structural Factors in the Economic Reforms of China, Eastern Europe, and the Former Soviet Union’ Name Index

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Book SynopsisThis major two volume collection of previously published articles assesses the intellectual legacy of Michal Kalecki (1899-1970), combining a selection of Kalecki's own writings with papers which evaluate and extend his work.Volume I focuses on Kalecki's work on capitalist economies, notably the effective demand, pricing and distribution of income based on the degree of monopoly, cycles and growth and the political economy of full employment. Discussion of capitalist economies, with an emphasis on money, finance and taxation continues in Volume II, which also considers Kalecki's work on socialist economies and developing economies.In the centenary year of Kalecki's birth, these volumes provide a fitting tribute to his important contributions in the fields of economics and politics.Table of ContentsContents: Volume I: Acknowledgements • Introduction Part I: General 1. P. Kriesler and B. McFarlane (1993), ‘Michal Kalecki on Capitalism’ 2. Ferdinando Targetti and Bogulslawa Kinda-Hass (1982), ‘Kalecki’s Review of Keynes’ 3. Simon Chapple (1995), ‘The Kaleckian Origins of the Keynesian Model’ 4. Simon Chapple (1991), ‘Did Kalecki Get There First?’ 5. Joseph Halevi and Peter Kriesler (1991), ‘Kalecki, Classical Economics and the Surplus Approach’ 6. Ian Steedman (1992), ‘Questions for Kaleckians’ 7. Malcolm C. Sawyer (1992), ‘Questions for Kaleckians: A Response’ 8. A. Asimakopulos (1989), ‘Kalecki and Robinson: An “Outsider’s” Influence’ Part II: Effective Demand, Investment, Profits and Distribution of Income 9. M. Kalecki (1990), ‘The Essence of the Business Upswing’ 10. Marc Lavoie (1997), ‘Real Wages, Employment Structure, and the Aggregate Demand Curve in a Kaleckian Short-Run Model’ 11. A. Asimakopulos (1977), ‘Profits and Investment: A Kaleckian Approach’ 12. A. Asimakopulos (1975), ‘A Kaleckian Theory of Income Distribution’ 13. Steven M. Fazzari and Tracy L. Mott (1986/7), ‘The Investment Theories of Kalecki and Keynes: An Empirical Study of Firm Data, 1970–1982’ 14. Amitava Krishna Dutt (1984), ‘Stagnation, Income Distribution and Monopoly Power’ 15. Amitava Krishna Dutt (1990), ‘Competition, Monopoly Power and the Prices of Production’ Part III: Pricing and the Degree of Monopoly 16. M. Kalecki (1991), ‘Class Struggle and Distribution of National Income’ 17. Peter Kriesler (1988), ‘Kalecki’s Pricing Theory Revisited’ 18. Liliana Basile and Neri Salvadori (1984/5), ‘Kalecki’s Pricing Theory’ 19. P.A. Riach (1971), ‘Kalecki’s “Degree of Monopoly” Reconsidered’ 20. Martin Riese (1982), ‘Raw Material Prices and Kalecki’s Wage Share Theory’ Part IV: Cycles and Growth 21. M. Kalecki (1991), ‘Trend and the Business Cycle’ 22. M. Kalecki (1993), ‘Theories of Growth in Different Social Systems’ 23. Stanislaw Gomulka, Adam Ostaszewski and Ray O. Davies (1990), ‘The Innovation Rate and Kalecki’s Theory of Trend, Unemployment and the Business Cycle’ 24. Malcolm Sawyer (1996), ‘Kalecki on the Trade Cycle and Economic Growth’ 25. Josef Steindl (1990), ‘Some Comments on the Three Versions of Kalecki’s Theory of the Trade Cycle’ 26. Marc Lavoie (1995), ‘The Kaleckian Model of Growth and Distribution and its neo-Ricardian and neo-Marxian Critiques’ Part V: Political Economy of Full Employment 27. M. Kalecki (1990), ‘Political Aspects of Full Employment’ 28. M. Kalecki (1990), ‘Three Ways to Full Employment’ 29. Andrew Henley (1988), ‘Political Aspects of Full Employment: A Reassessment of Kalecki’ 30. George R. Feiwel (1974), ‘Reflection on Kalecki’s Theory of Political Business Cycle’ Name Index Volume II: Part I: Money and Finance 1. A. Asimakopulos (1983), ‘Kalecki and Keynes on Finance, Investment and Saving’ 2. M. Kalecki (1990), ‘The Principle of Increasing Risk’ 3. Marcello Messori (1991), ‘Financing in Kalecki’s Theory’ Part II: Taxation 4. Michal Kalecki (1990), ‘A Theory of Commodity, Income and Capital Taxation’ 5. A. Asimakopulos and J.B. Burbidge (1974), ‘The Short-Period Incidence of Taxation’ 6. D. Damania and D. Mair (1992), ‘The Short-Period Incidence of Taxation Revisited’ 7. Anthony J. Laramie and Douglas Mair (1996), ‘Taxation and Kalecki’s Theory of the Business Cycle’ 8. Anthony J. Laramie (1991), ‘Taxation and Kalecki’s Distribution Factors’ 9. Anthony J. Laramie, Douglas Mair, Anne Miller and Theo Stratopoulos (1997), ‘The Impact of Taxation on Gross Private Nonresidential Fixed Investment in a Kaleckian Model: Some Empirical Evidence’ Part III: Socialism 10. D.M. Nuti (1986), ‘Michal Kalecki’s Contribution to the Theory and Practice of Socialist Planning’ 11. Alberto Chilosi (1971), ‘The Theory of Growth of a Socialist Economy of M. Kalecki’ 12. L. Mainwaring (1987), ‘Foreign Trade in the Kaleckian Perspective Plan’ 13. M. Kalecki (1992), ‘Workers’ Councils and Central Planning’ 14. Jan Toporowski (1996), ‘Kalecki, Marx and the Economics of Socialism’ 15. Alfred Zauberman (1966), ‘A Few Remarks on Kalecki’s Theory of Economic Growth Under Socialism’ 16. Wlodzimierz Brus (1977), ‘Kalecki’s Economics of Socialism’ 17. Josef Goldman (1980), ‘The Role of Investment in the Context of the Kalecki Model of Economic Growth Under Socialism’ 18. George R. Feiwel (1970), ‘Towards a Theory of Growth of a Centrally Planned Economy’ Part IV: Development 19. M. Kalecki (1993), ‘The Problem of Financing Economic Development’ 20. M. Kalecki (1993), ‘Observations on Social and Economic Aspects of “Intermediate Regimes”’ 21. E.V.K. FitzGerald (1990), ‘Kalecki on Financing Development: An Approach to the Macroeconomics of the Semi-Industrialised Economy’ 22. E.V.K. FitzGerald (1988), ‘Kalecki on Planned Growth in the Mixed Economy’ 23. Thanos Skouras (1978), ‘The ‘Intermediate Regime’ and Industrialization Prospects’ 24. Kenneth P. Jameson (1981), ‘Socialist Cuba and the Intermediate Regimes of Jamaica and Guyana’ 25. Ignacy Sachs (1977), ‘Kalecki and Development Planning’ Name Index

