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on Business, Economic and Financial History |
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Issue of 2022‒08‒08
34 papers chosen by |
| By: | Cummins, Neil; Ó Gráda, Cormac |
| Abstract: | The successful assimilation of ethnic minorities into Western economies is one of the biggest challenges facing the Modern World. The substantial flows of Irish, to England, provide an historical example of this process. However, this has received surprisingly little scholarly attention. We use the universe of probate and vital registers of births, marriages and deaths, from England, 1838 to 2018, to document the status of the Irish in England. We identify the ‘Irish’ in the records as those individuals with distinctively Irish surnames. From at least the mid 19th century to 2018, the Irish in England have persisted as an underclass, 30-50% poorer than the English. Infant mortality is about 25% higher for the Irish 1838- 1950 but has subsequently equalized. We discuss the potential roles of selective migration, social mobility, and discrimination in this, and signpost directions for future research. |
| Keywords: | inequality; economic history; big data |
| JEL: | N00 N33 N34 |
| Date: | 2022–07 |
| URL: | http://d.repec.org/n?u=RePEc:ehl:wpaper:115497&r= |
| By: | Elisa Borghi; Fabio Gatti; Donato Masciandaro |
| Abstract: | According to the literature, historical episodes of local self-governing institutions can explain why differences in socio-economic performances among different territories can persist over centuries. Such assumption has been tested comparing free city-states (Communes) and feudal towns in Italy, Germany, Switzerland and United Kingdom. This paper explores a third and novel category: the King-owned towns. King-owned towns (KOTs) were present in South Italy when the Kingdom delegated jurisdictional and fiscal powers to the town ruling class, creating a self-governance setting, where the community representatives systematically implemented articulated right negotiations with the Crown, which in turn influenced the evolutions of the municipal statutes of their towns. We interpret this collective action as a mechanism that can explain the persistence effects. Empirically, we find that, given a town, its past king-owned experience is correlated with today outcomes, both in terms of current economic performances and civil capital. These results offer evidence that the KOT status is more similar to the Commune experience than to the fief experience. |
| Keywords: | Self-Governance, Long Run Persistence, Economic History, Political Institutions, Culture, Economic Geography, Italy |
| JEL: | D72 H10 N44 O43 O52 K00 R10 |
| Date: | 2022 |
| URL: | http://d.repec.org/n?u=RePEc:baf:cbafwp:cbafwp22182&r= |
| By: | Francesco Cinnirella (University of Bergamo); Erik Hornung (University of Cologne); Julius Koschnick (London School of Economics) |
| Abstract: | Economic societies emerged during the late eighteenth-century. We argue that these institutions reduced the costs of accessing useful knowledge by adopting, producing, and diffusing new ideas. Combining location information for the universe of 3,300 members across active economic soci-eties in Germany with those of patent holders and World’s Fair exhibitors, we show that regions with more members were more innovative in the late nineteenth-century. This long-lasting effect of societies arguably arose through agglomeration economies and localized knowledge spillovers. To support this claim, we provide evidence suggesting an immediate increase in manufacturing, an earlier establishment of vocational schools, and a higher density of highly skilled mechanical workers by mid-nineteenth century in regions with more members. We also show that regions with members from the same society had higher similarity in patenting, suggesting that social networks facilitated spatial knowledge diffusion and, to some extent, shaped the geography of innovation. |
| Keywords: | Economic Societies, Useful Knowledge, Knowledge Diffusion, Innovation, Social Networks |
| JEL: | N33 O33 O31 O43 |
| Date: | 2022–07 |
| URL: | http://d.repec.org/n?u=RePEc:ajk:ajkdps:175&r= |
| By: | Fabio Gatti |
| Abstract: | Urban governance has been considered a key feature in the political and economic development in Europe in the medieval and early modern times. This paper aims to explore the different institutional settings that characterized the community organization in the Kingdom of Naples, with a particular attention to the case of the King Owned Towns (KOTs), which somehow resembled the North Italian commune experience. Our exploration uncovers experiences of urban autonomy in South Italy, that so fa has been missed in the modern literature on historical urban development, that focused its attention on the case of North Italian and North-West European city’s institutional development. |
| Keywords: | Economic History, Political Institutions, History, Local Economics, Culture, Italy |
| JEL: | D72 H10 N44 O43 O52 K00 R10 |
| Date: | 2022 |
| URL: | http://d.repec.org/n?u=RePEc:baf:cbafwp:cbafwp22183&r= |
| By: | Giacomo Benati (Universitat de Barcelona); Joerg Baten (University of Tuebingen); Arkadiusz Soltysiak (Warsaw University) |
| Keywords: | Historical conflict, Middle East, preindustrial economies |
| JEL: | O15 N15 N35 N45 N55 P48 |
| Date: | 2022 |
| URL: | http://d.repec.org/n?u=RePEc:ewp:wpaper:424web&r= |
| By: | Kym Anderson |
| Abstract: | The history of agricultural trade stretches back more than ten millennia, but it became more inter-continental from the 17th century and much denser in the 19th century following the repeal of Britain’s protective Corn Laws in 1846 and major declines in international trade costs. Trade was chaotic in the period bookended by the two world wars, but trade policy anarchy gave way to greater certainty after the General Agreement on Tariffs and Trade (GATT) was signed in 1947. This paper seeks to identify the forces that shaped that history, and to re-examine the case for continued openness to trade in farm products. It does so in the wake of uneven economic growth and structural transformation and as agri-food systems respond to increased market and policy uncertainties this century – and to growing pressures for agricultural production to become more sustainable and for its food outputs to be more nutritious. The paper points to better policy options than trade measures for achieving most national objectives – options that can simultaneously benefit the rest of the world. Areas for further economic research also are provided in the final section. |
