Economic systems and structures Books

Book SynopsisGlobalization and the Small Open Economy investigates the specific role of small open countries in a globalizing economic system and assesses the unique pressures and opportunities afforded them by globalization.Traditionally, in contrast to large countries, small open economies (SOEs) have relied on international economic policy rather than domestic policy as a means to foster national economic development. Their firms also have a far greater reliance on host countries to gain competitive advantage than those of larger nations. This would suggest that globalization has potentially a far greater impact on SOEs than on large countries. The contributors to this volume concur with this view and seek to outline the challenges and opportunities faced by policymakers and managers of multinational enterprises from SOEs. They examine the role of government, environmental policy, inward and outward foreign direct investment and multinational management and conclude that, on balance, globalization provides more of an opportunity than a threat to economic growth in these countries.An innovative collection with fascinating new insights on the present and future role of small, open countries in the global economy, this will be an important new reference source for academics and students, public policy research institutes, international business scholars and trade economists.Trade Review'This is a very detailed volume containing the latest thinking on the implications of globalisation for small open economies.' -- Economic Outlook and Business ReviewTable of ContentsContents: Preface Part I: New Conceptual Perspectives Part II: The Role of Business-Government Linkages Part III: The Role of Inter-Firm Linkages Part IV: The Role of Inward and Outward FDI: The Case of Belgium Part V: Observations on the Challenge of Managing Multiple Markets Index

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Book SynopsisEmploying historical analysis and building on growth theory and modern political economy, Dillon and Wykoff explain Soviet disintegration and analyze efforts to create capitalism in newly independent states. They show how five fundamental economic reforms generate growth, and use an original model to test the connections between reforms, elections and economic performance.The authors examine the progress of six countries (Bulgaria, Czech Republic, Estonia, Hungary, Russia and Slovakia) in terms of each country's history and its successful application of the five reforms. Anyone interested in how capitalism works and why pro-market reforms encounter resistance in spite of their potential for generating higher living standards will find this book essential reading.Trade Review'The book's focus is on select major background forces that influence (either constructively or otherwise) the reform policies being adopted by decision makers at a given phase of an economy's reform path. Empirical verification of the relationship between non economic variables and the implementation of select economic policies and their resulting consequences constitutes a valuable contribution to the fields of economic research. Considering the scope of the authors' research focus, the cogent materials are succinctly presented in a readable fashion that will be accessible to students and scholars in the field of systematic transformation. . . . This volume will be of interest to students and scholars interested in the field of economic restructuring and transitional economics.' -- Raphael Shen, S.J., Slavic Review'This is an excellent analysis of the post-Soviet transition from central planning to a market economy. The book contains an attractive combination of theoretical, institutional and country-specific information. It constitutes a superb source of easily accessible information for advanced undergraduate and graduate students, as well as the general public.' -- - Jan Svejnar, University of Michigan, Ann Arbor, US'The authors show why markets matter, and, yet, why transition is problematic. They ably use theory to guide discussion and make adroit use of data to substantiate their arguments. This book is a must read for anyone interested in the world-wide trend towards democratic capitalism.' -- - M. Ishaq Nadiri, New York University, US'Doing what has to be done - transitioning from communism to capitalism - presents enormous opportunities as well as a Pandora's box of pitfalls. This well-documented and solidly reasoned book by economists Patricia Dillon and Frank Wykoff, presents a compelling synthesis, charting the progress of social transformation in the countries of Eastern Europe and drawing crucial lessons painfully gained.' -- Thomas W. Hazlett, Manhattan Institute, USTable of ContentsContents: Preface Part I: Theoretical Foundations 1. The Withering Away of Communism 2. The Political Economy of Reform 3. Why Private Markets Work 4. Growth Models for Assessing Reforms 5. How Each Reform Promotes Growth 6. Challenges Facing Reformers Part II: Country Chapters 7. Bulgaria: Impatient but Indecisive 8. Are the Czechs Capitalist Superstars? 9. Estonia is Headed West 10. A Taste of Hungarian Goulash 11. Can Russia Make It? 12. Will the Slovaks Stay the Course? 13. The Long and Winding Road Part III: Appendices A. Reforms in Growth Models B. Political Influence, Economic Performance and Reform Efforts: An Econometric Analysis of Six Newly Independent Countries, 1989–1999 Bibliography Index

