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Chartering Capitalism: Organizing Markets, States, and Publics
Type: Book
ISBN: 978-1-78560-093-7

Book part
Publication date: 10 August 2015

Emily Erikson and Sampsa Samila

This paper uses the case of the English East India Company to consider the impact of colonialization on patterns of trade. The East India Company went through a commercial and a…

Abstract

This paper uses the case of the English East India Company to consider the impact of colonialization on patterns of trade. The East India Company went through a commercial and a colonial period in Asia and therefore provides a rare case in which fixed national effects are held constant while the degree of colonialism varies. We use this variation to consider the impact of colonial institutions on the degree of concentration in overseas trade. We find that the onset of colonialism is linked to increasing inequality in the distribution of traffic across ports. This finding is significant because of the relationship between overseas trade and the potential for long-term economic development: the development trajectories of the individual ports were likely to have been affected by these different rates of trade. Our findings also highlight how the negotiation between political and commercial goals in early modern trade and imperialism produced different macro-structural outcomes for global trade patterns.

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Chartering Capitalism: Organizing Markets, States, and Publics
Type: Book
ISBN: 978-1-78560-093-7

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Book part
Publication date: 23 July 2016

Salim Rashid

A hitherto unknown manuscript from the 1620s, whose only extant copies appear to be in Dublin, shows the balance of trade being forcefully developed, without the concern for the…

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A hitherto unknown manuscript from the 1620s, whose only extant copies appear to be in Dublin, shows the balance of trade being forcefully developed, without the concern for the East India Trade that marks Thomas Mun. It goes on to consider economic and monetary policy, particularly the relative valuation of gold and silver, more closely.

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Research in the History of Economic Thought and Methodology
Type: Book
ISBN: 978-1-78560-960-2

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Documents on and from the History of Economic Thought and Methodology
Type: Book
ISBN: 978-1-84663-909-8

Book part
Publication date: 13 April 2023

Fatih Baha Aydın

A newly discovered energy source is expected to make a positive contribution to the economic growth of the country. To some extent, it is even thought that this is the underlying…

Abstract

A newly discovered energy source is expected to make a positive contribution to the economic growth of the country. To some extent, it is even thought that this is the underlying difference between developed and developing countries today. However, in history, it is seen that the countries that find new energy sources are not always able to benefit from it. The state mechanism without the necessary financial institutions and absence of dynamic economic and commercial life may lead to the inability to benefit from the newly found energy source. In this study, we will compare two nineteenth-century empires, Ottoman and British, which found coal in their homeland. As history as shown, we argue that the political institutions and the state reflexes are critical when it comes to utilizing a newly found energy source.

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Renewable Energy Investments for Sustainable Business Projects
Type: Book
ISBN: 978-1-80382-884-8

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Book part
Publication date: 12 April 2005

Discuss in detail the uses which might legitimately be made of the following passage by the writer of a profound study of economic life and thought in France at the end of the…

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Discuss in detail the uses which might legitimately be made of the following passage by the writer of a profound study of economic life and thought in France at the end of the reign of Louis XIV. In answering the question make full use of your knowledge of (a) historical criticism; (b) French economic and general history.

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Further University of Wisconsin Materials: Further Documents of F. Taylor Ostrander
Type: Book
ISBN: 978-0-76231-166-8

Book part
Publication date: 30 October 2020

Pierre de Saint-Phalle

In 1767, did Sir James Steuart predict the political and financial crises that started the French Revolution? Étienne de Sénovert, the editor and translator of Steuart’s work…

Abstract

In 1767, did Sir James Steuart predict the political and financial crises that started the French Revolution? Étienne de Sénovert, the editor and translator of Steuart’s work, seems to argue to this effect in the introduction to the first French edition of An Inquiry into the Principles of Political Economy in 1789. The visionary “prediction” set forth by Steuart was the following: if the king of France had introduced public credit, this would have changed the political balance in French political society, making it very unstable. The English and the French governments used different ways of borrowing money in 1760: the French king contracted debts with a network of financiers close to the government, while the English government borrowed on the credit markets through the intermediary of the Bank of England. The second of these methods constitutes public credit and has proved its efficiency. According to Steuart, implementing the English public credit system in France could have dangerous consequences. Landed interests and moneyed interests would compete for the control of the State. The author realized that the French nobility, the landowners, as a social and economic group would have no chance in facing such a powerful rival (the public creditors). In this chapter, the author analyzes Steuart’s “prediction” as a coherent part of his systematic and original approach to political economy. Steuart’s theories about the role of political economy and the role of “interest” are connected to his understanding of institutions. Introducing such a complex support for the value as public credit might have different consequences in France and England. Steuart thinks each country’s economy should be analyzed according to its own institutional and social context.

Steuart’s work was still relevant in 1789 for two reasons. Firstly, the author’s prediction of political antagonism between capitalists and nobility anticipated the political conflict about debt expressed by pamphleteers such as Sieyès, Mirabeau, and Clavière between 1787 and 1789. This is the context of Étienne de Sénovert’s claim: the political narrative built by the revolutionaries of 1789 (rescuing the “sacred” public debt from royal despotism) fitted Steuart’s prediction. This may have been the incentive for the translation and publication of his work in 1789 and 1790. Secondly, Steuart’s financial and monetary theory was at the heart of the project of financial reform that would lead to the assignats. Steuart’s (1767) theory of public finance and state power in 1789 provides a key to the understanding the events of the time, and to how actors tried to make sense of them. Steuart made another crucial observation about the deep effect of what he called “the modern economy” upon the power of the governments of Europe: even an absolute monarch could not damage public credit without destroying his own sovereignty.

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Research in the History of Economic Thought and Methodology: Including a Symposium on Sir James Steuart: The Political Economy of Money and Trade
Type: Book
ISBN: 978-1-83867-707-7

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Ideators
Type: Book
ISBN: 978-1-80262-830-2

Book part
Publication date: 30 September 2021

Alex Brayson

The experimental parliamentary subsidy on knights' fees and freehold incomes from lands and rents of 1431 was the only English direct lay tax of the Middle Ages which broke down…

Abstract

The experimental parliamentary subsidy on knights' fees and freehold incomes from lands and rents of 1431 was the only English direct lay tax of the Middle Ages which broke down. As such, this subsidy has a clear historiographical significance, yet previous scholars have tended to overlook it on the grounds that parliament's annulment act of 1432 mandated the destruction of all fiscal administrative evidence. Many county assessments from 1431–1432 do, however, survive and are examined for the first time in this article as part of a detailed assessment of the fiscal and administrative context of the knights' fees and incomes tax. This impost constituted a royal response to excess expenditures associated with Henry VI's “Coronation Expedition” of 1429–1431, the scale of which marked a decisive break from the fiscal-military strategy of the 1420s. Widespread confusion regarding whether taxpayers ought to pay the feudal or the non-feudal component of the 1431 subsidy characterized its botched administration. Industrial scale under-assessment, moreover, emerged as a serious problem. Officials' attempts to provide a measure of fiscal compensation by unlawfully double-assessing many taxpayers served to increase administrative confusion and resulted in parliament's annulment act of 1432. This had serious consequences for the crown's finances, since the regime was saddled with budgetary and debt problems which would ultimately undermine the solvency of the Lancastrian state.

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Research in Economic History
Type: Book
ISBN: 978-1-80071-880-7

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