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Articles 31 - 60 of 2092

Full-Text Articles in Economic History

The Evolution Of Schooling: From Industrial Obedience To Techno-Autonomy, Seb Taylor, Ron Roberts Ii Jul 2025

The Evolution Of Schooling: From Industrial Obedience To Techno-Autonomy, Seb Taylor, Ron Roberts Ii

Digital Laboratory: Publisher of Internet Journal

This paper examines the enduring architecture of the American education system as a mechanism designed for compliance, not creativity. Rooted in 19th-century industrial logic, the structure of schooling, its physical design, time constraints, and assessment methods, has remained largely static despite seismic cultural and technological shifts. Through historical analysis and contemporary critique, this work interrogates the persistence of standardized methods, institutional prestige, and top-down instruction as barriers to meaningful learning and value creation. Drawing from interdisciplinary research and live case studies, including Alpha School’s AI-powered, mastery-based model, the paper advances the concept of techno-education: a student-centered paradigm informed by feedback …

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Politics And Institutional Change: The Water Commission Act Of 1913, Mark Kanazawa Jul 2025

Politics And Institutional Change: The Water Commission Act Of 1913, Mark Kanazawa

Department of Economics Working Paper Series

Economists have long argued that increasing resource scarcity can lead to more clearly defined individual property rights, but the precise mechanism whereby this occurs remains unclear to this day. This paper documents the role of politics in shaping the creation of individual property rights within the context of appropriative water law in early 20th century California, finding evidence of both party ideology and interest group influence in establishing a new system for administering appropriative water rights.

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The History Of Protectionism And Free Trade In The World: How Does It Impact Indonesia?, Dorothea Bening Larasati Jun 2025

The History Of Protectionism And Free Trade In The World: How Does It Impact Indonesia?, Dorothea Bening Larasati

Jurnal Vokasi Indonesia

International trade plays an important role in Indonesia's economy, with protectionism and free trade being the two main approaches in the country's trade policy. Protectionism, which aims to protect domestic industries by restricting imports, is often challenged in the face of the need to integrate global markets. In contrast, free trade seeks to open markets without barriers, which can accelerate economic growth and improve international relations. This research aims to explore the impact of protectionism and free trade policies on the Indonesian economy and provide recommendations for the government. The research uses a qualitative approach through a literature study that …

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Lessons Learned: Vincenzo La Via, Mercedes Cardona Jun 2025

Lessons Learned: Vincenzo La Via, Mercedes Cardona

Journal of Financial Crises

Vincenzo La Via joined the World Bank Group in 2005 as chief financial officer, in charge of financial reporting, accounting, strategic planning and budgeting, credit risk, corporate finance, market risk, liquidity and asset management, and product development. During his tenure, La Via took part in the bank’s response to the Global Financial Crisis (GFC) and the subsequent European Sovereign Debt Crisis. He left the bank in 2012 to become director general of the Treasury in the Italian Ministry of Economy and Finance as the Italian government took on reform of the banking sector. He left the public sector in 2019 …

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Lessons Learned: Luis Jácome, Mercedes Cardona Jun 2025

Lessons Learned: Luis Jácome, Mercedes Cardona

Journal of Financial Crises

Luis Jácome was appointed president of the board of Ecuador’s central bank in 1998 by newly elected President Jamil Mahuad. He and other members of the board resigned in 1999 in protest against a number of crisis-intervention measures they saw as threatening the bank’s independence to set monetary policy. Since the 1970s, Ecuador’s economy had experienced a period of growth fueled by oil exports, but by the mid-1990s the economy was reeling from a series of shocks, among them: a sharp drop in the price of oil, the effects of severe flooding on the country’s agricultural production, and the cost …

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Lessons Learned: Benoît Cœuré, Mercedes Cardona Jun 2025

Lessons Learned: Benoît Cœuré, Mercedes Cardona

Journal of Financial Crises

Benoît Cœuré held several positions in the French Treasury in the years leading to the Global Financial Crisis (GFC). He was an economic adviser to the director general of the French Treasury from 1997–2002, deputy chief executive and chief executive of the French debt management office from 2002–2007, and assistant secretary for multilateral affairs, trade, and development from 2007–2009. He served as chief economist and deputy director general in 2009–2011. He joined the European Central Bank (ECB) during the European Sovereign debt Crisis and was responsible for market operations, market infrastructure supervision and European and international relations as a member …

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Lessons Learned: Miguel Carcaño, Mercedes Cardona Jun 2025

Lessons Learned: Miguel Carcaño, Mercedes Cardona

Journal of Financial Crises

During the Global Financial Crisis (GFC), Miguel Carcaño served as head of the Spanish Treasury’s Fund for Orderly Bank Restructuring, the authority in charge of managing the restructuring process of the country’s credit institutions. The fund, known today as the Spanish Executive Resolution Authority, is integrated into the European network led by the Single Resolution Board (SRB) of the European Union’s banking union. Carcaño has held a number of posts within the SRB and in 2022 became head of the Single Resolution Fund, the SRB’s emergency fund, which serves as backstop for institutions across the banking union’s 21 countries.

