{"title":"Inflation and Macroeconomics in the US during the Golden Age","authors":"Guilherme Spinato Morlin","doi":"10.3280/spe2021-001005","DOIUrl":"https://doi.org/10.3280/spe2021-001005","url":null,"abstract":"This paper reviews interpretations of the moderate inflation observed in the US during the 1950s and early 1960s. In this period, moderate and persistent inflation disconcerted economists and challenged policymakers. The opposition between demand-pull and cost-push views stimulated different interpretations, as sectorial demand-shift inflation theory and the modified Phillips curve. As policy targeted growth and employment, incomes policy was applied to contain inflation. The pa-per provides an overview of explanations to the moderate inflationary process in light of the historical events of the Golden Age of capitalism.","PeriodicalId":40401,"journal":{"name":"History of Economic Thought and Policy","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2021-11-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44790746","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 Great Success Story: Galiani's Dialogues sur le commerce des blés in Spain (1774-1802)","authors":"J. Astigarraga","doi":"10.3280/spe2021-001001","DOIUrl":"https://doi.org/10.3280/spe2021-001001","url":null,"abstract":"The year 1775 witnessed the publication of the Spanish translation of Ferdi-nando Galiani's Dialogues sur le commerce des blés (1770). Although there is evi-dence that the book was very successful during the Spanish Enlightenment, the purpose of this work is to analyse in detail the impact of Galiani's Dialogues on late eighteenth century Spanish literature, using citation count methodology. The work concludes that Galiani's book was a decisive work in the shaping of econom-ic culture in Spain during the Spanish Enlightenment. Not only it was profusely quoted, but all its main economic theses were well received among the Spanish po-litical economists. Beyond the strategic debate on the grain trade, the book deci-sively contributed to outline central questions of the mainstream of the Spanish Enlightenment, such as those related to economic methodology and growth strate-gy. All this confirms that the Dialogues triumphed in Spain due to their powerful power of influence in the arena of economic policy.","PeriodicalId":40401,"journal":{"name":"History of Economic Thought and Policy","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2021-11-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44302278","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":"John Bates Clark's view on the Treaty of Versailles as the origin of both World War II and the idea of a European Union","authors":"Luciano Messori, Raimondello Orsini","doi":"10.3280/SPE2020-001006","DOIUrl":"https://doi.org/10.3280/SPE2020-001006","url":null,"abstract":"The aim of this paper is to highlight the position of John Bates Clark about the Treaty of Versailles and the U.S. approach to Foreign Policy in the aftermath of World War I. To achieve this goal, we analyze some unpublished manuscripts from the Rare Book & Manuscript Library of Columbia University and four pub-lished articles written by Clark between 1918 and 1919 about the consequences of the Treaty and, more generally, the future of Europe. The main ideas emerging from this material are that Clark supported the Trea-ty because he thought that given the threat of a resurgent Germany, only a League of Nations including the U.S. could be able to maintain world peace. On the other hand, he also criticized it because he shared with Keynes the view that the very harsh provisions imposed on Germany would generate another World War in the near future. Finally, Clark saw the union among European countries as a tool for preventing another war.","PeriodicalId":40401,"journal":{"name":"History of Economic Thought and Policy","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2021-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"47695618","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":"Padoa-Schioppa as money doctor: Multilayered macro-prudential supervision and European integration","authors":"Fabio Masini","doi":"10.3280/SPE2020-002007","DOIUrl":"https://doi.org/10.3280/SPE2020-002007","url":null,"abstract":"The dominant narrative describes Tommaso Padoa-Schioppa as a rather in-transigent, austerity-biased, market-preserving money doctor. He certainly was a leading actor in macro-prudential financial supervision, both at the national and supranational level. His personal engagement in many and diverse supervisory or-ganizations testifies of his idea that financial regulation and stability are a crucial stabilizing feature in a highly unstable and interdependent world. Guiding expecta-tions among market agents and providing a credible framework of financial rules is key to both stability and growth. This paper explores the connection between his contributions to financial supervision and the issue of an evolving and unfinished (thus particularly fragile) European integration project, challenging the idea that he was a radical market supporter.","PeriodicalId":40401,"journal":{"name":"History of Economic Thought and Policy","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2021-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44918694","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":"Turgot, the Fondations and the questionv of social needs","authors":"Fiorenza Manzalini","doi":"10.3280/SPE2020-001004","DOIUrl":"https://doi.org/10.3280/SPE2020-001004","url":null,"abstract":"This paper focuses on the entry Fondation, compiled by Anne-Robert-Jacques Turgot and published in 1757 in the Encyclopédie. Turgot analyzes the phenome-non of fondations from the socio-economic point of view. In order to assess whether these ancient institutions were suitable for a society