Hostname: page-component-76fb5796d-dfsvx Total loading time: 0 Render date: 2024-04-25T17:53:50.346Z Has data issue: false hasContentIssue false

How to see the world economy: statistics, maps, and Schumpeter's camera in the first age of globalization*

Published online by Cambridge University Press:  19 June 2015

Quinn Slobodian*
Affiliation:
Department of History, Wellesley College, 106 Central St, Wellesley, MA 02481, USA E-mail: qslobodian@wellesley.edu

Abstract

How we assess globalization is largely determined by how we see the world economy. This article follows a disagreement about how to see the world economy among economists in Germany and Austria in the first age of globalization from the 1870s until the First World War. Absorbing metaphors from contemporary developments in media technologies, the debate pitted historical economists, who used statistics and cartography to make visible what they called the ‘world economic organism’, against marginalist economists, including a young Joseph Schumpeter, who rejected panoramic descriptions of the world economy for a narrow focus on prices. In a forgotten chapter in the conceptual genealogy of globalization, the debates of German-speaking economists initiated a persistent divide in how to see the world economy: either in the spatially expanding networks of communication and trade or in the wandering movement of prices on the world markets.

Type
Articles
Copyright
Copyright © Cambridge University Press 2015 

Access options

Get access to the full version of this content by using one of the access options below. (Log in options will check for institutional or personal access. Content may require purchase if you do not have access.)

Footnotes

*

The author would like to thank the Volkswagen Stiftung and Andrew W. Mellon Foundation for their generous funding, and the special issue editors, participants in the Harvard University Minda de Gunzburg Center for European Studies scholars seminar, the Wellesley College History Department faculty workshop, and Owen Lyons for their help in shaping this article.

References

1 See Coyle, Diane, GDP: A brief but affectionate history, Princeton, NJ: Princeton University Press, 2014Google Scholar; Speich, Daniel, ‘The use of global abstractions: national income accounting in the period of imperial decline’, Journal of Global History, 6, 1, 2011, pp. 728CrossRefGoogle Scholar.

2 Hodgson, Geoffrey M., ‘The economy as an organism – not a machine’, Futures, 25, 4, 1993, p. 393CrossRefGoogle Scholar; McCloskey, Deirdre, ‘Metaphors economists live by’, Social Research, 62, 2, 1995, p. 216Google Scholar; Mirowski, Philip, ‘Doing what comes naturally: four metanarratives on what metaphors are for’, in Philip Mirowski, ed., Natural images in economic thought: ‘Markets read in tooth and claw’, Cambridge: Cambridge University Press, 1994, p. 14CrossRefGoogle Scholar.

3 The term appeared approximately 176 times more frequently in German than English in 1920. Large ratios also held for Chinese (62 times), Russian and Italian (22 times), French (30 times), and Spanish (44 times). For English, see https://books.google.com/ngrams/graph?content=world+economy&year_start=1800&year_end=2000&corpus=15&smoothing=3&share=&direct_url=t1%3B%2Cworld%20economy%3B%2Cc0; for German, see https://books.google.com/ngrams/graph?content=Weltwirtschaft&year_start=1800&year_end=2000&corpus=20&smoothing=3&share=&direct_url=t1%3B%2CWeltwirtschaft%3B%2Cc0 (both consulted 8 February 2015). On the novelty of the German term, see Borchardt, Knut, ‘Globalisierung in historischer Perspektive’, Bayerische Akademie der Wissenschaften Sitzungsberichte, 2, 2001, p. 15Google Scholar; Osterhammel, Jürgen and Petersson, Niels P., Geschichte der Globalisierung: Dimensionen, Prozesse, Epochen, Munich: Verlag C. H. Beck, 2005, p. 17Google Scholar; Pohl, Hans, Aufbruch der Weltwirtschaft: Geschichte der Weltwirtschaft von der Mitte des 19. Jahrhunderts bis zum Ersten Weltkrieg, Stuttgart: F. Steiner Verlag, 1989Google Scholar, p. 9.

4 Mitchell, Timothy, ‘Fixing the economy,Cultural Studies, 12, 1, 1998, pp. 82–101CrossRefGoogle Scholar; Tooze, J. Adam, Statistics and the German state, 1900–1945: the making of modern economic knowledge, Cambridge: Cambridge University Press, 2001, p. 9Google Scholar.

5 Moyn, Samuel and Sartori, Andrew, ‘Approaches to global intellectual history,’ in Samuel Moyn and Andrew Sartori, eds., Global intellectual history, New York: Columbia University Press, 2013, p. 18CrossRefGoogle Scholar; Conrad, Sebastian, Globalisation and the nation in imperial Germany, Cambridge: Cambridge University Press, 2010, p. 2Google Scholar.

