Mercantilism - Lars Magnusson
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THE FREE-MARKET WELFARE STATE: Preserving Dynamism in a Volatile World
Policy Essay THE FREE-MARKET WELFARE STATE: Preserving Dynamism in a Volatile World Samuel Hammond1 Poverty and Welfare Policy Analyst Niskanen Center May 2018 INTRODUCTION welfare state” directly depresses the vote for reac- tionary political parties.3 Conversely, I argue that he perennial gale of creative destruc- the contemporary rise of anti-market populism in tion…” wrote the economist Joseph America should be taken as an indictment of our in- 4 Schumpeter, “…is the essential fact of adequate social-insurance system, and a refutation “T of the prevailing “small government” view that reg- capitalism.” For new industries to rise and flourish, old industries must fail. Yet creative destruction is ulation and social spending are equally corrosive to a process that is rarely—if ever—politically neu- economic freedom. The universal welfare state, far tral; even one-off economic shocks can have lasting from being at odds with innovation and economic political-economic consequences. From his vantage freedom, may end up being their ultimate guaran- point in 1942, Schumpeter believed that capitalism tor. would become the ultimate victim of its own suc- The fallout from China’s entry to the World Trade cess, inspiring reactionary and populist movements Organization (WTO) in 2001 is a clear case in against its destructive side that would inadvertently point. Cheaper imports benefited millions of Amer- strangle any potential for future creativity.2 icans through lower consumer prices. At the same This paper argues that the countries that have time, Chinese import competition destroyed nearly eluded Schumpeter’s dreary prediction have done two million jobs in manufacturing and associated 5 so by combining free-markets with robust systems services—a classic case of creative destruction. -
New Working Papers Series, Entitled “Working Papers in Technology Governance and Economic Dynamics”
Working Papers in Technology Governance and Economic Dynamics no. 74 the other canon foundation, Norway Tallinn University of Technology, Tallinn Ragnar Nurkse Department of Innovation and Governance CONTACT: Rainer Kattel, [email protected]; Wolfgang Drechsler, [email protected]; Erik S. Reinert, [email protected] 80 Economic Bestsellers before 1850: A Fresh Look at the History of Economic Thought Erik S. Reinert, Kenneth Carpenter, Fernanda A. Reinert, Sophus A. Reinert* MAY 2017 * E. Reinert, Tallinn University of Technology & The Other Canon Foundation, Norway; K. Car- penter, former librarian, Harvard University; F. Reinert, The Other Canon Foundation, Norway; S. Reinert, Harvard Business School. The authors are grateful to Dr. Debra Wallace, Managing Director, Baker Library Services and, Laura Linard, Director of Baker Library Special Collections, at Harvard Business School, where the Historical Collection now houses what was once the Kress Library, for their cooperation in this venture. Above all our thanks go to Olga Mikheeva at Tallinn University of Technology for her very efficient research assistance. Antiquarian book dealers often have more information on economics books than do academics, and our thanks go to Wilhelm Hohmann in Stuttgart, Robert H. Rubin in Brookline MA, Elvira Tasbach in Berlin, and, above all, to Ian Smith in London. We are also grateful for advice from Richard van den Berg, Francesco Boldizzoni, Patrick O’Brien, Alexandre Mendes Cunha, Bertram Schefold and Arild Sæther. Corresponding author [email protected] The core and backbone of this publication consists of the meticulous work of Kenneth Carpenter, librarian of the Kress Library at Harvard Busi- ness School starting in 1968 and later Assistant Director for Research Resources in the Harvard University Library and the Harvard College 1 Library. -
The Other Canon: the History of the Immaterial and Production-Based
The Other Canon: The History of Renaissance Economics. Its Role as an Immaterial and Production-based Canon in the History of Economic Thought and in the History of Economic Policy. Erik S. Reinert, Centre for Development and the Environment, University of Oslo and Norsk Investorforum, Oslo & Arno M. Daastøl, Department of Public Economics, University of Maastricht. Forthicoming in: Reinert, Erik S. (Editor), Evolutionary Economics and Income Inequality, Edward Elgar, 2000. 2 THE OTHER CANON: THE HISTORY OF RENAISSANCE ECONOMICS. 1 ITS ROLE AS AN IMMATERIAL AND PRODUCTION-BASED CANON IN THE HISTORY OF ECONOMIC THOUGHT AND IN THE HISTORY OF ECONOMIC POLICY. 1 1. Typologies of Economic Theory and the Foundation of the Two Canons. 