This paper provides a case history of the attempt by the first Italian left-wing government to regulate the banks’ issue system in the second half of the 19th century. From the point of view of banking policy, behind the gradualist approach to institutional changes lay an "eclectic" theory on the value of money between Ricardo and Wagner, which also characterized the action of the Minister of Economy Majorana in the first three years of the left-wing Government. The "middle way" favored by the Minister for banking regulation was largely inspired by the financial policy developed by Chase, Secretary of the Treasury in President Lincoln’s cabinet, during the American Civil War. These measures formed a model of "moderate" free banking, in the balance between hard and soft money, between the money issued by the State and that produced by private banks, and indeed between decentralization and centralization of the monetary institutions. This policy proved able to unify the currency in the Union on a permanent basis, appropriate to control the very strong inflationary pressures triggered by military spending, also financed by issue of greenbacks, but, above all, opportune to create a market for government bonds. In the case of Italy, examined here, regulatory response proved ineffective due both to the many changes that had been made to the project during parliamentary approval, severely compromising the rationality and consistency of Majorana’s original project, and to the failure to implement it. The insufficient legislation introduced was not able to stem the banking crisis, which became systemic in the early1890s.
{"title":"Between Ricardo and Wagner: A Case Study on the History of Banking Legislation (1876-1879)","authors":"A. Bruna","doi":"10.3280/SPE2018-001004","DOIUrl":"https://doi.org/10.3280/SPE2018-001004","url":null,"abstract":"This paper provides a case history of the attempt by the first Italian left-wing government to regulate the banks’ issue system in the second half of the 19th century. From the point of view of banking policy, behind the gradualist approach to institutional changes lay an \"eclectic\" theory on the value of money between Ricardo and Wagner, which also characterized the action of the Minister of Economy Majorana in the first three years of the left-wing Government. The \"middle way\" favored by the Minister for banking regulation was largely inspired by the financial policy developed by Chase, Secretary of the Treasury in President Lincoln’s cabinet, during the American Civil War. These measures formed a model of \"moderate\" free banking, in the balance between hard and soft money, between the money issued by the State and that produced by private banks, and indeed between decentralization and centralization of the monetary institutions. This policy proved able to unify the currency in the Union on a permanent basis, appropriate to control the very strong inflationary pressures triggered by military spending, also financed by issue of greenbacks, but, above all, opportune to create a market for government bonds. In the case of Italy, examined here, regulatory response proved ineffective due both to the many changes that had been made to the project during parliamentary approval, severely compromising the rationality and consistency of Majorana’s original project, and to the failure to implement it. The insufficient legislation introduced was not able to stem the banking crisis, which became systemic in the early1890s.","PeriodicalId":40401,"journal":{"name":"History of Economic Thought and Policy","volume":"1 1","pages":"81-97"},"PeriodicalIF":0.0,"publicationDate":"2018-05-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"43486283","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
The establishment of a central bank occurred at very different moments in the process of economic integration in the United States and the European Union. In this paper, we go into the first years of the Federal Reserve System through the lens of Paul van Zeeland’s PhD dissertation. Paul van Zeeland (1893-1973) became the first Head of the Economics Service of the National Bank of Belgium in 1921, after his studies in Princeton with Edwin Walter Kemmerer. There are clear similarities in their analyses of the Federal Reserve System, for instance in their adherence to the gold standard and the real bills doctrine as well as in their emphasis on the elasticity of the money supply. Moreover, they shared a view - with hindsight a rather naive view - that with the Fed in place, financial crises would be a distant memory. However, there were also important differences. So, van Zeeland, like several other economists as Warburg, accorded greater significance to the discount market (a key factor for the international role of the dollar) and to a stronger centralization of the Fed (which would be taken up in the 1935 Banking Act). Moreover, very specific for van Zeeland is the importance given to the Fed's independence from the State (an element related to his continental European background and Belgium's experience of monetary financing during the war).
