This article explores the dynamics of court practice with regard to mercantile preinsolvency in later nineteenth- and early twentieth-century Belgium. In 1883, the Belgian legislature introduced the proceeding of concordat préventif, making it possible for insolvent entrepreneurs to remain outside the liquidation-oriented procedure of faillite. Instead, they could declare their financial problems and propose a scheme of payment to their creditors. Despite this goal, however, the 1883 law, along with subsequent laws of 1885 and 1887, imposed high majority voting requirements. Accordingly, in the Antwerp commercial court, the shortcomings of the legislation were amended to ameliorate its procedural and judicial practice. The new practices of the court resulted in higher rates of acceptance of applications. However, these success ratios were not evenly distributed among the groups of debtors who applied. Perceptions shared by both creditors and judges may have advantaged merchants, brokers, and entrepreneurs who belonged to the higher strata of the city’s business world.

In this article, I argue that leaders of the U.S. Department of War and U.S. Army developed the organizational form and management practices of the modern corporation, decades before the advent of the railroads. Following Mark R. Wilson’s call to “bring the military in” to organizational analysis, I show how leaders of the U.S. military developed modern management practices and organizational structures as a way of maintaining control over officers, soldiers, and workers over long distances, as they provided the organized violence necessary for domestic imperialist expansion. By the time that elite merchants and real estate interests in the Atlantic port cities of the U.S. became interested in building railroads, in the late 1820s and 1830s, the U.S. Army already evidenced the key characteristics of modern business enterprise as defined by Alfred Chandler: a multi-unit organization coordinated by a hierarchy of professional, salaried, career-oriented middle and top managers. All the characteristic coordination mechanisms of the corporation: staff and line hierarchies, divisional and departmental structure, and bureaucratic systems of information gathering, surveillance, and control, were developed by the state in the course of building a continental empire.

We propose a framework for institutional change in the ‘rules-in-equilibrium’ tradition and introduce the term institutional incompleteness. Institutions are incomplete when their constituent rules fail to induce behavioural beliefs about the strategies of others and hence fail to achieve an equilibrium. Even with deliberate preparation ex-ante, there will always be unanticipated situations not covered by the rules that can only be settled ex-post, especially in a complex and changing environment. At this crux, people creatively invoke focal point generating ideas. Ideas act as guides for coordination where rules cannot. If no focal points can form, further institutional collapse occurs. To understand which ideas guide better, economists will have to investigate an idea’s content. Our theory offers a way to look at institutional change due to incompleteness while also allowing the requisite room for ideas in explaining the patterned yet indeterminate trajectory of humanity.

This paper addresses the conceptual gap between the expected benefits of federalism in managing ethnicity-based conflict and its actual governance outcomes in the African context. One of the main reasons for this gap is the conflation of federalism with decentralization. In response, we develop and configure polycentric federalism as a praxis-oriented framework with three institutional parameters, administrative devolution, peaceful competition among governance units, and individual choice of alternating governance structures. Through this framework, we analyse federal institutional design in Nigeria and Ethiopia to illustrate why federalism fails to effectively manage ethnicity-based conflict in African states. Despite the varying approaches to federalism in the two cases, institutional design falls far short of achieving the parameters of polycentric federalism, a necessary condition for effectively managing diversity through federalism. Beyond the policy implications, our analysis contributes to institutional economics by illustrating how federal institutional design affects identity-based group dynamics in conflict-ridden multiethnic polities.

We study factors influencing individuals’ decisions to purchase Citibank stock during the 1920s. Familiarity was an important positive influence (measured outside New York by branch presence, and within New York, by network connections to existing owners). Within New York, wealth, knowledge, and one's influence within the New York City Business network also increased the probability of becoming a Citibank shareholder. The role of some network influences, like other identifiable influences, became less important during the price boom of the late 1920s, perhaps reflecting the rising importance of other means of increasing familiarity during the price boom (i.e. media coverage).

The 1920–1 recession did not transpire entirely without federal intervention, as commonly believed. Following lending by several Federal Reserve banks, the federally chartered War Finance Corporation (WFC) lent to support exports and shortly after the recession, it lent aggressively to assist banks in agricultural regions, as numerous bank suspensions resulted from the agricultural depression of the early 1920s. Bank suspensions decreased markedly in 1922 to the lowest annual total during the 1921–33 period. This article assesses the impact of WFC lending on bank suspensions, and to what extent the WFC's provision of liquidity helped to resolve the existing difficulties.

