The Economics Of Empire

German unification evoked ambivalent reactions outside its borders: it revived disquietingmemories of attempts by German big business during the two world wars to build an economic empire in Europe in conjunction with the military and the government bureaucracy. But thereare also high hopes that German finance and industry will serve as the engine of reconstruction in eastern Europe, just as it played this role in the postwar unification of western Europe.

An argument that conceiving of economic value as a social force makes it possible to develop a new and more powerful theory of market behavior. With the advent of the 2007–2008 financial crisis, the economics profession itself entered into a crisis of legitimacy from which it has yet to emerge. Despite the obviousness of their failures, however, economists continue to rely on the same methods and to proceed from the same underlying assumptions. André Orléan challenges the neoclassical paradigm in this book, with a new way of thinking about perhaps its most fundamental concept, economic value. Orléan argues that value is not bound up with labor, or utility, or any other property that preexists market exchange. Economic value, he contends, is a social force whose vast sphere of influence, amounting to a kind of empire, extends to every aspect of economic life. Markets are based on the identification of value with money, and exchange value can only be regarded as a social institution. Financial markets, for example, instead of defining an extrinsic, objective value for securities, act as a mechanism for arriving at a reference price that will be accepted by all investors. What economists must therefore study, Orléan urges, is the hold that value has over individuals and how it shapes their perceptions and behavior. Awarded the prestigious Prix Paul Ricoeur on its original publication in France in 2011, The Empire of Value has been substantially revised and enlarged for this edition, with an entirely new section discussing the financial crisis of 2007–2008.

This book concerns the end of the age of colonization and the inherent changes in the world economy. It discusses the author’s perception of the disintegration of free trade and ideas on the solution of federation. Starting with an introduction to economic thought and history the author then presents the state of the world at the time of writing in terms of colonies and dependencies and looks at economic nationalism and economic separatism. This discursive text is an important account of the global economic issues of the early twentieth century by one of the most well-known economists of the age who became a foremost expert in international financial affairs.

The Economics of Empire: Genealogies of Capital and the Colonial Encounter is a multidisciplinary intervention into postcolonial theory that constructs and theorizes a political economy of empire. This comprehensive collection traces the financial genealogies associated with the colonial enterprise, the strategies of economic precarity, the pedigrees of capital, and the narratives of exploitation that underlay and determined the course of modern history. One of the first attempts to take this approach in postcolonial studies, the book seeks to sketch the commensal relation—a symbiotic "phoresy"—between capitalism and colonialism, reading them as linked structures that carried and sustained each other through and across the modern era. The scholars represented here are all postcolonial critics working in a range of disciplines, including Political Science, Sociology, History, Peace and Conflict Studies, Legal Studies, and Literary Criticism, exploring the connections between empire and capital, and the historical and political implications of that structural hinge. Each author engages existing postcolonial and poststructuralist theory and criticism while bridging it over to research and analytic lenses less frequently engaged by postcolonial critics. In so doing, they devise novel intersectional and interdisciplinary frameworks through which to produce more greatly nuanced understandings of imperialism, capitalism, and their inextricable relation, "new" postcolonial critiques of empire for the twenty-first century. This book will be an excellent resource for students and researchers of Postcolonial Studies, Literature, History, Sociology, Economics, Political Science and International Studies, among others.

This book provides a rigorously chronological journey through the economic history of modern Spain, always with an eye opened to what happens in the international economy and a focus on economic policy making and institutional change. It shows the central theme of the Spanish economy from the late 18th century to the early 21st century is the painful transformation from being a major imperial power to a small nation and later a member of the European Community and a player in a globalized economy. It looks in detail at two major issues - economic growth and convergence or divergence to the Western European pattern- and the permanent tension between the two when assessing historical experience since the industrial revolution. This book proposes new visions of the economic past of Spain and provides comparisons over time and space, which will be of interest to academics and students of economic history, European economic history and more specifically Spanish economic history.

The question of why empires decline and fall has attracted the attention of historians for centuries, but remains fundamentally unsolved. This unique collection is concerned with the purely economic aspects of decline. It can be observed of empires in the process of decline that their economies are generally faltering. Here the similarities in different cases of economic decline are identified, bearing in mind that individual histories are characterized by important elements of originality. In his introduction, Professor Cipolla points out that improvements in standards of living brought about by a rising economy lead to more and more people demanding to share the benefits. Incomes increase and extravagances develop, as new needs begin to replace those which have been satisfied. Prosperity spreads to neighbouring countries, which may become a threat and force the empire into greater military expenditure. For these and other reasons, public consumption in mature empires has a tendency to rise sharply and outstrip productivity and, in general, empires seem to resist change. The ten articles in this collection, first published in 1970, examine separate cases of economic decline, from Rome and Byzantium to the more recent histories of the Dutch and Chinese empires, and demonstrate both the resemblances and the peculiarly individual characteristics of each case.

Historians have so far made few attempts to assess directly the costs and benefits of Britain's investment in empire. This book presents answers to some of the key questions about the economics of imperialism: how large was the flow of finance to the empire? How great were the profits on empire investment? What were the social costs of maintaining the empire? Who received the profits, and who bore the costs? The authors show that colonial finance did not dominate British capital markets; returns from empire investment were not high in comparison to earnings in the domestic and foreign sectors; there is no evidence of continued exploitative profits; and empire profits were earned at a substantial cost to the taxpayer. They depict British imperialism as a mechanism to effect an income transfer from the tax-paying middle class to the elites in which the ownership of imperial enterprise was heavily concentrated, with some slight net transfer to the colonies in the process.