Although it would be premature to presume to identify the exact repercussions of the current economic crisis, it is clear that it will have profound effects in the political, economic, and social spheres. Written in the midst of the deepest economic crisis since the Great Depression, Aftershocks contains twenty-four essays—based on interviews with scholars, prominent European politicians, and leading figures from business and banking—that reflect on the origins of the crisis as well as the possible social, economic, and political transformations it may engender. Among the many contributors are Barry Eichengreen, Tony Atkinson, David Soskice, Nancy Birdsall, Amitai Etzioni, Helmut Schmidt, and Jacques Delors.
In 1900 the global average life expectancy at birth was thirty-one years. By 2000 it was sixty-six. Yet, alongside unprecedented improvements in longevity and material well-being, the twentieth century also saw the rise of fascism and communism and a second world war followed by a cold war. This book tells the story of the battles between economic systems that defined the last century and created today's world.
The nineteenth century was a period of rapid economic growth characterized by relatively open markets and more personal liberty, but it also brought great inequality within and between nations. The following century offered sharp challenges to free-wheeling capitalism from both communism and fascism, whose competing visions of planned economic development attracted millions of people buffeted by the economic storms of the 1930s. The Age of Equality describes the ways in which market-oriented economies eventually overcame the threat of these visions and provided a blueprint for reform in nonmarket economies. This was achieved not through unbridled capitalism but by combining the efficiency and growth potential of markets with government policies to promote greater equality of opportunity and outcome. Following on the heels of economic reform, rapid catch-up growth in countries such as China, India, Indonesia, Brazil, and Poland helped to reduce global inequality.
At a time when inequality is on the rise in nations as disparate as the United States and Egypt, Pomfret’s interpretation of how governments of market economies faced the challenges of the twentieth century is both instructive and cautionary.
Archaic Bookkeeping brings together the most current
scholarship on the earliest true writing system in human
history. Invented by the Babylonians at the end of the
fourth millennium B.C., this script, called proto-cuneiform,
survives in the form of clay tablets that have until now
posed formidable barriers to interpretation. Many tablets,
excavated in fragments from ancient dump sites, lack a clear
context. In addition, the purpose of the earliest tablets
was not to record language but to monitor the administration
of local economies by means of a numerical system.
Using the latest philological research and new methods
of computer analysis, the authors have for the first time
deciphered much of the numerical information. In
reconstructing both the social context and the function of
the notation, they consider how the development of our
earliest written records affected patterns of thought, the
concept of number, and the administration of household
economies. Complete with computer-generated graphics keyed
to the discussion and reproductions of all documents referred
to in the text, Archaic Bookkeeping will interest
specialists in Near Eastern civilizations, ancient history,
the history of science and mathematics, and cognitive
In this book, Reuven Brenner argues that people bet on new ideas and are more willing to take risks when they have been outdone by their fellows on local, national, or international scales. Such bets mean that people deviate from the beaten path and either gamble, commit crimes, or come up with new ideas in art, business, or politics, and ideas concerning war and peace in particular. By using evidence on gambling, crime, and creativity now and during the Industrial Revolution, by examining innovations in English and French inheritance laws and the emergence of welfare legislation, and by looking at what has happened before and after wars, Brenner reaches the conclusion that hope and fear, envy and vanity, sentiments provoked when being leapfrogged, make humans race.
The big economic story of our times is not the Great Recession. It is how China and India began to embrace neoliberal ideas of economics and attributed a sense of dignity and liberty to the bourgeoisie they had denied for so long. The result was an explosion in economic growth and proof that economic change depends less on foreign trade, investment, or material causes, and a whole lot more on ideas and what people believe.
Or so says Deirdre N. McCloskey in Bourgeois Dignity, a fiercely contrarian history that wages a similar argument about economics in the West. Here she turns her attention to seventeenth- and eighteenth-century Europe to reconsider the birth of the industrial revolution and the rise of capitalism. According to McCloskey, our modern world was not the product of new markets and innovations, but rather the result of shifting opinions about them. During this time, talk of private property, commerce, and even the bourgeoisie itself radically altered, becoming far more approving and flying in the face of prejudices several millennia old. The wealth of nations, then, didn’t grow so dramatically because of economic factors: it grew because rhetoric about markets and free enterprise finally became enthusiastic and encouraging of their inherent dignity.
An utterly fascinating sequel to her critically acclaimed book The Bourgeois Virtues, Bourgeois Dignity is a feast of intellectual riches from one of our most spirited and ambitious historians—a work that will forever change our understanding of how the power of persuasion shapes our economic lives.