Precarious work, the problems it poses in terms of labour standards/regulation, and remedies to this, have sparked considerable attention from researchers and policy-makers over the past three decades. This paper examines industrial relations (IR) legislation introduced by the Australian Labor government elected in 2022, and which, amongst other things, has addressed precarious work. These initiatives are placed in historical context, noting how essentially similar problems shaped IR regulation a century earlier. The article also examines the more immediate precursors to the legislation, by reviewing state and federal inquiries into precarious work and related issues in Australia from the 1990s onwards. Placing the new legislation into historical context enhances our understanding of the law and surrounding policy debates. The Albanese federal Labor government package of industrial relations laws introduced between 2022 and 2024 marked a paradigm shift from earlier measures. While these reforms are rooted in Australian institutions, law and industrial relations history, they provide an alternative policy template for addressing the problems wrought by neoliberalism on labour standards, especially if accompanied by synergistic reforms in other areas, such as immigration and economic policies promoting manufacturing.

In this article, we consider the future of work in Australia’s renewable energy industry sectors through a consideration of the evolving political and economic context that will continue to shape it in years to come. We are particularly concerned about the quantity and quality of jobs, how these jobs will be realised, who secures them, and who will provide them. Further complicating matters, the debate is being carried out in the context of generalised skill shortages and recruitment difficulties. This article draws on and develops arguments we have put forward recently. Our focus in this article has been on the political economy of work and employment in Australia, especially implications of the polycrisis and associated geopolitics, the militarisation of industrial policy, renewable industries, regional development, just transitions, and the future of work and workers. In developing our argument, we consider Australia’s focus on ‘Renewable Energy Industrial Zones’ in an era of the ‘new state capitalism’, the impact of the US Biden Administration’s Inflation Reduction Act particularly and new geopolitics generally, and the dominance of multinational corporations in renewable industries.

We examine how political participation and political competition are shaped by two class-based extensions of the franchise in twentieth-century India. Creating a new dataset of district-level political outcomes between 1920 and 1957, we find that both the partial franchise extension of 1935 and the universal suffrage reform of 1950 led to limited increases in citizen participation as voters or candidates, and neither reform had a significant effect on increasing political competition. Despite the limited effects on political outcomes, districts with greater enfranchisement increases experienced higher education provision by provincial governments.

This paper uses newly digitized data on the growth of the telegraph network in America during 1840–1852 to study the impacts of the electric telegraph on national elections. Exploiting the expansion of the telegraph network in a difference-in-difference approach, I find that access to telegraphed news from Washington significantly increased voter turnout in national elections. Newspapers facilitated the dissemination of national news to local areas. Text analysis on historical newspapers shows that the improved access to news from Washington led local newspapers to cover more national political news, including coverage of Congress, the presidency, and sectional divisions involving slavery.

In 1962, Spain implemented significant banking law changes to boost competition. This study investigates their impact on provincial banking concentration from 1964 to 1975, utilising novel provincial-level private bank balance sheet data and including savings banks. Results show a substantial decline in concentration across most provinces. Panel data models identify the determinants of banking concentration: larger populations and higher gross domestic product per capita correlate with lower concentration, while agrarian-focused provinces exhibit higher concentration. The provincial financial sector's structure also matters, with a higher number of branches and headquarters per capita associated with reduced banking concentration. These findings refine existing literature and provide new insights into the intricate relationship between banking concentration and regional economies in Spain.

We study how Spanish equity investors assessed firms’ exposure to political risk during the regime change of the 1930s. We show that shifts in political uncertainty regularly predicted a general deterioration of future investment opportunities in the stock market. However, we also find that firms differed in their sensitivity to uncertainty, reflecting important differences in their perceived exposures to political risk. The negative impact of uncertainty was significantly milder for firms with political connections to republican parties. The price of some stocks increased in periods of heightened uncertainty, thus allowing investors to hedge against reinvestment risk. In the case of firms that became targets of hostile political actions, we observe that investors frequently adjusted their assessment of individual stocks to changes in firm-specific political circumstances. Over the whole period of the Second Republic, investors' systematic preference for safer equity hedges led to a continuous decline in the price of stocks perceived as more exposed to political risk.

