Albert Heard, the head of a prominent American trading house in China, once remarked that "Business is too important and interesting not to be chronicled somehow." As it turns out, his own firm, Augustine Heard & Co., chronicled its own activities extensively via a massive collection of descriptive letters and diaries. The company archives are part of the Baker Library collection at the Harvard...

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This 58-page study from the National Bureau of Economic Research illustrates "a system of tradable deficit permits as an efficient mechanism for implementing fiscal constraints in the European Monetary Union." Author Alessandra Casella compares her system of deficit permits to the current Stability Pact, finding that her system seems to have more flexibility among the EMU countries, which would...