For a century and a half, the artists and intellectuals of Europe have scorned the bourgeoisie. And for a millennium and a half, the philosophers and theologians of Europe have scorned the marketplace. The bourgeois life, capitalism, Mencken’s “booboisie” and David Brooks’s “bobos”—all have been, and still are, framed as being responsible for everything from financial to moral poverty, world wars, and spiritual desuetude. Countering these centuries of assumptions and unexamined thinking is Deirdre McCloskey’s The Bourgeois Virtues, a magnum opus that offers a radical view: capitalism is good for us.
McCloskey’s sweeping, charming, and even humorous survey of ethical thought and economic realities—from Plato to Barbara Ehrenreich—overturns every assumption we have about being bourgeois. Can you be virtuous and bourgeois? Do markets improve ethics? Has capitalism made us better as well as richer? Yes, yes, and yes, argues McCloskey, who takes on centuries of capitalism’s critics with her erudition and sheer scope of knowledge. Applying a new tradition of “virtue ethics” to our lives in modern economies, she affirms American capitalism without ignoring its faults and celebrates the bourgeois lives we actually live, without supposing that they must be lives without ethical foundations.
High Noon, Kant, Bill Murray, the modern novel, van Gogh, and of course economics and the economy all come into play in a book that can only be described as a monumental project and a life’s work. The Bourgeois Virtues is nothing less than a dazzling reinterpretation of Western intellectual history, a dead-serious reply to the critics of capitalism—and a surprising page-turner.
The Cancer Stage of Capitalism is a modern classic of critical philosophy and political economy, renowned for its depth and comprehensive research. It provides a step by step diagnosis of the continuing economic collapse in the US and Europe and has had an enormous influence on new visions of economic alternatives.
John McMurtry argues that our world disorder of unending crises is the predictable result of a cancerous economic system multiplying out of all control and destroying ecological, social and organic life - a process he describes as 'global ecogenocide'. In this updated edition he explains the ‘social immune response’ required to fight the ‘macro cancer’, something which has already been shown in developments such as the Occupy movement and the democratic social transformation of Latin America.
In an official global culture increasingly destructive of life, this book shows the necessity and possibility of building a sustainable society based on a universal commitment to life and nature.
The advent of economic neoliberalism in the 1980s triggered a shift in the world economy. In the three decades following World War II, now considered a golden age of capitalism, economic growth was high and income inequality decreasing. But in the mid-1970s this social compact was broken as the world economy entered the stagflation crisis, following a decline in the profitability of capital. This crisis opened a new phase of stagnating growth and wages, and unemployment. Interest rates as well as dividend flows rose, and income inequality widened.
The sequence of events initiated by neoliberalism was not unprecedented. In the late nineteenth century, when economic conditions were similar to those of the 1970s, a structural crisis led to the first financial hegemony culminating in the speculative boom of the late 1920s. The authors argue persuasively for stabilizing the world economy before we run headlong into another economic disaster.
Table of Contents:
Part I. Crisis and Neoliberalism 1. The Strange Dynamics of Change 2. Economic Crises and Social Orders
Part II. Crisis and Unemployment 3. The Structural Crisis of the 1970s and 1980s 4. Technical Progress: Accelerating or Slowing? 5. America and Europe: The Creator of Jobs and the Creator of Unemployment 6. Controlling Labor Costs and Reining in the Welfare State 7. Unemployment: Historical Fate? 8. The End of the Crisis?
Part III. The Law of Finance 9. The Interest Rate Shock and the Weight of Dividends 10. Keynesian State Indebtedness and Household Indebtedness 11. An Epidemic of Financial Crises 12. Globalization under Hegemony 13. Financialization: Myth or Reality? 14. Does Finance Feed the Economy? 15. Who Benefits from the Crime?
Part IV. The Lessons of History 16. Historical Precedent: The Crisis at the End of the Nineteenth Century 17. The End of the Structural Crises: Does the Twentieth Century Resemble the Nineteenth? 18. Two Periods of Financial Hegemony: The Beginning and the End of the Twentieth Century 19. Inherent Risks: The 1929 Precedent 20. Capital Mobility and Stock Market Fever 21. Between Two Periods of Financial Hegemony: Thirty Years of Prosperity
Part V. History on the March 22. A Keynesian Interpretation 23. The Dynamics of Capital
Appendix A. Other Studies by the Authors Appendix B. Sources and Calculations Notes Index
This remarkable book offers a closely argued and persuasive interpretation of the political economy of Europe and the U.S. from 1970 to the present, based on a much wider discussion ranging in time from the late 19th century, and touching on the history of the industrializing countries of Asia and Latin America. The interpretation of contemporary political economy offers fresh and challenging perspectives to the ongoing debate about world economic policy. --Duncan K. Foley, The New School for Social Research
The views generally held about the rise of the factory system in Britain derive from highly distorted accounts of the social consequences of that system—so say the distinguished economic historians whose papers make up this book. The authors offer documentary evidence to support their conclusion that under capitalism the workers, despite long hours and other hardships of factory life, were better off financially, had more opportunities, and led a better life than had been the case before the Industrial Revolution.
