Charles Goodhart on Jean-Charles Rochet, Why Are There So Many Banking Crises?
The Politics and Policy of Bank Regulation
Volume 10, Number 1, 2009, pages 181 - 184
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The Dangers of Déjà Vu Economics
Graham Bird
Volume 10, Number 1, 2009
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Missing Out on Industrial Revolution
Eric Jones
Volume 9, Number 4, 2008, pages 101 - 128
Explanations of industrialisation stress England’s nineteenth-century abrupt
departure from a common Eurasian pattern. This paper examines the preceding
de-industrialisation of Southern England and limited development of Tokugawa
Japan (the shogunate that ruled Japan from 1600–1868), which throw ... Read more
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The West and the Rest in the World Economy: 1000–2030
Maddisonian and Malthusian interpretations
Angus Maddison
Volume 9, Number 4, 2008, pages 75 - 100
This paper analyses the forces determining per capita income levels of nations
over the past millennium and the prospects to 2030. In the year 1000 AD,
Asian countries were in the lead. By 1820, per capita GDP in Western Europe
and the US was twice the Asian average. The divergence had grown much ... Read more
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End of the ‘American Century’
Allan H. Meltzer
Volume 9, Number 4, 2008, pages 1 - 12
The postwar era has ended. The institutional structures that the United States
sponsored are less relevant or less accepted now, and the US is unable to solve
its major domestic problems. In 1944–46, the US led the world toward new
international arrangements that promoted freer markets, freer tra ... Read more
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Two Concepts of the Output Gap
Tim Congdon
Volume 9, Number 1, 2008, pages 147 - 175
Two alternative concepts of the output gap, Keynesian and monetarist, can be distinguished. When they use the phrase, economists should make clear which concept is under discussion. The first concept, developed by Okun in the early 1960s, defines the output gap relative to a full employment notion o ... Read more
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Exploring the Present Through the Past
Claudia Goldin on human capital, gender and the lessons from history
An interview with introduction by Brian Snowdon
Volume 8, Number 4, 2007, pages 61 - 124
Claudia Goldin is one of the world’s leading economists and economic historians, and has made a series of outstanding and original contributions particularly to the cliometric (or ‘The New Economic History’) literature. In this interview, Professor Goldin discusses with Brian Snowdon (who first prov ... Read more
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Keynes in the Long Run
Robert Skidelsky
Volume 8, Number 4, 2007, pages 47 - 60
In the light of recent market volatility, this essay asks: is Keynes dead or alive? The broad conclusion is that while macroeconomic models are still used, very little survives of Keynes’s original theory. 'New Keynesians' have replaced his key concept of radical uncertainty by models of imperfect i ... Read more
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Jack Goldstone on Gregory Clark, A Farewell to Alms: A Brief Economic History of the World
Volume 8, Number 3, 2007, pages 207 - 225
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The Power of Ideas
Joel Mokyr on the intellectual origins of the Industrial Revolution and modern economic growth
An interview with introduction by Brian Snowdon
Volume 8, Number 3, 2007, pages 53 - 110
Joel Mokyr is one of the world’s leading economic historians, known internationally for his numerous publications on the history of technology and the Industrial Revolution. He has also written extensively on demographic issues and Irish economic history. In this interview, Professor Mokyr discusses ... Read more
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The Economic Growth of East Asia and Latin America in Comparative Perspective
Lessons for development policy
Anthony Elson
Volume 7, Number 2, 2006, pages 97 - 114
This paper attempts to identify key factors that can account for the divergent economic performance of East Asia and Latin America during the second half of the 20th century. Within the triad of so-called “deep determinants” of economic growth (geography, policy and institutions), the paper argues t ... Read more
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Russia at the Crossroads
Padma Desai on transition, reform, and the legacy of Yeltsin’s ‘kamikaze crew’
An interview with introduction by Brian Snowdon
Volume 7, Number 2, 2006, pages 11 - 71
To set the interview in context, Brian Snowdon first traces out some important landmarks in twentieth-century Russian/Soviet Union history. In the conversation that follows, Professor Desai gives her views on a number of key issues relating to the decline of the Soviet system and problems of Russia’ ... Read more
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Comment
Phillip Crowson on the ‘death of distance’ and natural resource-based economic development in history.
