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In this book Garbade, a former analyst at a primary dealer and researcher at the Federal Reserve Bank of New York, traces the evolution of open market operations, Treasury debt management, and the microstructure of the US government securities markets following the 1951 Treasury-Federal Reserve. This volume examines how these operations evolved, responding both to external forces and to one another. Utilising a vast scope of primary material, the work provides insight into how officials fashioned the instruments, facilities, and procedures needed to advance their policy objectives in light of their novel freedoms and responsibilities. Students and scholars of macroeconomics, financial regulation, and the history of central banking and the Federal Reserve will find this volume a welcome addition to Garbade's earlier studies of Treasury debt operations during World War I, the 1920s, and the Great Depression and since 1983.
From December 1941, Japan, as part of its plan to build an East Asian empire and secure oil supplies essential for war in the Pacific, swiftly took control of Southeast Asia. Japanese occupation had a devastating economic impact on the region. Japan imposed country and later regional autarky on Southeast Asia, dictated that the region finance its own occupation, and sent almost no consumer goods. GDP fell by half everywhere in Southeast Asia except Thailand. Famine and forced labour accounted for most of the 4.4 million Southeast Asian civilian deaths under Japanese occupation. In this ground-breaking new study, Gregg Huff provides the first comprehensive account of the economies and societies of Southeast Asia during the 1941-1945 Japanese occupation. Drawing on materials from 25 archives over three continents, his economic, social and historical analysis presents a new understanding of Southeast Asian history and development before, during and after the Pacific War.
In this book, Kenneth Hirth provides a comparative view of the organization of ancient and premodern society and economy. Hirth establishes that humans adapted to their environments, not as individuals but in the social groups where they lived and worked out the details of their livelihoods. He explores the variation in economic organization used by simple and complex societies to procure, produce, and distribute resources required by both individual households and the social and political institutions that they supported. Drawing on a wealth of archaeological, historic, and ethnographic information, he develops and applies an analytical framework for studying ancient societies that range from the hunting and gathering groups of native North America, to the large state societies of both the New and Old Worlds. Hirth demonstrates that despite differences in transportation and communication technologies, the economic organization of ancient and modern societies are not as different as we sometimes think.
GATT Dispute Settlement Reports compiles all dispute settlement reports issued under the General Agreement on Tariffs and Trade (GATT 1947), including its Tokyo Round plurilateral codes, from 1948 to 1995. This compilation includes both adopted and unadopted reports.The GATT documents containing the reports are reproduced in English in their original form and without any modifications. They are presented in chronological order based on the initiation date of the dispute, with each case identified by a unique GATT dispute (GD) number. A cover page for each dispute provides the report's adoption status, the date it was issued and any GATT or WTO disputes directly related to the dispute in question. At the end of each volume, there is a list of all GATT dispute settlement reports contained within the series, with references to the relevant volume and page numbers.
Making a Modern Central Bank examines a revolution in monetary and economic policy. This authoritative guide explores how the Bank of England shifted its traditional mechanisms to accommodate a newly internationalized financial and economic system. The Bank's transformation into a modern inflation-targeting independent central bank allowed it to focus on a precisely defined task of monetary management, ensuring price stability. The reframing of the task of central banks, however, left them increasingly vulnerable to financial crisis. James vividly outlines and discusses significant historical developments in UK monetary policy, and his knowledge of modern European history adds rich context to archival research on the Bank of England's internal documents. A worthy continuation of the previous official histories of the Bank of England, this book also reckons with contemporary issues, shedding light on the origins of growing backlash against globalization and the European Union.
Why do stock and housing markets sometimes experience amazing booms followed by massive busts and why is this happening more and more frequently? In order to answer these questions, William Quinn and John D. Turner take us on a riveting ride through the history of financial bubbles, visiting, among other places, Paris and London in 1720, Latin America in the 1820s, Melbourne in the 1880s, New York in the 1920s, Tokyo in the 1980s, Silicon Valley in the 1990s and Shanghai in the 2000s. As they do so, they help us understand why bubbles happen, and why some have catastrophic economic, social and political consequences whilst others have actually benefited society. They reveal that bubbles start when investors and speculators react to new technology or political initiatives, showing that our ability to predict future bubbles will ultimately come down to being able to predict these sparks.
