Logging Industry

This is a book about bubble prices, and their consequences, in the timber industry of the Pacific Northwest from 1979-1984. Bubble prices--unusual and rapid rises (and eventual drops) in the prices of a commodity--have been of theoretical interest to economists for many years. This study examines the unusual movements in the price of federal timber and the subsequent recession in the Northwest when timber buyers delayed harvests in order to postpone the realization of their losses on the contracts. Mattey argues that it was not so much the actions of the Federal Reserve, which had been widely blamed for the crisis, but rather the actions of the buyers themselves that caused the recession.

This study examines the process of capital accumulation at the level of the business firm, linking it to the macro-level of the world-economy as explicated by Hopkins and Wallerstein. Focusing upon the timber industry in the nineteenth century, and using primary archival material, the work analyzes how capital operates in the resource sector in the world-economy. The purpose is to refine further our understanding of capitalism as a mode of social organization and production, and in the process, refine contemporary theories of social change.

A tour de force of writing and analysis, Down to Earth offers a sweeping history of our nation, one that for the first time places the environment at the very center of our story. Writing with marvelous clarity, historian Ted Steinberg sweeps across the centuries, re-envisioning the story of America as he recounts how the environment has played a key role in virtually every social, economic, and political development. Ranging from the colonists' attempts to impose order on the land to the modern efforts to sell the wilderness as a consumer good, packaged in national parks and Alaskan cruises, Steinberg reminds readers that many critical episodes in our history were, in fact, environmental events: the California Gold Rush, for example, or the great migration of African Americans to the North in the early twentieth century (in part the consequence of an insect infestation). Equally important, Steinberg highlights the ways in which we have envisioned nature, attempting to reshape and control it--from Thomas Jefferson's surveying plan that divided the national landscape into a grid, to the transformation of animals, crops, and even water into commodities (New Englanders started trading water rights by the early nineteenth century). From the Pilgrims to Disney World, Steinberg's narrative abounds with fascinating details and often disturbing insights into our interaction with the natural world. Few books truly change the way we see the past. Down to Earth is one of them: a vivid narrative that reveals the environment to be a powerful force in our history--a force that must be examined if we are truly to understand ourselves.

-- Choice

In this book, Michael L. Ross explores the breakdown of the institutions that govern natural resource exports in developing states. Using case studies of timber booms in Indonesia, Malaysia, and the Philippines, he shows that these institutions often break down when states receive positive trade shocks--unanticipated windfalls. Drawing on the theory of rent-seeking, he suggests that these institutions succumb to a problem he calls "rent-seizing"--the predatory behavior of politicians who seek to supply rent to others, and who purposefully dismantle institutions that restrain them.