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PALGRAVE STUDIES IN THE HISTORY OF ECONOMIC THOUGHT
Series Editors
Avi J. Cohen
Department of Economics
York University & University of Toronto
Toronto, ON, Canada
G. C. Harcourt
School of Economics
University of New South Wales
Sydney, NSW, Australia
Peter Kriesler
School of Economics
University of New South Wales
Sydney, NSW, Australia
Jan Toporowski
Economics Department
School of Oriental & African Studies
University of London
London, UK
Palgrave Studies in the History of Economic Thought publishes contri-
butions by leading scholars, illuminating key events, theories and individ-
uals that have had a lasting impact on the development of modern-day
economics. The topics covered include the development of economies,
institutions and theories.
Political Economy
and International
Order in Interwar
Europe
Editors
Alexandre M. Cunha Carlos Eduardo Suprinyak
Cedeplar Cedeplar
Universidade Federal de Minas Gerais Universidade Federal de Minas Gerais
Belo Horizonte, Minas Gerais, Brazil Belo Horizonte, Minas Gerais, Brazil
© The Editor(s) (if applicable) and The Author(s), under exclusive license to Springer
Nature Switzerland AG 2021
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of translation, reprinting, reuse of illustrations, recitation, broadcasting, reproduction on
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retrieval, electronic adaptation, computer software, or by similar or dissimilar methodology
now known or hereafter developed.
The use of general descriptive names, registered names, trademarks, service marks, etc.
in this publication does not imply, even in the absence of a specific statement, that such
names are exempt from the relevant protective laws and regulations and therefore free for
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tion in this book are believed to be true and accurate at the date of publication. Neither
the publisher nor the authors or the editors give a warranty, expressed or implied, with
respect to the material contained herein or for any errors or omissions that may have been
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and institutional affiliations.
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The registered company address is: Gewerbestrasse 11, 6330 Cham, Switzerland
Preface
We all seem to have aged faster than usual in the past few weeks, if not
for the worries and anguish of a moment of profound uncertainty, simply
because time appears to move quicker before our eyes. Streets, public
spaces, and tourist sites in the world’s major cities all suddenly empty
due to the collective effort to fight the COVID-19 pandemic reflect the
seriousness of the moment we are living and the deep transformations that
are taking place, whose results are still difficult to foresee at present.
An intriguing and fascinating aspect of historical analyses is their
capacity to reveal that the time of history is not the same as the time of
physics. Historical time can sometimes move much faster than the ticking
of the clock or stretch itself to the point of appearing almost motionless.
Periods of substantive transformations tend to amplify this perception of
acceleration in historical time. While trying to interpret the meaning of
these transformations as they occur tends to be an innocuous effort, at
least from the historian’s point of view, history can help us gauge the
scope and depth of the rising challenges. The many apparent parallels
between our own time and the interwar period provided one of motiva-
tions for the present volume. At first, these similarities referred mostly to
the rise of populist nationalistic political regimes and the economic ideolo-
gies underpinning them, which strained the fabric of the established inter-
national order. The outbreak of a global pandemic in 2020—whose closest
parallel is the 1918 influenza pandemic, the “Spanish Flu”—only further
v
vi PREFACE
convinced us that the interwar period can bring new layers of meaning to
the analysis of our current predicaments.
This book originated as part of a research project developed within
the scope of the Jean Monnet Chair “Economics, Political Economy
and the Building of the European Integration Project” (co-funded by
the Erasmus+ program of the European Union), based at the School of
Economics of the Federal University of Minas Gerais (UFMG), Brazil.
When we wrote the application for this grant in late 2016, stressing
the importance of the interwar period for understanding the European
integration process, we did not anticipate the extent to which current
political and economic dilemmas would come to mirror the problems
that plagued the interwar period, especially the favorable ambiance to
the growth of political extremism and the coming to power of govern-
ments with a strong authoritarian bent in large and important democra-
cies around the world. In other words, flirting with fascism was not yet
on the horizon when the project was written. Nevertheless, this question
was very much present in February 2019, when we gathered at the Insti-
tute of Social Sciences, University of Lisbon, to present and discuss the
first drafts of the chapters contained in this book during the workshop
“Interwar Economics and the Intellectual Origins of European Integra-
tion”, jointly hosted by UFMG’s Jean Monnet Chair and the Research
Group Power, Society and Globalization of the Institute of Social Sciences.
Besides giving the contributors ample feedback on how to improve the
arguments developed in their individual chapters, the workshop also rein-
forced our sense of the overlapping themes and concerns that connected
our different research interests and perspectives.
As we now write this preface, in May 2020, the world has witnessed
with perplexity the unsettling effects of a pandemic on health systems,
economic activity, and social order more generally, and we still do not
know how much longer the crisis will persist. Most prognostics indicate
the world will face its worst economic recession since the Great Depres-
sion of the 1930s; coming to grips with the situation and planning for
the near future will be a daunting task. All of a sudden, we can see in a
different light the attention given to the notion of uncertainty by interwar
economists such as John Maynard Keynes and Frank Knight—just one
evident example of how ideas developed then can shed new light on the
challenges we face now.
