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Corporate capitalism was invented in nineteenth-century Britain; most of the market institutions that we take for granted today - limited companies, shares, stock markets, accountants, financial newspapers - were Victorian creations. So were the moral codes, the behavioural assumptions, the rules of thumb and the unspoken agreements that made this market structure work. This innovative study provides the first integrated analysis of the origin of these formative capitalist institutions, and reveals why they were conceived and how they were constructed. It explores the moral, economic and legal assumptions that supported this formal institutional structure, and which continue to shape the corporate economy of today. Tracing the institutional growth of the corporate economy in Victorian Britain and demonstrating that many of the perceived problems of modern capitalism - financial fraud, reckless speculation, excessive remuneration - have clear historical precedents, this is a major contribution to the economic history of modern Britain.
A major study of the role of women in the labour market of Industrial Revolution Britain. It is well known that men and women usually worked in different occupations, and that women earned lower wages than men. These differences are usually attributed to custom but Joyce Burnette here demonstrates instead that gender differences in occupations and wages were instead largely driven by market forces. Her findings reveal that rather than harming women competition actually helped them by eroding the power that male workers needed to restrict female employment and minimising the gender wage gap by sorting women into the least strength-intensive occupations. Where the strength requirements of an occupation made women less productive than men, occupational segregation maximised both economic efficiency and female incomes. She shows that women's wages were then market wages rather than customary and the gender wage gap resulted from actual differences in productivity.
This is a unique account of working-class childhood during the British industrial revolution, first published in 2010. Using more than 600 autobiographies written by working men of the eighteenth and nineteenth centuries Jane Humphries illuminates working-class childhood in contexts untouched by conventional sources and facilitates estimates of age at starting work, social mobility, the extent of apprenticeship and the duration of schooling. The classic era of industrialisation, 1790–1850, apparently saw an upsurge in child labour. While the memoirs implicate mechanisation and the division of labour in this increase, they also show that fatherlessness and large subsets, common in these turbulent, high-mortality and high-fertility times, often cast children as partners and supports for mothers struggling to hold families together. The book offers unprecedented insights into child labour, family life, careers and schooling. Its images of suffering, stoicism and occasional childish pleasures put the humanity back into economic history and the trauma back into the industrial revolution.
From the mid-seventeenth century to the 1830s, successful gentry capitalists created an extensive business empire centered on slavery in the West Indies, but inter-linked with North America, Africa, and Europe. S. D. Smith examines the formation of this British Atlantic World from the perspective of Yorkshire aristocratic families who invested in the West Indies. At the heart of the book lies a case study of the plantation-owning Lascelles and the commercial and cultural network they created with their associates. The Lascelles exhibited high levels of business innovation and were accomplished risk-takers, overcoming daunting obstacles to make fortunes out of the New World. Dr Smith shows how the family raised themselves first to super-merchant status and then to aristocratic pre-eminence. He also explores the tragic consequences for enslaved Africans with chapters devoted to the slave populations and interracial relations. This widely researched book sheds new light on the networks and the culture of imperialism.
This innovative study adopts a distinct perspective on both the industrial revolution and nineteenth-century British culture. It investigates why inventors rose to heroic stature and popular acclaim in Victorian Britain, attested by numerous monuments, biographies and honours, and contends there was no decline in the industrial nation's self-esteem before 1914. In a period notorious for hero-worship, the veneration of inventors might seem unremarkable, were it not for their previous disparagement and the relative neglect suffered by their twentieth-century successors. Christine MacLeod argues that inventors became figureheads of various nineteenth-century factions, from economic and political liberals to impoverished scientists and radical artisans, who deployed their heroic reputation, not least to challenge the aristocracy's hold on power and the militaristic national identity that bolstered it. Although this was a challenge that ultimately failed, its legacy of ideas about invention, inventors, and the history of the industrial revolution remains highly influential.
What was the role of merchant guilds in the medieval and early modern economy? Does their wide prevalence and long survival mean they were efficient institutions that benefited the whole economy? Or did merchant guilds simply offer an effective way for the rich and powerful to increase their wealth, at the expense of outsiders, customers and society as a whole? These privileged associations of businessmen were key institutions in the European economy from 1000 to 1800. Historians debate merchant guilds' role in the Commercial Revolution, economists use them to support theories about institutions and development, and policymakers view them as prime examples of social capital, with important lessons for modern economies. Sheilagh Ogilvie's magisterial new history of commercial institutions shows how scrutinizing merchant guilds can help us understand which types of institution made trade grow, why institutions exist, and how corporate privileges affect economic efficiency and human well-being.
The Geniza merchants of the eleventh-century Mediterranean - sometimes called the 'Maghribi traders' - are central to controversies about the origins of long-term economic growth and the institutional bases of trade. In this book, Jessica Goldberg reconstructs the business world of the Geniza merchants, maps the shifting geographic relationships of the medieval Islamic economy and sheds new light on debates about the institutional framework for later European dominance. Commercial letters, business accounts and courtroom testimony bring to life how these medieval traders used personal gossip and legal mechanisms to manage far-flung agents, switched business strategies to manage political risks and asserted different parts of their fluid identities to gain advantage in the multicultural medieval trading world. This book paints a vivid picture of the everyday life of Jewish merchants in Islamic societies and adds new depth to debates about medieval trading institutions with unique quantitative analyses and innovative approaches.
Russian rural history has long been based on a 'Peasant Myth', originating with nineteenth-century Romantics and still accepted by many historians today. In this book, Tracy Dennison shows how Russian society looked from below, and finds nothing like the collective, redistributive and market-averse behaviour often attributed to Russian peasants. On the contrary, the Russian rural population was as integrated into regional and even national markets as many of its west European counterparts. Serfdom was a loose garment that enabled different landlords to shape economic institutions, especially property rights, in widely diverse ways. Highly coercive and backward regimes on some landlords' estates existed side-by-side with surprisingly liberal approximations to a rule of law. This book paints a vivid and colourful picture of the everyday reality of rural Russia before the 1861 abolition of serfdom.
This exploration of the statistical evidence on Germany's post-war reconstruction sheds new light on the foundations of German economic power.
Reveals how political change and economic development led to the collapse of democracy and the origins of the Spanish Civil War.