ECONOMICS 230 / HONORS 230
UNIVERSITY OF MICHIGAN
CAPITALISMS
Jim Adams
Winter 2015
BIBLIOGRAPHY
version 2015.01.07
Required readings are preceded by ■. Other readings are optional. Optional readings
are suggested to those who wish to deepen their knowledge of the topic, for example,
when writing a paper on this unit.
This bibliography will be updated many times during the term, so pay attention to the
version date. The updates will (1) add readings, (2) convert readings from optional to
required, or required to optional, status, and (3) specify the required pages in a required
reading. All changes involving required readings will also be announced in lecture.
MERCHANT CAPITALISM
■Parks, Tim. Medici Money: Banking, Metaphysics, and Art in Fifteenth Century
Florence (Norton 2006; paperback ISBN 978-0393328455).
■Greif, Avner. “Institutions and International Trade: Lessons from the
Commercial Revolution.” American Economic Review, 82:2, May 1992, 128-133.
■Ogilvie, Sheilagh, “The Economics
Perspectives, 28:4, Fall 2014, 169-192.
of
Guilds.”
Journal
of
Economic
Greif, Avner. “Reputation and Coalitions in Medieval Trade: Evidence on the Maghribi
Traders.” Journal of Economic History, 49:4, December 1989, 857-882.
Greif, Avner. “Contract Enforceability and Economic Institutions in Early Trade: The
Maghrebi Traders Coalition.” American Economic Review, 83:3, June 1993, 525-548.
RELIGIOUS CAPITALISM
■Becker, Sascha, and Ludger Woessmann, “Was Weber Wrong? A Human Capital
Theory of Protestant Economic History.” Quarterly Journal of Economics, 124:2:,
2009, 531-596.
■Botticini and Eckstein, “Jewish Occupational Selection: Education, Restrictions,
or Minorities?” Journal of Economic History, 65:4, December 2005, 922-948.
Botticini, Maristella, and Zvi Eckstein. The Chosen Few: How Education Shaped Jewish
History, 70-1492 (Princeton 2012; paperback ISBN 9780691163512).
Ekelund, Robert, Robert Hébert, and Robert Tollison. “An Economic Analysis of the
Protestant Reformation.” Journal of Political Economy, 110:3, June 2002, 646-671.
Tawney, R.H. Religion and the Rise of Capitalism.
Economics 230 / Honors 230: Capitalisms, Winter 2015, Bibliography, p. 2
Weber, Max. The Protestant Ethic and the Spirit of Capitalism, Part 1 (chapters 1-3:
Religious Affiliation and Social Stratification, The Spirit of Capitalism, and Luther’s
Conception of the Calling—Tasks of the Investigation).
INDUSTRIAL CAPITALISM
Alsan, Marcella. “The Effect of the Tse-Tse Fly on African Development.” American
Economic Review, 105(1), January 2015, 382-410.
■Clark, Gregory. “Why Isn’t the Whole World Developed? Lessons from the
Cotton Mills” Journal of Economic History, March 1987, 141-173.
Chandler, Alfred, and Herman Daems, eds. Managerial Hierarchies: Comparative
Perspectives on the Rise of the Modern Industrial Enterprise (Harvard University Press
1980; ISBN 0674547403).
Chandler, Alfred. Scale and Scope: The Dynamics of Industrial Capitalism. (Harvard
University Press 1990; ISBN 0674789954).
Chandler, Alfred. The Visible Hand: The Managerial Revolution in American Business
(Harvard University Press 1977; ISBN 0674940520).
Clark, Gregory. A Farewell to Alms: A Brief Economic History of the World (Princeton
2007, ISBN paper 978-0691141282, $17). Ch. 11, pp. 208-229: The Puzzle of the
Industrial Revolution. Ch. 12, pp. 230-258: The Industrial Revolution in England; Ch.
13, pp. 259-271: Why England? Why not China, India, or Japan?.
Diamond, Jared. Guns, Germs, and Steel: The Fates of Human Societies (Norton, ISBN
paper 978-0393317558).
Kindleberger, Charles P. Economic Growth in France and Britain, 1851-1950 (Harvard
University Press 1964; ).
■Kuran, Timur. “Why the Middle East Is Economically Underdeveloped: Historical
Mechanisms of Institutional Stagnation.” Journal of Economic Perspectives, 18:3,
Summer 2004, 71-90.
Landes, David. “Why Europe and the West: Why not China?” Journal of Economics
Perspectives, 20:2, Spring 2006, 3-22.
Nef, John. Industry and Government in France and England, 1540-1640.