6 See Tribe, Keith, Strategies of economic order: German economic discourse, 1750–1950, Cambridge: Cambridge University Press, 1993, p. 73Google Scholar; van Laak, Dirk, ‘Infra-Strukturgeschichte’, Geschichte und Gesellschaft, 27, 3, 2001, p. 370Google Scholar.

7 Schumpeter, Joseph, Das Wesen und der Hauptinhalt der theoretischen Nationalökonomie, Leipzig: Duncker & Humblot, 1908, p. 142Google Scholar; McCraw, Thomas, Prophet of innovation: Joseph Schumpeter and creative destruction, Cambridge, MA: Belknap Press of Harvard University Press, 2007, p. 64Google Scholar.

8 Manjapra, Kris, Age of entanglement: German and Indian intellectuals across empire, Cambridge, MA: Harvard University Press, 2014, pp. 150–155CrossRefGoogle Scholar; Kale, Vaman Govind, Problems of world economy, Madras: Thompson & Co., 1931, pp. 54–83Google Scholar; Toye, John and Toye, Richard, ‘The origins and interpretation of the Prebisch-Singer thesis’, History of Political Economy, 35, 3, 2003, p. 440Google Scholar.

9 Sombart, Werner, Das Wirtschaftsleben im Zeitalter des Hochkapitalismus, Munich: Duncker & Humblot, 1928Google Scholar; FitzGerald, E. V. K., ‘ECLA and the formation of Latin American economic doctrine’, in David Rock, ed., Latin America in the 1940's: war and postwar transitions, Berkeley, CA: University of California Press, 1994, p. 94Google Scholar; Love, Joseph LeRoy, Crafting the third world: theorizing underdevelopment in Rumania and Brazil, Stanford, CA: Stanford University Press, 1996, pp. 108–110Google Scholar.

10 Vladimir Lenin based his influential theory of imperialism, in large part, on Hilferding's 1910 book. Hilferding, Rudolf, Finance capital: a study of the latest phase of capitalist development, ed. Tom Bottomore, London: Routledge & Kegan Paul, 1981 (first published 1910), p. 1Google Scholar. See also Luxemburg, Rosa, Die Akkumulation des Kapitals, Berlin: P. Singer, 1913Google Scholar.

11 ‘Dr. F. X. von Neumann-Spallart’, Journal of the Royal Statistical Society, 51, 2, 1888, p. 343.

12 F. X. von Neumann-Spallart, ‘Das Verkehrswesen der Welt’, in F. X. von Neumann-Spallart, ed., Bericht über die Welt-Ausstellung zu Paris im Jahre 1867, Vienna: Wilhelm Braumüller, 1869, p. 3.

13 Wenzlhuemer, Roland, Connecting the nineteenth-century world: the telegraph and globalization, Cambridge: Cambridge University Press, 2012, pp. 103–113CrossRefGoogle Scholar; Hampf, Michaela M. and Müller-Pohl, Simone, ‘Global communication electric: business, news and politics in the world of telegraphy’, in Michaela M. Hampf and Simone Müller-Pohl, eds., Global communication electric: business, news and politics in the world of telegraphy, Frankfurt am Main: Campus, 2013, p. 7Google Scholar.

14 Otis, Laura, Networking: communicating with bodies and machines in the nineteenth century, Ann Arbor, MI: University of Michigan Press, 2001, p. 2CrossRefGoogle Scholar.

15 Schröder, Iris and Höhler, Sabine, ‘Welt-Räume: Annäherungen an eine Geschichte der Globalität im 20. Jahrhundert’, in Iris Schröder and Sabine Höhler, eds., Welt-Räume: Geschichte, Geographie und Globalisierung seit 1900, Frankfurt am Main: Campus, 2005, p. 31Google Scholar.

16 Mitchell, Timothy, Colonising Egypt, Cambridge: Cambridge University Press, 1988, p. 6Google Scholar; See also Huhtamo, Erkki, Illusions in motion: media archaeology of the moving panorama and related spectacles, Cambridge, MA: MIT Press, 2013Google Scholar; Oleksijczuk, Denise, The first panoramas: visions of British imperialism, Minneapolis, MN: University of Minnesota Press, 2011Google Scholar.

17 Scott, James C., Seeing like a state: how certain schemes to improve the human condition have failed, New Haven, CT: Yale University Press, 1998Google Scholar.

18 Osterhammel, Jürgen, Die Verwandlung der Welt: eine Geschichte des 19. Jahrhunderts, Munich: C. H. Beck, 2009, pp. 41CrossRefGoogle Scholar, 62.

19 Davies, Catherine, ‘Papierschwindel und Börsenpanik: der Gründerkrach von 1873 als Globalisierungsphänomen’, Merkur, 12, December 2012, p. 1182Google Scholar.