This book offers a view of shifts in labour relations in various parts of the world over a breathtaking span, from 1500 to 2000, with a particular emphasis on colonial institutions. How did growing demand for colonial commodities affect labour in the Global South? How did colonial interference with land and labour markets affect developments in labour relations? And what were the effects of the introduction of colonial currencies? The contributors to this volume answer those questions and more, combining global perspectives with impressively detailed case studies.
Confronting Historical Paradigms argues that confrontation with major paradigms of world history has marked the fields of African and Latin American history during the last quarter-century, and that the process has dramatically restructured historical and theoretical understanding of peasantries, labor, and the capitalist world system. Moreover, it maintains, the intellectual reverberations within and across the African and Latin American fields constitute a challenging and underappreciated counterpoint to laments that contemporary historical knowledge has suffered a splintering so extreme that it undermines larger dialogue and meaning.
The authors, in their substantive essays, synthesize, order, and evaluate the significance of the enormous resonating literatures that have come to exist for Africa and Latin America on the themes of the capitalist world system, labor, and peasantries. They historicize these literatures by analyzing an entire cycle of critical dialogue and confrontation with historical paradigms and the professional upheavals that accompanied them. They review the initial confrontations with frameworks of historical knowledge that erupted in the 1960s and the early 1970s; the emergence of new “dissident” paradigms; the outpouring of subsequent scholarship on peasants, labor, and capitalism that began to unravel the newly proposed paradigms by the 1980s and 1990s; and the outlines of the new interpretive frameworks that tended to displace both the “traditional” and “early dissident” paradigms. They also suggest possible outlines of a new cycle of “Third World” confrontations with paradigm, anchored in themes such as gender and ethnicity. Confronting Historical Paradigms employs a historicized awareness of intellectual networks, conversations, and history–theory dialogues. The result is a critical analysis and synthetic presentation of substantive advances that have preoccupied scholarship on Africa and Latin America in recent decades and a powerful challenge to notions that “new” fields of history have ended up destroying intellectual coherence and community.
What explains the national economic success of the United States, Britain, Germany, and Japan? What can be learned from the long-term championship performances of leading business firms in each country? How important were specific innovations by individual entrepreneurs? And in the end, what is the true nature of capitalist development?
The Pulitzer Prize–winning historian Thomas K. McCraw and his coauthors present penetrating answers to these questions. Creating Modern Capitalism is the first book to explain for a broad audience the interconnections among technological innovation, management science, the power of entrepreneurship, and national economic growth. The authors approach each question from a comparative framework and with a unique triple focus on national economic systems, particular companies, and individual business leaders.
Above all, the book focuses on how specific entrepreneurs influenced the economic success of their countries: Josiah Wedgwood and Henry Royce in Britain; August Thyssen and Georg von Siemens in Germany; Henry Ford, Alfred Sloan, and the two Thomas J. Watsons in the United States; Sakichi Toyoda, Masatoshi Ito, and Toshifumi Suzuki in Japan.
The product of a three-year collaborative effort at the Harvard Business School, the book combines cutting-edge scholarship with a finely tuned sense of the art of management. It will engage general readers as well as those with a special interest in entrepreneurship and the evolution of national business systems.
Paul Bairoch sets the record straight on twenty commonly held myths about economic history. Among these are that free trade and population growth have historically led to periods of economic growth; that a move away from free trade caused the Great Depression; and that colonial powers in the nineteenth and early twentieth centuries became rich through the exploitation of the Third World. Bairoch argues that these beliefs are based on insufficient knowledge and misguided interpretations of the economic history of the United States, Europe, and the Third World.
