In this brief history of U.S. consumer finance since World War II, the sector is defined based on the functions delivered by firms in the form of payments, savings and investing, borrowing, managing risk, and providing advice. Evidence of major trends in consumption, savings, and borrowing is drawn from time-series studies. An examination of consumer decisions, changes in regulation, and business practices identifies four major themes that characterized the consumer finance sector: innovation that increased the choices available to consumers; enhanced access in the form of consumers' broadening participation in financial activities; do-it-yourself consumer finance, which both allowed and forced consumers to take greater responsibility for their own financial lives; and a resultant increase in household risk taking.

This examination of the social processes that inform cultural production asks how tastes are formed, transmitted, embedded, and reproduced across generations. These questions are explored through a study of William Morris, his working methods and products, and their impact on the decorative arts in Victorian Britain and beyond. Through the exercise of cultural leadership, Morris gave physical expression to the ideals and sentiments of Romanticism, and this in turn gave rise to a community of taste reaching across class boundaries and generations. Morrisian products and designs, through the agency of his disciples, became institutionally embedded, emblematic of refinement and good taste. A process model of taste formation is deployed to explore the economic and social dynamics at work in the Morris case and more generally.

Organizational networks had a strong influence on the diffusion of green knowledge within the Swedish pulp-and-paper industry from the mid-1960s to the 1980s. The environmental adaptations made by this industrial sector were not merely the result of a corporate initiative or of the response by firms or industries to environmental regulation. An examination of the innovation-system approach that was used to further the industry's environmental goals reveals that the knowledge and technology development underpinning the project depended on a network of diverse actors. Within this network, the semi-governmental Institute for Water and Air Protection, working with a consulting company, was a critical generator and intermediary of knowledge. Thus, the success of the project was largely due to the Institute's balanced relations with government and industry.

The origins of the market are obscure, but substantial documentary evidence survives from the eleventh century onward, when chartered markets and new towns were established across Western Europe. The expansion of the market system is important for business history because it created new opportunities for business growth. There has been no systematic literature review on market evolution since Henri Pirenne and Raymond de Roover, and this article attempts to fill the gap. It shows that successful markets were regulated–often by civic authorities–to maintain a reputation for reasonable prices and quality control. Markets were located at both transport hubs and centers of consumption, even when the latter were quite remote. However, as transport and communication costs declined, shakeouts occurred and only the larger markets survived.

The production of perfumery articles became an industry in the nineteenth century, and their broader social diffusion invites questions about the accuracy of perfume's identification at that time as a luxury product. The innovations generated or adopted by perfumers, whether they involved new extraction methods or the use of synthetic compounds, not only introduced new creative possibilities but also allowed wider margins on sales. The shift from artisanal fabrication to industrial manufacturing accompanied relatively steep increases in the price of perfumes. Nineteenth-century perfumers developed marketing strategies to build the value of their products and to position them as luxury goods.

Dynastic family businesses pursue a double aim. They strive for economic success and attempt to shield the family's longterm influence against outsiders. As a consequence, their choice of governance reflects an idiosyncratic balance between remaining independent and tapping into the opportunities of the market. Autonomy-oriented “closed” governance can lead to problems in integrating external capital and knowledge. More market-oriented “open” governance can make a firm more vulnerable to outside influence. German family firms have struck a balance between the two models since the mid-nineteenth century. Their choice of governance is a response to the challenges and opportunities of the environment, and at various times they are influenced by corporate law, alternative finance options, and inheritance law.

The system of personal finance that developed in the United States was more fragmented than comparative arrangements in most industrializing countries, where savings banks had become large, diversified financial institutions. The federalist political structure of the U.S., combined with lobbying by existing intermediaries, inhibited the establishment of a centralized public provider of financial services for households such as emerged elsewhere. Moreover, the United States did not develop strong, diversified savings institutions at the local level, due in part to regulations that stifled innovation by savings banks and in part to the risk-averse organizational culture of the banks themselves. These factors enabled the proliferation of specialized intermediaries that aggressively marketed new financial services to households and facilitated the growth of new patterns of financial behavior among ordinary Americans.

Economics and history both strive to understand causation: economics by using instrumental variables econometrics, and history by weighing the plausibility of alternative narratives. Instrumental variables can lose value with repeated use because of an econometric tragedy of the commons: each successful use of an instrument creates an additional latent variable problem for all other uses of that instrument. Economists should therefore consider historians' approach to inferring causality from detailed context, the plausibility of alternative narratives, external consistency, and recognition that free will makes human decisions intrinsically exogenous.

