W. V. Harris (ed.)
- Published in print:
- 2008
- Published Online:
- May 2008
- ISBN:
- 9780199233359
- eISBN:
- 9780191716348
- Item type:
- book
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199233359.001.0001
- Subject:
- Classical Studies, European History: BCE to 500CE
Most people have some idea what Greeks and Romans coins looked like, but few know how complex Greek and Roman monetary systems eventually became. The contributors to this book are numismatists, ...
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Most people have some idea what Greeks and Romans coins looked like, but few know how complex Greek and Roman monetary systems eventually became. The contributors to this book are numismatists, ancient historians, and economists intent on investigating how these systems worked and how they both did and did not resemble a modern monetary system. Why did people first start using coins? How did Greeks and Romans make payments, large or small? What does money mean in Greek tragedy? Was the Roman Empire an integrated economic system? This volume can serve as an introduction to such questions, but it also offers the specialist the results of original research.Less
Most people have some idea what Greeks and Romans coins looked like, but few know how complex Greek and Roman monetary systems eventually became. The contributors to this book are numismatists, ancient historians, and economists intent on investigating how these systems worked and how they both did and did not resemble a modern monetary system. Why did people first start using coins? How did Greeks and Romans make payments, large or small? What does money mean in Greek tragedy? Was the Roman Empire an integrated economic system? This volume can serve as an introduction to such questions, but it also offers the specialist the results of original research.
Tyler Beck Goodspeed
- Published in print:
- 2012
- Published Online:
- September 2012
- ISBN:
- 9780199846658
- eISBN:
- 9780199950126
- Item type:
- book
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199846658.001.0001
- Subject:
- Economics and Finance, Economic Systems
While standard accounts of the theoretical debates in 1930s economic thought invariably pit John Maynard Keynes against Friedrich von Hayek, this reflexive dichotomy is in many respects exceedingly ...
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While standard accounts of the theoretical debates in 1930s economic thought invariably pit John Maynard Keynes against Friedrich von Hayek, this reflexive dichotomy is in many respects exceedingly superficial. It is the argument of this book that both Keynes and Hayek developed their respective theories of the business cycle within the tradition of Swedish economist Knut Wicksell, and that this shared genealogy manifested itself in significant theoretical affinities between the two apparent antagonists. The salient features of Wicksell’s work, namely, the importance of money, the role of uncertainty, coordination failures, and the element of time in capital accumulation, all motivate the Keynesian and Hayekian theories of economic fluctuations, and contributed, The author argues to a fundamental convergence between the two economists during the course of the 1930s. Moreover, this shared, “Wicksellian” vision of the economic problem points to a very different research agenda from that of the Walrasian-style, general equilibrium analysis that has dominated postwar macroeconomics. The book aims not only to deconstruct some of the historical misconceptions of the Keynes versus Hayek debate but also to suggest how the insights thus uncovered can inform and instruct modern theory. While much of the analysis is quite technical, it does not assume previous knowledge of 1930s economic theory and thus should be accessible to economists, political scientists, and historians with general economics training, as well as to graduate students in these fields.Less
While standard accounts of the theoretical debates in 1930s economic thought invariably pit John Maynard Keynes against Friedrich von Hayek, this reflexive dichotomy is in many respects exceedingly superficial. It is the argument of this book that both Keynes and Hayek developed their respective theories of the business cycle within the tradition of Swedish economist Knut Wicksell, and that this shared genealogy manifested itself in significant theoretical affinities between the two apparent antagonists. The salient features of Wicksell’s work, namely, the importance of money, the role of uncertainty, coordination failures, and the element of time in capital accumulation, all motivate the Keynesian and Hayekian theories of economic fluctuations, and contributed, The author argues to a fundamental convergence between the two economists during the course of the 1930s. Moreover, this shared, “Wicksellian” vision of the economic problem points to a very different research agenda from that of the Walrasian-style, general equilibrium analysis that has dominated postwar macroeconomics. The book aims not only to deconstruct some of the historical misconceptions of the Keynes versus Hayek debate but also to suggest how the insights thus uncovered can inform and instruct modern theory. While much of the analysis is quite technical, it does not assume previous knowledge of 1930s economic theory and thus should be accessible to economists, political scientists, and historians with general economics training, as well as to graduate students in these fields.
Jonathan Wolff and Avner De-Shalit
- Published in print:
- 2007
- Published Online:
- May 2007
- ISBN:
- 9780199278268
- eISBN:
- 9780191707902
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199278268.003.0009
- Subject:
- Political Science, Political Theory
This chapter looks at the issue of how it might be possible to decluster disadvantage. The best means of doing so will be for government to attend to corrosive disadvantages — those that cause other ...
