Mark Casson – författare

In this book the author analyses the economic effects of culture. By culture he means social values such as honesty, dedication, and loyalty. He argues that the gains from technology in modern societies can be offset by high cost stemming from the missing moral dimension, and that this has implications both for economic competitiveness and for social and economic institutions such as families and trade unions.

This book is an analysis of the economic effects of culture. It demonstrates how these effects can be analysed in a rigorous fashion. The cultural environment influences decision-making through both moral values and fundamental beliefs. These values are developed principally within religious, ethnic, and national groupings and seem to exert a major influence on the economic performance of these groups. The economic analysis of culture should therefore be able to shed light on a wide variety of contemporary social and business problems. The author argues that the gains from technology in modern societies can be offset by high costs if the moral dimension is missing. Overall economic performance depends on transaction costs, and these mainly reflect the level of trust in the economy. The level of trust depends in turn on culture. An effective culture has a strong moral content. Morality can overcome problems that formal procedures - based on monitoring compicance with contracts - cannot. A strong culture therefore reduces transaction costs and enhances performance - the success of an economy depends on the quality of its culture.

Mark Casson demonstrates how the economic effects of culture--social values such as honesty, dedication, and loyalty--can be analysed in a rigorous fashion. He argues that gains from technology in modern society can be offset by high costs stemming from the missing moral dimension which has implications for economic competitiveness and for social and economic institutions. A strong culture reduced transaction costs and enhances performance--the success of an economy thus depends on the quality of its culture.

This text models the economy in terms of the flow of information rather than material goods. Instead of the adversarial exploitation of information gaps, it stresses the creative use of information in decision making and co-ordinating the use of resources. This should be of interest to academics and graduate students in management studies (especially organizational behaviour and marketing), business and economic history, and industrial economics.

This book offers a vision of the economy as a system of structured information flow. The structuring is effected by institutions, and in particular by firms, which specialize in processing the information needed to allocate resources properly. Firms are the institutional embodiment of the visions of individual entrepreneurs who believe that they have found a better way of allocating resources.Entrepreneurial vision is only a partial vision, however, in the sense that it does not encompass the entire economy, but only a subset of it. Free market economies encourage the exploitation of such partial visions because they encourage intermediation---it is by mediating between potential buyers and potential sellers that entrepreneurial visions are realized. A legal framework of private property, coupled with a moral framework to control the incidence of cheating, allows very sophisticated structures of information processing to emerge. These structures effect an elaborate division of labour in the dimensions of information and control. Each firm is a small component of the overall structure of information flow. This structure is highly flexible and evolves continuously as circumstances change. Efficient adaptation is encouraged by rewarding entrepreneurs who create new firms to be slotted into the existing structure.This vision has evolved over the last fifteen years, during which the author has researched a variety of topics connected with the theory of the firm----entrepreneurship, business culture, multinational enterprise, joint ventures and the like. In each of these areas he has identified the ways in which the orthodox theory of the firm needs to be modified in order to make it work properly. This book represents a major intellectual synthesis of that work.

The British railway network was a monument to Victorian private enterprise. Its masterpieces of civil engineering were emulated around the world. But its performance was controversial: praised for promoting a high density of lines, it was also criticised for wasteful duplication of routes.This is the first history of the British railway system written from a modern economic perspective. It uses conterfactual analysis to construct an alternaive network to represent the most efficient alternative rail network that could have been constructed given what was known at the time - the first time this has been done. It reveals how weaknesses in regulation and defects in government policy resulted in enormous inefficiency in the Victorian system that Britain lives with today.British railway companies developed into powerful regional monopolies, which then contested each other's territories. When denied access to existing lines in rival territories, they built duplicate lines instead. Plans for an integrated national system, sponsored by William Gladstone, were blocked by Members of Parliament because of a perceived conflict with the local interests they represented. Each town wanted more railways than its neighbours, and so too many lines were built. The costs of these surplus lines led ultimately to higher fares and freight charges, which impaired the performance of the economy.The book will be the definitive source of reference for those interested in the economic history of the British railway system. It makes use of a major new historical source, deposited railway plans, integrates transport and local history through its regional analysis of the railway system, and provides a comprehensive, classified bibliography.

