Archive for June 4th, 2012

This crisis is the 4th major transition of capitalism

June 4, 2012

Anatole Kaletsky of Reuters shares his thoughts on economics and crisis in this interview.

He says the recent crisis is 4th historic transition of capitalism.

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The Restoration of Welfare Economics

June 4, 2012

Nice short note by Anthony B. Atkinson of Nuffield College (HT: Bruegel Blog).

He writes on restoring welfare economics:

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How India moved from Silver Standard to Gold Standard in 1870s

June 4, 2012

Marc Flandreau and K. Oosterlinck writes this amazing paper. The paper is based on this transition of Indian currency system from a bimetallic standard to gold one in the 1890s.

It has a bit of everything – bond markets, exchange rates, international monetary system, politics and above all economic history. To figure that India had active bond markets listed in both London and Calcutta, is just amazing. Even more exciting to find is how active people were even then looking to arbitrage between financial markets internationally. The literature on globalisation shows that  this is the second phase of globalisation. The  first one was before 1914. Such papers reaffirm the findings and we had all the sophistication of trading and arbitraging way back then as well..

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