Economic History Commons^™

Courting American Capital: Public Relations And The Business Of Selling Ivorian Capitalism In The U.S., 1960-1980, Abou B. Bamba

History Faculty Publications

This chapter is an invitation to reimagine the roles assigned to players in the history of capitalism on the global stage. It challenges aspects of the historiography of capitalism in the twentieth century, which tend to center on historical actors and institutions of the Global North. Even when actors in the Global South are discussed, it is usually to portray them as passive victims of an intractable system. By focusing on the Ivory Coast and its economic diplomacy toward the United States, I seek to destabilize this general picture.

Did Dr-Cafta Affect The Exports Of The Dominican Republic To The United States?, Maria Ivanova Reyes Peguero, Asger V. Hansen

Economics Faculty Publications

This article evaluates the impact the Dominican Republic and Central America Free Trade Agreement (DR-CAFTA) had on the exports of the Dominican Republic (DR) to the United States. We estimate a gravity model for the DR exports to the 109 trade partners of the country from 1990 to 2014. This model quantifies the effect of the DR-CAFTA since 2007, when the agreement was ratified, and finds that the DR-CAFTA negatively affected DR exports to the US. We conduct further analysis of factors that could explain the decline in exports, in spite of the ratification of the agreement. We find that …

Europe’S Little Tiger?: Reassessing Economic Transition In Slovakia Under The Mečiar Government 1993-1998, David A. Wemer

The Gettysburg Historical Journal

Vladimir Mečiar, the first Prime Minister of independent Slovakia, is often criticized for his suppression of free media, political repression, and the widespread corruption of his government from 1993-1998. Mečiar has also been attacked for his economic policies, which critics suggest slowed down privatization and left Slovakia in a huge debt crisis. A closer look at macroeconomic data, however, demonstrates an impressive economic record for Mečiar, who oversaw several years of strong GDP growth, and relatively low levels of unemployment and inflation. By slowing down the privatization process, retaining control of key industries, and maintaining the social safety net, Mečiar …

The Gettysburg Economic Review, Volume 6, Spring 2012

Gettysburg Economic Review

No abstract provided.

The Rise Of American Industrial And Financial Corporations, Elizabeth A. Laughlin

Gettysburg Economic Review

This paper identifies and analyzes the steps the United States took in its progression to an industrial nation. Launched by the merger movement in the late nineteenth century, vertical and horizontal integration lead to trusts and monopolies in a number of industries. Simultaneously, the labor market was undergoing a number of reforms with the deskilling of workers. The rise of big business was made possible through the growth of the financial sectors and companies such as J.P Morgan. The case study of The Standard Oil Co. highlights the wealth and power that robber barons such as J.D. Rockefeller held during …

Japan As A Clean Energy Leader, Stefan N. Norbom

Gettysburg Economic Review

Over the past several decades, Japan’s energy strategy had positioned it as the world’s leader in clean and efficient electricity production and usage. This strategy, heavily dependent on nuclear energy, was essentially destroyed by one of history’s largest earthquakes, followed by a tsunami which overwhelmed five nuclear reactors on March 11, 2011. As of April 2012, all of Japan’s 54 nuclear reactors have been shut down and it is uncertain when and how many may be restarted. This paper examines Japan’s options for crafting a new way forward with an energy policy to power the world’s third largest economy while …

An Attempt To Reshape Capitalism’S Image, Ross A. Nichols

Gettysburg Economic Review

John Stuart Mill claimed to be a disciple of both Jeremy Bentham and David Ricardo. This was a strange proclamation because each man advocated a competing theory of value; Bentham’s utilitarianism laid the foundation for the utility theory of value and Ricardo developed the labor theory of value. Mill’s goal in attempting to unify these theories of value was to provide a solution for the growing class conflict that plagued capitalism. Class conflict arose as feudalism was phased out and industrial capitalism replaced merchant capitalism as the dominant economic system. The Corn Laws symbolized this competition between classes. Capitalists were …