中央银行的建立发生在美国和欧盟经济一体化进程中非常不同的时刻。在本文中，我们通过保罗·范·泽兰的博士论文的镜头进入联邦储备系统的最初几年。保罗·范·泽兰(Paul van Zeeland, 1893-1973)在1921年跟随埃德温·沃尔特·凯默勒(Edwin Walter Kemmerer)在普林斯顿大学学习后，成为比利时国家银行经济服务处的首任负责人。他们对联邦储备系统的分析有明显的相似之处，例如，他们坚持金本位和实物票据原则，以及他们对货币供应弹性的强调。此外，他们还持有一种观点——事后看来，这是一种相当天真的观点——即只要有美联储在，金融危机就会成为遥远的记忆。然而，也有重要的区别。因此，van Zeeland和Warburg等其他几位经济学家一样，更重视贴现市场(美元国际地位的关键因素)和美联储更强的中央集权(这将在1935年的《银行法》中得到采纳)。此外，范泽兰特别强调美联储独立于国家的重要性(这与他的欧洲大陆背景和比利时在战争期间的货币融资经验有关)。
{"title":"Paul van Zeeland and the First Decade of the US Federal Reserve System: the Analysis from a European Central Banker who was a Student of Kemmerer","authors":"I. Maes, Rebeca Gomez Betancourt","doi":"10.3280/SPE2018-002001","DOIUrl":"https://doi.org/10.3280/SPE2018-002001","url":null,"abstract":"The establishment of a central bank occurred at very different moments in the process of economic integration in the United States and the European Union. In this paper, we go into the first years of the Federal Reserve System through the lens of Paul van Zeeland’s PhD dissertation. Paul van Zeeland (1893-1973) became the first Head of the Economics Service of the National Bank of Belgium in 1921, after his studies in Princeton with Edwin Walter Kemmerer. There are clear similarities in their analyses of the Federal Reserve System, for instance in their adherence to the gold standard and the real bills doctrine as well as in their emphasis on the elasticity of the money supply. Moreover, they shared a view - with hindsight a rather naive view - that with the Fed in place, financial crises would be a distant memory. However, there were also important differences. So, van Zeeland, like several other economists as Warburg, accorded greater significance to the discount market (a key factor for the international role of the dollar) and to a stronger centralization of the Fed (which would be taken up in the 1935 Banking Act). Moreover, very specific for van Zeeland is the importance given to the Fed's independence from the State (an element related to his continental European background and Belgium's experience of monetary financing during the war).","PeriodicalId":40401,"journal":{"name":"History of Economic Thought and Policy","volume":"1 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2018-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"48831401","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
The Centro Europa Ricerche (CER) was created in Rome in 1981 by Giorgio Ruffolo in collaboration with Antonio Pedone, Luigi Spaventa and a few others. Although very close to the Partito Socialista Italiano (PSI), CER was frequently very critical of the governments in which the PSI took part. While supporting successive reforms of the scala mobile, CER was highly critical of the budgetary policy, with a rapid shift of emphasis from the insufficient and unequal revenues to the need for structural spending cuts from 1983 onwards. Parallel to this ran the analysis of Italian industries and their outlook. While pointing to slow growth of productivity and scant innovation as the main problems of Italian industry, CER lamented the lack of an industrial policy and did not share the Bank of Italy view on the effects of the central bank exchange rate management within the EMS. While the central bank considered it possible to stimulate organisational and technological innovation by means of an overvalued lira, CER denounced the negative effects of this policy on employment. At a later stage, CER also began to view the growing size of the tertiary sector with increasing concern. The situation emerging at the end of the 1980s was that workers laid off from the exporting sectors were finding employment in the less competitive tertiary sector, thus producing an upward pressure on prices which generated inflation and reduced the competitiveness of the entire economy. In response to this, CER proposed several reforms. The reforms proposed, and the arguments supporting them, to some extent anticipated the kind of reformism that would prevail at a later stage, when Italy decided to enter the EMU. However, the kind of reformism proposed at CER from 1982 to 1992 was not based on the idea that an external constraint ought to be imposed on a recalcitrant country. What CER was proposing was an autonomous process of reform, opposed to any external constraint a la Maastricht.
