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Early modern South East Asia can be characterized as a region of low population density, abundant natural resources, and high labour productivity in agriculture, where coastal areas were deeply involved in international trade, in particular with China and India. Available information on urban real wages indicates that in most parts of the region, living standards were well above Chinese and Indian levels until at least the mid-nineteenth century. The population growth observed throughout the region in the eighteenth and nineteenth centuries suggests also a strong resilience to climate shocks and wars. The main independent indigenous polities in the mainland and a few smaller ones in the archipelago reinforced their authority, legitimacy, and capacity. An increase or stability in the long run of per capita terms comprehensive wealth, which is the total value of natural, human, and physical (i.e. produced) capital stocks divided by total population, would imply a sustainable economic transformation. The general trends that can be observed suggest that this was the case in early modern South East Asia.
Inland waters and their biodiversity are a valuable resource. They are a source of fresh water, helping to purify it, and provide habitat for organisms (e.g. fishes) that may be eaten or used by humans. To improve the condition of fresh waters globally, it is imperative to link biodiversity conservation to human well-being. The concept of ecosystem services - the benefits humans derive from ecosystems - offers a means to make this link explicit, resolving the conflict between human water use and biodiversity protection. Ecosystem services thus serve as a proxy for biodiversity, assuming that maintaining the former will serve to protect the latter, representing a win-win conservation solution. While relevant for fisheries (a provisioning service), the substitution may be less applicable to supporting services that depend upon maintaining ecological functioning, not maximizing final services for humans. While valuation of biodiversity (and its subsequent monetization) is problematic, payment for ecosystem (or watershed) services can incentivize land-owners to protect sources of clean water for downstream users.
Sensory trademarks present a compelling case in which to explore the senses as “containers of possibility,” and this article explores the emergence and logic of sensory trademarks from a legal and marketers’ perspective. Using sensory trademark cases from the United States, I suggest that the current socio-legal environment opens a conversation about what I would call sensory capitalism—the monetization of the senses rather than the propertization of the senses—that requires intellectual property law to properly function. I argue that the sensory model espoused by the trademarking of the senses is one of the mass sensorium, whereby the “audience” universally recognizes marks as designating a particular source or origin of goods. The mass sensorium offers something quite novel, however, because embedded in it is the (corporate) promise of a lingua franca that valorizes all of the senses and generates a type of mediated affect that is shared.
This chapter explores the effects of empire-building on both local economies and global connectivity, and the impact imperial expansion may have had on what one might call economic growth and complexity. It deals with agriculture and its development under imperial conditions. The chapter considers the impact of governance structures and taxation on ancient economies. By financing flood control and irrigation, and maintaining the bureaucracy to implement the projects, the dynasty benefited through taxation and power, but it also fostered agrarian development and social prosperity. The use of limited-purpose money in some spheres of exchange preceded all monetary systems of the Afro-Eurasian world of the mid-first millennium and helps to explain monetization as a path-dependent process. Taxation was one of the most important means of asserting and maintaining empire both financially and symbolically. Democracy was not long-lasting, but with the Macedonian conquest of the Persian Empire, including Egypt, Greek urban culture, centered on civic interaction spread toward Central Asia and Egypt.
Hedging against tail events in equity markets has been forcefully advocated in the aftermath of recent global financial crisis. Whether this is beneficial to long horizon investors like employees enrolled in defined contribution (DC) plans, however, has been subject to criticism. We conduct historical simulation since 1928 to examine the effectiveness of active and passive tail risk hedging using out of money put options for hypothetical equity portfolios of DC plan participants with 20 years to retirement. Our findings show that the cost of tail hedging exceeds the benefits for a majority of the plan participants during the sample period. However, for a significant number of simulations, hedging result in superior outcomes relative to an unhedged position. Active tail hedging is more effective when employees confront several panic-driven periods characterized by short and sharp market swings in the equity markets over the investment horizon. Passive hedging, on the other hand, proves beneficial when they encounter an extremely rare event like the Great Depression as equity markets go into deep and prolonged decline.
By considering monetization across the Iron Age and Roman periods and across the whole of Temperate Europe some major developments become apparent. The spread of coinage in the Iron Age bears some relationship to the eventual extent of the Roman Empire. Coins stand in the archaeological record for systems of doing things, for ways people relate to each other and to things, and for ways of conceptualizing the world. They provide a useful way to approach the meeting of the worlds of the Iron Age and of Rome. Material forms of being Roman became increasingly important as a dimension of Roman identity. The commercialization implicit in Rome's ‘Cultural Revolution’ was underpinned by the extension of Roman-style monetization. In this light the monetization of Temperate Europe emerges as a process of considerable importance.
Over 52,000 Roman coins have been recorded and published from Wales. Using this comprehensive numismatic sample, this article investigates how coins of different metals and denominations were used and lost in western Britain during the later Iron Age and early Roman periods. The analysis of coins from hoards, excavated sites and single finds produces a more detailed picture of coin supply and use in Roman Britain than has been the case in the past and, consequently, it is now possible to provide a relatively sophisticated description of the monetization of Wales in the decades immediately before and after the conquest in the later first century A.D. The complexities of the early numismatic history of Wales are explored using a series of chronological and regional case-studies, while the discussion emphasises the role of native traditions in shaping local responses to the appearance of coinage and the foreign practices associated with using Roman imperial currency.
Until now, the Roman economy has been discussed primarily in economic terms. After the vehement debate between substantivist and formalists in the 1960s and 1970s, most historians and archaeologists have embraced an essentially substantivist perspective. Although this outlook has proven its value, it also seriously hampers a holistic view on the Roman exchange system by its focus on economic factors. Recent theoretical developments in economic anthropology, particularly through the work of Bloch and Parry, provide a model which is better suited to analysing the exchange system in its social, political and moral dimensions. It has been used succesfully in recent publications of the exchange system in the ancient Greek world. In this article, its possibilities for the Roman exchange system and the role of money in it will be explored.
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