European Economic Integration as a Challenge to Industry and Government

Contemporary and Historical Perspectives on International Economic Dynamics

  • Richard Tilly
  • Paul J. J. Welfens
Conference proceedings

Table of contents

  1. Front Matter
    Pages I-X
  2. Forrest Capie
    Pages 181-206
  3. Wolfram Fischer
    Pages 207-210
  4. Barry Eichengreen, Chang-Tai Hsieh
    Pages 355-392
  5. Manfred Borchert, Martin Leschke
    Pages 393-396
  6. Richard Tilly
    Pages 397-435
  7. William P. Kennedy
    Pages 437-459
  8. Back Matter
    Pages 531-558

About these proceedings


explicit presentation of some of those stylized facts in the form of a brief, chronologically structured narrative. In keeping with the broad scope of this volume we begin by going back at least two hundred years, to the growth of an integrated national capital market in England in the 18th century (see Neal Chapter). This starting point has the advantage of calling attention to a number of important points. First, the form of integration by which a central market (London) for a standardized good (government bonds or consols) came to serve as linkage between two or more hitherto separate (regional) markets, represents a typical and important form of fInancial (and economic) integration. In Kindleberger's terminology it is the "integration via third parties" form (where, say, security prices in A and B converge): 2 A < -----------> C < ----------------> B instead of A < ------------> B. In the 18th-century English context this central market provided a widely available index of the opportunity costs of alternative investments, the importance of which should not be underestimated, for it contributed to national economic integration in England (NEAL, 1994). Second, this example illustrates an important point of political economy. The prerequisite for the development of the central market mentioned was the establishment of sound public fInances based on the state's widely accepted power to tax.


Direktinvestitionen Eastern Europe Economic Policy European Union European Union (EU) European integration Europäische Integration Europäische Union Wirtschaftspolitik economic integration foreign direct investment international trade migration

Editors and affiliations

  • Richard Tilly
    • 1
  • Paul J. J. Welfens
    • 2
  1. 1.Institut für Wirtschafts- und SozialgeschichteUniversity of MünsterMünsterGermany
  2. 2.Wirtschafts- und Sozialwissenschaftliche Fakultät Lehrstuhl Wirtschaftspolitik/Internationale BeziehungenUniversity of PotsdamPotsdamGermany

Bibliographic information

  • DOI
  • Copyright Information Springer-Verlag Berlin · Heidelberg 1996
  • Publisher Name Springer, Berlin, Heidelberg
  • eBook Packages Springer Book Archive
  • Print ISBN 978-3-642-80016-0
  • Online ISBN 978-3-642-80014-6
  • Buy this book on publisher's site
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