The Princeton Economic History of the Western World – serie

In 1700, most composers were employees of noble courts or the church. But by the nineteenth century, Chopin, Schumann, Brahms, Verdi, and many others functioned as freelance artists teaching, performing, and selling their compositions in the private marketplace. While some believe that Mozart's career marks a clean break between these two periods, this book tells the story of a more complex and interesting transition. F. M. Scherer first examines the political, intellectual, and economic roots of the shift from patronage to a freelance market. He describes the eighteenth-century cultural "arms race" among noble courts, the spread of private concert halls and opera houses, the increasing attendance of middle-class music lovers, and the founding of conservatories. He analyzes changing trends in how composers acquired their skills and earned their living, examining such impacts as demographic developments and new modes of transportation. The book offers insight into the diversity of composers' economic aspirations, the strategies through which they pursued success, the burgeoning music publishing industry, and the emergence of copyright protection.Scherer concludes by drawing some parallels to the economic state of music composition in our own times. Written by a leading economist with an unusually broad knowledge of music, this fascinating account is directed toward individuals intrigued by the world of classical composers as well as those interested in economic history or the role of money in art.

A definitive reframing of the economic, institutional, and intellectual history of the managerial eraThe twentieth century was the managerial century in the United States. An organizational transformation, from entrepreneurial to managerial capitalism, brought forth what became a dominant narrative: that administrative coordination by trained professional managers is essential to the efficient running of organizations both public and private. And yet if managerialism was the apotheosis of administrative efficiency, why did both its practice and the accompanying narrative lie in ruins by the end of the century? In The Corporation and the Twentieth Century, Richard Langlois offers an alternative version: a comprehensive and nuanced reframing and reassessment of the economic, institutional, and intellectual history of the managerial era.Langlois argues that managerialism rose to prominence not because of its inherent superiority but because of its contingent value in a young and rapidly developing American economy. The structures of managerialism solidified their dominance only because the century’s great catastrophes of war, depression, and war again superseded markets, scrambled relative prices, and weakened market-supporting institutions. By the end of the twentieth century, Langlois writes, these market-supporting institutions had reemerged to shift advantage toward entrepreneurial and market-driven modes of organization.This magisterial new account of the rise and fall of managerialism holds significant implications for contemporary debates about industrial and antitrust policies and the role of the corporation in the twenty-first century.

A definitive reframing of the economic, institutional, and intellectual history of the managerial eraThe twentieth century was the managerial century in the United States. An organizational transformation, from entrepreneurial to managerial capitalism, brought forth what became a dominant narrative: that administrative coordination by trained professional managers is essential to the efficient running of organizations both public and private. And yet if managerialism was the apotheosis of administrative efficiency, why did both its practice and the accompanying narrative lie in ruins by the end of the century? In The Corporation and the Twentieth Century, Richard Langlois offers an alternative version: a comprehensive and nuanced reframing and reassessment of the economic, institutional, and intellectual history of the managerial era.Langlois argues that managerialism rose to prominence not because of its inherent superiority but because of its contingent value in a young and rapidly developing American economy. The structures of managerialism solidified their dominance only because the century’s great catastrophes of war, depression, and war again superseded markets, scrambled relative prices, and weakened market-supporting institutions. By the end of the twentieth century, Langlois writes, these market-supporting institutions had reemerged to shift advantage toward entrepreneurial and market-driven modes of organization.This magisterial new account of the rise and fall of managerialism holds significant implications for contemporary debates about industrial and antitrust policies and the role of the corporation in the twenty-first century.

How human institutions—markets, states, communities, religions, guilds and families—have helped both to control and to exacerbate epidemics throughout historyHow do societies tackle epidemic disease? In Controlling Contagion, Sheilagh Ogilvie answers this question by exploring seven centuries of pandemics, from the Black Death to Covid-19. For most of history, infectious diseases have killed many more people than famine or war, and in 2019 they still caused one death in four. Today, we deal with epidemics more successfully than our ancestors managed plague, smallpox, cholera or influenza. But we use many of the same approaches. Long before scientific medicine, human societies coordinated and innovated in response to biological shocks—sometimes well, sometimes badly.Ogilvie uses historical epidemics to analyse how human societies deal with “externalities”—situations where my action creates costs or benefits for others beyond those that I myself incur. Social institutions—markets, states, communities, religions, guilds, and families—help us manage the negative externalities of contagion and the positive externalities of social distancing, sanitation, and immunization. Ogilvie shows how each institution enables us to coordinate, innovate and inspire each other to limit contagion. But each institution also has weaknesses that can make things worse. Markets shut down voluntarily during every epidemic in history—but they also brought people together, spreading contagion. States mandated quarantines, sanitation, and immunization—but they also waged war and censored information, exacerbating epidemics. Religions admonished us to avoid infecting our neighbours—but they also preached against science and medical innovations. What decided the outcome, Ogilvie argues, was a temperate state, an adaptable market, and a strong civil society where a diversity of institutions played to their own strengths and checked each other’s flaws.