Using internal debates and surviving account books, this article traces the eighteenth-century history of the Norwegian glass industry, created to exploit Norway's immense natural resource wealth, and of the chartered company that would later become Norway's iconic Christiania Glasmagasin. The investors in the company, many of them among Norway's “founding fathers,” were individually responsible for its losses and it operated, remarkably, at an annual loss for nearly five decades. The article asks why, beyond the anticipation of a royal import ban on foreign glass, private investors might have continued to accept such losses. It focuses on tensions between cameralist and liberal ideologies in the creation of an important national industry, and on older (and perhaps more sustainable) ways of thinking about profitability.

What is the relationship between the corporation and American democracy? This provocative and timely question informs the ten essays that Naomi R. Lamoreaux and William J. Novak have assembled in a tightly edited volume that has attracted a good deal of attention from specialists in the history of U.S. public policy. In an age in which the political influence of big business has once again thrust itself onto the political agenda, this collection should also prove to be of great interest to the many historians, legal scholars, and jurists who are trying to understand the long and complex relationship between business, law, and the state.

The ability to combine technological innovation with innovation in product design has been recognized by business historians as an important characteristic of a successful business. This article examines the use of product design as a source of competitive advantage by leading firms in the Manchester cotton, Macclesfield silk, and Staffordshire pottery sectors in the period 1750–1860. Four design strategies are identified: copying (direct imitation and adaptation), commissioning, capacity building, and collaboration. Distinction is made between proactive firms, which innovated whenever there was an opportunity, and reactive firms, which innovated only when necessary.

This article scrutinizes the results of the mission carried out by Edwin Walter Kemmerer in Mexico during 1917. Based on unpublished materials from his private archive, as well as other Mexican archives, this article analyses the process of approval, installation and implementation of the reforms introduced by Kemmerer's mission in Mexico. It is argued that Kemmerer's work as a financial advisor for Venustiano Carranza was not a total failure, as the existing literature on the subject claims. Indeed, on the eve of Great Depression, Mexico exhibited the main institutional features of ‘Kemmererized’ countries: a central bank, the gold standard and a centralized tax system. It is also suggested that the economic knowledge brought into the country by the money doctor moulded the ideological foundation of the new financial and economic elite of revolutionary Mexico.

This article studies the financial market integration in the 1670s by examining the effectiveness of triangular exchange arbitrage. The results suggest that international credit markets based on bills of exchange in northwestern Europe were well integrated and responded to exchange-rate differences quickly. The speed of adjustment, ranging between one and three weeks, accorded with the speed of communication, but the transaction cost associated with exchange arbitrage was much lower than that of shipping bullion. Although warfare had a disruptive effect on exchange arbitrage by increasing transaction cost, markets were resilient in remaining efficient.

This article deals with the trade of local merchandise in Santiago's district (Corregimiento) from 1773 to 1778, based on tributary sources. It contributes to the debate on the organization of the colonial internal market. The main traded merchandise, which represented about 80% of Chilean exports, came from the cattle exploitation that was developed in the haciendas around Santiago, whose cattle stocks were complemented from neighboring provinces in the Andes. The largest destination of this trade, in which big merchants acted together with a thousand minor merchants, were the retail channels and the artisan sectors supplying the population of Santiago. The impulse of this demand on the domestic market was so dynamic that it shows a degree of regional autonomy higher than what it is traditionally assumed for the Chilean economy in the late colonial period.