Financial Folly and Spain’s Black Legend

Author(s):  
Mauricio Drelichman ◽  
Hans-Joachim Voth

This epilogue argues that Castile was solvent throughout Philip II's reign. A complex web of contractual obligations designed to ensure repayment governed the relationship between the king and his bankers. The same contracts allowed great flexibility for both the Crown and bankers when liquidity was tight. The risk of potential defaults was not a surprise; their likelihood was priced into the loan contracts. As a consequence, virtually every banking family turned a profit over the long term, while the king benefited from their services to run the largest empire that had yet existed. The epilogue then looks at the economic history version of Spain's Black Legend. The economic history version of the Black Legend emerged from a combination of two narratives: a rich historical tradition analyzing the decline of Spain as an economic and military power from the seventeenth century onward, combined with new institutional analysis highlighting the unconstrained power of the monarch.

1980 ◽  
Vol 23 (4) ◽  
pp. 773-791 ◽  
Author(s):  
D. C. Coleman

The intention of this paper is to look at some of the problems which arise in attempts to provide ‘explanations’ of mercantilism and especially its English manifestations. By ‘explanations’ I mean the efforts which some writers have made causally to relate the historical appearance of sets of economic notions or general recommendations on economic policy or even acts of economic policy by the state to particular long-term phenomena of, or trends in, economic history. Historians of economic thought have not generally made such attempts. With a few exceptions they have normally concerned themselves with tracing and analysing the contributions to economic theory made by those labelled as mercantilists. The most extreme case of non-explanation is provided by Eli Heckscher's reiterated contention in his two massive volumes that mercantilism was not to be explained by reference to the economic circumstances of the time; mercantilist policy was not to be seen as ‘the outcome of the economic situation’; mercantilist writers did not construct their system ‘out of any knowledge of reality however derived’. So strongly held an antideterminist fortress, however congenial a haven for some historians of ideas, has given no comfort to other historians – economic or political, Marxist or non-Marxist – who obstinately exhibit empiricist tendencies. Some forays against the fortress have been made. Barry Supple's analysis of English commerce in the early seventeenth century and the resulting presentation of mercantilist thought and policy as ‘the economics of depression’ has passed into the textbooks and achieved the status of an orthodoxy.


2013 ◽  
Vol 88 (5) ◽  
pp. 1629-1656 ◽  
Author(s):  
Yiwei Dou ◽  
Ole-Kristian Hope ◽  
Wayne B. Thomas

ABSTRACT: Contracting parties, such as the firm and its supplier, have cost-reducing incentives to make investments that support the unique transactions between them. However, to the extent that one party may renege on its contractual obligations, the other party incurring the cost of the relationship-specific investment bears additional risk and is less willing to invest such that sub-optimal investment occurs. In countries where enforceability of explicit contracts is particularly weak, parties have incentives to signal their willingness to fulfill implicit claims and maintain long-term relationships. We predict that firms engage in income smoothing to send such a signal to their suppliers. Consistent with these expectations, we find that firms that both reside in countries with weak contract enforceability and operate in industries with a greater need for relationship-specific investments tend to smooth reported income more. We further decompose income smoothing into “informational” and “garbled” components and find that results are driven by the informational component of income smoothing. Our results support the important role that accruals play in providing information in the presence of incomplete contracts. JEL Classifications: F14, K12, L14, M41, M43


Author(s):  
Richard Smith ◽  
paul slack

The following discussion is focused around a consideration of what will be termed a ‘long population cycle’ from the late thirteenth century through to the late seventeenth century. In so far as this consideration is directed towards a society that may be unambiguously categorized as ‘preindustrial’ throughout this era, it is unavoidable that at various stages of the argument it will be necessary to engage with the classical Malthusian model of the relationship between living standards and population growth rates, although some assessment will be made of the role played by epidemic disease in determining both the width and depth of the cycle. In addition an attempt will be made to chart the principal changes to the economy and society relating to shifting numbers and geographical distribution of persons on the land during the extensive phases of demographic decline and recovery. Before engaging with theory and explanations of long-term trends some mundanely empirical steps will be taken so that the broad dimensions of the ‘cycle’ might be established. Empiricism is no straightforward endeavour in the absence of serial census records of any kind, let alone individual census counts for randomly distributed moments, over this extensive fourcentury period. It is at least fortunate that the final 150 years of the cycle yield evidence from parish registers, which in recent years have been exploited by historical demographers in ways that make it possible to establish annual population totals and vital rates from 1541. In attempting to establish population trends and totals before a system of parochial registration of baptisms, marriages, and burials was in place, historians succumb to what Sir Michael Postan (1966: 561) once termed the ‘lure of aggregates’ by engaging in decidedly problematic, although unavoidable, exercises. In this present discussion we are in danger of incurring Postan’s wrath since we employ one central and vital source that relates to demographic conditions in one year only, around which a key argument in this discussion revolves.


Author(s):  
McKendrick Ewan

Section 6.2 of the UNIDROIT Principles of International Commercial Contracts (PICC) deals with the concept of hardship. While hardship clauses are encountered with some frequency in international commercial contracts, few legal systems recognize a legal doctrine termed ‘hardship’. The innovative nature of Section 6.2 can be perceived by contrast with Art 79(1) of the United Nations Convention on Contracts for the International Sale of Goods (CISG). A discussion of Art 79 CISG, entitled ‘exemption’, leads on to a consideration of the relationship between force majeure and hardship. Hardship is most likely to be invoked in the context of long-term contracts where it is difficult, if not impossible, for the parties to make provision for every event that may have an impact on their contractual obligations.


