Ranald Michie

Engaging with Historical Source Work Practices, pedagogy, dialogue

Although primary source work is a major component of undergraduate history degrees in many countries, the topic of how best to support this work has been relatively unexplored. This article addresses the pedagogical support of primary source work by reviewing relevant literature to identify the challenges undergraduates face in interpreting sources, and examining how in two courses carefully articulated course design and supportive teaching activities assisted students to meet these challenges. This fine-grained examination of the courses is framed within a socio-cultural account of learning. The findings show how a skilful drawing of students into the interpretive/discursive practices of source analysis was associated with an epistemological reframing of historical knowledge and dialogical forms of teaching that helped the students to take forward a dialectical engagement with sources. The benefits of an ‘integrated’ approach to source work that fosters students’ affective and intellectual engagement with historical interpretive practices are highlighted.

Social tipping points and Earth systems dynamics

Recently, Early Warning Signals (EWS) have been developed to predict tipping points in Earth Systems. This discussion highlights the potential to apply EWS to human social and economic systems, which may also undergo similar critical transitions. Social tipping points are particularly difficult to predict, however, and the current formulation of EWS, based on a physical system analogy, may be insufficient. As an alternative set of EWS for social systems, we join with other authors encouraging a focus on heterogeneity, connectivity through social networks and individual thresholds to change.

The British government and the City of London in the twentieth century

The relationship between the British government and the City of London has become central to debates on modern British economic, political and social life. For some the Citys financial and commercial interests have exercised a dominant influence over government economic policy, creating a preoccupation with international markets and the strength of sterling which impaired domestic industrial and social well-being. Others have argued that government seriously constricted financial markets, jeopardising Britains most successful economic sector. This collection of essays was the first book to address these issues over the entire twentieth century. It brings together leading financial and political historians to assess the government-City relationship from several directions and by examination of key episodes. As such, it will be indispensable not just for the study of modern British politics and finance, but also for assessment of the worldwide problem of tensions between national governments and international financial centres.

Big Bang in the City of London: an intentional revolution or an accident?

In July 1983 an agreement was reached between the British government and the London Stock Exchange that was to transform the London securities market in October 1986. The result was a revolution that extended all the way from the design of the market to those permitted access to the governance of those who traded. Given the speed of change, it was termed ‘Big Bang’ by contemporaries. As the scale of the transformation became known, politicians were quick to claim credit for what had been achieved. Subsequently, Big Bang has been regarded as one of the crowning achievements of the Conservative government led by Mrs Thatcher, providing the foundation for the City of Londons re-emergence as the leading international financial centre. However, only now is evidence emerging of the intentions of those involved at the time rather than as expressed in the light of hindsight, which casts doubt on what they were seeking to achieve, whether viewed from the perspective of either the politicians or those in charge of the Stock Exchange. Instead, the longer-term pressure for change in the London securities market, the chain reaction caused by abolition of fixed-commission charges, and the proactive role of the Bank of England appear to be of greater significance. What an examination of the process leading up to Big Bang in 1986 reveals is the complexity of political decision involving the financial sector and the danger of unforeseen consequences. One small change can create a tipping point if the result is to remove an essential element within a complex system.

The Canadian Securities Market, 1850–1914

In this article Dr. Michie examines the origins and development of the Canadian securities market from its appearance in the mid-nineteenth century until the First World War. He traces the growth of Canadian-based and Canadian-owned joint-stock enterprise and the rise of a distinct Canadian investing public, which led to the establishment of a Canadian securities market, and he explains why so much Canadian business continued to be transacted on both the London and New York stock exchanges. Dr. Michie also discusses the rivalry between the Montreal and Toronto stock exchanges and its detrimental consequences for the creation of a strong and unified Canadian market. Finally, he argues that, despite Torontos rapid growth, Montreal remained the financial center of Canada throughout this period.