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This chapter looks at the issue of how it might be possible to decluster disadvantage. The best means of doing so will be for government to attend to corrosive disadvantages — those that cause other disadvantages, and fertile functionings — those that have good effects on other functionings. It is argued that while empirical studies strongly suggest that being disadvantaged in terms of affiliation and control over the environment are corrosive, it is less clear which particular functionings are fertile. However, there is some evidence that possession of ‘soft skills’ and being educated are fertile at least in certain circumstances. By contrast, while poverty is very corrosive, the mere possession of extra money above a certain level does not appear to be particularly fertile. It is suggested that states invest in such research.Less
This chapter looks at the issue of how it might be possible to decluster disadvantage. The best means of doing so will be for government to attend to corrosive disadvantages — those that cause other disadvantages, and fertile functionings — those that have good effects on other functionings. It is argued that while empirical studies strongly suggest that being disadvantaged in terms of affiliation and control over the environment are corrosive, it is less clear which particular functionings are fertile. However, there is some evidence that possession of ‘soft skills’ and being educated are fertile at least in certain circumstances. By contrast, while poverty is very corrosive, the mere possession of extra money above a certain level does not appear to be particularly fertile. It is suggested that states invest in such research.
J. R. Hicks
- Published in print:
- 1977
- Published Online:
- November 2003
- ISBN:
- 9780198284079
- eISBN:
- 9780191596421
- Item type:
- book
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/0198284071.001.0001
- Subject:
- Economics and Finance, Macro- and Monetary Economics
The chapters contained in this book on money and growth, including two previously unpublished chapters, brings together the work of Sir John Hicks, covering the following: the mainspring of economic ...
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The chapters contained in this book on money and growth, including two previously unpublished chapters, brings together the work of Sir John Hicks, covering the following: the mainspring of economic growth; industrialism; monetary experience and the theory of money; expected inflation; Hawtrey; recollections and documents; capital controversies, ancient and modern; the disaster point in risk theory; and explanations and revisions.Less
The chapters contained in this book on money and growth, including two previously unpublished chapters, brings together the work of Sir John Hicks, covering the following: the mainspring of economic growth; industrialism; monetary experience and the theory of money; expected inflation; Hawtrey; recollections and documents; capital controversies, ancient and modern; the disaster point in risk theory; and explanations and revisions.
Edmund Cannon and Ian Tonks
- Published in print:
- 2008
- Published Online:
- January 2009
- ISBN:
- 9780199216994
- eISBN:
- 9780191711978
- Item type:
- book
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199216994.001.0001
- Subject:
- Business and Management, Pensions and Pension Management
Governments around the world are responding to the rising ratio of elderly-to-young persons (‘The Pensions Crisis’) by shifting their pension policies away from pay-as-you-go systems towards ...
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Governments around the world are responding to the rising ratio of elderly-to-young persons (‘The Pensions Crisis’) by shifting their pension policies away from pay-as-you-go systems towards individual savings schemes. Annuity markets convert retirement savings into an income stream for the lifetime of the pensioner, and understanding how annuity markets function is important for public policy. This book studies these annuity markets. The book starts by outlining the context of public policy towards pensions, and explains the different types of annuities available, focusing on the UK — which has the largest annuity market in the world. It examines how annuities are priced, and describes the techniques of mortality measurement. As a background, it provides a history of annuities, and the experience of annuity markets in a number of other countries. The book outlines the economic theory behind annuities, and explains how annuities insure consumers against longevity risks. It goes on to describe how annuities markets function: how they work and whether they are efficient, leading onto a discussion of the annuity puzzle, including behavioural explanations. The book concludes by discussing the regulatory framework, assets available to back annuity liabilities, and recent developments in annuity markets.Less
Governments around the world are responding to the rising ratio of elderly-to-young persons (‘The Pensions Crisis’) by shifting their pension policies away from pay-as-you-go systems towards individual savings schemes. Annuity markets convert retirement savings into an income stream for the lifetime of the pensioner, and understanding how annuity markets function is important for public policy. This book studies these annuity markets. The book starts by outlining the context of public policy towards pensions, and explains the different types of annuities available, focusing on the UK — which has the largest annuity market in the world. It examines how annuities are priced, and describes the techniques of mortality measurement. As a background, it provides a history of annuities, and the experience of annuity markets in a number of other countries. The book outlines the economic theory behind annuities, and explains how annuities insure consumers against longevity risks. It goes on to describe how annuities markets function: how they work and whether they are efficient, leading onto a discussion of the annuity puzzle, including behavioural explanations. The book concludes by discussing the regulatory framework, assets available to back annuity liabilities, and recent developments in annuity markets.
