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Marshall, Pigou, and Keynes on one side of the Atlantic, and Fisher on the other, had different approaches to the quantity theory of money. But they shared its basic framework, with the result that theoretical discussions did not prevent some degree of mutual support on policy proposals. If a divergence there was, at this stage, this pertained the feasibility of Fisher’s proposals, because Fisher’s enthusiasm for reform could find no match at Cambridge. This notwithstanding, and although in varying degrees, Marshall, Pigou, and Keynes were sympathetic with Fisher’s battle for “stable money.” Indeed, a fragment from the Keynes Papers shows that, at a very early stage of his career, Keynes paid great attention to Fisher’s empirical research on the relationship between “Appreciation and interest,” taking the relation between nominal and real rates of interest as a possible explanation of the trade cycle. For some time at least, this widened the common ground upon which Fisher’s proposals for “stable money” could find some support at Cambridge.

Anthropologists who study disasters share the widely acknowledged understanding that the effects of disasters tend to be more severe among economically and socially marginalized communities than others. Moreover, while poverty intensifies the effects of disasters, it also places survivors at the mercy of policies they have little control over because they often tend to be socially and politically marginalized on account of their poverty. Social vulnerability in other words is a determining factor in shaping the vulnerability of populations to catastrophic events. While scholars tend to focus on the catastrophic event itself as the locus of analysis, it has also become amply clear that such studies need to be in conversation with those that explore the long-term trajectories and effects of social inequality. Drawing upon fieldwork conducted in southern India among artisanal fisher communities affected by the tsunami of 2004, this paper argues that the conceptual aims and claims of the vulnerability concept ought to be extended beyond the confines of the disaster (conceptualized as event), to the broader historical sweep of unequal social relations of production, exchange and consumption within which such communities find themselves. Positioned at a disadvantage in relation to powerful players such as the state, multilateral entities and private big capital, such communities nevertheless might also become important loci of possibility, as they bring to bear their own critiques of power, and fashion political strategies that often frustrate and undermine the conceptual frameworks and goals of contemporary capitalist-led development.

This chapter investigates the nature of the transformation of macroeconomics by focusing on the impact of the Great Depression on economic doctrines. There is no doubt that the Great Depression exerted an enormous influence on economic thought, but the exact nature of its impact should be examined more carefully. In this chapter, I examine the transformation from a perspective which emphasizes the interaction between economic ideas and economic events, and the interaction between theory and policy rather than the development of economic theory. More specifically, I examine the evolution of what became known as macroeconomics after the Depression in terms of an ongoing debate among the “stabilizers” and their critics. I further suggest using four perspectives, or schools of thought, as measures to locate the evolution and transformation; the gold standard mentality, liquidationism, the Treasury view, and the real-bills doctrine. By highlighting these four economic ideas, I argue that what happened during the Great Depression was the retreat of the gold standard mentality, the complete demise of liquidationism and the Treasury view, and the strange survival of the real-bills doctrine. Each of those transformations happened not in response to internal debates in the discipline, but in response to government policies and real-world events.

This chapter examines the manner in which a disaster-affected population of artisanal fishers relocated inland to new sites following the Indian Ocean tsunami of 2004 experienced and adapted to problems of water quality, scarcity, sanitation, and drainage. While numerous studies of conflicts over water tend to focus on issues of equitable access (see Anand, 2011), this chapter seeks to link the problem to the contested priorities driving land and resource use and access. I show how inland relocation negatively impacted households, making it harder to sustain livelihoods due to distance from the coast, while imposing new costs including that of commodified and scarce water, locational deficiencies, and the structural weaknesses of new housing. Placed in a historical context, the problem of water can be seen as an aspect of the long-term problem of ecologically unequal exchange pitting local artisanal fisher communities against an aggressively state-supported commercial fishery sector. The continuity I seek to hone in on is the pattern of imposing costs on fishers while enabling the alienation and privatization of coastal resources. Taking water not only as a vital substance presenting questions of access and quality but also as a problem of drainage and effluence enables a fuller consideration of how the unequal distribution of costs on poorer populations became legitimized in the name of recovery. At the same time, the chapter also highlights the manner in which fishers refused to remain docile subjects of power and used their agency and autonomy in adapting to and sometimes refusing the terms of relocation.