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Lessons Learned: Ignazio Angeloni, Mercedes Cardona Jun 2025

Lessons Learned: Ignazio Angeloni, Mercedes Cardona

Journal of Financial Crises

Ignazio Angeloni was an adviser on financial integration, financial stability, and monetary policy to the Executive Board of the European Central Bank during the European Sovereign Debt Crisis and later became director general of financial stability. He coordinated the preparations for establishing the Single Supervisory Mechanism (SSM), a component of the European banking union. The SSM was created to address macroprudential gaps identified during the Global Financial Crisis and the Sovereign Debt Crisis. Angeloni has advocated in his academic papers for completing the work of the SSM by establishing a regional deposit insurance scheme that would backstop the work of …

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Lessons Learned: Mark Branson, Mercedes Cardona Jun 2025

Lessons Learned: Mark Branson, Mercedes Cardona

Journal of Financial Crises

Mark Branson joined the Swiss Financial Market Supervisory Authority (FINMA) as head of the banking division in 2010, during the European Sovereign Debt Crisis. He became deputy director of FINMA in 2013 and was named director a year later. Although Switzerland is not a member of the European Union (EU) or its banking union, the nation participates in bilateral agreements that govern trade with the EU, its largest trading partner. In the wake of the Global Financial Crisis (GFC), it enacted a number of regulations to improve oversight of the financial sector. Branson left FINMA in 2021 to become head …

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How Us Bank Regulation Failed Svb And Its Supervisors, Greg Feldberg, Carey K. Mott, Jill Cetina Jun 2025

How Us Bank Regulation Failed Svb And Its Supervisors, Greg Feldberg, Carey K. Mott, Jill Cetina

Journal of Financial Crises

It is well known that Silicon Valley Bank (SVB) failed in March 2023 because of a toxic combination of uninsured deposits and underwater securities. This article argues that the bank’s failure could have been avoided if SVB had been subject to two global standards established by the Basel Committee on Banking Supervision. First, the interest-rate risk in the banking book (IRR-BB) standard, never fully implemented in the United States, would have identified the bank’s extremely risky asset-liability management strategy and required remedial action 10 quarters before it failed. Second, the liquidity coverage ratio (LCR), from which US regulators had exempted …

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Emergency Liquidity Assistance And Monetary Financing In The European Union: A Case Study In Fiscal Cooperation?, Vincient Arnold Jun 2025

Emergency Liquidity Assistance And Monetary Financing In The European Union: A Case Study In Fiscal Cooperation?, Vincient Arnold

Journal of Financial Crises

In the European Union (EU), primary EU treaty law prohibits central banks from engaging in monetary financing, which includes lending to insolvent firms. This legal prohibition exists alongside, and in parallel to, various regulatory provisions of the Eurosystem. As a result, EU Member State central banks face unique legal limitations when acting in their roles as lenders of last resort, providing emergency liquidity assistance (ELA). In practice, European central banks—both members of the Eurosystem and not—lend to firms of questionable solvency with some frequency, often creatively employing fiscal guarantees to limit their balance sheet exposure and shift the lending risk …

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United States: Rhode Island Limited Bank Holiday, 1991, Ayodeji George, Sophia Alden Jun 2025

United States: Rhode Island Limited Bank Holiday, 1991, Ayodeji George, Sophia Alden

Journal of Financial Crises

In 1990, the Rhode Island Share and Deposit Indemnity Corporation (RISDIC) was a private mutual deposit insurance corporation funded by member institutions. Late that year, after the failures of two of its insured institutions in July and October, other RISDIC member institutions faced large depositor withdrawals, as concerns began to focus on the financial health of RISDIC itself. RISDIC had maintained inadequate reserves, and on December 31, 1990, it found itself lacking the resources to cover depositor withdrawals from member institutions. RISDIC leadership requested a state-appointed conservator, which meant that all its member institutions no longer had the deposit insurance …

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United States: Reserve Primary Fund Suspension, 2008, Anmol Makhija Jun 2025