Ashley Jackson
- Published in print:
- 1999
- Published Online:
- October 2011
- ISBN:
- 9780198207641
- eISBN:
- 9780191677762
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780198207641.003.0012
- Subject:
- History, World Modern History
Generally, those who participated in the British army have articulated how they are proud to have been part of the efforts during the Second World War, and these men have rarely complained that they ...
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Generally, those who participated in the British army have articulated how they are proud to have been part of the efforts during the Second World War, and these men have rarely complained that they were merely ‘used’. However, some of these veterans have expressed grievances, as they feel that their efforts and accomplishments had remained unrecognized by society, since their points of comparison are the modern-day reports of Botswana soldiers returning home from various missions with the United Nations. As such, this chapter includes the sentiments of these war veterans regarding how they barely receive any monetary compensation for their efforts, and that the earlier celebrations of their victories have come to an end.Less
Generally, those who participated in the British army have articulated how they are proud to have been part of the efforts during the Second World War, and these men have rarely complained that they were merely ‘used’. However, some of these veterans have expressed grievances, as they feel that their efforts and accomplishments had remained unrecognized by society, since their points of comparison are the modern-day reports of Botswana soldiers returning home from various missions with the United Nations. As such, this chapter includes the sentiments of these war veterans regarding how they barely receive any monetary compensation for their efforts, and that the earlier celebrations of their victories have come to an end.
Joseph Hanlon
- Published in print:
- 2006
- Published Online:
- May 2006
- ISBN:
- 9780195168006
- eISBN:
- 9780199783458
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/0195168003.003.0006
- Subject:
- Economics and Finance, Development, Growth, and Environmental
This chapter addresses the questions: why should poor countries be expected to repay the debts imposed upon them by unelected and repressive governments? Who should shoulder the burden of repaying ...
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This chapter addresses the questions: why should poor countries be expected to repay the debts imposed upon them by unelected and repressive governments? Who should shoulder the burden of repaying the billions of dollars stolen by the likes of Mobutu, Marcos, and Saddam Hussein? How can creditors expect South Africans to pay for loans taken out during the apartheid regime and at that time used as a means of oppression? It argues that loans to certain borrowers or for certain purposes are prima facie illegitimate. This category includes loans to dictators, odious debt (debt used for repression), and extortionate loans. Second, certain types of behavior by lenders can also make a loan illegitimate: usury, money laundering, and gross negligence in lending. When these conditions are met, responsibility for repayment cannot be properly placed on the borrower.Less
This chapter addresses the questions: why should poor countries be expected to repay the debts imposed upon them by unelected and repressive governments? Who should shoulder the burden of repaying the billions of dollars stolen by the likes of Mobutu, Marcos, and Saddam Hussein? How can creditors expect South Africans to pay for loans taken out during the apartheid regime and at that time used as a means of oppression? It argues that loans to certain borrowers or for certain purposes are prima facie illegitimate. This category includes loans to dictators, odious debt (debt used for repression), and extortionate loans. Second, certain types of behavior by lenders can also make a loan illegitimate: usury, money laundering, and gross negligence in lending. When these conditions are met, responsibility for repayment cannot be properly placed on the borrower.
Joseph E. Stiglitz, José Antonio Ocampo, Shari Spiegel, Ricardo Ffrench-Davis, and Deepak Nayyar
- Published in print:
- 2006
- Published Online:
- September 2006
- ISBN:
- 9780199288144
- eISBN:
- 9780191603884
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/0199288143.003.0010
- Subject:
- Economics and Finance, Development, Growth, and Environmental
Although there is now a general recognition that capital market liberalization failed to help developing countries achieve economic growth and stability, the important question remains of why the ...
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Although there is now a general recognition that capital market liberalization failed to help developing countries achieve economic growth and stability, the important question remains of why the supporters of liberalization were so wrong. The chapter begins with the ‘debate in brief’, which presents the central arguments for and against CML. The next three sections look at the impact of capital market liberalization on stability, growth, and poverty. The chapter then discusses the impact of the international policy response to instability known as ‘bail-outs’. The sixth section presents a brief discussion on the interaction of capital market liberalization, political processes, and democracy.Less
Although there is now a general recognition that capital market liberalization failed to help developing countries achieve economic growth and stability, the important question remains of why the supporters of liberalization were so wrong. The chapter begins with the ‘debate in brief’, which presents the central arguments for and against CML. The next three sections look at the impact of capital market liberalization on stability, growth, and poverty. The chapter then discusses the impact of the international policy response to instability known as ‘bail-outs’. The sixth section presents a brief discussion on the interaction of capital market liberalization, political processes, and democracy.