{"title":"Centro Europa Ricerche from its foundation to the end of the ‘First Republic’","authors":"C. Cristiano","doi":"10.3280/SPE2017-002005","DOIUrl":"https://doi.org/10.3280/SPE2017-002005","url":null,"abstract":"The Centro Europa Ricerche (CER) was created in Rome in 1981 by Giorgio Ruffolo in collaboration with Antonio Pedone, Luigi Spaventa and a few others. Although very close to the Partito Socialista Italiano (PSI), CER was frequently very critical of the governments in which the PSI took part. While supporting successive reforms of the scala mobile, CER was highly critical of the budgetary policy, with a rapid shift of emphasis from the insufficient and unequal revenues to the need for structural spending cuts from 1983 onwards. Parallel to this ran the analysis of Italian industries and their outlook. While pointing to slow growth of productivity and scant innovation as the main problems of Italian industry, CER lamented the lack of an industrial policy and did not share the Bank of Italy view on the effects of the central bank exchange rate management within the EMS. While the central bank considered it possible to stimulate organisational and technological innovation by means of an overvalued lira, CER denounced the negative effects of this policy on employment. At a later stage, CER also began to view the growing size of the tertiary sector with increasing concern. The situation emerging at the end of the 1980s was that workers laid off from the exporting sectors were finding employment in the less competitive tertiary sector, thus producing an upward pressure on prices which generated inflation and reduced the competitiveness of the entire economy. In response to this, CER proposed several reforms. The reforms proposed, and the arguments supporting them, to some extent anticipated the kind of reformism that would prevail at a later stage, when Italy decided to enter the EMU. However, the kind of reformism proposed at CER from 1982 to 1992 was not based on the idea that an external constraint ought to be imposed on a recalcitrant country. What CER was proposing was an autonomous process of reform, opposed to any external constraint a la Maastricht.","PeriodicalId":40401,"journal":{"name":"History of Economic Thought and Policy","volume":"356 ","pages":"83-102"},"PeriodicalIF":0.0,"publicationDate":"2017-10-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"41311886","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
This paper explores the activities of five think tanks at work on the Italian economy during the 1970s and 1980s. They are: Cespe (Economic Policy Research Centre) and Csc (the research departement of the Confederation of Italian Industries) in the second half of the 1970s; Ceep (Economic Policy Study Center) from 1973 to 1992; Cer (Research Europe Center) from 1981 to 1992; Isel (Labour Economic Studies Institute) from 1981 to 1985. Based on the experience of these study centres, the paper considers some leading topics in the think tank’s literature, such as 1) the relationship between knowledge and power; 2) the challenging and problematic path between the economic expertise and the aspiration to influence the policy-making. In particular, the study-cases analysed show a variety of nexus between knowledge and policy, in some cases of a conflictual nature, in others of a dialectical nature, and in yet others legitimising one another. As a consequence of this focus on these 5 think tanks, some major issues of the Italian economy of that time are also brought to the attention of the reader: the ways then adopted to escape from inflation; the inability of the ruling powers to address the crisis of public finance and the soaring public debt; and the great uncertainty about the effectiveness of the quantitative parameters of the Maastricht Treaty in providing an appropriate solution for Italy. In general, the paper provides some reflections on the different guises in which economics seeks a place in public discourse.
{"title":"Economic expertise and policy beliefs - The think tanks of the Italian economy from the social conflict of the 1970s to the Maastricht Treaty","authors":"P. Bini","doi":"10.3280/SPE2017-002001","DOIUrl":"https://doi.org/10.3280/SPE2017-002001","url":null,"abstract":"This paper explores the activities of five think tanks at work on the Italian economy during the 1970s and 1980s. They are: Cespe (Economic Policy Research Centre) and Csc (the research departement of the Confederation of Italian Industries) in the second half of the 1970s; Ceep (Economic Policy Study Center) from 1973 to 1992; Cer (Research Europe Center) from 1981 to 1992; Isel (Labour Economic Studies Institute) from 1981 to 1985. Based on the experience of these study centres, the paper considers some leading topics in the think tank’s literature, such as 1) the relationship between knowledge and power; 2) the challenging and problematic path between the economic expertise and the aspiration to influence the policy-making. In particular, the study-cases analysed show a variety of nexus between knowledge and policy, in some cases of a conflictual nature, in others of a dialectical nature, and in yet others legitimising one another. As a consequence of this focus on these 5 think tanks, some major issues of the Italian economy of that time are also brought to the attention of the reader: the ways then adopted to escape from inflation; the inability of the ruling powers to address the crisis of public finance and the soaring public debt; and the great uncertainty about the effectiveness of the quantitative parameters of the Maastricht Treaty in providing an appropriate solution for Italy. In general, the paper provides some reflections on the different guises in which economics seeks a place in public discourse.","PeriodicalId":40401,"journal":{"name":"History of Economic Thought and Policy","volume":"1 1","pages":"5-23"},"PeriodicalIF":0.0,"publicationDate":"2017-10-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"43311278","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
The paper deals with the experience of Centro Studi di Politica Economica - Ceep (Economic Policy Study Center) from its constitution in Turin in 1973 up to the early 1990s. The paper begins with some considerations on certain statutory, practical and organizational aspects of this Centre, together with its publishing initiatives involving various economic journals. Thereafter, the author analyses the special case of Giorgio La Malfa as head of Ceep and, at the same time, Minister for the Budget in the Italian Governments during the period 1980-1982. In the last part of the paper, the author describes the interesting annual debates arganized by Ceep on the topics of Italian budget deficits and the growing public debt as from 1988 up to 1992. In the course of the paper, the author offers various considerations on the influence this think tank exerted on the policy-decision process during its life.
