The essay examines the role of Christianity in premodern European capitalism, with regard to the city of Florence. It traces the formation of the historical construct and the influence of Werner Sombart's Der moderne Kapitalismus, a work much neglected nowadays in the Anglophone academy. The article seeks to historicize and contextualize faith and economy, to stress their fundamentally intertwined nature and more specifically how notions of “negotiation” and diriturra (moral Christian rectitude) connect the seemingly antagonistic sides, and connect also Florentine finance and business history, which are too often studied independently. It argues that Christian rectitude and service to the church (a noncynical quid pro quo) were conjoined with a calculated, reasoned profit motive--evident especially among papal bankers, a key sector of the Florentine economy.

During the Renaissance, visual images were legitimate and authoritative sources of information that influenced behavior and directed public opinion. Against a background of political and religious unrest and growing pressure for economic reform, it is maintained that Annibale Carracci’s painting of The Butchers Shop (ca. 1580–1583) sought to legitimize the professionalism of Bologna’s butchery trades, reinforce the reputation of the guild system, and remind audiences of the dangers of papal interference in commercial endeavor. By implicitly advocating the value of institutional hegemony and trade protectionism, The Butchers Shop represents a form of late sixteenth-century visual propaganda and image management.

Social discounting conventions vary widely. Some differences reflect institutional constraints, but many reflect differing assumptions about how a social discount rate should be derived and applied. The divide between advocates of social opportunity cost and social time preference (STP) frameworks seems unbridgeable. There is no consensus among STP advocates on whether the social cost of funding $1 of public spending is barely more than $1 of consumption or perhaps more than $2; or on whether the covariance of public service benefits with income merits a discount rate premium that is trivial or a few percentage points. The practicalities of government fund raising are sometimes overlooked. The issues are here reviewed in the light of the literature and of experience with developing and applying social discounting regimes and extended debates within government.

This article explores early twentieth-century debates about wine regulation in order to understand how emerging food standards could be mobilized in order to produce and protect value around particular geographical locales. Ohio and Missouri winemakers sought to protect their practices of “amelioration,” or the addition of sugar and water to acidic or foxy wines, by establishing the regulatory designation of “Ohio and Missouri Wine” as separate from “Wine.” In doing so, they turned food standards into a form of intellectual property mobilized to protect their practices and enhance the market value of Ohio and Missouri wines. Conversely, they argued that “universal” wine standards were unduly preferential to California wines. This compelling yet forgotten historical episode inverts the rationale behind geographical indications (a form of intellectual property designed to protect the intrinsic benefits of place) producing a unique argument for geographical protections based not on value but on lack.

Although the effects of globalization on income inequality has received much attention, missing from the discussion is the role played by credit rating agencies (CRAs) on income inequality. Using a sample of seventy developing countries from 1990–2015, we find that bond ratings have significant, yet indirect, effects on income inequality. We see that interest rate spreads, and to a lesser degree tax, labor, and monetary policies, mediate the relationship between ratings and income inequality. Specifically, developing countries receiving bond downgrades observe a rise in interest rate spreads. Countries with higher interest rate spreads tend to have less available credit, which reduces output and production, promoting surplus labor and its consequences for those at the bottom of the income distribution. Bond downgrades also compel developing countries to pursue neoliberal reforms, endorsed by the CRAs, in an attempt to lift their ratings. The effects of tax, labor, and monetary policies, in particular, appear to enlarge disparities between the rich and the poor. Our research helps to identify the mechanism by which CRAs and globalization, more generally, impact wealth disparities in the developing world.

This paper reviews seven contemporary official guidelines to cost-benefit analysis (CBA) with respect to eight major cost-benefit issues drawing on the latest edition of the major CBA textbook for guidance, although not complete authority. The guidelines are those by UK Treasury, European Commission, U.S. Environmental Protection Agency, New Zealand Treasury, Infrastructure Australia, NSW State Treasury, and Victorian State Department of Treasury and Finance. The eight major issues discussed are the issue of standing, core valuation principles, the scope of CBA with reference to potential additional economic benefits, changes in real values over time, the marginal excess tax burden, the social discount rate, use of benefit-cost ratios, and treatment of risk. While all the guidelines are quality guides to CBA, the paper finds that there is room for improved discussion and practice at various points in each of these guidelines.