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Book SynopsisThis highly accessible book explains the theoretical, historical and political background of the North American Free Trade Agreement (NAFTA), its impact and the debates surrounding its existence. In addition the authors provide a brief introduction to the theory of economic integration as well as a succinct overview of the evolution of the global economy, and the institutions that manage it, in the post World War II period.Key issues examined include: how and why NAFTA emerged in the early 1990s and its performance since implementation the economic development and commercial policy of each member country in the context of the rapidly changing global economy NAFTA's technical strengths and limitations the debates which still rage between its proponents and critics The team of US, Canadian and Mexican authors argue that while NAFTA has introduced novel social and environmental innovations in trade agreements, given Mexico's macroeconomic volatility, it provides a less than perfect approach for managing North America's rapidly expanding economic integration.North American Economic Integration can be used by a wide audience from students to professionals and academics from any discipline with an understanding of the basic principles of economics. Specifically, the book will be welcomed by students of international economics, political economy and international relations.Trade Review'. . . excellent introduction and overview of developments leading up to the implementation of the North American Free Trade Act. Recommended for general readers and undergraduate students.' -- G.T. Potter, Choice'It is rare to find a book written by so many authors that reads as smoothly as this. What distinguishes this volume from other books on the reasons for NAFTA is its wider approach to the topic. Rather than simply focusing on the immediate reasons for the negotiation of NAFTA the authors place this agreement in a larger historical context. They review the evolution of the global economy in the postwar period as well as the specific industrial strategies of the NAFTA partners. A signal contribution of the book is the attention it gives to the analysis of international trade and the benefits of global and preferential trading arrangements.' -- Maureen Appel Molot, Carleton University, Canada'This is a first-rate text for undergraduate students because of the readable way the trilateral group of authors from Canada, Mexico and the US discuss the evolution of trade theory and then relate this to the development of trade policy in each of their countries and the process of trade integration in North America.' -- Sidney Weintraub, Centre for Strategic and International Studies, Washington DC, US'Thoroughly researched and lucidly written, this impressive book is not only a key reference source on NAFTA, but a definitive guide to emergent issues in trade policy.' -- Mark Casson, University of Reading, UKTable of ContentsContents: Preface Part I: Introduction 1. NAFTA in the Global Context 2. International Integration: Theory and Practice 3. The Global Economy after World War II Part II: Introduction 4. The United States after World War II 5. Canada’s Economic Development and Integration 6. Mexico’s Economic Development Part III: Introduction 7. North American Economic Integration: Trial by Fire 8. NAFTA and Beyond References Glossary Index

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Book SynopsisRegulatory regimes appear wherever market economies exist and whenever there is competition for limited resources. However, the rationale of public regulation of markets, as well as the mechanisms that characterise regulatory regimes, is not well understood. The State, Regulation and the Economy illustrates how economic theory, whether positive or normative, is not convincing in explaining the complex interactions between the state and the market. Instead, the book examines regulation and state intervention from an institutional and historical perspective. Utilising empirical evidence from Scandinavia and the US, the authors argue that the form and content of state interventionism is strongly influenced by historical and path dependent factors, and go on to propose an approach which illuminates the role of specific historical events in forming regulatory policy. Various aspects of regulation are discussed with reference to infrastructure and network industries, one of the few areas in the economy where the role of the state has changed dramatically during the past two decades. The authors believe that the fast changing attitudes and policies towards regulation might be better understood by applying a longer time horizon combined with analysis based on new institutional economics.Scholars of economics, business administration, economic history and political science, as well as those wishing to gain a greater insight into the historical dimension of regulation, will find this an original and valuable book.Trade Review'. . . this book is a collection of well written, very interesting and informative essays that should be valuable to scholars and professional practitioners in the fields of economic history and political science.' -- Fredrik Wilander, Scandinavian Economic History Review'This collection of papers provides important and refreshing context to today's issues, reminding us that the debate over effective regulation is not new and that today's regulations have historical roots . . . Overall, The State, Regulation and the Economy provides a thoughtful collection of papers that give good historical context to contemporary regulatory issues. It reminds us that today's regulations have historical roots that not only help explain why regulations look the way they do, but also that the historical evolution of regulation can help us understand issues facing regulatory policy today.' -- Scott Wallsten, The Journal of Economic History'Occasionally . . . studies come along that take seriously the charge that historians perform genuinely historical studies, in which early events can endure and have lasting impacts on future outcomes (so-called path dependence). The State Regulation and the Economy is an ambitious foray into this area . . . The State, Regulation and the Economy is an excellent volume which I very much enjoyed reading. It is a productive collaboration of practitioners of different disciplines, and provides much useful information and interpretation of the long-term regulatory experiences of two quite different economies. The editors are to be commended for attempting to fill an important gap in the literature on comparative institutional change.' -- Mark Kanazawa, EH.NetTable of ContentsContents: 1. Private Actors, Policy Regulation and the Role of History: An Introduction Part I: General Aspects of Regulation and Institution Decision Making 2. Information Distortion by Politicians and Constituent Groups in Promoting Regulatory Transfers 3. Bursting Through State Limits 4. Origins of the Myth of Neo-Liberalism 5. Taxation, Redistribution and Regulation 6. The Role of Path Dependence in the History of Regulation Part II: Sweden as a Role Model of a Regulated Economy 7. Introduction 8. Compensating the Periphery 9. The State and Regulatory Orders in Early European Civil Aviation 10. Liberalization and Control 11. From Informal Practice to Formal Policy Bibliography Index