本文介绍了经济政策研究中心（Centro Studi di Politica Economica-Ceep）从1973年在都灵成立到20世纪90年代初的经验。本文首先对该中心的某些法律、实践和组织方面进行了一些考虑，以及该中心涉及各种经济期刊的出版举措。此后，作者分析了Giorgio La Malfa在1980-1982年期间担任Ceep负责人，同时担任意大利政府预算部长的特殊情况。在论文的最后一部分，作者描述了从1988年到1992年，Ceep每年就意大利预算赤字和不断增长的公共债务进行的有趣的辩论。在本文中，作者对该智库在其生命周期中对政策决策过程的影响提出了各种思考。
{"title":"Tough Times for an Italian Think Tank - The \"Economic Policy Study Centre\" (Ceep) from its foundation to the end of the First Republic (1973-1992)","authors":"P. Bini","doi":"10.3280/SPE2017-002004","DOIUrl":"https://doi.org/10.3280/SPE2017-002004","url":null,"abstract":"The paper deals with the experience of Centro Studi di Politica Economica - Ceep (Economic Policy Study Center) from its constitution in Turin in 1973 up to the early 1990s. The paper begins with some considerations on certain statutory, practical and organizational aspects of this Centre, together with its publishing initiatives involving various economic journals. Thereafter, the author analyses the special case of Giorgio La Malfa as head of Ceep and, at the same time, Minister for the Budget in the Italian Governments during the period 1980-1982. In the last part of the paper, the author describes the interesting annual debates arganized by Ceep on the topics of Italian budget deficits and the growing public debt as from 1988 up to 1992. In the course of the paper, the author offers various considerations on the influence this think tank exerted on the policy-decision process during its life.","PeriodicalId":40401,"journal":{"name":"History of Economic Thought and Policy","volume":"1 1","pages":"71-82"},"PeriodicalIF":0.0,"publicationDate":"2017-10-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"45272502","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Italian policy-making changed dramatically during the Seventies. Exogenous events (like the end of the Bretton Woods system and the oil shocks) and endogenous transformations of the major economic (wage indexation, planning system, instrument of governmental intervention in industries, tax system, relationship between monetary authority and Treasury) and political institutions (workers statute, public health insurance, role of regions, school system) deeply changed the Italian society. Such changes were accompanied and often guided by experts, who exerted a major influence on policymaking. This influence mainly operated through some influential think tanks, which set the table for fundamental public policies. Among them, one of the most relevant was CESPE, the research centre of the Italian Communist Party, to which most leading Italian economists of the time gave their contribution, and that organized several workshops and published research and policy papers. The aim of the paper is to highlight the contribution CESPE gave to the transformation of Italian policy-making in the Seventies.
