New Economics Papers
on Business, Economic and Financial History
Issue of 2007‒10‒27
six papers chosen by

  1. Traditional financing and distant trades during modernization process of financial industry: a case of Yamaguchi prefecture in the 1870s. By Yasuo Takatsuki
  2. The Origins and the Evolution of Health Economics: a discipline by itself? Led by economists, practitioners or politics? By Luís Pina Rebelo
  4. Aggregate Supply and Demand Analysis - A Note on a 1963 Post Keynesian. Macroeconomic Textbook By Finn Olesen
  5. The Sandinista Revolution and Post-Conflict Development―Key Issues By Kagami, Mitsuhiro
  6. Responsabilidad social de la empresa: ¿Qué modelo económico? ¿Qué modelo de empresa? By Argandoña, Antonio

  1. By: Yasuo Takatsuki (Graduate School of Economics, Tokyo University)
    Abstract: This paper investigates traditional financing and distant trades during modernization process of financial industry in Japan. Especially, a case of Yamaguchi prefecture in the 1870s is focused on. At the beginning of the Meiji era, although the system of the remittance draft was sufficiently developed, that of the commercial bill, which should be crucial for distant trades to expand, was in an undeveloped stage. In such a stage, what sustained the expanding distant trade? To answer the question, this paper investigates the commodity collateral loan, which had developed through the Tokugawa era. "Jun-eki-sha", which was established in 1874 at Yamaguchi prefecture, is the one of the representatives of such a traditional financial organization. Through the investigation of their books, "Jun-eki-sha" was found to be managed rather healthily, and it provided the commission merchants with the short term operating capital. Thus, expanding trades at the begging of the Meiji era were sustained, at least partially, by the heritage from the Tokugawa era: That is, the commodity collateral loan.
    Keywords: North Korea, Japanese modern economic history, Rural financial institution, Commodity collateral loan.
    JEL: G20 N25 N95
    Date: 2007–10
  2. By: Luís Pina Rebelo (Universidade Católica Portuguesa (Porto))
    Abstract: Health has become a dominant economic and political issue over the past 40 years, with nations experiencing rapid rises in health care spending, and the health sector presenting high levels of expansion, rationalization and organization. I describe how by the end of World War II, both the intellectual and financial resources were being made available to answer the emerging empirically driven questions for a new applied branch of economic analysis: Health Economics. I also discuss the driving forces for the evolution of this new field, while identifying two distinct paths in health economic thought: the first rising from a territory previously ploughed, namely by Mushkin (1962), and later developed by Grossman (1972); the second of which stemming from Arrow’s 1963 paper ‘Uncertainty and the Welfare Economics of Medical Care’, a singularity amongst his mathematical economics pearls. Blaug remarked, in 1998, “health economics would seem to be a perfect topic for heterodox dissent and yet, surprisingly enough, radical economists and Marxists have not on the whole been attracted to health economics”. My view is this could have been because “mathematical economists” stepped forward and challenged themselves to solve problems such an unorthodox market posed.
    Keywords: Health Economics, Health Care Sector/ U.S. History, Social Welfare
    JEL: B20 I10 I11 I18 N32 N42
    Date: 2007–10
  3. By: George Grantham
    Abstract: Owing to the high cost of transporting farm produce before the railway age, the land-intensiveness of European mixed farming caused both production and consumption of foodstuffs and intermediate farm inputs in the steady state to be highly dispersed, a spatial configuration offering weak inducement to reorganize farm structure or to invest available labour and capital with a view to increasing output. In such conditions the most common cause of rising agricultural productivity was spatial concentration of demand, which raised the demand price of farm produce and farm inputs within the privileged space bounded by discontinuities in the cost of land transport. The ultimate cause of observed changes in agricultural productivity before the nineteenth century must therefore be sought outside the farming sector in the development of markets for tradable manufactures, tradable services, and the economies of scale in their provision that supported spatial concentration of population.
    JEL: B10 N53 N74 N93 O18 Q13 R12 R14 R40
    Date: 2007–09
  4. By: Finn Olesen (Department of Environmental and Business Economics, University of Southern Denmark)
    Abstract: In the history of economic thought Post Keynesianism offers a different inter-pretation of John Maynard Keynes’s General Theory than what is known as mainstream Keynesianism. And at least in the Paul Davidson tradition of Post Keynesianism a direct connection to the writings of Keynes is present theoreti-cally as well as methodologically. This paper aims to present and to evaluate a textbook in Post Keynesian macroeconomics that Davidson wrote together with Smolensky in 1963.
    Date: 2007–05
  5. By: Kagami, Mitsuhiro
    Abstract: Following Daniel Ortega’s victory in the presidential election held in November 2006, Nicaragua has been undergoing a transition from a democratic to authoritarian system. In the 1980s, Ortega served as President of the Sandinista government and implemented a Cuban-type socialist system, but the system failed and democracy was established during 1990-2007. Considering this failure, why did Ortega succeed in taking power again? This paper provides a brief history of modern Nicaragua and gives some insights into the twists of Latin American politics. The paper was prepared for the international seminar on Helping Failed States Recover: The Role of Business in Promoting Stability and Development, organized by the University of Kansas Center for International Business Education and Research (CIBER), held on April 4-6, 2007 in Lawrence. The opinions and views expressed herein are those of the author. All mistakes and/or errors are entirely the author’s responsibility.
    Keywords: Daniel Ortega, Violeta Chamorro, Enrique Bolanos, Hugo Chavez, Sandinista, Contra, Post-conflict recovery, Neo-liberal, Caudillo, Extreme poverty, Illiteracy rate, Nicaragua, Internal politics, Political parties, Democracy, Economic conditions
    JEL: O54
    Date: 2007–08
  6. By: Argandoña, Antonio (IESE Business School)
    Abstract: La variedad de concepciones de lo que es una empresa tiene su reflejo en la falta de acuerdo sobre las responsabilidades sociales de la misma. En este artículo se presentan tres modelos o paradigmas de empresa, en que cada uno aporta supuestos antropológicos más completos que el anterior, lo que permite perfilar cada vez mejor los objetivos de la empresa y las reglas de funcionamiento de la misma. Sobre esta base, se discuten distintos puntos de vista sobre la responsabilidad social de la empresa, y se señalan las condiciones que debe reunir una verdadera definición de las mismas.
    Keywords: Antropología; Ética; Modelos empresa; Responsabilidad Social Corporativa; Responsabilidad Social de la Empresa;
    Date: 2007–09–13

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