This article examines China’s outward investment in the European automotive industry since the late twentieth century. By mapping and analyzing the main investment operations, we argue that private companies played a key role in the internationalization of the Chinese automotive sector. Chinese state-owned enterprises took part, especially in the initial stages of international expansion. Our contribution also analyzes the pattern of internationalization followed by Chinese companies, arguing that it differed from the one followed by well-established automotive firms in advanced economies during previous decades. The findings reveal that achieving the most advanced technology was the key driver of outward investment decisions. However, Chinese investors’ strategy was not uniform; it was flexible and varied significantly depending on the European country and the size of the company targeted. Furthermore, Chinese government industrial policies greatly influenced the international strategies of both state-owned and private companies, particularly the “Go Out” policy.

This article examines Mahindra & Mohammed (now Mahindra & Mahindra) and the Muhammadi Steamship Company through a microhistory of late colonial Bombay. The paper reveals companies committed to the economic unity of India shortly before the anticolonial struggle culminated in the violent and chaotic Partition of British India in August 1947. In Bombay, the center of Indian industry and not typically associated with the Partition’s dislocations, economic partition was unanticipated even by economic actors closely allied with the Muslim League. The two firms examined here highlight the understudied impact of decolonization and the Partition of the sub-continent on Indian capitalism, and suggests that postcolonial territorial realities implied an economic rearticulation that has often been overlooked.

Net zero greenhouse gas emissions by 2050, the UK’s current target, requires bridging a dramatic energy transition and eliminating all other net sources of emissions while ensuring a just transition. Key components like renewable electricity generation and electric vehicles are well developed, but many issues remain. Public support for a green economy may wane if the economic costs are too high or seen as unfair. Therefore, although renewable energy is cheaper than fossil fuels, it is essential to maintain employment, real per capita growth and reduced inequality. Decarbonizing the UK economy requires an integrated sequential approach and need not be delayed while dealing with the aftermath of the COVID-19 pandemic, energy crisis and resulting inflation.

Last year saw yet another year of weather extremes. The Copernicus Climate Change Service run by the European Centre for Medium-Range Weather Forecasts on behalf of the European Commission (Copernicus, 2024) measured 2023 as being globally the warmest year since records began in 1850. This was by a large margin (0.17 per cent) over the previous record in 2016, with global surface air temperature at nearly 1.5°C above pre-industrial levels. While last year’s observations embodied an El Niño effect, which every few years sees temperatures affected by warmer waters coming to the surface of the tropical eastern Pacific Ocean, changes and anomalies consistently observed over the last few years across the globe are becoming more pronounced. What is commonly labelled “climate change” is turning into a global climate emergency. No economy or society are immune to its effects. Today, we see the global average temperature at over 1.1°C above pre-industrial levels, a rise that has been extraordinarily rapid on a planetary timescale, and one that has been primarily caused through our (humans) burning fossil fuels. Nearly a decade has passed since the United Nations’ Climate Change Conference in 2015, COP21, where 196 nations adopted The Paris Agreement – a legally binding international treaty on climate change. Its goal was to hold “the increase in the global average temperature to well below 2°C above pre-industrial levels” and to pursue efforts “to limit the increase to 1.5°C”.

Fertility decline in human history is a complex enigma. Different triggers have been proposed, among others the increased demand for human capital resulting in parents making a quantity–quality (QQ) trade-off. This is the first study that examines the existence of a QQ trade-off and the possible gender bias by analyzing fertility intentions rather than fertility outcomes. We rely on the unified growth theory to understand the QQ trade-off conceptually and a discrete choice experiment conducted among 426 respondents in Ethiopia to analyze fertility intentions empirically. We confirm the existence of a QQ trade-off only when the number of children is less than six and find that intentions are gendered in two ways: (i) boys are preferred over girls, and (ii) men are willing to trade-off more education in return for more children. Results imply that a focus on both stimulating intentions for education, especially girls' education, and on family size intentions is important to accelerate the demographic transition.

As males in Mexico have the authority in households and dominate migration flows to the US, this paper argues that having a son as the first child provides an early additional candidate for the anchor position in Mexico and for migration trips to the US, making households better off. Fathers with longer migration experiences have higher expectations for future migration trips and stronger incentives to manipulate the sex of their first child. The empirical analysis confirms that by presenting positive effects of fathers’ previous migration experiences on the probability of having a son as a firstborn child, though abortions are widely illegal in Mexico.