20 Kindleberger, Charles Poor and Aliber, Robert Z., Manias, panics, and crashes: a history of financial crises, 5th edn, Hoboken, NJ: John Wiley & Sons, 2005, p. 137CrossRefGoogle Scholar. On the new technologies, see Preda, Alex, Framing finance: the boundaries of markets and modern capitalism, Chicago, IL: University of Chicago Press, 2009, pp. 126–136CrossRefGoogle Scholar.

21 von Neumann-Spallart, F. X., ‘Die Ueberspekulation im Welthandel’, Statistische Monatschrift, 3, 1875, p. 15Google Scholar.

22 Borchardt, , ‘Globalisierung’, p. 12Google Scholar.

23 Koselleck, Reinhart, ‘Crisis’, Journal of the History of Ideas, 67, 2, 2006, p. 392CrossRefGoogle Scholar.

24 Beckert, Sven, ‘Emancipation and empire: reconstructing the worldwide web of cotton production in the age of the American Civil War’, American Historical Review, 109, 5, 2004, p. 1406CrossRefGoogle Scholar.

25 Aldenhoff-Hübinger, Rita, Agrarpolitik und Protektionismus: Deutschland und Frankreich im Vergleich, 1879–1914, Göttingen: Vandenhoeck & Ruprecht, 2002, p. 30CrossRefGoogle Scholar.

26 Freytag, Gustav, Die Ahnen, vol. 6, Leipzig: S. Hirzel, 1880, p. 356Google Scholar.

27 Torp, Cornelius, Die Herausforderung der Globalisierung: Wirtschaft und Politik in Deutschland 1860–1914, Göttingen: Vandenhoeck & Ruprecht, 2005, pp. 29–35CrossRefGoogle Scholar.

28 Neumann-Spallart, , Uebersichten über Produktion, Verkehr und Handel in der Weltwirthschaft, Stuttgart: Maier, 1878, p. 1Google Scholar.

29 Nützenadel, Alexander, ‘A green international? Food markets and transnational politics, c.1850–1914’, in Alexander Nützenadel and Frank Trentmann, eds., Food and globalization: consumption, markets and politics in the modern world, Oxford and New York: Berg, 2008, p. 158CrossRefGoogle Scholar.

30 O'Rourke, Kevin H. and Williamson, Jeffrey G., Globalization and history: the evolution of a nineteenth-century Atlantic economy, Cambridge, MA: MIT Press, 1999, p. 95Google Scholar.

31 von Neumann-Spallart, F. X., Der Schutz in der Weltwirthschaft, Berlin: Leonhard Simion, 1879, p. 32Google Scholar.

32 von Goethe, J. W., Faust: a tragedy, Leipzig: Brockhaus, 1872, p. 18Google Scholar.

33 Crawford, Heide, ‘Poetically visualizing Urgestalten: the union of nature, art, and the love of a woman in Goethe's “Die Metamorphose der Pflanzen”’, in Evelyn K. Moore and Patricia Anne Simpson, eds., The enlightened eye: Goethe and visual culture, Amsterdam: Rodopi, 2007, p. 282Google Scholar.

34 Neumann-Spallart, , Uebersichten, p. 8Google Scholar.

35 Otis, , Networking, p. 6Google Scholar.

36 von Halle, Ernst, ‘Zur Einführung’, in Ernst von Halle, ed., Die Weltwirtschaft: ein Jahr- und Lesebuch, Leipzig: B. G. Teubner, 1906, p. iiiGoogle Scholar.

37 Max Weber, ‘Stock and commodity exchanges [Die Börse (1894)]’, trans. Steven Lestition, Theory and Society, 29, 3, 2000, p. 321.

38 Pohl, , Aufbruch der Weltwirtschaft, pp. 67Google Scholar.

39 Neumann-Spallart, Uebersichten, p. vii.

40 Iriye, Akira, Global community: the role of international organizations in the making of the contemporary world, Berkeley, CA: University of California Press, 2002, p. 75Google Scholar.

41 Randeraad, Nico, ‘The International Statistical Congress, 1853–1876: knowledge transfers and their limits’, European History Quarterly, 41, 1, 2011, p. 53Google Scholar.

42 Porter, Theodore M., ‘Statistics and statistical methods’, in Roy Porter, ed., The Cambridge history of science, Cambridge: Cambridge University Press, 2003, p. 240Google Scholar; Porter, Theodore M., ‘Economics and the history of measurement’, History of Political Economy, annual supplement, 33, 2001, p. 14CrossRefGoogle Scholar.

43 F. X. Neumann-Spallart, ‘Résumé of the results of the International Statistical Congresses and sketch of proposed plan of an international statistical association’, Journal of the Statistical Society of London, Jubilee number, 22–24 June 1885, p. 299.

