Contributions in Economics and Economic History – serie

Taking a forward-looking approach, this book critically examines the issues and dynamics central to Africa's problematic development and situates these issues within the contents unique cultural, political, economic, and social milieu. Moving away from a simple litany of problems bedeviling Africa's economy, the book is the culmination of several scholars' efforts to identify specific causative factors. Each chapter delineates a specific issue, demonstrates the role it plays in overall development, and speculates on probable ways to meet the challenges it poses. The major conceptual and epistemological constructs considered include the tamed African State, social capacity, management of change, reconceptualized gender roles, and economic integration.Although the contributors' various approaches diverge and disagree, the epistemological variations contribute cumulatively to an understanding of the issues at the root of Africa's slow pace of development. While traversing the spectrum of issues that affect development, the book uniquely points out that the management of change is pivotal to fostering development. The authors' efforts provide a useful base for future research and help to chart a course of action leading to success in the 21st century.

The Panic of 1893 and the depression it triggered mark one of the decisive crises in American history. Devastating broad sections of the country like a tidal wave, the depression forced the nation to change its way of life and altered the pattern and pace of national development ever after. The depression served as the setting for the transformation from an agricultural to an industrial society, exposed grave economic and social problems, sharply tested the country's resourcefulness, reshaped popular thought, and changed the direction of foreign policy. It was a crucible in which the elements of the modern United States were clarified and refined. Yet no study to date has examined the depression in its entirety. This is the first book to treat these disparate matters in detail, and to trace and interpret the business contraction of the 1890s in the context of national economic, political, and social development.Steeples and Whitten first explain the origins of the depression, measure its course, and interpret the business recovery, giving full coverage to structural changes in the economy; namely, the growing importance of manufacturing, emergence of new industries, consolidation of business, and increasing importance of finance capitalism. The remainder of the book examines the depression's impact on society—discussing, for example, unemployment, birth rate, health, and education—and on American culture, politics and international relations. Placing the business collapse at the center of the scene, the book shows how the depression was a catalyst for ushering in a more modern America.

Attempting to reveal the real causes of the 1929 stock market crash, Bierman refutes the popular belief that wild speculation had excessively driven up stock market prices and resulted in the crash. Although he acknowledges some prices of stocks such as utilities and banks were overprices, reasonable explanations exist for the level and increase of all other securities stock prices. Indeed, if stocks were overpriced in 1929, then they more even more overpriced in the current era of staggering growth in stock prices and investment in securities. The causes of the 1929 crash, Bierman argues, lie in an unfavorable decision by the Massachusetts Department of Public Utilities coupled with the popular practice known as debt leverage in the 1920s corporate and investment arena.This book extends Bierman's argument in an earlier book, The Great Myths of 1929 and the Lessons to Be Learned (Greenwood, 1991), in which he discussed and refuted seven myths about 1929 but could not explain the crash. He now believes he has a reasonable explanation. He also examines the actions of Charles E. Mitchell and Sam Insull and their subsequent unjust criminal prosecution after the crash of the 1929 stock market.

Oil revenue has been an economic curse for Iraq. In the second half of the 20th century the international oil sector shaped Iraq's economy, forcing it to rely too heavily on revenue brought in by oil production and exports. Iraq's failure to use copious oil rents to diversify the economy has proven disastrous for its people and economy. Its over-reliance on oil revenues coupled with the consequences of its war with Iran, the Gulf War, and the ensuing economic sanctions have led the country to economic destruction, sanctions, and enormous debt.Iraq is a major oil producing country, a founding member of OPEC, and possesses the world's second highest amount of oil reserves. Yet few studies exist on Iraq's oil industry and its impact on the economic and political fortunes of the country. Alnasrawi remedies this by helping us understand this important Arab, Middle Eastern, oil-exporting country that has been a constant focus of U.S. foreign policy since 1990. Alnasrawi concludes that the availability of capital is an insufficient condition for economic development, and may in fact retard it, as it did in this now reviled and wrecked country.

During recessions state government fiscal crises are widespread, as states find their revenues inadequate to meet their expenditure demands. This volume shows that state fiscal crises have only one significant cause: revenue downturns associated with recessions. Other analysts have argued that fiscal crises are the result of an interaction of many complex causes, including inadequate tax bases, increasing expenditure demands, and limits placed on state governments by voters. This analysis examines these other factors and shows that while they present significant challenges to state policymakers, they are not the cause of fiscal crises.The book presents an improved methodology for measuring cyclical variability of revenues and uses this methodology to show that there is no way to restructure state tax systems in order to appreciably reduce the fiscal stress associated with recessions. Fiscal stress can be lessened by setting aside revenues during prosperous years in a rainy day fund, but current rainy day funds are not large enough to eliminate the fiscal stress caused by recessions.