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Book SynopsisIn this book, internationally renowned scholars, including two Nobel Laureates, have been drawn together to celebrate Arnold Heertje's rich contribution to the field of economics. Their essays reflect his influence in the areas of economic theory and policy. In particular, they follow in the tradition of his work on oligopoly and price theory, welfare theory and policy, growth theory, environmental economics, technical change and the history of economic thought and methodology.The contributors offer penetrating insights into the structure and functioning of different types of market structures and the character of technical change. In addition, they address current topics such as the recent problems in East Asian economies, the money supply in the European Monetary Union and economic development. Finally, they pay tribute to Arnold Heertje's work on the history of economic thought, discussing the writings of David Ricardo, the German historical school, Herbert Robinson, Alfred Marshall and Herbert Foxwell.This book will attract economic theorists, and scholars and students who are interested in the history of economic thought or in empirical subjects such as the policy implications of studies of labour markets, property rights and European Monetary Union.Table of ContentsFull Contents: Introduction Part I: Economic Theory 1. A Cooperative Theory of Duopoly 2. A Commodity Flow Model of Flexible Exchange Rates with Overshooting in Response to Inflation 3. The Market for Oranges 4. Complications in the Model of a Perfectly Competitive Firm and Industry 5. Models of the Market 6. Revisiting the Schumpeter-Hypotheses: Firm Size, Market Structure and Technological Regime 7. Technical Change and Economic Growth: The Case of “Catch-up” 8. Coordination, Technical Progress and Economic Growth 9. Reswitching: Simplifying a Famous Example Part II: Economic Policy and Applied Economics 10. Labour Market ‘Flexibility’ and Welfare 11. On Substitutability among Domestic Money and Cross-Border Deposits 12. The Role of International Financial Institutions in the Current Global Economy 13. The Coase Theorem and the Cooperative Nash Bargaining Game 14. On Property Rights and Their Modification 15. Economic Development in Europe, 1960–1996 16. Different Data Sources for Studying Behaviour 17. Economy and Morality: A Conceptual Framework Part III: History of Economic Thought 18. Ricardo’s Misunderstood Value Theory and the Readability of the Principles 19. Sherlock Holmes and the Swarthy German: The Case of Inanely ‘Transforming’ Mehrwert to Prices 20. Alfred Marshall and Herbert Somerton Foxwell: A Tale of Two Libraries 21. The After-glow of the German Historical School, 1945–1960 22. An Economist Turned Entrepreneur 23. Authority Systems and Schools of Economic Thought Index

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Book SynopsisTaiwan's economic development experience represents a unique case study especially in the wake of the Asian financial crisis. Taiwan has performed outstandingly in terms of macroeconomic and industrial development, particularly during recent democratic and social change. This book aims to provide a broad picture of these institutional reforms and policy evolutions.The expert contributors detail and examine the interactive relationship between Taiwan's economic liberalization, political democratization and social pluralization. Taking 1980 as a watershed, the book highlights the impact these economic and cultural changes have exerted on SMEs, foreign trade and investment, technological progress, industrial development and policy, and the reform of financial and fiscal systems. They investigate the contentious issue of whether political democratization is beneficial for economic development and go on to discuss the creation of an efficient Taiwanese economy and the resolution of conflicts created by social pluralization. The book analyses the comparative advantage of Taiwan over comparable countries, paying particular attention to the Asian financial crisis.The authors offer a fresh approach by observing Taiwanese development post 1980 and integrating economic, political and social analysis. As such, development economists and scholars of Asian economics will find this unique book both useful and enlightening.Trade Review'. . . the book will be of great help to readers interested in Taiwan's economic performance over the past twenty years.' -- Gilles Guiheux, The China JournalTable of ContentsContents: Foreword Preface Part I: Changes in the Macroeconomic Structure Part II: Factors Influencing Economic Development in Taiwan Part III: Different Aspects of Economic Performance in Taiwan Index

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Book SynopsisKnowledge, Social Institutions and the Division of Labour gives rise to a new and richer institutional analysis of the economy centred around the analysis of language, the division of labour and social knowledge. It is in this perspective that the economic analysis of institutions comes to be associated with the study of civil society, or with the broad framework of communication and coordination behind the interaction of individuals in economic and non-economic spheres.This fascinating book is divided into three parts beginning with the issue of the development of science as an aspect of the division of labour, starting from methodological problems on the communication of scientific knowledge. The volume goes on to explore issues on the moral bases of social interaction and, more particularly, of commercial society before ending with in depth analyses of questions on the division of labour, social institutions and the diffusion of knowledge in society.Trade Review'The complex interplay of the formation and communication of knowledge, the structure of social interaction, and the evolution of the division of labour, is here skilfully explored in a broad historical, philosophical and analytical framework by a truly international meeting of minds, enabling an encounter with great thinkers, past and present, commencing with Hume and Smith. A heady and unusual elixir, finely distilled, and to be slowly enjoyed if its sophisticated benefits are to be fully gathered by the reader.' -- Peter Groenewegen, University of Sydney, AustraliaTable of ContentsContents: Preface Coordination, Connecting Principles and Social Knowledge: An Introductory Essay Part I: Rationality, Communication and Connecting Principles Part II: Social Interaction and Moral Sentiments Part III: Division of Labour, Patterns of Interdependence and Social Institutions Index