3 2. The Family Tree of The Renaissance Canon of Economics. 8 3. The Two Canons Contrasted. 17 4. The Two Canons: Selective Use, Methodological Schizophrenia and Opportunistic Ignorance. 22 5. Communication and Infrastructure in Renaissance Economics 25 6. Canonical Battles: The Head-on Confrontations . 27 Canonical Methodenstreit 1: Misselden vs. Malynes (1622-23) 27 Canonical Methodenstreit 2: Anti-physiocracy vs. Physiocracy & Adam Smith (ca. 1770-1830) 30 Canonical Methodenstreit 3: The American System vs. The British System (19th Century United States) 31 Canonical Methodenstreit 4: The Historical School vs. Marginalism (1883-1908) 35 Canonical Methodenstreit 5. The US Institutional vs. The Neoclassical School (20th Century) 36 5. International Trade Policy and the Two Canons. 37 6. The Two Canons in Present Economics: Theory and Practical Policy. 39 3 1. Typologies of Economic Theory and the Foundation of the Two Canons. It has been said that economics as a science - or pseudo-science - is unique because parallel competing canons may exist together over long periods of time. -
Dirigisme Taiwan-Style'
View metadata, citation and similar papers at core.ac.uk brought to you by CORE provided by IDS OpenDocs Dirigisme Taiwan-Style' Robert Wade There isa popular image of Taiwan as a close consistent with the way the government has in practice approximation to a free market economy. Indeed it is behaved. often held up as living proof that the basic prescription of neoclassical economics is sound not only for The government has adopted over a long period of advanced industrial countries but also for countries en time a much more aggressive set of industrial policies roule to that status.Private initiativeisalways than free trading principles would justify. It has been preferred to public, the state is kept firmly in its place. anticipating, rather than simply reacting to, changes in The chief characteristic, and the chief glory of this Taiwan's international competitive position. And it arrangement is the absence of any directional thrust has been selecting between industries and specific imposed by the authority of government. Rather, products in giving substantial incentives. market forces produce the important economic * * * decisions, while the government merely registers them. Industrialisation proceeds by virtue of the sum of the Taketheanticipationpointfirst.Theusual autonomous decisions made by each producer. interpretation says that the push into heavy and chemical industries dates from the early 1970s, after More precisely, the argument for Taiwan is that the and in response to rising real wages, competition from government did meddle in the economy during the other NICs, and rising protectionist barriers in export 1950s imposing all the familiar battery of controls markets. -
Creating Economy: Merchants in Seventeenth-Century England
Georgia State University ScholarWorks @ Georgia State University History Theses Department of History 12-11-2017 Creating Economy: Merchants in Seventeenth-Century England Braxton Hall Georgia State University Follow this and additional works at: https://scholarworks.gsu.edu/history_theses Recommended Citation Hall, Braxton, "Creating Economy: Merchants in Seventeenth-Century England." Thesis, Georgia State University, 2017. https://scholarworks.gsu.edu/history_theses/116 This Thesis is brought to you for free and open access by the Department of History at ScholarWorks @ Georgia State University. It has been accepted for inclusion in History Theses by an authorized administrator of ScholarWorks @ Georgia State University. For more information, please contact [email protected]. CREATING ECONOMY: MERCHANTS IN SEVENTEENTH-CENTURY ENGLAND by BRAXTON HALL Under the Direction of Jacob Selwood, PhD ABSTRACT Between 1620 and 1700, merchants in England debated the economic framework of the kingdom. The system they created is commonly referred to as ‘mercantilism’ and many historians have concluded that there was a consensus among economists that supported the balance of trade and restricted foreign markets. While that economic consensus existed, merchants also had to adopt new ways of thinking about religion, foreigners, and naturalization because of the system they created. Merchants like Josiah Child in the latter part of the seventeenth century were more acceptant of strangers and they were more tolerant of religion that their predecessors -
Uadphilecon National & Kapodistrian University of Athens Department of Economics Nicholas J
