This book provides a careful historical analysis of the co-evolution of educational attainment and the wage structure in the United States through the twentieth century. The authors propose that the twentieth century was not only the American Century but also the Human Capital Century. That is, the American educational system is what made America the richest nation in the world. Its educational system had always been less elite than that of most European nations. By 1900 the U.S. had begun to educate its masses at the secondary level, not just in the primary schools that had remarkable success in the nineteenth century.
The book argues that technological change, education, and inequality have been involved in a kind of race. During the first eight decades of the twentieth century, the increase of educated workers was higher than the demand for them. This had the effect of boosting income for most people and lowering inequality. However, the reverse has been true since about 1980. This educational slowdown was accompanied by rising inequality. The authors discuss the complex reasons for this, and what might be done to ameliorate it.
As a vehicle to convey both the history of modern China and the complex forces still driving the nation’s economic success, rail has no equal. Railroads and the Transformation of China is the first comprehensive history, in any language, of railroad operation from the last decades of the Qing Empire to the present.
China’s first fractured lines were built under semicolonial conditions by competing foreign investors. The national system that began taking shape in the 1910s suffered all the ills of the country at large: warlordism and Japanese invasion, Chinese partisan sabotage, the Great Leap Forward when lines suffered in the “battle for steel,” and the Cultural Revolution, during which Red Guards were granted free passage to “make revolution” across the country, nearly collapsing the system. Elisabeth Köll’s expansive study shows how railroads survived the rupture of the 1949 Communist revolution and became an enduring model of Chinese infrastructure expansion.
The railroads persisted because they were exemplary bureaucratic institutions. Through detailed archival research and interviews, Köll builds case studies illuminating the strength of rail administration. Pragmatic management, combining central authority and local autonomy, sustained rail organizations amid shifting political and economic priorities. As Köll shows, rail provided a blueprint for the past forty years of ambitious, semipublic business development and remains an essential component of the PRC’s politically charged, technocratic economic model for China’s future.
The wave of liberalization that swept world markets in the 1980s and 90s altered the ways that governments manage their economies. Reinventing State Capitalism analyzes the rise of new species of state capitalism in which governments interact with private investors either as majority or minority shareholders in publicly-traded corporations or as financial backers of purely private firms (the so-called “national champions”). Focusing on a detailed quantitative assessment of Brazil’s economic performance from 1976 to 2009, Aldo Musacchio and Sergio Lazzarini examine how these models of state capitalism influence corporate investment and performance.
According to one model, the state acts as a majority investor, granting the state-owned enterprise (SOE) financial autonomy and allowing professional management. This form, the authors argue, has reduced many agency problems commonly faced by state ownership. According to another hybrid model, the state uses sovereign wealth funds, holding companies, and development banks to acquire a small share of equity ownership in a corporation, thereby potentially alleviating capital constraints and leveraging latent capabilities.
Both models have benefits and costs. Yet neither model has entirely eliminated the temptation of governments to intervene in the operation of natural resource industries and other large strategic enterprises. Nevertheless, the longstanding debate over whether private ownership is superior or inferior to state capitalism has become irrelevant, Musacchio and Lazzarini conclude. Private ownership is now mingled with state capital on a global scale.
Debt was an inescapable fact of life in early America. At the beginning of the eighteenth century, its sinfulness was preached by ministers and the right to imprison debtors was unquestioned. By 1800, imprisonment for debt was under attack and insolvency was no longer seen as a moral failure, merely an economic setback. In Republic of Debtors, Bruce H. Mann illuminates this crucial transformation in early American society.
From the wealthy merchant to the backwoods farmer, Mann tells the personal stories of men and women struggling to repay their debts and stay ahead of their creditors. He opens a window onto a society undergoing such fundamental changes as the growth of a commercial economy, the emergence of a consumer marketplace, and a revolution for independence. In addressing debt Americans debated complicated questions of commerce and agriculture, nationalism and federalism, dependence and independence, slavery and freedom. And when numerous prominent men—including the richest man in America and a justice of the Supreme Court—found themselves imprisoned for debt or forced to become fugitives from creditors, their fate altered the political dimensions of debtor relief, leading to the highly controversial Bankruptcy Act of 1800.
Whether a society forgives its debtors is not just a question of law or economics; it goes to the heart of what a society values. In chronicling attitudes toward debt and bankruptcy in early America, Mann explores the very character of American society.
As Karl Marx the icon has fallen along with so many communist regimes, we are left with the mystery of Karl Marx the man, the complexities of a life that has profoundly affected millions. A Requiem for Karl Marx is Frank Manuel's searching meditation on that life, a learned and elegantly written engagement with the man and his work.
