This book is divided into four parts. Following the introduction, the first set of papers describes the evolution of core-periphery perspectives in key contributions by Raúl Prebisch, Oskar Lange, Albert Hirschman, Celso Furtado and Homero Cuevas. The second set discusses the links between unbalanced productive structures and external trade in peripheral countries. The third set contains papers on critical episodes in the development of monetary and financial systems in Latin America during the 19th and 20th centuries. The fourth set deals with geographical and institutional aspects of path dependence in the governance of external trade and in the development of liberties, property rights and economic education in Europe, Latin America and Africa. Several chapters make use of hitherto unexplored archival material. Other chapters draw attention to important episodes or literatures that have largely gone unnoticed in the English-speaking world. Yet others combine conceptual innovations with work on new historical data and other sources hitherto not utilized in such contexts.
This book is ideal for those who study and research development economics, history of economic thought and economic history, especially in Latin America.
The book describes important stages in the evolution, cross-fertilization and contextual modification of ideas about economic order, development and institutional change. It illustrates how Western concepts and theories have been adopted and adapted to Chinese conditions in different waves of modernization from the late 19th century until the present and that this was and is no one-way traffic. The book examines to what extent pre-classical thinking in the West, in particular French Physiocracy in mid-18th century, was influenced by China as an ideal and a source of ideas, at a time when China was the largest and most advanced economy in the world. It discusses to what extent different approaches of modern Western-style economics, in particular in the fields of development economics and institutional economics, can be used to understand the rapid transitions and developments of the Chinese economy in recent decades, and to what extent they need to be modified in the light of new experiences and insights. Against this background, several contributions to the volume provide assessments of the current state of economic science and teaching in China, in particular with regard to Chinese views on Western economics.
The book should be of interest to those who are interested in the economic history of China.
This new edition continues to offer the clear and concise coverage of the main schools of thought and paradigm shifts in the field that has become the volume’s trademark. The book has been thoroughly updated throughout in order to reflect changes in the landscape of the field. Details on key thinkers, and aspects of the story such as the evolution of scholarship on growth and development, have been added or expanded, whilst not compromising on the book’s concise approach. Key updates include:
Biographical- and bibliographical information is brought up to date throughout the text
North American economists John Kenneth Galbraith and Kenneth Ewart Boulding make their first appearance in this edition
Information on developments in institutional economics, addressing in particular the works of 2009 Nobel prize winner Elinor Ostrom).
This book has become well known for its innovative coverage of the economic thinking of mainland Europe, whilst also addressing Anglo-American trends. It provides a short and highly readable overview of the evolution of economic thought, usable in courses where the history of economic thought constitutes only a small part or required background reading. It continues to be an extremely useful, much needed text for all introductory economics courses in the field.