Herbert Hoover, as Secretary of Commerce, and Benjamin Strong, as Governor of the Federal Reserve Bank of New York, played a critical role in the formulation of American monetary policy during the 1920s. Yet little attention has been given to the relationship between them—at first cooperative, then increasingly one of conflict and factionalism—or to the impact of that relationship on policy formulation. This book sheds new light on their roles in policy making and relates those roles to larger conflicts over where policy should be made, how the Federal Reserve System should be structured, and the balance that should be struck between international, national, and regional considerations.Focusing on the Hoover-Strong relationship from a political rather than a purely economic perspective, the book's scope includes both domestic and international aspects of Federal Reserve policy formulation. New sources have enabled the author to provide both fresh details and a broader interpretation. Elaborating on the belief that the Depression resulted from policies developed during the autumn of 1927, the author contends that the foundation for those policies was laid with America's decision to underwrite the Dawes plan, the decision to underwrite England's return to the gold standard, and the involvement in European monetary stabilization—all issues over which Hoover and Strong disagreed.

Throughout history human beings have formed communities spontaneously with residences constructed haphazardly. Today a new type of community is emerging—one planned from the start regarding housing location, style, and governance. These Community Associations (CAs) have increased in number from 500 in 1960 to 205,000 in 1998. This book explores the issues surrounding this housing innovation and provides a history of community associations and their membership organization, the Community Associations Institute (CAI).The book explores the process of trial and error in the design of CAs and how the CAI was set up to help them work. It opens with a consideration of the economics of land, housing, and community associations; explores the social, intellectual, legal background for CAs; and surveys their development in the United States. After considering the FHA's role, the book focuses on the development of the CAI .

The arguments over the economic policies of the Reagan Administration will continue until sufficient time has elapsed for a consensus to be possible. In the meantime, it is necessary for contemporary scholars to record their opinions as a base for the consensus. Campagna has recorded his conclusions based on considerable research on Reagan Administration policies. He begins by describing what was planned by the government. From there, he discusses what actually happened, and devotes the remainder of the work to his opinion of what has been left with which the future must deal. Campagna concludes that the Reagan economic policies failed. He establishes a position for others to attack or defend in their own publications in the continuing argument.

The economy of Iraq has fluctuated wildly since the 1950s. It has been affected by changes in governments, by wars, and by general instability. This book analyzes a complex subject and is especially timely at this critical juncture in the history of Iraq, the Middle East, and international relations. Abbas Alnasrawi traces the growth of the Iraqi economy since 1950, assesses its present state of crisis and underdevelopment, and explores its prospects for recovery. Alnasrawi contends that the economic development of Iraq was shaped by the rise in oil revenue, the war between Iran and Iraq, and the invasion of Kuwait and its aftermath.The discussion begins with the burst of Iraq's oil industry and the development policies under the monarchy. Subsequent chapters highlight development planning during the first ten years of the republic, the development plans of the ruling Baath party, the distructive consequences of the Iran-Iraq war and the recent invasion of Kuwait, and the future of the Iraqi economy to the year 2010. This in-depth examination puts this subject into a manageable context for students of the Middle East, multinational oil, Third World development, and international relations.

The economy of the ancient Middle East and Greece is reinterpreted by Morris Silver in this provocative new synthesis. Silver finds that the ancient economy emerges as a class of economies with its own laws of motion shaped by transaction costs (the resources used up in exchanging ownership rights). The analysis of transaction costs provides insights into many characteristics of the ancient economy, such as the important role of the sacred and symbolic gestures in making contracts, magical technology, the entrepreneurial role of high-born women, the elevation of familial ties and other departures from impersonal economics, reliance on slavery and adoption, and the insatiable drive to accumulate trust-capital. The peculiar behavior patterns and mindsets of ancient economic man are shown to be facilitators of economic growth.In recent years, our view of the economy of the ancient world has been shaped by the theories of Karl Polanyi. Silver confronts Polanyi's empirical propositions with the available evidence and demonstrates that antiquity knew active and sophisticated markets. In the course of providing an alternative analytical framework for studying the ancient economy, Silver gives critical attention to the economic views of the Assyriologists I.M. Diakonoff, W.F. Leemans, Mario Liverani, and J.N. Postgate; of the Egyptologists Jacob J. Janssen and Wolfgang Helck; and of the numerous followers of Moses Finley. Silver convincingly demonstrates that the ancient world was not static: periods of pervasive economic regulation by the state are interspersed with lengthy periods of relatively unfettered market activity, and the economies of Sumer, Babylonia, and archaic Greece were capable of transforming themselves in order to take advantage of new opportunities. This new synthesis is essential reading for economic historians and researchers of the ancient Near East and Greece.

