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In 1950 a million Texans—more than a tenth of the entire population of the state—lived in a region where one family in every two earned less than $2,000 a year. Composing that region are the thirty-two counties of northeastern Texas in which the lumber industry is concentrated. In eleven of these counties, 70 percent of family incomes were less than $2,000.

Until 1930 the Texas lumber industry furnished employment for more workers than any other manufacturing in the state. Though displaced in that year by oil refining, it still ranks near the top in the number of workers it hires. The aim of this study is to show how these people whose economic life has been dominated by a single industry have fared for eighty years in comparison with their fellow Texans and with lumber workers in the Pacific Northwest and the Lakes states.

Texas lumber workers have always been in many ways a peculiar people, conditioned by their historical roots, by isolation from the mainstream of national life, and by the deeply rural nature of their environment. A typical group portrait would show two of each three persons to be adult white males. One of three would be African American. It would not show any women. Here and there a face would bear the marks of alien birth. Most of the figures, however, would be natives not only of America but of East Texas.

In family background, in work experience, and in social and economic environment these people have been uniquely homogeneous. In the early 1950s the Congressional Committee on the Economic Report of the President designated the area as one of “deep poverty” and pinpointed it as one which had failed notably to reach the level of living achieved by the state and the nation. Its economic status has been lower than that of any other group in Texas except household servants, and its education level has been well below that of the state and nation and increasingly below the level of acceptance in any jobs other than those requiring a minimum of training and competence. The immediate past has shown not only no improvement but a positive deterioration.

Drawing upon personal investigation and state and federal reports, the author has put the contemporary situation in a historical setting. Her delineation is principally in terms of figures that weave a social fabric from which definite patterns emerge—insecure wages, illiteracy and inefficient production, unsuccessful attempts to achieve effective organization. Though the book is directed primarily toward those who should feel concern at its revelations, it also suggests a wealth of untapped sources for the ethnographer and the folklorist.

A sweeping history of the American invention of modern money.

Economists endlessly debate the nature of legal tender monetary systems—coins and bills issued by a government or other authority. Yet the origins of these currencies have received little attention.

Dror Goldberg tells the story of modern money in North America through the Massachusetts colony during the seventeenth century. As the young settlement transitioned to self-governance and its economy grew, the need to formalize a smooth exchange emerged. Printing local money followed.

Easy Money illustrates how colonists invented contemporary currency by shifting its foundation from intrinsically valuable goods—such as silver—to the taxation of the state. Goldberg traces how this structure grew into a worldwide system in which, monetarily, we are all Massachusetts. Weaving economics, law, and American history, Easy Money is a new touchstone in the story of monetary systems.

This is an auto-narrated audiobook edition of this book.

A sweeping history of the American invention of modern money.

Economists endlessly debate the nature of legal tender monetary systems—coins and bills issued by a government or other authority. Yet the origins of these currencies have received little attention.

Dror Goldberg tells the story of modern money in North America through the Massachusetts colony during the seventeenth century. As the young settlement transitioned to self-governance and its economy grew, the need to formalize a smooth exchange emerged. Printing local money followed.

Easy Money illustrates how colonists invented contemporary currency by shifting its foundation from intrinsically valuable goods—such as silver—to the taxation of the state. Goldberg traces how this structure grew into a worldwide system in which, monetarily, we are all Massachusetts. Weaving economics, law, and American history, Easy Money is a new touchstone in the story of monetary systems.

Presenting a rigorous examination of the place and significance of time in economic theory, Douglas Vickers takes up the interrelated issues of uncertainty, ignorance, and criteria of choice. In the discussion of these questions he explains that the conventional thought-forms of probability are not generally applicable to theory-building in economics. To remedy this he provides a completely new paradigm of choice.The extent to which time has influenced, or been excluded from, economic theory is discussed on four levels: the banishment of time in general equilibrium theory; the incorporation of logical time, in pseudotemporal dynamic analysis in some widely adopted mathematically structured systems; the construction of ceteris paribus dynamics based on conventionally determined behavior; and the analysis of in-time economics, or the results of incorporating into economic theorizing historic time, ignorance, and uncertainty in a nonprobabilistic sense. A scheme of choice and decision making is presented that incorporates the concept of “potential surprise” in place of probability.Economic theorists and scholars in related disciplines will appreciate the originality of the book’s critique of the neoclassical system; its tracing of some of the most relevant intellectual history that sets off the traditions of Keynes and the post-Keynesians from the neoclassical system; the clarification of the meaning of—and the dissent from—probability theorizing in economics; and the treatment of the relevant epistemological foundations of the subject.