Entrepreneurship has always been a key factor in economic growth, innovation, and the development of firms and businesses. More recently, new technologies, the waning of the 'old economy', globalization, changing cultures and popular attitudes, and new policy stances have further highlighted the importance of entrepreneurship and enterprise. Entrepreneurship is now a dynamic and expanding area of research, teaching, and debate, but there has been no standard reference work which is suitable for both established scholars and new researchers. This book fills that gap. All the major aspects of entrepreneurship are covered, including: * the start-up and growth of firms, * financing and venture capital, * innovation, technology and marketing, * women entrepreneurs, * ethnic entrepreneurs, * migration, * small firm policy,* the economic and social history of entrepreneurship. This is a comprehensive review of state-of-the-art research in entrepreneurship, written by an international team of leading scholars, and will be an essential reference for academics and policy makers, as well as being suitable for use on masters courses and doctoral programmes.

Entrepreneurship has always been a key factor in economic growth, innovation, and the development of firms and businesses. More recently, new technologies, the waning of the 'old economy', globalization, changing cultures and popular attitudes, and new policy stances have further highlighted the importance of entrepreneurship and enterprise. Entrepreneurship is now a dynamic and expanding area of research, teaching, and debate, but there has been no standard reference work which is suitable for both established scholars and new researchers. This book fills that gap. All the major aspects of entrepreneurship are covered, including: * the start-up and growth of firms, * financing and venture capital, * innovation, technology and marketing, * women entrepreneurs, * ethnic entrepreneurs, * migration, * small firm policy,* the economic and social history of entrepreneurship. This is a comprehensive review of state-of-the-art research in entrepreneurship, written by an international team of leading scholars, and will be an essential reference for academics and policy makers, as well as being suitable for use on masters courses and doctoral programmes.

Multinational enterprises have played a crucial role in postwar international economic integration. They have promoted intra-firm trade, technology transfer and internal movements of capital and human resources. This important book provides wide-ranging new evidence on their role in globalising the service sector - especially financial services - in establishing international networks of R & D and in developing trade and investment linkages in Asia. Particular attention is given to the participation of multinationls in management contracts and joint ventures, and the significance of this for host country industrial policy.

From the Industrial Revolution, big business has been an integral part of the economic landscape. Yet the response by economists to big business has ranged from an enthusiastic endorsement of mass production to an immense concern about trusts and monopolies. This set collects some of the most important early responses to the big business phenomenon. It addresses issues such as cartels, trusts, mergers, acquisitions and rationalizations, and charts the development of the theory of the firm from Marshall to Coase.

First published in 1999. Routledge is an imprint of Taylor & Francis, an informa company.

This set is the last of three sets of reprinted books charting the emergence, evolution and recent hegemony of international business. Each set of reprints has a separate introduction by the series editor. The first set, The Emergence of International Business 1200-1800, describes the changing patterns of international trade and technology transfer that underpinned the growth of international business over the millennium. The second set, The Evolution of International Business 1800-1945, analyses the role of information flows in the growth of international business. As the final set in the series, The Hegemony of International Business will examine the changing social and political environment in which international business has operated.

This book integrates the work of economists, management scientists and business historians. It applies the related concepts of transaction costs, internalisation, corporate strategy and market structure to explain the historical process of corporate growth in the international economy. Each chapter is written by a scholar who has specialized in a particular aspect of the growth of international business.

First published in 1986, this work reports the results of the Leverhulme project on multinationals and intermediate product trade based at the University of Reading during the academic year 1982/3. Chapter 1 summaries the main results of this project. Part I focuses upon the theoretical component of world trade, dealing with both the theories of division of labour and vertical integration. Part II presents a number of specially-commissioned case studies relating to the project, concerning the motor industry, the bearing industry, the synthetic fibre industry, the tin industry, the copper industry, the banana industry and the shipping industry.

First published in 1986, this work reports the results of the Leverhulme project on mulitnationals and intermediate product trade based at the University of Reading during the academic year 1982/3. Chapter 1 summarises the main results of this project. Part I focusses upon the theoretical component of world trade, dealing with both the theories of division of labour and vertical integration. Part II presents a number of specially-commissioned case studies relating to the project, concerning the motor industry, the bearing industry, the synthetic fibre industry, the tin industry, the copper industry, the banana industry and the shipping industry.