UADPhilEcon National & Kapodistrian University of Athens Department of Economics Nicholas J. Theocarakis 2014 History of Economic Thought Web Links on Mercantilism1 Bullionists “W.S.” (John Hales d.1571, Sir Thomas Smith ) A Discourse of the Common Weal of this Realm of England, 1581 or A Compendious; Or Briefe Examination of Certayne Ordinary Complaints of Diuers of Our Countrymen in These Our Dayes (Written 1541, not by William Shakespeare despite the 1751 edition) Thomas Milles, c.1550-1627. The Customers Replie, or Second Apologie :…, An Aunswer to a confused Treatise of Publicke Commerce . in favour of the . Merchants Adventurers,' &c., 1604 Gerard de Malynes, c.1586-1641 Saint George for England Allegorically Described, 1601. A Treatise on the Canker of England's Commonwealth, 1601. Consuetudo vel Lex Mercatoria or the Ancient Law- Merchant, 1622. The Maintenance of Free Trade, 1622. The Centre of the Circle of Commerce, 1623. 1 Based on the History of Economic Thought Website [now a dead link] UADPhilEcon, HET, Mercantilists 1/7 Traditional Mercantilists John Wheeler, c.1553-1611. Treatise on Commerce, 1601 Edward Misselden, 1608-1654. Free Trade and the Means to Make Trade Flourish, 1622 Circle of Commerce 1623. Thomas Mun, 1571-1641. A Discourse of Trade from England unto the East- Indies, 1621. in England's Treasure by Forraign Trade, 1664. (Written 1628) facsimile Lewis Roberts, 1596 – 1640 The Merchantes Mappe of Commerce , 1638 The Treasure of Traffike, 1640 John Locke, 1632-1704. A Letter Concerning Toleration, 1689. Two Treatises on Government, 1690. An Essay Concerning Human Understanding, 1690. pt 2 Some Considerations of the Consequences of the Lowering of Interest and Raising the Value of Money, 1692 Further Considerations Concerning Raising the Value of Money, 1695. -
"Theater and Empire: a History of Assumptions in the English-Speaking Atlantic World, 1700-1860"
"THEATER AND EMPIRE: A HISTORY OF ASSUMPTIONS IN THE ENGLISH-SPEAKING ATLANTIC WORLD, 1700-1860" BY ©2008 Douglas S. Harvey Submitted to the graduate degree program in History and the Graduate Faculty of the University of Kansas in partial fulfillment of the requirements for the degree of Doctor of Philosophy. ____________________________________ Chairperson Committee Members* ___________________________________* ___________________________________* ___________________________________* ___________________________________* Date Defended: April 7, 2008 The Dissertation Committee for Douglas S. Harvey certifies that this is the approved version of the following dissertation: "THEATER AND EMPIRE: A HISTORY OF ASSUMPTIONS IN THE ENGLISH-SPEAKING ATLANTIC WORLD, 1700-1860" Committee ____________________________________ Chairperson ___________________________________* ___________________________________* ___________________________________* ___________________________________* Date Approved: April 7, 2008 ii Abstract It was no coincidence that commercial theater, a market society, the British middle class, and the “first” British Empire arose more or less simultaneously. In the seventeenth century, the new market economic paradigm became increasingly dominant, replacing the old feudal economy. Theater functioned to “explain” this arrangement to the general populace and gradually it became part of what I call a “culture of empire” – a culture built up around the search for resources and markets that characterized imperial expansion. It also rationalized the depredations the Empire brought to those whose resources and labor were coveted by expansionists. This process intensified with the independence of the thirteen North American colonies, and theater began representing Native Americans and African American populations in ways that rationalized the dominant society’s behavior toward them. By utilizing an interdisciplinary approach, this research attempts to advance a more nuanced and realistic narrative of empire in the early modern and early republic periods. -
Durham E-Theses
Durham E-Theses The Eucharistic liturgy in the English independent, or congregational, tradition: a study of its changing structure and content 1550 - 1974 Spinks, Bryan D. How to cite: Spinks, Bryan D. (1978) The Eucharistic liturgy in the English independent, or congregational, tradition: a study of its changing structure and content 1550 - 1974, Durham theses, Durham University. Available at Durham E-Theses Online: http://etheses.dur.ac.uk/9577/ Use policy The full-text may be used and/or reproduced, and given to third parties in any format or medium, without prior permission or charge, for personal research or study, educational, or not-for-prot purposes provided that: • a full bibliographic reference is made to the original source • a link is made to the metadata record in Durham E-Theses • the full-text is not changed in any way The full-text must not be sold in any format or medium without the formal permission of the copyright holders. Please consult the full Durham E-Theses policy for further details. Academic Support Oce, Durham University, University Oce, Old Elvet, Durham DH1 3HP e-mail: [email protected] Tel: +44 0191 334 6107 http://etheses.dur.ac.uk 2 BRYAN D. SPINKS THE EUCHARISTIC LITURGY. IN THE ENGLISH INDEPENDENT. OR CONGREGATIONAL,. TRADITION: A STUDY OF ITS CHANGING- STRUCTURE AND CONTENT 1550 - 1974 B.D.