The effective use of development economic theories in practice is limited, the authors contend, by the lack of explicit criterion for judging their scientific content. The directional progress of critical research and teaching is also constrained by this deficiency. This study advances a meta-theory designed to assist in evaluating the scientific validity of theories in economic development and how these theories can be improved to assist social practice. Using this model, the study then examines existing theories, dividing them into explanatory and prescriptive theories. The explanatory theories include the stage-based theories of Marx, Schumpeter, and Rostow, and factor-based theories, including capital-based, human-capital-based, and technology-based theories. The prescriptive theories include explanatory-theory-based prescriptions, interventionist prescriptive theories, and theories of economic planning.In conclusion, the authors contend that modern analysis of development economics is plagued with logical ills, misleading notions, and a weak theoretical structure that lacks scientific appeal. Most of the theories, except for those of Marx and Schumpeter, neglect an analysis of the mechanism of change.

Electricity has penetrated deeply into virtually every aspect of American life, be it in industry, the home, or in the rapidly growing commercial and service sectors. This book documents and analyzes the existence of a strong, and growing, synergy between technological progress and the use of electrified production techniques in the United States during the twentieth century. The authors use two types of information in their work: case studies of the ways in which technological progress in particular industries and economic sectors has depended upon the adoption of electrified methods of production and aggregative long-term national economic statistics that measure the changing relationship over time between increases in the use of electricity and other factor inputs and the growth in industrial productivity. Eleven of the book's thirteen chapters cover the case studies, while the remaining two chapters and the statistical appendix contain the broad quantitative findings and supporting data.In their analysis, the authors address three inter-related questions from a long-term evolutionary perspective: Why has electricity's share of total energy risen so sharply over the years? How has this rise been related to productivity growth? and Why has the rise in electricity led to long-term improvements in the efficiency of overall energy use despite the thermal energy losses sustained when fuels are converted into electricity? The answer to these questions, they contend, is the technological progress represented by electrified production technologies, and in the new ways of organizing production that are now possible. The different ways in which electrical energy has been put to work, and with what results, are examined in the various case studies presented, and further documented in the aggregative statistical analysis. This study reveals the important role that the electrification of production operations has played in supporting productivity growth in manufacturing and other economic sectors in the past, and the important part that it can continue to play in the future. This book will appeal to a broad spectrum of readers; those interested in productivity issues, energy policy, electricity in general, historians of technology, economic historians, and those interested in current technological issues. It will be a necessary acquisition for college and university libraries, as well as those individuals interested in energy, technology, economic growth, history, and the interfaces among them.

This work explores the problems arising from dynamic information technology in its application to intellectual property rights. In a global marketplace of ideas, political boundaries and the sovereignty of the nation state seem to be disappearing because of the increasing difficulty of scrutinizing the infringement of intellectual property. That is particularly true of computer software, the focus of this book. The work analyzes the legal and political economy implications of investment in the software programming industry and the near-futility of monitoring protection of intellectual property in industry.The book begins by exploring the current state of copyright laws for computer software. It analyzes the economic theories of demand elasticities, public choice, clubs, and the concept of public goods as those theories apply to intellectual property, particularly computer software. This analysis is followed by a discussion of prevailing legislation in the United States, Europe, Japan, Asia, and China. The analysis is fortified by a comprehensive coverage of the Uruguay Round. The work concludes in favor of the free flow of information, which yields overwhelming benefits to a globally integrated market.

In 1865, William Buck Dana, working a bold new departure in American journalism, established the nation's first business weekly, the Commercial and Financial Chronicle, in the country's commercial nerve center, New York City. As its publisher and editor, he became the nation's most influential reporter and commentator on business and finance, playing a major role in creating a national and international economy. Unequaled as a comprehensive and reliable source of business news, Dana's Chronicle has become a critical source for studying 19th century business history. This book is a study of Dana the man, his ideas, and their importance.Divided into three sections, the book considers Dana's formative years, his career, and his later life. The book then turns to the main themes conveyed in the Chronicle's editorial content, allowing the reader to imaginatively reconstruct Dana's mental world. Comments on Dana's and his paper's importance and influence are also included. While enlarging our understanding of Dana, the Chronicle, and economic thought of the time, Advocate for American Enterprise will enhance our understanding of this critically important era.