Jeffrey G. Snodgrass
- Published in print:
- 2006
- Published Online:
- September 2006
- ISBN:
- 9780195304343
- eISBN:
- 9780199785063
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/0195304349.003.0005
- Subject:
- Religion, Hinduism
This chapter focuses on the Bhats’ tactical narration of their religious history, and specifically the manner in which they present themselves as alternately Hindu or Muslim in order to gain ...
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This chapter focuses on the Bhats’ tactical narration of their religious history, and specifically the manner in which they present themselves as alternately Hindu or Muslim in order to gain employment as political propagandists for both India’s secular Congress Party and Hindu-nationalist Bhartiya Janata Party (B.J.P.). The chapter also examines how Bhats “cast” traditional Rajasthan in a puppet drama sponsored by a state-run bank meant to teach Indians an ethic of saving their money and planning for the future. Bhats are not entirely serious about the claim explored throughout the book that they are the former bards of kings. Instead, claims of royal ancestry are just one tool in a repertoire of tricks that Bhats use to advance in contemporary India. Bhat speech about kings, then, is less representative of true claims to royalty and more indicative of a bardic cleverness which forms a deeper basis of Bhat identity claims in contemporary Rajasthan.Less
This chapter focuses on the Bhats’ tactical narration of their religious history, and specifically the manner in which they present themselves as alternately Hindu or Muslim in order to gain employment as political propagandists for both India’s secular Congress Party and Hindu-nationalist Bhartiya Janata Party (B.J.P.). The chapter also examines how Bhats “cast” traditional Rajasthan in a puppet drama sponsored by a state-run bank meant to teach Indians an ethic of saving their money and planning for the future. Bhats are not entirely serious about the claim explored throughout the book that they are the former bards of kings. Instead, claims of royal ancestry are just one tool in a repertoire of tricks that Bhats use to advance in contemporary India. Bhat speech about kings, then, is less representative of true claims to royalty and more indicative of a bardic cleverness which forms a deeper basis of Bhat identity claims in contemporary Rajasthan.
Barbara C. Burrell
- Published in print:
- 2003
- Published Online:
- November 2003
- ISBN:
- 9780198293484
- eISBN:
- 9780191598944
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/0198293488.003.0004
- Subject:
- Political Science, American Politics
This chapter reviews existing research about campaign finance and the funding of the campaigns of women candidates for public office. Burrell discusses the role of women's political action committees ...
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This chapter reviews existing research about campaign finance and the funding of the campaigns of women candidates for public office. Burrell discusses the role of women's political action committees (PACs), reviews the findings regarding campaign contributions to women candidates, and proposes an agenda for future research on money and women's candidacies for office.Less
This chapter reviews existing research about campaign finance and the funding of the campaigns of women candidates for public office. Burrell discusses the role of women's political action committees (PACs), reviews the findings regarding campaign contributions to women candidates, and proposes an agenda for future research on money and women's candidacies for office.
Joseph Shatzmiller
- Published in print:
- 2013
- Published Online:
- October 2017
- ISBN:
- 9780691156996
- eISBN:
- 9781400846092
- Item type:
- book
- Publisher:
- Princeton University Press
- DOI:
- 10.23943/princeton/9780691156996.001.0001
- Subject:
- History, European Modern History
Demonstrating that similarities between Jewish and Christian art in the Middle Ages were more than coincidental, this book combines a wide range of sources to show how Jews and Christians exchanged ...
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Demonstrating that similarities between Jewish and Christian art in the Middle Ages were more than coincidental, this book combines a wide range of sources to show how Jews and Christians exchanged artistic and material culture. The book focuses on communities in northern Europe, Iberia, and other Mediterranean societies where Jews and Christians coexisted for centuries, and it synthesizes the most current research to describe the daily encounters that enabled both societies to appreciate common artistic values. Detailing the transmission of cultural sensibilities in the medieval money market and the world of Jewish money lenders, the book examines objects pawned by peasants and humble citizens, sacred relics exchanged by the clergy as security for loans, and aesthetic goods given up by the Christian well-to-do who required financial assistance. The work also explores frescoes and decorations likely painted by non-Jews in medieval and early modern Jewish homes located in Germanic lands, and the ways in which Jews hired Christian artists and craftsmen to decorate Hebrew prayer books and create liturgical objects. Conversely, Christians frequently hired Jewish craftsmen to produce liturgical objects used in Christian churches. With rich archival documentation, the book sheds light on the social and economic history of the creation of Jewish and Christian art, and expands the general understanding of cultural exchange in brand-new ways.Less
Demonstrating that similarities between Jewish and Christian art in the Middle Ages were more than coincidental, this book combines a wide range of sources to show how Jews and Christians exchanged artistic and material culture. The book focuses on communities in northern Europe, Iberia, and other Mediterranean societies where Jews and Christians coexisted for centuries, and it synthesizes the most current research to describe the daily encounters that enabled both societies to appreciate common artistic values. Detailing the transmission of cultural sensibilities in the medieval money market and the world of Jewish money lenders, the book examines objects pawned by peasants and humble citizens, sacred relics exchanged by the clergy as security for loans, and aesthetic goods given up by the Christian well-to-do who required financial assistance. The work also explores frescoes and decorations likely painted by non-Jews in medieval and early modern Jewish homes located in Germanic lands, and the ways in which Jews hired Christian artists and craftsmen to decorate Hebrew prayer books and create liturgical objects. Conversely, Christians frequently hired Jewish craftsmen to produce liturgical objects used in Christian churches. With rich archival documentation, the book sheds light on the social and economic history of the creation of Jewish and Christian art, and expands the general understanding of cultural exchange in brand-new ways.