Polanyi, Karl. The Great Transformation: The Political and Economic Origins of Our
Time (Beacon Press 2001; paperback ISBN 080705643x).
Smith, Adam, The Wealth of Nations.
Voigtländer, Nico, and Hans-Joachim Voth, “Gift of Mars: Warfare and Europe’s Early
Rise to Riches,” Journal of Economic Perspectives, 27:4, Fall 2013, 165-186.
FINANCIAL CAPITALISM: BANKING
Economics 230 / Honors 230: Capitalisms, Winter 2015, Bibliography, p. 3
Cable, John. “Capital Market Information and Industrial Performance: The Role of West
German Banks,” Economic Journal, 95:1, March 1985, 118-132.
Coase, Ronald. “The Nature of the Firm.” Economica, 4, November 1937, 386-405.
Cohan, William. Money and Power: How Goldman Sachs Came to Rule the World
(Anchor Books 2011; paperback ISBN 9780767928267)
Chernow, Ron. The House of Morgan: An American Banking Dynasty and the Rise of
Modern Finance (Grove Press 2010; ISBN 978-0802144652).
Edwards, Jeremy, and Klaus Fischer. Banks, Finance and Investment in Germany
(Cambridge University Press 1994; ISBN 0521453488).
Ferguson, Niall. The House of Rothschild: Money’s Prophets, 1798-1848 (Penguin
1999; paperback ISBN 9780140240849).
Ferguson, Niall. The House of Rothschild: The World’s Banker, 1849-1999 (Penguin
revised edition 2000; paperback ISBN 9780140286625).
Kindleberger, Charles. A Financial History of Western Europe (Oxford University Press,
2nd ed. 1993; ISBN 0195077385).
Rajan, Raghuram, and Luigi Zingales. “What Do We Know about Capital Structure?
Some Evidence from International Data.” Journal of Finance, 50:5, December 1995,
1421-1460.
FINANCIAL CAPITALISM: SECURITIES
Berle, Adolf, and Gardiner Means. The Modern Corporation and Private Property
(Transaction Publishers repreint edition 1991; paperback ISBN 9780887388873).
Cohan, William. Money and Power: How Goldman Sachs Came to Rule the World
(Anchor Books 2011; paperback ISBN 9780767928267)
Galbraith, John Kenneth. The Great Crash 1929 (Mariner Books Reprint 2009;
paperback ISBN 9780547248165).
Garber, Peter. “Tulipmania.” Journal of Political Economy, 97:3, June 1989, 535-560.
Goldgar, Anne. Tulipmania: Money, Honor, and Knowledge in the Dutch Golden Age
(University of Chicago Press 2008; paperback ISBN 978-0226301266)
Kindleberger, Charles. A Financial History of Western Europe (Oxford University Press,
2nd ed. 1993; ISBN 0195077385).
Moody, John. The Truth about the Trusts: A Description and Analysis of the American
Trust Movement (Nabu Press reprint 2010; paperback ISBN 978-1148001449).
Hilferding, Rudolph. Finance Capital: A Study in the Latest Phase of Capitalism
(published in 1910; Routledge reprint 2006; paperback ISBN 9780415436649).
Malkiel, Burton. A Random Walk Down Wall Street: The Time-tested Strategy for
Successful Investing (current edition is 11th; Norton 2015; paperback ISBN
9780393246117).
Economics 230 / Honors 230: Capitalisms, Winter 2015, Bibliography, p. 4
Reinhart, Carmen, and Kenneth Rogoff. This Time Is Different: Eight Centuries of
Financial Folly (Princeton University Press 2009; paperback ISBN 9780691152646).
Robert Shiller. Irrational Exuberance (Princeton University Press; current edition is 3rd
2015 ; 3rd ed. ISBN 9780691166261).
IMPERIAL CAPITALISM
Angell, Norman. The Great Illusion: A Study of the Relation of Military Advantage to
National Power (first published in 1909; Bottom of the Hill Publishers reprint 2012;
paperback ISBN 9781612036526).
■Bairoch, Paul. Economics and World History, Part II: Major Myths on the Role of
the Third World in Western Development (ch. 5: Were Third-World Raw Materials
Central to Western Industrialization?; ch. 6: Were Colonial Outlets Crucial to
Western Industries?; ch. 7: Was Colonialism Important in Triggering the Industrial
Revolution?; ch. 8: The Balance Sheet of Colonialism).
Bown, Stephen. Merchant Kings: When Companies Ruled the World, 1600-1900
(Thomas Dunne Books 2010; ISBN 978-0312616113).