This book integrates the work of economists, management scientists and business historians. It applies the related concepts of transaction costs, internalisation, corporate strategy and market structure to explain the historical process of corporate growth in the international economy. Each chapter is written by a scholar who has specialized in a particular aspect of the growth of international business.

‘Big data’ is now readily available to economic historians, thanks to the digitisation of primary sources, collaborative research linking different data sets, and the publication of databases on the internet. Key economic indicators, such as the consumer price index, can be tracked over long periods, and qualitative information, such as land use, can be converted to a quantitative form. In order to fully exploit these innovations it is necessary to use sophisticated statistical techniques to reveal the patterns hidden in datasets, and this book shows how this can be done.A distinguished group of economic historians have teamed up with younger researchers to pilot the application of new techniques to ‘big data’. Topics addressed in this volume include prices and the standard of living, money supply, credit markets, land values and land use, transport, technological innovation, and business networks. The research spans the medieval, early modern and modern periods. Research methods include simultaneous equation systems, stochastic trends and discrete choice modelling.This book is essential reading for doctoral and post-doctoral researchers in business, economic and social history. The case studies will also appeal to historical geographers and applied econometricians.

The papers in this volume demonstrate that it can be fruitful to apply institutional theory to business history. In addition, the volume shows that the wider study of the institutional environment is inseparable from the study of business. It is clear, however, that although 'institutionalism' in business history has a long pedigree, many areas of research and potential interaction with theory remain to be explored. The extent to which this will occur inevitably depends upon the degree to which the interests of theoreticians serve the needs of historians and vice versa.

The papers in this volume demonstrate that it can be fruitful to apply institutional theory to business history. In addition, the volume shows that the wider study of the institutional environment is inseparable from the study of business. It is clear, however, that although 'institutionalism' in business history has a long pedigree, many areas of research and potential interaction with theory remain to be explored. The extent to which this will occur inevitably depends upon the degree to which the interests of theoreticians serve the needs of historians and vice versa.

Local enterprise, institutional quality and strategic location were of central importance in the growth of medieval towns. This book, comprising a study of 112 English towns, emphasises these key factors. Downstream locations on major rivers attracted international trade, and thereby stimulated the local processing of imports and exports, while the early establishment of richly endowed religious institutions funnelled agricultural rental income into a town, where it was spent on luxury goods produced by local craftsmen and artisans, and on expensive, long-running building schemes. Local entrepreneurs who recognised the economic potential of a town developed residential suburbs which attracted wealthy residents. Meanwhile town authorities invested in the building and maintenance of bridges, gates, walls and ditches, often with financial support from wealthy residents. Royal lordship was also an advantage to a town, as it gave the town authorities direct access to the king and bypassed local power-brokers such as bishops and earls. The legacy of medieval investment remains visible today in the streets of important towns. Drawing on rentals, deeds and surveys, this book also examines in detail the topography of seven key medieval towns: Bristol, Gloucester, Coventry, Cambridge, Birmingham, Shrewsbury and Hull. In each case, surviving records identify the location and value of urban properties, and their owners and tenants. Using statistical techniques, previously applied only to the early modern and modern periods, the book analyses the impact of location and type of property on property values. It shows that features of the modern property market, including spatial autocorrelation, were present in the middle ages. Property hot-spots of high rents are also identified; the most valuable properties were those situated between the market and other focal points such transport hubs and religious centres, convenient for both, but remote from noise and pollution.This book takes an interdisciplinary approach, drawing on expertise from the disciplines of economics and history. It will be of interest to historians and to social scientists looking for a long-run perspective on urban development.