44 Grimmer-Solem, Erik, The rise of historical economics and social reform in Germany, 1864–1894, Oxford and New York: Oxford University Press, pp. 64–65CrossRefGoogle Scholar, 198–9.

45 Randeraad, , ‘International Statistical Congress’, p. 58Google Scholar.

46 ‘Proposed members of the “International Statistical Institute”’, Journal of the Statistical Society of London, Jubilee number, 22–24 June 1885, p. 327.

47 Neumann-Spallart, , ‘Résumé’, p. 285Google Scholar.

48 Aldenhoff-Hübinger, Agrarpolitik und Protektionismus.

49 ‘Notes on economical and statistical works’, Journal of the Royal Statistical Society, 59, 3, 1896, p. 558.

50 Giffen, Robert, ‘The use of import and export statistics’, Journal of the Statistical Society of London, 45, 2, 1882, p. 206CrossRefGoogle Scholar; de Flaix, Ernest Fournier, ‘The national wealth of France compared with other countries’, Journal of the Statistical Society of London, 49, 1, 1886, p. 199Google Scholar; Sauerbeck, Augustus, ‘Prices of commodities and the precious metals’, Journal of the Statistical Society of London, 49, 3, 1886, p. 604CrossRefGoogle Scholar.

51 Tooze, J. Adam, ‘Die Vermessung der Welt: Ansätze zu einer Kulturgeschichte der Wirtschaftsstatistik’, in Hartmut Berghoff and Jakob Vogel, eds., Wirtschaftsgeschichte als Kulturgeschichte: Dimensionen eines Perspektivenwechsels, Frankfurt am Main: Campus, 2004, p. 326Google Scholar.

52 Neumann-Spallart, , ‘Ueberspekulation’, pp. 21Google Scholar, 23.

53 Wright, Carroll D., ‘The study of statistics in colleges’, Publications of the American Economic Association, 3, 1, 1888, p. 410Google Scholar.

54 Schäfer, Axel R., American progressives and German social reform, 1875–1920, Stuttgart: F. Steiner Verlag, 2000, p. 158Google Scholar.

55 Mayo-Smith, Richmond, ‘Review: Uebersichten der Weltwirtschaft’, Political Science Quarterly, 12, 1, 1897, p. 152CrossRefGoogle Scholar.

56 Bach, Olaf, Die Erfindung der Globalisierung: Entstehung und Wandel eines zeitgeschichtlichen Grundbegriffs, Frankfurt am Main: Campus, 2013, p. 60Google Scholar; Marx, Karl and Engels, Friedrich, The communist manifesto, New York: Penguin, 1967 (first published 1848), p. 84Google Scholar.

57 List, Friedrich, National system of political economy, Philadelphia: J. B. Lippincott & Co., 1856, p. 194Google Scholar.

58 Goswami, Manu, Producing India: from colonial economy to national space, Chicago, IL: University of Chicago Press, 2004, p. 215CrossRefGoogle Scholar; Grimmer-Solem, Erik, ‘German social science, Meiji conservatism, and the peculiarities of Japanese history’, Journal of World History, 16, 2, 2005, pp. 199CrossRefGoogle Scholar, 205; Nishizawa, Tamotsu, ‘Lujo Brentano, Alfred Marshall, and Tokuzo Fukuda: the reception and transformation of the German historical school in Japan’, in Yuichi Shionoya, ed., The German historical school: the historical and ethical approach to economics, London and New York: Routledge, 2001, p. 159Google Scholar; Ninkovich, Frank, Global dawn: the cultural foundation of American internationalism, 1865–1890, Cambridge, MA: Harvard University Press, 2009, pp. 65–66CrossRefGoogle Scholar; Rodgers, Daniel, Atlantic crossings: social politics in a progressive age, Cambridge, MA: Belknap Press of Harvard University Press, 1998, pp. 90–108Google Scholar; Vaughn, Gerald, ‘Ely, Wiley, and land economics in the integrating global economy’, Land Economics, 69, 4, 1993, pp. 438–440CrossRefGoogle Scholar.

59 Rothschild, Emma, ‘Political economy’, in Gareth Stedman Jones and Gregory Claeys, eds., The Cambridge history of nineteenth-century political thought, Cambridge: Cambridge University Press, 2011, p. 764Google Scholar.

60 Grimmer-Solem, , Rise of historical economics, pp. 7071Google Scholar, 273.

61 Tamura, Shin'ichi, ‘Gustav von Schmoller and Werner Sombart: a contrast in the historico-ethical method and social policy’, in Shionoya, German historical school, p. 108Google Scholar; Pohl, , Aufbruch der Weltwirtschaft, p. 12Google Scholar; Hutter, Michael, ‘Organism as a metaphor in German economic thought’, in Mirowski, Natural images, pp. 298305Google Scholar.