Economists dream of equilibrium. It’s time to wake up.

In mainstream economics, markets are ideal if competition is perfect. When supply balances demand, economic maturity is orderly and disturbed only by shocks. These ideas are rooted in doctrines going back thousands of years, yet, as James K. Galbraith and Jing Chen show, they contradict the foundations of our scientific understanding of the physical and biological worlds.

Entropy Economics discards the conventions of equilibrium and presents a new basis for thinking about economic issues, one rooted in life processes—an unequal world of unceasing change in which boundaries, plans, and regulations are essential. Galbraith and Chen’s theory of value is based on scarcity, and it accounts for the power of monopoly. Their theory of production covers increasing and decreasing returns, uncertainty, fixed investments over time, and the impact of rising resource costs. Together, their models illuminate key problems such as trade, finance, energy, climate, conflict, and demography.

Entropy Economics is a thrilling framework for understanding the world as it is and will be keenly relevant to the economic challenges of a world threatened with disorder.

Essays in History is a collection of papers and articles covering a breathtaking span across the twentieth century and delving into such diverse topics as economic and financial crises in the sixteenth century, retirement reading for bankers, and a first-hand account of the genesis and formation of the Marshall Plan. Who else to explore such far-flung topics and bring such intelligence and wit to them but Charles P. Kindleberger?Readers will find here a strong view on the need for economic history to guide theoretical research. They will also detect Kindleberger’s doubtfulness regarding economic theory based on assumptions that all participants in society are honest, well informed, and make their judgments independently. And finally, readers will be led to the conclusion that, in light of these views, those who think that finance and the economy should be completely unregulated are woefully misguided.The book’s foreword by Peter Temin, economics professor at MIT and former student and colleague of Kindleberger’s, provides a warm and informative introduction to the life and work of this formidable economist and delightful writer.

Business is political. What are the ethics of it?

Businesses are political actors. They not only fund political campaigns, take stances on social issues, and wave the flags of identity groups – they also affect politics in their everyday hiring and investment decisions. As a highly polarized public demands political alignment from the powerful businesses they deal with, what’s a company to do?

Amit Ron and Abraham Singer show that the unavoidably political role of companies in modern life is both the fundamental problem and inescapable fact of business ethics: corporate power makes business ethics necessary, and business ethics must strive to mitigate corporate power. Because of its economic and social influence, Ron and Singer forcefully argue that modern business’s primary social responsibility is to democracy. Businesses must work to avoid wielding their power in ways that undermine key democratic practices like elections, public debate, and social movements. Pragmatic and urgent, Everyone’s Business offers an essential new framework for how we pursue profit—and democracy—in our increasingly divided world.

This monograph is about an exciting episode in the intellectual history of Europe: the vigorous debate among leading Polish historians on the sources of the economic development and non-development, including the origins of economic divisions within Europe. The work covers nearly fifty years of this debate between the publication of two pivotal works in 1947 and 1994. Anna Sosnowska provides an insightful interpretation of how local and generational experience shaped the notions of post-1945 Polish historians about Eastern European backwardness, and how their debate influenced Western historical sociology, social theories of development and dependency in peripheral areas, and the image of Eastern Europe in Western, Marxist-inspired social science. Although created under the adverse conditions of state socialism and censorship, this body of scholarship had an important repercussion in international social science of the post-war period, contributing an emphasis on international comparisons, as well as a stress on social theory and explanations. Sosnowska's analysis also helps to understand current differences that lead to conflicts between Europe’s richest and economically most developed core and its southern and eastern peripheries. The historians she studies also investigated analogies between paths in Eastern Europe and regions of West Africa, Latin America and East Asia.