Max. M Edling
- Published in print:
- 2003
- Published Online:
- January 2005
- ISBN:
- 9780195148701
- eISBN:
- 9780199835096
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/0195148703.003.0011
- Subject:
- Political Science, American Politics
Provides background accounts of political development in the USA from the American War of Independence to the Philadelphia Convention, and establish that, by 1787, Congress was marked by military ...
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Provides background accounts of political development in the USA from the American War of Independence to the Philadelphia Convention, and establish that, by 1787, Congress was marked by military weakness and financial insolvency. Here, an account is given of the efforts of Congress to implement the fiscal clauses of the US Constitution, which shows that the national government created by the Articles of Confederation experienced serious difficulties in its ability to raise money, and in the end failed to raise sufficient money to meet its expenses. The focus of the chapter is on the means by which Congress raised money from the outbreak of the War of Independence up to the Philadelphia Convention, and also on how, one by one, these means were lost, so that by 1787 the insolvency of the national government was total. The first two parts of the chapter describe the attempts of Congress to raise money through fiat (printed) money, loans, and taxes, with the author contending that the Federalists accepted existing restrictions to taxation and formed a tax system that would be able to generate sufficient income for the national government without putting undue pressure on the American people. The last section of the chapter looks at the problem of the public debts run up by Congress and the states during the War of Independence, and at the reasons for the federal assumption of state debts – whether they were democratic or economic – and the reasons given by the Federalists as to why Congress had to resume payment of the public domestic and foreign debt.Less
Provides background accounts of political development in the USA from the American War of Independence to the Philadelphia Convention, and establish that, by 1787, Congress was marked by military weakness and financial insolvency. Here, an account is given of the efforts of Congress to implement the fiscal clauses of the US Constitution, which shows that the national government created by the Articles of Confederation experienced serious difficulties in its ability to raise money, and in the end failed to raise sufficient money to meet its expenses. The focus of the chapter is on the means by which Congress raised money from the outbreak of the War of Independence up to the Philadelphia Convention, and also on how, one by one, these means were lost, so that by 1787 the insolvency of the national government was total. The first two parts of the chapter describe the attempts of Congress to raise money through fiat (printed) money, loans, and taxes, with the author contending that the Federalists accepted existing restrictions to taxation and formed a tax system that would be able to generate sufficient income for the national government without putting undue pressure on the American people. The last section of the chapter looks at the problem of the public debts run up by Congress and the states during the War of Independence, and at the reasons for the federal assumption of state debts – whether they were democratic or economic – and the reasons given by the Federalists as to why Congress had to resume payment of the public domestic and foreign debt.
Viviana A. Zelizer
- Published in print:
- 2010
- Published Online:
- October 2017
- ISBN:
- 9780691139364
- eISBN:
- 9781400836253
- Item type:
- chapter
- Publisher:
- Princeton University Press
- DOI:
- 10.23943/princeton/9780691139364.003.0006
- Subject:
- Sociology, Economic Sociology
This chapter argues that the utilitarian approach to money is a theoretical and empirical straitjacket. Money belongs to the market, but not exclusively so. And while money is indeed an objective ...
