Contributions in Economics and Economic History – serie

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.

China's long-term maritime history has been overlooked by the scholarly community, so much so that there is a misconception that the Chinese were sea- or ocean-phobic. This image has been promoted rather deliberately because a sailing-aversive China would fit in well with the non-capitalist development framework. This study shows that from 2100 B.C. to A.D. 1900, the Chinese were as enthusiastic about and capable of seagoing activities as other peoples. Evidence shows that economic interests provided Chinese sailing-related activities with a lasting impetus, and the private sector played a central role.However, maritime activities in China raise at least two paradoxes: the activities were incompatible with the agrarian dominance in the Chinese premodern economy, and there was a huge gap between China's maritime potential and maritime growth. This situation was symptomatic of both positive and negative effects of technical and economic aspects of premodern China. Technologically, limited maritime growth resulted from climatic and hydrographic conditions favorable to agriculture. Economically, it resulted from low Chinese participation in maritime activities because of safe returns from the agricultural sector. This book provides readers with a long-term analysis of Chinese maritime activities and their economic consequences in industries, infrastructure, trade, migration, and government policies. It shows a new insight into the causes for sterility of capitalist industrialization in premodern China.

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.

This interesting work presents a unique perspective on the history of economic thought by showing that classical economists from Adam Smith to Alfred Marshall had sympathy for workers - for example, the theory of the subsistence wage echoed the theological call for a just wage that existed in the middle ages. It also describes how these thinkers promoted either a set of social obligations or a form of social insurance to assist workers. These economic thinkers of the past argued that a subsistence standard of living was important to maintain and improve workers' efficiency and to raise healthy families. The notion that these writers had an undeveloped theory of social costs that they applied to labor should appeal to economists and others concerned with the plight of workers as the modern economy restructures itself.

Scholars attempting to place Veblen in a particular intellectual tradition will only succeed in reaping frustration and confusion until it is recognized that he was primarily ^Isui generis^R and eclectic. This is the recurring theme that is made explicit in the introduction, conclusion, and some of the chapters of this work. Veblen was a thinker of such depth and power that he was able to create his own intellectual paradigm. The result of his endeavors is that more than a few intellectuals including his followers, the institutional economists, have spent their careers trying to understand the paradigm and to develop it in several directions for their own purposes.

Radical institutionalism—a processual paradigm focused on changing the direction of cultural evolution and the function of social provisioning in order to promote the full participation of all—defines inequality as evolving from class exploitation, gender domination, race discrimination, and national predation. Radical institutionalism states that inequality is not determined by genetic differences between groups, innate differences between sexes, or class differences. It is believed that mainstream thinking in economics and related studies is not broad enough to capture the complexity of this social pathology.

For many observers of international politics, the classical gold standard is the premier example of successful international monetary cooperation. Curiously, most studies portray this 19th century system as a spontaneous development. Reti, after a thorough investigation of diplomatic records, argues that the gold standard grew out of several years of international negotiation. At the Conference of 1867, delegates for 20 states debated the monetary standard and agreed to adopt gold as soon as possible. In response to worldwide deflation from 1873 to 1896, the Conferences of 1878, 1881, and 1892 reconsidered the merits of gold, and the leading states reaffirmed their adherence to the gold standard. Reti uses theories of international regimes to explain the roles of hegemonic power, domestic politics, and causal beliefs on conference diplomacy. He asserts that the classical gold standard can best be understood as a coordination game in which negotiations informed nations about how to cooperate.

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.

Because of its history and location, Eritrea is an ideal example for a study of the sustainability of traditional rural communities and the impact of local and external actors on them. This book provides a lucid account of the pillage of rural sustainability under modern hegemonic conditions. It traces the manner in which the imprints left by European rule were accentuated during Ethiopian control. These legacies continue to haunt rural communities after independence in the shape of resource shortages, the dominance of western civilization, and the modernization-based policies of the ruling Eritrean class which originated under European rule.

Following Frederick Jackson Turner's lead, most economic historians assume the West and its people were shaped by economic determinism. This study proposes a different path. The federal government, Malone claims, opened the frontier before waves of settlers arrived by constructing a network of roads and making improvements to rivers and harbors. The book begins by analyzing federal transportation expenditures from 1800 to 1860 and then moves on to look at early federal improvement programs and their effects on determining the direction of settlement in the New West.Settlement in the New West states—Arkansas, Michigan, Wisconsin, Iowa, and Minnesota—accelerated after the government's projects were constructed. The tracking of internal improvement expenditures in sparsely settled regions shows the federal government had a significant role in initiating growth prior to the more widely acknowledged railroad developments after mid-century.