Manuel gives us a psychological portrait rendered with sympathy and critical detachment, a probing look at the connections between the private drama of Marx's life and his revolutionary ideas. Manuel pursues these connections from Marx's adolescence and education in Trier through his university studies, marriage to a German baroness, and early affiliation with French and German radical groups. Here we see Marx in moments of youthful rapture, in periods of despair, in maneuvers of blatant hypocrisy, in outbursts of self-mockery. We follow his involuted response to his status as a converted Jew, observe the psychic toll of debilitating bouts of illness, and witness the shattering effects of his aggressive, often brutal conduct toward friend and foe alike. Manuel analyzes in intricate detail the central role of Marx's enduring relationship with Friedrich Engels, which appears to transcend the bounds of friendship, and his changing behavior toward his wife, Jenny, the neurotic and tragic figure who shared his dismal London exile.
What becomes clear in this narrative is the link between Marx's personal life and his ideas about class struggle, revolutionary strategy, and utopia--as well as the impact of his personal vision and political tactics on the movements that followed him, down to our day.
Conventional wisdom holds that all nations must repay debt. Regardless of the legitimacy of the regime that signs the contract, a country that fails to honor its loan obligations damages its reputation, inviting still greater problems down the road. Yet difficult dilemmas arise from this assumption. Should today's South Africa be responsible for apartheid-era debt? Is it reasonable to tether postwar Iraq with Saddam Hussein's excesses?
Rethinking Sovereign Debt is a probing historical analysis of how sovereign debt continuity--the rule that nations should repay loans even after a major regime change, or expect reputational consequences--became the consensus approach. Odette Lienau contends that the practice is not essential for functioning international capital markets, and demonstrates how it relies on ideas of absolutist government that have come under fire over the last century. Challenging previous accounts, Lienau incorporates a wealth of original research to argue that Soviet Russia's repudiation of Tsarist debt and Great Britain's 1923 arbitration with Costa Rica hint at the feasibility of selective debt cancellation. She traces the notion of debt continuity from the post-World War I era to the present, emphasizing the role of government officials, the World Bank, and private-market actors in shaping our existing framework.
Lienau calls on scholars and policymakers to recognize political choice and historical precedent in sovereign debt and reputation, in order to move beyond an impasse when a government is overthrown.
A pioneering book that takes us beyond economic debate to show how inequality is returning us to a past dominated by empires, dynastic elites, and ethnic divisions.
The economic facts of inequality are clear. The rich have been pulling away from the rest of us for years, and the super-rich have been pulling away from the rich. More and more assets are concentrated in fewer and fewer hands. Mainstream economists say we need not worry; what matters is growth, not distribution. In The Return of Inequality, acclaimed sociologist Mike Savage pushes back, explaining inequality’s profound deleterious effects on the shape of societies.
Savage shows how economic inequality aggravates cultural, social, and political conflicts, challenging the coherence of liberal democratic nation-states. Put simply, severe inequality returns us to the past. By fracturing social bonds and harnessing the democratic process to the strategies of a resurgent aristocracy of the wealthy, inequality revives political conditions we thought we had moved beyond: empires and dynastic elites, explosive ethnic division, and metropolitan dominance that consigns all but a few cities to irrelevance. Inequality, in short, threatens to return us to the very history we have been trying to escape since the Age of Revolution.
Westerners have been slow to appreciate that inequality undermines the very foundations of liberal democracy: faith in progress and trust in the political community’s concern for all its members. Savage guides us through the ideas of leading theorists of inequality, including Marx, Bourdieu, and Piketty, revealing how inequality reimposes the burdens of the past. At once analytically rigorous and passionately argued, The Return of Inequality is a vital addition to one of our most important public debates.
Keynesian economics, which proposed that the government could use monetary and fiscal policy to help the economy avoid the extremes of recession and inflation, held sway for thirty years after World War II. However, it was discredited after the stagflation of the 1970s, which not only proved resistant to traditional Keynesian policies but was actually thought to be caused by them. By the 1990s, the anti-Keynesian counter-revolution seemed to reach its pinnacle with the award of several Nobel Prizes in economics to its architects at the University of Chicago.
However, with the collapse of the dot-com boom in 2000 and the attacks of 9/11 a year later, the nature of macroeconomic policy debate took a turn. The collapse prompted a major shift in macroeconomic policy, as the Bush administration and other governments around the world began to resort to Keynesian measures—both monetary and fiscal policies—to stabilize the economy. The Keynesian rebirth has been most dramatically illustrated during the past year when central banks have pumped billions of dollars of liquidity into the world’s financial system to address the crises of confidence, illiquidity, and insolvency that were triggered by the sub-prime lending crisis. The Return to Keynes puts Keynesian economics in a fresh perspective in order to assess this surprising new era in economic policy making.