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This chapter argues that the utilitarian approach to money is a theoretical and empirical straitjacket. Money belongs to the market, but not exclusively so. And while money is indeed an objective means of rational calculation, it is not only that. It first considers the traditional interpretation of money, that is, as “market money,” and then proposes an alternative model of “special monies” that incorporates the social and symbolic significance of money. Next, it presents a historical case study of domestic money as one example of a special money. It argues that domestic money—which includes a wife's money, husband's money, and children's money—is a special category of money in the modern world. The discussion focuses on the changing meaning of married women's money between the 1870s and 1930s, showing how this money, whether given by the husband or earned in the household or in the labor market, was marked as a different form of currency from an ordinary dollar.Less
This chapter argues that the utilitarian approach to money is a theoretical and empirical straitjacket. Money belongs to the market, but not exclusively so. And while money is indeed an objective means of rational calculation, it is not only that. It first considers the traditional interpretation of money, that is, as “market money,” and then proposes an alternative model of “special monies” that incorporates the social and symbolic significance of money. Next, it presents a historical case study of domestic money as one example of a special money. It argues that domestic money—which includes a wife's money, husband's money, and children's money—is a special category of money in the modern world. The discussion focuses on the changing meaning of married women's money between the 1870s and 1930s, showing how this money, whether given by the husband or earned in the household or in the labor market, was marked as a different form of currency from an ordinary dollar.
Antoin E. Murphy
- Published in print:
- 1997
- Published Online:
- November 2003
- ISBN:
- 9780198286493
- eISBN:
- 9780191596674
- Item type:
- book
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/019828649X.001.0001
- Subject:
- Economics and Finance, History of Economic Thought
Despite his popular reputation as a rake and a gambler, John Law (1671–1729) left a remarkable legacy of economic concepts at a time when economic conceptualization was very much at an embryonic ...
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Despite his popular reputation as a rake and a gambler, John Law (1671–1729) left a remarkable legacy of economic concepts at a time when economic conceptualization was very much at an embryonic stage. His vision of a monetary and financial system was more of the twenty‐first rather than the eighteenth century. Law believed in an economy of banknotes and credit where specie had no role to play. He was the first economic writer to use concepts such as demand and supply, the demand for and supply of money, the money‐in‐advance requirement, the circular flow of income, and the law of one price. Law was able to implement his economic theory in the form of economic policy during the Mississippi System that he created. This produced Europe's first stock market boom and crash. The collapse of the Mississippi System and closely afterwards the crash of the South Sea Bubble led to a lasting impression of Law as a failure. This book seeks to dispel this view.Less
Despite his popular reputation as a rake and a gambler, John Law (1671–1729) left a remarkable legacy of economic concepts at a time when economic conceptualization was very much at an embryonic stage. His vision of a monetary and financial system was more of the twenty‐first rather than the eighteenth century. Law believed in an economy of banknotes and credit where specie had no role to play. He was the first economic writer to use concepts such as demand and supply, the demand for and supply of money, the money‐in‐advance requirement, the circular flow of income, and the law of one price. Law was able to implement his economic theory in the form of economic policy during the Mississippi System that he created. This produced Europe's first stock market boom and crash. The collapse of the Mississippi System and closely afterwards the crash of the South Sea Bubble led to a lasting impression of Law as a failure. This book seeks to dispel this view.
Brian Barry
- Published in print:
- 1995
- Published Online:
- November 2003
- ISBN:
- 9780198280088
- eISBN:
- 9780191599927
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/0198280084.003.0004
- Subject:
- Political Science, Political Theory
Brian Barry examines the idea that the demands of justice in a given society can be ascertained by interpreting the shared understandings of the meanings of the goods that are to be distributed. ...
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Brian Barry examines the idea that the demands of justice in a given society can be ascertained by interpreting the shared understandings of the meanings of the goods that are to be distributed. Focusing on Michael Walzer's claims regarding the meanings of such goods as money, health, and leisure, Barry argues that for meanings to determine the uniquely right distributions, the criteria of distribution need to be built into the meanings. He criticizes the implications of Walzer's theory for thinking about global justice.Less
Brian Barry examines the idea that the demands of justice in a given society can be ascertained by interpreting the shared understandings of the meanings of the goods that are to be distributed. Focusing on Michael Walzer's claims regarding the meanings of such goods as money, health, and leisure, Barry argues that for meanings to determine the uniquely right distributions, the criteria of distribution need to be built into the meanings. He criticizes the implications of Walzer's theory for thinking about global justice.
Jeremy Waldron
- Published in print:
- 1995
- Published Online:
- November 2003
- ISBN:
- 9780198280088
- eISBN:
- 9780191599927
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/0198280084.003.0008
- Subject:
- Political Science, Political Theory
Jeremy Waldron argues that Michael Walzer's theory of justice mischaracterizes money's influence on social meanings. Waldron argues that the correct conception of money reveals that Walzer is ...
