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Financial fraud is a serious and seemingly intractable problem. Financial scandals regularly punctuate newspaper headlines and regulators and auditors appear bereft of effective responses. But has this always been the case?This book quantifies financial crime in the UK using three centuries of data. It demonstrates how financial fraud and scandal vary according to systematic economic and institutional arrangements. In doing so, it retells the history of British capitalism, from the mercantilism of the eighteenth century to the financial capitalism of the twenty-first century, illustrating the often negative consequences of economic ideology, policy and structure. It identifies periods when fraud has been less problematic and contrasts these with times when it has surged. The variation of outcomes reflects the balance of power between the state, industrial and financial sectors, the provision of credit through risky lending, and the effectiveness of audits. 'Rogue traders' and other flawed individuals are frequently the focus of blame narratives constructed with the intention of deflecting comprehensive systematic reforms.
We can't stop natural disasters but we can stop them being disastrous. One of the world's foremost risk experts tells us how. Year after year, floods wreck people's homes and livelihoods, earthquakes tear communities apart, and tornadoes uproot whole towns. Natural disasters cause destruction and despair. But does it have to be this way? In The Cure for Catastrophe, global risk expert Robert Muir-Wood argues that our natural disasters are in fact human ones: We build in the wrong places and in the wrong way, putting brick buildings in earthquake country, timber ones in fire zones, and coastal cities in the paths of hurricanes. We then blindly trust our flood walls and disaster preparations, ...
A provocative reassessment of the concept of an American golden age of European-born reason and intellectual curiosity in the years following the Revolutionary War The accepted myth of the “American Enlightenment” suggests that the rejection of monarchy and establishment of a new republic in the United States in the eighteenth century was the realization of utopian philosophies born in the intellectual salons of Europe and radiating outward to the New World. In this revelatory work, Stanford historian Caroline Winterer argues that a national mythology of a unitary, patriotic era of enlightenment in America was created during the Cold War to act as a shield against the threat of totalitarianism, and that Americans followed many paths toward political, religious, scientific, and artistic enlightenment in the 1700s that were influenced by European models in more complex ways than commonly thought. Winterer’s book strips away our modern inventions of the American national past, exploring which of our ideas and ideals are truly rooted in the eighteenth century and which are inventions and mystifications of more recent times.
This open access book draws on conceptual resources ranging from medieval scholasticism to postmodern theory to propose a new understanding of secular time and its mediation in nineteenth-century technological networks. Untethering the concept of secularity from questions of religion and belief, it offers an innovative rethinking of the history of secularisation that will appeal to students, scholars, and everyone interested in secularity, Victorian culture, the history of technology, and the temporalities of modernity. Stefan Fisher-Hyrem (PhD) is a historian and Senior Academic Librarian at the University of Agder, Norway.
This book analyzes public debt from a political, historical, and global perspective. It demonstrates that public debt has been a defining feature in the construction of modern states, a main driver in the history of capitalism, and a potent geopolitical force. From revolutionary crisis to empire and the rise and fall of a post-war world order, the problem of debt has never been the sole purview of closed economic circles. This book offers a key to understanding the centrality of public debt today by revealing that political problems of public debt have and will continue to need a political response. Today’s tendency to consider public debt as a source of fragility or economic inefficiency ...
A guide to historical literature on England between 1760 and 1837, emphasising more recent work.
Financial crises are traditionally analyzed as purely economic phenomena. The political economy of financial booms and busts remains both under-emphasized and limited to isolated episodes. This paper examines the political economy of financial policy during ten of the most infamous financial booms and busts since the 18th century, and presents consistent evidence of pro-cyclical regulatory policies by governments. Financial booms, and risk-taking during these episodes, were often amplified by political regulatory stimuli, credit subsidies, and an increasing light-touch approach to financial supervision. The regulatory backlash that ensues from financial crises can only be understood in the context of the deep political ramifications of these crises. Post-crisis regulations do not always survive the following boom. The interplay between politics and financial policy over these cycles deserves further attention. History suggests that politics can be the undoing of macro-prudential regulations.
Due to the increasing linkage of global production sites, the concept of commodity chains has become indispensable for the investigation of production at a global scale. Although work is the basis of production in every involved location, it is often being neglected as a research subject without taking interest in the workers, the work processes and the working conditions. This edited volume provides a collection of historical and contemporary commodity chain studies by placing labor at the centre of analysis. A global historical perspective demonstrates that splitting production processes to different, hierarchically connected locations are by no means new phenomena. The book is thus an important and valuable contribution to commodity chain research, but also to the fields of social-economic and global labour history. Contributors are: András Pinkasz, Andrea Komlosy, Christin Bernhold, Ernst Langthaler, Franziska Ollendorf, Goran Musić, Jan Grumiller, Johanna Sittel, Jörg Nowak, Karin Fischer, Klemens Kaps, Miroslav Lacko, Santosh Hasnu, Stefan Schmalz, Tamás Gerőcs, Tibor T. Meszmann, and Uwe Spiekermann.
From the last decades of the seventeenth century until the beginning of the twentieth, the tontine, in one form or another, was a ubiquitous financial instrument. As a revenue-raising tool of governments it supported the cost of war, and as a private capital-raising instrument it provided funding for civic improvement and urban development projects. While the tontine is known today mainly through fictional works (Robert Louis Stevenson, Agatha Christie, and The Simpsons among others), this book tells the history of how it evolved from a public revenue-raising scheme into a popular private investment and infrastructure financing tool, before it was displaced by cheaper forms of borrowing. Focusing on the early development of the tontine, and with European and North American case studies, the narrative brings to life the story of a little-understood financial innovation. This concise and engaging book is an ideal introduction to the history of the tontine for all readers interested in financial history.
This book explores the rationalities and functions of securities markets and takeover activities. Focusing on the Chinese experience of utilizing the securities market as an effective mechanism of corporate control, this volume analyses the future development of China's financial market in the era of economic globalization. Providing an overview of the historical development of the securities market and a literature review of the economic functions of stock markets, Securities Markets and Corporate Governance also examines the legal regimes governing securities markets and takeovers in some leading corporate economies including the US, Germany, Japan and the UK. This volume then focuses on the Chinese experience, proposing a model which balances internal corporate governance and external market control for China.