Challenging the stereotype of premodern China as an agricultural nation, this book examines the development of the maritime sector, maritime institutions, and sea power in the premodern era. Initially discussing topics related to China's exports, such as ship design and construction, goods produced solely for export, capital accumulation and investment in the maritime sector, and trade networking, the volume goes on to consider the impact of maritime institutions, governmental trade and non-trade policies, and Confucian attitudes toward maritime activities.Finally, the book shows how China obtained technological, economic, and naval supremacy in Asian waters until the 18th century and goes on to discuss the reasons for the decline of the maritime sector in the 19th century.

An examination of an early version of the debate over money, debt, and taxes sheds light on current debates regarding public finance, a balanced budget, and paying off the public debt. Stabile shows that while special interest lobbying during the constitutional convention produced tax loopholes as part of the Constitution, determined leaders were able to get a reluctant population used to paying taxes and were capable of putting together plans of public finance that attained their goals. Such historical evidence challenges the view that political leaders are incapable of passing the unpopular taxes needed to balance the federal government's budget and pay off the public debt.Taking a political economy approach that describes how political leaders took economic ideas and made them work, this book combines intellectual history with economic history. Previous books on public finance history have focused on economic issues regarding taxes. Exploring the intellectual history of the debates over money, debt, and taxes as the three potential forms of public finance, Stabile provides insight into the constitutional debate alive at the end of the 20th century.

Latin Americans as sailors? This remark caused laughter among 19th-century foreign observers, particularly British observers. Yet, Latin Americans did struggle to create important merchant fleets, an effort largely ignored outside the region. This book rescues Latin American shipping from oblivion. In a chronological narrative, it presents the most important events in the emergence of Latin American shipping. While focusing on the shipping companies, the book also roams widely into governmental policy, foreign relations, and naval affairs.Divided into two parts, the book opens with a brief summary of the age of sailing ships, then traces the history of the first steamship companies, focusing on Brazil and Chile until 1914. Part I then goes on to analyze the impact of World War I and the Great Depression. Part II considers World War II and U.S. surplus ships. New issues in Latin American shipping, arising in the 1950s, will be discussed in another volume.

Although Latin America had a substantial merchant fleet by the 1950s, at the end of the century most of the major shipping companies have disappeared from the continent. Continuing to grow through protectionist efforts during the 1960s and 1970s, the industry began to decline when container technology, requiring large capital investments, shifted competition to access capital. This book shows how technology undermined and finally shattered the nationalist efforts to create a significant Latin American merchant shipping industry. Written in a clear and concise style, it provides the first authoritative survey of Latin American shipping during the second half of the century.The book opens with a discussion of cargo preference—a form of protectionism—in Chile and shows how Latin American merchant fleets expanded under cargo preference. Most countries witnessed a dramatic expansion in their national fleets. In the 1970s, the impact of containers, a new technology, began to be felt. As the book shows, the large capital outlays needed to adopt containers undermined the foundations of Latin American shipping companies, and most of the merchant shipping companies in the region gradually collapsed. The book also examines the non-commercial role of merchant shipping, particularly in international clashes such as the Cuban Revolution.

An account of the history, structure, and operation of the First and Second Banks of the United States, this study examines how the banks performed as national and central institutions, and what happened to the economy when the charter of the Second Bank was allowed to expire in 1836. Historians have paid little recent attention to the early history of central banking in the United States, and many Americans believe that the Federal Reserve, created in 1913, was our first central bank. The economic crisis during the American Revolution actually led to the founding of a national bank, called the Bank of North America, during the period of Confederation. Although it became a private bank before the Constitution was ratified in 1788, it proved to be such a success that in 1791 Alexander Hamilton, the first Secretary of the Treasury, was able to convince President Washington that a similar bank should be established.While the First Bank of the United States performed well during its tenure, its charter was allowed to lapse in 1811. A Second Bank of the United States was created five years later in 1816, and it prospered under the leadership of its third president, Nicholas Biddle, from 1823 to 1830, when central banking was practiced. This success ended with the 1828 election of Andrew Jackson, who refused to recharter the bank and withdrew the government's funds in 1833. Severely weakened, the Bank continued, but its charter finally expired in 1836, much to Biddle's dismay.