Local enterprise, institutional quality and strategic location were of central importance in the growth of medieval towns. This book, comprising a study of 112 English towns, emphasises these key factors. Downstream locations on major rivers attracted international trade, and thereby stimulated the local processing of imports and exports, while the early establishment of richly endowed religious institutions funnelled agricultural rental income into a town, where it was spent on luxury goods produced by local craftsmen and artisans, and on expensive, long-running building schemes. Local entrepreneurs who recognised the economic potential of a town developed residential suburbs which attracted wealthy residents. Meanwhile town authorities invested in the building and maintenance of bridges, gates, walls and ditches, often with financial support from wealthy residents. Royal lordship was also an advantage to a town, as it gave the town authorities direct access to the king and bypassed local power-brokers such as bishops and earls. The legacy of medieval investment remains visible today in the streets of important towns. Drawing on rentals, deeds and surveys, this book also examines in detail the topography of seven key medieval towns: Bristol, Gloucester, Coventry, Cambridge, Birmingham, Shrewsbury and Hull. In each case, surviving records identify the location and value of urban properties, and their owners and tenants. Using statistical techniques, previously applied only to the early modern and modern periods, the book analyses the impact of location and type of property on property values. It shows that features of the modern property market, including spatial autocorrelation, were present in the middle ages. Property hot-spots of high rents are also identified; the most valuable properties were those situated between the market and other focal points such transport hubs and religious centres, convenient for both, but remote from noise and pollution.This book takes an interdisciplinary approach, drawing on expertise from the disciplines of economics and history. It will be of interest to historians and to social scientists looking for a long-run perspective on urban development.

This fascinating book examines international business and multinational enterprise as part of a bigger picture, considering the importance of two main components: space and time. Summarising the past five years, Mark Casson reviews the changing role of multinational enterprises within the global economy and how leading firms have generated profitability and growth not only from innovations in technology and marketing, but also by exploiting legal loopholes in tax and regulatory systems. This book examines the evolution of international business activity since the Middle Ages and analyses current trends within this long-term perspective. By seeking out low-cost sources of labour, international businesses have stimulated growth in developing countries but created industrial wastelands in mature economies. Global Business proposes an integrated social scientific approach to analysing the economic, social and political consequences of these continuing trends in the international business system. With a wide-ranging review of the latest thinking in the field, this book identifies promising research avenues and agendas for the future and will be an invaluable resource for students and scholars of business management and economic finance. Its practical guidance will also benefit policymakers and practitioners with a focus on business development.

This innovative book proposes a new way of analysing the market process, focusing on market-making entrepreneurs. Synthesising key insights from mainstream economics, modern entrepreneurship theory and network theory, Mark Casson examines how market segmentation driven by location and culture generates opportunities for profit for entrepreneurs.Building on theories from John Stuart Mill, Alfred Marshall and Maurice Allais, Casson applies modern mathematical and linear programming techniques to solve key economic issues. He explores how entrepreneurs intermediate trade and appropriate profit through exploiting differences between wholesale and retail prices. Drawing from diverse alternative approaches to entrepreneurship, he presents a wide-ranging view of the field and identifies important avenues for future research. The book ultimately illustrates a novel entrepreneurship model that uses the connections between entrepreneurs, customers and producers to predict profit margins, price dispersions and the micro-structure of markets.Providing clear insight into both the operation of the market process and the practical behaviour of entrepreneurs, Entrepreneurship and the Market Economy is an essential resource for academics and students across economics and business studies.

‘Big data’ is now readily available to economic historians, thanks to the digitisation of primary sources, collaborative research linking different data sets, and the publication of databases on the internet. Key economic indicators, such as the consumer price index, can be tracked over long periods, and qualitative information, such as land use, can be converted to a quantitative form. In order to fully exploit these innovations it is necessary to use sophisticated statistical techniques to reveal the patterns hidden in datasets, and this book shows how this can be done.A distinguished group of economic historians have teamed up with younger researchers to pilot the application of new techniques to ‘big data’. Topics addressed in this volume include prices and the standard of living, money supply, credit markets, land values and land use, transport, technological innovation, and business networks. The research spans the medieval, early modern and modern periods. Research methods include simultaneous equation systems, stochastic trends and discrete choice modelling.This book is essential reading for doctoral and post-doctoral researchers in business, economic and social history. The case studies will also appeal to historical geographers and applied econometricians.

Multinational enterprises have played a crucial role in postwar international economic integration. They have promoted intra-firm trade, technology transfer and internal movements of capital and human resources. This important book provides wide-ranging new evidence on their role in globalising the service sector - especially financial services - in establishing international networks of R & D and in developing trade and investment linkages in Asia. Particular attention is given to the participation of multinationls in management contracts and joint ventures, and the significance of this for host country industrial policy.