moving towards modernity, he uses public utility as the sole criterion of assessment. According to Turgot, the fondations were an obstacle to free enterprise and free market, as on the one hand they accumulated and immobilized capital by subtracting it from productive and profitable investments and, on the other hand, they provided assis-tance and charity without adequate labour promotion by encouraging idleness. Also for these reasons Turgot is in favour of the suppression of these ancient institutions and he prefers the figure of the individual, active and responsible, or free associations of individuals. However, Turgot's attack on fondations seems only one aspect of his broader criticism of all the institutions that were supporting the ancient social order.","PeriodicalId":40401,"journal":{"name":"History of Economic Thought and Policy","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2021-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"48747882","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":"Enrico Cuccia, Mediobanca, and the decolonization of Guinea. An attempt at money-doctoring to boost Italian trade with Africa","authors":"G. Farese","doi":"10.3280/SPE2020-002005","DOIUrl":"https://doi.org/10.3280/SPE2020-002005","url":null,"abstract":"This paper looks at Enrico Cuccia's attempt at establishing an issuing bank, along with a consortium of major European banks, in Ahmed Sekou Toure's Guinea in the aftermath of its independence from France in 1958. The topic is framed both in Mediobanca's African business in the 1950s and in Cuccia's own geopolitical and development views. As Guinea was not an isolated case, the paper also takes into consideration Italy's new place in the postwar world economy and general issues such as the Cold War, decolonization, European integration, as well as the role of merchant banking in shaping foreign economic policy tools and goals.","PeriodicalId":40401,"journal":{"name":"History of Economic Thought and Policy","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2021-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"49167645","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":"Gian Rinaldo Carli (1720-1795): Diagnosis and treatment of a monetary plague","authors":"Gianfranco Tusset","doi":"10.3280/SPE2020-002003","DOIUrl":"https://doi.org/10.3280/SPE2020-002003","url":null,"abstract":"Gian Rinaldo Carli was an \"expert\" of money who lived in the 18th century, in an economic environment revolving around national and international trade. Be-longing to a community of scholars who lived in a sort of golden age of pre-classical studies on money, Carli stood out for his insistence on the need to inter-vene to contain monetary imbalance, seen as a serious impediment to the expan-sion of trade and economic dynamism. Carli curved his analysis, which was theo-retical in its depth, to political action and initiative. He sought to craft those rigor-ous empirically based measures that should underlie the practical work of a re-former. The paper aims to understand how Carli introduced rigor into his approach to monetary advice, in order to make it more adequate to meet what he believed was a growing need expressed by the governors of the time, starting with the Em-press of Austria.","PeriodicalId":40401,"journal":{"name":"History of Economic Thought and Policy","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2021-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"45407523","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":"Piero Roggi (1941-2020)","authors":"Monika Poettinger","doi":"10.3280/SPE2020-002008","DOIUrl":"https://doi.org/10.3280/SPE2020-002008","url":null,"abstract":"","PeriodicalId":40401,"journal":{"name":"History of Economic Thought and Policy","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2021-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44584495","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":"Leopold Kohr theorist of economic decentralisation","authors":"S. Solari","doi":"10.3280/SPE2020-001001","DOIUrl":"https://doi.org/10.3280/SPE2020-001001","url":null,"abstract":"The work of Leopold Kohr has attracted attention from social scientists in the field of international political studies, but few political economists have studied his theoretical argument in detail. Few students have tried to unite economic and polit-ical arguments to understand his contribution in a more analytical way. We will argue that Kohr's principal theory (diseconomies of scale) was inherently econom-ic, an attempt to elaborate on the concept of scale in a broader perspective and in a more complex way, including the idea of quality and, in particular, power rela-tions. In this paper, we try to make sense of Kohr's idea of decentralisation by studying his contributions from a political economy perspective. Moreover, con-clusions will be drawn that relate Kohr's view to present-day governance problems in the European Monetary Union, in which actual governance reflects all dangers that this scholar feared.","PeriodicalId":40401,"journal":{"name":"History of Economic Thought and Policy","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2021-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"41265037","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 new source for the history of international financial relations. The fonds of the Institut International d'Études Bancaires (IIEB) at the Intesa Sanpaolo Historical Archives","authors":"Ilaria Pasotti","doi":"10.3280/SPE2020-001008","DOIUrl":"https://doi.org/10.3280/SPE2020-001008","url":null,"abstract":"","PeriodicalId":40401,"journal":{"name":"History of Economic Thought and Policy","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2021-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"47002833","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}