We describe in this essay why the gold standard and the euro are extreme forms of fixed exchange rates, and how these policies had their most potent effects in the worst peaceful economic periods in modern times. While we are lucky to have avoided another catastrophe like the Great Depression in...

This review essay of the two-volume Cambridge History of Capitalism (2014), edited by Larry Neal and Jeffrey G. Williamson, is divided into three parts. First, I describe three chapters from the second volume that I recommend for all economists to add depth to their understanding of the world...

I argue in this paper for more interaction between economic history and economic development. Both subfields study economic development; the difference is that economic history focuses on high-wage countries while economic development focuses on low-wage economies. My argument is based on recent...