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Book SynopsisRecent changes in the world economy have made the pursuit of entrepreneurial opportunity increasingly important to wealth creation. Moreover, as business schools worldwide have embraced the study of entrepreneurship, a conceptual framework for the field is beginning to emerge. This book examines the discovery, evaluation, and exploitation of opportunities to create future goods and services. It also evaluates the impact of entrepreneurial activity on individuals, firms and society at large.It will be an essential reference for students, researchers and professionals who are interested in this increasingly important field of study.Trade Review'This carefully assembled collection contains all the key articles needed for theoretical insight into the factors that influence entrepreneurship. It is an important set of readings for any program of study in entrepreneurship which calls for theoretical understanding of the phenomenon.' -- Ian C. Macmillan, University of Pennsylvania, USTable of ContentsContents: Volume I Acknowledgements Introduction Scott Shane PART I OVERVIEW OF THE FIELD 1. Scott Shane and S. Venkataraman (2000), ‘The Promise of Entrepreneurship as a Field of Research’ 2. S. Venkataraman (1997), ‘The Distinctive Domain of Entrepreneurship Research’ PART II THE ENTREPRENEURIAL PROCESS 3. Frank H. Knight (1964), ‘Theories of Profit; Change and Risk in Relation to Profit’, ‘Structures and Methods for Meeting Uncertainty’ and ‘Enterprise and Profit’ 4. Joseph A. Schumpeter (1961), in The Theory of Economic Development: An Inquiry into Profits, Capital, Credit, Interest, and the Business Cycle 5. Joseph A. Schumpeter (1976), ‘The Process of Creative Destruction’ PART III THE EXISTENCE OF ENTREPRENEURIAL OPPORTUNITIES 6. Peter F. Drucker (1985), ‘Purposeful Innovation and the Seven Sources for Innovative Opportunity’ 7. Peter F. Drucker (1985), ‘Source: The Unexpected’ 8. Peter F. Drucker (1985), ‘Source: Incongruities’ 9. Peter F. Drucker (1985), ‘Source: Process Need’ 10. Peter F. Drucker (1985), ‘Source: Industry and Market Structures’ 11. Peter F. Drucker (1985), ‘Source: Demographics’ 12. Peter F. Drucker (1985), ‘Source: Changes in Perception’ 13. Peter F. Drucker (1985), ‘Source: New Knowledge’ 14. Peter F. Drucker (1985), ‘The Bright Idea’ 15. Alvin K. Klevorick, Richard C. Levin, Richard R. Nelson and Sidney G. Winter (1995), ‘On the Sources and Significance of Interindustry Differences in Technological Opportunities’ 16. Israel M. Kirzner (1997), ‘Entrepreneurial Discovery and the Competitive Market Process: An Austrian Approach’ PART IV THE DISCOVERY OF ENTREPRENEURIAL OPPORTUNITIES 17. F.A. Hayek (1945), ‘The Use of Knowledge in Society’ 18. Scott Shane (2000), ‘Prior Knowledge and the Discovery of Entrepreneurial Opportunities’ 19. Lowell W. Busenitz and Jay B. Barney (1997), ‘Differences Between Entrepreneurs and Managers in Large Organizations: Biases and Heuristics in Strategic Decision-Making’ 20. D.K. Sarasvathy, Herbert A. Simon and Lester Lave (1998), ‘Perceiving and Managing Business Risks: Differences Between Entrepreneurs and Bankers’ PART V HUMAN EXPERIENCE AND THE DECISION TO EXPLOIT 21. Raphael Amit, Eitan Muller and Iain Cockburn (1995), ‘Opportunity Costs and Entrepreneurial Activity’ 22. David S. Evans and Linda S. Leighton (1989), ‘Some Empirical Aspects of Entrepreneurship’ 23. Glenn R. Carroll and Elaine Mosakowski (1987), ‘The Career Dynamics of Self-Employment’ PART VI THE NATURE OF THE ENTREPRENEUR AND THE DECISION TO EXPLOIT 24. Richard E. Kihlstrom and Jean-Jacques Laffont (1979), ‘A General Equilibrium Entrepreneurial Theory of Firm Formation Based on Risk Aversion’ 25. David C. McClelland (1961), ‘Entrepreneurial Behavior’ and ‘Characteristics of Entrepreneurs’ 26. Kelly G. Shaver and Linda R. Scott (1991), ‘Person, Process, Choice: The Psychology of New Venture Creation’ Name Index Volume II Acknowledgements An introduction by the editor to both volumes appears in Volume I PART I THE LOCUS OF EXPLOITATION 1. Wesley M. Cohen and Richard C. Levin (1989), ‘Empirical Studies of Innovation and Market Structure’ 2. David J. Teece (1986), ‘Profiting from Technological Innovation: Implications for Integration, Collaboration, Licensing and Public Policy’ 3. Bengt Holmstrom (1989), ‘Agency Costs and Innovation’ PART II ENTREPRENEURSHIP THROUGH MARKET MECHANISMS 4. Kenneth J. Arrow (1962), ‘Economic Welfare and the Allocation of Resources for Invention’ 5. Mark Casson (1982), ‘The Market for Information’ 6. David B. Audretsch (1997), ‘Technological Regimes, Industrial Demography and the Evolution of Industrial Structures’ PART III THE FIRM FORMATION PROCESS 7. William B. Gartner (1985), ‘A Conceptual Framework for Describing the Phenomenon of New Venture Creation’ 8. Jerome Katz and William B. Gartner (1988), ‘Properties of Emerging Organizations’ 9. Andrea Larson (1992), ‘Network Dyads in Entrepreneurial Settings: A Study of the Governance of Exchange Relationships’ 10. Howard E. Aldrich and C. Marlene Fiol (1994), ‘Fools Rush In? The Institutional Context of Industry Creation’ PART IV ENVIRONMENTAL INFLUENCES ON FIRM FORMATION 11. Howard E. Aldrich (1990), ‘Using an Ecological Perspective to Study Organizational Founding Rates’ 12. William J. Baumol (1990), ‘Entrepreneurship: Productive, Unproductive, and Destructive’ 13. Richard E. Caves (1998), ‘Industrial Organization and New Findings on the Turnover and Mobility of Firms’ 14. Sidney G. Winter (1984), ‘Schumpeterian Competition in Alternative Technological Regimes’ PART V FINANCIAL RESOURCE ASSEMBLY 15. Kenneth J. Arrow (1974), ‘Insurance, Risk and Resource Allocation’ 16. David S. Evans and Boyan Jovanovic (1989), ‘An Estimated Model of Entrepreneurial Choice Under Liquidity Constraints’ 17. William A. Sahlman (1990), ‘The Structure and Governance of Venture-Capital Organizations’ 18. Raphael Amit, Lawrence Glosten and Eitan Muller (1990), ‘Entrepreneurial Ability, Venture Investments, and Risk Sharing’ 19. Toby E. Stuart, Ha Hoang and Ralph C. Hybels (1999), ‘Interorganizational Endorsements and the Performance of Entrepreneurial Ventures’ PART VI HUMAN RESOURCE ASSEMBLY 20. Jerome A. Katz (1993), ‘The Dynamics of Organizational Emergence: A Contemporary Group Formation Perspective’ 21. James N. Baron, M. Diane Burton and Michael T. Hannan (1996), ‘The Road Taken: Origins and Evolution of Employment Systems in Emerging Companies’ PART VII THE DESIGN OF NEW ORGANIZATIONS 22. Warren P. Boeker (1988), ‘Organizational Origins: Entrepreneurial and Environmental Imprinting at the Time of Founding’ 23. James N. Baron, Michael T. Hannan and M. Diane Burton (1999), ‘Building the Iron Cage: Determinants of Managerial Intensity in the Early Years of Organizations’ 24. Scott A. Shane (1998), ‘Making New Franchise Systems Work’ PART VIII THE CREATION OF NEW MARKETS 25. Kenneth J. Arrow (1974), ‘Limited Knowledge and Economic Analysis’ 26. Eric von Hippel (1988), ‘Users as Innovators’ and ‘Predicting the Source of Innovation: Lead Users’ 27. Everett M. Rogers (1983), ‘Innovativeness and Adopter Categories’ Name Index

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Book SynopsisThe 1964 Kennedy-Johnson tax cut is often cited as the single most successful application of Keynesian stabilization policy. The author challenges this orthodox historical view by exposing the haphazard planning, simplistic economic theorizing, irreconcilable numerical projections, and partisan political influences on the Council of Economic Advisers. The focus of the book is on the decisions, advice and actions of the three Chairmen of the Council during the 1960s: Walter Heller, Gardner Ackley and Arthur Okun. They were the authors of the ambitious and optimistic new economics that attempted to manipulate aggregate demand in the US economy to reach potential output. By 1965 this goal was achieved, but when Vietnam War spending and Great Society programs were added to the tax cut, the subsequent policy paralysis in the face of a surging economy clearly indicated a lack of symmetry in fiscal policy implementation. Much of the evidence for this revisionist view comes from the participants own statements in the form of White House memoranda and confidential reports as well as from counter-factual exercises that allow alternative policies or swifter responses.This book will be of great interest to macroeconomists as well as to scholars and students interested in economic history and in the formulation and implementation of economic policy.Trade Review'. . . an important contribution to the study of fiscal policy in the post-World War II era and a useful complement to other analyses of the subject under various circumstances. . . It also provides a positive critique of stabilisation policies by giving several suggestions for their successful design and implementation. Moreover, the chapters of the book include the data used in some of the econometric testing, allowing the interested reader to replicate the results obtained, thus providing valuable teaching material.' -- Esteban Perez, Economic Record'. . . Prachowny's book is a welcome addition to the literature on American fiscal policy history. . . . Prachowny has provided a valuable addition to the literature, one well researched and documented.' -- Richard Vedder, EH NetTable of ContentsContents: Introduction 1. What Went Wrong? 2. Estimating the Output Gap 3. The CEA Model of Taxes and Aggregate Demand 4. The Macroeconomic Effects of the Tax Cut 5. The Inflationary Aftermath 6. Fiscal Drag and the Burden of the Debt 7. Taxes and Voter Welfare 8. Lessons to be Learned Bibliography Index

