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How a vast network of shadow credit financed European growth long before the advent of banking Prevailing wisdom dictates that, without banks, countries would be mired in poverty. Yet somehow much of Europe managed to grow rich long before the diffusion of banks. Dark Matter Credit draws on centuries of cleverly collected loan data from France to reveal how credit abounded well before banks opened their doors. This incisive book shows how a vast system of shadow credit enabled nearly a third of French families to borrow in 1740, and by 1840 funded as much mortgage debt as the American banking system of the 1950s. Dark Matter Credit traces how this extensive private network outcompeted banks ...
This pathbreaking book shows how credit markets functioned in Paris, through the agency of notaries, during a critical period of French history. Its authors challenge the usual assumption that organized financial markets—and hence the opportunity for economic growth—did not emerge outside of England and the Netherlands until the nineteenth century. Drawing on innovative research, the authors show that as early as the Old Regime, financial intermediaries in France were mobilizing a great tide of capital and arranging thousands of loans between borrowers and lenders. The implications for historians and economists are substantial. The role of notaries operating in Paris that Priceless Markets uncovers has never before been recognized. In the wake of this pathbreaking new study, historians will also have to rethink the origins of the French Revolution. As the authors show, the crisis of 1787-88 did not simply ignite revolt; it was intimately bound up in an economic struggle that reached far back into the eighteenth century, and continued well into the 1800s.
How much food, air, space, water, and various consumer goods are necessary to sustain productive life? "Vital Minimum: Life and Need in Modern France "is an ambitious history of attempts to define and quantify what we need, at bare minimum, to live and work. It uncovers the profound influence of science on modern France s reproduction of labor and the social order. Agronomists, chemists, anthropologists, economists, sociologists, and amateur data gatherers all believed that social organization, and particularly the circulation of goods, should be actively directed according to scientific principles, which they attempted to articulate by grounding a study of human needs on quantifiable foundations. Science, they all held, would mitigate market exchange. Ultimately the science of need formed the core of social policy, coming to fruition after World War II with the welfare state. Dana Simmons shows howeven though it could not establish a satisfactory and stable measure of needs to shore up enduring legislationa science of welfare preceded and undergirded the modern welfare state."
Annotation. Listen to a short interview with Philip T. Hoffman Host: Chris Gondek.
This volume includes ten essays dealing with financial and other forms of economic intermediation in Europe, Canada, and the United States since the seventeenth century. Each relates the development of institutions to economic change and describes their evolution over time, as well as discussing several different forms of intermediation, and deals with significant economic and historical issues.
This book addresses a puzzle in political economy: why is it that political instability does not necessarily translate into economic stagnation or collapse? In order to address this puzzle, it advances a theory about property rights systems in many less developed countries. In this theory, governments do not have to enforce property rights as a public good. Instead, they may enforce property rights selectively (as a private good), and share the resulting rents with the group of asset holders who are integrated into the government. Focusing on Mexico, this book explains how the property rights system was constructed during the Porfirio Díaz dictatorship (1876-1911) and then explores how this property rights system either survived, or was reconstructed. The result is an analytic economic history of Mexico under both stability and instability, and a generalizable framework about the interaction of political and economic institutions.
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Historians generally—and Marxists in particular—have presented the revolution of 1789 as a bourgeois revolution: one which marked the ascendance of the bourgeois as a class, the defeat of a feudal aristocracy, and the triumph of capitalism. Recent revisionist accounts, however, have raised convincing arguments against the idea of the bourgeois class revolution, and the model on which it is based. In this provocative study, George Comninel surveys existing interpretations of the French Revolution and the methodological issues these raise for historians. He argues that the weaknesses of Marxist scholarship originate in Marx’s own method, which has led historians to fall back on abstract conceptions of the transition from feudalism to capitalism. Comninel reasserts the principles of historical materialism that found their mature expression in Das Kapital; and outlines an interpretation which concludes that, while the revolution unified the nation and centralized the French state, it did not create a capitalist society.
The conditions for sustainable growth and development are among the most debated topics in economics, and the consensus is that institutions matter greatly in explaining why some economies are more successful than others over time. This book explores the relationship between economic conditions, growth, and inequality.
The Moral Economy examines the nexus of poverty, credit, and trust in early modern Europe. It starts with an examination of poverty, the need for credit, and the lending practices of different social groups. It then reconstructs the battles between the Churches and the State around the ban on usury, and analyzes the institutions created to eradicate usury and the informal petty financial economy that developed as a result. Laurence Fontaine unpacks the values that structured these lending practices, namely, the two competing cultures of credit that coexisted, fought, and sometimes merged: the vibrant aristocratic culture and the capitalistic merchant culture. More broadly, Fontaine shows how economic trust between individuals was constructed in the early modern world. By creating a dialogue between past and present, and contrasting their definitions of poverty, the role of the market, and the mechanisms of microcredit, Fontaine draws attention to the necessity of recognizing the different values that coexist in diverse political economies.