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作者:Utrecht University; Erasmus University Rotterdam; Erasmus University Rotterdam - Excl Erasmus MC; University of Groningen; University of Amsterdam
摘要:With their legal personhood, permanent capital, transferable shares, separation of ownership and management, and limited liability, the Dutch and English colonial trading companies VOC and EIC are considered institutional breakthroughs. We analyze the VOC's business operations and financial policy and show that its novel corporate form owed less to foresight than to piecemeal engineering to remedy design flaws. The crucial feature of managerial limited liability was not, as previously thought,...
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作者:University of Southern California
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作者:[Anonymous]
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作者:University of California System; University of California San Diego
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作者:Bar Ilan University
摘要:The dictatorial Dominion of New England (1686-1689) saw the rise and fall of the first operational bank scheme in America. Both events resulted from the appointed rulers' attempts to personally profit from real estate, subject to an absolutist constitution imposed by England. The first, local ruler led a nominally private land bank. The subsequent, foreign ruler invalidated all land titles and thus killed the bank. This unusual case study exemplifies an extension of Mancur Olson's model of sta...
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作者:Boston University; National Bureau of Economic Research
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作者:Yale University
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作者:[Anonymous]
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作者:Harvard University
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作者:University of Warwick; Loughborough University
摘要:We report estimates of the fiscal multiplier for interwar Britain based on quarterly data, time-series econometrics, and defense news. We find that the government expenditure multiplier was in the range 0.3 to 0.8, much lower than previous estimates. The scope for a Keynesian solution to recession was less than is generally supposed. We find that rearmament gave a smaller boost to real GDP than previously claimed. Rearmament may, however, have had a larger impact than a temporary public works ...