The Crash and Its Aftermath is an excellent work of reference on the Great Contraction. It will be useful both to people with only a passing curiosity about the Crash and to those for whom the Great Depression is a major scholarly concern. Business History From now on any serious student of the Depression will be obliged to consult this work for a sense of securities price movements, investor attitudes, and relevant contemporary sources. Journal of Economic HistoryThis is the first book to focus on the broader structural changes which took place in the financial industry over the full period of decline from the Stock Market Crash in 1929 to the end of President Franklin D. Roosevelt's One Hundred Days in 1933. The basis for many of Wigmore's comments is an analysis of 142 leading companies whose stocks constituted approximately 77 percent of the market value of all New York Stock Exchange stocks. Wigmore also examines the various bond markets and relates the money market to the bond market, monetary policy, business conditions, and the problems of the banking system. Treating each year from 1929 to 1933 separately, Wigmore shows the interrelation between the stock, bond, and money markets and events in politics, the economy, international trade and finance, and monetary policy. The Statistical Appendix of 41 tables consolidates financial statistics which have hitherto been widely dispersed, permitting in-depth study.

The authors recount how the synthetic rubber industry was created virtually overnight following the bombing of Pearl Harbor. They examine early attempts to extend natural rubber reserves. The rest of the story is that of the full scale effort by government, industry, and academia to develop a viable alternative to natural rubber within a short time and on an economically sound basis. The authors also provide an account of what has happened to the synthetic rubber industry between the end of the war and 1980, identify some lessons that can be learned from the synthetic rubber experience for government-industry programs, and draw parallels between the rubber dependency of the 1940s and the energy dependency of the 1980s.

The new Political Economy, which in 1815 captured the attention of a country exhausted by war and drained by economic crisis, was to have profound effects on British and, indeed, the Western world's economic and political life for more than a hundred years. Professor Langer's new study is the first to analyze fully the interplay of ideas, politics, and history in this crucial period of change. Rather than treating the theories of the classical political economists as a set of abstract formulations, the author looks at how they were actually applied to the political and moral problems of the day. He examines how the economists, their doctrines, and the ruling political alignments affected the course of history, particularly in the conflicts surrounding the Corn Law, the Poor Law, child labor, and the reform of the monetary system.

A comprehensive examination of the events that led to the Bell System breakup. . . . Argues that divestiture was the culmination of a long process of change in telecommunications policy that began several decades ago. Associates new technologies, economic pressure, and social and political developments as the driving stimulus inducing a change that was a process of gradual evolution rather than programmed revolution in national telecommunications policies. Journal of Economic LiteratureThis book presents, for the first time, a complete history of the events that led to the breakup of the Bell System on January 1, 1984. Henck and Strassburg, each of whom has a lifetime of experience in the telecommunications field, correct the popular misconception that the divestiture of AT&T was an isolated event which by itself brought about the confusion and occasional chaos besetting the average telephone user. Rather, they demonstrate, it was the culmination of a process of change in telecommunications policy that began several decades ago.

Ferdinand Eberstadt, the man whose war production strategy was credited with shortening World War II by one full year, was America's financier extraordinaire. His contributions over a period of nearly fifty years helped to shape the world of business and finance as we know it today. In this lively analytical biography, Perez and Willett chronicle Eberstadt's career in the public and private sectors and explore the motives, methods, and personal style that were responsible for his successes as well as his failures. This balanced, clearly written account is packed with information and insight on both Eberstadt's career and the radical changes we have witnessed since the 1920s. Perez once worked for Eberstadt and knew at first-hand what a tyrant he was. Nevertheless, he conceived this biography as an exercise in hero worship. Despite this, it has turned out to be an objective study, and an invaluable mine of reference material. All Wall Streeters motivated to survive the next crunch will do well to arm themselves with this digest of the Eberstadt saga. Its scenario casts Eberstadt in twin roles: as the shrewdest proprietor of a Wall Street profit center during the market's ups and downs between the 1920s and 1960s; and as the most effective troubleshooter brought to Washington during the war years. Again and again, his genius for diagnosing the cause of a crisis enabled him to turn it into an opportunity--for himself, then for the country. Eliot Janeway, in Barrons, June 4, 1990Ferdinand Eberstadt, the man whose war production strategy was credited with shortening World War II by one full year, was America's financier extraordinaire. His contributions over a period of nearly fifty years helped to shape the world of business and finance as we know it today. In this lively analytical biography, Perez and Willett chronicle Eberstadt's career in the public and private sectors and explore the motives, methods, and personal style that were responsible for his successes as well as his failures.The foremost American expert on German finance during the 1920s, Eberstadt achieved recognition as a financial negotiator at the Paris Reparations Conference in 1929. As an investment banker, he was instrumental in helping to restore confidence in the business community following the stock market crash, through his support of small, depressed blue chip firms. The performance of Eberstadt's trendsetting Chemical Fund, founded in 1938, led to the popularization of mutual fund investing in the 1950s and 1960s. Through a series of private capital deals involving chemical and pharmaceutical companies, Eberstadt and his partner strengthened those industries and in the process developed the leveraged buyout technique--a bold innovation that has achieved major importance in modern corporate financial strategy. This balanced, clearly written account is packed with information and insight on both Eberstadt's career and the radical changes we have witnessed since the 1920s. It will be of interest to a broad readership in business, finance, investment, government, and twentieth-century American history.