-THESIS 1978' The copyright of this thesis rests with the author. No quotation from it should be published without his prior written consent and information derived from it should be acknowledged. Chapter .17 of this thesis is based upon part of an unpublished essay 1 The 1'apact of the Liturgical Movement on ii'ucharistic Liturgy of too Congregational Church in Jiu gland and Wales ', successfully presented for the degree of Master of Theology of the University of London, 1972. -
From Dirigisme to Realism: Chinese Industrial Policy in the Era of Globalisation Jean-François Huchet
From Dirigisme to Realism: Chinese Industrial Policy in the Era of Globalisation Jean-François Huchet To cite this version: Jean-François Huchet. From Dirigisme to Realism: Chinese Industrial Policy in the Era of Globalisa- tion. Xavier Richet, Violène Delteil, Patrick Dieuaide. Strategies of Multinational Corporations and Social Regulations, Springer-Verlag, pp.57-76, 2014, 978-3-642-41368-1. 10.1007/978-3-642-41369- 8_4. hal-01325264 HAL Id: hal-01325264 https://hal-inalco.archives-ouvertes.fr/hal-01325264 Submitted on 2 Jun 2016 HAL is a multi-disciplinary open access L’archive ouverte pluridisciplinaire HAL, est archive for the deposit and dissemination of sci- destinée au dépôt et à la diffusion de documents entific research documents, whether they are pub- scientifiques de niveau recherche, publiés ou non, lished or not. The documents may come from émanant des établissements d’enseignement et de teaching and research institutions in France or recherche français ou étrangers, des laboratoires abroad, or from public or private research centers. publics ou privés. From Dirigisme to Realism: Chinese Industrial Policy in the Era of Globalisation Jean-François Huchet Professor, INALCO-Langues'O, Sorbonne Paris Cité The 2012 "Fortune 500" classification of the world’s largest companies includes 73 Chinese firms (32 for France and 68 for Japan), whereas there were none only 15 years ago.1 Meanwhile, Chinese firms are increasing their overseas operations with nearly $60 billion of foreign direct investment per year, on average since 2008, compared to less than $1 billion annually before 2000. Fifteen years ago, Chinese exports were mainly composed of primary products and goods with a low technological content. -
Regulation and the Marginalist Revolution
Florida Law Review Volume 71 Issue 2 Article 4 Regulation and the Marginalist Revolution Herbert Hovenkamp Follow this and additional works at: https://scholarship.law.ufl.edu/flr Part of the Antitrust and Trade Regulation Commons Recommended Citation Herbert Hovenkamp, Regulation and the Marginalist Revolution, 71 Fla. L. Rev. 455 (). Available at: https://scholarship.law.ufl.edu/flr/vol71/iss2/4 This Article is brought to you for free and open access by UF Law Scholarship Repository. It has been accepted for inclusion in Florida Law Review by an authorized editor of UF Law Scholarship Repository. For more information, please contact [email protected]. Hovenkamp: Regulation and the Marginalist Revolution REGULATION AND THE MARGINALIST REVOLUTION Herbert Hovenkamp* Abstract The marginalist revolution in economics became the foundation for the modern regulatory State with its “mixed” economy. For the classical political economists, value was a function of past averages. Marginalism substituted forward looking theories based on expectations about firm and market performance. Marginalism swept through university economics, and by 1920 or so virtually every academic economist was a marginalist. This Article considers the historical influence of marginalism on regulatory policy in the United States. My view is at odds with those who argue that marginalism saved capitalism by rationalizing it as a more defensible buttress against incipient socialism. While marginalism did permit economists and policy makers to strike a middle ground between laissez faire and socialism, the “middle ground” tilted very strongly toward public control. Ironically, regulation plus private ownership was able to go much further in the United States than socialism ever could because it preserved the rhetoric of capital as privately owned, even as it deprived firms of many of the most important indicia of ownership. -
Publics and Markets. What's Wrong with Neoliberalism?
