Foreign direct investment in high-risk environments: an historical perspective

Since the banking crisis of 2008 the global economy is perceived as riskier than before. Firms that cannot manage risks have withdrawn from countries in which they previously invested. These problems are not new. For centuries firms have invested in risky foreign environments, and many of them have succeeded. This paper reviews the risk management strategies of foreign investors. Using archival evidence and secondary sources it distinguishes the different types of risks that investors face and the different strategies by which risks can be managed. It investigates which strategies are used to manage which types of risk.

An historical perspective on the development of the thermodynamic equation of seawater - 2010

Oceanography is concerned with understanding the mechanisms controlling the movement of seawater and its contents. A fundamental tool in this process is the characterization of the thermophysical properties of seawater as functions of measured temperature and electrical conductivity, the latter used as a proxy for the concentration of dissolved matter in seawater. For many years a collection of algorithms denoted the Equation of State 1980 (EOS-80) has been the internationally accepted standard for calculating such properties. However, modern measurement technology now allows routine observations of temperature and electrical conductivity to be made to at least one order of magnitude more accurately than the uncertainty in this standard. Recently, a new standard has been developed, the Thermodynamical Equation of Seawater 2010 (TEOS-10). This new standard is thermodynamically consistent, valid over a wider range of temperature and salinity, and includes a mechanism to account for composition variations in seawater. Here we review the scientific development of this standard, and describe the literature involved in its development, which includes many of the articles in this special issue.

An historical perspective on forecast errors

Using annual observations on industrial production over the last three centuries, and on GDP over a 100-year period, we seek an historical perspective on the forecastability of these UK output measures. The series are dominated by strong upward trends, so we consider various specifications of this, including the local linear trend structural time-series model, which allows the level and slope of the trend to vary. Our results are not unduly sensitive to how the trend in the series is modelled: the average sizes of the forecast errors of all models, and the wide span of prediction intervals, attests to a great deal of uncertainty in the economic environment. It appears that, from an historical perspective, the postwar period has been relatively more forecastable.

Entrepreneurial failure and economic crisis: an historical perspective

This chapter analyses the major UK economic crises that have occurred since the speculative bubbles of the seventeenth century. It integrates insights from economic history and business history to analyse both the general economic conditions and the specific business and financial practices that led to these crises. The analysis suggests a significant reinterpretation of the evidence – one that questions economists’ conventional views.

Housing economics: a historical approach

This book develops a long-term economic perspective on macro and urban housing issues, from the Victorian era onwards. The historical perspective sheds light on modern problems, particularly concerning the key policy issues of housing supply, affordability, tenure, the distribution of migrant communities, mortgage markets and household mobility.

Coming of age: a review of embodiment and the neuroscience of semantics

Over the last decade, there has been an increasing body of work that explores whether sensory and motor information is a necessary part of semantic representation and processing. This is the embodiment hypothesis. This paper presents a theoretical review of this work that is intended to be useful for researchers in the neurosciences and neuropsychology. Beginning with a historical perspective, relevant theories are placed on a continuum from strongly embodied to completely unembodied representations. Predictions are derived and neuroscientific and neuropsychological evidence that could support different theories is reviewed; finally, criticisms of embodiment are discussed. We conclude that strongly embodied and completely disembodied theories are not supported, and that the remaining theories agree that semantic representation involves some form of Convergence Zones (Damasio, 1989) and the activation of modal content. For the future, research must carefully define the boundaries of semantic processing and tackle the representation of abstract entities.

Revisiting the emergence of the modern business enterprise: entrepreneurship and the Singer global distribution system

This paper approaches the question of why entrepreneurial firms exist from a broad business historical perspective. It observes that the original development of the modern business enterprise was very strongly associated with entrepreneurial innovation rather than an extension of managerial routine. The widely-used theory of the entrepreneur as a specialist in judgmental decision making is applied to the particular point in time when entrepreneurs had to develop novel organizational designs in what Chandler described as the prelude to the ‘managerial revolution’. The paper illustrates how the theory of entrepreneurship then best explains the rise of the modern corporation by focusing on the case study of vertical integration par excellence, Singer.