62 Schmoller attacked Carl Menger's use of the organism analogy but sometimes used related analogies himself: see Grimmer-Solem, , Rise of historical economics, p. 259Google Scholar; von Schmoller, Gustav, Grundriss der allgemeinen volkswirtschaftslehre, 4th edn, vol. 1, Leipzig: Duncker & Humblot, 1901, p. 6Google Scholar.

63 Neubauer, F., Vom Westfalischen Frieden bis auf unsere Zeit, Halle: Buchhandlung des Waisenhauses, 1898, pp. 214–215Google Scholar.

64 Shionoya, Yuichi, The soul of the German historical school: methodological essays on Schmoller, Weber, and Schumpeter, New York: Springer, 2005, p. 57Google Scholar.

65 von Neumann-Spallart, F. X., ‘Ueber Handels-Statistik und Handelswerthe’, Jahrbücher für Nationalökonomie und Statistik, 26, 1876, pp. 1–2Google Scholar.

66 Neumann-Spallart, , Der Schutz, p. 6Google Scholar.

67 Wagner, Adolph, Grundlegung der politischen Ökonomie, 3rd edn, Leipzig: C.F. Winter, 1894 (first published 1879), p. 362Google Scholar; Wagner, Adolf, ‘Review: Neumann-Spallart, Uebersichten über Produktion, Verkehr und Handel in der Weltwirtschaft’, Zeitschrift für das gesamte Staatswissenschaft, 35, 1879, p. 400Google Scholar.

68 Von Schmoller, , Grundriss, p. 5Google Scholar.

69 Dimitris Milonakis and Ben Fine, From political economy to economics: method, the social and the historical in the evolution of economic theory, p. 82.

70 See e.g. Stoiser, Josef, Wirtschafts- und Verkehrsgeographie der europäischen Staaten, Vienna: C. Fromme, 1912, p. 294Google Scholar.

71 Wagner, , Grundlegung, p. 362Google Scholar.

72 Juraschek, Franz, ‘Welthandel’, in Albert Scobel and Richard Andree, eds., Geographisches Handbuch zu Andrees Handatlas, Bielefeld: Velhagen & Klasing, 1899, p. 902Google Scholar.

73 Morgan, Mary, ‘Making measuring instruments’, History of Political Economy, 33, 2001, p. 248CrossRefGoogle Scholar.

74 For a related point, see Wenzlhuemer, Roland, ‘Globalization, communication and the concept of space in global history’, Historical Social Research, 35, 1, 2010, p. 25Google Scholar.

75 Sombart, Werner, Die deutsche Volkswirtschaft im neunzehnten Jahrhundert und im Anfang des 20. Jahrhunderts, 5th edn, Berlin: Georg Bondi, 1921, p. 368Google Scholar.

76 Ibid., pp. 387–8.

77 See Balachandran, Gopalan, ‘Atlantic paradigms and aberrant histories’, Atlantic Studies: Global Currents, 11, 1, 2014, pp. 49–53CrossRefGoogle Scholar.

78 Geistbeck, Michael, Der Weltverkehr: Telegraphie und Post, Eisenbahnen und Schiffahrt, 2nd edn, Freiburg: Herdersche Verlagshandlung, 1895, p. 526Google Scholar.

79 Wenzlhuemer, , ‘Globalization’, p. 42Google Scholar.

80 Gregory, Derek, Geographical imaginations, Cambridge, MA: Blackwell, 1994, p. 40Google Scholar.

81 Piper, Andrew, ‘Mapping vision: Goethe, cartography, and the novel’, in Jaimey Fisher and Barbara Caroline Mennel, eds., Spatial turns: space, place, and mobility in German literary and visual culture, New York: Rodopi, 2010, pp. 33Google Scholar, 40.

82 Hansen, Jason, Mapping the Germans: statistical science, cartography, and the visualization of the German Nation, 1848–1914, Oxford: Oxford University Press, 2015, p. 108CrossRefGoogle Scholar; Headrick, Daniel, When information came of age: technologies of knowledge in the age of reason and revolution, 1700–1850, Oxford: Oxford University Press, 2000, p. 131Google Scholar.

83 Gilbert, Pamela K., Mapping the Victorian social body, Albany, NY: State University of New York Press, 2004, p. 208Google Scholar; Schulten, Susan, Mapping the nation: history and cartography in nineteenth-century America, Chicago, IL: University of Chicago Press, 2012, p. 85CrossRefGoogle Scholar.

84 Anderson, Katharine, Predicting the weather: Victorians and the science of meteorology, Chicago, IL: University of Chicago Press, 2005, p. 189CrossRefGoogle Scholar.