{"title":"Balance of Payment, Wage Indexation and Growth: the Role of CESPE in Italian Policy-Making in the 1970s","authors":"Francesco Cattabrini, Fabio Masini","doi":"10.3280/SPE2017-002002","DOIUrl":"https://doi.org/10.3280/SPE2017-002002","url":null,"abstract":"Italian policy-making changed dramatically during the Seventies. Exogenous events (like the end of the Bretton Woods system and the oil shocks) and endogenous transformations of the major economic (wage indexation, planning system, instrument of governmental intervention in industries, tax system, relationship between monetary authority and Treasury) and political institutions (workers statute, public health insurance, role of regions, school system) deeply changed the Italian society. Such changes were accompanied and often guided by experts, who exerted a major influence on policymaking. This influence mainly operated through some influential think tanks, which set the table for fundamental public policies. Among them, one of the most relevant was CESPE, the research centre of the Italian Communist Party, to which most leading Italian economists of the time gave their contribution, and that organized several workshops and published research and policy papers. The aim of the paper is to highlight the contribution CESPE gave to the transformation of Italian policy-making in the Seventies.","PeriodicalId":40401,"journal":{"name":"History of Economic Thought and Policy","volume":"6 1","pages":"25-48"},"PeriodicalIF":0.0,"publicationDate":"2017-10-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"46516486","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
The history of ISEL, the research center affiliated to the Italian Confederation of Labor Trade Unions (CISL), is to be considered closely related to the intellectual and personal vicissitudes of EzioTarantelli, the Italian economist who first prompted the creation of a trade union study center. Since its foundation (1981), ISEL activities have led to various publishing initiatives and formulation of the econometric model of the labor market (MOMEL). We will discuss how ISEL was originally founded in order to provide a suitable basis to support the key choices of the trade unions. Nevertheless, behind the rapid decrease in ISEL activity and its subsequent dissolution, which occurred in the immediate aftermath of Tarantelli’s death, lay the aim of giving back the trade unionists a degree of freedom in political terms.
{"title":"The case of ISEL within the strategy of CISL","authors":"Giovanni Michelagnoli","doi":"10.3280/SPE2017-002006","DOIUrl":"https://doi.org/10.3280/SPE2017-002006","url":null,"abstract":"The history of ISEL, the research center affiliated to the Italian Confederation of Labor Trade Unions (CISL), is to be considered closely related to the intellectual and personal vicissitudes of EzioTarantelli, the Italian economist who first prompted the creation of a trade union study center. Since its foundation (1981), ISEL activities have led to various publishing initiatives and formulation of the econometric model of the labor market (MOMEL). We will discuss how ISEL was originally founded in order to provide a suitable basis to support the key choices of the trade unions. Nevertheless, behind the rapid decrease in ISEL activity and its subsequent dissolution, which occurred in the immediate aftermath of Tarantelli’s death, lay the aim of giving back the trade unionists a degree of freedom in political terms.","PeriodicalId":40401,"journal":{"name":"History of Economic Thought and Policy","volume":"1 1","pages":"103-116"},"PeriodicalIF":0.0,"publicationDate":"2017-10-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"45938003","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
This work focuses on the Research Department established by the Italian Confederazione Generale dell’Industria (CSC), under the leadership of Guido Carli, between 1976 and 1980. This topic has been considered worthy of investigation because it represents an attempt to place Italy within a long-run stable macroeconomic path through supply-side policies and to foster a structural turning point able to overcome stagflation. Our specific goal is to stress the features of CSC as a modern think tank that worked through theoretical analysis supported by econometric research by both Italian and internationall economists.