The politics of the environment: a survey

The book is a collection of cutting edge essay on the politics of the environment covering and analysing important topics, such as the Kyoto protocol and deforestation, this book provides extensive coverage of all aspects of environmental politics. This unbiased survey is of interest to students, academics, business people and general researchers. Four sections present a thorough overview of current issues in the politics of the environment in historical perspective. The first section consists of essays written by a variety of academic and other experts on topics including Globalization: The Environment and Development Debate; The State, International Relations and the Environment; Environmental Movements; Mass Media and Environmental Politics; and The Ethical Dimensions of Global Environmental Change

Parliamentary sovereignty, popular sovereignty, and Henry Parker's adjudicative standpoint

Discussions of popular sovereignty in early modern England have usually been premised upon a sharp distinction between ‘legal/constitutional’ forms of discourse (which merely interpret the law) and ‘political’ ones (which focus upon the right to make it). In such readings of the period, Henry Parker has a pivotal position as a writer who abandoned merely legalistic thinking. This chapter takes a different view. It argues that Parker’s major intellectual achievement was not so much to abandon legal/constitutional discourse as to offer a theorisation of its most distinctive features: he offered an account of a new kind of politics in which concern for ‘interests’ in property and in self-preservation replaced humanist concern with promotion of virtue. Parker drew upon ideas about representation best expressed by Sir Thomas Smith and ideas about law best expressed by Oliver St John. The theory he developed was not intended as a justification of legislative sovereignty, but of adjudicative supremacy. His picture of the two Houses as supreme adjudicators was meant to block the path to direct democracy. But the adjudicative standpoint they came to occupy presupposed that freeborn adults had ‘interests’ in life, liberty, and possessions. This had democratising implications.

The dying child in seventeenth-century England

This article offers a historical perspective on an important and controversial issue within the emerging field of paediatric palliative care: the question of whether to talk to terminally ill children about their prognosis.

The politics of fiscal policy during economic downturns, 1981-2010

This article investigates fiscal policy responses to the Great Recession in historical perspective. We explore general trends in the frequency, size and composition of fiscal stimulus as well as the impact of government partisanship on fiscal policy outputs during the four international recessions of 1980-81, 1990-91, 2001-02 and 2008-09. Encompassing 17-23 OECD countries, our analysis calls into question the idea of a general retreat from fiscal policy activism since the early 1980s. The propensity of governments to respond to economic downturns by engaging in fiscal stimulus has increased over time and we do not observe any secular trend in the size of stimulus measures. At the same time, OECD governments have relied more on tax cuts to stimulate demand in the two recessions of the 2000s than they did in the early 1980s or early 1990s. Regarding government partisanship, we do not find any significant direct partisan effects on either the size or the composition of fiscal stimulus for any of the four recession episodes. However, the size of the welfare state conditioned the impact of government partisanship in the two recessions of the 2000s, with Left-leaning governments distinctly more prone to engage in discretionary fiscal stimulus and/or spending increases in large welfare states, but not in small welfare states.

The Mersey Basin: an historical assessment of water quality from an anecdotal perspective

The freshwaters of the Mersey Basin have been seriously polluted for over 200 years. Anecdotal evidence suggests that the water quality was relatively clean before the start of the Industrial Revolution. The development of the cotton and chemical industries increased the pollution load to rivers, and consequently a decline in biota supported by the water was observed. Industrial prosperity led to a rapid population increase and an increase in domestic effluent. Poor treatment of this waste meant that it was a significant pollutant. As industry intensified during the 19th century, the mix of pollutants grew more complex. Eventually, in the 1980s, the government acknowledged the problem and more effort was made to improve the water quality. Knowledge of social and economic history, as well as anecdotal evidence, has been used in this paper to extrapolate the changes in water quality that occurred. (C) 2003 Elsevier Science B.V. All rights reserved.