Banks in bank-based financial systems tend to engage in long-term lending that requires substantial own capital to guarantee solvency. In market-based systems, in contrast, they tend to undertake short-term lending that requires adequate reserves to guarantee liquidity. Theoretical support for...

Ottoman industrialisation in cotton spinning was led by the town of Naoussa in Macedonia. This paper shows that Naoussa capitalists grasped the opportunities created by trade liberalisation, accumulated capital in domestic manufacture of woollen cloth, and secured a regular supply of low-wage...

Money's emergence in commodity exchange remains a unresolved issue within economic theory. Current general equilibrium models, drawing on Menger, offer an explanation that rests on the economic advantages of a universally accepted means of exchange that is established through ‘social...