12 Publics and Markets. What’s Wrong with Neoliberalism? Clive Barnett THEORIZING NEOLIBERALISM AS A egoists, despite much evidence that they POLITICAL PROJECT don’t. Critics of neoliberalism tend to assume that increasingly people do act like this, but Neoliberalism has become a key object of they think that they ought not to. For critics, analysis in human geography in the last this is what’s wrong with neoliberalism. And decade. Although the words ‘neoliberal’ and it is precisely this evaluation that suggests ‘neoliberalism’ have been around for a long that there is something wrong with how while, it is only since the end of the 1990s neoliberalism is theorized in critical human that they have taken on the aura of grand geography. theoretical terms. Neoliberalism emerges as In critical human geography, neoliberal- an object of conceptual and empirical reflec- ism refers in the first instance to a family tion in the process of restoring to view a of ideas associated with the revival of sense of political agency to processes previ- economic liberalism in the mid-twentieth ously dubbed globalization (Hay, 2002). century. This is taken to include the school of This chapter examines the way in which Austrian economics associated with Ludwig neoliberalism is conceptualized in human von Mises, Friedrich von Hayek and Joseph geography. It argues that, in theorizing Schumpeter, characterized by a strong com- neoliberalism as ‘a political project’, critical mitment to methodological individualism, an human geographers have ended up repro- antipathy towards centralized state planning, ducing the same problem that they ascribe commitment to principles of private property, to the ideas they take to be driving forces and a distinctive anti-rationalist epistemo- behind contemporary transformations: they logy; and the so-called Chicago School of reduce the social to a residual effect of more economists, also associated with Hayek but fundamental political-economic rationalities. -
What's Left of the Left: Democrats and Social Democrats in Challenging
What’s Left of the Left What’s Left of the Left Democrats and Social Democrats in Challenging Times Edited by James Cronin, George Ross, and James Shoch Duke University Press Durham and London 2011 © 2011 Duke University Press All rights reserved. Printed in the United States of America on acid- free paper ♾ Typeset in Charis by Tseng Information Systems, Inc. Library of Congress Cataloging- in- Publication Data appear on the last printed page of this book. Contents Acknowledgments vii Introduction: The New World of the Center-Left 1 James Cronin, George Ross, and James Shoch Part I: Ideas, Projects, and Electoral Realities Social Democracy’s Past and Potential Future 29 Sheri Berman Historical Decline or Change of Scale? 50 The Electoral Dynamics of European Social Democratic Parties, 1950–2009 Gerassimos Moschonas Part II: Varieties of Social Democracy and Liberalism Once Again a Model: 89 Nordic Social Democracy in a Globalized World Jonas Pontusson Embracing Markets, Bonding with America, Trying to Do Good: 116 The Ironies of New Labour James Cronin Reluctantly Center- Left? 141 The French Case Arthur Goldhammer and George Ross The Evolving Democratic Coalition: 162 Prospects and Problems Ruy Teixeira Party Politics and the American Welfare State 188 Christopher Howard Grappling with Globalization: 210 The Democratic Party’s Struggles over International Market Integration James Shoch Part III: New Risks, New Challenges, New Possibilities European Center- Left Parties and New Social Risks: 241 Facing Up to New Policy Challenges Jane Jenson Immigration and the European Left 265 Sofía A. Pérez The Central and Eastern European Left: 290 A Political Family under Construction Jean- Michel De Waele and Sorina Soare European Center- Lefts and the Mazes of European Integration 319 George Ross Conclusion: Progressive Politics in Tough Times 343 James Cronin, George Ross, and James Shoch Bibliography 363 About the Contributors 395 Index 399 Acknowledgments The editors of this book have a long and interconnected history, and the book itself has been long in the making.