United States: Reserve Primary Fund Suspension, 2008, Anmol Makhija

Journal of Financial Crises

In 2008, the Reserve Primary Fund was the world’s third-largest money market fund with $62.5 billion in assets. Following Lehman Brothers’ bankruptcy filing on September 15, the Primary Fund’s $785 million position in Lehman debt securities was underwater, and the fund faced severe redemption pressures from investors. In just two days, redemption requests surpassed $40 billion. Owing to the fund’s inability to liquidate assets at or above par value in the frozen markets and the inability of its sponsor, the Reserve Management Company, Inc. (RMCI), to support investors, the Reserve announced on September 16 that the Primary Fund had “broken …

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India: Yes Bank Moratorium, 2020, Salil Gupta Jun 2025

India: Yes Bank Moratorium, 2020, Salil Gupta

Journal of Financial Crises

By December 2019, Yes Bank’s capital levels had dropped below the Reserve Bank of India’s (RBI) mandated threshold, as the bank was facing a combination of deposit withdrawals, losses from extraordinary credit provisions, and overexposure to stressed sectors. On March 5, 2020, India’s Ministry of Finance (MoF) and the RBI placed Yes Bank under a 30-day moratorium that restricted most banking functions and limited deposit withdrawals to INR 50,000 per person (USD 663). The purpose of this moratorium was to allow the RBI time to design a plan of reconstruction or amalgamation for Yes Bank to allow depositors limited access …

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United States: National Bank Holiday, 1933, Ayodeji George Jun 2025

United States: National Bank Holiday, 1933, Ayodeji George

Journal of Financial Crises

By mid-February 1933, the United States was in the depths of the Great Depression and the banking system faced sustained depositor runs and currency hoarding. On February 14, the governor of Michigan declared a holiday for all banks and trusts in the state. There followed a wave of declared bank holidays and bank runs across the country. The public withdrew $1.8 billion in gold and currency from banks in February and early March, with nearly two-thirds of those withdrawals occurring in the week ended Friday, March 3. By that date, 25 of 48 states had implemented bank holidays or restricted …

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Greece: National Bank Holiday, 2015, Stella Schaefer-Brown Jun 2025

Greece: National Bank Holiday, 2015, Stella Schaefer-Brown

Journal of Financial Crises

In December 2014, deposit outflows from Greek banks intensified owing to political uncertainty following the announcement of a snap presidential election and a subsequent crash of the Greek stock market. This led to a liquidity crisis in the first half of 2015. Intensifying political uncertainty, worsening liquidity, and volatility in the macroeconomic and financial markets environment peaked in the first half of 2015. The crisis was exacerbated by a February decision by the European Central Bank (ECB) that made it difficult for Greek banks to continue borrowing from its monetary policy-related liquidity programs. On June 28, 2015, the ECB announced …

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Cyprus: National Bank Holiday, 2013, Stella Schaefer-Brown Jun 2025

Cyprus: National Bank Holiday, 2013, Stella Schaefer-Brown

Journal of Financial Crises

The Greek government debt crisis was especially hard on the two largest Cypriot banks. Bank of Cyprus (BoC) and Laiki Bank lost EUR 1.8 billion and EUR 2.3 billion, respectively, on their Greek government bonds after the European Union (EU) decision in October 2011 to haircut the bonds. Over the next year, Laiki Bank faced severe liquidity problems from depositor withdrawals, the Central Bank of Cyprus (CBC) extended to it significant emergency liquidity assistance, and the government owned 84% of the bank after injecting EUR 1.8 billion. The Cypriot economy also suffered negative effects and in March 2013, authorities negotiated …

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Ecuador: National Bank Holiday, 1999, Bailey Decker Jun 2025

Ecuador: National Bank Holiday, 1999, Bailey Decker

Journal of Financial Crises

After a series of exogenous shocks hit Ecuador’s economy in 1997 and 1998, foreign creditors reduced external credit lines to the country, draining liquidity. The newly created Deposit Guarantee Agency (Agencia de Garantía de Depósitos, AGD) administered deposit insurance and a new blanket guarantee and had the authority to resolve failing banks. Despite these actions, bank runs continued. After depositors reportedly withdrew USD 400 million from banks over a two-week period, on Monday, March 8, 1999, one hour before banks were supposed to open, the bank superintendent declared a surprise bank holiday effective that day; banks reopened a week later …

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Argentina: National Bank Holidays, 2001, Owen Heaphy Jun 2025