The historian’s craft does not involve futurology. Nevertheless, given
this game of truncated reenactments of the past we sometimes seem to
PREFACE vii
We thank the anonymous referees who helped us for their availability and
competence in carrying out this task.
We also wish to thank a group of colleagues who contributed their crit-
icism and comments at different stages of this project, namely Guilherme
Sampaio, Nicolas Brisset, Marcel Boumans, Quinn Slobodian, Mauro
Boianovsky, Susan Howson, Michael Ambrosi, Anthony Howe, Dieter
Plehwe, Scott Scheall, Joseph Love, Fabio Masini, Joseph Persky, Liane
Hewitt, and Luiz Felipe Bruzzi Curi.
Finally, our special thanks go to all the colleagues who contributed the
fruits of their research to this book, thus enriching our project with such
diverse and insightful perspectives on interwar history and its aftermath.
Alexandre M. Cunha, in a personal note, would also like to thank the
constant support and love of his wife, Tarsila. She, our almost three-year-
old son Caio, and our soon-to-be daughter, always bring light to my
cloudy days and, simply, make me happy.
1 Introduction 1
Alexandre M. Cunha and Carlos Eduardo Suprinyak
ix
x CONTENTS
Index 423
Notes on Contributors
xiii
xiv NOTES ON CONTRIBUTORS
Chapter 6
Table 1 European Payments Union quota (in million US$) 174
Table 2 Borrowing rights and lending obligations 175
xix
CHAPTER 1
Introduction
This book discusses arguments about international order that took shape
in interwar Europe, using the history of economic ideas as a privileged
analytical perspective. Many of the disputes examined in the following
pages, however, also touched upon another underlying topic: the history
of European integration. The book itself is the result of a research project
that articulates the history of economic ideas with the history of Euro-
pean integration, as detailed in the preface.1 Directly or indirectly, the
European integration process is thus one of the important questions
1 This research project was developed within the scope of the Jean Monnet Chair
“Economics, Political Economy and the Building of the European Integration Project”
(co-funded by the Erasmus + program of the European Union), based at the School of
Economics of the Federal University of Minas Gerais (UFMG), Brazil.
A. M. Cunha (B)
Cedeplar, Universidade Federal de Minas Gerais, Belo Horizonte, Minas Gerais,
Brazil
e-mail: amc@cedeplar.ufmg.br
C. E. Suprinyak
Federal University of Minas Gerais, Belo Horizonte, Brazil
e-mail: suprinyak@cedeplar.ufmg.br
ASSASSINATION OF COLONEL
ELLSWORTH.
May 24, 1861.
The defenders of the Union had been gathering at Washington and
in its vicinity for more than a month, in answer to the call for troops,
that rang through the land clear as clarion notes. The arduous labor
of providing for and disciplining the large number of untrained
recruits, collected in such haste, had been met with energy and
perseverance by the officers of the government. Very much had been
accomplished, notwithstanding all the embarrassments incident to
an extensive and untried field of labor.
The heart of the country was beating restively at delay, and
popular feeling, as it found its voice through the press, thundered
anathemas, and clamored for a forward movement. Nothing but
prompt and decisive action would satisfy the people that the
government was sturdily bending its whole energies to strangle the
monster treason in its youth. The people had not yet learned the first
great secret of success—how to wait. They saw the ship of state
struggling fiercely amid the rocks of an untried ocean, and
worshiping the flag at her mast-head, grew clamorous for its
protection. Every newspaper, and almost every household, had its
own ideas of how this was to be accomplished. The government,
unused to war, and anxious to gratify the spirit of patriotism that had
supported it so nobly, was ready to answer the rash clamor; and so
this long, loud cry of ignorant impatience became words of fate, and
ended in giving us the defeat of Bull Run.
The people, the generous loyal people, ever dissatisfied with
anything but lightning speed, in peace or war, clamored for action,
and must be appeased. Under this pressure, events forced each other
on, culminating in action.
Though an act of secession had been passed by a State Convention,
held at Richmond on the 17th of April, it was professedly to be
submitted to the people of the State of Virginia for their approval on
the 23d of May; and though it had been determined by the United
States Government to take possession of, and fortify the Virginia
hills, in front of the capital, it was deemed advisable to await that
event before making any military movement into that State which
could be interpreted into an attempt to influence or control the
popular vote. The conspirators, however, without waiting for any
ratification of their secession act by the people, immediately made a
conveyance of the State to the Confederate government, and claimed
its protection; thus effectually leaving the “mother of States” to
associate with the disobedient daughters.
