A large literature has detailed the seminal roles played in the Civil Rights Movement by activists, new political organizations, churches, and philanthropies. But black-owned businesses also provided a behind-the-scenes foundation for the movement’s success.
The US federal lobbying industry, based in Washington DC, is major focal point for political money and the exercise of influence, with expenditures peaking at approximately $2.5 billion per annum during the first Obama administration.
The current crisis is the culmination of a process of integration that has profoundly changed the structure of each member state, their inter-relations and their power relations. One of its side effects was the rediscovery of the terms ‘centre’ and ‘periphery’ to analyse the economic situations of the European countries.
This paper examines the value of connections between German industry and
the Nazi movement in early 1933. Drawing on previously unused contemporary
sources about management and supervisory board composition and stock returns,
we find that one out of seven firms, and a large proportion of the biggest companies,
had substantive links with the National Socialist German Workers’ Party. Firms
supporting the Nazi movement experienced unusually high returns, outperforming
unconnected ones by 5% to 8% between January and March 1933. These results
are not driven by sectoral composition and are robust to alternative estimators
and definitions of affiliation.
“The Failure of Democracy” – “The weaknesses of Weimar”
Do headlines such as these suggest that the whole architecture of the first German republic was wrong, that it was doomed right from the start, that the “collapse” was unavoidable?
In the paper that we present this afternoon, Soren Johansen, Anders Rahbek, Morten Tabor, and I introduce the Qualitative Expectations Hypothesis (QEH) as a new approach to modeling macroeconomic and financial outcomes.