A bold history of the rise of central banks, showing how institutions designed to steady the ship of global finance have instead become as destabilizing as they are dominant.
While central banks have gained remarkable influence over the past fifty years, promising more stability, global finance has gone from crisis to crisis. How do we explain this development? Drawing on original sources ignored in previous research, The Rise of Central Banks offers a groundbreaking account of the origins and consequences of central banks’ increasing clout over economic policy.
Many commentators argue that ideas drove change, indicating a shift in the 1970s from Keynesianism to monetarism, concerned with controlling inflation. Others point to the stagflation crises, which put capitalists and workers at loggerheads. Capitalists won, the story goes, then pushed deregulation and disinflation by redistributing power from elected governments to markets and central banks. Both approaches are helpful, but they share a weakness. Abstracting from the evolving practices of central banking, they provide inaccurate accounts of recent policy changes and fail to explain how we arrived at the current era of easy money and excessive finance.
By comparing developments in the United States, the United Kingdom, Germany, and Switzerland, Leon Wansleben finds that central bankers’ own policy innovations were an important ingredient of change. These innovations allowed central bankers to use privileged relationships with expanding financial markets to govern the economy. But by relying on markets, central banks fostered excessive credit growth and cultivated an unsustainable version of capitalism. Through extensive archival work and numerous interviews, Wansleben sheds new light on the agency of bureaucrats and calls upon society and elected leaders to direct these actors’ efforts to more progressive goals.
Taiwan has been depicted as an island facing the incessant threat of forcible unification with the People's Republic of China. Why, then, has Taiwan spent more than three decades pouring capital and talent into China?
In award-winning Rival Partners, Wu Jieh-min follows the development of Taiwanese enterprises in China over twenty-five years and provides fresh insights. The geopolitical shift in Asia beginning in the 1970s and the global restructuring of value chains since the 1980s created strong incentives for Taiwanese entrepreneurs to rush into China despite high political risks and insecure property rights. Taiwanese investment, in conjunction with Hong Kong capital, laid the foundation for the world’s factory to flourish in the southern province of Guangdong, but official Chinese narratives play down Taiwan’s vital contribution. It is hard to imagine the Guangdong model without Taiwanese investment, and, without the Guangdong model, China’s rise could not have occurred. Going beyond the received wisdom of the “China miracle” and “Taiwan factor,” Wu delineates how Taiwanese businesspeople, with the cooperation of local officials, ushered global capitalism into China. By partnering with its political archrival, Taiwan has benefited enormously, while helping to cultivate an economic superpower that increasingly exerts its influence around the world.
Winner of the SHEAR Book Prize
Honorable Mention, Avery O. Craven Award
“Few books have captured the lived experience of slavery as powerfully.”
—Ari Kelman, Times Literary Supplement
“[One] of the most impressive works of American history in many years.”
—The Nation
“An important, arguably seminal, book…Always trenchant and learned.”
—Wall Street Journal
A landmark history, by the author of National Book Critics Circle Award finalist The Broken Heart of America, that shows how slavery fueled Southern capitalism.
When Jefferson acquired the Louisiana Territory, he envisioned an “empire for liberty” populated by self-sufficient white farmers. Cleared of Native Americans and the remnants of European empires by Andrew Jackson, the Mississippi Valley was transformed instead into a booming capitalist economy commanded by wealthy planters, powered by steam engines, and dependent on the coerced labor of slaves. River of Dark Dreams places the Cotton Kingdom at the center of worldwide webs of exchange and exploitation that extended across oceans and drove an insatiable hunger for new lands. This bold reconsideration dramatically alters our understanding of American slavery and its role in U.S. expansionism, global capitalism, and the upcoming Civil War.
Walter Johnson deftly traces the connections between the planters’ pro-slavery ideology, Atlantic commodity markets, and Southern schemes for global ascendency. Using slave narratives, popular literature, legal records, and personal correspondence, he recreates the harrowing details of daily life under cotton’s dark dominion. We meet the confidence men and gamblers who made the Valley shimmer with promise, the slave dealers, steamboat captains, and merchants who supplied the markets, the planters who wrung their civilization out of the minds and bodies of their human property, and the true believers who threatened the Union by trying to expand the Cotton Kingdom on a global scale.
But at the center of the story are the enslaved people who pulled down the forests, planted the fields, picked the cotton—who labored, suffered, and resisted on the dark underside of the American dream.
“Shows how the Cotton Kingdom of the 19th-century Deep South, far from being a backward outpost of feudalism, was a dynamic engine of capitalist expansion built on enslaved labor.”
