By Mark Blaug
It is a background of financial idea from Adam Smith to John Maynard Keynes--but it's a historical past with a distinction. to begin with, it really is heritage of monetary conception, now not of financial doctrines. Secondly, it comprises specific Reader's publications to 9 of the most important texts of economics within the attempt to motivate scholars to turn into familiar at the start hand with the writings of all of the nice economists. This 5th version provides new Reader's publications to Walras' parts of natural Economics and Keynes' common idea of Employment, curiosity and cash in addition to significant additions to the chapters on marginal productiveness concept, common equilibrium conception and welfare economics.
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Extra info for Economic Theory in Retrospect
In France, the existence of a merchant oligarchy that had taken economic and judicial control over multiple French cities can already be observed in the writings of Philippe de Beaumanoir in 1283 (Bove 2004:21). 77. A common feature in the 13th century was “a steady multiplication and fragmentation of guilds, [which was] deliberately fostered in places (Venice, Siena) by a calculated merchant policy to divide O R I G I N S O F M E R C H A N T C A P I TA L I S M I N E U R O P E 35 The strict wage policies in the textile industry were not surprising; it was precisely because of the fierce competition in the regional and international markets that the only effective way to make a profit was to keep wages down while increasing production (Carrere ` 1976:489).
For the putting-out system in the Low Countries in the 14th and 15th centuries, cf. Arnoux (2001). 57. Paper, glass, mirror, and crystal making and shipbuilding were also important industries (Wolff 1989:49–53; Favier 1996:188; Ashtor 1981:279–280). According to Modelski and Thompson, the Venetian Arsenal, “where standardized galleys were constructed along an assembly line, can probably claim to be one of Europe’s first modern industrial factories” (1996:237). For the importance of capitalist relations in the medieval building industry, see Hodgett (1972:135–136).
Indeed, according to Ashtor, “the [long distance] trade of bulky commodities, like cotton and alkali ashes, yielded much more than that of spices” (1985:376). Interestingly, the significance of canvas-type cotton cloths during the 12th-century “birth of the European fashion industry” (Abulafia 1994:8) is evidenced by the etymology of the English words “jeans” (from Genes) ˆ and “denim” (referring to “de Nˆımes”) (Abulafia 1998:342). 53. From 1356 to 1358 (after the great plague) between 59 percent and 67 percent of the population in Ghent (pop.
Economic Theory in Retrospect by Mark Blaug