The Reconstruction Finance Corporation and Public Works Administration loaned 50 U.S. railroads over $1.1 billion between 1932 and 1939. The government’s goal was to increase employment and decrease the likelihood of bond defaults. Bailouts appear to have had little effect on employment, but we estimate that they did increase the average wage of railroad employees. Bailouts are estimated to have reduced firm debt, but did not significantly impact bond default. We find some evidence that manufacturing firms located close to railroads benefited from bailout spillovers.

How the role of health technology assessment (HTA) agencies in relation to medical technologies (MedTech) is framed in the literature reflects and influences governance, shaping perceptions and guiding decisions. We identify different academic discourses to advance MedTech policy debates, in light of several factors potentially influencing this role. This is the first time that discourse on the role of HTA agencies in relation to MedTech has been reviewed. We conducted a comprehensive search, screened for eligibility, and synthesised findings using discourse analysis. 119 articles were included, from which 5 discourses were constructed. The first discourse describes the HTA agency as an independent evaluator of appropriate evidence for all health technologies. The second discourse explicitly categorises MedTech as separate from pharmaceuticals and expands the role of evaluator to include encouraging evidence generation for MedTech. The third discourse moves away from the role of independent evaluator and describes the HTA agency as a convenor of all stakeholder perspectives, using an experimental approach. The fourth and fifth discourses critically reflect on the role of HTA agencies, the fourth on their level of normative reflection and the fifth on their level of nuanced, clinical expertise. We conclude with recommendations for policy and research.

The role of healthcare provider ownership in shaping health system performance remains contested. An umbrella review was conducted to synthesise evidence on the relationship between healthcare provider ownership and performance in high-income countries. Systematic reviews were included that examined performance of healthcare providers based on ownership status. Searches yielded 1,862 results, with 31 systematic reviews meeting the inclusion criteria, and one further systematic review identified through grey literature searches. Following the exclusion of 10 reviews classified as low-quality and two previous umbrella reviews both published in 2014, 20 reviews were eligible for data extraction and synthesis. Inconsistent evidence was found across reviews between healthcare provider ownership and several performance indicators including health outcomes, technical efficiency, and patient satisfaction. Private hospitals tend to serve wealthier patients, select less complex or costly patients, and charge higher payments for care than public comparators. Private for-profit (FP) providers of hospital and long-term care generally had poorer workforce outcomes than private not-for-profit or public providers, including reduced staffing levels, higher workloads, and lower job satisfaction. Private PF hospitals and nursing homes had improved financial performance based on revenues or profit margins. Our findings underscore the need for nuanced regulatory responses to the expansion of private FP provision within publicly funded systems.

This paper uses a novel georeferenced cross-sectional dataset to explore which factors influenced the funding of hospitals and dispensaries in colonial India, emphasizing land tenure systems as a cause of regional variation. Where land was owned by cultivators, healthcare facilities received more resources from local public bodies and were better funded compared to regions where land was owned by landlords. In contrast, in landlord regions they received more private donations and subscriptions from Indians.

Using the Irish experience of public investment and fiscal policy management over the last 25 years, we identify five core lessons. These concern (1) the need for sustained investment effort even when facing tough choices regarding public expenditure, (2) the importance of assessing the adequacy of public capital, (3) counter-cyclicality as an important principle of public investment, (4) crowding-in private investment and (5) the challenge for public investment caused by longer-term challenges such as the necessary climate transition. We also propose two overarching design suggestions for fiscal policy and investment management frameworks.

In this article, I place the blockchain within competing interpretations of the present as either an emerging technofeudal mode of production, or as a relatively unchanged capitalism. Drawing on a wide literature on zones – spaces in nation-states where the usual rules do not apply – I highlight three reconfigurations of territory, authority, and rights (TAR) associated with the blockchain today. These are: (1) the transnational expansion of crypto-related practices; (2) the national regulation and legitimation of cryptoassets; and (3) the reemergence of a liberal discourse linking human rights to the global exchange of private property. Through these examples, I demonstrate how the blockchain is part of a broader reshaping of accumulation and legal legitimation, mirroring the emergence of capitalism and the nation-state, but on a global scale. I conclude by arguing against the position that the reemergence of fascism is a red herring distracting us from the coming technofeudalism; instead, I claim that technofeudalism obscures the links between today’s techno-authoritarian shift and the enforcement of global corporate private property relations.