| Keywords: | Trade barriers; trade costs; trade specialization, agricultural comparative advantage. |
| JEL: | F13 F15 Q17 Q18 |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:pas:papers:2021-26&r= |
| By: | María del Pilar López-Uribe; Fabio Sanchez Torres |
| Abstract: | We investigate the relationship between land dispossessions of peasants and the origin of the civil conflict in Colombia. Using a matching-pair instrumental variable approach, we show that the historical dispossession of peasants' lands by landlords that led to the rise of peasant grievances is associated with the activity of the rural guerrilla movement -Revolutionary Forces of Colombia (FARC) - during the first stage of the Colombian civil conflict ( 1964-1985). We exploit the random variation in floods to identify the effect of peasants' land dispossessions during 1914-1946 on the rise of rural guerrilla movements. Using a novel municipal-level data set, the study documents that municipalities experiencing floods b etween 1914 and 1946 were substantially more likely to experience land dispossession than municipalities that did not. Floods temporarily worsened the conditions of the land and its value, facilitating the dispossession of peasant land by large landowners. We propose two mechanisms through which previous land dispossession resulted in the emergence of rebel-armed groups. On the one hand, the ideological cohesion stemming from radical liberals and communists exacerbated the grievances and helped to shape the political objectives of the rebel armed groups. On the other hand, exposure to prior violent events gave military training, access to weapons, and military experience to the rural population, that likely emboldened the formation of rebel groups. |
| Keywords: | Land reform, Land Conflict, Property Rights, Weather shocks, Civil Conflict. |
| JEL: | N46 N56 D74 |
| Date: | 2022–06–28 |
| URL: | http://d.repec.org/n?u=RePEc:col:000089:020225&r= |
| By: | Laurence Scialom; Gaëtan Le Quang; Jérôme Deyris |
| Abstract: | Central bank independence (CBI) has often been presented as a superior institutional arrangement demonstrated by economists in the 1980s for achieving a common good in a non-partisan manner. In this article, we argue that this view must be challenged. First, research in the history of economic facts and thought shows that the idea of CBI is not new, and was adopted under peculiar socio-historical conditions, in response to particular interests. Rather than an indisputable progress in economic science, CBI is the foundation for a particular configuration of the monetary regime, perishable like its predecessors. Secondly, we argue that the simplistic case imagined by the CBI theory (the setting of a single interest rate disconnected from political pressures) is long overdue. For nearly two decades, central banks have been increasing their footprint on the economy, embarking on large asset purchase programs and adopting macroprudential policies. This pro-activism forces independent central banks to constantly address new distributional - and therefore political - issues, leading to a growing number of criticisms of their actions with regard to inequality or climate change. This growing gap between theory and practices makes plausible a further shift of the institutional arrangement towards a democratization of monetary policy. |
| Keywords: | central bank independence, monetary policy, macroprudential policy |
| JEL: | E58 G28 N20 |
| Date: | 2022 |
| URL: | http://d.repec.org/n?u=RePEc:drm:wpaper:2022-16&r= |
| By: | Meloni, Giulia; Swinnen, Johan |
| Abstract: | Globalization transforms not just the economics of production and exchange in the world, but also the political economy of public policies. We analyze how wine regulations, and more specifically planting rights restrictions, have been affected by globalization, in particular colonial expansions of wine producing empires. We study several historic cases and find that (a) planting right restrictions and compulsory uprooting of vineyards are introduced to deal with falling wine prices as colonial wine production takes off and expands; (b) that enforcement of the restrictions and uprooting was difficult and often imperfect; and (c) that there was a strong persistence of the policies: after their introduction the restrictions remain in place for a long time (often centuries) and they are only removed after major shocks to the political economy equilibrium. |
| Keywords: | Political Economy, Marketing |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:ags:aawewp:321850&r= |
| By: | Becker, Sascha O. (Monash U and U Warwick); Pfaff, Steven (University of Washington) |
| Abstract: | Over many centuries, church and state have grown together, and apart. Sometimes linked like Siamese twins, sometimes in conflict with each other. This chapter discusses the major themes in the literature on church and state, some of the findings in the political economy of religion, and evaluates emerging directions in research on church-state relations |
| Keywords: | Church ; State ; Secularization ; Political Economy ; Deregulation |
| Date: | 2022 |
| URL: | http://d.repec.org/n?u=RePEc:wrk:warwec:1409&r= |
| By: | Hal Hill |