The Origins of International Banking in Asia: The Nineteenth and Twentieth Centuries

Without a means of crediting and debiting accounts worldwide and the non-physical transfer of funds, the rapid global economic integration of the late nineteenth and early twentieth centuries would have been impossible. It is the globalization of the banking system, much of which, particularly in Asia, had its roots in the nineteenth century, that helped facilitate increased human mobility, the exchange of commodities and manufactures, and the simplified transfer of funds. This volume examines the origins, growth, and business practices of European banks in Asia, and the development of Asian (notably Japanese and Hong Kong) banks, and their operations on an international stage, and in doing so, provides important new detail and analysis of economic globalization. It draws on the archival documentation of main British, French, and Japanese banks involved and provides analysis from a range of historical viewpoints, including global banking strategy, monetary regimes, financial markets, international trade, labour immigration, and the development of communication tools. Contributors to this volume - Professor Hubert Bonin, Bordeaux University Professor Makoto Kasuya, Tokyo University Professor Ranald Michie, Durham University Dr Simon Mollan, Durham University Professor Emeritus Shizuya Nishimura, Hosei University Professor Takeshi Nishimura, Matsuyama University Professor Toshio Suzuki, Tohoku University Professor Kazuhiko Yago, Tokyo Metropolitan University

British Banking: Continuity and Change from 1694 to the Present

The Global Financial Crisis made its first appearance in Britain towards the end of 2007 with the failure of the Northern Rock Bank. It then reached an unparalleled intensity a year later when the government was forced to intervene to prevent the collapse of Lloyds/HBOS and RBS/Natwest. Before these events the British banking system possessed a long established reputation for resilience and competence that made it one of the most admired and trusted in the world. The financial crisis of 2007/8, and the subsequent revelations about the behaviour of bankers, destroyed that reputation and drove a desire for a complete reform of the British banking system. Forgotten in this headlong rush towards radical restructuring were the reasons why the British banking system had become so admired and trusted. The aim of this book is to explain why the British banking system gained its reputation for resilience and competence, maintained it for over 100 years, and then lost it in such a rapid and spectacular fashion. To achieve that aim requires a study of the entire banking system. Banks are key components of a complex financial system continually interacting with each other, and constantly changing over time, This makes the conventional distinctions drawn between different types of banks, including those specialising in international finance, savings and loans, corporate lending, and retail deposits and borrowing, inappropriate for any long-term analysis. The distinctions between different types of banks were neither absolute nor permanent but relative and temporary. Banks were also central to both the payments system and the money market without which no modern economy could function. What this book is about is the development of the British banking system as a whole over more than three centuries. Only with such an understanding is it possible to appreciate what the British banking system achieved and then maintained from the middle of the 19th century onwards, why it was lost in such a short space of time, and what needs to be done to return it to the position it once occupied. Without such an understanding the mistakes of the recent past are destined to be repeated time and gain.

Wall street: A history

This is an updated version of a book first published in 1997. There is no indication that the original chapters have been re-written to reflect more recent scholarship or a change of view. Instead,...

Financial crisis management and the pursuit of power: American pre-eminence and the credit crunch

creation of big companies that dominated the winemaking industry. In fact, in those regions without cooperative vineyards, the industry was and is dominated by very large producers, usually with a vertical integration strategy. This book has, in my opinion, the merit of giving a global overview of the development of the wine industry in its decisive moment, thus filling an important gap in the literature of the economic history of this industry and bringing together successfully the particular histories of each of the most important wine producing regions. In addition, the book is well structured and Simpson largely bases his conclusions on reliable data, previously published by the main ‘regional’ authors. James Simpson is also keen to show in great detail several case studies from each region to support its findings. Finally, this book is a great asset because it demonstrates the extreme importance of historical factors and, above all, institutional ones – like cooperative organisations and their relationship with the state – that shaped the business structure of the wine industry, and, consequently, explaining how today we can find different business structures in Europe and outside this continent.

This time is different: eight centuries of financial folly

incentives that lead to cronyism and bailouts. Would democratic nations, especially, appreciate the wisdom of Lerner’s two-handed economics (on the one hand, on the other hand)? The need for secrecy, he notes, works against the constant democratic demand for transparency. Implicitly, the advice leans against democratic success and toward authoritarian political economy and/or the military-industrial complex. For example, the USA success stories evolved from the Department of Defense and the Central Intelligence Agency! Indeed, Lerner begins and ends his book by highlighting Singapore as a country that gets it right. From beginning to end, Lerner warns readers that there is much ambiguity in his analysis. Past public efforts failed but government always aided the successful hubs of entrepreneurship that did develop. If anything, Lerner is fair and balanced to a fault: the ambiguity, nuance, and frequent caveats lead the reader to ask whether, on balance, public venture capitalism is worth doing. After all, the alternative to ‘try, try again’ is ‘doing the same thing over and over again and expecting different results’ – the classic definition of stupidity. There are no easy answers offered, just good advice summed up in the introduction and conclusion. Lerner lays out the problems and prospects and lets readers decide for themselves. This small volume is a handy reference for those looking for an honest primer on public venture capital.