This article argues that migration and investment from India moved in tandem to chart the evolution of transnational Indian business in the twentieth century, first toward Southeast Asia and Africa and later toward the United States, Europe, and West Asia. With a focus on the banking and diamond sectors, the overseas investment project of the Aditya Birla Group, and the transnational linkages of India's one hundred richest business leaders, the article locates important events, policies, and actors before economic liberalization in 1991 that laid the foundation for subsequent globalization of Indian firms.

This article examines the historical emergence of the Middle East oil-pricing system. The collapse of the Gulf-plus system, combined with outstanding discoveries of new reservoirs across the Arabian Peninsula and Persia, awoke latent competitive forces within the oligopolistic oil industry. After World War II, business differences regarding vertical integration, market priorities, and global competition worsened existing fractures among the multinational oil companies generally referred to as “the seven sisters.” The conclusions underscore the role of the “fringe” companies Texaco, Standard of California–Chevron, and Gulf Oil in prompting new price equilibriums for Persian Gulf crude oil.

This article analyzes the competitive strategies of Odense Steel Shipyard between 1918 and 2012 and challenges existing scholarship on competition in global industries. Until the 1980s, the yard adopted typical strategies in shipbuilding, starting with cost leadership and subsequently adopting global segmentation and differentiation strategies. From the mid-1980s, however, it successfully followed a unique national responsiveness strategy, which scholars including Dong Sung Cho and Michael E. Porter had ruled out in shipbuilding. The article shows how shipyard owners shaped strategies and influenced competitiveness.

This paper discusses and documents a new data set of real wages for unskilled, semi-skilled and relatively skilled labour in Argentina, Brazil, Chile, Colombia, Mexico and Venezuela (LA-6) over the period 1900-2011. Three interrelated aspects are examined: the wage growth record associated with periods dominated by a particular development strategy; developments in the wage share of income; and movements in skill premiums and their links with fundamentals. The key findings are: (i) the region’s unskilled wage rose by 147 per cent compared to rises of 254 per cent in the average wage and 440 per cent in income per worker (including both property and labour income); (ii) the average LA-6 wage share started a secular fall in the 1950s; (iii) skill premiums tended to peak during the middle decades of the 20th century, coinciding with the acceleration of industrialisation and the timing of the demographic transition. Movements in the terms of trade are broadly associated with both fluctuations and trends in wage premiums, though the direction of the link is country and time specific.

In December 1933, John Maynard Keyes published an open letter to President Roosevelt, where he wrote: ‘The recent gyrations of the dollar have looked to me more like a gold standard on the booze than the ideal managed currency of my dreams.’ This was a criticism of the ‘gold-buying program’ launched in October 1933. In this article I use high-frequency data on the dollar–pound and dollar–franc exchange rates to investigate whether the gyrations of the dollar were unusually high in late 1933. My results show that although volatility was pronounced, it was not higher than during some other periods after 1921. Moreover, dollar volatility began to subside towards the end of the period alluded to by Keynes.