History Of The Global Economy – This article is about the academic field. For actual economic history, see Economic History of the World. For the history of the intellectual development of economic history, see History of economic thought.
Economic history is the study of history using the methodological means of economics or with particular attention to economic policy. Research is conducted using a combination of historical methods, statistical methods, and the application of economic theory to historical situations and institutions. The area can cover a wide range of topics including equality, finance, technology, labor and economics. It examines the history of the economy itself, analyzes it as a dynamic relationship and attempts to provide insight into its structure and design.
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Economic historians use both quantitative data and qualitative sources and emphasize understanding the historical context in which major economic disasters occur. They often focus on the institutional dynamics of production systems, labor and capital, as well as the impact of the economy on society, culture and language. Scholars in this discipline may approach their analysis from the perspective of various schools of economic thought, such as mainstream economics, Austrian economics, Marxist economics, the Chicago School of Economics, and Keynesian economics.
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Economic history has several sub-disciplines. Financial and business history often uses historical methods that overlap with areas of social history such as population and labor history. In the sub-discipline known as new economic history or cliometrics, economists use quantitative (economic) methods.
Arnold Toynbee defended the combination of economics and history in his study of the Industrial Revolution, saying: “I think that economics today is very different from history.” Both Smith and Malthus had historical minds. However, Ricardo, who set the standard for today’s textbooks. – who had a very ahistorical spirit.” The combination of economics and history had several advantages, according to Toynbee. First, it improved economic understanding. “We see abstract statements in a new light that examines them in relation to historical facts. Proposals become more dynamic and realistic.” At the same time, studying history with economics makes understanding history easier. Economics teaches us to pay attention to the right facts when reading history and making things like the introduction of closures, machines or new currencies more understandable. Economics also teaches careful thinking. “The habits of mind it implies are more valuable than the knowledge of the principles it conveys.” Without these practices, the bulk of its materials can overwhelm the study of historical facts.”
At the end of the 19th century, scientists from several universities under the leadership of Gustav von Schmoller developed a historical school of economic history. He argued that there are no universal truths in history and emphasized the importance of historical context without quantitative analysis. This historical approach dominated German and French studies for most of the 20th century. The historical school of economics also included other economists such as Max Weber and Joseph Schumpeter, who argued that careful analysis of human actions, cultural norms, historical contexts, and mathematical support were essential to historical analysis. The method was extended to Great Britain by William Ashley (Oxford University) and dominated British economic history for much of the 20th century. George Unwin of the University of Manchester was the first professor in Britain on the subject.
In France, meanwhile, the Annales School has had a major influence on economic history from the early 20th century to the present day. Through its magazine Annales it influences the whole world. History, social sciences.
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The treatment of economic history as an independent academic discipline has been a controversial topic for many years. Scholars at the London School of Economics and the University of Cambridge had many arguments in the interwar period over the separation of economics and economic history. The Cambridge economists believed that pure economics encompassed a part of economic history and that the two were completely connected. People at LSE believed that economic history deserved its own courses, a research agency and an academic chair outside of mainstream economics. In the first phase of the subject’s development, the LSE’s position of separating economic history from economics became established. Many British universities have developed stand-alone programs in economic history based on the LSE model. In fact, the Economic History Society was founded at the LSE in 1926 and the University of Cambridge established its own program in economic history.
In the United States, the field of economic history was largely absorbed by other fields of economics after the cliometric revolution of the 1960s.
For many, it became a form of applied economics rather than a discipline in its own right. Cliometrics, also called New Economic History, refers to the systematic application of economic theory and economic methods to the study of economic history. The term was originally coined by Jonathan RT Hughes and Stanley Reiter and refers to Clio, who was the symbol of heroic history and poetry in Greek mythology. One of the most famous cliometric economic historians is Douglass North, who argued that the task of economic history is to illuminate the historical fluctuations of economies over time.
Cliometricians claim that their approach is necessary because the use of theory is essential to writing sound economic history, while historians strongly reject this view and warn that it risks becoming anachronisms.
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Early cliometrics was a form of anti-fact history. However, anti-truth was not his special feature; He combined neoclassical economics with quantitative methods to explain human decisions based on constraints.
Some argue that cliometrics had its heyday in the 1960s and 1970s and is now ignored by economists and historians.
Reacting to the awarding of the Nobel Prize in Economics in memory of North and Robert Fogel in 1993, economist Claudia Goldin of Harvard University said:
Economic history is not a servant of economics, but a specialized field of science. Economic history was an academic discipline long before it became cliometrics. Its users were economists and historians who studied the history of national economies.
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The relationship between economic history, economics, and history has long been a matter of debate, and debates in recent years reflect those of early participants. There has long been a school of thought among economic historians that separates economic history (the study of the development of economic policy in the past) from historical economics (the study of brief economic theory through historical periods). The American economic historian Charles P. Kindleberger explained this situation in his 1990 book Historical Economics: Art or Science?
Economic historian Robert Skidelsky (University of Cambridge) argued that economic theory often uses historical models and methods that do not take historical context into account.
Irving Fisher, an economist at Yale University, wrote the “Debt-Deflation Theory of Great Depressions” about the connection between economics and economic history in 1933:
An unbalance test can be carried out in two ways. As a unit of analysis we can consider a real historical case of great disequilibrium, such as the Panic of 1873; Or we can take our unit as our unit for the study of any concept, such as health, and discover its general laws, its relationship and its connections with other things. The first study revolves around topics or facts; The latter on tdcies. The first is economic history; The latter is primarily an economics science. Both types of analysis are valid and important. Everyone helps each other. The Panic of 1873 can only be understood as the result of the various messages: inflation and others; and inflation can only be understood in light of several historical events: 1873 and others. Scope and focus of modern economic history
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Over the past three decades in the United Kingdom, economic history departments and programs have largely closed and the discipline has been integrated into departments of history or economics.
Only the LSE maintains a separate Department of Economic History and an independent undergraduate and postgraduate program in Economic History. Cambridge, Glasgow, LSE, Oxford, Que’s and Warwick together form the majority of economic historians passing through the British higher education system today, although they do so as part of an economics or history degree. At the same time, there have never been dedicated graduate programs in economic history at universities in the United States. However, economic history remains an important part of economics doctoral programs, including the University of California, Berkeley, Harvard University, Northwestern University, Princeton University, the University of Chicago, and Yale University.
Despite the pessimistic view expressed by many experts regarding the state of the subject, economic history remains an active area of research in the social sciences. In fact, interest has increased since 2000, perhaps reflecting research in universities across Europe as well as in the United Kingdom and the United States.
The total number of economic historians in the world is estimated at 10,400, with Japan and China as well as the United Kingdom and the United States being the largest. However, some less developed countries are sufficiently integrated into the world economic history community, including Segal, Brazil and Vietnam.
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Some of the growth in economic history has been fueled by continued interest in important policy questions about the history of economic growth and development. an MIT economist
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