Davis, Lance, and Robert Huttenback. “The Political Economy of British Imperialism:
Measures of Benefits and Support.” Journal of Economic History, 42:1, March 1982,
119-130.
Davis, Lance, and Robert Huttenback. Mammon and the Pursuit of Empire: The Political
Economy of British Imperialism, 1860-1920 (Cambridge University Press 1986; ISBN
9780521236119).
Ferguson, Niall. Empire: The Rise and Demise of the British World Order and the
Lessons for Global Power (Basic Books 2004; ISBN paper 978-0465023295).
Gelderblom, Oscar, et al. “The Formative Years of the Modern Corporation: The Dutch
East India Company VOC: 1602-1623.” Journal of Economic History, 73:4, December
2013, 1050-1076.
Hobson, J. A. Imperialism: A Study (reprint: Cosimo 2005; ISBN 1596052503; originally
published in 1902).
■Hochschild, Adam. King Leopold’s Ghost: A Story of Greed, Terror, and Heroism
in Colonial Africa (ISBN paper 9780618001903, 1998; Houghton Mifflin, Mariner
books paperback 1999), especially Part I: Walking into Fire.
Lawson, Philip. The East India Company: A History (1993, to be reprinted 12/21/14; ).
Lenin, Vladimir. Imperialism, the Highest Stage of Capitalism.
WELFARE CAPITALISM
Beveridge, William. Social Insurance and Allied Services (1942).
■Kleven, Henrik Jacobsen. “How Can Scandinavians Tax So Much?” Journal of
Economics 230 / Honors 230: Capitalisms, Winter 2015, Bibliography, p. 5
Economic Perspectives, 28:4, Fall 2014, 77-98.
■Rand, Ayn. Atlas Shrugged (Plume 1999; paperback ISBN 9780452011878).
GUIDED CAPITALISM
Adams, William James. “What’s in a Name? French Industrial Policy, 1950-1975.”
Johnson, Chalmers. MITI and the Japanese Miracle: The Growth of Industrial Policy,
1925-1975 (Stanford University Press 1982; ISBN 978-0804712064).
Shonfield, Andrew. Capitalism: The Changing Balance of Public and Private Power
(Oxford University Press 1967: 1969 paperback ISBN: 978-0195002980).
CRONY CAPITALISM
Adams, Walter, and William Brock. Adam Smith Goes to Moscow (Princeton University
Press 1994; ISBN 978-0691000534).
Easterly, William R., and William Easterly. The Elusive Quest for Growth: Economists’
Adventures and Misadventures in the Tropics (MIT Press 2002; paperback ISBN
9780262550420), especially ch. 12: Corruption and Growth.
Fisman, Ray, and Edward Miguel. Economic Gangsters: Corruption, Violence, and the
Poverty of Nations. (Princeton University Press 2008; paperback ISBN
9780691144696).
Shleifer, Andrei, and Robert Vishny. The Grabbing Hand: Government Pathologies and
their Cures (Harvard University Press 2002; paperback ISBN: 9780674010147).
CREATIVE CAPITALISM
Chernow, Ron. Titan: The Life of John D. Rockefeller, Sr. (Vintage 2004; ISBN 9781400077304).
Josephson, Matthew. The Robber Barons: The Great American Capitalists, 1861-1901
(Mariner Books 1934, renewed 1962; ISBN 0156767902).
McCraw, Thomas. Creating Modern Capitalism: How Entrepreneurs, Comapnies and
Countries Triumphed in Three Industrial Revolutions (Harvard University Press 1998,
ISBN paper 978-0674175563).
Morris, Charles. The Tycoons: How Andrew Carnegie, John D. Rockefeller, Jay Gould,
and J.P. Morgan Invented the American Supereconomy (Holt Paperbacks 2006;
9780805081343).
■Schumpeter, Joseph. Capitalism, Socialism, and Democracy (3rd edition 1950;
Harper reprint 2008; paperback ISBN 9780061561610).
Economics 230 / Honors 230: Capitalisms, Winter 2015, Bibliography, p. 6
GLOBAL CAPITALISM
▀Bairoch, chs. 2-4 (Was There a Golden Era of European Free Trade?; Was there Free
Trade in the Rest of the World?; Has Protectionism always Had a Negative Impact?)
Bates, Robert. Open-Economy Politics: The Political Economy of the World Coffee
Trade.
Chapman, Peter. Bananas” How the United Fruit Company Shaped the World
(Canongate 2007; ISBN 9781841958811).
Friedman, Thomas, The World Is Flat 3.0: A Brief History of the Twenty-first Century
(Picador / Farrar Straus Giroux 2007; paperback ISBN 9780312425074).