Argentina: National Bank Holidays, 2001, Owen Heaphy

Journal of Financial Crises

Starting in 1991, Argentina operated a currency board regime under which the central bank guaranteed a one-to-one peg of the Argentine peso to the US dollar. But in 2001, markets became increasingly concerned that the central bank would be unable to maintain the peg and would allow the peso to devalue against the dollar. At that time, more than two-thirds of Argentine bank deposits were denominated in dollars. Throughout 2001, depositors withdrew funds from banks; by November, peso deposits had declined by more than one-third and dollar deposits had fallen by one-tenth. On November 28, 2001, the systemwide banking run …

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Survey Of Bank Holidays And Fund Suspensions, Rosalind Z. Wiggins, Owen Heaphy, Anmol Makhija, Stella Schaefer-Brown, Greg Feldberg, Andrew Metrick Jun 2025

Survey Of Bank Holidays And Fund Suspensions, Rosalind Z. Wiggins, Owen Heaphy, Anmol Makhija, Stella Schaefer-Brown, Greg Feldberg, Andrew Metrick

Journal of Financial Crises

In this paper, we analyze seven case studies involving bank holidays and two involving mutual fund suspensions produced by the Yale Program on Financial Stability. Our main purpose is to assist policymakers who are considering utilizing a bank holiday in designing the most effective program as efficiently as possible. We find that a bank holiday may be most useful when designing and implementing a comprehensive remedy to an underlying problem distressing banks, particularly when an exogenous shock rather than balance sheet weaknesses is the cause of general distress to the system. A holiday is also useful to “ring-fence” one or …

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Argentina: Mutual Fund Suspensions, 2019, Owen Heaphy, Anmol Makhija Jun 2025

Argentina: Mutual Fund Suspensions, 2019, Owen Heaphy, Anmol Makhija

Journal of Financial Crises

With Argentina facing a liquidity crisis and collapse in demand for government debt, on Wednesday, August 28, 2019, the country's minister of economy, Hernán Lacunza, announced after markets closed that the government was extending the maturity of USD 7 billion of its short-term public debt securities, among other measures. Lacunza stated that domestic retail investors would not be subject to the terms of the maturity extension and would be paid principal and interest on the affected securities per the original maturity schedule. This announcement caused confusion about the treatment of individual investors who held the affected securities indirectly through mutual …

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New Institutional Economics : A Few Extensions, Murali Patibandla Jun 2025

New Institutional Economics : A Few Extensions, Murali Patibandla

Markets, Globalization & Development Review

This article traces out the development of the New Institutional Economics (NIE). It delineates the literature into two interrelated themes of institutional environment and institutions of governance. The rules of the game of institutional environment determine governance choices. Inefficient institutional environment results in inefficient governance mechanisms which causes misutilization of scarce resources. Institutional environment evolves over time. This article demonstrates the evolution of institutions in response to shocks with analysis of historical examples. The prevailing literature over glorifies the colonial rule of the West for the emergence of capitalist institutions. It fails to explain success stories of Japan, Mainland China …

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Inverting "Doux Commerce": The Paradox Of Rhetoric Surrounding European Jewish Commerce, Isabelle C. Sampere Jun 2025

Inverting "Doux Commerce": The Paradox Of Rhetoric Surrounding European Jewish Commerce, Isabelle C. Sampere

Swarthmore Undergraduate History Journal

This paper investigates the inherent contradictions in the "Doux Commerce" thesis as articulated by Montesquieu, which argues that commerce civilizes and morally enriches its participants, using the historical experiences of the French Jewish community as a case study. Despite the Enlightenment’s promotion of commerce as a path to societal gentility and tolerance, French Jews remained targets of economic and social marginalization, which persisted into the 19th century. The analysis centers on the rhetorical dissonance exhibited by philosophers such as Voltaire, who extolled the virtues of commerce for its ability to unify diverse religious and cultural groups, yet simultaneously endorsed and …

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Working Paper No. 100, Social Realism And Socialist Realism, Amanda F. Worman Jun 2025

Working Paper No. 100, Social Realism And Socialist Realism, Amanda F. Worman

Working Papers in Economics

This inquiry sees to establish that as a genre, “social realism” reflected values of the American system of market capitalism out of which this art style emerged. During the same timeframe, what has been categorized as “socialist realism” reflected values of the Soviet system out of which this art style also arose. The “Great Depression” that dogged the American economy and society through the 1930s, as well as the “Iron Fist” rule characteristic of Joseph Stalin’s heavy industrialization drive for Soviet Russia, appears to have promoted and shaped these two distinct but similar art styles under consideration, as responses to …

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Working Paper No. 95, Jeremy Bentham And English Common Law, Anastasia Klingler Jun 2025