"A challenging and readable introduction to some major controversial themes in modern international economic history."—Peter J. Cain, International History Review
"Paul Bairoch sheds fascinating light on many of the accepted truths of modern economic history: an intriguing account, well executed."—Alfred L. Malabre, Jr., Economics Editor, Wall Street Journal
Until now, Andean peasants have primarily been thought of by scholars as isolated subsistence farmers, "resistant" to money and to different markets in the region. Ethnicity, Markets, and Migration in the Andes overturns this widely held assumption and puts in its place a new perspective as it explores the dynamic between Andean cultural, social, and economic practices and the market forces of a colonial and postcolonial mercantile economy. Bringing together the work of outstanding scholars in Andean history, anthropology, and ethnohistory, these pioneering essays show how, from the very earliest period of Spanish rule, Andean peasants and their rulers embraced the new economic opportunities and challenged or subverted the new structures introduced by the colonial administration. They also convincingly explain why in the twentieth century the mistaken idea developed that Andean peasants were conservative and unable to participate effectively in different markets, and reveal how closely ethnic inequalities were tied to evolving market relations. Inviting a critical reconsideration of ethnic, class, and gender issues in the context of rural Andean markets, this book will revise the prevailing view of Andean history and provide a more fully informed picture of the complex mercantile activities of Andean peasants.
It would not be an exaggeration to describe this book as the central work of Kropotkin’s writing career. In one way or another, it occupied more than twenty years of his life. It is a work of argument and suggestion rather than dogmatic statement, and the very tentativeness of this great book make its perceptions all the more relevant.
With at one time Kropotkin’s view of our future might have been regarded as a Utopian dream, today, as a result of the growing realization that the world’s resources of energy and raw materials are finite, that food is our most precious commodity and that people’s working lives are futile and stultifying, the lessons of this book, for both the rich world and the poor, are topical and hopeful.
In addition to a general introduction to the most significant aspects of Kropotkin’s life and thought, George Woodcock has prepared a comprehensive afterword to each essay, allowing the reader to fully see Kropotkin’s ideas in the context of the world a century later.
Is the 9th volume of the The Collected Works of Peter Kropotkin.
Intellectuals since the Industrial Revolution have been obsessed with whether, when, and why capitalism will collapse. This riveting account of two centuries of failed forecasts of doom reveals the key to capitalism’s durability.
Prophecies about the end of capitalism are as old as capitalism itself. None have come true. Yet, whether out of hope or fear, we keep looking for harbingers of doom. In Foretelling the End of Capitalism, Francesco Boldizzoni gets to the root of the human need to imagine a different and better world and offers a compelling solution to the puzzle of why capitalism has been able to survive so many shocks and setbacks.
Capitalism entered the twenty-first century triumphant, its communist rival consigned to the past. But the Great Recession and worsening inequality have undermined faith in its stability and revived questions about its long-term prospects. Is capitalism on its way out? If so, what might replace it? And if it does endure, how will it cope with future social and environmental crises and the inevitable costs of creative destruction? Boldizzoni shows that these and other questions have stood at the heart of much analysis and speculation from the early socialists and Karl Marx to the Occupy Movement. Capitalism has survived predictions of its demise not, as many think, because of its economic efficiency or any intrinsic virtues of markets but because it is ingrained in the hierarchical and individualistic structure of modern Western societies.
Foretelling the End of Capitalism takes us on a fascinating journey through two centuries of unfulfilled prophecies. An intellectual tour de force and a plea for political action, it will change our understanding of the economic system that determines the fabric of our lives.
Controlling inflation is among the most important objectives of economic policy. By maintaining price stability, policy makers are able to reduce uncertainty, improve price-monitoring mechanisms, and facilitate more efficient planning and allocation of resources, thereby raising productivity.
This volume focuses on understanding the causes of the Great Inflation of the 1970s and ’80s, which saw rising inflation in many nations, and which propelled interest rates across the developing world into the double digits. In the decades since, the immediate cause of the period’s rise in inflation has been the subject of considerable debate. Among the areas of contention are the role of monetary policy in driving inflation and the implications this had both for policy design and for evaluating the performance of those who set the policy. Here, contributors map monetary policy from the 1960s to the present, shedding light on the ways in which the lessons of the Great Inflation were absorbed and applied to today’s global and increasingly complex economic environment.
This important book compares the growth achieved in Japan and Europe with the frustrated growth in the major societies of mainland Eurasia. More broadly, it is about the conflict in world history between economic growth and political greed. Eric Jones proposes two fundamentally new frameworks. One replaces industrial revolution or great discontinuity as the source of change and challenges the reader to accept early periods and non-western societies as vital to understanding the growth process. The second offers a new explanation in which tendencies for growth were omnipresent but were usually--though not always--suppressed. Finally, the erosion of these negative factors is discussed, explaining the rise of a world economy in which growth has recurred and East Asia takes a prominent place.
Eric Jones has written a substantial new introduction for this edition, which includes discussions of early evidence of growth episodes and the relation of these points to the Industrial Revolution, and the relevance of the East Asian "miracle" to his thesis.
