From its beginnings in the 1880s as a thrifty New England family enterprise, Norton Company has played an important role in the business and technological history of the United States. It came on the scene with a new product vital to the rapidly industrializing economy, man-made abrasive materials, and by World War I was among the nation's 400 largest industrial enterprises. The firm had become multinational by 1910, and by 1980 it employed over 25,000 people in 120 plants in 28 countries. This 100-year-old billion-dollar enterprise provides us with many insights into the character of the select group of five hundred or a thousand large, integrated, often multinational companies that have shaped and dominated the core industries of the American economy in the last century.

Yet Norton is intriguing as a case study because of its obvious differences from other firms during much of its existence. By World War I, most modern multinationals were publicly owned and professionally managed, but only in the last two decades, amid the challenges of diversification and decentralization, did the company evolve from a family-owned enterprise to public ownership and professional managers. Norton's history, so carefully detailed here from company records and interviews, illustrates both the continuity and change important in the evolution of large-scale business enterprise in the United States.

In this thorough and lively study, Allen Matusow, tracing the history of government policy on food and agriculture during the Truman administration, relates the process by which the United States government overcame disharmony among its own politicians and farmers to save Europe from famine in the years immediately following World War II.
The Department of Agriculture, which had asserted that “food will win the war and write the peace,” was often reluctant to believe its own slogan. Elucidating the policies involved in postwar planning for both foreign trade and domestic farm production, Matusow shows how the memorable fear of huge surpluses created by the Depression in the 1930s had affected the attitudes of government officials toward agricultural planning and production from 1945 to 1952.

Interpreting the origins and defeat of the Brannan Plan, the author finds remnants of that policy evident in the current adoption of production payments. Farm Policies and Politics in the Truman Years offers new insight into the creative agricultural policy which emerged, from hesitant beginnings, in Truman's second term.

In The Feeling of Letting Die, Jennifer MacLure explores how Victorian novels depict the feelings that both fuel and are produced by an economic system that lets some people die in service of the free market. MacLure argues that Victorian authors present capitalism’s death function as a sticking point, a series of contradictions, and a problem to solve as characters grapple with systems that allow, demand, and cause the deaths of their less fortunate fellows. 

Utilizing Achille Mbembe’s theorization of necropolitics, MacLure uses the term “necroeconomics,” positioning Victorian authors—even those who were deeply committed to liberal capitalism—as hyperaware of capitalism’s death function. Examining both canonical and lesser-known works by Elizabeth Gaskell, Harriet Martineau, Charles Dickens, William Morris, and George Eliot, The Feeling of Letting Die shows capitalism as not straightforwardly imposed via economic policy but instead as a system functioning through the emotions and desires of the human beings who enact it. In doing so, MacLure reveals how emotion functions as both the legitimating epistemic mode of capitalism and its most salient threat. 

This ninth title in the series Studies in the Modernization of the Republic of Korea offers new insights into the role of finance in a rapidly developing country. Combining history and theory, it provides a rigorous test of previous theoretical propositions. The study illustrates the complexity of the Korean financial system and the danger of easy generalization from partial evidence.

The two major components of the financial system are brought into focus—one regulated and statistically recorded, the other unregulated, unrecorded. The burden of financial intermediation shifts from one to the other largely in response to government policy measures. By looking only at the regulated sector, previous studies have often misperceived the role of the financial system and the effects of government policies. The financial scandal in Seoul in May 1982 vividly demonstrated that the unregulated part of the system is still important and that overregulation of the “modern” part generates strong pressures for perpetuating the illegal, unregulated, “traditional” financial institutions.

“Ambitious, fast-paced, fact-filled, and accessible.”
—Science

“A compelling case for why achieving the right balance of time with our families…is vital to the economic success and prosperity of our nation… A must read.”
—Maria Shriver

From backyard barbecues to the blogosphere, working men and women across the country are raising the same worried question: How can I get ahead at my job while making sure my family doesn’t suffer? A visionary economist who has looked at the numbers behind the personal stories, Heather Boushey argues that resolving the work–life conflict is as vital for us personally as it is essential economically. Finding Time offers ingenious ways to help us carve out the time we need, while showing businesses that more flexible policies can actually make them more productive.