Potatoes are the world's fourth most important food crop, yet they were unknown to most of humanity before 1500. Feeding the People traces the global journey of this popular foodstuff from the Andes to everywhere. The potato's global history reveals the ways in which our ideas about eating are entangled with the emergence of capitalism and its celebration of the free market. It also reminds us that ordinary people make history in ways that continue to shape our lives. Feeding the People tells the story of how eating became part of statecraft, and provides a new account of the global spread of one of the world's most successful foods.
This volume is written for anyone who has wondered about the growth of Chinese businesses and their relation to Chinese family and government institutions. Making full use of its partner volume's findings on village institutions in the southern prefecture of Huizhou, this volume explains how late imperial China's key regional group of merchants emerged from this prefecture's village lineages. It identifies the strategies they deployed to overcome the serious obstacles to their domination of major financial transactions and commodity markets throughout much of China from 1500 to 1700. At the same time it describes how the commercial success enjoyed by these 'house firms' undermined their lineages' social stability, making them vulnerable to competition from popular religious cults back home. In recounting how rural and urban institutions interacted through state and economic development, McDermott provides a powerful new framework for understanding late imperial China's distinctive trajectory to social and economic transformation.
Drawing on a wide and rich array of sources, this book explores the nature and extent of Dutch trade and commerce in the Río de la Plata during three decades of the least-studied century (1650–1750) of Spain's rule in the Americas. In doing so, it raises important questions about trade in colonial South America and how it was impacted by the Dutch, suggesting that these transactions were carried out within the confines of the law, contradicting common beliefs among scholars that this trading was not regulated. The book contributes to a growing literature on contraband trade, administration, networks, and corruption while challenging narratives of exclusively Spanish influence on the Americas.
In this distinctive new history of the origins of the Spanish Civil War, James Simpson and Juan Carmona tackle the highly-debated issue of why it was that Spain's democratic Second Republic failed. They explore the interconnections between economic growth, state capacity, rural social mobility and the creation of mass competitive political parties, and how these limited the effectiveness of the new republican governments, and especially their attempts to tackle economic and social problems within the agricultural sector. They show how political change during the Republic had a major economic impact on the different groups in village society, leading to social conflicts that turned to polarization and finally, with the civil war, to violence and brutality. The democratic Republic failed not so much because of the opposition from the landed elites, but rather because small farmers had been unable to exploit more effectively their newly found political voice.
In this major new study, Margherita Zanasi argues that basic notions of a free market economy emerged in China a century and half earlier than in Europe. In response to the commercial revolutions of the late 1500s, Chinese intellectuals and officials called for the end of state intervention in the market, recognizing its power to self-regulate. They also noted the elasticity of domestic demand and production, arguing in favour of ending long-standing rules against luxury consumption, an idea that emerged in Europe in the late seventeenth and early nineteenth centuries. Zanasi challenges Eurocentric theories of economic modernization as well as the assumption that European Enlightenment thought was unique in its ability to produce innovative economic ideas. She instead establishes a direct connection between observations of local economic conditions and the formulation of new theories, revealing the unexpected flexibility of the Confucian tradition and its accommodation of seemingly unorthodox ideas.
As the global organisation of central banks, the Bank for International Settlements (BIS) has played a significant role in the momentous changes the international monetary and financial system has undergone over the past half century. This book offers a key contribution to understanding these changes. It explores the rise of the emerging market economies, the resulting shifts in the governance of the international financial system, and the role of central bank cooperation in this process. In this truly multidisciplinary effort, scholars from the fields of economics, history, political science and law unravel the most poignant episodes that marked this period, including European monetary unification, the paradigm shifts in economic and financial analysis, the origins and influence of macro-financial stability frameworks, the rise of soft law in international financial governance, central bank crisis management in the wake of the Great Financial Crisis, and, finally, the institutional evolution of the BIS itself.
After the Second World War, the General Agreement on Tariffs and Trade (GATT) promoted trade liberalization to help make the world prosperous and peaceful. Francine McKenzie uses case studies of the Cold War, the creation of the EEC and other regional trade agreements, development, and agriculture, to show that trade is a primary goal of foreign policy, a dominant (and divisive) aspect of international relations, and a vital component of global order. She unpacks the many ways in which trade was politicised, and the layers of meaning associated with trade; trade policies, as well as disputes about trade, communicated ideas, hopes and fears that were linked to larger questions of identity, sovereignty, and status. This study reveals how the economic and political dimensions of foreign policy and international engagement intersected, showing that trade was not only instrumentalised in the service of particular policies or relations but that it was also an essential aspect of international relations.