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Book SynopsisThis authoritative collection brings together the leading contributions to the comparative study of forms of capitalism. An introductory essay presents the context in which these contributions developed, discusses the major issues raised by such comparative work, and suggests likely future developments.Topics include the major theoretical issues involved in analysing different kinds of market economies; the key frameworks for comparing systems of economic organisation, both historically and between societies; the analysis of the distinctive varieties of industrial capitalism that have developed in the Anglo-Saxon countries, Continental Europe and East Asia and studies of globalisation and the connections between types of market economies and varying forms of economic performance, particularly in terms of sectoral development and technical change. The collection will be an indispensable reference source and will improve access to important papers that may not be available in many libraries.Trade Review‘Competing Capitalisms is a superb collection of many of the most important articles of the last decade on the varieties of capitalism across regions of the industrialized world. Analytically informed, it provides the reader with insights into the sources of both stability and change while recognizing that diversity, if not divergence, is likely to continue to characterize contemporary capitalism.' -- Peter Lange, Duke University, USTable of ContentsContents: Volume I Acknowledgements Introduction The Institutional Structuring of Market Economies Richard Whitley PART I THEORETICAL ISSUES AND PERSPECTIVES 1. Gary G. Hamilton and Robert C. Feenstra (1995), ‘Varieties of Hierarchies and Markets: An Introduction’ 2. Mark Granovetter (1985), ‘Economic Action and Social Structure: The Problem of Embeddedness’ 3. J. Rogers Hollingsworth and Robert Boyer (1997), ‘Coordination of Economic Actors and Social Systems of Production’ PART II CONTRASTING FORMS OF CAPITALISM 4. David Soskice (1999), ‘Divergent Production Regimes: Coordinated and Uncoordinated Market Economies in the 1980s and 1990s’ 5. Richard Whitley (1999), ‘The Nature of Business Systems and their Institutional Structuring’ 6. William Lazonick (1991), ‘Institutional Foundations of Industrial Dominance and Decline’ 7. Paul Hirst and Jonathan Zeitlin (1991), ‘Flexible Specialization Versus Post-Fordism: Theory, Evidence and Policy Implications’ PART III NATIONAL AND REGIONAL CAPITALISMS – ANGLO-SAXON 8. J. Rogers Hollingsworth (1991), ‘The Logic of Coordinating American Manufacturing Sectors’ 9. Neil Fligstein (1991), ‘The Structural Transformation of American Industry: An Institutional Account of the Causes of Diversification in the Largest Firms, 1919–1979’ 10. Leslie Hannah (1980), ‘Visible and Invisible Hands in Great Britain’ PART IV NATIONAL AND REGIONAL CAPITALISMS - CONTINENTAL EUROPE 11. Marc Maurice, Arndt Sorge and Malcolm Warner (1980), ‘Societal Differences in Organizing Manufacturing Units: A Comparison of France, West Germany, and Great Britain’ 12. Wolfgang Streeck (1997), ‘German Capitalism: Does it Exist? Can it Survive?’ 13. Gary Herrigel (1993), ‘Large Firms, Small Firms, and the Governance of Flexible Specialization: The Case of Baden Württemberg and Socialized Risk’ 14. Peer Hull Kristensen (1996), ‘On the Constitution of Economic Actors in Denmark: Interacting Skill Containers and Project Coordinators’ 15. Robert Boyer (1997), ‘French Statism at the Crossroads’ 16. Carlo Trigilia (1990), ‘Work and Politics in the Third Italy’s Industrial Districts’ Name Index Volume II Acknowledgements An introduction by the editor to both volumes appears in Volume I PART I NATIONAL AND REGIONAL CAPITALISMS – EAST ASIAN 1. Gary G. Hamilton and Nicole Woolsey Biggart (1988), ‘Market, Culture, and Authority: A Comparative Analysis of Management and Organization in the Far East’ 2. Richard D. Whitley (1991), ‘The Social Construction of Business Systems in East Asia’ 3. D. Eleanor Westney (1996), ‘The Japanese Business System: Key Features and Prospects for Changes’ 4. David L. Wank (1999), ‘Producing Property Rights: Strategies, Networks, and Efficiency in Urban China’s Nonstate Firms’ 5. Linda Y.C. Lim (1996), ‘The Evolution of Southeast Asian Business Systems’ PART II GLOBALIZATION, CHANGE AND PERFORMANCE 6. Robert Boyer (1996), ‘The Convergence Hypothesis Revisited: Globalization but Still the Century of Nations?’ 7. Lane Kenworthy (1997), ‘Globalization and Economic Convergence’ 8. Paul N. Doremus, William W. Keller, Louis W. Pauly and Simon Reich (1998), ‘The Strategic Behavior of MNCs’ 9. Richard Whitley (1998), ‘Internationalization and Varieties of Capitalism: The Limited Effects of Cross-national Coordination of Economic Activities on the Nature of Business Systems’ 10. Arndt Sorge (1991), ‘Strategic Fit and the Societal Effect: Interpreting Cross-National Comparisons of Technology, Organization and Human Resources’ 11. J. Rogers Hollingsworth and Wolfgang Streeck (1994), ‘Countries and Sectors: Concluding Remarks on Performance, Convergence, and Competitiveness’ 12. Steven Casper (2000), ‘Institutional Adaptiveness, Technology Policy, and the Diffusion of New Business Models: The Case of German Biotechnology’ 13. Sigrid Quack and Glenn Morgan (2000), ‘Institutions, Sector Specialisation and Economic Performance Outcomes’ Name Index

