As part of an endeavour to explain the divergence in incomes per capita between North and South America new institutional economics (NIE) and economic history have attempted in recent years to realize the potential effort for illumination derivable from comparisons of the heritage of their...

What is the origin and essence of fashion? This question has engaged scholars of various disciplines over the past decades, most of whom approach this subject with a Western or European focus. This paper argues instead that Asia was also pivotal in the articulation of the fashion system in...

The current landscape of Global History literature appears dominated by a rather asymmetrical dichotomy between Eurocentric analyses of the cumulative emergence of the West and global history which reduces the significance of this transition by blending it into very long-term perspectives. This...

A significant but uneven spurt of industrialization started in China during the first three decades of the 20th century at a time of political instability and national disintegration. This article argues that economic growth during this period was closely associated with the rise and expansion...

In 1967 Marshal Hodgson (the godfather of global economic history) wrote these percipient words: “Without the cumulative history of the whole Afro-Asian Oikumene of which the Occident had been an integral part, the western transmutation would be almost unthinkable”. Alas, the recommendation...

If we are to learn the right lessons from the tragedy ofNandigram, then we must ensure that the government is involvedin the land acquisition process and that we correctly deal withthree sets of issues: the size and form of compensation, theeligibility for compensation and the credibility of the...

The experience of West Bengal under the panchayat system stands in sharp contrast withthat of other states and, together with land reform, it has been credited for playing animportant role in the impressive economic turnaround of the state since the mid 1980s. WestBengal is the first and the...

We describe a behavior of a central bank when its measures of current inflation and outputare subject to measurement errors, in a framework of optimizing models with nominal pricestickiness. In our model, a central bank sets the interest rate equal to its current estimate of theso-called...

In this paper, we assess the effects of changes to the primarycredit facility since August 2007 by performing out-of-samplesimulations based on a model developed by Artuç andDemiralp (2008). Our results are highly consistent with thepredictions of our 2008 study—that is, the revised...

While systemic risk—the risk of wholesale failure of banksand other financial institutions—is generally consideredto be the primary reason for supervision and regulation of thebanking industry, almost all regulatory rules treat such risk inisolation. In particular, they do not account for...