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The National System of Political Economy

New Edition

Friedrich List

January 2014 / ISBN: 978-1-62273-010-0
Availability: In stock
386pp. ¦ $30 £22 €27

In The National System of Political Economy, List provides a critique of the ideas of Adam Smith and David Ricardo that continues to resonate with policy makers concerned with industrial policy and national economic development. List argues that in contrast with the stylized view of classical economics, real-world economies are organized along national lines and that policy makers can ignore this reality to their peril. The benefits from trade are conditional, rather than universal and the development of sophisticated industry requires carefully designed and sequentially planned state interventions. List provides an early recognition of the existence of distinct stages of economic development, and of the interplay between military power, industrial development and national prosperity. List's work had a formative influence on subsequent strands of thought such as institutional economics and 'national systems of innovation' perspectives and is considered an exemplar of work in the tradition of realist international political economy.

The Knowledge Plexus

A Systemic View on the Economic Geography of Technological Knowledge

George Chorafakis, University of Barcelona, Spain

March 2015 / ISBN: 978-1-622-73-006-3
Availability: In stock
391pp. ¦ $60 £45 €55

This book is a collection of 5 essays on the economic geography of technological knowledge. Their common threads are: (i) the quest for a new paradigm in economic geography, termed ‘systemic’, as an alternative to the neoclassical, based on the epistemological premise of emergence and the theories of evolution and complexity; and (ii) the intent to explain the process of technological knowledge production as a systemic phenomenon occurring in relational space subject to emergence and co-evolutionary dynamics. In this theoretical framework, the author analyses various European knowledge networks, and examines their effects on the production of technological knowledge as sources of relational cognitive capital and economies of complexity. He then poses a number of questions on the direction and instrumentalities of the European research, technological development and innovation policies, and in particular on the issues of cohesion and dynamic efficiency of the European research system.

The Great Illusion

A Study of the Relation of Military Power to National Advantage

Norman Angell

December 2014 / ISBN: 978-1-62273-009-4
Availability: In stock
223pp. ¦ $30 £22 €27

International trade and the development of intertwined global markets makes inter-state war less profitable and probable. This is Norman Angell's simple hypothesis, vigorously defended in The Great Illusion and at the root of an enduring controversy, from the time of its initial publication - on the eve of the First World War - to this day. Well documented, logically argued and persuasive, The Great Illusion is a passionate defense of peace, attacking widely held, yet unquestioned assumptions about the gains from war and the costs of conquest.

Risk, Uncertainty and Profit

New Edition

Frank Knight

April 2016 / ISBN: 978-1-62273-004-9
Availability: In stock
330pp. ¦ $60 £45 €55

In Risk, Uncertainty and Profit, Frank Knight explored the riddle of profitability in a competitive market: profit should not be possible under competitive conditions, as the entry of new entrepreneurs would drive prices down and nullify margins, however evidence abounds of competitive yet profitable markets. To explain this seeming paradox, Knight uncovers the distinction between calculable risk and essentially unknowable uncertainty. Knight argued that risk stems from repeated events, which therefore allow probabilities to be calculated and factored into decisions, as for instance insurers do. Uncertainty however, stems from events that are unpredictable and as such cannot be prepared against. According to Knight, it is the interplay between risk and uncertainty on the one hand and competition between incumbent and new entrepreneurs that accounts for the enormous variation in profitability across firms and, for the same firms, over time. His insights on the sources of profit have been instrumental in shaping modern economic theory and to the development of a useful understanding of probability. This New Edition has been typeset with modern techniques and contains a newly compiled Index of important topics. It has been painstakingly proofread to ensure that it is free from errors and that the content is faithful to the original.

Industrial Evolution

New Edition

Karl Bücher

August 2014 / ISBN: 978-1-62273-005-6
Availability: In stock
304pp. ¦ $28 £20 €25

Industrial Evolution is Karl Bucher's most important book, and the foundational study of non-market (exchange and gift) economics. The book deals with the historical evolution of economic and industrial organization, with the transition from handicrafts to manufacturing, the rise of trade unionism and urban migration. This new edition is based on the third German edition of Bucher's original Entstehung der Volkswirtschaft and draws on the acclaimed translation by S. Morley Wickett, PhD. This new edition has been professionally typeset from the 1901 English original and includes a comprehensive index.

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