Most of the existing research on economic history relies either solely or ultimately on calculations of material interest to explain the major events of the modern world. However, care must be taken not to rely too heavily on materialism, with its associated confidence in perfectly rational actors that simply do not exist. What is needed for a more cogent understanding of the long history of capitalist growth is a more realistic, human-centered approach that can take account of the role of nonmaterial values and beliefs, an approach convincingly articulated by Deirdre McCloskey in her landmark trilogy of books on the moral and ethical basis of modern economic life.
With Humanism Challenges Materialism in Economics and Economic History, Roderick Floud, Santhi Hejeebu, and David Mitch have brought together a distinguished group of scholars in economics, economic history, political science, philosophy, gender studies, and communications who synthesize and build on McCloskey’s work. The essays in this volume illustrate the ways in which the humanistic approach to economics that McCloskey pioneered can open up new vistas for the study of economic history and cultivate rich synergies with a wide range of disciplines. The contributors show how values and beliefs become embedded in the language of economics and shape economic outcomes. Chapters on methodology are accompanied by case studies discussing particular episodes in economic history.
What is the relationship between our conception of humans as producers or creators; as consumers of taste and pleasure; and as creators of value? Combining cultural history, economics, and literary criticism, Regenia Gagnier's new work traces the parallel development of economic and aesthetic theory, offering a shrewd reading of humans as workers and wanters, born of labor and desire.
The Insatiability of Human Wants begins during a key transitional moment in aesthetic and economic theory, 1871, when both disciplines underwent a turn from production to consumption models. In economics, an emphasis on the theory of value and the social relations between land, labor, and capital gave way to more individualistic models of consumerism. Similarly, in aesthetics, theories of artistic production or creativity soon bowed to models of taste, pleasure, and reception.
Using these developments as a point of departure, Gagnier deftly traces the shift in Western thought from models of production to consumption. From its exploration of early market logic and Kantian thought to its look at the aestheticization of homelessness and our own market boom, The Insatiability of Human Wants invites us to contemplate alternative interpretations of economics, aesthetics, and history itself.
“Excellent . . . I highly recommend this book.” —RON PAUL
Why is the boom-and-bust cycle so persistent? Why did economists fail to predict the economic meltdown that began in 2007—or to pull us out of the crisis more quickly? And how can we prevent future calamities?
Mainstream economics has no adequate answers for these pressing questions. To understand how we got here, and how we can ensure prosperity, we must turn to an alternative to the dominant approach: the Austrian School of economics.
Unfortunately, few people have even a vague understanding of the Austrian School, despite the prominence of leading figures such as Nobel Prize winner F. A. Hayek, author of The Road to Serfdom. Harry C. Veryser corrects that problem in this powerful and eye-opening book. In presenting the Austrian School’s perspective, he reveals why the boom-and-bust cycle is unnatural and unnecessary.
Veryser tells the fascinating (but frightening) story of how our modern economic condition developed. The most recent recession, far from being an isolated incident, was part of a larger cycle that has been the scourge of the West for a century—a cycle rooted in government manipulation of markets and currency. The lesson is clear: the devastation of the recent economic crisis—and of stagflation in the 1970s, and of the Great Depression in the 1930s—could have been avoided. It didn’t have to be this way.
Economics is not a mysterious science, Veryser shows. As the Austrian School teaches, it is simply the study of human action. Mainstream economics has failed because it has forgotten this fundamental truth. Economists have tried to put economics on a par with hard sciences like physics, reducing everything to numbers. But their complex mathematical models and cherished theories have only contributed to economic collapse.
As the debate rages over the role of government in the economy, Harry Veryser presents the proper alternative to government interventionist approaches that have proved so ineffective. Too long unappreciated, the Austrian School of economics reveals the crucial conditions for a successful economy and points the way to a free, prosperous, and humane society.
Leadership has long been an important subject in the study of international economic relations. Many scholars give American leadership credit for strong economic growth in western Europe and Japan after World War II. Other scholars have accused leading nations of using their power to the detriment of foreign countries. For example, it is often argued that a failure of both British and American leadership was a cause of the Great Depression of the 1930s.
In Leading Questions, Robert Pahre develops a series of formal models to determine under what conditions leadership will be beneficial or harmful for the international political economy. He begins with a simple model of collective action and then adds leadership, security concerns, cooperation, and multilateral regimes to this basic model. He tests each model against a different historical period between 1815 and 1967.
