We use cookies to distinguish you from other users and to provide you with a better experience on our websites. Close this message to accept cookies or find out how to manage your cookie settings.
To save content items to your account,
please confirm that you agree to abide by our usage policies.
If this is the first time you use this feature, you will be asked to authorise Cambridge Core to connect with your account.
Find out more about saving content to .
To save content items to your Kindle, first ensure [email protected]
is added to your Approved Personal Document E-mail List under your Personal Document Settings
on the Manage Your Content and Devices page of your Amazon account. Then enter the ‘name’ part
of your Kindle email address below.
Find out more about saving to your Kindle.
Note you can select to save to either the @free.kindle.com or @kindle.com variations.
‘@free.kindle.com’ emails are free but can only be saved to your device when it is connected to wi-fi.
‘@kindle.com’ emails can be delivered even when you are not connected to wi-fi, but note that service fees apply.
This chapter explores how enslaved people developed legal know-how about Castilian laws of slavery and freedom, and shared and exchanged such information with others. In particular, the chapter focuses on the history of enslaved Black people’s determination to raise capital or credit to purchase their liberty from their enslavers. The chapter explores how enslaved Black men and women often plotted their paths to liberty through economic decisions by focusing on the lives of enslaved Black people who resided in the towns along the Camino Real in New Spain between Veracruz and Mexico City during a time of economic boom in the late sixteenth century. Notarial records that cataloged the self-purchase and liberation of enslaved people in port towns of the Spanish Atlantic often reveal how enslaved Black people developed social ties and capital among kin, friends, and charitable residents, and consorted with people from varied socioeconomic backgrounds who lived or passed through the places where they resided. These records index a history of conversations about strategies to obtain liberty among enslaved Black people and relationships across different socioeconomic spheres that allowed for some enslaved people to access precious credit to pay for their liberty.
The introduction sets the stage for a comprehensive exploration of how plebeian consumption shaped global and local interactions in nineteenth-century Colombia, challenging conventional historical narratives and offering new insights into the dynamics of global capitalism and popular citizenship. It does so by providing insight into the existing historiography and its limitations and by highlighting the need to challenge dominant narratives that perpetuate the perception of Latin America and its consumers as passive participants in global transformations. The introduction also explores the methodological challenges of writing histories of consumption “from below” and the need to adopt an interdisciplinary approach drawing from cultural history and anthropology to analyze popular consumption practices. After a historical exploration of Colombia’s place within the global nineteenth century, the introduction concludes with a brief outline of the book’s chapters.
Liberated and free-born people understood that generating paperwork to record commercial transactions could protect and assure their freedom in the Spanish empire. The chapter explores this know-how through the life of Ana Gómez, a free Black woman who accumulated significant capital over the course of her lifetime and who documented her economic ties as a means of practicing and protecting her freedom. Gómez carefully documented her various economic ties across the Atlantic through paperwork, and astutely measured her trust and social capital with associates when determining whether to record a commercial transaction in writing, or whether to rely on verbal agreements, which she usually only allowed for her credit lines to Black neighbors. The chapter studies how Black women in the late sixteenth-century Caribbean practiced freedom through their economic decisions and protected their freedom through their engagement in legal cultures of paperwork to document their extensive economic, commercial, and social ties.
Edited by
Randall Lesaffer, KU Leuven & Tilburg University,Anne Peters, Max Planck Institute for Comparative Public Law and International Law, Heidelberg
Until about twenty-five years ago, economic historians (both those in economics departments and in history departments) had little to say about international law. There possible causes of this (beyond the possible insignificance of international law to the project of economic history) are likely the similar intellectual bases for economics and international law prior to the twentieth century, the lack of an accessible archival and intellectual base upon which to conduct the research, and the professional bias of academic historians against writing about events to close to the present. But as time as marched onward, the development of international economic law in the twentieth century has become of increasing interest to historians broadly interested in the history of international institutions and capitalism.
Over the last century, the United States has witnessed three approaches to achieving better regulatory outcomes: the removal of “economic” regulations in certain sectors; regulatory impact analysis (RIA) of new “social” regulations; and retrospective analysis of existing regulations. This article reviews the rationale for each approach, the results to date, and the remaining challenges. It finds that both institutional and technical factors influence the success of reform efforts.
In contemporary public discourse, Gaza tends to be characterized solely as a theatre of the ongoing conflict between Israel and the Palestinians. However, little is known about Gaza's society, politics, economy, and culture during the Ottoman era. Drawing on a range of previously untapped local and imperial sources, Yuval Ben-Bassat and Johann Buessow explore the city's history from the mid-nineteenth century through WWI. They show that Gaza's historical importance extends far beyond the territory of the 'strip' since the city was an important hub for people, goods, and ideas in the Eastern Mediterranean from Antiquity until the twentieth century. Using new digital methodologies, Ben-Bassat and Buessow introduce readers to the world of Gazans from various walks of life, from the traditional Muslim elites to the commoners and minority communities of Christians and Jews. In so doing, they tell the lively story of this significant but frequently misunderstood city.
