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What we eat is our business, or so we generally believe. We also acknowledge that our individual failures to eat properly have a broader social impact, even if we’re not sure what to do about it. These tensions between individual choice, public well-being, and the wealth and strength of the nation were born in the Enlightenment. While states have always worried about the political implications of famine, only in the eighteenth century did the particularities of what ordinary people ate attract the attention of political theorists: it was in the eighteenth century that everyday eating habits became a matter of state concern. New theories about how to build economically successful states led to new ideas about the relationship between individual diets and national resilience—what we might call food security. Concerned to build healthy populations, eighteenth-century political and economic writers increasingly recommended potatoes as an ideal foodstuff. Potatoes had reached Europe in the sixteenth century, when Spanish colonists introduced this Andean tuber. In the Americas the potato has nourished ordinary people for millennia, and it was ordinary people in Europe and elsewhere who were largely responsible for transforming the potato into the global status that it has today.
The expansion of trade and colonial conquest in the early modern era propelled the potato around the world, but the processes that made it a global staple reflect not only these forces but also the varied circumstances that it encountered on its travels. European colonisers congratulated themselves on bringing the nutritious potato to the supposedly backward inhabitants of Bengal and Botany Bay, and viewed its adoption as an index of the overall level of civilisation attained by locals. For gardeners in Tehran, Māori entrepreneurs in New Zealand, and Bengali villagers, potatoes served other purposes. The transformation of eating habits that followed the global dissemination of American foodstuffs after 1492 reveals the complex interactions between local environments, patterns of agriculture and landholding, commercial structures and existing foodways. The potato’s changing status in China demonstrates this well. For centuries the potato provided an important resource for villagers in peripheral regions, yet was almost invisible to the state. Now it is part of a state strategy to increase food security. This transformation in the potato’s political role coincides with the Chinese state’s embrace of the market economy; vigorous state promotion of potatoes has accordingly emphasised individual choice and personal benefit. In China, as in Europe, capitalism, individualism and personal eating practices are closely intertwined with modern forms of statecraft.
The Enlightenment’s promotion of the potato reflect the close relationship between new ideas about the political importance of everyday eating habits, and new ways of thinking about the economy. Just as Adam Smith recommended that allowing individuals to pursue their own interests would ultimately result in a flourishing economy, so potato-enthusiasts (Smith included) argued that the best way to build a robust population was to empower individuals to make sound dietary choices through campaigns of information and exhortation. Rarely did they suggest that people be obliged to grow or eat potatoes. Such suggestions would have run counter to the entire philosophy that underpinned much enlightened interest in food supply: the new discipline of political economy. This history reveals the eighteenth-century origins of the current, neoliberal, insistence that healthy eating is best understood as a form of individual consumer empowerment that at the same time builds a stronger economy and body politic. Potatoes offer a concrete, everyday example of how this confluence of private interest and public benefit was imagined to occur, at the very moment when these ideas were first theorised.
While the International Debt Crisis of the early 1980s was the most severe financial crisis since World War II and while national and international banking supervision was developing at that time, little is known about the response of supervisors to the deteriorating financial environment in the years preceding the crisis. Complementing the political and business history of the international debt situation, this article aims to unravel the international banking supervision side of the question. Based on archival material from the Bank for International Settlements (BIS) and various central banks, the article examines how the Basel Committee on Banking Supervision (BCBS), then emerging as the leading forum on international banking supervision, anticipated the International Debt Crisis through the prism of ‘country risk’. The article shows that the Committee refused to recommend strict regulations in this area. It argues that members adopted this position because of the lack of good information and the difficult position of banking supervision between macroeconomic issues and individual banks’ own responsibilities, but also because of somewhat excessive faith in market mechanisms. Their discussions on country risk shed light on critical challenges of banking supervision and, thereby, on the history of banking regulation and prudential thinking.
The potato has nourished ordinary people in the Americas for millennia. Villagers along the Andes grew a great variety of potatoes, which were used in diverse ways to provide year-round nourishment. The Europeans who reached South America’s Pacific coast in the 1530s introduced potatoes to Europe, thereby initiating its global spread. Once in Europe, the potato attracted little attention from representatives of the state. Uninterested as they were in the everyday eating habits of European labourers, few learned writers assessed the novel plant’s potential as a foodstuff for Europeans. Those who did complained that the potato was excessively nourishing and so facilitated laziness. Ordinary people, in contrast, embraced the potato, which possessed a number of advantages over existing foodstuffs. Potatoes can produce a prolific harvest even in poor soil, and make a sustaining meal. Moreover, precisely because states were not interested in the everyday eating habits of poorer folk, it took many decades for the potato to attract the attention of tax-collectors. Potatoes thus allowed peasants and labourers to evade some of the less welcome aspects of state control. It is they who are responsible for the potato’s entry into the European diet.
