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NEW PERSPECTIVES
ON THE HISTORY OF
POLITICAL ECONOMY
Edited by
Robert Fredona and
Sophus A. Reinert
New Perspectives on the History
of Political Economy
Robert Fredona · Sophus A. Reinert
Editors
New Perspectives
on the History of
Political Economy
Editors
Robert Fredona Sophus A. Reinert
Harvard Business School Harvard Business School
Boston, MA, USA Boston, MA, USA
v
vi Contents
Epilogue 393
Index 399
Editors and Contributors
Contributors
ix
x Editors and Contributors
the debate about the role of mathematics in economic theory can hardly
be said to be of much significance in the modern literature, since there are
no longer any leading economists who believe that academic economics
can be a nonmathematical discipline.1
xi
xii Introduction: History and Political Economy
Fig. 1 The Economist, July 18–24, 2009. Jon Berkeley for The Economist
since in the final analysis men’s minds may be read most clearly in their
actions, the practical ambitions and political interests of the molders of
economic thought must constantly be kept in view by those who seek to
understand what successive generations have put into the public record.19
Introduction: History and Political Economy xvii
at the ways the state managed commerce, giving (through privileges and
protection) as much as taking, or even liberated it.23
Financial and corporate structures in the European world developed
alongside governmental ones, and the story of the origins of political
economy is not a one-sided one, in which states or proto-states simply
regulated production and trade. Nor is it a teleological one, with the
neoliberal internationalist state waiting for us at the end. Rather, it is a
dynamic and contentious story in which the power of creditors and of
capital, and of economic ideas and practices, shaped and were shaped
by political communities. It is, in short, the story of wealth and power
in the West and the world it often violently created; of how human
beings thought about, grappled with, and overcame material hardship;
organized their political and economic communities, and struggled for
dominance on an increasingly larger global stage. With the rise of China
as an economic superpower, “state capitalism” has rushed to the center
of the economic discourse.24 But this is nothing new—the history of
state capitalism, of truly political economy, is also the history of the
global hegemony of the West over the past 700 years as well as of the
rise of the proverbial rest.25 We maintain that a good way of gaining
greater clarity with regards to this vital history—its manifest successes
and egregious limitations—is to examine the intricate ways in which
politico-economic ideas and practice intertwined in the city-states of
late medieval Italy as much as in the oceanic empires that birthed the
vexed geopolitical world in which we live. In fact, the essays contained
in this volume help tell precisely this story, through snapshots from a
truly global array of individuals, business enterprises, states, empires,
and from the idealized domain of theories themselves.
In his classic American Capitalism (1952), John Kenneth Galbraith
presented a suggestive theory of “countervailing powers” in market socie-
ties, arguing that the United States had ceased to be (if it ever had been)
a perfectly competitive market because of oligopolistic business prac-
tices, suggesting a solution in the countervailing influences of corpora-
tions, states, and trade unions.26 These would be the de facto building
blocks of much subsequent historiography, even in fields and for peri-
ods far distant from Galbraith’s own, to the extent that they eventually
came to be taken for granted: the world was made up of firms, states, and
Introduction: History and Political Economy xix
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Metadata
H. van Brakel,
Titel:
Ing. B. O. W.
Paulus Adrianus
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Auteur: Daum (1850–
https://viaf.org/viaf/167261/
1898)
Aanmaakdatum 2023-09-07
bestand: 18:54:26 UTC
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Vries-Te Winkel)
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[1875]
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