The Cambridge history of capitalism. Volume 2: The spread of capitalism from 1848 to the present. PDF
Preview The Cambridge history of capitalism. Volume 2: The spread of capitalism from 1848 to the present.
THE CAMBRIDGE HISTORY OF CAPITALISM The second volume of The Cambridge History of Capitalism provides an authoritativereferenceonthespreadandimpactofcapitalismacrossthe world,andthevarietiesofresponsestoit.Employingawidegeographical coverage and strong comparative outlook, a team of leading scholars explore the global consequences that capitalism has had for industry, agriculture, andtrade, alongwith thereactions by governments,firms, andmarkets.TheauthorsconsiderhowWorldWarIhaltedtheinitial spreadofcapitalism,butglobalcapitalismaroseagainbythecloseofthe twentieth-century.Theyexplorehowtheresponsesoflabormovements, compoundedbythereactionsbypoliticalregimes,whetherdefensiveor proactive, led to diverse military and welfare consequences. Beneficial resultseventuallyemerged,buttheriseandspreadofcapitalismhasnot beeneasyorsmooth.Thisdefinitivevolumewillhavewidespreadappeal amongsthistorians,economists,andpoliticalscientists. LARRY NEAL isEmeritusProfessorofEconomicsattheUniversityof Illinois, Urbana-Champaign, Research Associate of the National Bureau of Economic Research, and Visiting Professor at the London School of Economics and Political Science. Specializing in financial history and European economies, he is author of The Rise of Financial Capitalism: International Capital Markets in the Age of Reason (Cambridge University Press,1990),TheEconomicsofEuropeandtheEuropeanUnion(Cambridge UniversityPress,2007),and“IAmNotMasterofEvents”:TheSpeculationsof JohnLawandLordLondonderryintheMississippiandSouthSeaBubbles(2012). He is co-editor of The Origins and Development of Financial Markets and Institutions: From the Seventeenth Century to the Present (Cambridge UniversityPress,2009). JEFFREYG.WILLIAMSONisEmeritusLairdBellProfessorofEconomics, HarvardUniversity,andHonoraryFellowintheDepartmentofEconomics, University of Wisconsin-Madison. He is also Research Associate of the NationalBureauofEconomicResearch,ResearchFellowattheCentrefor EconomicPolicyResearch,andhasbeenavisitingprofessoratseventeen universitiesaroundtheworld.ProfessorWilliamsonspecializesindevelop- ment,inequality,globalization,andhistory,andheistheauthorofaround 230scholarlyarticlesand30books,hismostrecentbeingTradeandPoverty: WhentheThirdWorldFellBehind(2011),GlobalizationandthePoorPeriphery before 1950 (2006), Global Migration and the World Economy (2005, with T. Hatton), and Globalization in Historical Perspective (2003, edited with M.BordoandA.M.Taylor). Downloaded from https://www.cambridge.org/core. University of Sussex Library, on 16 Jan 2018 at 12:40:48, subject to the Cambridge Core terms of use, available at https://www.cambridge.org/core/terms. https://doi.org/10.1017/CHO9781139095105 CambridgeUniversityPressgratefullyacknowledgesthesupportofthe BBVA Foundation in hosting and funding two workshops attended by contributorstothevolume. TheBBVAFoundationexpressestheBBVAGroup’scommitmentto the improvement and welfare of the numerous societies in which it operates through the promotion of scientific research, innovation, and culturalcreation,andtheirtransmissiontosocietyusingdiversechannels andformats.Itsworkprogramsscrupulouslyrespecttheacademicorgan- izationofknowledgeandartisticcreationandtheprincipleofpeerreview, whilefacilitatingthedevelopmentofprojectsarisingfromtheinteraction ofvariousfieldsand,particularly,emergingprojectswhichmoveforward thefrontiersofknowledgeandthought.Amongitsmultipleactivitiesare thefundingandco-organizationofresearchprojects,advancedtraining, lecturesaimedatthegeneralpublic,workshops,theendowmentofspecial chairs, awards for researchers and creators (notably, the Frontiers of Knowledge Awards family, spanning eight categories and directed at the international community), publications under its own imprint and in partnership with academic publishers of excellence, and the recording anddiffusionofclassicalandcontemporarymusic. Its areas of focus are Basic Sciences, Biomedicine, Environmental Sciences, Economics and Social Sciences, the Humanities and the Arts (particularlymusicandpainting). Downloaded from https://www.cambridge.org/core. University of Sussex Library, on 16 Jan 2018 at 12:40:48, subject to the Cambridge Core terms of use, available at https://www.cambridge.org/core/terms. https://doi.org/10.1017/CHO9781139095105 THE CAMBRIDGE HISTORY OF CAPITALISM * VOLUME II The Spread of Capitalism: From 1848 to the Present * Editedby LARRY NEAL and JEFFREY G. WILLIAMSON Downloaded from https://www.cambridge.org/core. University of Sussex Library, on 16 Jan 2018 at 12:40:48, subject to the Cambridge Core terms of use, available at https://www.cambridge.org/core/terms. https://doi.org/10.1017/CHO9781139095105 UniversityPrintingHouse,Cambridgecb28bs,UnitedKingdom PublishedintheUnitedStatesofAmericabyCambridgeUniversityPress,NewYork CambridgeUniversityPressispartoftheUniversityofCambridge. ItfurtherstheUniversity’smissionbydisseminatingknowledgeinthepursuitof education,learning,andresearchatthehighestinternationallevelsofexcellence. www.cambridge.org Informationonthistitle:www.cambridge.org/9781107019645 ©CambridgeUniversityPress2014 Thispublicationisincopyright.Subjecttostatutoryexception andtotheprovisionsofrelevantcollectivelicensingagreements, noreproductionofanypartmaytakeplacewithoutthewritten permissionofCambridgeUniversityPress. Firstpublished2014 PrintedintheUnitedKingdombyTJInternationalLtd.PadstowCornwall AcataloguerecordforthispublicationisavailablefromtheBritishLibrary isbn978-1-107-01964-5Hardback CambridgeUniversityPresshasnoresponsibilityforthepersistenceoraccuracyof URLsforexternalorthird-partyinternetwebsitesreferredtointhispublication, anddoesnotguaranteethatanycontentonsuchwebsitesis,orwillremain, accurateorappropriate. Downloaded from https://www.cambridge.org/core. University of Sussex Library, on 16 Jan 2018 at 12:40:48, subject to the Cambridge Core terms of use, available at https://www.cambridge.org/core/terms. https://doi.org/10.1017/CHO9781139095105 Contents Listoffigures pagevii Listoftables viii Listofcontributors ix 1.Introduction:thespreadofandresistancetoglobalcapitalism 1 kevin h. o’rourke and jeffrey g. williamson 2.Thespreadofmanufacturing 22 robert c. allen 3.Growth,specialization,andorganizationofworldagriculture 47 giovanni federico 4.Technologyandthespreadofcapitalism 82 kristine bruland and david c. mowery 5.Spreadoflegalinnovationsdefiningprivate andpublicdomains 127 ron harris 6.Firmsandglobalcapitalism 169 geoffrey jones 7.Enterprisemodels:freestandingfirmsversus familypyramids 201 randall morck and bernard yeung 8.Financialcapitalism 230 ranald michie v Downloaded from https://www.cambridge.org/core. University of Sussex Library, on 16 Jan 2018 at 12:40:46, subject to the Cambridge Core terms of use, available at https://www.cambridge.org/core/terms. https://doi.org/10.1017/CHO9781139095105 Contents 9.Internationalcapitalmovementsandtheglobalorder 264 harold james 10.Capitalismandthecolonies 301 gareth austin 11.Capitalismatwar 348 mark harrison 12.Moderncapitalism:enthusiasts,opponents,andreformers 384 jeffry frieden and ronald rogowski 13.Labormovements 426 michael huberman 14.Privatewelfareandthewelfarestate 464 peter h. lindert 15.Capitalismandhumanwelfare 501 leandro prados de la escosura 16.Thefutureofcapitalism 530 larry neal and jeffrey g. williamson Index 547 vi Downloaded from https://www.cambridge.org/core. University of Sussex Library, on 16 Jan 2018 at 12:40:46, subject to the Cambridge Core terms of use, available at https://www.cambridge.org/core/terms. https://doi.org/10.1017/CHO9781139095105 Figures 2.1. Thegeographicaldistributionoftheworld’smanufacturingoutput page23 3.1. Theperformanceofworldagriculture,1870–2010(1938=100) 49 3.2. Agriculturalprices(1950=100) 51 9.1. Currentaccountpositions1870–2010(five-yearaverages) 266 9.2. Capitalflowreversals1924–1939(aggregatedcapitalflows) 282 9.3. Currentaccountbalances1990–2010 290 11.1 DailyclosingvaluesoftheDowJonesIndustrialAverage 362 11.2. Governmentpurchases,percentofGDP:SwedenandtheUnitedKingdom, 375 1880–1990 14.1. Poor-reliefexpendituresasashareofnationalproduct,EuropeandUnited 475 States,1750–1880 14.2. PublicandprivateassistancetotheneedyintheUnitedStates,1850–2009 477 14.3. PublicsocialspendingasashareofGDP,OECDcountries1880–2011 