1991 ◽  
Vol 65 (03) ◽  
pp. 263-267 ◽  
Author(s):  
A M H P van den Besselaar ◽  
R M Bertina

SummaryIn a collaborative trial of eleven laboratories which was performed mainly within the framework of the European Community Bureau of Reference (BCR), a second reference material for thromboplastin, rabbit, plain, was calibrated against its predecessor RBT/79. This second reference material (coded CRM 149R) has a mean International Sensitivity Index (ISI) of 1.343 with a standard error of the mean of 0.035. The standard error of the ISI was determined by combination of the standard errors of the ISI of RBT/79 and the slope of the calibration line in this trial.The BCR reference material for thromboplastin, human, plain (coded BCT/099) was also included in this trial for assessment of the long-term stability of the relationship with RBT/79. The results indicated that this relationship has not changed over a period of 8 years. The interlaboratory variation of the slope of the relationship between CRM 149R and RBT/79 was significantly lower than the variation of the slope of the relationship between BCT/099 and RBT/79. In addition to the manual technique, a semi-automatic coagulometer according to Schnitger & Gross was used to determine prothrombin times with CRM 149R. The mean ISI of CRM 149R was not affected by replacement of the manual technique by this particular coagulometer.Two lyophilized plasmas were included in this trial. The mean slope of relationship between RBT/79 and CRM 149R based on the two lyophilized plasmas was the same as the corresponding slope based on fresh plasmas. Tlowever, the mean slope of relationship between RBT/79 and BCT/099 based on the two lyophilized plasmas was 4.9% higher than the mean slope based on fresh plasmas. Thus, the use of these lyophilized plasmas induced a small but significant bias in the slope of relationship between these thromboplastins of different species.


2016 ◽  
pp. 59-70
Author(s):  
Ninh Le Khuong ◽  
Nghiem Le Tan ◽  
Tho Huynh Huu

This paper aims to detect the impact of firm managers’ risk attitude on the relationship between the degree of output market uncertainty and firm investment. The findings show that there is a negative relationship between these two aspects for risk-averse managers while there is a positive relationship for risk-loving ones, since they have different utility functions. Based on the findings, this paper proposes recommendations for firm managers to take into account when making investment decisions and long-term business strategies as well.


2020 ◽  
Vol 54 (4) ◽  
pp. 403-431
Author(s):  
Bulat R. Rakhimzianov

Abstract This article explores relations between Muscovy and the so-called Later Golden Horde successor states that existed during the fifteenth and sixteenth centuries on the territory of Desht-i Qipchaq (the Qipchaq Steppe, a part of the East European steppe bounded roughly by the Oskol and Tobol rivers, the steppe-forest line, and the Caspian and Aral Seas). As a part of, and later a successor to, the Juchid ulus (also known as the Golden Horde), Muscovy adopted a number of its political and social institutions. The most crucial events in the almost six-century-long history of relations between Muscovy and the Tatars (13–18th centuries) were the Mongol invasion of the Northern, Eastern and parts of the Southern Rus’ principalities between 1237 and 1241, and the Muscovite annexation of the Kazan and Astrakhan khanates between 1552 and 1556. According to the model proposed here, the Tatars began as the dominant partner in these mutual relations; however, from the beginning of the seventeenth century this role was gradually inverted. Indicators of a change in the relationship between the Muscovite grand principality and the Golden Horde can be found in the diplomatic contacts between Muscovy and the Tatar khanates. The main goal of the article is to reveal the changing position of Muscovy within the system of the Later Golden Horde successor states. An additional goal is to revisit the role of the Tatar khanates in the political history of Central Eurasia in the fifteenth and sixteenth centuries.


2017 ◽  
Vol 63 (3) ◽  
pp. 368-374
Author(s):  
Olga Churuksaeva ◽  
Larisa Kolomiets

Due to improvements in short- and long-term clinical outcomes a study of quality of life is one of the most promising trends in oncology today. This review analyzes the published literature on problems dealing with quality of life of patients with gynecological cancer. Data on quality of life with respect to the extent of anticancer treatment as well as psychological and social aspects are presented. The relationship between quality of life and survival has been estimated.


2020 ◽  
Vol 26 ◽  
Author(s):  
Jun-Jie Tang ◽  
Shuang Feng ◽  
Xing-Dong Chen ◽  
Hua Huang ◽  
Min Mao ◽  
...  

: Neurological diseases bring great mental and physical torture to the patients, and have long-term and sustained negative effects on families and society. The attention to neurological diseases is increasing, and the improvement of the material level is accompanied by an increase in the demand for mental level. The p75 neurotrophin receptor (p75NTR) is a low-affinity neurotrophin receptor and involved in diverse and pleiotropic effects in the developmental and adult central nervous system (CNS). Since neurological diseases are usually accompanied by the regression of memory, the pathogenesis of p75NTR also activates and inhibits other signaling pathways, which has a serious impact on the learning and memory of patients. The results of studies shown that p75NTR is associated with LTP/LTD-induced synaptic enhancement and inhibition, suggest that p75NTR may be involved in the progression of synaptic plasticity. And its pro-apoptotic effect is associated with activation of proBDNF and inhibition of proNGF, and TrkA/p75NTR imbalance leads to pro-survival or pro-apoptotic phenomena. It can be inferred that p75NTR mediates apoptosis in the hippocampus and amygdale, which may affect learning and memory behavior. This article mainly discusses the relationship between p75NTR and learning memory and associated mechanisms, which may provide some new ideas for the treatment of neurological diseases.


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