85 Heinrich Karl Wilhelm Berghaus, Dr. Heinrich Berghaus’ Physikalischer Atlas, Gotha: Verlag von Justus Perthes, 1848.

86 Stieler, Adolf, Hand Atlas über alle Theile der Erde und über das Weltgebäude, 5th edn, Gotha: J. Perthes, 1869Google Scholar.

87 Andree, Richard, Allgemeiner Handatlas, Bielefeld: Velhagen & Klasing, 1881Google Scholar, n.p.

88 The Times atlas, London: Office of The Times, 1897, n.p. The primary US atlas included a world map showing currents and telegraph lines but no shipping lanes or railways: Atlas of the world, Chicago, IL: Rand, McNally & Company, 1897, pp. 10–11.

89 Dick, Steven, Sky and ocean joined: the U.S. Naval Observatory, 1830–2000, New York: Cambridge University Press, 2003, pp. 96–100Google Scholar.

90 Scobel, A., Andrees allgemeiner Handatlas, 4th edn, Bielefeld: Velhagen & Klasing, 1899Google Scholar.

91 See also ‘World map of world Verkehr and world trade’, in Meyers Geographischer Hand-Atlas, 3rd edn, Leipzig: Verlag des Bibliographischen Instituts, 1905. For similar contemporary maps elsewhere, see Bartholomew, J. G., ed., Graphic Atlas of the World, London: John Walker & Co., 1910, pp. 4–5Google Scholar; Ward, A. W., Prothero, G. W., and Leathes, Stanley, eds., The Cambridge modern history atlas, Cambridge: Cambridge University Press, 1912Google Scholar, map 140.

92 Braun, Hermann, ‘Welt’, in Otto Brunner, Werner Conze, and Reinhart Koselleck, eds., Geschichtliche Grundbegriffe: historisches Lexikon zur politisch-sozialen Sprache in Deutschland, Stuttgart: E. Klett, 1972, p. 498Google Scholar.

93 Scobel, A., Andrees Allgemeiner Handatlas, 5th edn, Bielefeld: Velhagen & Klasing, 1907Google Scholar.

94 C. Merckel et al., Der Weltverkehr und seine Mittel, Leipzig: Otto Spamer, 1913, p. 867.

95 Borght, Richard van der, Das Verkehrswesen, Leipzig: C. L. Hirschfeld, 1894, p. 36Google Scholar.

96 ‘Bericht über die Tätigkeit des statistischen Seminars an der k.k. Universität Wien während des Wintersemesters 1904/5’, Statistische Monatschrift, 10, 1905, p. 915. Inama-Sternegg seems to have been the primary author as the seminar's introductory material was later republished in Karl Theodor von Inama-Sternegg, ‘Die gegenwärtigen Aussichten der weltwirtschaftlichen Entwicklung’, Zeitschrift für Volkswirtschaft, Socialpolitik und Verwaltung, 15, 1906, p. 108.

97 Neumann-Spallart, , ‘Résumé’, p. 312Google Scholar; Zimmerman, F. W. R., ‘Das Internationale Statistische Institut und seine Verhandlungen zu Budapest 1901’, Zeitschrift für die gesamte Staatswissenschaft, 58 1, 1902, p. 110Google Scholar.

98 Grimmer-Solem, , Rise of historical economics, p. 271Google Scholar.

99 Juraschek, Franz, Uebersichten der Weltwirtschaft, Berlin: Verlag für Sprach- und Handelswissenschaft, 1896Google Scholar.

100 Schumpeter took three semesters of the seminar with Inama-Sternegg and Juraschek: see Swedberg, Richard, Joseph A. Schumpeter: his life and work, Cambridge: Polity Press, 1991, p. 13Google Scholar; Mises's seminar report does not even appear in his comprehensive bibliography: see Bettina Bien Greaves and Robert W. McGee, Mises: an annotated bibliography, Irvington-on-Hudson, NY: Foundation for Economic Education, 1993.

101 Katzenstein, Louis, ‘Nationalökonomische Ideen’, Ethische Kultur, 5, 22, 1897, p. 180Google Scholar.

102 On the expansion of finance in Germany, see Buchheim, Christoph, ‘Deutsche Finanzmetropole von internationalem Rang, 1870–1914’, in Hartmut Berghoff, Hans Pohl, and Hanna Floto-Degener, eds., Geschichte des Finanzplatzes Berlin, Frankfurt am Main: Knapp, 2002, p. 104Google Scholar.

103 Rosenberg, Wilhelm, ‘Der Spieleinwand bei Börsen-Speculationsgeschäften’, Zeitschrift für Volkswirtschaft, Socialpolitik und Verwaltung, 10, 1901, p. 163Google Scholar.