Pahre's findings challenge conventional wisdom on international leadership. He finds that a leading state harms others when it has many allies but is good for the international political economy when it lacks allies. Leaders are less likely to engage in international cooperation than are other states, but having a leader in the system makes cooperation among follower states more likely. Cooperation by others may cause the leader to join a system of multilateral cooperation.
Pahre presents the technical material in an accessible style. By challenging the conventional interpretations of political economy in several historical periods, Leading Questions will be of interest not only to political scientists but also to economists and historians.
Robert Pahre is Associate Professor of Political Science, University of Illinois at Urbana-Champaign.
The economist and historian Deirdre Nansen McCloskey has been best known recently for her Bourgeois Era trilogy, a vigorous defense, unrivaled in scope, of commercially tested betterment. Its massive volumes, The Bourgeois Virtues, Bourgeois Dignity, and Bourgeois Equality, solve Adam Smith’s puzzle of the nature and causes of the wealth of nations, and of the moral sentiments of modernity. The world got rich, she argues, not chiefly by material causes but by an idea and a sentiment, a new admiration for the middle class and its egalitarian liberalism.
For readers looking for a distillation of McCloskey’s magisterial work, Leave Me Alone and I’ll Make You Rich is what you’ve been waiting for. In this lively volume, McCloskey and the economist and journalist Carden bring together the trilogy’s key ideas and its most provocative arguments. The rise of the west, and now the rest, is the story of the rise of ordinary people to a dignity and liberty inspiring them to have a go. The outcome was an explosion of innovation after 1800, and a rise of real income by an astounding 3,000 percent. The Great Enrichment, well beyond the conventional Industrial Revolution, did not, McCloskey and Carden show, come from the usual suspects, capital accumulation or class struggle. It came from the idea of economic liberty in Holland and the Anglosphere, then Sweden and Japan, then Italy and Israel and China and India, an idea that bids fair in the next few generations to raise up the wretched of the earth. The original shift to liberalism arose from 1517 to 1789 from theological and political revolutions in northwest Europe, upending ancient hierarchies. McCloskey and Carden contend further that liberalism and “innovism” made us better humans as well as richer ones. Not matter but ideas. Not corruption but improvement.
Leave Me Alone and I’ll Make You Rich draws in entertaining fashion on history, economics, literature, philosophy, and popular culture, from growth theory to the Simpsons. It is the perfect introduction for a broad audience to McCloskey’s influential explanation of how we got rich. At a time when confidence in the economic system is under challenge, the book mounts an optimistic and persuasive defense of liberal innovism, and of the modern world it has wrought.
A pioneering history traces the origins of global economic governance—and the political conflicts it generates—to the aftermath of World War I.
International economic institutions like the IMF and World Bank exert incredible influence over the domestic policies of many states. These institutions date from the end of World War II and amassed power during the neoliberal era of the late twentieth century. But as Jamie Martin shows, if we want to understand their deeper origins and the ideas and dynamics that shaped their controversial powers, we must turn back to the explosive political struggles that attended the birth of global economic governance in the early twentieth century.
The Meddlers tells the story of the first international institutions to govern the world economy, including the League of Nations and Bank for International Settlements, created after World War I. These institutions endowed civil servants, bankers, and colonial authorities from Europe and the United States with extraordinary powers: to enforce austerity, coordinate the policies of independent central banks, oversee development programs, and regulate commodity prices. In a highly unequal world, they faced a new political challenge: was it possible to reach into sovereign states and empires to intervene in domestic economic policies without generating a backlash?
Martin follows the intense political conflicts provoked by the earliest international efforts to govern capitalism—from Weimar Germany to the Balkans, Nationalist China to colonial Malaya, and the Chilean desert to Wall Street. The Meddlers shows how the fraught problems of sovereignty and democracy posed by institutions like the IMF are not unique to late twentieth-century globalization, but instead first emerged during an earlier period of imperial competition, world war, and economic crisis.
This volume provides a critical evaluation of Anna J. Schwartz's work and probes various facets of the immense contribution of her scholarship—How well has it stood the test of time? What critiques have been leveled against it? How has monetary research developed over the years, and how has her influence been manifested? Bordo has collected five conference papers presented by leading monetary scholars, discussants' comments, and closing remarks by Milton Friedman and Karl Brunner. Each of these insightful surveys extends Schwartz's work and makes its own contribution to the fields of monetary history, theory, and policy. The volume also contains a foreword by Martin Feldstein and a selected bibliography of publications by Anna Schwartz.