| Abstract: | Over the past decade, the Philippine development story has attracted international attention as it transformed from being the “Sick Man of Asia” to “Asia’s Rising Tiger”. However, the country’s strong growth momentum was abruptly interrupted by the COVID-19 pandemic, which continues to cast a huge shadow over its development outlook. With the country now at the crossroads, this paper reflects on and draws lessons for economic development and policy by examining the country’s three main economic episodes over the post-independence era: (a) the period of moderately strong growth from 1946 to the late 1970s, (b) the tumultuous crisis years from the late 1970s to the early 1990s, and (c) the period from the early 1990s to the 2019 when it rejoined the dynamic East Asian mainstream. Through comparative analysis, the paper also seeks to understand the country’s development dynamics and political economy. We conclude by highlighting elements of a recovery and reform agenda in the post-pandemic era. |
| Keywords: | Philippines, economic development, economic history, political economy, institutions, COVID-19, ASEAN, comparative analysis. |
| JEL: | E02 I0 N15 O10 O43 O53 P52 |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:pas:papers:2021-24&r= |
| By: | William Darity Jr. (Duke University); M'Balou Camara (Duke University); Nancy MacLean (Duke University) |
| Abstract: | In their stormy response to Nancy MacLean's book Democracy in Chains, some academics on the libertarian right have conducted a concerted defense of Nobel Laureate James Buchanan's credentials as an anti-racist, or at least a non-racist. An odd component of their argument is a claim of innocence by association: the peripatetic South African economist and Mont Pelerin Society founding member William Harold Hutt was against apartheid; Buchanan was a friend and supporter of Hutt; therefore, Buchanan could not have been abetting segregationists with his support for public funding of segregationist private schools. At the core of this chain of argument is the inference that Hutt's opposition to apartheid proves that Hutt himself was committed to racial equality. However, just as there were white supremacists who opposed slavery in the United States, we demonstrate Hutt was a white supremacist who opposed apartheid in South Africa. We document how Hutt embraced notions of black inferiority, even in The Economics of the Colour Bar, his most ferocious attack on apartheid. Whether or not innocence by association is a sound defense of anyone's ideology or conduct, Hutt, himself, was not innocent of white supremacy. |
| Keywords: | Race and economics; James Buchanan, Libertarianism, South Africa, Public Choice. |
| JEL: | B25 I24 I28 J15 N17 N12 N37 |
| Date: | 2022–05–26 |
| URL: | http://d.repec.org/n?u=RePEc:thk:wpaper:inetwp184&r= |
| By: | Hanappi, Hardy |
| Abstract: | The current dynamics of the global political economy are depressing: A multidimensional climate crisis is taking on speed; new pandemic waves with unknown lethal consequences are building up; National capitalism – bent to become a new form of fascism – raises its head and the return to military conflict solution makes a 3rd World War possible. But despite these gloomy perspectives it remains true that mankind so far has mastered all difficulties as soon as it became aware of them. Our species in principle has all means – physically and intellectually – to let a new Atlantis rise. And the guidelines how to overcome the above mentioned three crises, are delivering the blueprint of the organizational design of such a new Atlantis. This paper explores this exciting hypothesis. The first goal to reach clearly is to avoid a 3rd World War, which means to defeat the fascist movements in the world. As the 20th century showed, fascism developed out of nationalism, which in turn was nourished by a nationwide controlled class rule, a form of military (and police) governed capitalist exploitation. This currently so successful form of capitalism (China, Russia, USA) is defined as ‘National Capitalism’. It corresponds to what I called disintegrating capitalism in (Hanappi, 2019a). Being victorious, to have overcome national capitalism, means to have been able to establish a global democratic government. To get there the progressive opposition to National Capitalism has to develop theory, strategy and practice. As described in (Hanappi, 2020) a certain degree of division of progressive labor activities – the emergence of a global class of organic intellectuals (1) – will be needed. Only with global governance the other two crises, the climate crisis and the future global health crises, can be overcome. Since they are already here and help to make the impasse of capitalism, of national capitalism, become very visible to every human individual, we already can find ways of global coordination to prevent them. In doing so, success is possible and can yield into the necessary optimism, an attitude which is necessary for the emotional basis of any progressive, humanistic movement. A man-made Atlantis can rise - not beyond an ocean but here on earth. We just have to unite our intellectual forces and to continue the century-old struggle for emancipatory social evolution (2). (1) In explaining Gramsci’s concept of the organic intellectual Perry Anderson writes: ‘Gramsci argued that intellectuals are absolutely necessary for the proletariat, both in historical periods when it is a class in-itself and in those when it is a class for-itself. Without intellectuals the proletariat could neither come to power, nor consolidate or develop its power after winning it.’ (Anderson, 2016, Kindle-Positions 1971-1982). (2) Thomas Morus wrote his ‘Utopia’ in 1516. |
| Keywords: | Global Political Economy, Crisis Management, Utopia |
| JEL: | B52 P00 |
| Date: | 2022–06–27 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:113578&r= |
| By: | Damon Clark |
| Abstract: | For much of the 20th century, British students were tracked into higher-track (for the "top" 20%) or lower-track (for the rest) secondary schools. Opponents of tracking contend that the lower-track schools in these systems will inevitably provide low-quality education. In this paper I examine this claim using a 1947 reform that increased the minimum school leaving age from 14 to 15. First, I show that over 95% of the students affected by the reform ("compliers") attended lower-track schools. Second, using new data, I show that for both men and women, the additional schooling induced by the reform had close to zero impact on a range of labor market outcomes including earnings. Third, I show that lower-track schools featured, among other things, large classes and a curriculum that promoted practical education. I conclude that my findings shed new light on the potential consequences of educational tracking. |