“Supply and demand curves are suddenly ‘sexy’ when Boushey uses them to prove that paid sick days, paid family leave, flexible work schedules, and affordable child care aren’t just cutesy women’s issues for families to figure out ‘on their own time and dime,’ but economic issues affecting the country at large.”
—Vogue

“Boushey argues that better family-leave policies should not only improve the lives of struggling families but also boost workers’ productivity and reduce firms’ costs.”
—The Economist

For much of the twentieth century, large companies employing many workers formed the bedrock of the U.S. economy. Today, as David Weil’s groundbreaking analysis shows, large corporations have shed their role as direct employers of the people responsible for their products, in favor of outsourcing work to small companies that compete fiercely with one another. The result has been declining wages, eroding benefits, inadequate health and safety conditions, and ever-widening income inequality.

“Authoritative…[The Fissured Workplace] shed[s] important new light on the resurgence of the power of finance and its connection to the debasement of work and income distribution.”
—Robert Kuttner, New York Review of Books

“The kinds of workplace fissuring discussed here—subcontracting, franchising, and global supply chains—have been the subjects of a number of studies detailing the employment effects that Weil describes. The Fissured Workplace is unusual in bringing this research together into an integrated, detailed, and decidedly policy-oriented analysis…It makes a convincing case that the better regulation of fissured workplaces is a first step towards reversing the erosion of pay and conditions at the bottom of the labor market.”
—Virginia Doellgast, Times Higher Education

In his application of statistical methods to history, Mr. Molho offers a new approach to the study of Florentine politics.

Scholars have long recognized that Florence’s deficit-financing of its wars of independence against the Visconti of Milan had far-reaching economic, political, and social effects, but this is the first document-based history to provide concrete support for that general knowledge.

Focusing on the governmental and fiscal agencies of Florence as well as a number of memoirs and account hooks written by Florentine citizens, Mr. Molho has gathered and statistically reconstructed much archival material on Florentine taxation, public income, and expenses.

He concludes that between 1423 and 1433 Florence underwent a prolonged and vast fiscal crisis that affected both the fiscal structure of the city and its constitutional and institutional framework. His work thus sheds new light on Cosimo de’ Medici’s rise to power in 1434.

Japan and the four little dragons—Taiwan, South Korea, Hong Kong, and Singapore—constitute less than 1 percent of the world’s land mass and less than 4 percent of the world’s population. Yet in the last four decades they have become, with Europe and North America, one of the three great pillars of the modern industrial world order. How did they achieve such a rapid industrial transformation? Why did the four little dragons, dots on the East Asian periphery, gain such Promethean energy at this particular time in history?

Ezra F. Vogel, one of the most widely read scholars on Asian affairs, provides a comprehensive explanation of East Asia’s industrial breakthrough. While others have attributed this success to tradition or to national economic policy, Vogel’s penetrating analysis illuminates how cultural background interacted with politics, strategy, and situational factors to ignite the greatest burst of sustained economic growth the world has yet seen.

Vogel describes how each of the four little dragons acquired the political stability needed to take advantage of the special opportunities available to would-be industrializers after World War II. He traces how each little dragon devised a structure and a strategy to hasten industrialization and how firms acquired the entrepreneurial skill, capital, and technology to produce internationally competitive goods. Vogel brings masterly insight to the underlying question of why Japan and the little dragons have been so extraordinarily successful in industrializing while other developing countries have not. No other work has pinpointed with such clarity how institutions and cultural practices rooted in the Confucian tradition were adapted to the needs of an industrial society, enabling East Asia to use its special situational advantages to respond to global opportunities.

This is a book that all scholars and lay readers with an interest in Asia will want to read and ponder.

This study is the first major attempt to estimate what would happen in Canada if all trade restrictions between that country and the United States were removed.

In an intensive and far-reaching examination, the authors begin by confronting the generally held assumption that the lowering or eliminating of tariff protection would be disastrous for Canadian manufacturing. On the contrary, their findings lead them to conclude that, given present wage and exchange rates, the Canadian industrial complex would benefit substantially. The basis for this conclusion is a detailed analysis of the growth prospects—in the event of free trade—of five Canadian regions along with thirteen similarly definable regions in the United States. Sixteen manufacturing sectors (food, paper, textiles, etc.) are covered.

