Central economic planning is often associated with failed state socialism, and modern capitalism celebrated as its antithesis. This book shows that central planning is not always, or even primarily, a state enterprise, and that the giant industrial corporations that dominated the American economy through the twentieth century were, first and foremost, unprecedented examples of successful, consensual central planning at a very large scale.

The relationship between natural capital and economic growth is an open debate in the field of economic development. Is an abundance of natural resources a blessing or a curse for economic performance? The field of Economic History offers an excellent vantage to explore the relevance of institutions, technical progress and supply-demand drivers. Natural Resources and Economic Growth contains theoretical and empirical articles by leading scholars who have studied this subject in different historical periods from the 19th century to the present day and in different parts of the world. Part I presents the theoretical issues and discusses the meaning of the "curse" and the relevance of the historical perspective. Part II captures the diversity of experiences, presenting thirteen independent case studies based on historical results from North and South America, Africa, Asia, Oceania and Europe. This book emphasizes that an abundance of natural resources is not a fixed situation. It is a process that reacts to changes in the structure of commodity prices and factor endowments, and progress requires capital, labour, technical change and appropriate institutional arrangements. This abundance is not a given, but is part of the evolution of the economic system. History shows that institutional quality is the key factor to deal with abundant natural resources and, especially, with the rents derived from their use and exploitation. This wide ranging volume will be of great relevance to all those with an interest in economic history, development, economic growth, natural resources, world history and institutional economics.

The prevailing view of industrialization has focussed on technology, capital, entrepreneurship and the institutions that enabled them to be deployed. Labour was often equated with other factors of production, and assigned a relatively passive role. Yet it was labour absorption and the improvement of the quality of labour over the course of several centuries that underscored the timing, pace and quality of global industrialization. While science and technology developed in the West and whereas the use of fossil fuels, especially coal and oil, were vital to this process, the more recent history has been underpinned by the development of comparatively resource- and energy-saving technology, without which the diffusion of industrialization would not have been possible. The labour-intensive, resource-saving path, which emerged in East Asia under the influence of Western technology and institutions, and is diffusing across the world, suggests the most realistic route humans could take for a further diffusion of industrialization, which might respond to the rising expectations of living standards without catastrophic environmental degradation.

This book deals with two key aspects of the history of steam engines, a cornerstone of the Industrial Revolution, specifically the road that led to its discovery and the process of diffusion of the early steam engines. The first part of the volume outlines the technological and scientific developments which took place between the 16th and 18th centuries, proving critical for the invention of this strategic technology. The most important question addressed is why did England come up with this innovation first as opposed to other countries (e.g., France, Italy), which were more advanced in terms of knowledge pertinent to it. The second part of the volume traces the process of diffusion of the early steam engines, the Newcomen model, through to 1773, the year prior to the first commercial application of the second generation of steam engines (the Watt model). The process of diffusion is quantified on the basis of a novel method before proceeding with a discussion of the main determinants of this process. Kitsikopoulos pulls together a large amount of relevant evidence found in primary sources and more technically oriented literature which is often ignored by economic historians. This book will be of interest to economic historians and historians of technology.

The Federal Reserve System, which has been Congress’s agent for the control of money since 1913, has a mixed reputation. Its errors have been huge. It was the principal cause of the Great Depression of the 1930s and the inflation of the 1970s, and participated in the massive bailouts of financial institutions at taxpayers' expense during the recent Great Recession. This book is a study of the causes of the Fed’s errors, with lessons for an improved monetary authority, beginning with an examination of the history of central banks, in which it is found that their performance depended on their incentives, as is to be expected of economic agents. An implication of these findings is that the Fed’s failings must be traced to its institutional independence, particularly of the public welfare. Consequently, its policies have been dictated by special interests: financial institutions who desire public support without meaningful regulation, as well as presidents and those portions of Congress desiring growing government financed by inflation. Monetary stability (which used to be thought the primary purpose of central banks) requires responsibility, meaning punishment for failure, instead of a remote and irresponsible (to the public) agency such as the Fed. It requires either private money motivated by profit or Congress disciplined by the electoral system as before 1913. Change involving the least disturbance to the system suggests the latter.

‘Big data’ is now readily available to economic historians, thanks to the digitisation of primary sources, collaborative research linking different data sets, and the publication of databases on the internet. Key economic indicators, such as the consumer price index, can be tracked over long periods, and qualitative information, such as land use, can be converted to a quantitative form. In order to fully exploit these innovations it is necessary to use sophisticated statistical techniques to reveal the patterns hidden in datasets, and this book shows how this can be done. A distinguished group of economic historians have teamed up with younger researchers to pilot the application of new techniques to ‘big data’. Topics addressed in this volume include prices and the standard of living, money supply, credit markets, land values and land use, transport, technological innovation, and business networks. The research spans the medieval, early modern and modern periods. Research methods include simultaneous equation systems, stochastic trends and discrete choice modelling. This book is essential reading for doctoral and post-doctoral researchers in business, economic and social history. The case studies will also appeal to historical geographers and applied econometricians.

The History of Migration in Europe belies several myths by arguing, for example, that immobility has not been the "normal" condition of people before the modern era. Migration (far from being an income-maximizing choice taken by lone individuals) is often a household strategy, and local wages benefit from migration. This book shows how ssuccesses arise when governments liberalize and accompany the international movements of people with appropriate legislation, while failures take place when the legislation enacted is insufficient, belated or ill shaped. Part I of this book addresses mainly methodological issues. Past and present migration is basically defined as a cross-cultural movement; cultural boundaries need prolonged residence and active integrationist policies to allow cross-fertilization of cultures among migrants and non-migrants. Part II collects chapters that examine the role of public bodies with reference to migratory movements, depicting a series of successes and failures in the migration policies through examples drawn from the European Union or single countries. Part III deals with challenges immigrants face once they have settled in their new countries: Do immigrants seek "integration" in their host culture? Through which channels is such integration achieved, and what roles are played by citizenship and political participation? What is the "identity" of migrants and their children born in the host countries? This text's originality stems from the fact that it explains the complex nature of migratory movements by incorporating a variety of perspectives and using a multi-disciplinary approach, including economic, political and sociological contributions.