| JEL: | I21 J24 J31 |
| Date: | 2022–06 |
| URL: | http://d.repec.org/n?u=RePEc:nbr:nberwo:30174&r= |
| By: | Prasad S. Bhattacharya (Deakin University); Abhiroop Mukhopadhyay (Indian Statistical Institute, Delhi) |
| Abstract: | We investigate whether the historical shock of the Indian Partition, one of the largest forced displacements in the twentieth century, affected social capital in affected parts of India in the long-run. India was partitioned in 1947 into India and Pakistan (East and West Pakistan). At this time, many Hindus and Sikhs migrated from Pakistan to India while Muslims migrated from India to Pakistan. The Partition shock is measured as the proportion of "displaced" migrants in Indian districts in 1951 from census data. Using data from the World Health Organisation Survey on the Aged and Elderly conducted in six Indian states, we find that social capital is lower in districts that received more Partition migrants. The effect remains strongly robust to spatial robustness checks, contemporary differences in demographics and income, public goods provisions, literacy, urbanisation and the gender ratio. We find these effects are mediated through riots, community conflicts and violent crime that start from Partition sixty years ago and continue through to more recent times. Our study contributes to the understanding of large forced displacement events and their shadow on institutions-here social capital-over the long run. |
| Keywords: | partition, social capital |
| Date: | 2022–07 |
| URL: | http://d.repec.org/n?u=RePEc:alo:isipdp:22-01&r= |
| By: | Antoine Bozio (PSE, EHESS); Bertrand Garbinti (CREST-ENSAE-IP Paris, WIL); Jonathan Goupille-Lebret (Univ Lyon, CNRS, GATE UMR 5824, F-69342 Lyon, France, and ENS de Lyon); Malka Guillot (HEC Liège, IPP, WIL); Thomas Piketty (PSE, EHESS) |
| Abstract: | We construct series of post-tax income for France over the 1900-2018 period and compare them with U.S. series. We quantify the extent of redistribution and estimate the impact of redistribution vs pretax inequality on post-tax inequality. We obtain three major findings. First, redistribution has increased in both countries to reach similar levels today. Second, the long-run decline in post-tax inequality in France is due mostly to the fall in pretax inequality. Third, the relative lower post-tax inequality in France is entirely explained by differences in pretax inequality. This suggests that more attention should be paid to policies affecting pretax inequality. |
| Keywords: | inequality, redistribution, predistribution, taxes, transfers |
| JEL: | D3 H2 H3 H5 |
| Date: | 2022 |
| URL: | http://d.repec.org/n?u=RePEc:gat:wpaper:2209&r= |
| By: | Mark Glick (University of Utah) |
| Abstract: | Two recent papers by prominent antitrust scholars argue that a revived antitrust movement can help reverse the dramatic rise in economic inequality and the erosion of political democracy in the United States. Both papers rely on the legislative history of the key antitrust statutes to support their case. Not surprisingly, their recommendations have been met with alarm in some quarters and with skepticism in others. Such proposals by antitrust reformers are often contrasted with the Consumer Welfare Standard that pervades antitrust policy today. The Consumer Welfare Standard suffers from several defects: (1) It employs a narrow, unworkable measure of welfare; (2) It excludes important sources of welfare based on the assumption that antitrust seeks only to maximize wealth; (3) It assumes a constant and equal individual marginal utility of money; and (4) It is often combined with extraneous ideological goals. Even with these defects, however, if applied consistent with its theoretical underpinnings, the consideration of the transfer of labor rents resulting from a merger or dominant firm conduct is supported by the Consumer Welfare Standard. Moreover, even when only consumers (and not producers) are deemed relevant, the welfare of labor still should consistently be considered part of consumer welfare. In contrast, fostering political democracy—a prominent traditional antitrust goal that was jettisoned by the Chicago School—falls outside the Consumer Welfare Standard in any of its constructs. To undergird such important broader goals requires that the Consumer Welfare Standard be replaced with the General Welfare Standard. The General Welfare Standard consists of modern welfare economics modified to accommodate objective analyses of human welfare and purged of inconsistencies. |
| Keywords: | New Brandeis School, Antitrust economics, Antitrust law, Neoliberal Economic Theory, Chicago School Economics, History of Antitrust law; market concentration; corporation size. |
| JEL: | K21 L40 N12 |
| Date: | 2022–03–21 |
| URL: | http://d.repec.org/n?u=RePEc:thk:wpaper:inetwp181&r= |
| By: | Gergaud, Olivier; Ginsburgh, Victor; Moreno-Ternero, Juan D. |
| Abstract: | In this short note, we show that the results of the famous 1976 Judgment of Paris, a blind wine tasting of ten wines by eleven judges which ranked a Californian wine, Stag’s Leap Wine Cellars as first, do no longer hold. The “best” wines are French (Château Haut-Brion, Château Léoville Las Cases, and Château Mouton Rothschild). Two Californian wines (Ridge Vineyards Monte Bello and Heitz Wine Cellars) are very close to some of the Great Grands Crus de Bordeaux, but Stag’s Leap is far behind. It is not celar what happened. Either the wine was overated in 1976, or its quality decreased over time. |
| Keywords: | Agribusiness |
| Date: | 2022 |
| URL: | http://d.repec.org/n?u=RePEc:ags:aawewp:321844&r= |
| By: | Pierre Januard (PHARE - Philosophie, Histoire et Analyse des Représentations Économiques - UP1 - Université Paris 1 Panthéon-Sorbonne) |
