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The paper provides a detailed historical account of Douglass C. North's early intellectual contributions and analytical developments in pursuing a Grand Theory for why some countries are rich and others poor.

The author approaches the discussion using a theoretical and historical reconstruction based on published and unpublished materials.

The systematic, continuous and profound attempt to answer the Smithian social coordination problem shaped North's journey from being a young serious Marxist to becoming one of the founders of New Institutional Economics. In the process, he was converted in the early 1950s into a rigid neoclassical economist, being one of the leaders in promoting New Economic History. The success of the cliometric revolution exposed the frailties of the movement itself, namely, the limitations of neoclassical economic theory to explain economic growth and social change. Incorporating transaction costs, the institutional framework in which property rights and contracts are measured, defined and enforced assumes a prominent role in explaining economic performance.

In the early 1970s, North adopted a naive theory of institutions and property rights still grounded in neoclassical assumptions. Institutional and organizational analysis is modeled as a social maximizing efficient equilibrium outcome. However, the increasing tension between the neoclassical theoretical apparatus and its failure to account for contrasting political and institutional structures, diverging economic paths and social change propelled the modification of its assumptions and progressive conceptual innovation. In the later 1970s and early 1980s, North abandoned the efficiency view and gradually became more critical of the objective rationality postulate. In this intellectual movement, North's avant-garde research program contributed significantly to the creation of New Institutional Economics.

This chapter examines the concepts of race and racism, critically reviewing their historical and contemporary applications in everyday life as well as in academic and policy debates. Racism has been extensively researched, with various theories and conceptualisations developed across social science. However, there is a great deal of disagreement regarding its nature, contemporary significance and empirical validation. This chapter examines these and attempts to synthesise some of the common definitions of racism provided in the literature. It explores related concepts and underlying themes pertaining to expressions of race and racism. Furthermore, it unpacks current knowledge about racial issues and discusses recent advances in the conceptual understanding of various forms of racism. It also elucidates the social, political and analytical applications of racism as a concept and the significance of racism in contemporary societies. The chapter concludes by highlighting how racism is a dynamic phenomenon, continuously evolving with the social, political and technological transformations in contemporary societies.

This paper aims to study the origin story of Harvard Business School’s involvement with the Indian Institute of Management Ahmedabad to study the reasons for the spread of American management education. It introduces both the explicit influence of Cold War politics and Indian development imaginaries to the export of American management thought in the early 1960s.

This paper relies on archival research for its primary source material, drawing upon rich archives of documents found at the Baker Library of Harvard Business School.

Harvard’s role in Ahmedabad was explicitly influenced by the Cold War anti-communist foreign policy of the USA, but did so opportunistically and contrary to the Ford Foundation’s (FF) original plans. Vikram Sarabhai, who was a key player in the Indian national imaginary of development, invited Harvard on his own initiative and forced the foundation to follow his interests rather than being a mere “subaltern.”

This paper could additionally add to the historical debate about the scope and periodization of the Cold War and the role of non-state actors.

This paper covers new ground in exploring the early connection between the Indian development imaginary and business education. It concludes that the export of hegemonic US management education was not successful during Cold War, and the FF was not as dominant as it was made out to be.

In the years following the publication of A Theory of Consumption (1923), Hazel Kyrk’s book became the flagship of the field that would later be known as the economics of consumption. It stimulated theoretical and empirical work on consumption. Some of the existing literature on Kyrk (e.g., Kiss & Beller, 2000; Le Tollec, 2020; Tadajewski, 2013) depicted her theory as the starting point of the economics of consumption. Nevertheless, how and why it emerged the way it did remain largely unexplored. This chapter examines Kyrk’s intellectual background, which, we argue, can be traced back to two main movements in the United States: the home economics and the institutionalist. Both movements conveyed specific endeavors as responses to the US material and social transformations that occurred at the turn of the 20th century, notably the perceived changing role of consumption and that of women in US society. On the one hand, Kyrk pursued first-generation home economists’ efforts to make sense of and put into action the shifting of women’s role from domestic producer to consumer. On the other hand, she reinterpreted Veblen’s (1899) account of consumption in order to reveal its operational value for a normative agenda focused on “wise” and “rational” consumption. This chapter studies how Kyrk carried on first-generation home economists’ progressive agenda and how she adapted Veblen’s fin-de-siècle critical account of consumption to the context of the household goods developed in 1900–1920. Our account of Kyrk’s intellectual roots offers a novel narrative to better understand the role of gender and epistemological questions in her theory.

The importance of humans to the successful delivery of construction projects has led to the emergence of research attention on construction workforce management. As such, this chapter uncovers emotional intelligence (EI) and the external environment as critical aspects of workforce management practices that have not gained substantial attention in past workforce management studies. While some theories and models (existing outside the construction domain) have considered the external environment, none of these models is specific to the construction industry. Furthermore, EI has received less attention within existing workforce management models. Through a review of related studies and theories, this chapter noted that the EI of construction workers and their senior management is crucial to the performance of these workers and the ultimate performance of their organisations. In the same vein, since construction organisations do not operate in silos, the external environment significantly influences the operations of organisations in the construction industry. The environment exact pressures that can influence workforce management practices and technological innovations construction organisations adopt.

Purpose: This study investigates internal/own shock in the domestic market and three external volatility spillovers from India, the UK, and the USA to the Sri Lanka stock market.

Need for the Study: The external market’s internal/own shocks and volatility spillovers influence portfolio choices in domestic stock market returns. Hence, it is required to investigate the internal shock in the domestic market and the external volatility spillovers from other countries.

Methodology: This study employs a quantitative method using ARMA(1,1)-GARCH(1,1) model. All Share Price Index (ASPI) is the proxy for the Colombo Stock Exchange (CSE) stock return. It uses daily time-series data from 1^st April 2010 to 21^st June 2023.

Findings: The findings revealed that internal/own and external shocks substantially impact the stock price volatility in CSE. Significant volatility clusters and persistence with extended memory in ASPI confirm internal/own shock in the market. Furthermore, CSE receives significant volatility shock from the USA, confirming external shock. This study’s findings highlight the importance of considering internal and external shocks in portfolio decision-making.

Practical Implications: Understanding the influence of internal shocks helps investors manage their portfolios and adapt to market volatility. Recognising significant volatility spillovers from external markets, especially the USA, informs diversification strategies. From a policy standpoint, the study emphasises the need for robust regulations and risk management measures to address shocks in domestic and global markets. This study adds value to the literature by assessing the sources of volatility shocks in the CSE, employing the ARMA-GARCH, a sophisticated econometrics model, to capture stock returns volatility, enhancing understanding of the CSE’s volatility dynamics.

The construction workforce plays a crucial role in the successful delivery of any construction project and, eventually, the performance of any construction organisation. Effectively managing these workforces becomes crucial. However, past studies have shown that workforce management within the construction industry has been on the back foot, with workers being seen as resources required to deliver construction projects. This situation begs the need for a construction workforce management model that can be tailored to an organisation’s situation and adopted to manage workers and improve organisational performance effectively. To this end, this chapter reviewed existing workforce management theories, models, and practices to develop a suitable approach towards managing the construction workforce. Ultimately, a strategic workforce management with a classical view using a soft workforce management approach that embraces employees’ empowerment and development through trust was proposed. Five major practices that best suit the soft workforce management approach were identified as key constructs in the proposed construction workforce management model.