The second part of the study explores resulting general equilibrium pressures on wages and exchange. The probability, the authors believe, is that the Canadian dollar would rise to parity, and Canadian wages would reach the U.S. average level although they would remain below wage rates in contiguous areas of the U.S. North. The adjustments would necessarily be of a long-term nature and would be contingent on an effective reorganization of Canadian industry.

The historical effects of protection on Canada are then considered. Inefficiencies in Canadian production are estimated by comparing recent Canadian costs with costs which would exist in a free-trade situation. (The auto industry is singled out for special treatment, and an analysis of recent developments in that industry is appended.) The conclusion is that Canadian per capita real income is 10 to 11 percent lower because of protection. Higher Canadian prices explain about 4 percent of this figure, and lower money incomes 6 to 7 percent.

Finally, the authors discuss the possible structure and implications of various alternative forms of economic integration (Free Trade Area, Customs Union, Common Currency Area); various means of staging tariff reductions; and proposals for adjustment assistance. The techniques they suggest, although focusing specifically on Canada and the United States, are applicable to other countries considering similar programs.

This comprehensive history of the French labor movement is notable for a number of reasons. It is a critical account of “unions in crisis” in a Democracy in crisis. It offers the only full description of the highly regulated collective bargaining system in France, and it shows why in France there are strikes against the Government as well as against private industry. It analyzes the Communist Party capture of the most influential labor combine—the General Federation of Labor—despite the fact that much of the rank and file do not concern themselves with political parties.

Val Lorwin gives his readers a good many reasons why the unfortunate situation which we know today has developed, and he provides a few indications as to how French labor may get out of the impasse into which it has slipped. He discusses the Government role in labor politics, and explains why French workers do not pay dues, and why poverty-stricken unions persist in striking. At the bottom of all French labor troubles, he points out, is the concept of class struggle; healthy, dynamic French economic growth will be achieved only when the labor unions adopt a more responsible position.

This book is the first systematic account of the law and economics of the family. It explores the implications of economics for family law—divorce, adoption, breach of promise, surrogacy, prenuptial agreements, custody arrangements—and its limitations.

Before a family forms, prospective partners engage in a kind of market activity that involves searching and bargaining, for which the economic analysis of contract law provides useful insights. Once a couple marries, the individuals become a family and their decisions have important consequences for other parties, especially children. As a result, the state and community have vital interests in the family.

Although it may be rational to breach a contract, pay damages, and recontract when a better deal comes along, this practice, if applied to family relationships, would make family life impossible—as would the regular toting up of balances between the partners. So the book introduces the idea of covenant to consider the role of love, trust, and fidelity, concepts about which economic analysis and contract law have little to offer, but feminist thought has a great deal to add. Although families do break up, children of divorce are still bound to their parents and to each other in powerful ways.

Are humans at their core seekers of their own pleasure or cooperative members of society? Paradoxically, they are both. Pleasure-seeking can take place only within the context of what works within a defined community, and central to any community are the evolved codes and principles guiding appropriate behavior, or morality. The complex interaction of morality and self-interest is at the heart of Geoffrey M. Hodgson’s approach to evolutionary economics, which is designed to bring about a better understanding of human behavior.

The Harvard University Information Technology Quarterly (formerly Newsletter), from which this collection of articles has been drawn, is highly regarded both for its wide range of exploration and for the depth of its discussion of new and emerging computer-related technologies. Included in this book are articles covering the origin and development of semiconductor technology, the microprocessor, telephony, xerography, electronic typesetting, videodisc technology, computer graphics, artificial intelligence, and robotics.

This book also discusses the impact of information technology on the university and the university library and continues an examination of information technology's role in the educational process. Each of the articles provides historical background and attractive illustrations that enrich the reader's understanding. From Sand to Circuits is both a fascinating compendium of models for understanding information technology and a lucid, highly enjoyable collection of essays.