| Abstract: | The phrase 'just price' first appears in Aquinas's Commentary on the Book of Isaiah (1252). Interestingly, even in this early work Aquinas introduces the notion of price to comment on a verse, a term which had in fact disappeared with the Vulgate Latin translation, on which Aquinas nevertheless relied, as it had also from the Fathers's commentaries. Aquinas here provides the founding elements of his later analyses: the role of the price in ensuring the justice of exchange, but also the diversity of possible exchange ratios, not necessarily referring to price, in order to account for limit cases within an exchange framework. |
| Keywords: | Thomas Aquinas,Scholastics,just price,risk JEL classification: B11 |
| Date: | 2022–05–03 |
| URL: | http://d.repec.org/n?u=RePEc:hal:wpaper:halshs-03658155&r= |
| By: | Paskins, Matthew |
| Abstract: | In recent years explicitly utopian visions have reappeared across the political spectrum. To a surprising degree these visions have drawn on histories and science and technology. What should scholars of Science and Technology Studies (STS) and History and Philosophy of Science (HPS) make of these developments? The concept of utopia has often been treated with considerable distrust in these fields, as an indication of closed end-directed blueprints, or as an indication of fantasies of limitless technological improvement and purification of categories. Alongside this uneasiness, however, HPS and STS scholars have also projected transformative ambitions, seeking to recover from the past different ways of knowing and relating to the human and non-human world. By engaging with critiques of utopia from thinkers including Karl Popper, Otto Neurath, Bruno Latour, Isabelle Stengers and Donna Haraway, and exploring some of the utopian strands which have recurred in studies of science and technology—including the longing for integration, the association of science with planning, and the ways in which feminist scholars have envisaged alternative forms of science—we can understand the ongoing, and often unrecognised, utopian dimensions of HPS and STS. |
| Keywords: | Anthropocene; Feminist theory; Integration; Planning; Pluralism; Utopia; European Union's Horizon 2020 research and innovation programme (grant agreement number 694732- NARRATIVENSCIENCE) |
| JEL: | B10 B20 |
| Date: | 2020–06–20 |
| URL: | http://d.repec.org/n?u=RePEc:ehl:lserod:109300&r= |
| By: | Dubois, Magalie |
| Abstract: | Most economic studies on expert wine evaluation focus on this evaluation as a determinant of wine prices, whereas most management research on the topic tackles its impact on the perception of wine quality: wine consumers use expert evaluation as an external quality cue. In the present research, we intend to fill the gap in valuation studies. We propose a first extensive exploration and categorization of five decades of research on wine quality signaling and evaluation through market analysis. We review the emergence and evolution of a consumer- oriented wine evaluation market, providing a critical account of demand, and unveil the market structure and mechanisms. The parallel development of scientific knowledge and technical practices over the last few decades has had a significant impact on wine quality definition and evaluation. It also influenced the way consumers obtain information about wine quality. We provide a historical perspective, exploring the emergence and standardization of wine quality evaluation and identifying the 1970s as the turning point from a production-driven market to a consumer-oriented one. Important changes are afoot on the market for wine evaluation: in areas traditionally set aside for experts, the roles of social media and experts have evolved meaningfully over the past decade with the growing self-confidence and self-reliance of wine consumers and the disappearance of the demarcation between marketplace and prescription. |
| Keywords: | Marketing, Agribusiness |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:ags:aawewp:321855&r= |
| By: | Rachel Cho; Rodolphe Desbordes; Markus Eberhardt |
| Abstract: | We study the causal implications of financial deepening for economic development and financial crises, adopting a heterogeneous difference-in-difference framework. Using cross-country data for the past six decades we demonstrate that very high levels of finance, proxied by credit/GDP, are neither associated with lower long-run growth nor with higher short-run propensity of banking crises due to ‘credit booms gone bust’ cycles or unfettered capital inflows. When we investigate ‘too much finance’ at intermediate levels of credit/GDP we find increased crisis propensity due to capital inflows and commodity price movements, but, again, no detrimental long-run growth effects for these (emerging) economies. |
| Keywords: | financial development, economic growth, financial crises, difference-in-difference, interactive fixed effects, heterogeneous treatment effects |
| Date: | 2022 |
| URL: | http://d.repec.org/n?u=RePEc:not:notgep:2022-04&r= |
| By: | Manuel Fernández; Gabriela Serrano |
| Abstract: | Latin American countries have some of the highest levels of income inequality in the world. However, earnings inequality significantly changed over the last three decades, increasing during the 1980s and 1990s, declining sharply in the 2000s, and stagnating or even increasing in some countries during the last decade. Macroeconomic instability in the region in the 1980s and early 1990s, and the introduction of structural reforms like trade, capital, and financial liberalization, affected the patterns of relative demand and relative earnings across skill-demographic groups in the 1990s, increasing inequality. Significant gains in educational attainment, the demographic transition, and rising female labor force participation changed the skill-demographic composition of labor supply, pushing education and experience premium downward, but this was not enough to counteract demand-side trends. At the turn of the century, improved external conditions, driven by China's massive increase in demand for commodities boosted economies across Latin America, which began to grow rapidly. Growth was accompanied by a positive shift in the relative demand for less-educated workers, stronger labor institutions, rising minimum wages, and declining labor informality, a confluence of factors that reduced earnings inequality. In the aftermath of the global financial crisis, particularly after the end of the commodities price boom in 2014, economic growth decelerated, and the pace of inequality decline stagnated. There is extensive literature trying to explain the causes of earnings inequality dynamics during the last three decades in Latin America. We discuss this literature regarding themes, methodological approaches, and key findings, emphasizing the latest perspectives. The focus is on earnings inequality and how developments in labor markets have shaped it. |