In the period between 1865 to 1920, as America shifted from a rural-farming economy to urban-manufacturing, a major transformation also occurred in the behavior of the country's consumers. This change is perhaps best illustrated in the advertisements that appeared in popular magazines. They began by simply informing consumers of the cost and availability of a product, but, by 1920, they were projecting an image that defined the American dream in terms of a consumption ethic. In this historical analysis of advertisements, James Norris explores this transformation of society and its ads, and the role that advertising played in developing a national market for consumer goods, creating demand for mass-produced items, and shifting the consumption habits of Americans.Focusing primarily on popular journals and magazines with national circulations, Norris traces how, by the 1920s, America had become a society in which consumption and spending had replaced old virtues. He examines a number of issues affecting this change, including how national markets developed, how consumers were convinced to buy products they had never seen before, what appeals manufacturers used to build markets, and how consumers were persuaded to purchase items that had previously been produced locally or in the home. Other factors that played a role in the transformation are also considered, such as the breakdown of localism, an increasingly educated citizenry, the potential for mass production, and a growth in per-capita income. Whenever possible, the advertisements themselves have been quoted and reproduced, fully illustrating Norris' premise that they are mirrors of the society that produced them. This study will be an important resource for courses in business history, economics, women's studies, and the history of advertising, as well as a valuable addition to college, university, and public libraries.

The importance of technology in our day to day lives is something that few people would deny. At home and in the office, in business and in politics, the effects of technology are pervasive. In this important new study, Anthony DiFilippo examines one specific aspect of this issue: the forces of political economy that direct the course of industrial technology. The book thoroughly analyzes the topic both empirically and comparatively and assesses the impact the political economy of technology has on the nation's standard of living, its quality of life, and its long-term prospects for economic and democratic advancement. In addition, DiFilippo concludes with a practical and rational alternative to confront many of the economic problems described.The book's primary thesis states that recent U.S. industrial policy, which has emphasized continuous advancement of military capabilities, has absorbed large amounts of capital and technical personnel. At the same time, foreign nations have improved their technological capacities through comprehensive, civilian-supported industrial policies. To improve U.S. competitiveness, manufacturing, productivity, and, ultimately, the standard of living, DiFilippo shows that technological resources must be shifted to the civilian sector. He examines a wide range of issues surrounding the topic, from the demise of the post-industrial economy and the conventional explanations for competitive decline to the resource drain of advanced warfare and the industrial policies of Japan, West Germany, and France. An extensive set of charts and tables support DiFilippo's argument and point out some of the serious economic problems the U.S. approach to high technology has caused. A bibliography of selected works is also provided. With its pertinence to current economic, political, and technological issues, From Industry to Arms will be a valuable resource for courses in government and business, political economy, policy analysis, and science and technology. Public and academic libraries will also find it to be an important and timely addition to their collections.