The past decade has witnessed a decline in saving throughout the developed world—the United States has the dubious distinction of leading the way. The consequences can be serious. For individuals, their own economic security and that of their families is jeopardized. For society, inadequate rates of saving have been blamed for a variety of ills—decreasing the competitive abilities of American industry, slowing capital accumulation, increasing our trade deficit, and forcing the sale of capital stock to foreign investors at bargain prices. Restoring acceptable rates of saving in the United States poses a major challenge to those who formulate national economic policy, especially since economists and policymakers alike still understand little about what motivates people to save.
In National Saving and Economic Performance, edited by B. Douglas Bernheim and John B. Shoven, that task is addressed by offering the results of new research, with recommendations for policies aimed to improve saving. Leading experts in diverse fields of economics debate the need for more accurate measurement of official saving data; examine how corporate decisions to retain or distribute earnings affect household-level consumption and saving; and investigate the effects of taxation on saving behavior, correlations between national saving and international investment over time, and the influence of economic growth on saving.
Presenting the most comprehensive and up-to-date research on saving, this volume will benefit both academic and government economists.
“Mueller is an extraordinarily learned man.” —Claremont Review of Books
Economics is primed for—and in desperate need of—a revolution, respected economic forecaster John D. Mueller shows in this eye-opening book. To make this leap forward will require looking backward, for as Redeeming Economics reveals, the most important element of economic theory has been ignored for more than two centuries.
Since the great Adam Smith tore down this pillar of economic thought, Mueller shows, economic theory has been unable to account for a fundamental aspect of human experience: the relationships that define us, the loves (and hates) that motivate and distinguish us as persons. In trying to reduce human behavior to exchanges, modern economists have forgotten how these essential motivations are expressed: as gifts (or their opposite, crimes). Mueller makes economics whole again, masterfully reapplying the economic thought of Aristotle, Augustine, and Aquinas.
From the vantage point of the United States or Western Europe, the 1970s was a time of troubles: economic “stagflation,” political scandal, and global turmoil. Yet from an international perspective it was a seminal decade, one that brought the reintegration of the world after the great divisions of the mid-twentieth century. It was the 1970s that introduced the world to the phenomenon of “globalization,” as networks of interdependence bound peoples and societies in new and original ways.
The 1970s saw the breakdown of the postwar economic order and the advent of floating currencies and free capital movements. Non-state actors rose to prominence while the authority of the superpowers diminished. Transnational issues such as environmental protection, population control, and human rights attracted unprecedented attention. The decade transformed international politics, ending the era of bipolarity and launching two great revolutions that would have repercussions in the twenty-first century: the Iranian theocratic revolution and the Chinese market revolution.
The Shock of the Global examines the large-scale structural upheaval of the 1970s by transcending the standard frameworks of national borders and superpower relations. It reveals for the first time an international system in the throes of enduring transformations.
Have you ever felt totaled? In this book, Colin Cremin tackles the overbearing truth that capitalism encompasses the totality of our social relations, having woven itself deeply into the fabric of what it means to be human. He shows how the capitalist system totalizes everything in its path, as evidenced in industrialized warfare, modern surveillance, commodification, and political control. With ever deepening social crises and ecological catastrophes this system threatens civilization as we know it. But among the wreckage of capitalism, Cremin argues, we can still find functioning parts, machines to be salvaged. To do so, it is imperative that we be able to both imagine and realize a future other than the apocalypticism forewarned by scientists, prescribed by economists, accommodated by politicians, and made into spectacle by the entertainment industry. Totalled maps the deteriorating socio-economic, political, and ecological conditions in which we live. Yet Cremin asks how a utopian possibility discernable in the power of human creation can be realized even though as a society we are bound up materially, ideologically, libidinally—totally—to the capitalist machine of destruction. Totalled concludes with a politically and economically grounded set of propositions on how we might begin to imagine such a possibility.
The conditions for sustainable growth and development are among the most debated topics in economics, and the consensus is that institutions matter greatly in explaining why some economies are more successful than others over time. Probing the long-term effects of early colonial differences on immigration policy, land distribution, and financial development in a variety of settings, Understanding Long-Run Economic Growth explores the relationship between economic conditions, growth, and inequality, with a focus on how the monopolization of resources by the political elite limits incentives for ordinary people to invest in human capital or technological discovery. Among the topics discussed are the development of credit markets in France, the evolution of transportation companies in the United Kingdom and the United States, and the organization of innovation in the United States.
Despite a half century of attempts by social scientists to compare frontiers around the world, the study of these regions is still closely associated with the nineteenth-century American West and the work of Frederick Jackson Turner. As a result, the very concept of the frontier is bound up in Victorian notions of manifest destiny and rugged individualism. The frontier, it would seem, has been tamed.
