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Research in the History of Economic Thought and Methodology: Including a Symposium on Public Finance in the History of Economic Thought
Type: Book
ISBN: 978-1-83867-699-5

Book part
Publication date: 19 February 2020

Javier San Julián Arrupe

Since the early modern age, the debt of the State was a constant source for concern to the Spanish governments. Episodes of defaults caused by enormous expenditure to keep the…

Abstract

Since the early modern age, the debt of the State was a constant source for concern to the Spanish governments. Episodes of defaults caused by enormous expenditure to keep the Empire slowly faded out until a certain reorganization of public finance was attained in the central decades of the nineteenth century. The core idea that finance ministers and economists, in general, had at that time was to balance the public budget controlling expenses, in order to handle the problem of public debt. However, alternative views on government finance existed. Focusing on a crucial period for the consolidation of Spanish liberal regime and its public finance, this chapter shows that, among a predominant concern for reducing public expenditure as the best way to stabilize the economy and promote economic growth, the character of Luis María Pastor emerges to support government expansionary policies financed with credit. Far from fearing deficit, Pastor, one of the leaders of the Spanish liberal school of economic thought, believed that investment in infrastructures financed through debt was the key to economic growth. Through a multiplicative effect, a program of public investment would enhance economic growth, eventually solving the long-term insufficiency of Spanish finance. This gives evidence that ideas on public finance of classical liberal economists were far from uniform, contributing to a more precise view on the body of doctrines of this school.

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Research in the History of Economic Thought and Methodology: Including a Symposium on Public Finance in the History of Economic Thought
Type: Book
ISBN: 978-1-83867-699-5

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Public-Private Partnerships, Capital Infrastructure Project Investments and Infrastructure Finance
Type: Book
ISBN: 978-1-83909-654-9

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Public-Private Partnerships, Capital Infrastructure Project Investments and Infrastructure Finance
Type: Book
ISBN: 978-1-83909-654-9

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Edwin Seligman's Lectures on Public Finance, 1927/1928
Type: Book
ISBN: 978-1-84950-073-9

Book part
Publication date: 19 February 2020

Richard Sturn

This chapter discusses the evolution of German views on public debt 1850–1920, referring to three strands of secondary literature: (1) German retrospectives on public finance, (2…

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This chapter discusses the evolution of German views on public debt 1850–1920, referring to three strands of secondary literature: (1) German retrospectives on public finance, (2) the historical literature with a public choice perspective, and (3) contributions to public/constitutional law, mainly referring to Lorenz von Stein. The skeptic view of public debt endorsed by authors of the second half of the period is shown to be related to politico-economic issues of state agency combined with new state functions, rather than to the rejection of Dietzel’s Proto-Keynesian macroeconomic reasoning.

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Research in the History of Economic Thought and Methodology: Including a Symposium on Public Finance in the History of Economic Thought
Type: Book
ISBN: 978-1-83867-699-5

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Book part
Publication date: 15 October 2019

Maxime Desmarais-Tremblay and Marianne Johnson

Alvin Hansen and John Williams’ Fiscal Policy Seminar at Harvard University is widely regarded as a key mechanism for the spread of Keynesianism in the United States. An original…

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Alvin Hansen and John Williams’ Fiscal Policy Seminar at Harvard University is widely regarded as a key mechanism for the spread of Keynesianism in the United States. An original and regular participant, Richard A. Musgrave was invited to prepare remarks for the fiftieth anniversary of the seminar in 1988. These were never published, though a copy was filed with Musgrave’s papers at Princeton University. Their reproduction here is important for several reasons. First, it is one of the last reminiscences of the original participants. Second, the remarks make an important contribution to our understanding of the Harvard School of macro-fiscal policy. Third, the remarks provide interesting insights into Musgrave’s views on national economic policymaking as well as the intersection between theory and practice. The reminiscence demonstrates the importance of the seminar in shifting Musgrave’s research focus and moving him to a more pragmatic approach to public finance.

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Including a Symposium on Robert Heilbroner at 100
Type: Book
ISBN: 978-1-78769-869-7

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Handbook of Transport Strategy, Policy and Institutions
Type: Book
ISBN: 978-0-0804-4115-3

Book part
Publication date: 6 September 2010

Dorceta E. Taylor

Purpose – This chapter will examine the role of Central Park in setting in motion certain practices related to park development as well as revolutionizing park financing in the…

Abstract

Purpose – This chapter will examine the role of Central Park in setting in motion certain practices related to park development as well as revolutionizing park financing in the mid-nineteenth century and again in modern times. It will examine the shift from public financing of parks to the development of public–private partnerships to design, build, fund, and administer urban parks.

Design/methodology/approach – The author takes an historical approach to put contemporary park debates vis-à-vis funding and administration in context. Archival materials are used to examine park financing models all over the country.

Findings – Central Park still continues to revolutionize urban park financing. Cities are cutting back on funding for public parks; as a result, there is a greater reliance on private financing options. Not all parks are in a position to rely heavily on private financing, and this raises questions about access to open space in cities.

Originality/value – The chapter raises questions about equity in the shift toward the private financing of urban parks. It extends the environmental justice discourse to examine open space issues. It examines long-term historical trends in helping the reader understand the contemporary state of urban park financing.

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Environment and Social Justice: An International Perspective
Type: Book
ISBN: 978-0-85724-183-2

Book part
Publication date: 19 February 2020

Claire Silvant and Clément Coste

The year 1848 is considered by historians as a political and economic turning point in France: a major political crisis took place in the form of the February Revolution…

Abstract

The year 1848 is considered by historians as a political and economic turning point in France: a major political crisis took place in the form of the February Revolution, accompanied by extensive financial troubles for the French government. The economists of that time actively debated the economic causes and consequences of the crisis. This chapter is devoted to the analysis of these financial controversies in French economic thought around 1848. If the political and philosophical debates of 1848 between the liberals and the socialists are quite well known by historians of economic thought, their financial side has been relatively neglected. According to the authors of this chapter, it is nevertheless of great interest to examine the liberal and socialist ideas of that time. This chapter aims to investigate this little-studied question by raising three main issues: the first one consists of presenting the different diagnoses of the 1848 financial crisis from socialist and liberal viewpoints. Second, it proposes an analysis of the content of theoretical controversies about ways to overcome the financial troubles, particularly regarding the trade-off between taxation and debt. Lastly, it emphasizes the role of this period for the subsequent constitution of a financial orthodoxy in France.

Details

Research in the History of Economic Thought and Methodology: Including a Symposium on Public Finance in the History of Economic Thought
Type: Book
ISBN: 978-1-83867-699-5

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