The papers collected here were originally presented at a conference on multinational culture held at Hofstra University to explore the sociocultural impacts of the transformation to a global economy. Written by a distinguished group of contributors from Africa, Asia, Europe, Latin America, the Caribbean, and North America, the essays address such questions as: Which particular changes have already taken root? How can we assess the efficacy of interventions by nation states and transnational authorities? How are the globe's resources being managed and how should they be managed in the future? Specific topics explored include government policies and their relationship to multinational activities, the formation and regulation of international capital, labor market segmentation and protectionism, managing multinationals without sacrificing ethical standards or profits, environmental impacts, and the language, legal, gender, and race dimensions of a global economy.Following a general introduction, the volume is divided into six groups of chapters, each of which examines a specific aspect of global transition. The contributors first look at the more general issues of global movements and global policies, with articles on critical social movements and the future of the global political economy, the evolution of multinational public policy towards business, and the implications of internationalization for development and welfare in the Third World. The next section describes globalization's reach into the arenas of monetary policy, banking, financing, and debt. Subsequent chapters look at the explicit and implict prejudices and differences that can undermine or enhance our global experience, present case studies of the contradictory imperatives between indigenous culture and globalization, affirm the importance of collective action in protecting labor and the environment, and consider the controversial and multifaceted nature of technology transfer. The diversity of topics and perspectives presented make this an ideal set of supplemental readings for advanced level courses in development economics, political economy, and international economics.

The Panic of 1893 and the depression it triggered mark one of the decisive crises in American history. Devastating broad sections of the country like a tidal wave, the depression forced the nation to change its way of life and altered the pattern and pace of national development ever after. The depression served as the setting for the transformation from an agricultural to an industrial society, exposed grave economic and social problems, sharply tested the country's resourcefulness, reshaped popular thought, and changed the direction of foreign policy. It was a crucible in which the elements of the modern United States were clarified and refined. Yet no study to date has examined the depression in its entirety. This is the first book to treat these disparate matters in detail, and to trace and interpret the business contraction of the 1890s in the context of national economic, political, and social development.Steeples and Whitten first explain the origins of the depression, measure its course, and interpret the business recovery, giving full coverage to structural changes in the economy; namely, the growing importance of manufacturing, emergence of new industries, consolidation of business, and increasing importance of finance capitalism. The remainder of the book examines the depression's impact on society—discussing, for example, unemployment, birth rate, health, and education—and on American culture, politics and international relations. Placing the business collapse at the center of the scene, the book shows how the depression was a catalyst for ushering in a more modern America.

Rexford G. Tugwell's diary of the New Deal era is one of the most important first-hand, primary accounts of the New Deal available. One of FDR's most intimate advisors, Tugwell provides an open account of what went on in the New Deal, particularly in the early days when programs to address the Great Depression were being devised.The diary talks openly about how programs were devised, who was involved, and how FDR reacted. It is very specific about such New Deal Programs as the NRA, AAA, and the different relief programs, including CWA, PWA, the Resettlement Administration, and CCC. The diary also discusses individuals, such as FDR, Henry Wallace, Hugh Johnson, Donald Richberg, Chester Davis, Louis Brandeis, Felix Frankfurter and fellow Brain Trusters Raymond Moley and Adolf Berle. The diary also provides insight into how Tugwell viewed himself and whether or not he agreed with the individuals assigned to run the New Deal programs. One of the most used sources at the FDR Library, this diary gives a rare glimpse of FDR and how he treated his intimate advisers.

The tariff policies of the 1890-1922 led to the development of tariff rates that launched the United States on a path that led to later trade wars. The Republican Party and Porter McCumber took the lead in promoting these policies, claiming that the tariff would protect new and struggling industries. In many instances, items subjected to high tariffs were not in conflict with industries in the United States. In addition, although the tariff covered agricultural products, it was not sufficient to halt an agricultural decline. This work traces the course of U.S. policy through five tariffs which preceded the Fordney-McCumber tariff of 1922, when the tariff was used for both protection and revenue. McCumber's economic nationalism combined with his internationalism in other areas is detailed in the work.

The economy of Iraq has fluctuated wildly since the 1950s. It has been affected by changes in governments, by wars, and by general instability. This book analyzes a complex subject and is especially timely at this critical juncture in the history of Iraq, the Middle East, and international relations. Abbas Alnasrawi traces the growth of the Iraqi economy since 1950, assesses its present state of crisis and underdevelopment, and explores its prospects for recovery. Alnasrawi contends that the economic development of Iraq was shaped by the rise in oil revenue, the war between Iran and Iraq, and the invasion of Kuwait and its aftermath.The discussion begins with the burst of Iraq's oil industry and the development policies under the monarchy. Subsequent chapters highlight development planning during the first ten years of the republic, the development plans of the ruling Baath party, the distructive consequences of the Iran-Iraq war and the recent invasion of Kuwait, and the future of the Iraqi economy to the year 2010. This in-depth examination puts this subject into a manageable context for students of the Middle East, multinational oil, Third World development, and international relations.