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Jeremy Waldron argues that Michael Walzer's theory of justice mischaracterizes money's influence on social meanings. Waldron argues that the correct conception of money reveals that Walzer is mistaken in categorizing various social goods primarily in terms of their exchangeability or non‐exchangeability for money. Waldron offers an alternative explanation of why some monetary transactions are wrong. He argues that meanings of goods should be questioned and re‐examined.Less
Jeremy Waldron argues that Michael Walzer's theory of justice mischaracterizes money's influence on social meanings. Waldron argues that the correct conception of money reveals that Walzer is mistaken in categorizing various social goods primarily in terms of their exchangeability or non‐exchangeability for money. Waldron offers an alternative explanation of why some monetary transactions are wrong. He argues that meanings of goods should be questioned and re‐examined.
Mauricio Drelichman and Hans-Joachim Voth
- Published in print:
- 2014
- Published Online:
- October 2017
- ISBN:
- 9780691151496
- eISBN:
- 9781400848430
- Item type:
- book
- Publisher:
- Princeton University Press
- DOI:
- 10.23943/princeton/9780691151496.001.0001
- Subject:
- Economics and Finance, Economic History
Why do lenders time and again loan money to sovereign borrowers who promptly go bankrupt? When can this type of lending work? As the United States and many European nations struggle with mountains of ...
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Why do lenders time and again loan money to sovereign borrowers who promptly go bankrupt? When can this type of lending work? As the United States and many European nations struggle with mountains of debt, historical precedents can offer valuable insights. This book looks at one famous case—the debts and defaults of Philip II of Spain. Ruling over one of the largest and most powerful empires in history, King Philip defaulted four times. Yet he never lost access to capital markets and could borrow again within a year or two of each default. Exploring the shrewd reasoning of the lenders who continued to offer money, the book analyzes the lessons from this historical example. Using detailed new evidence collected from sixteenth-century archives, the book examines the incentives and returns of lenders. It provides powerful evidence that in the right situations, lenders not only survive despite defaults—they thrive. It also demonstrates that debt markets cope well, despite massive fluctuations in expenditure and revenue, when lending functions like insurance. The book unearths unique sixteenth-century loan contracts that offered highly effective risk sharing between the king and his lenders, with payment obligations reduced in bad times. A fascinating story of finance and empire, this book offers an intelligent model for keeping economies safe in times of sovereign debt crises and defaults.Less
Why do lenders time and again loan money to sovereign borrowers who promptly go bankrupt? When can this type of lending work? As the United States and many European nations struggle with mountains of debt, historical precedents can offer valuable insights. This book looks at one famous case—the debts and defaults of Philip II of Spain. Ruling over one of the largest and most powerful empires in history, King Philip defaulted four times. Yet he never lost access to capital markets and could borrow again within a year or two of each default. Exploring the shrewd reasoning of the lenders who continued to offer money, the book analyzes the lessons from this historical example. Using detailed new evidence collected from sixteenth-century archives, the book examines the incentives and returns of lenders. It provides powerful evidence that in the right situations, lenders not only survive despite defaults—they thrive. It also demonstrates that debt markets cope well, despite massive fluctuations in expenditure and revenue, when lending functions like insurance. The book unearths unique sixteenth-century loan contracts that offered highly effective risk sharing between the king and his lenders, with payment obligations reduced in bad times. A fascinating story of finance and empire, this book offers an intelligent model for keeping economies safe in times of sovereign debt crises and defaults.
Juan J. Linz
- Published in print:
- 2002
- Published Online:
- November 2003
- ISBN:
- 9780199246748
- eISBN:
- 9780191599385
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/0199246742.003.0011
- Subject:
- Political Science, Comparative Politics
Juan Linz examines the same theme of anti‐party sentiments among citizens in contemporary democracies as did the previous chapter, but from an entirely different perspective. He starts by looking at ...