478 14.4. Taxcollectioncostsasapercentageoftheamountscollectedbycentral 487 government,UnitedStatesandUnitedKingdom,1787/96–2011 14.5. Povertysharesamongtheoldandtheyoung,UnitedStates1959–2010 492 14.6. Biastowardtheelderlyinpublicsocialspending,1985–2000 492 14.7. Socialspendingvs.povertyrate,peopleofworkingage,c.2005 494 15.1. Sen-Welfare(inequality-adjustedrealGDPperhead)acrossworldregions 504 15.2. Worldhumandevelopment,1870–2007 509 15.3. WorldhumandevelopmentandGDPperheadgrowthrates,1870–2007(%) 510 15.4. Relativehumandevelopmentacrossdevelopingregions,1870–2007(OECD=1) 511 15.5. Humandevelopment(verticalaxis)andsocialtransfers(%GDP)(horizontal 513 axis)foragroupofOECDcountries,1880–2000 15.6. Humandevelopment(verticalaxis)anddemocratization(horizontalaxis)in 515 theworld,1950–2007 15.7. LifeexpectancyKakwaniindicesinworldregions,1870–2007(OECD=1) 516 15.8. EducationKakwaniindicesinworldregions,1870–2007(OECD=1) 516 15.9. Breakdownofhumandevelopmentgrowthintheworld,1870–2007(%) 518 15.10. BreakdownofhumandevelopmentgrowthinOECD,1870–2007(%) 519 15.11. BreakdownofhumandevelopmentgrowthintheRest,1870–2007(%) 520 vii Downloaded from https://www.cambridge.org/core. University of Sussex Library, on 16 Jan 2018 at 12:40:46, subject to the Cambridge Core terms of use, available at https://www.cambridge.org/core/terms. https://doi.org/10.1017/CHO9781139095105 Tables 3.1. Workforce page53 3.2. Acreage 54 3.3. ChangeintotalfactorproductivitybeforeWorldWarII 56 6.1. Worldforeigndirectinvestmentasapercentageofworld 170 output1913–2010(%) 6.2. World’slargesthosteconomiesmeasuredbystockofinward 173 foreigndirectinvestment,1914,1929,1980,2010 6.3. FDIinwardstockasapercentageofGDP1990–2010 189 11.1. Militaryspending,1870to1979,percentofGDP,infourcountries 359 13.1. Worldandregionaluniondensityrates 427 14.1. Theoreticalinfluencesonsocialinsuranceandsocialassistance 468 14.2. Churchandprivatecharityforthepoor,assharesofnational 473 productintheeighteenthandnineteenthcenturies 14.3. Recipients’philanthropyrevenues,UnitedStates1927and1970 476 14.4. PrivateandpublicsocialexpendituresassharesofGDP,2007 480 14.5. Relativerisksofpoverty,byageofindividualsintheOECD,mid1970s 491 tomid2000s viii Downloaded from https://www.cambridge.org/core. University of Sussex Library, on 16 Jan 2018 at 12:40:48, subject to the Cambridge Core terms of use, available at https://www.cambridge.org/core/terms. https://doi.org/10.1017/CHO9781139095105 Contributors ROBERT C. ALLENProfessorofEconomicHistory,UniversityofOxford GARETH AUSTIN ProfessorofInternationalHistory,GraduateInstituteofInternational andDevelopmentStudies,Geneva KRISTINE BRULANDProfessorofEconomicHistory,UniversityofOslo GIOVANNI FEDERICO Professor of Economic History, Department of Economics and Management,UniversityofPisa JEFFRY FRIEDENStanfieldProfessorofInternationalPeace,DepartmentofGovernment, HarvardUniversity RON HARRISProfessorofLegalHistoryandDean,FacultyofLaw,Tel-AvivUniversity MARK HARRISON Professor, Department of Economics, University of Warwick, and researchfellowattheHooverInstitution,StanfordUniversity MICHAEL HUBERMAN ProfessorofEconomicHistory,FacultyofEconomicsandSocial Sciences(SES),UniversitédeGenève HAROLD JAMESProfessorofHistoryandInternationalAffairs,PrincetonUniversity GEOFFREY JONESIsidorStrausProfessorofBusinessHistory,HarvardBusinessSchool PETER H. LINDERT Distinguished Research Professor of Economics, University of California,Davis RANALD MICHIEProfessor,DepartmentofHistory,DurhamUniversity RANDALL MORCKStephenA.JarislowskyDistinguishedChairinFinanceandUniversity Professor,AlbertaSchoolofBusiness DAVID C. MOWERY William A. & Betty H. Hasler Chair in New Enterprise Development,HaasSchoolofBusiness,UniversityofBerkeley LARRY NEALProfessorEmeritusofEconomics,UniversityofIllnois,Urbana-Champaign andLondonSchoolofEconomics KEVIN H. O’ROURKE Chichele Professor of Economic History, All Souls College, UniversityofOxford ix Downloaded from https://www.cambridge.org/core. University of Sussex Library, on 16 Jan 2018 at 12:40:47, subject to the Cambridge Core terms of use, available at https://www.cambridge.org/core/terms. https://doi.org/10.1017/CHO9781139095105
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