In an age when pundits constantly decry overt political bias in the media, we have naturally become skeptical of the news. But the bluntness of such critiques masks the highly sophisticated ways in which the media frame important stories. In Front Page Economics, Gerald Suttles delves deep into the archives to examine coverage of two major economic crashes—in 1929 and 1987—in order to systematically break down the way newspapers normalize crises.

Poring over the articles generated by the crashes—as well as the people in them, the writers who wrote them, and the cartoons that ran alongside them—Suttles uncovers dramatic changes between the ways the first and second crashes were reported. In the intervening half-century, an entire new economic language had arisen and the practice of business journalism had been completely altered. Both of these transformations, Suttles demonstrates, allowed journalists to describe the 1987 crash in a vocabulary that was normal and familiar to readers, rendering it routine.

A subtle and probing look at how ideologies are packaged and transmitted to the casual newspaper reader, Front Page Economics brims with important insights that shed light on our own economically tumultuous times.

Fueling Growth examines post-World War II economic development in Japan through the prism of the energy sector. Energy, always a key problem for Japan, is an appropriate angle from which to view the changing economy and the development of economic policy during the Occupation years and after.

Between 1945 and 1960, Japan moved from a primary reliance on domestic coal and hydroelectricity to a dependence on imported oil. The debates over energy very quickly became debates over the viability and direction of the nation's entire economic strategy. Not surprisingly, given the high stakes involved, consensus on plans for economic growth was not attained automatically. Rancorous arguments, uncertainty, and ambivalence about development strategies were the precursors to the eventual forging of a workable policy. Hein describes in detail both the events in this process and the players: government officials, businessmen, labor unionists, and another, often under-emphasized contributor to Japanese postwar economic policy—the United States government, which set the parameters within which the Japanese could operate.

Most of Chester Barnard’s career was spent in executive practice. A Mount Hermon and Harvard education, cut off short of the bachelor’s degree, was followed by nearly forty years in the American Telephone & Telegraph Company. His career began in the Statistical Department, took him to technical expertness in the economics of rates and administrative experience in the management of commercial operations, and culminated in the presidency of the New Jersey Bell Telephone Company. He was not directly involved in the Western Electric experiments conducted chiefly at the Hawthorne plant in Cicero, but his association with Elton Mayo and the latter’s colleagues at the Harvard Business School had an important bearing on his most original ideas.

Barnard’s executive experience at AT&T was paralleled and followed by a career in public service unusual in his own time and hardly routine today. He was at various times president of the United Services Organization (the USO of World War II), head of the General Education Board and later president of the Rockefeller Foundation (after Raymond Fosdick and before Dean Rusk), chairman of the National Science Foundation, an assistant to the Secretary of the Treasury, a consultant to the American representative in the United Nations Atomic Energy Committee, to name only some of his public interests. He was a director of a number of companies, a fellow of the American Association for the Advancement of Science and of the American Academy of Arts and Sciences. He was a lover of music and a founder of the Bach Society of New Jersey.

Many people point to recent events—the collapse of the Soviet Union, the electoral defeat of the Sandinistas—as proof that capitalism has triumphed over socialism once and for all. In A Future for Socialism, a noted economist argues that socialism is not dead but merely in need of modernizing. John Roemer believes that the hallmark of socialism is egalitarianism—equality of opportunity for self-realization and welfare, for political influence, and for social status—and he reminds us that capitalist societies face increasingly difficult problems of poverty and social inequality. Reenergizing a debate that began with Oskar Lange and Friedrich Hayek in the late 1930s, he brings to important questions of political economy a new level of sophistication in line with contemporary theories of justice and equality.

Roemer sees the solution of the principal-agent problem as the key to developing a decentralized market-socialist economy. This would be capable of maintaining efficiency and technological innovation while supporting a substantively more equal distribution of income than is achieved in capitalist economies. Roemer defends his views against skeptics on the right, who believe that efficiency and innovation are incompatible with egalitarianism, and skeptics on the left, who believe that socialism is incompatible with markets.

Because of its interdisciplinary approach, A Future for Socialism will appeal to a general social science audience, including economists, political scientists, sociologists, and political philosophers. It is also accessible to the interested reader.