{"page":"\u003clink rel=\"stylesheet\" href=\"https://lessonplanet.com/assets/packs/css/resources-572d6a42.css\" /\u003e\n\u003clink rel=\"stylesheet\" href=\"https://lessonplanet.com/assets/packs/css/lp_boclips_stylesheets-f4d0de30.css\" media=\"all\" /\u003e\n\u003cdiv data-title='D\u0026#39;Maris Coffman: Bringing History to Economics' data-url='/boclips/videos/623c0c952c7ac83585783417' data-video-url='/boclips/videos/623c0c952c7ac83585783417' id='bo_player_modal'\u003e\n\u003cdiv class='boclips-resource-page modal-dialog panel-container'\u003e\n\u003cdiv class='react-notifications-root'\u003e\u003c/div\u003e\n\u003cdiv class='rp-header'\u003e\n\u003cdiv class='rp-type'\u003e\n\u003ci aria-hidden='true' class='fai fa-regular fa-circle-play'\u003e\u003c/i\u003e\nVideo\n\u003c/div\u003e\n\u003ch1 class='rp-title' id='video-title'\u003e\nD\u0026#39;Maris Coffman: Bringing History to Economics\n\u003c/h1\u003e\n\u003cdiv class='rp-actions'\u003e\n\u003cdiv class='mr-1'\u003e\n\u003ca class=\"btn btn-success\" data-posthog-event=\"Signup: LP Signup Activity\" data-posthog-location=\"body_link_boclips\" data-remote=\"true\" href=\"/subscription/new\"\u003e\u003cspan\u003e\u003cspan\u003eGet Free Access\u003c/span\u003e\u003cspan class=\"\"\u003e for 10 Days\u003c/span\u003e\u003cspan\u003e!\u003c/span\u003e\u003c/span\u003e\u003c/a\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003cdiv class='rp-body'\u003e\n\u003cdiv class='rp-info'\u003e\n\u003cdiv aria-label='Hide resource details' class='rp-hide-info' role='button' tabindex='0'\u003e\u0026times;\u003c/div\u003e\n\u003ci aria-label='Expand resource details' class='rp-expand-info fai fa-solid fa-up-right-and-down-left-from-center' role='button' tabindex='0'\u003e\u003c/i\u003e\n\u003ci aria-label='Compress resource details' class='rp-compress-info fai fa-solid fa-down-left-and-up-right-to-center' role='button' tabindex='0'\u003e\u003c/i\u003e\n\u003cdiv class='rp-rating'\u003e\n\u003cspan class='resource-pool'\u003e\n\u003cspan class='pool-label'\u003ePublisher:\u003c/span\u003e\n\u003cspan class='pool-name'\u003e\n\u003cspan class='text'\u003e\u003ca data-publisher-id=\"30357122\" href=\"/search?publisher_ids%5B%5D=30357122\"\u003eInstitute for New Economic Thinking\u003c/a\u003e\u003c/span\u003e\n\u003c/span\u003e\n\u003c/span\u003e\n\u003c/div\u003e\n\u003cdiv class='rp-description'\u003e\n\u003cspan class='short-description'\u003eThis episode features grantee D'Maris Coffman of the Centre for Financial History talking about her organization's commitment to a New Financial History and what the fruits of their approach can tell us about modern debt crises and...\u003c/span\u003e\n\u003cspan class='full-description hide'\u003eThis episode features grantee D'Maris Coffman of the Centre for Financial History talking about her organization's commitment to a New Financial History and what the fruits of their approach can tell us about modern debt crises and sustainable debt levels. She also discusses her research, funded by the Institute for New Economic Thinking, which explores fundamental questions about how Britain averted a Malthusian trap in the early nineteenth century and why the answers matter for global food security today.\u003cbr/\u003e\u003cbr/\u003eHistorians can contribute to economic thinking in three ways. First, much of development studies depend on historical parallels, especially to eighteenth- and early nineteenth-century Britain, which is taken as the cardinal case for industrialization. Through these parallels, historians can refine, modify, and even discover fallacies that have become dangerously entrenched in some development economics. Second, historians can offer histories of economic thinking, including histories of economic analysis, which explore the internal intellectual trajectories of economic ideas, and histories of economic thought, which put these ideas in context. Both of these fields of study disrupt economics' path of dependence on certain ideologies And third, economists principally deal in \"explanation,\" especially in the econometric sense of establishing causation. Yet \"narrative causation,\" what historians call interpretation, can be even more powerful, as the psychoanalyst and Institute grantee David Tuckett and others have shown. These \"interpretations,\" or \"stories\" that people tell themselves about phenomena, often influence behavior much more readily than the models would predict.\u003cbr/\u003e\u003cbr/\u003eTo understand the first point, consider the exchange between Adair Lord Turner and Professor Niall Ferguson after the latter's plenary lecture.  Ferguson follows North and Weingast (1989) in seeing in the Glorious Revolution a triumph of \"good institutions\" over bad ones, and especially follows them in identifying parliamentary supremacy as responsible for securing property rights. This has caused him to espouse a particular version of the Washington Consensus. Yet Turner and Bill Janeway both argued that eighteenth-century institutions were often very poor indeed. \u003cbr/\u003eTo this end, our research into the \"Credible Commitment\" thesis has yielded three key findings. One that political risk is the most important single determinate of sovereign risk. Two, that the willingness of one party to honor the other party's commitments is essential, and thus 1710 (when the Tories honored Whig commitments) was more of a turning-point than 1688-89. And three, that rather than crowding out the private sector, public sector spending and a coercive and authoritarian fiscal system paid for public borrowing during the Napoleonic wars.