—A. O. Scott, New York Times
“River of Dark Dreams delivers spectacularly on the long-standing mission to write ‘history from the bottom up.’”
—Maya Jasanoff, New York Review of Books
What exactly is neoliberalism, and where did it come from? This volume attempts to answer these questions by exploring neoliberalism’s origins and growth as a political and economic movement.
Although modern neoliberalism was born at the “Colloque Walter Lippmann” in 1938, it only came into its own with the founding of the Mont Pèlerin Society, a partisan “thought collective,” in Vevey, Switzerland, in 1947. Its original membership was made up of transnational economists and intellectuals, including Friedrich Hayek, Milton Friedman, George Stigler, Karl Popper, Michael Polanyi, and Luigi Einaudi. From this small beginning, their ideas spread throughout the world, fostering, among other things, the political platforms of Margaret Thatcher and Ronald Reagan and the Washington Consensus.
The Road from Mont Pèlerin presents the key debates and conflicts that occurred among neoliberal scholars and their political and corporate allies regarding trade unions, development economics, antitrust policies, and the influence of philanthropy. The book captures the depth and complexity of the neoliberal “thought collective” while examining the numerous ways that neoliberal discourse has come to shape the global economy.
Although modern neoliberalism was born at the “Colloque Walter Lippmann” in 1938, it only came into its own with the founding of the Mont Pèlerin Society, a partisan “thought collective,” in Vevey, Switzerland, in 1947. Its original membership was made up of transnational economists and intellectuals, including Friedrich Hayek, Milton Friedman, George Stigler, Karl Popper, Michael Polanyi, and Luigi Einaudi. From this small beginning, their ideas spread throughout the world, fostering, among other things, the political platforms of Margaret Thatcher and Ronald Reagan and the Washington Consensus.
The Road from Mont Pèlerin presents the key debates and conflicts that occurred among neoliberal scholars and their political and corporate allies regarding trade unions, development economics, antitrust policies, and the influence of philanthropy. The book captures the depth and complexity of the neoliberal “thought collective” while examining the numerous ways that neoliberal discourse has come to shape the global economy.
“The Road from Mont Pèlerin is indispensable for anyone wishing to gain an understanding of neoliberalism, whether as an end in itself or as a means for constructing alternative, non-neoliberal futures.”
—Daniel Kinderman, Critical Policy Studies
“If you work on post-war history of economics, there is almost no reason not to read this book.”
—Ross B. Emmett, Journal of the History of Economic Thought
The fossil fuel revolution is usually rendered as a tale of historic advances in energy production. In this perspective-changing account, Christopher F. Jones instead tells a story of advances in energy access—canals, pipelines, and wires that delivered power in unprecedented quantities to cities and factories at a great distance from production sites. He shows that in the American mid-Atlantic region between 1820 and 1930, the construction of elaborate transportation networks for coal, oil, and electricity unlocked remarkable urban and industrial growth along the eastern seaboard. But this new transportation infrastructure did not simply satisfy existing consumer demand—it also whetted an appetite for more abundant and cheaper energy, setting the nation on a path toward fossil fuel dependence.
Between the War of 1812 and the Great Depression, low-cost energy supplied to cities through a burgeoning delivery system allowed factory workers to mass-produce goods on a scale previously unimagined. It also allowed people and products to be whisked up and down the East Coast at speeds unattainable in a country dependent on wood, water, and muscle. But an energy-intensive America did not benefit all its citizens equally. It provided cheap energy to some but not others; it channeled profits to financiers rather than laborers; and it concentrated environmental harms in rural areas rather than cities.
Today, those who wish to pioneer a more sustainable and egalitarian energy order can learn valuable lessons from this history of the nation’s first steps toward dependence on fossil fuels.
Rulers and Capital in Historical Perspective explains why modern banking and credit systems emerged in the nineteenth century only in certain countries that then subsequently industrialized and became developed.
Tracing the contemporaneous cases of India and the United States over time, Abhishek Chatterjee identifies the factors that were crucial to the development and regulation of a modern banking and credit system in the United States during the first third of the nineteenth century. He contrasts this situation with India’s, where the state never formally incorporated a sophisticated private credit system, and thus relegated it to the sphere of the informal economy.
Chatterjee identifies certain features in both societies, often—though not always—associated with colonialism, that tended to restrict the formation of modern institutionalized money and credit markets. Rulers and Capital in Historical Perspective demonstrates thatnotwithstanding the many other differences between the North American colonies (prior to independence), and India, the same facets of their relationships with Great Britain prevented the emergence of a modern banking system in the two respective societies.
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