Capitalism: A Journal of History and Economics最新文献

{"title":"Making Money Amnesiac: The 1882 Making of Modern Negotiability in the United Kingdom","authors":"Samuel Segura Cobos","doi":"10.1353/cap.2022.0005","DOIUrl":"https://doi.org/10.1353/cap.2022.0005","url":null,"abstract":"ABSTRACT:Drawing on microeconomic literature that highlights the convoluted links between memory, money, and information insensitive assets, this paper empirically explores the history and legal construction of modern negotiability in late nineteenth-century London. Taking a broader view, I argue that the 1882 Bill of Exchange Act (BoExA) was important in reengineering the money-memory nexus. This was achieved by reworking preexisting legal rules enabling transferability of bills of exchange around the holder in due course (HDC) doctrine. As a result of the superior legal protection of theHDC of a negotiable instrument, the need to inquire into any underlying credit risk was obviated. If the private debt claim was recognized as negotiable, the HDC was equallyrecognized as possessing the right to full recovery. This legal development complemented microstructural changes in the money market such as the emergence of the lender of last resort macropolicy in thecontext of a rising investment-oriented financial ecology.","PeriodicalId":243846,"journal":{"name":"Capitalism: A Journal of History and Economics","volume":"43 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2022-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"114554817","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Microcosms and Macrocosms: Capitalism and the Latent Metaphysics of Scale","authors":"C. Biltoft, Kim Oosterlinck, Arnaud Orain, Sophus A. Reinert, J. Strange, Sarah Roddy, Amalia Ribi Forclaz, Samuel Segura Cobos, Ulbe Bosma, Kris Manjapra, Pierre Eichenberger","doi":"10.1353/cap.2022.0000","DOIUrl":"https://doi.org/10.1353/cap.2022.0000","url":null,"abstract":"Abstract:Using the metaphor of microcosm and macrocosm, this thought-piece moves through a number of seemingly very different texts—from the Sibylline Oracles to Voltaire's Micromegas to J. M. Keynes's \"Economic Possibilities for Our Grandchildren\"—to ask what if any remnants of metaphysical concerns linger on in contemporary micro/macro divides.","PeriodicalId":243846,"journal":{"name":"Capitalism: A Journal of History and Economics","volume":"45 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2022-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"133896062","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"The Frail Bonds of Liberalism: Pensions, Schools, and the Unraveling of Fiscal Mutualism in Postwar New York","authors":"Michael R. Glass, Michael R. Sean H. Vanatta","doi":"10.1353/cap.2021.0009","DOIUrl":"https://doi.org/10.1353/cap.2021.0009","url":null,"abstract":"Abstract:Between 1940 and 1965, state-level officials changed the relationship between two pillars of the postwar social contract: secure retirement and modern public schools. In the early twentieth-century United States, state pension managers, following an investment regime we call \"fiscal mutualism,\" funneled the savings of government workers into government securities. By purchasing municipal bonds, pension officials lowered the borrowing costs for local governments. We analyze this regime through a close examination of New York State's pension fund. During the 1950s, the comptrollers who managed the New York State Employee Retirement System (NYSERS), the nation's largest state pension, subsidized suburban school construction by purchasing the bond issues of local school districts. But as changes in the financial landscape made this arrangement less viable, New York Comptroller Arthur Levitt Sr. began lobbying for the liberalization of the pension's investment powers. After state lawmakers approved the regulatory changes, Levitt disinvested from municipal bonds in favor of higher-yielding corporate securities. Pension liberalization secured higher returns for state retirees, but it also left school districts to navigate bond markets without the backstop of fiscal mutualism. As school budgets, and the property taxes supporting them, soared to repay the interest costs, tax revolts became a permanent response to the fiscal volatility. These transformations, we argue, stemmed from postwar liberalism's dependence on financial markets to deliver retirement security, public education, and other social benefits.","PeriodicalId":243846,"journal":{"name":"Capitalism: A Journal of History and Economics","volume":"71 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-07-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122760250","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Monads in the Empire of Value","authors":"G. Hubbs","doi":"10.1353/cap.2021.0011","DOIUrl":"https://doi.org/10.1353/cap.2021.0011","url":null,"abstract":"Abstract:In spite of their materialist aspirations, both classical and neoclassical economic theories rely on non-material notions of value to explain market activity. André Orléan calls this commitment of orthodox economics \"the substance hypothesis.\" In this essay, I show how the substance hypothesis mirrors Gottfried Wilhelm Leibniz's account of monads, which he called the \"true atoms of nature.\" I argue that value is the atom of economic nature in orthodox economic theories. Like monads, it is a fantasy. The atom of economic nature that governs our actual, material lives, I argue, is money.","PeriodicalId":243846,"journal":{"name":"Capitalism: A Journal of History and Economics","volume":"30 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-07-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131647326","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Modern Capitalism's Multiple Pasts and Its Possible Future: The Rise of China, Climate Change, and Economic Transformation","authors":"R. Wong","doi":"10.1353/cap.2021.0014","DOIUrl":"https://doi.org/10.1353/cap.2021.0014","url":null,"abstract":"Abstract:Modern capitalism is most often understood as a European development beginning in the late eighteenth century, followed by a global spread accelerating after World War II. Less consensus exists on the reasons for this spread and on how recent episodes of economic development are similar to or differ from those that occurred in European history. Few have pondered the possible relevance of the ideologies and institutions of political economies in different world regions before the modern era and how the spread of modern capitalism has shaped their contemporary approaches to the future. This article sketches Chinese comparisons with and connections to patterns initially European in origin. It highlights the economic challenges of climate change, in particular comparing Chinese and European water policy reforms. The proposed payoff of this exercise is an additional perspective from which to ponder capitalism's future and what may emerge in its stead.","PeriodicalId":243846,"journal":{"name":"Capitalism: A Journal of History and Economics","volume":"38 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-07-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127247057","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"A