An Attempt To Reshape Capitalism’S Image, Ross A. Nichols

Student Publications

John Stuart Mill is an extremely interesting figure in the history of economics. He was known for his eclecticism and his views on economic theory can best be described as self-contradictory. In this vein was his attempt to formulate a theory of value. Claiming to be a disciple of both Bentham (utility theory of value) and Ricardo (labor theory of value), he sought to combine two rivalry theories of value. While Mill’s attempt ultimately proved futile, it was not because he could not make up his mind. Mill wanted to reshape capitalism’s image. He wanted to reform capitalism, to show …

Friedrich Von Hayek: The Socialist-Calculation Debate, Knowledge Arguments, And Modern Economic Development, Cara A. Elliott

Gettysburg Economic Review

At the close of the nineteenth and the commencement of the twentieth century, socialism began to gain momentum as a large-scale movement in Europe and the United States. This popularity was supported by an increased influence of the working class in society, which put pressure for representation upon European parliaments and began to secure concrete improvements in labor protection laws. Moreover, socialist proponents looked hopefully towards the living example of the Soviet Union, which began its socialist experiment in 1917 following the success of the Bolshevik Revolution. Socialism, which found its economic grounding in the legacies of such men as …

History Of Usury: The Transition Of Usury Through Ancient Greece, The Rise Of Christianity And Islam, And The Expansion Of Long-Distance Trade And Capitalism, Cheryl A. Olechnowicz

Gettysburg Economic Review

Society and its ideas, markets, and institutions are in the constant process of change. These transforming factors contribute to the evolution of economics. Usury is one prominent economic issue that demonstrates this evolution. As it has developed, usury, the lending of money at interest or excessive interest, has been debated for almost two millennia.

During the lifetime of Aristotle, 384-322 B.C., the lending of money for profit was believed to be unnatural and dishonorable. Aristotle and his beliefs of usury provided a foundation of ideas for future perspectives on the practice. This negative connotation associated with usury continued in history …

The Macroeconomy And Long-Term Interest Rates: An Examination Of Recent Treasury Yields, Hans W. Hardisty

Gettysburg Economic Review

From 2001 to 2006, U.S. long-term interest rates have remained steady while the federal funds rate has both declined and increased, as Figure 1 shows. Historically, long term interest rates tend to respond to changes in short term rates, but recently this does not appear to be the case. Former chairman of the Federal Reserve, Alan Greenspan, recently dubbed this occurrence a “conundrum,” because no one can provide a distinct explanation concerning this phenomenon. There are several noteworthy incentives for why long-term yields should have increased from 2004 to 2006, but they have remained constant during this time period. According …

1. The Revival Of Commerce, Robert L. Bloom, Basil L. Crapster, Harold A. Dunkelberger, Charles H. Glatfelter, Richard T. Mara, Norman E. Richardson, W. Richard Schubart

Section V: The Rise of Capitalism and the National State to 1500

Throughout the Middle Ages, and indeed until quite recent times, Europe's economy was primarily agrarian. From the eleventh century onward however, commerce followed by manufacturing and urbanization, became increasingly characteristic of Western Europe's society. But the old made way for the new so slowly that the shift may be clearly discerned only through the lengthened perspective of the years. [excerpt]

7. Malthus And The Problem Of Population, Robert L. Bloom, Basil L. Crapster, Harold L. Dunkelberger, Charles H. Glatfelter, Richard T. Mara, Norman E. Richardson, W. Richard Schubart

Section XIV: The Industrial Revolution, Classical Economics, and Economic Liberalism

One of the central beliefs of classical economic theory was that there is an inexorable tendency for population to press against the available natural resources, especially those providing the food supply. This doctrine, though not originating with him, was eloquently expressed by Thomas Robert Malthas (1766-1834) in an essay which first appeared in 1798. Malthus, a high-ranking graduate of Cambridge University, was a clergyman in the Church of England before he became a professor of history and political economy at the East India College, Haileybury, in 1805. This college had just been established by the British East India Company to …

8. David Ricardo And Classical Economics, Robert L. Bloom, Basil L. Crapster, Harold L. Dunkelberger, Charles H. Glatfelter, Richard T. Mara, Norman E. Richardson, W. Richard Schubart

Section XIV: The Industrial Revolution, Classical Economics, and Economic Liberalism