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Book SynopsisDespite their common emphasis upon uncertainty as a key economic variable, Frank Knight and John Maynard Keynes viewed its role from different ethical perspectives. These attitudes were derived from contrasting formative influences and differing views regarding the role of economic theory as applied to the real world.William Greer reveals that the intellectual atmosphere into which Keynes was born led him to consider individual and collective action positively, enabling policymakers to take purposeful, deliberate action, in the face of an uncertain, non-ergodic future. The conservative, theological era from which Knight emerged left him accepting of a predetermined, ergodic world in which the government should assume a minimal role in ensuring the smooth operation of a system of otherwise free markets.Ethics and Uncertainty explores how two economists, who both placed 'uncertainty' at the heart of their economic theories, come to drastically different and opposing policy recommendations. The volume illustrates that the important lesson to learn from both Knight and Keynes is that ethics and the desire to improve mankind should be the focus of economic enquiry.This fascinating volume will be essential reading for followers of Keynes and Knight. The book will also be welcomed by scholars in the field of economic thought, and those interested in the development of modern macroeconomics and microeconomics.Table of ContentsContents: Preface Introduction 1. Background and Direction 2. Contrasting Theological and Intellectual Influences 3. Probability and Uncertainty to Knight and to Keynes 4. The Ethical Implications of Uncertainty to Knight and to Keynes 5. The Purpose and Method of Economics to Knight and to Keynes 6. Contrasting Economic Outlooks and Policy Recommendations 7. Conclusion Bibliography Index

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Book SynopsisDespite being an integral part of modern economic science, the subject of financial economics has deep historical roots. Geoffrey Poitras provides an exhaustive account of the early development of the subject and, in so doing, provides a sound basis for the study of modern financial economics.By the time The Wealth of Nations had appeared, financial economics featured a well developed body of scientific knowledge, covering subjects such as fixed income evaluation, life insurance and derivative securities. From beginnings which are traced back to the commercial arithmetic of the Renaissance reckoning schools, by the latter part of the 18th century financial economics had witnessed contributions by the likes of Abraham de Moivre, Edmond Halley and Simon Stevin. This book chronicles the development of early financial economics, from the appearance of the first printed commercial arithmetic in 1478 to the publication of The Wealth of Nations in 1776.This book will prove invaluable to scholars of financial economics and the history of economic thought.Trade Review‘The Early History of Financial Economics is a book that should be read by everybody interested in man's relationship with his economic environment, being on environment of growing complexity and change. The message from the book is clear: There is nothing new under the sun.' -- P.J. Nieuwenhuizen, The South African Journal of Economic History'Beginning with the nature of Scholastic and 'Mercantilistic' economic thought, the text takes us through the institutional changes and the conceptual developments they fostered over the next four centuries. The expository plan is easy to follow, since it follows the historical timeline and stops to describe various institutional changes brought on by the growth of the European economies. This book should have a ready market. . . . The easy exposition and the portrayal of the historical developments make this useful supplementary reading; with a text of original writings, it could serve as a good introductory text in the history of finance. The reproductions of several pages of original text provide the text with an authentic flavor. In most places, the book has much 'fun' stuff to read.' -- Salim Rashid, EH.Net'Poitras ably combines an intellectual history of financial economics with a history of financial markets and instruments. His history of the development of financial markets offers new insights into their economic function and operations and, while financial economics had always had an applied interest that has often been lacking in mainstream economics, he shows that significant early contributions were made by such distinguished mathematicians as Halley, de Moivre and Bachelier. This book will be valuable to financial economists with an interest in the intellectual and institutional antecedents of their field.' -- Michael J. Brennan, University of California, Los Angeles, USTable of ContentsContents: 1. Introduction 2. History of Commerce and Finance 3. The Scholastic Analysis of Usury and Other Subjects 4. The Evolution of Commercial Arithmetic 5. Simple Interest and Compound Interest 6. The Valuation of Life Annuities 7. Foreign Exchange and the Bill Market 8. The Analysis of Joint Stocks 9. Development of Derivative Securities 10. Manias, Manipulations and Institutional Failures 11. English Debates over Interest Rates and Public Credit 12. Maritime Insurance, Life Insurance and Other Subjects 13. Some Speculative Conclusions References Index

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Book SynopsisRobert Solow has made a seminal contribution in the field of aggregative economics. This authoritative volume will be an important starting point for any researcher or professional economist seeking to understand how this branch of economics advanced in the twentieth century.Table of ContentsContents: Acknowledgements Preface Mark Blaug 1. F.P. Ramsey (1928), ‘A Mathematical Theory of Saving’ 2. Evsey D. Domar (1946) ‘Capital Expansion, Rate of Growth and Employment’ 3. R.F. Harrod (1948), ‘Fundamental Dynamic Theorems’ 4. T.W. Swan (1956), ‘Economic Growth and Capital Accumulation’ 5. Kenneth J. Arrow (1962), ‘The Economic Implications of Learning by Doing’ 6. Peter A. Diamond (1965), ‘National Debt in a Neoclassical Growth Model’ 7. David Cass (1965), ‘Optimum Growth in an Aggregative Model of Capital Accumulation’ 8. Robert E. Lucas, Jr (1988), ‘On the Mechanics of Economic Development’ 9. Paul M. Romer (1990), ‘Endogenous Technological Change’ 10. Philippe Aghion and Peter Howitt (1992), ‘A Model of Growth Through Creative Destruction’ 11. Alwyn Young (1993), ‘Invention and Bounded Learning By Doing’ Name Index

