Whilst in some financial systems in the early twentieth century commercial and investment banking activities were carried out by functionally separate firms, in others both kinds of operation were conducted under one roof by “universal banks”. Explaining the evolutionary paths that lead to...

Eyam is an epicentre of Europe’s plague heritage. Every year, tens of thousands of people visit the Derbyshire village, drawn by stories of its catastrophic plague and the heroic response it elicited. The story they are told - of a self-imposed quarantine preventing disease spreading to the...

The facts of social sciences are ones that stem from scientific expertise, but in the social world, everyone is their own expert. Everyone lives in society, and experiences either first-hand, or closely second-hand, the same phenomena that social scientists investigate. Consequently, people are...

For the purposes of calculation, context is irrelevant: one is expected to strip away the “contingent” details, slot bare numbers into the equations, and perform the relevant maths. Medical doctors must know this. So why, asked just such a question about the likelihood of a diagnostic test...

The impact that the francoist autarkic economic policy had on the Spanish economy is assessed using the Domestic Resource Cost (DRC) as an indicator. This indicator compares the real opportunity cost of the primary factors used in the production of a certain good with its aggregated value at...

The Great Divergence Debate, initiated by the ‘California School’ in 1998 has revitalised a meta question for global history of “when,” “how,” and “why” the economies of Western Europe, on the one hand and the Ming-Qing Empire of East Asia, the Mughal empire of South Asia and the...

At a ‘conjuncture’ in pre-modern global history, labeled by previous generations of historians as the ‘Scientific Revolution’, the societies and states of western Europe established and promoted a regime of interconnected institutions for the accumulation of useful and reliable...

This paper identifies four economic tendencies that shaped the development of the international recorded music industry since 1945: the importance of endogenous sunk costs led to a quality race; the fact that marginal revenue equalled marginal profit led to extreme vertical integration; the...

In John B. Calhoun’s early crowding experiments, rats were supplied with everything they needed – except space. The result was a population boom, followed by such severe psychological disruption that the animals died off to extinction. The take-home message was that crowding resulted in...