{"title":"Re-founding a think tank: the Research Department of the Italian Industrial Association and its findings (1976-1980)","authors":"Alessandro Dafano","doi":"10.3280/SPE2017-002003","DOIUrl":"https://doi.org/10.3280/SPE2017-002003","url":null,"abstract":"This work focuses on the Research Department established by the Italian Confederazione Generale dell’Industria (CSC), under the leadership of Guido Carli, between 1976 and 1980. This topic has been considered worthy of investigation because it represents an attempt to place Italy within a long-run stable macroeconomic path through supply-side policies and to foster a structural turning point able to overcome stagflation. Our specific goal is to stress the features of CSC as a modern think tank that worked through theoretical analysis supported by econometric research by both Italian and internationall economists.","PeriodicalId":40401,"journal":{"name":"History of Economic Thought and Policy","volume":"1 1","pages":"49-69"},"PeriodicalIF":0.0,"publicationDate":"2017-10-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"45305026","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Studying the social and economic ideas underpinning political debates offers a deeper understanding of policy decision-making and institutional change. According to a well-established tradition, policies "can be regarded as embodying ideas about society, the economy, the state, citizens and relations between these. They embody views about justice, equality and individual responsibility" (Alcock et. al. 2000: 184). With this in mind, we shall investigate Lady Juliet Rhys-Williams’ critical reflections on the Beveridge Report and the alternative proposal she presented in Something to Look Forward to (1943). In this book, she elaborated an integrated approach to social security and income tax aimed at providing "complete security to those classes, especially the independent workers, widows and spinsters, who are not adequately covered by the Beveridge scheme" (Rhys-Williams 1943: vii). At the very heart of her social vision was the idea of distributing a universal allowance (basic income system) to all British citizens (children included). The rationale underpinning Rhys-Williams’ basic income system was the recognition that the problem afflicting British society was the ill-distribution of wealth, that hindered economic growth and prevented the attainment of full employment.
{"title":"A Universal Allowance to all Citizens: Juliet Rhys-Williams’ Alternative to The Beveridge Plan","authors":"C. Orsi","doi":"10.3280/SPE2017-001002","DOIUrl":"https://doi.org/10.3280/SPE2017-001002","url":null,"abstract":"Studying the social and economic ideas underpinning political debates offers a deeper understanding of policy decision-making and institutional change. According to a well-established tradition, policies \"can be regarded as embodying ideas about society, the economy, the state, citizens and relations between these. They embody views about justice, equality and individual responsibility\" (Alcock et. al. 2000: 184). With this in mind, we shall investigate Lady Juliet Rhys-Williams’ critical reflections on the Beveridge Report and the alternative proposal she presented in Something to Look Forward to (1943). In this book, she elaborated an integrated approach to social security and income tax aimed at providing \"complete security to those classes, especially the independent workers, widows and spinsters, who are not adequately covered by the Beveridge scheme\" (Rhys-Williams 1943: vii). At the very heart of her social vision was the idea of distributing a universal allowance (basic income system) to all British citizens (children included). The rationale underpinning Rhys-Williams’ basic income system was the recognition that the problem afflicting British society was the ill-distribution of wealth, that hindered economic growth and prevented the attainment of full employment.","PeriodicalId":40401,"journal":{"name":"History of Economic Thought and Policy","volume":"2017 1","pages":"35-66"},"PeriodicalIF":0.0,"publicationDate":"2017-05-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44320037","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
This work analyzes the economic thought of Antoine de Montchretien in the light of the categories of development economics, which emerged in the aftermath of World War II. In the history of economic thought the reconstructions of economic development analysis have often recognized that mercantilists and development economists have much in common. We will apply this comparison to Montchretien’s Traicte de l’Oeconomie Politique by analyzing the common ground of development economics and mercantilism in relation to national industrialization and economic growth. There will be also a focus on the "microfoundations" of the Traicte regarding individual behavior and unemployment as crucial factors for the explanation of economic development. We conclude that it is highly significant to find very similar rationales in explaining development processes in such an extensive time frame.
{"title":"Antoine de Montchrétien and development economics","authors":"Claudia Sunna","doi":"10.3280/SPE2017-001005","DOIUrl":"https://doi.org/10.3280/SPE2017-001005","url":null,"abstract":"This work analyzes the economic thought of Antoine de Montchretien in the light of the categories of development economics, which emerged in the aftermath of World War II. In the history of economic thought the reconstructions of economic development analysis have often recognized that mercantilists and development economists have much in common. We will apply this comparison to Montchretien’s Traicte de l’Oeconomie Politique by analyzing the common ground of development economics and mercantilism in relation to national industrialization and economic growth. There will be also a focus on the \"microfoundations\" of the Traicte regarding individual behavior and unemployment as crucial factors for the explanation of economic development. We conclude that it is highly significant to find very similar rationales in explaining development processes in such an extensive time frame.","PeriodicalId":40401,"journal":{"name":"History of Economic Thought and Policy","volume":"1 1","pages":"101-113"},"PeriodicalIF":0.0,"publicationDate":"2017-05-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"42320693","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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