| Keywords: | inequality, Latin America, education premium, experience premium, trade reforms, minimum wage, informality |
| JEL: | D31 D33 F16 J21 J23 J31 O54 |
| Date: | 2022–07–14 |
| URL: | http://d.repec.org/n?u=RePEc:col:000089:020295&r= |
| By: | Dominique Lejeune (Lycée Louis Le Grand) |
| Abstract: | Après la 4 chevaux, fille de la guerre et de la Libération, la Régie Renault incarne avec la Dauphine les « Vingt Glorieuses » 1 que sont les années 50 et 60. Plus de deux millions d'exemplaires de Dauphine ont été fabriqués, c'est un record pour la Régie Renault. De surcroît, la Dauphine est le premier modèle automobile français à avoir été assemblé à plus de 1 000 unités par jour, alors qu'il avait été prévu pour un maximum de 800 ; il dépassera même les 2 000 en juin 1960 ! Et la Dauphine a été la voiture la plus vendue en France entre 1957 et 1961. Tout cela malgré une trentaine de chevaux seulement, fournis vaillamment par le petit moteur Ventoux de 845 cm3, placé à l'arrière, comme sur la 4CV, où il était monté dans une version originelle moins puissante. Et la tenue de route de la Dauphine, capricieuse, aléatoire, n'a guère entamé sa réputation pendant les années cinquante et soixante, d'autant qu'elle permettait quantité d'astuces de bricoleur prudent, comme le fameux sac de sable dans le coffre avant. Ce véhicule représente une étape essentielle dans l'histoire de la Régie Renault et il est en même temps une véritable aventure, industrielle et commerciale. |
| Keywords: | Pierre Dreyfus,Trente Glorieuses,Dauphine,Renault |
| Date: | 2022–05–02 |
| URL: | http://d.repec.org/n?u=RePEc:hal:wpaper:halshs-03656849&r= |
| By: | Bresser-Pereira, Luiz Carlos |
| Abstract: | O desenvolvimentismo clássico foi uma teoria econômica heterodoxa que mostrou que os países precisam de intervenção moderada do Estado na economia para se industrializar. O crescimento depende de investimentos e de uma taxa de lucro esperada satisfatória, garantida pelas tarifas de importação legitimadas pelo argumento da indústria nascente. Os países latino-americanos adotaram essa política industrial a partir da década de 1950 e tiveram altas taxas de crescimento. Mas o argumento da indústria nascente perde validade com o tempo. Na década de 1980, sob a pressão do Norte, os países latino-americanos adotaram as reformas neoliberais e estão quase estagnados desde então. O novo desenvolvimentismo surgiu nos anos 2000, fez a crítica da economia convencional, propôs uma nova estratégia de crescimento focada em uma taxa de câmbio competitiva, e legitimou o uso de tarifas de importação com o argumento da doença holandesa. |
| Date: | 2021–11–24 |
| URL: | http://d.repec.org/n?u=RePEc:fgv:eesptd:554&r= |
| By: | Hal Hill; Donny Pasaribu |
| Abstract: | Natural resources – blessing or curse? Indonesia provides an excellent case study for an examination of this question. It is a major commodity exporter; the fourth most populous country in the world; and the world’s largest archipelagic state with huge mineral, forest and maritime resources. Indonesia also has three distinctive features that are particularly relevant for such a study. First, with the exception of the Asian financial and pandemic crises it has had at least moderately strong economic performance for the past half century. This distinguishes it from the majority of resource-rich developing countries, and therefore there are lessons to be learnt from its management of these boom and bust episodes, particularly the latter. Second, Indonesia has experienced two rather different resource booms: the first based mainly on oil and gas in the 1970s and the second based primarily on coal, palm oil and gas over the years 2005-11. The economic, social and environmental impacts of these two booms have differed significantly. Third, the country experienced major regime change in 1998-99, from the centralized, authoritarian Soeharto regime 1966-98, which presided over the first boom, to the subsequent democratic, decentralized regime during the second boom. The very different political and institutional arrangements had important implications for the management of the boom and its distributional impacts. We examine these issues in comparative context, employing as reference points two very large natural resource exporters, Brazil and Nigeria, and Malaysia, a smaller, more dynamic East Asian comparator. |
| Keywords: | Indonesia, resource curse, natural resources, political economy |
| JEL: | Q33 O11 N15 N55 |
| Date: | 2022 |
| URL: | http://d.repec.org/n?u=RePEc:pas:papers:2022-06&r= |
| By: | Marcos Segantini (Universidad ORT Uruguay. Facultad de Administración y Ciencias Sociales. Departmento de Economía); Lori A. Dickes (Clemson University) |
| Abstract: | There is extensive evidence of differential factors in accessing external capital for entrepreneurs. The effects of receiving monitored external funds on the survival probability of entrepreneurial projects have also been well-described by specialized literature. However, it has not yet been analyzed how entrepreneurs acquire different kinds of funds at different stages during the entrepreneurial process and their relationships with entrepreneurship success. This paper aims to fill these gaps by analyzing the relationship between a broad set of entrepreneurial tangible and intangible assets and their impact on receiving external funding several times during new ventures' gestation. Receiving external funding is a critical factor for entrepreneurial success. This article extends from the Matthew effect theory, explaining how initial advantages lead to further cumulative advantages in external funding access. |