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Book SynopsisThis book unites diverse heterodox traditions in the study of endogenous money - which until now have been confined to their own academic quarters - and explores their similarities and differences from both sides of the Atlantic.Bringing together perspectives from post-Keynesians, Circuitists and the Dijon School, the book continues the tradition of Keynes's and Kalecki's analysis of a monetary production economy, emphasising the similarities between the various approaches, and expanding the analytical breadth of the theory of endogenous money. The authors open new avenues for monetary research in order to fuel a renewed interest in the nature and role of money in capitalist economies, which is, the authors argue, one of the most controversial, and therefore fascinating, areas of economics.Providing new theoretical and empirical grounds for the construction of a general, policy oriented theory of money, this thought-provoking collection will appeal to academics, researchers and students interested in monetary economics. It will also be welcomed by monetary policymakers and central bank officials.Trade Review'This is a timely book. Being on modern theories of money - essentially the study of traditions of endogenous money - it is a welcome contribution to current thinking on monetary policy. The modern central bank view on money is that the rate of interest should be manipulated by central banks to achieve an inflation target with the money supply being the "residual". Although money is in effect endogenous, there is no theory that explains its behaviour. Modern Theories of Money is a serious attempt to sharpen existing views on the issue and fill gaps in an admirable manner.' -- Philip Arestis, University of Cambridge, UK and Levy Economics Institute, US'One dimension of Keynes's revolution was his insistence that money and finance must be integrated with real factors right from the start of analysis. This collection fits centrally in this tradition, as well as in the post-Keynesian approach which combines the insights of the classical political economists Marx and Sraffa with those of Keynes, Kalecki, and Pasinetti.' -- G.C. Harcourt, University of New South Wales, Australia'Contemporary orthodox economic theory notoriously lacks a viable theory of money, and hence has no means of understanding the role and significance of this key social institution within capitalism. Fortunately, there are now a number of promising heterodox theories of money that may ultimately succeed in filling the gap. Louis-Philippe Rochon and Sergio Rossi have provided an invaluable service to the economics profession in making available this collection of essays on modern monetary theories, including contributions by many of the most interesting writers in the field.' -- John Smithin, York University, CanadaTable of ContentsContents: Introduction Part I: The Post Keynesian Monetary Approach Part II: The Theory of the Monetary Circuit Part III: The Theory of Money Emissions Part IV: Further Contributions to Monetary Analysis Index

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Book SynopsisConstitutional political economy applies an economic approach to the analysis of constitutional choice. Initially, research clearly leaned towards legitimizing the state and its actions. However, the transitions taking place in Central and Eastern Europe have made apparent the necessity to improve our knowledge of the working properties of alternative constitutional rules, thus stressing the importance of positive analysis. The authors analyse both the opportunities and dangers of importing constitutions from around the world into this area.The papers assembled in this volume deal with the question of what individual transition processes have taught us in terms of constitution-building. The book contains analyses of post 1989 constitutional developments in the countries of Central and Eastern Europe from the perspectives of varied disciplines; including academics, politicians and the judiciary.Constitutions, Markets and Law will be welcomed by scholars of transition studies and political economists as well as practitioners of, and academics with an interest in, constitutional law.Trade Review'Studies such as these, which allow a better understanding of the relationship between law and economics deserve to be widely welcomed.' -- The Commonwealth LawyerTable of ContentsContents: Preface Introduction 1. What Belongs in a Constitution? 2. Comment by Horst Hegmann 3. On the Relationship Between State and Economy in Transformation 4. Comment by Mark Oelmann 5. The Demand for Constitutional Law 6. Comment by Ivan Baron Adamovich 7. Some Remarks on the Separation of Powers in the Polish Constitution 8. Invisible Contexts, Invisible Constraints. The Limits of the Normative Explanation of Constitutional Change 9. Market-making as State-making. Constitutions and Economic Development in Post-communist Eastern Europe 10. Comment by Claus Offe 11. Are ‘Western’ Constitutions Relevant to Anything Other than the Countries they Serve? 12. Comment by Stephan Panther 13. On Implicit Constitutional Change 14. Comment by Frank Bönker 15. On the Delegation of Powers – with Special Emphasis on Central and Eastern Europe 16. Comment by Gerard C. Rowe 17. Constitutionalism Beyond the Nation State 18. Comment by Anne van Aaken 19. Constitutions in Transition Index