German industry had survived Allied bombing largely unscathed. Currency reform was necessary to provide incentives for capital owners and labor to produce. The abundance of old Reichsmarks had to be curtailed to a scarce supply of Deutschmarks that users would expect to retain value. It was Edward A. Tenenbaum, currency expert of US military government in Berlin since 1946, who managed the exceptionally successful currency reform in West Germany 1948, which was implemented by the legislative powers of the three Western Allies against opposition from West German financial experts. It was the foundation of West Germany's 'economic miracle.' The West German currency conversion is part of the founding myth of the Federal Republic of Germany. Yet Tenenbaum's pivotal role is largely unknown among the German public. Besides providing a full-blown biography of the true father of the currency reform, this book elevates Tenenbaum to his proper place in German history.
In 2023, Claudia Goldin received the Nobel Prize for her groundbreaking research in economics. In this article, I use Goldin’s research to reflect on the role of history of education in academic research. I argue that Goldin’s remarkable achievement underscores the need for historians of education to reach a wider disciplinary audience in the humanities and social sciences. Goldin’s success lies not in isolating her focus to a subfield, but in connecting historical research to wider concerns in the discipline of economics. Goldin’s research thus reminds us of the skills required of historians of education: to understand the research interest and terminology of other research fields, and to use historical methods to address the key problems that those research fields explore. That is, we need to learn how to apply historical methods to what are essentially nonhistorical problems.
This article begins by examining the historiography of Shanxi piaohao and asking how modernist financial discourse gradually took shape over the past century. It then counters the persistent modernist discourse and its anachronistic application to the history of piaohao and the north Chinese interior from two aspects. First, how piaohao managed to build an empire-wide financial network and facilitated flows of capital and goods during the nineteenth century. Second, how family-centered capitalist and non-capitalist histories countered piaohao's unrealized path to modern Western-style banking. This article challenges the perceived universalism of the Western European economy and adopts a Braudelian emphasis on an essential feature of the history of capitalism in a global context—that is, capitalism's unlimited flexibility and capacity for change and adaptation, as seen throughout the history of the Shanxi merchants and piaohao firms, not confined to the singular future of transformation into modern Western-style banks.
The Element highlights the monopolization and exclusion from high-value knowledge in analysing divergent and, recently, partially convergent income trends across 200-odd years of the global capitalist economy. A Southern lens interrogates this history, in the process showing how developing command over knowledge creation sheds light on the middle-income trap. Overall, it shows a new way of looking at global capitalist economic history, highlighting the creation of, command over and exclusion from knowledge. This forces us to analyse the role of the subjective or agential element in making history; a subjective element that, however, always works from within and transforms existing structures and processes. This title is also available as Open Access on Cambridge Core.
Between the 1980s and the present day, China has experienced one of the most consequential economic transformations in world history. One-fifth of the Earth's population has left behind a life of scarcity and subsistence for one of abundance and material comfort, while their nation has emerged as a preeminent economic and political power. In a systematic historical and sociological analysis of this unique juncture, Wang Feng charts the origins, forces, and consequences of this meteoric rise in living standards. He shifts the focus away from institutions and policies to offer new perspectives based on consumption among poorer, rural populations as a driver of global economic change. But is this 'Age of Abundance' coming to an end? Anticipating potential headwinds, including an aging population, increasing inequality, and intensifying political control, Wang explores whether this preeminence could be coming to a close.
The country the different prime ministers have led and the political system over which they have presided have been vastly different. In this chapter, we explore some of the more momentous technological, political, cultural, and social changes that impacted on the office over the 300 years. Only by appreciating these factors, which have been perhaps under-considered in the literature on the office to date, can a rounded appreciation of the office’s survival it be achieved. The sheer pace and extent of these changes makes the continuity and survival of the office of prime minister over the full 300 years, and the adaptability of the individuals involved, even more remarkable.
Even at long time horizons, modern outcomes are in some sense bounded by history. Culture shapes how people interact and as it propagates across generations, groups with more common ancestors face less frictions to cooperation. This, in turn, affects institutional and technological diffusion, implying a society's history plays a crucial role in the causes of sustained long-run economic growth. To test this, we follow other studies by proxying for historical effects with genetic relatedness, which yields a temporal proportionality of shared common ancestry. Measuring cultural traits are more challenging. We develop a new systematic measure through network analysis of Wikipedia. Connectivity statistics over the encyclopaedia's hyperlink-directed network captures unique features of cultural relatedness. Further, as we index pages, we can coarsen the network into specific topics. The results show how history correlates broadly over a range of cultural factors. Differences across the coarsened networks demonstrate not simply that history matters, but where it matters less.
