The Invisible Hand? «How Market Economies have Emerged and Declined Since AD 500»

Bas Van Bavel
Editorial: Oxford University Press
ISBN: 978-0-19-882045-1
Páginas: 352

 

 

 

 

SINOPSIS: The Invisible Hand? offers a radical departure from the conventional wisdom of economists and economic historians, by showing that ‘factor markets’ and the economies dominated by them ‘ the market economies ‘ are not modern, but have existed at various times in the past. They rise, stagnate, and decline; and consist of very different combinations of institutions embedded in very different societies. These market economies create flexibility and high mobility in the exchange of land, labour, and capital, and initially they generate economic growth, although they also build on existing social structures, as well as existing exchange and allocation systems. The dynamism that results from the rise of factor markets leads to the rise of new market elites who accumulate land and capital, and use wage labour extensively to make their wealth profitable. In the long term, this creates social polarization and a decline of average welfare. As these new elites gradually translate their economic wealth into political leverage, it also creates institutional sclerosis, and finally makes these markets stagnate or decline again. This process is analysed across the three major, pre-industrial examples of successful market economies in western Eurasia: Iraq in the early Middle Ages, Italy in the high Middle Ages, and the Low Countries in the late Middle Ages and the early modern period, and then parallels drawn to England and the United States in the modern period. These areas successively saw a rapid rise of factor markets and the associated dynamism, followed by stagnation, which enables an in-depth investigation of the causes and results of this process.

Recomendados

Changes in Population, Inequality and Human Capital Formation in the Americas in the Nineteenth and Twentieth Centuries

Enriqueta Camps-Cura Changes in Population, Inequality and Human Capital Formation in the Americas in the Nineteenth and Twentieth Centuries: A Comparative Perspective 2019, Palgrave Macmillan. ISBN: 978-3-030-21351-0 The evolution of inequality

Natural Resources and Economic Development. Some Lessons from History

Documento de Trabajo #1504 Título: Natural Resources and Economic Development. Some Lessons from History Autor/es: Henry Willebald, Marc Badia-Miró Vicente Pinilla. Abstract: In this work, we highlight the “lessons from history”

Perché il Sud è rimasto indietro

Emanuele Felice Perché il Sud è rimasto indietro Bologna, Il Mulino, 2014 ISBN: 978-88-15-24792-6 Páginas: 264 Precio: 16 €

Nuevo libro coordinado por Santiago de Luxán, Joao Figueiroa y Vicent Sanz sobre el monopolio del tabaco

El Centro de Estudios Políticos y Constitucionales, en su colección  Política y Sociedad en la Historia de España, acaba de publicar Grandes vicios, grandes ingresos El monopolio del tabaco en

Austerity: 12 Myths Exposed

Autores: Dieter Plehwe , Moritz Neujeffski, Stephen McBride, Brian Evans Format: Kindle Edition File Size: 1776 KB Print Length: 91 pages Simultaneous Device Usage: Unlimited Publisher: SE Publishing (15 February 2019)

La Sociedad Urbana en España, 1900-1936. Redes impulsoras de la modernidad

      Luis Enrique Otero Carvajal, Rubén Pallol Trigueros (eds.) Editorial: Catarata ISBN: 978-84-9097-380-6 Páginas: 304