\u003cbr/\u003e\u003cbr/\u003eThese findings show that that gridlock in Washington is the \"worst sort of politics possible.\" Indeed, it is my firmly held belief that our research will overturn the relatively glib heuristics proposed by Carmen Reinert and Kenneth Rogoff.\u003cbr/\u003e\u003cbr/\u003eThe key thing to remember is that it's not necessarily about \"better institutions.\" Yes, institutions matter at some levels of development, particularly poor institutions that can retard growth. But we need to develop a concept of \"good-enough institutions.\" \u003cbr/\u003e\u003cbr/\u003eAt some point, institutional quality probably is deadweight: the direction of causality changes. Successful economies and societies are not successful because they have superb institutions, but rather they have superb institutions because they can afford them. The trick is to find that sweet spot.\u003cbr/\u003e\u003cbr/\u003eD'Maris Coffman is a Leverhulme/Newton Trust Early Career Fellow in the history faculty and an affiliated lecturer at the University of Cambridge. She also is a grantee of the Institute for New Economic Thinking for her work on the history of U.K. agriculture markets. Her book Questioning Credible Commitment: Perspectives on the Rise of Financial Capitalism, co-authored with Adrian Leonard and Larry Neal, was published in September 2013 by Cambridge University Press.\u003cbr/\u003e\u003c/span\u003e\n\u003c/div\u003e\n\u003cdiv class='action-container flex justify-between'\u003e\n\u003cbutton aria-expanded='false' aria-label='Read more description' class='rp-full-description' type='button'\u003e\n\u003ci class='fai fa-solid fa-align-left'\u003e\u003c/i\u003e\n\u003cspan id='read_more'\u003eRead More\u003c/span\u003e\n\u003c/button\u003e\n\u003cdiv class='rp-report'\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003cdiv aria-labelledby='resource-details-heading' class='rp-info-section'\u003e\n\u003ch2 class='title' id='resource-details-heading'\u003eResource Details\u003c/h2\u003e\n\u003cdiv class='rp-resource-details clearfix'\u003e\n\u003cdiv class='detail'\u003e\n\u003cdl\u003e\n\u003cdt\u003eCurator Rating\u003c/dt\u003e\n\u003cdd\u003e\u003cspan class=\"star-rating\" aria-label=\"4.0 out of 5 stars\" role=\"img\"\u003e\u003ci class=\"fa-solid fa-star text-action\" aria-hidden=\"true\"\u003e\u003c/i\u003e\u003ci class=\"fa-solid fa-star text-action\" aria-hidden=\"true\"\u003e\u003c/i\u003e\u003ci class=\"fa-solid fa-star text-action\" aria-hidden=\"true\"\u003e\u003c/i\u003e\u003ci class=\"fa-solid fa-star text-action\" aria-hidden=\"true\"\u003e\u003c/i\u003e\u003ci class=\"fa-regular fa-star text-action\" aria-hidden=\"true\"\u003e\u003c/i\u003e\u003c/span\u003e\u003c/dd\u003e\n\u003c/dl\u003e\n\u003c/div\u003e\n\u003cdiv class='detail'\u003e\n\u003cdl\u003e\n\u003cdt class=\"educator-rating-title\"\u003eEducator Rating\u003c/dt\u003e\u003cdd\u003e\u003cdiv class=\"educator-rating-details\" data-path=\"/educator_ratings/rrp_data?resourceable_id=200739\u0026amp;resourceable_type=Boclips%3A%3AVideoMetadata\"\u003e\u003cspan class=\"not-yet-rated\"\u003eNot yet Rated\u003c/span\u003e\u003c/div\u003e\u003c/dd\u003e\n\u003c/dl\u003e\n\u003c/div\u003e\n\u003cdiv class='detail'\u003e\n\u003cdl\u003e\n\u003cdt\u003eMedia Length\u003c/dt\u003e\n\u003cdd\u003e13:48\u003c/dd\u003e\n\u003c/dl\u003e\n\u003c/div\u003e\n\u003cdiv class='detail'\u003e\n\u003cdl\u003e\n\u003cdt\u003eGrade\u003c/dt\u003e\u003cdd title=\"Grade\"\u003eHigher Ed\u003c/dd\u003e\n\u003c/dl\u003e\n\u003c/div\u003e\n\u003cdiv class='detail'\u003e\n\u003cdl\u003e\n\u003cdt\u003eSubjects\u003c/dt\u003e\u003cdd\u003e\u003cspan\u003e\u003ca href=\"/search?grade_ids%5B%5D=259\u0026amp;search_tab_id=1\u0026amp;subject_ids%5B%5D=358379\"\u003eSocial Studies \u0026amp; History\u003c/a\u003e\u003c/span\u003e\u003c/dd\u003e\u003cdd class=\"text-muted\"\u003e\u003ci class=\"fa-solid fa-lock mr5\"\u003e\u003c/i\u003e4 more...\u003c/dd\u003e\n\u003c/dl\u003e\n\u003c/div\u003e\n\u003cdiv class='detail'\u003e\n\u003cdl\u003e\n\u003cdt\u003eMedia Type\u003c/dt\u003e\u003cdd\u003e\u003cspan\u003e\u003ca href=\"/search?grade_ids%5B%5D=259\u0026amp;search_tab_id=2\u0026amp;type_ids%5B%5D=4543647\"\u003eInstructional Videos\u003c/a\u003e\u003c/span\u003e\u003c/dd\u003e\n\u003c/dl\u003e\n\u003c/div\u003e\n\u003cdiv class='detail'\u003e\n\u003cdl\u003e\n\u003cdt\u003eSource:\u003c/dt\u003e\n\u003cdiv class='preview-source' data-animation='true' data-boundary='.rp-info' data-container='.rp-resource-details' data-html='false' data-title='At the Institute for New Economic Thinking we advance sound economic ideas to better serve humanity. 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