One of the greatest hopes and expectations that accompanied American colonialism – from its earliest incarnation – was that Atlantic settlers would be able to locate new sources of raw silk, with which to satiate the boundless desire for luxurious fabrics in European markets. However, in spite of the great upheavals and achievements of Atlantic plantation, this ambition would never be fulfilled. By taking the commercial failure of silk seriously and examining numerous experiments across New Spain, New France, British North America and the early United States, Ben Marsh reveals new insights into aspiration, labour, environment, and economy in these societies. Each devised its own dreams and plans of cultivation, framed by the particularities of cultures and landscapes. Writ large, these dreams would unravel one by one: the attempts to introduce silkworms across the Atlantic world ultimately constituted a step too far, marking out the limits of Europeans' seemingly unbounded power.
Modern economics tantalizes historians, promising them a set of simple verbal and mathematical formulas to explain and even retrospectively predict historical actions and choices. Colin P. Elliott challenges economic historians to rethink the way they use economic theory. Building upon the approaches of Max Weber, R. G. Collingwood, Ludwig von Mises and others, Elliott reconceptualizes economic theories such as the quantity theory of money and Gresham's law as heuristic constructs - constructs which help historians identify and understand the unique modes of thought and embedding contexts which characterized economic action in the Roman Empire. The book offers novel analyses of key events in Roman monetary history, from Augustus' triumph over Mark Antony and Cleopatra, to third-century AD coinage debasements. Roman history has long been a battleground for polarizing methodological debates, but this book's accessible style and conciliatory tone invites historians, economists, sociologists and other scholars to use economic theory for understanding.
Fundamental tenets of colonial historiography are challenged by showing that US capital investment into this colony did not lead to the disappearance of the small farmer. Contrary to well-established narratives, quantitative data show that the increasing integration of rural producers within the US market led to differential outcomes, depending on pre-existing land tenure structures, capital requirements to initiate production, and demographics. These new data suggest that the colonial economy was not polarized into landless Puerto Rican rural workers on one side and corporate US capitalists on the other. The persistence of Puerto Rican small farmers in some regions and the expansion of local property ownership and production disprove this socioeconomic model. Other aspects of extant Puerto Rican historiography are confronted in order to make room for thorough analyses and new conclusions on the economy of colonial Puerto Rico during the early twentieth century.
Technological change is about more than inventions. This concise history of the Industrial Revolution places the eighteenth-century British Industrial Revolution in global context, locating its causes in government protection, global competition, and colonialism. Inventions from spinning jennies to steam engines came to define an age that culminated in the acceleration of the fashion cycle, the intensification in demand and supply of raw materials and the rise of a plantation system that would reconfigure world history in favour of British (and European) global domination. In this accessible analysis of the classic case of rapid and revolutionary technological change, Barbara Hahn takes readers from the north of England to slavery, cotton plantations, the Anglo-Indian trade and beyond - placing technological change at the centre of world history.
This book examines the evolution of fiscal capacity in the context of colonial state formation and the changing world order between 1850 and 1960. Until the early nineteenth century, European colonial control over Asia and Africa was largely confined to coastal and island settlements, which functioned as little more than trading posts. The officials running these settlements had neither the resources nor the need to develop new fiscal instruments. With the expansion of imperialism, the costs of maintaining colonies rose. Home governments, reluctant to place the financial burden of imperial expansion on metropolitan taxpayers, pressed colonial governments to become fiscally self-supporting. A team of leading historians provides a comparative overview of how colonial states set up their administrative systems and how these regimes involved local people and elites. They shed new light on the political economy of colonial state formation and the institutional legacies they left behind at independence.
This is the first comparative and comprehensive account of occupational training before the Industrial Revolution. Apprenticeship was a critical part of human capital formation, and, because of this, it has a central role to play in understanding economic growth in the past. At the same time, it was a key stage in the lives of many people, whose access to skills and experience of learning were shaped by the guilds that trained them. The local and national studies contained in this volume bring together the latest research into how skills training worked across Europe in an era before the emergence of national school systems. These essays, written to a common agenda and drawing on major new datasets, systematically outline the features of what amounted to a European-wide system of skills education, and provide essential insights into a key institution of economic and social history.