Potatoes were deeply embedded in nineteenth-century arguments about the merits of capitalism. The potato’s contested status emerges clearly in discussions about Ireland. In the eighteenth century, the potato’s contribution to the Irish diet had been viewed positively, because it enabled population growth. By the mid-nineteenth century it had become both an alarming illustration of the perils of economic autarky and a testament to the evils of capitalism. Commentators on all sides of the debate agreed that the potato encapsulated something of capitalism’s essence. At the same time, as urbanisation and industrialisation advanced, the conviction that the population’s eating habits had a material impact on the body politic only deepened. The new language of nutrition provided a vocabulary for expressing this relationship. From the mid-nineteenth century the potato’s growing importance within the working-class diet attracted the worried attention of nutritionists and statesmen, who condemned the effects of ‘lazy potato blood’ on the working body: the potato’s popularity with workers was blamed for lacklustre economic growth. Talking about potatoes provided a way for working people, scientists, economists and politicians to discuss the enormous changes that were reshaping nineteenth-century Europe in ways that stressed the close connections between economic practices and everyday eating habits.
The potato’s political invisibility ended in the eighteenth century, when it attained unprecedented political prominence. The nourishing qualities that had once drawn criticism began to be viewed more positively. As a result, the potato became the object of intense scientific and political interest across Europe, as officials, local societies, agronomists, priests and many other organisations and individuals promoted potato consumption in word and deed. This extensive, pan-European potato investigation and propaganda resulted in the publication of hundreds of texts extolling the potato’s potential as a superior staple for working people, one whose greater consumption would help ensure the strength and success of the nation. Its popularity reflected the emergence of the new models of political economy and governance that stressed the importance of a healthy, well-nourished population to the power and wealth of the state. Integrating the slower history of the potato’s conquest of European dietaries, discussed in , with its frenetic promotion in the eighteenth century illuminates the central role that food came to play in modern models of statecraft.
This volume is written for anyone who has wondered about the growth of Chinese businesses and their relation to Chinese family and government institutions. Making full use of its partner volume's findings on village institutions in the southern prefecture of Huizhou, this volume explains how late imperial China's key regional group of merchants emerged from this prefecture's village lineages. It identifies the strategies they deployed to overcome the serious obstacles to their domination of major financial transactions and commodity markets throughout much of China from 1500 to 1700. At the same time it describes how the commercial success enjoyed by these 'house firms' undermined their lineages' social stability, making them vulnerable to competition from popular religious cults back home. In recounting how rural and urban institutions interacted through state and economic development, McDermott provides a powerful new framework for understanding late imperial China's distinctive trajectory to social and economic transformation.
This paper analyses the mechanisms through which capital flows produced financial instability in Spain over a 165-year period. We study why and how capital bonanzas make crises more likely and severe, and whether their incidence varies depending on types of crises (currency, banking and debt crises). We conclude that most of them occurred in different monetary policy regimes, but they were associated with capital bonanzas in a liberal regulatory framework, both of which contributed to a higher likelihood and greater severity of crises. The analysis of the different monetary policy regimes, financial structures and the types of crises allows us to draw some policy implications that emphasise the need for sound financial regulation and supervision.
This paper gathers information on the diet of the people of Montevideo. It puts forward some hypotheses regarding the caloric intake of the plebeian and non-elite social groups, introduces two Laspeyres indexes of food prices for Montevideo in 1760-1810, analyses the movements of food prices in Montevideo in this period and compares the case of Montevideo with neighbouring cities.
Offshore financial centres have attracted considerable critical attention over the past few decades as havens for lightly taxed funds that circulate outside the regulatory oversight of major financial centres. This article addresses the emergence of an offshore market in US dollars in Singapore from the late 1960s using a range of archival sources to identify the motivations of the host, participant banks and regional rivals. The development of the Asia dollar market is particularly striking because Singapore was not the most likely venue for an Asian offshore financial centre. The main regional financial centre was Hong Kong, but the Hong Kong authorities made a deliberate choice not to host an offshore market in Hong Kong, a decision that was initially supported both by the state and by incumbent banks, although the banks later changed their view as the Singapore market grew. This case thus opens up discussion of the influence market actors exert over regulators when they are engaged in regulatory arbitrage as well as regulatory competition between states. Evidence is also presented about the efforts of the Bank for International Settlements to encourage greater transparency in offshore financial centres in the 1980s.