Saroma Lake is the largest lagoon in Japan, situated at latitude 44°05′07″ and 44°11′58″ north and longitude 143°40′06″ and 143°58′14″ east (Fig. 3.1). It is located in the northeast of Hokkaido along the Okhotsk sea. The size and circumference of the lake area is around 151km² and 91km, respectively. The pear-shaped lagoon is around 25.7km long and around 9.5km wide. The lake has semiclosed estuaries with sea mouths between Okhotsk sea and lake. In the lake, two artificial sea mouths have been excavated, where the water exchange can be maintained. These are around 300 and 50m wide. Approximately 90 percent of the total inflow from the sea to the lake passes through the former mouth, which was opened in 1927. The salinity level in Saroma Lake is almost similar to that of the Okhotsk sea due to the active tidal water exchange through the two mouths. An average water depth in Saroma Lake is 14m, approximately 18m deep at the deepest point. The lake receives fresh water from 13 rivers, particularly two principal streams (i.e., River Saromabetsu and Baro), where a large quantity of freshwater and subsequent sediments and nutrients are supplied into the lake.

Livelihood preference for children is anchored in the aspiration of parents for a better life for them with due consideration of their capacities given available resources and opportunities from inside and outside the community. Given the data from an earlier survey I conducted, this chapter examines the fisheries management issues as contexts and the time factors that may have influenced the livelihood preference for children of parents, primarily fathers. Twenty-five percent of parents or 30 out of the 120 non-probability samples of municipal fishing families surveyed in South Negros in the Philippines preferred fishing for their children. For a comparative analysis, 30 parents were also randomly drawn from the remaining samples who preferred other livelihoods for their children away from fishing. As a male-dominated industry, evident in the fishing history of families, the tradition may have already declined among most parents as non-fishing livelihoods were perceived to offer family resilience to ecological and socioeconomic changes. The projected decrease in new families engaged in fishing would also mean a pressure reduction on municipal fisheries; thus, opportunities for non-fishing livelihoods must be accessible through full scholarships for college or technical-vocational education. Meanwhile, basic education sciences should infuse lessons in responsible or right fishing practices to expose children to sustainable fisheries at a young age if they pursue fishing livelihoods when they become adults.

This chapter discusses the “seigniorage argument” in favor of public money issuance, according to which public finances could be improved if the state more fully exercised the privilege of money creation, which is, today, largely shared with private banks. This point was made in the 1930s by several proponents of the “100% money” reform scheme, such as Henry Simons of the University of Chicago, Lauchlin Currie of Harvard and Irving Fisher of Yale, who called for a full-reserve requirement in lawful money behind checking deposits. One of their claims was that, by returning all seigniorage profit to the state, such reform would allow a significant reduction of the national debt. In academic debates, however, following a criticism first made by Albert G. Hart of the University of Chicago in 1935, this argument has generally been discarded as wholly illusory. Hart argued that, because the state, under a 100% system, would be likely to pay the banks a subsidy for managing checking accounts, no substantial debt reduction could possibly be expected to follow. The 100% money proponents never answered Hart’s criticism, whose conclusion has often been considered as definitive in the literature. However, a detailed study of the subject reveals that Hart’s analysis itself appears to be questionable on at least two grounds: the first pertains to the sources of the seigniorage benefit, the other to its distribution. This chapter concludes that the “seigniorage argument” of the 100% money authors may not have been entirely unfounded.

Our planet's essential goods and services emanate from the functions of biological diversity. An ecological sphere rich in variety and endowed with highly productive ecosystem services in which fishery resources are present provides attractive benefits. Fishery resource is the primary form of people's livelihood for survival, especially in coastal areas. It is a major source of food protein for human beings representing at least 15 percent of the average per capita animal protein intake of more than 2.9 billion people [Food and Agriculture Organization (FAO), 2009]. Significant demands for fishery resources create employment opportunities for many people around the world (FAO, 1995). Indeed, the number of fishers, including aquaculturists, has grown faster than the world's population and faster than employment in traditional agriculture during the past three decades (FAO, 2007a, 2009). In 2004, an estimated 51 million people were making their entire or partial living from fish production and capture (Pomeroy & Rivera-Guieb, 2006), the great majority of these in Asian countries (FAO, 2007a, 2009). According to FAO (2009), it has been estimated that for each person employed in the fishery primary sector, there could be four employed in the secondary sector (including fish processing, marketing, and related service industries). The estimated total population employed in the entire fish industry is approximately 204 million people. The total amounts of fish landing, including aquaculture, have maintained an upward trend, as shown in Fig. 1.1. To a large extent, advanced fishing technology that is efficiently and effectively capable of catching or harvesting fishery resources attracted a large number of fishers and has contributed to an increase in fish landing quantity.

From a historical viewpoint, decline of fishery resources were commonly identified in all three case studies. The reasons behind the decrease of fishery resources differ, depending on varying extent of socioeconomic and political features as well as of the natural environment. The book reviews the underlying causes learned from each case study experience, and put together a set of environmental issues for lagoon fisheries management that be addressed.