Bücher der Reihe Contributions in Economics and Economic History

Economists and historians view the events of the 1920s, the stock market boom and crash, the Great Depression and the New Deal, as being largely independent. This work presents an integrated, empirically-consistent view of this important period arguing that all of these events can be traced back to a paradigm technology shock, namely the electrification of U.S. industry from 1910 to 1926. The author goes from electrification through the stock market boom to the tariffs of the late 20s to the stock market crash and depression followed by the National Industrial Recovery Act in 1933.

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.

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 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.

Key metaphors in world-system analysis are profoundly spatial, but there have been few attempts to understand how space, location, and topography affect world-system organization and process. To fill this gap, this book examines case studies of the restructuring of space and transport in core, semiperipheral, and peripheral economies. It addresses such topics as the role of ocean transport in linking terrestrially based units of the capitalist world economy, the role of land transport systems in the construction and restructuring of relationships between raw materials peripheries and core economies, and the role of the airplane in transforming and representing changing spatial, economic, and social relations in the capitalist world economy.World-systems theory and many other perspectives on the world economy, including international political economy and analysis of globalization, typically pay only limited attention to issues of space, location, and the role of transportation in the world economy. This book identifies key theoretical and empirical issues and provides the basis for formulating research strategies to address this gap in our understanding.