It is David Ricardo, (1772-1823) rather than Malthus who has long been regarded as the more outstanding of the classical economists after Adam Smith. His father was a Jewish immigrant to England who became a prosperous merchant and broker. Ricardo entered his father's business, but after marrying a Quakeress and embracing her faith was forced onto his own resources. By the time he reached his early forties he had gained a large fortune as a stock broker which enabled him to retire to a large rural estate. Here he played the role of landlord and engaged in serious study. In …

10. Criticism And Revision Of Classical Economics, Robert L. Bloom, Basil L. Crapster, Harold L. Dunkelberger, Charles H. Glatfelter, Richard T. Mara, Norman E. Richardson, W. Richard Schubart

Section XIV: The Industrial Revolution, Classical Economics, and Economic Liberalism

The work of the classical economists was primarily one of deduction. In a sense it is a tribute to their capacity to draw corollaries and conclusions from basic principles accepted as established truths. The finely spun theoretical model which they constructed was not long immune from attack by several quarters. As we shall see in Chapter XVI, the Marxian Socialists took the labor theory of value and used it to advocate the overthrow of capitalistic society. [excerpt]

5. The Democracies Between The Wars (1919-1939), Robert L. Bloom, Basil L. Crapster, Harold L. Dunkelberger, Charles H. Glatfelter, Richard T. Mara, Norman E. Richardson, W. Richard Schubart

Section XVIII: The Western World in the Twentieth Century: The Historical Setting

At first glance, the events of World War I seemed to be a triumphant vindication of the spirit of 1848. It was the leading democratic great powers - Britain, France, and the United States - who had emerged the victors. In the political reconstruction of Europe, republics had replaces many monarchies. West of Russia, new and apparently democratic constitutions were established in Germany, Poland, Finland, Estonia, Latvia, Lithuania, Czechoslovakia, Austria, Hungary, and Yugoslavia. Yet the sad truth was that by the outbreak of World War II in 1939 the majority of the once democratic states of central and eastern Europe …

1. Some Major Factors Of The Contemporary Social World: The American Example, Robert L. Bloom, Basil L. Crapster, Harold L. Dunkelberger, Charles H. Glatfelter, Richard T. Mara, Norman E. Richardson, W. Richard Schubart

Section XIX: An Analysis of the Contemporary World’s Search for Meaning

One of the major factors of the contemporary social world is industrialization. Recent industrial developments have moved in two major directions. First, there has been a tremendous increase in technological innovation, reaching the stage which we call automation. The machines which we have developed are doing their work only too well, including some tasks which we had long though could be done only by human hands and heads. Not only the blue-collar worker but also the white-collar worker seems to be faced with the possibility of technological unemployment. [excerpt]

4. The Rise Of Capitalism, Robert L. Bloom, Basil L. Crapster, Harold A. Dunkelberger, Charles H. Glatfelter, Richard T. Mara, Norman E. Richardson, W. Richard Schubart

Section V: The Rise of Capitalism and the National State to 1500

It will be seen from the foregoing that some of the spirit and practices of modern capitalism were already apparent as early as the eleventh and twelfth centuries. European thought was becoming more secular with the development of a mercantile culture which stressed the production of goods for profit in contrast with the former emphasis on production for use. Medieval man began exploiting opportunities for more effective production and is distribution of the products of farm, mine, and shop. From this search evolved the economic system we call capitalism. In its rudimentary form this institution was not unknown during the …

2. The Renaissance Of Northern Europe, Robert L. Bloom, Basil L. Crapster, Harold A. Dunkelberger, Charles H. Glatfelter, Richard T. Mara, Norman E. Richardson, W. Richard Schubart

Section VI: Renaissance Humanism

The Renaissance north of the Alps was akin to the Italian Renaissance, but it appeared later and developed distinctive features of its own. It had a dual origin in infection and invention. Infection was the result of the brisk traffic of merchants, scholars, princes, soldiers, Churchmen, and artists which passed between Italy and the North, carrying tidings of the new developments in Rome, Florence, Venice, and Milan. In addition, northern Europeans hit on ideas of their own. Since they, like the Italians, were experiencing the growth of trade, urban life, and the centralized state, their response to these events was …