This book seeks to open a new debate about the processes of frontier history in a variety of cultural contexts, untaming the frontier as an analytic concept, and releasing it in a range of unfamiliar settings. Drawing on examples from over four millennia, it shows that, throughout history, societies have been formed and transformed in relation to their frontiers, and that no one historical case represents the normal or typical frontier pattern.
The contributors—historians, anthropologists, and archaeologists—present numerous examples of the frontier as a shifting zone of innovation and recombination through which cultural materials from many sources have been unpredictably channeled and transformed. At the same time, they reveal recurring processes of frontier history that enable world-historical comparison: the emergence of the frontier in relation to a core area; the mutually structuring interactions between frontier and core; and the development of social exchange, merger, or conflict between previously separate populations brought together on the frontier.
Any frontier situation has many dimensions, and each of the chapters highlights one or more of these, from the physical and ideological aspects of Egypt’s Nubian frontier to the military and cultural components of Inka outposts in Bolivia to the shifting agrarian, religious, and political boundaries in Bengal. They explore cases in which the centripetal forces at work in frontier zones have resulted in cultural hybridization or “creolization,” and in some instances show how satellite settlements on the frontiers of core polities themselves develop into new core polities. Each of the chapters suggests that frontiers are shaped in critical ways by topography, climate, vegetation, and the availability of water and other strategic resources, and most also consider cases of population shifts within or through a frontier zone.
As these studies reveal, transnationalism in today’s world can best be understood as an extension of frontier processes that have developed over thousands of years. This book’s interdisciplinary perspective challenges readers to look beyond their own fields of interest to reconsider the true nature and meaning of frontiers.
In this new edition of a classic work -- now with a new preface -- on the roots of social scientific thinking, Immanuel Wallerstein develops a thorough-going critique of the legacy of nineteenth-century social science for social thought in the new millennium. We have to "unthink" -- radically revise and discard -- many of the presumptions that still remain the foundation of dominant perspectives today. Once considered liberating, these notions are now barriers to a clear understanding of the social world. They include, for example, ideas built into the concept of "development." In place of such a notion, Wallerstein stresses transformations in time and space. Geography and chronology should not be regarded as external influences upon social transformations but crucial to what such transformation actually is. Unthinking Social Science applies the ideas thus elaborated to a variety of theoretical areas and historical problems. Wallerstein also offers a critical discussion of the key figures whose ideas influenced the position he formulates -- including Karl Marx and Fernand Braudel, among others. In the concluding sections of the book, Wallerstein demonstrates how these new insights lead to a revision of world-systems analysis.
Do the structures of the world economy invariably work against the interests of the Third World? What is the impact of industrialisation? How does it affect people and their livelihoods, gender relations, the environment, movements for social justice and democracy?
World Development offers answers to these questions. A comprehensive introductory guide for students, teachers, volunteers and NGO workers in development, World Development examines the substantive issues surrounding development, industrialisation and globalization and places them within a historic context. It outlines the historical development of the world economy and assesses the current prospects for developing countries. The book contains in-depth analyses of how particular industries operate at local and global levels, drawing from case studies on textiles, tourism and copper. There are also case studies of specific countries, including South Korea, Cyprus, Mexico, China and Spain.
World Inequality Report 2018
Facundo Alvaredo Harvard University Press, 2018 Library of Congress HC79.I5.W685 2018 | Dewey Decimal 339.2090512
The World Inequality Report: 2018 is the most authoritative and up-to-date account of global trends in inequality. Researched, compiled, and written by a team of the world’s leading economists of inequality, it presents—with unrivaled clarity and depth—information and analysis that will be vital to policy makers and scholars everywhere.
Inequality has taken center stage in public debate as the wealthiest people in most parts of the world have seen their share of the economy soar relative to that of others, many of whom, especially in the West, have experienced stagnation. The resulting political and social pressures have posed harsh new challenges for governments and created a pressing demand for reliable data. The World Inequality Lab at the Paris School of Economics and the University of California, Berkeley, has answered this call by coordinating research into the latest trends in the accumulation and distribution of income and wealth on every continent. This inaugural report analyzes the Lab’s findings, which include data from major countries where information has traditionally been difficult to acquire, such as China, India, and Brazil. Among nations, inequality has been decreasing as traditionally poor countries’ economies have caught up with the West. The report shows, however, that inequality has been steadily deepening within almost every nation, though national trajectories vary, suggesting the importance of institutional and policy frameworks in shaping inequality.
The World Inequality Report: 2018 will be a key document for anyone concerned about one of the most imperative and contentious subjects in contemporary politics and economics.