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Book SynopsisJames Buchanan has been a key figure in the integration of the analysis of political decision-making into the corpus of economic theory, the source for what is now called 'public choice economics'. This notable volume seeks to identify for future generations the landmark contributions to this area made in the twentieth century.Table of ContentsContents: Acknowledgements Foreword James M Buchanan Preface Mark Blaug 1. Armen A. Alchian (1950), ‘Uncertainty, Evolution, and Economic Theory’ 2. Armen A. Alchian (1977), ‘Some Economics of Property Rights’, 3. Frank H. Knight (1923), ‘The Ethics of Competition’ 4. F.H. Knight (1924), ‘Some Fallacies in the Interpretation of Social Cost’ 5. Frank H. Knight (1935), ‘The Ricardian Theory of Production and Distribution’ 6. Rutledge Vining (1956), Economics in the United States of America: A Review and Interpretation of Research 7. Allyn Young (1928), ‘Increasing Returns and Economic Progress’ 8. Henry C. Simons (1934), A Positive Program for Laissez Faire: Some Proposals for a Liberal Economic Policy 9. Henry C. Simons (1936), ‘Rules versus Authorities in Monetary Policy’ 10. Howard R. Bowen (1944), ‘The Interpretation of Voting in the Allocation of Economic Resources’ 11. Paul A. Samuelson (1954), ‘The Pure Theory of Public Expenditure’ 12. Milton Friedman (1949), ‘The Marshallian Demand Curve’ 13. Milton Friedman (1968), ‘The Role of Monetary Policy’ 14. R.H. Coase (1937), ‘The Nature of the Firm’ 15. Ronald H. Coase (1960), ‘The Problem of Social Cost’ 16. F.A. Hayek (1945), ‘The Use of Knowledge in Society’ 17. George J. Stigler (1961), ‘The Economics of Information’ 18. Ragnar Frisch (1959), ‘On Welfare Theory and Pareto Regions’ 19. Amartya Sen (1970), ‘The Impossibility of a Paretian Liberal’ 20. Duncan Black (1948), ‘On the Rationale of Group Decision-Making’ 21. Gordon Tullock (1959), ‘Problems of Majority Voting’ 22. Gordon Tullock (1967), ‘The Welfare Costs of Tariffs, Monopolies, and Theft’ 23. Jack Wiseman (1953), ‘Uncertainty, Costs, and Collectivist Economic Planning’ 24. J. Wiseman (1957), ‘The Theory of Public Utility Price – An Empty Box’ 25. Mark V. Pauly (1970), ‘Risk and the Social Rate of Discount’ 26. William J. Baumol (1967), ‘Macroeconomics of Unbalanced Growth: The Anatomy of Urban Crisis’ 27. Charles R. Plott (1967), ‘A Notion of Equilibrium and Its Possibility Under Majority Rule’ 28. Marilyn R. Flowers and Patricia M. Danzon (1984), ‘Separation of the Redistributive and Allocative Functions of Government: A Public Choice Perspective’ 29. Anne O. Krueger (1974), ‘The Political Economy of the Rent-Seeking Society’ Name Index

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Book SynopsisThere has been a recent resurgence of interest in the work of Vilfredo Pareto, one of the founders of modern economics. This book reconstructs the genesis and significance of Pareto's theory of choice which is Pareto's greatest contribution to economic science and which was used by John Hicks, amongst others, to develop microeconomics. Hicks, Allen, Samuelson and others acknowledged Pareto as the father of the new ordinalist microeconomics but at the same time, portrayed him as confused and contradictory, caught between the old and new paradigms. Luigino Bruni argues that Pareto's revolution in choice theory is better understood in the context of his own philosophical framework. This framework is revealed by reconstructing his dialogues with economists (Pantaleoni) and philosophers (Vailati and Croce), and by exploring Pareto's economic theory in the light of his philosophy of science. In addition, Luigino Bruni argues that Pareto's contribution was different and more complex than Hicks's ordinalism and Samuelson's operationalism. From this analysis emerges an image of Pareto as a man whose ideas and work was only partially fulfilled.This original and sometimes unconventional book will be of great interest to economists, historians of economic thought and philosophers of the social sciences.Trade Review'Given Pareto's powerful influence on modern economic theory and method, one hopes that the present growth phase in Pareto scholarship will continue. Bruni's book should help to keep Pareto scholarship on the upswing: It is sufficiently informative that most readers will come away from it with a better understanding of Pareto and his work. . . . this book has much else to recommend it. Since it discusses both the early development of choice theory, one of the cornerstones of modern economics, and early contributions to economic methodology, it should be of interest not only to economists in general and to historians of economics in particular, but also to members of the broader philosophy of science community.' -- Christian E. Weber, Journal of the History of Economic ThoughtTable of ContentsContents: Introduction 1. The Intellectual Evolution of a Non-Economist: 1890–1900 2. Pareto and Vailati: A Forgotten Exchange on Choice and Action 3. The Methodological Dispute Between Pareto and Croce 4. Guidelines for Paretian Methodology 5. More Wars Than Peace: Pareto and English Economists 6. An Unitarian Reading of Pareto’s Paradoxes in the Theory of Choice, and of Its (Mis)Interpretations Instead of a Conclusion References Index

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Book SynopsisThis book provides an incredibly detailed and thorough account of how Vietnam's dependence on Soviet aid during the 1960s and 1970s sustained and yet ultimately undermined the centrally-planned economy. Foreign aid provided most of the resources which, in the context of an under-developed agrarian economy, permitted planned industrialisation. Yet, as in other socialist countries, chronic shortages emerged and, particularly when aid supplies were cut after 1975, encouraged individuals and enterprises to divert resources to local uses. The authors show how development of non-plan trading relations was based on supplies of scarce, aid-subsidised goods which provided the means for local authorities, enterprises and individuals to convert their positions of political and social power into capital. They further highlight the ways in which new, market-oriented trade relations emerged in symbiosis with the planning system and continue to influence the economic structure and institutions today. Economic Transition in Vietnam outlines the many problems currently facing Vietnam, not least how new global forms of integration are affecting future development.Trade Review'. . . this book by Melanie Beresford and Dang Phong is a welcome contribution . . . Economic Transition in Vietnam is written by two Vietnamese-speaking authors, both with a thorough knowledge of Vietnamese culture and traditions . . . Economic Transition in Vietnam is, to summarize, a very useful complement to the more theoretical literature on problems of transition . . . the focus is original and helps us to a better understanding of the key role played by the bottom-up and spontaneous elements of the reform process.' -- Stefan de Vylder, Journal of Economic Literature'This is an invaluable contribution to our understanding of an important yet still enigmatic Asian economy. Vietnam clearly has the potential for high speed, export-oriented economic growth, yet its performance and institutional transition during the past decade have been disappointing. The authors throw much light on this paradox. Particularly eye opening are sections dealing with the roles of smuggling, illicit trade, students and diplomats in Vietnam's modern development. Not to be missed by anyone seriously concerned with Asian trade and economics.' -- Christopher Howe, School of Oriental and African Studies, University of London, UKTable of ContentsContents: Preface Part I: The Development of Foreign Trade and Aid Since 1960 1. Foreign Trade and Aid in the Development of a Market Economy 2. Reform of the Foreign Trade System Part II: The Development of Unofficial Trade and Aid 1976–1996 3. Introduction 4. Commercial Links with the Soviet Union and Eastern Europe 5. Goods Sent by Overseas Vietnamese to their Relatives 6. The Intershop System 7. VOSCO Goods 8. Cross-Border Trade between Vietnam and Laos 9. Trade Across the Cambodian Border 10. Cross-Border Trade with China 11. Sales of Goods and Services to Foreigners 12. International Payments Part III: Conclusion 13. Past, Present and Future References Index