Medieval Homo Economicus?","authors":"N. Sussman","doi":"10.1353/cap.2021.0012","DOIUrl":"https://doi.org/10.1353/cap.2021.0012","url":null,"abstract":"Abstract:Cultural beliefs that are reflected in homo economicus were transmitted from ancient Indo-European civilizations to Frankish society. I use medieval texts to demonstrate that Gaul's conquest by the Franks sustained and possibly cultivated these beliefs, rather than set them back, even in the absence of developed markets. The cultural presence of homo economicus allows us to apply economic analysis in studying the early Middle Ages. It also suggests that the emergence of capitalism during the commercial revolution, the Enlightenment, and the rise of classical economics as a science in Western Europe are products of these cultural beliefs.","PeriodicalId":243846,"journal":{"name":"Capitalism: A Journal of History and Economics","volume":"64 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-07-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126606893","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Where is Capital?","authors":"E. Rothschild","doi":"10.1353/cap.2021.0015","DOIUrl":"https://doi.org/10.1353/cap.2021.0015","url":null,"abstract":"Abstract:The article engages recent literature on microeconomics and intermediate goods in order to outline new models of growth in economic history and the possibility of productive exchanges between economists and historians. It focuses on the process of industrialization in England and France from the 1760s to the 1810s and argues for the diversity of kinds of capital, including the capital embodied in enslaved people, and for the importance of intermediate goods, especially materials, purchased services, and unconventional sources of energy. The article includes excerpts from primary sources.","PeriodicalId":243846,"journal":{"name":"Capitalism: A Journal of History and Economics","volume":"24 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-07-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"133715654","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Back to the Sources: Practicing and Teaching Quantitative History in the 2020s","authors":"C. Lemercier, Claire Claire Zalc","doi":"10.1353/cap.2021.0010","DOIUrl":"https://doi.org/10.1353/cap.2021.0010","url":null,"abstract":"Abstract:This article elaborates on our experience of teaching quantitative methods to historians and writing an introductory book on this topic. We promote respect for principles of source criticism as the cornerstone of the constitution of data from historical sources, and argue that a conversation on this constitution is as important for new historians of capitalism as it is for economic historians and business historians, among others. The first part of the article explains what led us to promote constructivist, small-scale, experimental quantitative history. In terms of teaching, this choice translates into a learning-by-doing approach focused on the construction and categorization of data from sources. The article then presents practical methods of teaching and research, borrowing examples from economic history and beyond, as well as from the history of capitalism. The second part also addresses the transformation of sources into quantifiable data, while the third part discusses data categorization and analysis.","PeriodicalId":243846,"journal":{"name":"Capitalism: A Journal of History and Economics","volume":"135 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-07-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"114773502","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"On the Margins","authors":"Francesca Trivellato","doi":"10.1353/cap.2021.0013","DOIUrl":"https://doi.org/10.1353/cap.2021.0013","url":null,"abstract":"IT IS A LONGSTANDING TROPE that observing from the margins affords moral and intellectual clarity. In academia, marginality comes in diff er­ ent forms and can mean diff er ent things. It can be the result of historical shifts in the status of diff er ent disciplines ( today the humanities vis­ à­ vis the domains of science, technology, engineering, and mathe matics), of certain topics or methods within a field or a discipline, or of a set of institutions or nations within academic hierarchies that have been established by long­ lasting traditions or recent rankings. Marginality can also refer to the lower standing accorded to groups facing historical and structural discrimination, notably gen­ der, ethnic, and racial minorities. Of course, these multiple ways of not being fully validated by academic establishments vary across time and from place to place, and in some cases can take highly local and even subjective conno­ tations. Some patterns are nonethless vis i ble, including the tendency of most disciplines to consolidate their bound aries even as they attempt to broaden their scope and membership. The practice of historical writing in the past half­ century has been trans­ formed by a number of diverse and influential scholars, ranging from Natalie Zemon Davis to James C. Scott and from Eric Wolf to Joan W. Scott, to name only a few, who, each from diff er ent standpoints, have brought subjects and approaches that were previously absent from the canon into the mainstream. In the pro cess, they have also given us new paradigms with which to think about culture, power, and economic change.1 More recently, in one of the books of the twenty­ first century most read by historians and social scientists, Kenneth Pomeranz placed eighteenth­ century England and the Yangzi Delta region in a reciprocal comparison and thus challenged the notions of “cen­ ter” and “periphery” as they had been crystallized by Immanuel Wallerstein’s world­ system analysis.2 Some intellectual historians, for their part, have inter preted the margins literally and focused on the margins of the page: by giving equal weight to the authorial text and the copious annotations left by readers in between and around printed and manuscript lines, they have","PeriodicalId":243846,"journal":{"name":"Capitalism: A Journal of History and Economics","volume":"50 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-02-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"123674879","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Economic History and Nationalism","authors":"E. Rothschild","doi":"10.1353/CAP.2021.0006","DOIUrl":"https://doi.org/10.1353/CAP.2021.0006","url":null,"abstract":"Abstract:In “Economic Theory and Nationalism,” written in 1934, the economist Frank Knight identified two tendencies—one towards gross inequality and the other towards new techniques of influence—that appeared to be leading to fascism in liberal democracies. Knight’s predictions were wrong in the 1930s. But his comments suggest interesting questions about economic history in a period of renewed nationalism, “intolerable insecurity,” and, in Knight’s words, “contempt for truth.”","PeriodicalId":243846,"journal":{"name":"Capitalism: A Journal of History and Economics","volume":"58 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-02-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129491061","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}