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Juan Linz examines the same theme of anti‐party sentiments among citizens in contemporary democracies as did the previous chapter, but from an entirely different perspective. He starts by looking at the fundamental differences between the roles played by parties in presidential and parliamentary democracies, and notes that each type of party system also generates different critiques of parties. Notwithstanding, these differences among party systems and between presidential and parliamentary democracies, Linz notes that parties everywhere have become the focus of a remarkably similar litany of complaints and criticisms, and asks to what extent these represent expressions of reasoned concerns over the shortcomings of the actual performance of parties, and conversely, to what extent they reflect ambiguous, confusing, or even self‐contradictory evaluations by citizens based upon unreasonable expectations or a lack of understanding of the complexities and cross‐pressures that parties are subjected to in performing their many roles in democratic politics. On the basis of survey data from Spain and Latin America, he suggests that the increase in negative attitudes towards political parties maybe less attributable to the behaviour of parties themselves than it is to inconsistencies or outright contradictions among relevant beliefs held by citizens, to unrealistic expectations concerning the extent to which parties can achieve a series of demanding objectives, or to the increasing number of the functions that parties must play in representative democracies. The main sections of the chapter are: Attitudes towards parties: paradoxes, contradictions, and ambiguities; Personalization of politics and professionalization of politics; Parties, money, and party democracy; and Distrust of parties and the legitimacy of democracy.Less
Juan Linz examines the same theme of anti‐party sentiments among citizens in contemporary democracies as did the previous chapter, but from an entirely different perspective. He starts by looking at the fundamental differences between the roles played by parties in presidential and parliamentary democracies, and notes that each type of party system also generates different critiques of parties. Notwithstanding, these differences among party systems and between presidential and parliamentary democracies, Linz notes that parties everywhere have become the focus of a remarkably similar litany of complaints and criticisms, and asks to what extent these represent expressions of reasoned concerns over the shortcomings of the actual performance of parties, and conversely, to what extent they reflect ambiguous, confusing, or even self‐contradictory evaluations by citizens based upon unreasonable expectations or a lack of understanding of the complexities and cross‐pressures that parties are subjected to in performing their many roles in democratic politics. On the basis of survey data from Spain and Latin America, he suggests that the increase in negative attitudes towards political parties maybe less attributable to the behaviour of parties themselves than it is to inconsistencies or outright contradictions among relevant beliefs held by citizens, to unrealistic expectations concerning the extent to which parties can achieve a series of demanding objectives, or to the increasing number of the functions that parties must play in representative democracies. The main sections of the chapter are: Attitudes towards parties: paradoxes, contradictions, and ambiguities; Personalization of politics and professionalization of politics; Parties, money, and party democracy; and Distrust of parties and the legitimacy of democracy.
Joelle H. Y. Fong, Olivia S. Mitchell, and Benedict S. K. Koh
- Published in print:
- 2010
- Published Online:
- September 2010
- ISBN:
- 9780199592609
- eISBN:
- 9780191594618
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199592609.003.0009
- Subject:
- Business and Management, Pensions and Pension Management
This chapter explores the current annuity market in Singapore in view of the plan to mandate annuitization under the Singaporean Central Provident Fund (CPF). The authors evaluate the pricing of ...
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This chapter explores the current annuity market in Singapore in view of the plan to mandate annuitization under the Singaporean Central Provident Fund (CPF). The authors evaluate the pricing of various annuity policies in order to assess whether plan participants might benefit from higher annuity returns per dollar premium and lower adverse selection costs under the new annuitization mandate. Results indicate that private annuity providers currently offer good value‐for‐money annuities, with money's worth values in line with those found for other developed countries. This has implications for proposals to mandate annuitization.Less
This chapter explores the current annuity market in Singapore in view of the plan to mandate annuitization under the Singaporean Central Provident Fund (CPF). The authors evaluate the pricing of various annuity policies in order to assess whether plan participants might benefit from higher annuity returns per dollar premium and lower adverse selection costs under the new annuitization mandate. Results indicate that private annuity providers currently offer good value‐for‐money annuities, with money's worth values in line with those found for other developed countries. This has implications for proposals to mandate annuitization.
Mae Baker and Michale Collins
- Published in print:
- 2005
- Published Online:
- September 2007
- ISBN:
- 9780199269495
- eISBN:
- 9780191710162
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199269495.003.0012
- Subject:
- Business and Management, Finance, Accounting, and Banking
The late 1950s and early 1960s marked the beginning of a period of important structural change and innovation within British banking. After the war, of course, the City's fortune was far from assured ...
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The late 1950s and early 1960s marked the beginning of a period of important structural change and innovation within British banking. After the war, of course, the City's fortune was far from assured — with the UK's relative economic weakness, the weak international financial legacy from sterling's experience in the 1930s and during the Second World War, and the continued unfavourably restrictive international financial environment facing City institutions. This chapter examines the re-emergence of London as an international banking centre by focusing on the rapid growth of foreign banks locating in the City in the 1950s, 1960s, and 1970s, and the consequent competition they posed for British banks.Less
The late 1950s and early 1960s marked the beginning of a period of important structural change and innovation within British banking. After the war, of course, the City's fortune was far from assured — with the UK's relative economic weakness, the weak international financial legacy from sterling's experience in the 1930s and during the Second World War, and the continued unfavourably restrictive international financial environment facing City institutions. This chapter examines the re-emergence of London as an international banking centre by focusing on the rapid growth of foreign banks locating in the City in the 1950s, 1960s, and 1970s, and the consequent competition they posed for British banks.