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Book SynopsisThis important collection throws light on the historical development and evolution of the economy, society and institutions in post-war Japan.It covers trends in economic development and looks at areas such as the debate on the role and significance of industrial policy; the evolution of financial and banking systems; the changing patterns of labour relations; land reform and agricultural change; and the broader economic and social structures of modern Japan.This two-volume set brings together the significant articles around these themes, including less well-known work first published in Japan. It will be an essential reference work for scholars and students of history, economics, political science and Asian studies.Trade Review'Steven Tolliday has produced an excellent sequel to his earlier work with a similar title. . .' -- Prabhu Guptara, Journal of Japanese Trade and Industry'Was there really a Japanese miracle? Did industrial policy make any difference? Is the stagnation of the last decade a refutation of all that was said about the Japanese model in the 1980s? Or just the other side of the medal? Or a temporary blip? Tolliday has done a marvellous job of bringing the evidence together from an extraordinarily wide range of resources - and demonstrating thereby how far the depth and density of English-language analysis of the Japanese economy has improved in recent years.' -- Ronald Dore, London School of Economics and Political Science, UKTable of ContentsContents: Volume I : Acknowledgements Introduction Steven Tolliday PART I TRENDS IN ECONOMIC DEVELOPMENT 1. Yasukichi Yasuba (1991), ‘Japan’s Post-war Growth in Historical Perspective’ 2. Charles Yuji Horioka (1994), ‘Japan’s Consumption and Saving in International Perspective’ PART II THE INDUSTRIAL POLICY DEBATE 3. Gregory W. Noble (1989), ‘The Japanese Industrial Policy Debate’ 4. Yutaka Kosai (1995), ‘Government-Business Relations and Competitiveness: The Japanese Case’ A Cases 5. Dennis J. Encarnation and Mark Mason (1990), ‘Neither MITI nor America: The Political Economy of Capital Liberalization in Japan’ 6. Marie Anchordoguy (1988), ‘Mastering the Market: Japanese Government Targeting of the Computer Industry’ 7. Chalmers Johnson (1989), ‘MITI, MPT and the Telecom Wars: How Japan Makes Policy for High Technology’ 8. Michael R. Reich (1990), ‘Why the Japanese Don’t Export More Pharmaceuticals: Health Policy as Industrial Policy’ 9. Mark Tilton (1994), ‘Informal Market Governance in Japan’s Basic Materials Industries’ PART III KEIRETSU AND CORPORATE GROUPS 10. Juro Hashimoto (1996), ‘How and When Japanese Economic and Enterprise Systems Were Formed’ 11. Hideaki Miyajima (1994), ‘The Transformation of Zaibatsu to Postwar Corporate Groups – From Hierarchically Integrated Groups to Horizontally Integrated Groups’ 12. Kunio Suzuki (1997), ‘From Zaibatsu to Corporate Complexes’ 13. Takeo Kikkawa (1995), ‘Enterprise Groups, Industry Associations, and Government: The Case of the Petrochemical Industry in Japan’ 14. Ronald J. Gilson and Mark J. Roe (1993), ‘Understanding the Japanese Keiretsu: Overlaps Between Corporate Governance and Industrial Organization’ 15. Michael L. Gerlach (1992), ‘Twilight of the Keiretsu? A Critical Assessment’ PART IV SMALL BUSINESS AND SUBCONTRACTING 16. Hugh T. Patrick and Thomas P. Rohlen (1987), ‘Small-Scale Family Enterprises’ 17. Michael J. Smitka (1990), ‘The Invisible Handshake: The Development of the Japanese Automotive Parts Industry’ 18. Kazuo Wada (1991), ‘The Development of Tiered Inter-firm Relationships in the Automobile Industry: A Case Study of Toyota Motor Corporation’ PART V THE DEVELOPMENT OF JAPANESE MANAGEMENT 19. Otake Hideo(1987), ‘The Zaikai Under the Occupation: The Formation and Transformation of Managerial Councils’ 20. Hideaki Miyajima (1993), ‘Postwar Reform in Enterprise Management: Managerial Revolution from Above and the Emergence of the "Japanese-type" Firm’ 21. William M. Tsutsui (1996), ‘W. Edwards Deming and the Origins of Quality Control in Japan’ 22. D. Eleanor Westney (1994), ‘The Evolution of Japan’s Industrial Research and Development’ Name Index Volume II: Acknowledgements Introduction Steven Tolliday PART I INDUSTRIAL STRATEGY 1. Seiichiro Yonekura (1991), ‘The Postwar Japanese Iron and Steel Industry: Continuity and Discontinuity’ 2. Shin Goto (1994), ‘Competitive Advantage in the Japanese Shipbuilding Industry: the Case of IHI’ 3. Karel Williams, Colin Haslam, Sukhdev Johal, John Williams, Andy Adcroft and Robert Willis (1995), ‘Management Practice or Structural Factors: The Case of America versus Japan in the Car Industry’ 4. Haruhito Shiomi (1995), ‘The Formation of Assembler Networks in the Automobile Industry: The Case of Toyota Motor Company (1955–1980)’ 5. Nobuo Kawabe (1993), ‘The Development of the Retailing Industry in Japan’ 6. Mira Wilkins (1990), ‘Japanese Multinationals in the United States: Continuity and Change, 1879–1990’ 7. Mark Mason (1992), ‘The Origins and Evolution of Japanese Direct Investment in Europe’ PART II MONEY AND BANKING 8. Chikage Hidaka (1997), ‘A Re-examination of Japan’s Post-War Financing System’ 9. Tetsuji Okazaki (1995), ‘The Evolution of the Financial System in Post-War Japan’ 10. Takeo Hoshi (1994), ‘The Economic Role of Corporate Grouping and the Main Bank System’ 11. Frances McCall Rosenbluth (1993), ‘Financial Deregulation and Interest Intermediation’ PART III LABOUR 12. Katzutoshi Koshiro (1983), ‘Development of Collective Bargaining in Postwar Japan’ 13. Sheldon M. Garon (1984), ‘The Imperial Bureaucracy and Labor Policy in Postwar Japan’ 14. Shinji Sugayama (1995), ‘Work Rules, Wages, and Single Status: The Shaping of the "Japanese Employment System"’ 15. Ikuo Kume (1988), ‘Changing Relations Among the Government, Labor, and Business in Japan After the Oil Crisis’ 16. Lonny E. Carlile (1994), ‘Sohyo versus Domei: Competing Labour Movement Strategies in the Era of High Growth in Japan’ 17. Kazuo Koike (1983), ‘Internal Labor Markets: Workers in Large Firms’ PART IV LAND AND AGRICULTURE 18. Toshihiko Kawagoe (1993), ‘Land Reform in Postwar Japan’ 19. Toshihiko Kawagoe (1993), ‘Deregulation and Protectionism in Japanese Agriculture’ 20. Aurelia George and Eric Saxon (1986), ‘The Politics of Agricultural Protection in Japan’ PART V EDUCATION AND HUMAN CAPITAL 21. Akiko Chimoto (1993), ‘The Improvement of School Education and the Development of Personnel Management in Post-Meiji Japan’ 22. Tamotsu Nishizawa (1997), ‘Education Change and In-Firm Training in Post-War Japan’ PART VI GENDER AND SOCIETY 23. Robert J. Smith (1987), ‘Gender Inequality in Contemporary Japan’ 24. Omori Maki (1993), ‘Gender and the Labor Market’ Name Index