104 Knut Borchardt, ‘Einleitung’, in Max Weber, Börsenwesen: Schriften und Reden 1893–1898, ed. Knut Borchardt with Cornelia Meyer-Stoll, 2 vols., Tübingen: Mohr, 1999–2000, vol. 1, pp. 7–10; Levy, Jonathan, ‘Contemplating delivery: futures trading and the problem of commodity exchange in the United States, 1875–1905’, American Historical Review, 111, 2, 2006, pp. 308CrossRefGoogle Scholar, 326; Petersson, Niels P., Anarchie und Weltrecht: das Deutsche Reich und die Institutionen der Weltwirtschaft 1890–1930, Göttingen: Vandenhoeck & Ruprecht, 2009, p. 77CrossRefGoogle Scholar.

105 Weber, , ‘Stock and commodity exchanges’, p. 326Google Scholar.

106 Harden, Maximillian, ‘Epiphania’, Die Zukunft, 5 January 1901, p. 8Google Scholar.

107 Eulenburg, Franz, ‘Die internationale Wirtschaftslage’, Zeitschrift für Volkswirtschaft, Socialpolitik und Verwaltung, 15, 1906, pp. 281–283Google Scholar.

108 Milonakis, and Fine, , From political economy to economics, p. 98Google Scholar.

109 Joseph Schumpeter, Methodological individualism, Brussels: Institutum Europaeum, n.d., p. 4. This pamphlet is a translated section of Schumpeter, Das Wesen.

110 von Hayek, F. A., ‘Carl Menger’, Economica, 1, 4, 1934, p. 398CrossRefGoogle Scholar.

111 Allen, Robert Loring, Opening doors: the life and work of Joseph Schumpeter, vol. 1, New Brunswick, NJ: Transaction Publishers, 1991, p. 42Google Scholar; Mirowski, Philip, More heat than light: economics as social physics: physics as nature's economics, Cambridge: Cambridge University Press, 1989, pp. 3CrossRefGoogle Scholar, 260.

112 Schumpeter, Joseph, ‘Die internationale Preisbildung’, Statistische Monatsschrift, 10, 1905, p. 923Google Scholar.

113 ‘Bericht über die Tätigkeit’, p. 918.

114 Marshall, Alfred, Principles of economics, 2nd edn, vol. 1, London: Macmillan and Co., 1891, pp. 191–192Google Scholar; von Böhm-Bawerk, Eugen, The positive theory of capital, New York: G.E. Stechert & Co., 1923, p. 422Google Scholar.

115 Johnson, Paul, Making the market: Victorian origins of corporate capitalism, Cambridge: Cambridge University Press, 2010, pp. 24CrossRefGoogle Scholar, 195.

116 Quoted in Tribe, Keith, ‘Continental political economy from the physiocrats to the marginal revolution’, in Stedman Jones and Claeys, Cambridge history of nineteenth-century political thought, p. 168Google Scholar.

117 Schumpeter, Joseph, ‘Die Methode der Index-Zahlen’, Statistische Monatsschrift, 10, 1905, p. 192Google Scholar. This presentation was given in the winter semester of 1903/4, while the other was given in 1904/5. Schumpeter, Elizabeth, ‘Bibliography of the writings of Joseph A. Schumpeter’, Quarterly Journal of Economics, 64, 3, 1950, p. 375Google Scholar.

118 See Stäheli, Urs, Spectacular speculation: thrills, the economy, and popular discourse, Stanford, CA: Stanford University Press, 2013, p. 21Google Scholar. For a similar point on Menger, see Endres, Anthony M., Neoclassical microeconomic theory: the founding Austrian version, London and New York: Routledge, 1997, p. 64CrossRefGoogle Scholar.

119 Allen, , Opening doors, p. 59Google Scholar.

120 Schumpeter, , Das Wesen, p. 514Google Scholar.

121 Schumpeter, Joseph A., ‘How does one study social science? (1910)’, Society, 40, 3, 2003, p. 59CrossRefGoogle Scholar.

122 Schumpeter, , Das Wesen, p. 52Google Scholar.

123 Ibid., p. 94; Endres, , Neoclassical microeconomic theory, p. 19Google Scholar.

124 Schumpeter, , Das Wesen, 97Google Scholar; Stolper, Wolfgang F., Joseph Alois Schumpeter: the public life of a private man, Princeton, NJ: Princeton University Press, 1994, p. 33Google Scholar. The aversion to aggregate categories such as GDP and the price level was shared by future members of the so-called Austrian School: see Horwitz, Steven, Microfoundations and macroeconomics: an Austrian perspective, London and New York: Routledge, 2000, p. 8CrossRefGoogle Scholar.

