Economic history

Li Yang, Filip Novokmet, Branko Milanovic, 09 October 2019

The historically unprecedented economic and social transformation in China over the past four decades has seen urban areas becoming much richer, but also much more unequal. This column analyses changes in the Chinese urban elite. It finds that, compared to the 1980s, the elite today consists mainly of professionals, self-employed, and smaller and larger business people, they are much better educated, and they receive a much greater share of total urban income. This is reflected also in the composition of the Communist Party of China.

Nathan Sussman, 04 October 2019

Economists assume that London's financial and economic development didn't begin until the end of the 17th century. Nathan Sussman tells Tim Phillips about a new trove of contemporary records that stands the conventional wisdom on its head.

Irena Grosfeld, Seyhun Orcan Sakalli, Ekaterina Zhuravskaya, 03 October 2019

It is commonly argued that political instability increases the likelihood of civil conflicts, while economic downturns can trigger civil conflict and aggravate ethnic violence. This column examines how political and economic factors interact to drive pogroms in an environment of widespread antisemitism, using data from the Russian Empire of the 19th and early 20th centuries. It finds that pogrom waves took place when and only when economic shocks coincided with political turmoil, and that occupational segregation between the Jews and the majority played an important role in triggering ethnic violence.  

Nathan Sussman, 28 September 2019

Most research on the development of English financial markets begins with the Glorious Revolution of 1688. The column uses the debt contracts of the Corporation of London from the 17th century to show that financial development of London between 1638 and 1683 advanced in step with its rival Amsterdam. The supply of capital came mainly from London's wealthy citizens. During this period there is strong correlation between capital deepening in England, and rising GDP per capita. 

Patrick Honohan, Martin Sandbu, 27 September 2019

Patrick Honohan took over as governor of the Central Bank of Ireland in 2009 with the economy in meltdown, and steered it through its deepest crisis. His new book re-examines what happened, and lessons for future crises. Tim Phillips talks to Patrick and the FT's Martin Sandbu about what policymakers and central bankers can learn from Ireland's ordeal.

 

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