Volume 7, Number 1, 2006, pages 185 - 187
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The Enduring Elixir of Economic Growth
Xavier Sala-i-Martin on the wealth and poverty of nations
An interview with introduction byBrian Snowdon
Volume 7, Number 1, 2006, pages 73 - 130
“I think that the most important question that an economist can ask is, What is it that makes a country grow? More than anything else it is economic growth that affects human welfare…this is why it must remain a major research interest for economists.” In this interview Xavier Sala-i-Martin—w ... Read more
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Natural Resource-Based Economic Development in History
Edward B. Barbier
Volume 6, Number 3, 2005, pages 103 - 152
The role of natural resources in fostering economic development is examined for key historical epochs, from the agricultural revolution in 8,000 BC to the present. Natural resource exploitation has been important to development for most of global history. Depending on which epoch is examined, resour ... Read more
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Measures of Progress and Other Tall Stories
From income to anthropometrics
John Komlos & Brian Snowdon
Volume 6, Number 2, 2005, pages 87 - 135
How should progress be measured? Today, economists and economic historians have available a rich array of data for a large number of countries on which to base their response to this important question. The need for alternative measures of the standard of living is particularly important for economi ... Read more
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Keynes, Globalisation and the Bretton Woods Institutions in the Light of Changing Ideas about Markets
Robert Skidelsky
Volume 6, Number 1, 2005, pages 15 - 30
For most of the twentieth century, pessimism about, and hostility to, markets was
prevalent and this pulled in an anti-globalist direction. Indeed, the global
institutions set up in 1944 were constructed by two market pessimists, John
Maynard Keynes, on whom this article concentrates, and Harry D ... Read more
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The Economic Implications of Epidemics Old and New
Clive Bell & Maureen Lewis
Volume 5, Number 4, 2004, pages 137 - 174
The outbreak of Severe Acute Respiratory Syndrome (SARS) in the winter of
2002–03 raised the specter of a new, unknown and uncontrollable infectious
disease that spreads quickly and is often fatal. Certain branches of economic
activity, notably tourism, felt its impact almost at once, and investo ... Read more
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Dollarisation in Theory and Practice
John C. B. Cooper
Volume 5, Number 4, 2004, pages 79 - 89
Dollarisation involves the replacement of a soft domestic currency with a hard
foreign alternative. This paper explains the different forms that dollarisation can
take, its consequences for an economy, and concludes by exploring the
experience of Panama, a country dollarised since 1904. ... Read more
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Monetarism: A Rejoinder
Tim Congdon
Volume 5, Number 3, 2004, pages 179 - 197
Tim Congdon responds to the article by Thomas Mayer
and Patrick Minford, ‘Monetarism: A
Retrospective’ that appeared in World Economics, Vol. 5,
No. 2 (April–June), 2004, pp. 147–185.
... Read more
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Monetarism in Retrospect — and Prospect
Andrew G Haldane
Volume 5, Number 3, 2004, pages 171 - 178
Andrew Haldane responds to the article by Thomas Mayer
and Patrick Minford, ‘Monetarism: A
Retrospective’ that appeared in World Economics, Vol. 5,
No. 2 (April–June), 2004, pp. 147–185. ... Read more
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Monetarism: A Response
Meghnad Desai
Volume 5, Number 3, 2004, pages 165 - 170
Meghnad Desai responds to the article by Thomas Mayer
and Patrick Minford, ‘Monetarism: A
Retrospective’ that appeared in World Economics, Vol. 5,
No. 2 (April–June), 2004, pp. 147–185.
... Read more
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Monetarism Revisited
Allan Meltzer
Volume 5, Number 3, 2004, pages 161 - 164
Allan Meltzer responds to the article by Thomas Mayer
and Patrick Minford, ‘Monetarism: A
Retrospective’ that appeared in World Economics, Vol. 5,
No. 2 (April–June), 2004, pp. 147–185.