125 McCraw, , Prophet of innovation, p. 51Google Scholar.

126 Schumpeter, , Das Wesen, p. 125Google Scholar.

127 Ibid., p. 138.

128 Ibid., p. 142.

129 Ibid., p. 177.

130 Stolper, , Joseph Alois Schumpeter, p. 28Google Scholar.

131 Lange, Oskar, Die Preisdispersion als Mittel zur statistischen Messung wirtschaftlicher gleichgewichtsstörungen, Leipzig: H. Buske, 1932, p. 8Google Scholar; Oppenheimer, Franz, Wert und Kapitalprofit: Neubegründung der objektiven Wertlehre, Jena: G. Fischer, 1916, p. 26Google Scholar. See also Hardt, Elisabeth, Statik und Dynamik in der Volkswirtschaftslehre, Darmstadt: Verlagshaus, 1926, p. 9Google Scholar.

132 Leontief, Wassily, ‘Joseph A. Schumpeter, 1883–1950’, Econometrica, 18, 2, 1950, p. 105Google Scholar; Andersen, Esben Sloth, Schumpeter's evolutionary economics: a theoretical, historical and statistical analysis of the engine of capitalism, London: Anthem Press, 2009, p. 48Google Scholar. For a recent use, see Mishan, E. J., Introduction to political economy, London: Routledge, 2013, p. 54Google Scholar.

133 Quoted in Pines, Christopher L., Ideology and false consciousness: Marx and his historical progenitors, Albany: State University of New York Press, 1993, p. 210Google Scholar.

134 Hilferding, , Finance capital, p. 156Google Scholar.

135 Lesák, Barbara, ‘Photography, cinematography and the theatre’, in Mikuláš Teich and Roy Porter, eds., Fin de siècle and its legacy, Cambridge: Cambridge University Press, 1990, p. 137Google Scholar.

136 Füsslin, Georg, Optisches Spielzeug oder wie die Bilder laufen lernten, Stuttgart: Verlag Georg Füsslin, 1993, p. 103Google Scholar.

137 Sachers, Ralph Julian, ‘Ein neues … skop’, Photographische Correspondenz, 35, 448, 1898, p. 23Google Scholar.

138 Rabinbach, Anson, The human motor: energy, fatigue, and the origins of modernity, New York: Basic Books, 1990, pp. 99–119Google Scholar.

139 Crary, Jonathan, Suspensions of perception: attention, spectacle, and modern culture, Cambridge, MA: MIT Press, 1999, p. 142Google Scholar.

140 Preda, , Framing finance, 129Google Scholar; Lyons, Owen, ‘An inverted reflection: representations of finance and speculation in Weimar cinema’, PhD thesis, Carleton University, 2015Google Scholar.

141 Hodgson, Geoffrey, How economics forgot history: the problem of historical specificity in social science, London and New York: Routledge, 2002Google Scholar. The advent of wireless telegraphy in the first decade of the twentieth century might also have encouraged this shift: see Evans, Heidi J. S., ‘“The path to freedom”? Transocean and German wireless telegraphy, 1914–1922’, Historical Social Research, 35, 1, 2010, pp. 212–213Google Scholar.

142 Johnson, , Making the market, p. 24Google Scholar; Petersson, , Anarchie und Weltrecht, p. 13Google Scholar; McCloskey, , ‘Metaphors economists live by’, p. 216Google Scholar.

143 von Mises, Ludwig, ‘Die Rückwirkung der Entwicklung der Weltwirtschaft auf die Ausgestaltung der Sozialpolitik’, Statistische Monatsschrift, 10, 1905, p. 949Google Scholar.

144 Ibid.

145 For the influential version of the former, see O'Rourke, Kevin and Williamson, Jeffrey, ‘When did globalisation begin?’, European Review of Economic History, 6, 2002, p. 25CrossRefGoogle Scholar. For the latter, see e.g. Dejung, Christof and Petersson, Niels P., ‘Introduction’, in Christof Dejung and Niels P. Petersson, eds., The foundations of worldwide economic integration: power, institutions, and global markets, 1850–1930, Cambridge: Cambridge University Press, 2013, pp. 3–5Google Scholar; McKeown, Adam, ‘Periodizing globalization’, History Workshop Journal, 63, 1, 2007, pp. 223–224CrossRefGoogle Scholar; Lang, Michael, ‘Globalization and its history’, Journal of Modern History, 78, 4, 2006, pp. 915–918CrossRefGoogle Scholar. An important influence remains Polanyi, Karl, The great transformation, New York: Farrar & Rinehart, 1944Google Scholar.

146 See e.g. Conrad, , Globalisation, p. 50Google Scholar; Harvey, David, The condition of postmodernity, Oxford: Blackwell, 1989, p. 265Google Scholar; Mazower, Mark, Governing the world: the history of an idea, New York: Penguin, 2012, p. 26Google Scholar.

147 Bell, Duncan, ‘Making and taking worlds,’ in Moyn and Sartori, Global intellectual history, p. 255Google Scholar.