While financial knowledge and math knowledge have been independently associated with financial capability, there is limited research examining their joint roles in individuals’ financial behaviors. Using survey data from US adults drawn from a nationally representative, probability-based US panel, this brief examined the extent to which respondents’ financial and math knowledge are associated with financial behaviors, both in combination and separately. The results indicated that higher levels of financial and math knowledge are associated with better financial behaviors and that high levels of both financial and math knowledge are sometimes associated with better outcomes than either one alone. This suggests that the combination of math and financial knowledge is a useful topic of study for financial wellbeing.

This article examines how the Australian Liberal-National Coalition party’s (LNP) proposed working from home policy, which would have mandated a return to office for public servants, contributed to a dramatic electoral loss. The 2025 Australian federal election delivered an unexpected landslide victory to the incumbent Australian Labor Party, defying polling predictions that had shown the LNP leading by 10 percentage points just months earlier. We argue that this policy proposal violated an evolving social contract that encompasses hybrid working as a fundamental employment right. Through analysis of media coverage, polling data, and post-election commentary, we demonstrate that the LNP’s failure to recognise this shift in social expectations regarding work arrangements played a significant role in their electoral defeat. Our findings suggest that hybrid working has become institutionalised as part of Australia’s evolving social contract, with implications for future political discourse and employment policy.

This study examines the impact of climate change, defined as long-term changes in temperature and precipitation patterns due to natural and human factors, on women's employment in Burkina Faso, highlighting labour market participation and gender disparities. Using a static computable general equilibrium model calibrated with a gender-specific social accounting matrix, it evaluates two climate scenarios: a 2.4°C temperature increase and a 7.5 per cent decrease in precipitation by 2050. The results indicate that these climate shocks significantly reduce women's employment opportunities. The supply of paid labour for women may decrease by 3.9 per cent, with skilled women experiencing greater job losses than their unskilled counterparts. In rural areas, the domestic workload could increase by up to 0.28 per cent, further limiting women's labour market participation. These changes reinforce gender inequalities and contribute to a decline in real GDP. To counter these effects, investments in climate-resilient agriculture, water and energy infrastructure, and women's entrepreneurship are essential. Gender-responsive policies are needed to promote inclusive economic growth and reduce employment disparities.

We study how changes in a country’s administrative hierarchy affect development at the city level. We exploit the 1806 Napoleonic administrative reform implemented in the Kingdom of Naples as a historical experiment to assess whether district capitals endowed with supra-municipal administrative functions gained an urban development premium compared with non-capital cities. We find that district capitals recorded a population growth premium throughout the nineteenth century (1828–1911) and experienced higher industrialization both before and after the Italian unification (1861) compared with non-capital cities. We explain our results through mechanisms related to public goods provision and transport network accessibility.

This paper studies the impact of the COVID-19 epidemic on economic and health outcomes in China from January 20 to September 28, 2020. We first document China’s containment policies and present empirical evidence on the role of the online economy. We then use a SIR-macro model to study the macroeconomic and health outcomes of the epidemic. The model can generate infection and death dynamics broadly consistent with the data and the U-shaped recovery of the Chinese economy at the weekly frequency. The analysis reveals that, in addition to the containment policies, the development of the online economy (both online consumption and remote work) plays a critical role in fighting an epidemic.

This paper contributes to the literature on augmented wealth (the sum of public pension entitlements and net wealth) along three dimensions. First, it provides new country-specific estimates of augmented wealth for Austria in the year 2017 by combining data from the HFCS (Household Finance and Consumption Survey) and the social security registry. Second, it shows that the main results, which are based on statistical matching, are surprisingly similar to estimates that utilize direct survey responses or information on work history. This finding suggests that international comparisons might be possible even if the results are based on different methodologies. Third, the paper also contrasts the size and distribution of augmented wealth for Austria with comparable estimates for other countries. The household averages of the present value of pension entitlements and of private net wealth turn out to be similar (both amounting to around € 250,000), which is in line with the results for other countries like Switzerland, Germany, and the US. Also, the reduction in the Gini coefficient due to the inclusion of pension entitlements (a decrease from 0.73 to 0.53) is similar for Austria in comparison to other countries.

This article examines American “capitalist feminism” as a type of “business feminism” through the lens of biography. To demonstrate crucial linkages between business culture and historical social developments, the article foregrounds an account of the first woman president of a major commercial bank, Mary G. Roebling. Roebling sought women’s collective uplift primarily through economic empowerment, forwarding her message through accommodationist tactics, such as presenting a “feminine” image, embracing capitalism, and espousing moderate politics. This essay briefly explores additional biographies to suggest that other professionally successful, elite white women held similar “capitalist feminist” views. The article also employs biographical and associational examples to illustrate how capitalist feminism is a distinct category of business feminism.