... Read more
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Asian Drama
The pursuit of modernisation in India and Indonesia
Tim Lankester
Volume 5, Number 3, 2004, pages 75 - 93
The now largely forgotten book Asian Drama: An Inquiry into the Poverty of Nations
by Swedish social scientist Gunnar Myrdal was published in 1968. Myrdal called
his book “Asian Drama” because of the tensions he saw being played out in Asia
between modern ideals and the traditional. But th ... Read more
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The Bourgeois Virtues
Deirdre McCloskey
Volume 5, Number 3, 2004, pages 1 - 16
‘Bourgeois virtue’ is not a contradiction in terms. The age of capitalism has
enormously enriched the world. But the enrichment is by no means only
material. The virtues enabled capitalist development; but a bourgeois life also
encouraged new versions of old virtues; and gave scope for varied liv ... Read more
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Monetarism
A retrospective
Thomas Mayer & Patrick Minford
Volume 5, Number 2, 2004, pages 147 - 185
This paper offers a retrospective on the monetarist debate started by Milton
Friedman in the 1950s, discussing both monetarist theory and policy
recommendations. While the inability to find a controllable monetary aggregate
with a velocity that can be accurately predicted has severely damaged the ... Read more
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Fifty Years of Economic Growth in Western Europe
No longer catching up but falling behind?
Nicholas Crafts
Volume 5, Number 2, 2004, pages 131 - 145
Productivity growth in virtually all west European countries exceeded that of the
United States throughout the period 1950 to 1995. Since then American
productivity performance has strengthened and that of the EU has weakened.
The most important reason is contrasting experiences with Information ... Read more
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Explaining the ‘Great Divergence’
Daron Acemoglu on how growth theorists rediscovered history and the importance of institutions
An interview with introduction by Brian Snowdon
Volume 5, Number 2, 2004, pages 83 - 130
Daron Acemoglu is Professor of Economics at the Massachusetts Institute of
Technology. In this interview he discusses with Brian Snowdon some of his
recent research findings that confirm the key role played by ‘good’ and ‘bad’
institutions in determining the economic performance of countries. He ... Read more
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The Quest for Development
What role does history play?
Areendam Chanda & Louis Putterman
Volume 5, Number 2, 2004, pages 1 - 31
It may be no coincidence that those countries that grew most rapidly in the late
twentieth century—including South Korea, China, and, of late, India—were
relatively developed civilizations when Western Europe began its overseas
expansion five centuries ago. In this article the authors explore the ... Read more
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Back to the Future
Jeffrey Williamson on globalisation in history
An interview with introduction by Brian Snowdon
Volume 4, Number 4, 2003, pages 95 - 138
Jeffrey Williamson is a leading authority on the economic history of the
international economy. His interests cover a wide area within the field of
economic history and include research on international economic development,
the industrial revolution, industrialisation and de-industrialisation, t ... Read more
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Is Economic Growth Good For Us?
Nicholas Crafts
Volume 4, Number 3, 2003, pages 35 - 49
This article reviews Britain’s experience of economic growth in the twentieth
century. It argues that average living standards have risen much more rapidly than
is generally appreciated. The main reasons for this include increased life
expectancy which is highly valued by the public and downward ... Read more
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Leadership and Progress
Allan Meltzer
Volume 4, Number 3, 2003, pages 15 - 26
When World War II ended, the United States took the lead in providing political
stability, rules for freer trade, and international financial stability. The ‘Pax
Americana’ worked extremely well. During the postwar years, more people in
more countries increased their living standards by larger am ... Read more
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Some Lessons from a Single Currency
Alan J. Brown
Volume 4, Number 1, 2003, pages 99 - 107
This article looks at the early experience of the Euro and argues that both the
original rules established for the European Central Bank and the Stability and
Growth pact need to be reconsidered. Failure to do so will result in the whole
European economy delivering less growth and prosperity. Wit ... Read more
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Why The Five Economic Tests?