Working Paper No. 95, Jeremy Bentham And English Common Law, Anastasia Klingler

Working Papers in Economics

This inquiry seeks to establish that in his book, The Theory of Legislation [1802], author Jeremy Bentham (1748-1832) critiqued English Common Law while also posing solutions and alternatives. The first part of this inquiry considers Bentham’s critique of the degrees of vagueness and confusion that could be associated with what is noted as “Common Law” with its emphasis upon the “principle of expectation.” In addition, this inquiry introduces and considers Bentham’s warnings against uses associated with the English legal system and its emphasis upon the importance of “precedent,” as this emphasis is argued to open risks for abuse by courts …

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Working Paper No. 97, Business Sabotage In Theory And Practice, Nathan Lewis-Lusso Jun 2025

Working Paper No. 97, Business Sabotage In Theory And Practice, Nathan Lewis-Lusso

Working Papers in Economics

This inquiry seeks to establish that theoretical advances offered earlier on by one Karl Marx and some decades later by one Thorstein Veblen offer insights into forms of business sabotage. Drawing upon their writings, this inquiry considers how in the writings of Marx, already in the mid-nineteenth century surplus value extraction and pecuniary sabotage serve as structural features found in a market-based economy. Marx’s consideration of surplus labor and artificial scarcity reveals how private investment seeks to constrain production in order to preserve and enhance profitability. Veblen’s theory of institutional sabotage complements Marx’s view by showing how firms could delay …

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Working Paper No. 98, Selma Mushkin And The Emergence Of The Field Of Health Economics, Sadie Kautz Jun 2025

Working Paper No. 98, Selma Mushkin And The Emergence Of The Field Of Health Economics, Sadie Kautz

Working Papers in Economics

This inquiry seeks to establish that through her effective efforts, Selma Mushkin promoted and shaped the field of Health Economics. Perhaps most importantly, she redefined health as a form of human capital that needed to be considered as both essential and integral to economic growth. In her 1958 paper: “Toward a Definition of Health Economics,” she defined the scope of this emerging field through emphasizing how improved resource allocation could lead to efficiency gains. Appearing as her 1962 article in the Journal of Political Economy, with “Health as an Investment” Mushkin advanced the idea that--much like education--public spending on health …

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Working Paper No. 102, Knowledge And Power: Towards Anintellectual Biography Of Michel Foucault, Amanda Bergeson Jun 2025

Working Paper No. 102, Knowledge And Power: Towards Anintellectual Biography Of Michel Foucault, Amanda Bergeson

Working Papers in Economics

This inquiry seeks to establish that in his efforts as an intellectual, scholar, and author of books that would include Discipline and Punish [1975], Michel Foucault emphasizes the importance of power and power relations, especially of an authority (such as a sovereign) over the common people. Drawing from Discipline and Punish [1975], this inquiry considers how Foucault’s understanding of genealogy got rooted and shaped by Friedrich Nietzsche’s critique of history; a view which altogether challenged the idea of historical progress, while also revealing the contingent nature of truth. The second section considers how sovereign power evolves into disciplinary mechanisms embedded …

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Working Paper No. 103, Russia And The Myriad Of Challenges Associatedwith ‘Relative Backwardness’, Jacob Wood Jun 2025

Working Paper No. 103, Russia And The Myriad Of Challenges Associatedwith ‘Relative Backwardness’, Jacob Wood

Working Papers in Economics

This inquiry seeks to establish that over recent of centuries Russia exhibits signs of what is termed as ‘relative backwardness.’ Drawing from Alexander Gershenkron’s (1962, 62-70) understanding of ‘backwardness in historical perspective,’ as well as Karl Marx’s ([1845] 1977, 39-43) concept of ‘historical materialism,’ this inquiry examines how successive Russian regimes sought to close the developmental gap with western countries through state-led modernization efforts. What stands out is that when confronted with attempting deep structural challenges, each leader turned to centralized authority and coercive reforms—not by choice, but out of necessity. Our inquiry considers Nicolas II’s failure to modernize Russia’s …

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Working Paper No. 99, Adam Smith And The American Experiment, Cole Soliz Jun 2025

Working Paper No. 99, Adam Smith And The American Experiment, Cole Soliz

Working Papers in Economics

As the noted author of a tome titled An Inquiry into the Nature and Causes of the Wealth of Nations, Adam Smith [1776] is often cited as a proponent of Laissez-faire capitalism. However, the reality is that his writings offer a more nuanced vision that includes suggesting constraints on economics activity, while encouraging the importance of what he views as state or public institutions. In Smith's writings we find that he speculates that for a perfectly functioning market system to operate effectively depends upon the enforcement of contracts, the protection of property rights, and the maintenance of justice. These, along …

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