In consequence of the action of Governor Letcher, Confederate
troops from Georgia, Mississippi, and other Southern States, were
sent rapidly into Virginia, and located at various points, where it was
deemed that they could be of the most use, and best serve the
interests of the Confederacy. The result of this movement could
easily have been foretold. The election was held under military
regime and terrorism, and loyal men, having been warned of the
penalty of voting against secession, either feared to do so, or
neglected to vote altogether; a majority was secured for the
ordinance, and Virginia, “mother of Presidents,” had taken her
second grand step in the downward path of disunion.
The people of the city of Alexandria were generally infected with
disloyalty, and rebel flags floated boldly from many of the principal
buildings. A detachment of Confederate troops was at all times
quartered within its limits, and with the hope of capturing them and
their supplies, it was determined to occupy the city by a surprise
movement. The result of the election clearly foreshadowed,
arrangements were made for action—prompt and decisive action—to
follow immediately upon the closing of the polls, where disunionists
had played a mere farce, and disloyal bayonets had fettered the
freedom of the ballot-box.
On the night of May 23d, orders were given for an advance to the
troops designed for this expedition, numbering in all about 13,000,
and at ten o’clock an advance guard of picked men moved cautiously
over the bridge. Sent to reconnoitre, their commands were
imperative that if assaulted they were to signalize for reinforcements,
which would be speedily furnished by a corps of infantry and a
battery. At twelve o’clock the regiment of infantry, the artillery and
the cavalry corps began to muster, and as fast as they were prepared,
proceeded to the Long Bridge, the portion of the force then in
Washington being directed to take that route. The troops quartered
at Georgetown, comprising the Fifth, Eighth, Twenty-eighth and
Sixty-ninth New York, also proceeded across the Chain Bridge, under
the command of General McDowell.
At half-past one o’clock, six companies of District Volunteers,
including the National Rifles, and Turners, stepped from the Long
Bridge upon Virginia soil. To capture the enemy’s patrols by the
means of boats had been the original plan, but the bright moonlight
prevented it. This vanguard was commanded by Inspector-General
Stone, under whom Captain Smead led the centre, Adjutant Abbott
the left, and Captain Stewart the right wing. When within half a mile
of Alexandria, they halted and awaited the arrival of the main body.
The remainder of the army crossed in the following order: The
Twelfth and Twenty-fifth New York, First Michigan, and First,
Second, Third, and Fourth New Jersey; two regular cavalry corps of
eighty men each, and Sherman’s two batteries; next and last came
the New York Seventh. General Mansfield directed the movements of
the troops. At a quarter to four the last of the forces left, and fifteen
minutes later Major-General Sanford, accompanied by his staff,
proceeded to Virginia to assume the command.
The famous Sixty-ninth New York, after crossing the river below
Georgetown, took position on the Orange and Manassas Gap
railroad, and surrounded and captured the train from Alexandria,
with a large number of passengers, of which a few, known to be
violent secession partizans, were retained as prisoners.
As the Michigan regiment, accompanied by two guns of Sherman’s
renowned battery, and a company of regular cavalry, marched into
the town, a detachment of thirty-five rebel horsemen were found
preparing to mount. The battery came up the street towards them
like a whirlwind, and they soon surrendered.
The New York Fire Zouaves, under the command of Colonel E. E.
Ellsworth, were conveyed in steamers, and as the day was dawning
their dashing uniform and fearless faces flashed upon the citizens of
Alexandria. Not until they had landed did the rebel sentinels discover
them, and then, after firing their muskets as a signal of warning, they
hastened to alarm the sleeping city.
Little need had those brave and untameable “fire fighters” of
directions. The master spirit of all their movements had imbued
them with feelings akin to his own. They knew their duty, and men
trained as they had been in a severe school of danger, could never be
backward in performing it. Ellsworth, who, as it might seem, with the
shadows of death already gathering around him, could sit calmly
down in the dim midnight, after addressing his men in a brief and
stirring speech, announcing the orders to march on Alexandria,
closing with the well remembered words, “Now boys, go to bed and
wake up at two o’clock for a sail and a skirmish;” and after arranging
the business of his regiment, pen letters that seemed “as if the
mystical gales from the near eternity must have breathed for a
moment over his soul, freighted with the odor of amaranths and
asphodels”—needed none to tell him of his duty or to urge him to its
even rash fulfilment.
In the early light of morning he entered the rebel town. A secession
flag waved defiantly from the Marshall House, and with the fiery
enthusiasm of his nature, Ellsworth rushed to tear down the hated
emblem of enmity to the Union he loved so well. With his own hand
he tore the flag from its fastening, and descending the stairs flushed
with the pride of success, came upon his fate. A musket in the hands
of the proprietor, J. W. Jackson, pealed his death-knell, and he
sealed the glories of that too well remembered morning, with his
heart’s blood.
ASSASSINATION OF COLONEL ELLSWORTH.