| Keywords: | entrepreuneurship, external funding, event history. |
| Date: | 2020–12 |
| URL: | http://d.repec.org/n?u=RePEc:avs:wpaper:123&r= |
| By: | Miller, Marcus (University of Warwick, CAGE and CEPR) |
| Abstract: | Gerard Roland examines data going back to 3,000 BC for historical roots that might explain the current division of nations as between cultures of collectivism and individualism. In response to the appeal for theories bearing on the empirical evidence presented - and of recent moves by Russia and China to create a New World Order based on similar cultural division - three contributions are discussed. First is the competing powers perspective of Acemoglu and Robinson, who propose that individualism flourishes where power is evenly balanced between the state and the people : otherwise, either Despotism or Disorder will ultimately prevail. Then there is Ken Binmores study of cooperative social contracts : this offers support for stable societies of each cultural type, based on the folk theorem of repeated games. Finally the notion that dictatorship may be sustained by deception rather than repression - by leaders whom Guriev and Treisman call spin dictators. In the light of these perspectives, what to make of the current drive for a new global order that recognizes different spheres of influence for each of Roland’s cultural types? We look specifically at the case of Russia. |
| Keywords: | Individualism ; Collectivism, Culture ; Social Contracts ; social preferences ; Neofeudalism ; Despotism ; New World Order JEL Classification: C70 ; C73 ; N00 ; P00 ; P50 ; Z10 ; Z13 |
| Date: | 2022 |
| URL: | http://d.repec.org/n?u=RePEc:wrk:warwec:1414&r= |
| By: | Pablo Rocha Portugal (Instituto de Investigaciones Socio-Económicas (IISEC-UCB), Universidad Católica Boliviana); Horacio Vera Cossio (Instituto de Investigaciones Socio-Económicas (IISEC-UCB), Universidad Católica Boliviana); Fernanda Wanderley (Instituto de Investigaciones Socio-Económicas (IISEC-UCB), Universidad Católica Boliviana) |
| Abstract: | La principal tendencia demográfica durante la segunda mitad del siglo XX en los países de América del Sur fue el constante crecimiento de sus ciudades. Bolivia no es la excepción, así lo evidencian sus censos nacionales de población y vivienda de 1950 y 2012. Este fenómeno no es causado únicamente por el aumento vegetativo de su población urbana; el rol protagónico pertenece a los flujos migratorios campo-ciudad. Estos últimos pudieron ser motivados por eventos puntuales como la Reforma Agraria de 1953 y la intensificación del minifundio en el altiplano. De forma complementaria, los flujos migratorios usualmente son influenciados por factores de atracción de las zonas urbanas como el acceso a servicios básicos, mayores niveles de educación, oportunidades económicas y garantías institucionales de derechos civiles. En sentido contrario, el deterioro de tierras de vocación agrícola y eventos climáticos adversos son algunos factores expulsores de población. |
| Keywords: | Bolivia, Networks, Migration |
| JEL: | C45 D85 O15 |
| Date: | 2020–08 |
| URL: | http://d.repec.org/n?u=RePEc:iad:sdsnwp:0720&r= |
| By: | Edith Archambault (CES - Centre d'économie de la Sorbonne - UP1 - Université Paris 1 Panthéon-Sorbonne - CNRS - Centre National de la Recherche Scientifique) |
| Abstract: | The present paper will begins by a historical background of the two successive handbooks produced by UN statistical division (UNSD 2003 and UNSD 2018). Then it compares the perimeter of Third sector/Social economy as defined by the 2018 handbook and the 2014 French law on Social and Solidarity economy. Thirdly it describes the existing empirical evidence on social economy or data in progress in France and in some other European countries |
| Abstract: | Cette communication commence par un historique des deux manuels successifs produits par la division statistique des Nations Unies, à l'instigation de Lester Salamon (UNSD 2003 et UNSD 2018. Ensuite, il compare les périmètres respectifs de l'économie sociale et solidaire selon le manuel de 2018 et selon la loi ESS de 2014. Puis il recense les données statistiques existantes sur ce domaine et les travaux statstiques en cours en France principalement et dans quelques autres pays européens |
| Date: | 2022–07–12 |
| URL: | http://d.repec.org/n?u=RePEc:hal:cesptp:halshs-03707101&r= |
| By: | Stephen Grenville |
| Abstract: | Controls on international capital flows were a central issue for the International Monetary Fund at Bretton Woods in 1944. But by the 1970s, mainstream thinking was encouraging open capital flows. A succession of damaging crises followed: Latin America in the 1980s, Mexico again in 1994 and Asia in 1997. Fund policies were tweaked, but the causes were seen as being largely in the recipient countries. Capital controls were specifically rejected. Nevertheless, the Fund’s view began to shift, probably encouraged by the 2008 global financial crisis. There was a growing recognition that the capital-flow surges at the heart of these crises were often externally driven, reflecting global factors. The appropriate response would include capital flow management (CFM). The Fund recognized this in its 2012 Institutional View, but CFM was at the bottom of the policy toolbox, surrounded by conditions and constraints, maintaining the stigma on CFM. Meanwhile many emerging economies were enhancing their ability to cope with excessive capital flows, although at some cost (slower growth, tighter fiscal policy, large foreign-exchange reserves). At the same time the flows were increasing, with a bigger component of flighty portfolio flows. CFM measures still have an important place in this new environment, but the Fund’s reluctance to embrace them means that a deep discussion on operationalizing effective CFMs is still lacking. |