Irwin, Douglas, Against the Tide: An Intellectual History of Free Trade (Princeton
University Press 1996; paperback ISBN 0691058962).
Nye, John V.C. War, Wine, and Taxes: The Political Economy of Anglo-French Trade
1689-1900 (Princeton University Press 2007; ISBN 9780691129174).
O’Rourke, Kevin, and Jeffrey Williamson, Globalization and History: The Evolution of a
Nineteenth Century Atlantic Economy (Massachusetts Institute of Technology Press
1999; paperback ISBN: 026215049).
Rodrik, Dani, Has Globalization Gone Too Far? (Institute for International Economics
1997; paperback ISBN: 0881322415).
Stiglitz, Globalization and Its Discontents (Norton 2002; paperback ISBN 0393051242).
EVALUATING CAPITALISM
■Alvaredo, Facundo, et al. “The Top 1 Percent in International and Historical
Perspective.” Journal of Economic Perspectives, Summer 2013, 27:3, 3-20.
■Bator, Francis M. “The Simple Analytics of Welfare Maximization.” American
Economic Review, 47:1, March 1957, 22-59.
■Bator, Francis M. “The Anatomy of Market Failure.” Quarterly Journal of
Economics, 72:3, August 1958, 351-379.
Berlin, Isaiah. “Two Concepts of Liberty,” in Liberty (Oxford University Press 2002;
paperback ISBN: 9780199249893)
Friedman, Benjamin. The Moral Consequences of Economic Growth (Vintage reprint
2006; paperback ISBN 9781400095711).
Friedman, Milton. Capitalism and Freedom (University of Chicago Press 2002;
paperback ISBN 9780226264219).
Gerschenkron, Alexander. Bread and Democracy in Germany ().
Mill,
John
Stuart.
On
Liberty
(Dover
Publications
2002;
paperback
ISBN:
Economics 230 / Honors 230: Capitalisms, Winter 2015, Bibliography, p. 7
9780486421308).
Piketty, Thomas, Capital in the Twent-First Century (Harvard University Press 2014;
ISBN 9780674430006).
Rawls, John, A Theory of Justice (Harvard University Press 1999; paperback ISBN
9780674000780).
Rodrik, Dani, The Globalization Paradox: Democracy and the Future of the World
Economy (Norton 2012; paperback ISBN: 9780393341287).
Sen, Amartya, Development as Freedom. (Knopf 1999; paperback ISBN 0375406190).
Sen, Amartya, The Idea of Justice. (Harvard University Press 2009; paperback ISBN
9780674060470).
Veblen, Thorstein, The Theory of the Leisure Class: An Economic Study of the
Evolution of Institutions (Oxford University Press 2009; paperback ISBN 9780199552580)
WRITING
McCloskey, Deirdre. Economical Writing (1999; 2nd edition paperback ISBN
9781577660637).
Strunk, William, and E.B. White, The Elements of Style (Longman 1999; 4th edition
paperback 9780205309023)
GENERAL
Bairoch, Paul. Economics and World History: Myths and Paradoxes (University of
Chicago Press 1993, paper 1995; ISBN 80226034638, $19).
Braudel, Fernand. Afterthoughts on Material Civilization and Capitalism (Johns Hopkins
University Press 1977; translation of La Dynamique du Capitalisme). HC51 .B8253.
{Currently on 4 hour reserve.}
Frieden, Jeff, Global Capitalism: Its Fall and Rise.
Gerschenkron, Alexander. Economic Backwardness in Historical Perspective.
Hall, Peter, et al. Varieties of Capitalism.
Heilbroner, Robert, The Making of Economic Society, 13th ed., 2011, with Robert
Milberg. $22.00
Heilbroner, Robert, The Worldly Philosophers (7th ed., ISBN 978-0-684-86214-9; $18).
Heilbroner, Robert, Teachings from the Worldly Philosophy (Norton 1997. ISBN
9780393316070; $19). {Selections from primary works}
Heilbroner, Robert. Two Cheers for Capitalism.
Economics 230 / Honors 230: Capitalisms, Winter 2015, Bibliography, p. 8
Hirschman, Albert. The Passions and the Interests: Political Arguments for Capitalism
before Its Triumph (Princeton University Press 1997; ISBN 0691042144)
North, Douglass. “Institutions.” Journal of Economic Perspectives, 5:1, Winter 1991, 97112.
North, Douglass. Institutions, Institutional Change, and Economic Growth (Princeton
University Press 1990).
North, Douglass. Structure and Change in Economic History (1982)
North, Douglass, Understanding the Process of Economic Change (Princeton 2005).