The decision about British membership of a single European currency in historical context
Ed Balls
Volume 4, Number 1, 2003, pages 73 - 98
Chief Economic Adviser to the Treasury, Ed Balls, sets out the government’s
approach to making the decision about British membership of a single European
currency in an historical context. The basis for deciding whether there is a clear
and unambiguous economic case to join the single currency is ... Read more
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Capitalism and the End of History
Adair Turner
Volume 4, Number 1, 2003, pages 15 - 32
In this article Adair Turner explores the relative economic and social success of
different variants of capitalism, and considers how societies best reconcile the
objectives of economic dynamism with those of social inclusion and
environmental responsibility. He also addresses the wider issue of ... Read more
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Continuities and Discontinuities in Global Development
Lessons from new East/West comparisons
Kenneth Pomeranz
Volume 3, Number 4, 2002, pages 73 - 86
Much literature normalises a ‘North Atlantic’ pattern of development, and sees a
regionally specific ‘East Asian’ path emerging relatively recently. However,
development patterns in core regions of Europe and East Asia were surprisingly
similar until almost 1800; Europe’s subsequent divergence wa ... Read more
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The Quest for Stability
Alan Budd
Volume 3, Number 3, 2002, pages 55 - 70
The UK seems to be enjoying a golden age of macroeconomic policy-making.
Growth is steady; inflation is low and stable, and unemployment is low. After
years of trying to achieve economic stability we seem to have found the answer.
This paper explores the history of policy-making from the late 195 ... Read more
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The Ups and Downs of Capitalism
Ben Bernanke on the ‘Great Depression’ and the ‘Great Inflation’
An interview with introduction by Brian Snowdon
Volume 3, Number 2, 2002, pages 125 - 170
Ben Bernanke is a leading macroeconomist who has contributed extensively to
the literature on business cycles, monetary policy, the role of financial markets in economic fluctuations, inflation targeting and the economics of the Great Depression. He is one of the six economists who form the NBER Bu ... Read more
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Cycles of Silver
Globalization as historical process
Dennis O. Flynn & Arturo Giráldez
Volume 3, Number 2, 2002, pages 1 - 16
Absent a workable definition of the term ‘globalization’, debates today lack
intellectual rigor. Most consider globalization a 20th-century (even post-1945)
phenomenon. In fact, globalization was born when Manila was founded as a
Spanish entrepôt in 1571. Connections across the Pacific Ocean (one ... Read more
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In Praise of Historical Economics
Bradford DeLong on growth, development and instability
An interview with introduction by Brian Snowdon
Volume 3, Number 1, 2002, pages 59 - 100
Professor Bradford DeLong is a leading macroeconomist and economic historian,
and is best known for his work on economic growth, business cycles, finance and
issues relating to international economic history and globalisation. However, his interests and publications cover a vast range of issues an ... Read more
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Bad Market Days
Lessons from the stock market crashes of 1929 & 1987
Harold Bierman
Volume 2, Number 3, 2001, pages 177 - 191
There are a large number of misconceptions regarding the great stock market
crash of 1929 and the crash of 1987. Both crashes occurred when the general level of business was good and getting better. In 1929 there were very few hints that the great depression was two years away. In fact, in recognit ... Read more
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Latin America: The Long and Winding Road to Growth
Federico Foders
Volume 2, Number 2, 2001, pages 143 - 162
This paper reviews recent economic reforms carried out in Latin America and
relates them to the long-run economic trends in the region. After a brief overview
of growth and income distribution patterns of Latin American countries in the
nineteenth and twentieth centuries, the paper addresses some ... Read more
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Goods and Bads
Ralph Turvey
Volume 1, Number 4, 2000, pages 1 - 13
There is a high degree of symmetry between economic goods
and economic bads. Snow, litter and street mud are cited as examples. Economic growth obviously results in an increase in the supply of bads as well as goods.
In addition, however, because it raises the value of time it can turn goods into ... Read more
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The International Economic System in the Twentieth Century
An interview with Barry Eichengreen
Brian Snowdon
Volume 1, Number 3, 2000, pages 39 - 60
This wide-ranging discussion takes in globalisation, the causes of the Great Depression (and the likelihood of future recurrences), the Marshall Plan and post-war European recovery, growth in the 1950s and 60s followed by the problems of the 70s, and the strengths and weaknesses of the current inter ... Read more
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