This chapter surveys the economic growth experience of Iberia since the early nineteenth century. After more than a century dominated by sluggish growth and divergence from Western Europe, there was a substantial acceleration in GDP and per capita GDP growth of both Iberian economies c. 1950. As a result, in the very long term, Iberia has partially closed its initial gap with the Western European core. The chapter also shows that, in the case of Spain, the early 1950s represent a divide between a hundred years of moderate growth dominated by factor accumulation, and half a century of fast growth led by total factor productivity (TFP). By contrast, this intensive model of growth was not shared by Portugal, where per capita GDP increases so far have been mainly associated to factor accumulation, rather than to TFP increases. Finally, new estimates of regional historical GDPs show that regional inequality emerged after the first long wave of modern economic growth and market integration. By 1950, the geographical patterns of regional inequality were well established, and since then they have just been consolidated. As a result, a poor Iberia has emerged that spreads over a continuous area around the border between Spain and Portugal.
The South Sea Bubble of 1720 was Britain’s first modern financial crisis. This chapter uses digital tools to study the development, during the early eighteenth century, of a conceptual framework describing bubbles in the financial market. It traces the emergence of the phrase ‘South Sea Bubble’ in the months and years after the crisis, alongside the more complicated patterns of evolution in what that phrase describes, ultimately arguing that there is little resemblance between the ‘South Sea Bubble’ of the 1720s and that of the present-day historical imagination. The chapter’s final claim is that the conceptual framework underpinning how we understand present-day financial crises has its origins in the latency of the words used, at the time, to describe the emerging and interlinked crises of 1720.
Recent debates among historians and in public have concerned the links between German colonialism and imperialism before the First World War and the Nazi regime and its crimes. While a maximalist position on German colonial continuities is unsustainable, the possibility of important imperial legacies stretching into the Nazi period and the argument for a German colonial Sonderweg, or “special path,” are not logically coextensive. This article explores the transformation of Wilhelmine German liberal imperialism by focusing on commercial interests in Hamburg. It argues that empire's strongest legacy was its absence, an absence that created ambivalent possible futures and blurred the line between liberal and illiberal avenues to German power and international order. This blurriness offers an end-run around problematical attempts to narrate Nazism as little more than an extreme expression of global patterns and around untenable notions of German exceptionalism.
War reparations have been large and small, repaid and defaulted on, but the consequences have almost always been significant. Ever since Keynes made his case against German reparations in The Economic Consequences of the Peace, the effects of transfer payments have been hotly debated. When Nations Can't Default tells the history of war reparations and their consequences by combining history, political economy, and open economy macroeconomics. It visits often forgotten episodes and tells the story of how reparations were mostly repaid - and when they were not. Analysing fifteen episodes of war reparations, this book argues that reparations are unlike other sovereign debt because repayment is enforced by military and political force, making it a senior liability of the state.
The great majority of the population in colonial and postcolonial India lived in the countryside and were poor. Many were unable to find gainful work outside agriculture and remained dependent on a livelihood that provided only subsistence, and a precarious one. Seeking the roots of persistent poverty, Maanik Nath finds that the pervasive high cost and shortage of capital affected the peasant's ability to invest in land. The productivity of land, as a result, remained small and changed little. Bridging economic theory and historical evidence, Capital Shortage shows that climate, law, policy design, and interactions between these factors, perpetuated a stubborn cycle of low investment and widespread deprivation over several decades. These findings can be tested against credit and development in preceding and succeeding periods as well as positioned in comparative global context.
Economic arrangements, Ramseyer writes, are structured and implemented with the intent and hope that they will be carried out with 'care, intelligence, discretion, and effort.' Yet entrepreneurs work with partial information about the products, and people, they are dealing with. Contracting in Japan illustrates this by examining five sets of negotiations and unusual contractual arrangements among non-specialist businessmen, and women, in Japan. In it, Ramseyer explores how sake brewers were able to obtain and market the necessary, but difficult-to-grow, sake rice that captured the local terroir; how Buddhist temples tried to compensate for rapidly falling donations by negotiating unusual funerary contracts; and how pre-war local elites used leasing instead of loans to fund local agriculture. Ramseyer examines these entrepreneurs, discovering how they structured contracts, made credible commitments, obtained valuable information, and protected themselves from adverse consequences to create, maintain, strengthen, and leverage the social networks in which they operated.
Adam Smith promoted free banking—private, competitive, convertible banknotes. He also supported restrictions on banks. We study Smith’s views and the era in which they developed, suggesting his ‘regulations’ were a backstop against banks’ risks to depositors but primarily monetary stability. In modern parlance, Smith supported macroprudential regulations to underpin monetary stability, as did Friedman and Schwartz the US FDIC. We discuss why Smith’s vision for banking went unrealised. Bank regulation became microprudential and ran aground in 2008/2009. The prominence of macroprudential regulation now provides a chance to reorientate regulation to support monetary stability. Early signs are not promising.