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Book SynopsisIn the 1970s, the Keynesian orthodoxy in macroeconomics began to break down. In direct contrast to Keynesian recommendations of discretionary policy, models advocating laissez-faire came to the forefront of economic theory. Laissez-faire no longer stood as an exceptional policy endorsed for rare occurrences of market clearing; rather it became the policy standard. This book provides the definitive account of this watershed and traces the evolution of laissez-faire using the cases of its proponents, Frank Knight, Henry Simons, Friedrich von Hayek, Milton Friedman, James Buchanan and Robert Lucas. By elucidating the pre-analytical framework of their writings, Sherryl Kasper accounts for the ideological influence of these pioneers on theoretical work, and illustrates that they played a primary role in founding the theoretical and philosophical use of rules as the basis of macroeconomic policy. A case study of the way in which interwar pluralism transcended to postwar neoclassicism is also featured.The volume concludes that economists ultimately favoured new classical economics due to the theoretical developments it incorporated, although at the same time, since Lucas uncritically adapted some of the ideas and tools of Friedman, an avenue for ideological influence remained.Tracing the evolution of American macroeconomic theory from the 1930s to the 1980s, this book will appeal to those with an interest in macroeconomics and in the history of scholars associated with the Chicago School of economics.Trade Review'This is an important contribution to the history of thought in macroeconomics. The chapters on Lucas and Simon are lucid and sketch the development of laissez-faire policy simultaneously.' -- A.V. Katos, Economic Issues'This is a nicely written, succinct overview of libertarian views on American macroeconomic theory by institutional economist Sherryl Davis Kasper.' -- Rick Tilman, Journal of Economic Issues'I find The Revival of Laissez-Faire informative, especially as a survey of the ideas of the six economists, each of whom was no doubt at the front in the intellectual battle over laissez-faire. The book is a good source on an important slice of twentieth century economics for undergraduate history of economics course.' -- J. Daniel Hammond, Journal of the History of Economic ThoughtTable of ContentsContents: 1. Introduction 2. Frank Hyneman Knight, The Moral Philosopher 3. Henry Calvert Simons, Author of the Blueprint 4. Friedrich von Hayek and the Austrian Influence 5. Milton Friedman and Monetarism 6. James Buchanan and Public Choice Theory 7. Robert E. Lucas, Jr. and New Classical Economics 8. Conclusion References Index

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Book SynopsisThis authoritative book analyses the recent problems associated with the UK's monetary system and suggests a long-term solution to control bank lending in the future. It draws on extensive historical material, discussions with former senior officials and politicians, and the perceptive insights of Gordon Pepper, an advisor to Margaret Thatcher when the foundations of monetary control were being laid, to revisit and re-examine the monetarist experiment of the 1980s.The authors argue that, in spite of the instinct of the Prime Minister, the authorities never attempted to control the supply of money in the 1980s and only paid lip service to controlling the demand for money. Extraordinary behaviour of bank lending was a significant cause of the Barber boom in the mid-1970s, of the Lawson boom of the 1980s and of the depth of the recession in the early 1990s. They assert that varying interest rates is an ineffective tool to manage lending and controversially propose that the only enduring solution is to control the banks' reserves. The authors forcefully argue that should the UK not become a member of the European Single Currency the debate surrounding monetary base control will need to be reopened.By reassessing a significant era in British economic policy and suggesting a strategy for the future, this book will be of great interest to economic historians, monetary and political economists, policymakers and investment advisers.Trade Review'Many monetarists would agree with the premise of this book, namely that the monetarist experiment was a flawed or incomplete experiment. The authors argue that a major flaw was the lack of monetary control. In doing so they resurrect a long-standing debate on interest rate versus money base control (MBC). Those who think that the issue of MBC was buried in the 80s should think again and read this book.' -- Kent Matthews, Cardiff University, UK'At last, something approaching a technically rigorous and politically informed account of the British monetarist policy experiment of the 1980s. Love or loath Thatcherism, admire or abhor those who brought the revised quantity theory from the Chicago lecture hall to the City dealing room and onward to the British Cabinet and Treasury, you will need to read this latest work from Gordon Pepper, the leading City monetarist of the 1970s and 1980s, and Michael Oliver, the unofficial chronicler of this fascinating episode in British monetary history. Moreover, in speaking of the present, as well as of the past, they will command attention for their controversial recommendations for monetary policy today and in the future.' -- Roger Middleton, University of Bristol, UK'No-one can truly comprehend the role of monetarism both during and after the Thatcher years without a thorough reading of this book. To complement Pepper's incisive analysis of processes and institutions, Oliver provides an historical context for the skirmishes and full scale battles that attended the principles and practice of monetarism. The authors rightly identify the 'true monetarists' and the miscellaneous pseuds that litter the history. On the whole the ideas, if not the detailed mechanisms, of -- monetarism seem to me to have won the day and the decades since 1979.'– Sir Alan Walters, Chief Economic Adviser to Lady Thatcher'A characteristically provocative critique by two of monetarism's most tenacious theologians which identifies Margaret Thatcher and Keith Joseph as the only "true believers" - perhaps significantly the two who had been furthest away from the coal-face of economic policy.' -- The Rt. Hon. The Lord Howe of Aberavon, CH, QC Chancellor of the Exchequer, 1979-1983Table of ContentsContents: Foreword Preface Introduction Part I: History 1. A Brief History of Monetary Policy since Radcliffe 2. Monetarism in the UK 3. Monetarism and the Officials 4. Monetarism under Thatcher 5. Monetarism and the Politicians 6. Summary and Conclusions of Part I Part II: Policy Dilemmas 7. A Type of Supply-side Control: Control via the ‘Counterparts’ 8. Overfunding: A Useful Tool or Cosmetic Device? 9. Asset-Price Inflation 10. Debt Deflation 11. Summary and Conclusions of Part II Part III: Policy Solutions 12. Monetary Base Control 13. MBC versus Funding Policy 14. A Published Target for the Monetary Base 15. Summary and Conclusions of Part III Appendices References Index

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