1. The Renaissance In Italy, Robert L. Bloom, Basil L. Crapster, Harold A. Dunkelberger, Charles H. Glatfelter, Richard T. Mara, Norman E. Richardson, W. Richard Schubart

Section VI: Renaissance Humanism

Italian wealth in the fourteenth and fifteenth centuries was a fertile seedbed in which Renaissance civilization flowered. We have already noted how Italy led the way in the development of commercial capitalism. This flourishing economy placed in the hands of a vigorous class of self-made men sufficient wealth to give Italian civilization a gilding of luxury and display such as the Western World had not seen since the fall of Rome. [excerpt]

4. Mercantilism, Robert L. Bloom, Basil L. Crapster, Harold L. Dunkelberger, Charles H. Glatfelter, Richard T. Mara, Norman E. Richardson, W. Richard Schubart

Section IX: Early Modern Europe, 1500-1789

The rise of the national state and the expansion of Europe, which have just been described, were accompanied by the further development of commercial capitalism along lines already laid down in the later Middle Ages. The most notable fact about capitalism between 1500 and 1789 was its overall growth, not so much in the development of new techniques (at least not until the very end of the period) as in the wider use and elaboration of old ones. The New Monarchy and its successors afforded protection to businessmen and something resembling a national market. In addition, the government with its …

9. Economic Liberalism, Robert L. Bloom, Basil L. Crapster, Harold L. Dunkelberger, Charles H. Glatfelter, Richard T. Mara, Norman E. Richardson, W. Richard Schubart

Section XIV: The Industrial Revolution, Classical Economics, and Economic Liberalism

Some of the classical economists thought that their function was to describe the general principles of economic life and not to prescribe the means of improving society. Wealth, not happiness, remarked Senior, is the economist's concern. Others, who took more seriously the titles they chose for the books they were publishing, thought differently. [excerpt]

3. The Economic Scene (1919-1939), Robert L. Bloom, Basil L. Crapster, Harold L. Dunkelberger, Charles H. Glatfelter, Richard T. Mara, Norman E. Richardson, W. Richard Schubart

Section XVIII: The Western World in the Twentieth Century: The Historical Setting

Control over the processes of production was made more efficient by the application of the new techniques of scientific management, a concept which first achieved prominence in America. Uneconomic producers were closed down in what was called rationalization of production. In Britain, unprofitable coal mines were abandoned through cooperation between government and business. In some cases, plant efficiency was increased by better layout and labor-saving machines. American coal mining was revolutionized by the conveyor belt and mechanical cutting equipment. Material-saving devices were introduced, such as those which reduced the amount of coal necessary to generate a kilowatt of electricity. Standardization …

6. Classical Economics From Smith To Malthus, Robert L. Bloom, Basil L. Crapster, Harold L. Dunkelberger, Charles H. Glatfelter, Richard T. Mara, Norman E. Richardson, W. Richard Schubart

Section XIV: The Industrial Revolution, Classical Economics, and Economic Liberalism

In 1776, several years after his good friend James Watt had obtained the first patent covering the steam engine and several years before the process for making wrought iron was devised, Adam Smith (1723-1790), a retired professor of moral philosophy at the University of Glasgow, published An Inquiry into the Nature and Causes of the Wealth of Nations. This book was immediately popular. It went through five editions in English and was translated into four foreign languages during its author's lifetime, and has stimulated and provoked Western economic thought and debate down to our own time. It won for …

2. Economics, Robert L. Bloom, Basil L. Crapster, Harold L. Dunkelberger, Charles H. Glatfelter, Richard T. Mara, Norman E. Richardson, W. Richard Schubart

Section XXI: Meaning in the Social Sciences

The study of the way in which man makes a living — a short definition of economics — or of how he makes use of limited resources to satisfy unlimited wants -- another definition — has been traced in this work from Aristotle through the Middle Ages and mercantilism to the nineteenth century, when the classicists and their numerous critics, under the influence of industrialization and the intellectual trends of the day, created a large body of economic thought. In Chapter XIV we saw how, at the end of the century, Alfred Marshall (1842-1924) attempted to reformulate classical theory to …