The extent to which the inheritance of British rule in Burma, including Burmese perceptions of that inheritance, might explain Burma's economic failure since independence is explored. Several factors came into play. One was the ferocious rejection of the economic structures of colonial rule by the Burmese. Another was the failure of Burmese entrepreneurs– who had been in a position to achieve little beyond dominance over the rice field–to emerge during the colonial period. Finally, there were the implications for independent Burma's economic options of the withdrawal of Indian capital, enterprise, and commercial experience, which had been a dominant factor in the colonial economy, at the point when Burma regained its political freedom.

This study of the American impact on German consumer credit reveals that the notion of post–World War II Americanization emerging through credit-induced consumption is more complicated than has been previously acknowledged. The postwar debate in Germany over consumer credit as an American import had antecedents in a longer, previously overlooked, history of consumer credit. Moreover, the concept of Americanization remains misleading from a comparative perspective: First, examples of indigenous German institutional consumer lending predate the postwar period. Second, differences in both the forms and quantitative weight of consumer lending defy the notion of convergence. Third, different social and political contexts prevented a wholesale adoption in Germany of an American model of credit financing, despite repeated transatlantic transfers.

Edith Penrose's work on the multinational enterprise and the political economy of globalization and development is assessed as it relates to her views on business history. This essay was written on the occasion of the fiftieth anniversary of Penrose's classic 1959 book and her 1960 prize-winning paper on Hercules Powder, which was published in the Review. Penrose came close to providing a theory of “internalization,” compared foreign direct investment to market-type contracting relations, and even discussed transaction costs–related arguments. However, she largely accepted the existence of fi rms and did not examine why firms exist vis-à-vis alternatives, such as markets. Her views on the political economy of globalization, relations between multinational enterprise and the state, and development have proved to be incisive, mostly accurate, and ahead of their time.

The production of jewelry offers a lens through which to examine the nature of creativity in a capitalist economy. The fashioning of decorative goods for wider sections of society in the second half of the nineteenth century allowed manufacturers to expand the size of their businesses, but only by sustaining strong connections with consumers and keeping track of buyers' changing desires. The outcomes of decisions affecting their enterprises were determined by the degree to which producers understood what their customers wanted. Entrepreneurial activity was critical to the formation of strategies for coping with the problem of scarce or imperfect information and limited market power. These strategies induced a process of creative destruction, whereby old ways of making things changed, and technology, labor, skills, and capital were recombined.

Between 1870 and 1910, big business established itself as a prominent feature of the American economy. American economists paid close attention to its rise and confronted the difficulties of integrating large firms into economic theory. The result was a theory that emphasized the importance of entrepreneurship, that enlarged the scope of competition, that distinguished profit from other forms of income, and that was compatible with large-scale enterprise. The insights of earlier American economists have been lost to modern economic theory, which extols the virtues of small firms.

First National City Bank (FNCB) of New York launched the Everything Card in the summer of 1967. A latecomer in the field of credit cards, FNCB nonetheless correctly recognized a promising business model for retail banking. FNCB attempted not only to ride the wave of mass consumption but also to capitalize on the profit-generating potential of buying on credit. Although the venture soon failed, brought down by the losses that plagued the bank due to fraud, consumer discontent, and legislative action, this final attempt by a major single commercial bank to launch its own plan did not signify the end of credit cards. On the contrary, the Everything Card was a harbinger of the era of the universal credit card.

During the Great Depression, counterfeiters of the newest styles posed a challenge to the high-fashion designers who dominated Parisian design. Meanwhile, New York, traditionally the destination of the first corporate buyers of Paris couture, became a potential contender for the role of fashion capital. Scrutiny of French and American laws reveals that strong national interests were at stake in the fashion business. In France, the law safeguarded copyrights of fashion design while, in the United States, legislators denied such protection to American fashion.

The focus in the literature on the political outcomes of decolonization has resulted in neglect of the business activities that took place from the mid-1940s to the mid-1950s. Missing from existing accounts are the occasions when business turned impending political change to economic advantage. One such shift occurred in the central African copper-mining industry as, first, the promise of racial “partnership” during the short-lived Federation of Rhodesia and Nyasaland and then the prospect of African majority rule in Northern Rhodesia redefined the political context within which businesses operated. Rather than emphasizing the ethical considerations that influenced business attitudes, this study describes how corporate policies toward the job color bar were shaped by the copper industry's changing cost structure and profitability.