| Keywords: | International Monetary Fund; capital flow management; economic crises |
| JEL: | F32 F33 F34 F42 F65 |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:pas:papers:2021-16&r= |
| By: | Glendinning, Simon |
| Abstract: | In an essay on the modern idea of political equality, Bernard Williams contrasts what he calls ‘the human point of view’ with a point of view marked by what he calls a ‘technical or professional attitude’. While the latter is concerned with conspicuous structures of someone’s life that might be by occupied by another, the former concerns an attitude towards a singular person, what Wittgenstein calls ‘an attitude towards a soul’ – an attitude characteristically exemplified in the relation to the other who is a friend. It is the one who is in view under such a singularising gaze that seems to be lost as soon as we start counting others, counting our friends. The paper explores the general haunting of the modern-Western idea of all people’s equality by the hazy spectre of what is disclosed by this singularising gaze, and asks how we might organise a response politically to the in each case unique and singular relation to the unique and singular other we call the friend – the one who is both altogether other and my equal. |
| JEL: | B14 B24 P2 P3 |
| Date: | 2022–06–01 |
| URL: | http://d.repec.org/n?u=RePEc:ehl:lserod:115457&r= |
| By: | Cyprien Batut (PSE - Paris School of Economics - UP1 - Université Paris 1 Panthéon-Sorbonne - ENS-PSL - École normale supérieure - Paris - PSL - Université Paris sciences et lettres - EHESS - École des hautes études en sciences sociales - ENPC - École des Ponts ParisTech - CNRS - Centre National de la Recherche Scientifique - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement, DGTPE - Direction Générale du Trésor et de la Politique Economique - Ministère de l'Economie, des Finances et de l'Industrie); Paolo Santini (PSE - Paris School of Economics - UP1 - Université Paris 1 Panthéon-Sorbonne - ENS-PSL - École normale supérieure - Paris - PSL - Université Paris sciences et lettres - EHESS - École des hautes études en sciences sociales - ENPC - École des Ponts ParisTech - CNRS - Centre National de la Recherche Scientifique - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement, PJSE - Paris Jourdan Sciences Economiques - UP1 - Université Paris 1 Panthéon-Sorbonne - ENS-PSL - École normale supérieure - Paris - PSL - Université Paris sciences et lettres - EHESS - École des hautes études en sciences sociales - ENPC - École des Ponts ParisTech - CNRS - Centre National de la Recherche Scientifique - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement); Ulysse Lojkine (PSE - Paris School of Economics - UP1 - Université Paris 1 Panthéon-Sorbonne - ENS-PSL - École normale supérieure - Paris - PSL - Université Paris sciences et lettres - EHESS - École des hautes études en sciences sociales - ENPC - École des Ponts ParisTech - CNRS - Centre National de la Recherche Scientifique - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement, PJSE - Paris Jourdan Sciences Economiques - UP1 - Université Paris 1 Panthéon-Sorbonne - ENS-PSL - École normale supérieure - Paris - PSL - Université Paris sciences et lettres - EHESS - École des hautes études en sciences sociales - ENPC - École des Ponts ParisTech - CNRS - Centre National de la Recherche Scientifique - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement) |
| Abstract: | La France se caractérise-t-elle par un taux de syndicalisation particulièrement faible par rapport aux autres pays européens ? C'est ce que suggère la littérature comparative sur les syndicats. Dans cette note, nous remettons en cause cette idée et traçons une autre histoire de l'évolution du taux de syndicalisation en France. En effet, les estimations actuelles reposent sur une double extrapolation faite à partir des données de cotisations des deux principaux syndicats : la Confédération générale du travail (CGT) et la Confédération française démocratique du travail (CFDT) et des résultats des élections professionnelles. À partir d'enquêtes représentatives de la population française, notamment des sondages et des enquêtes internationales, nous estimons que le taux de syndicalisation a été sous-estimé jusqu'à la fin des années 1970. |
| Date: | 2022–01 |
| URL: | http://d.repec.org/n?u=RePEc:hal:wpaper:halshs-03693364&r= |
| By: | Malcolm Rutherford (Department of Economics, University of Victoria) |
| Abstract: | Previous discussions concerning the relationship between John Dewey’s pragmatic instrumentalism and institutional economics have focused on Clarence Ayres and on issues of valuation. This paper gives attention to the actual conduct of economic investigations by institutionalists such as Wesley Mitchell, Walton Hamilton, and John R. Commons. It is argued that many aspects of Dewey’s instrumentalism are clearly displayed in the problem centered, investigational, and experimental methods employed by institutionalists, and in their commitment to problem solving and social control. The association of institutionalist methods with Dewey’s instrumentalism implies that many of the standard criticisms of institutionalist methods are misplaced. These criticisms, that institutionalism lacked proper theoretical perspective and produced work that was overly descriptive, have been made predominantly from a logical positivist methodological perspective, and ignore Dewey’s notions of science that informed the institutionalist approach. Appraising institutionalist successes and failures from the point of view of the methodology they actually adopted provides a much more nuanced criticism, one based on the strengths and weaknesses of the underlying instrumentalist methods they employed. In particular, some serious difficulties with the application of Dewey’s experimentalism to social science are located. |
| Keywords: | Institutionalism, Instrumentalism, John Dewey, Wesley Mitchell, Walton Hamilton, J. R. Commons |
| Date: | 2022–07–12 |
| URL: | http://d.repec.org/n?u=RePEc:vic:vicddp:2008&r= |