Im Jahr 1930 veröffentlichte Keynes einen Aufsatz über die Zukunft der Enkel, in dem er die Lösung des ökonomischen Problems und mithin das Ende der bisherigen Menschheitsgeschichte prognostizierte. Diese Prognose und die zahlreichen Implikationen, die Keynes aus ihr herleitete, werden hier...

Early states like China, India, Italy and Greece have been experiencing more rapid economic growth in recent decades than have later-comers to agriculture and statehood like New Guinea, the Congo, and Uruguay. We show that more rapid growth by early starters has been the norm in economic...

Does international financial integration boost economic growth? The question has been discussed controversially for a long time. As of yet, robust evidence for a positive impact is lacking (Edison et al., 2002). However, there is substantial narrative evidence from economic history that...

Does international financial integration boost economic growth? The question has been discussed controversially for a long time, and a large number of studies has been devoted to its empirical investigation. As of yet, robust evidence for a positive impact of capital market integration on...

In the first era of financial globalization (1880-1914), global capital market integration led to substantial net capital movements from rich to poor economies. The historical experience stands in contrast to the contemporary globalization where gross capital mobility is equally high, but did...

In this essay I review Sylvia Nasar's long awaited new history of economics, Grand Pursuit. I describe how the book is an economic history of the period from 1850-1950, with distinguished economists' stories inserted in appropriate places. Nasar's goal is to show how economists work, but also to...

It is argued that government credibility is an important resource and that it can be improved by delegating decision-making competence beyond the nation-state. It is hypothesized that such delegation should result in higher income and growth. Some former British colonies retained the Judicial...

This paper investigates the effects of financial development and political instability on economic growth in a power-ARCH framework with data for Argentina from 1896 to 2000. Our findings suggest that (i) informal or unanticipated political instability (e.g., guerrilla warfare) has a direct...

This paper reviews Finnish economic history during the ‘long’ twentieth century with a special emphasis on policies for equity and growth. We argue that Finland developed from a poor, vulnerable, and conflict-prone country to a modern economy in part through policies geared at both growth...