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Book SynopsisThis distinguished collection of Dennis Mueller's papers discusses the economic challenges faced as a result of events in the latter third of the twentieth century; the formation of the European Union, the collapse of Communism in East Europe, and the deregulation and privatization movement that spread from North America to Europe and then across the rest of the world. The book explores the design of political institutions and the functioning of economies, and goes on to prescribe the types of fiscal and competition policies that are required as we enter the twenty-first century, posing questions such as: What should a new democracy's constitution comprise? Should the European Union be organized as a federal system? What should a global competition policy consist of? Academics specializing in public choice theory, political economy, and industrial organization will warmly welcome this outstanding volume, as will those with an interest in globalization and the European Union.Trade Review'Mueller is, of course, a prominent public choice scholar, indeed he is a past president of the Public Choice Society. He is also, however, an expert on antitrust law and its economic implications. Both of these areas are covered in the book and in both areas he makes a significant contribution. Some of these articles have been published before, but sometimes in major journals and sometimes in highly specialized journals. In my case, I had read the articles in the main journals before but they well repaid rereading. The articles published in the specialized journals were new to me as were of course the articles which had never been published before. Altogether, it is a major contribution to both public choice and antitrust economics. Living as he does in Europe but with a strong American background, professor Mueller is particularly interested in the current expansion of the Common Market. His ability to apply both the economics of antitrust and the economics of public choice to this area, means that his contribution is significant. I can honestly recommend the book to not only people in those two fields, but to the general scholar who is interested in developments in Europe in general. I learned a good deal from reading it and I'm sure that other readers will do the same.' -- Gordon Tullock, George Mason University, US'Dennis Mueller has a profound understanding of the rules by which the market and the government are organized. An American by education and a European by choice, he is especially qualified to evaluate the proposed EU constitution. Anyone who has an opportunity to advise or comment on this proposed constitution would increase the prospects for a more perfect European Union by understanding the Mueller articles on constitutional processes in this volume.' -- William Niskanen, The Cato Institute, US'Dennis Mueller's Capitalism and Democracy is an outstanding addition to Elgar's Economists of the Twentieth Century series. Over a distinguished and remarkably productive scholarly career, Professor Mueller has made major contributions to the literatures of industrial organization, public choice and constitutional economics. Collected herein is a vital sample of his recent work, comprising journal articles and book chapters published since 1996, along with two previously unpublished papers, in which Mueller brings his deep learning and analytical talents to bear on some of the critical challenges confronted by political and economic institutions in an increasingly interdependent new world order. Ranging widely across the United States, Asia and Europe, Mueller explores, in rational-choice perspective, how the relationships between the individual and the state are now being shaped, for good or ill, by national and international responses to the opportunities opened by the collapse of communism and to the limits imposed by emergent global integration, paying special attention to the implications of these events for centralized versus federal government structures, tax policy and competition policy. Capitalism and Democracy is a capstone volume of enormous value to economists, political scientists and, not least, the members of the body engaged in writing a new constitution for the European Union.' -- William F. Shughart II, University of Mississippi, US'In this collection of papers, a noted public choice scholar applies his insights and wisdom to the important changes in political and economic organization that have taken place across the world over the last third of the twentieth century. I know of no better source of intelligent discussion of these issues and their implications for the future. Dennis Mueller has done us all a favor by putting this work under one cover.' -- Robert D. Tollison, Clemson University, USTable of ContentsContents: Introduction Part I: Challenges Part II: Constitutional Processes Part III: Tax and Subsidy Responses Part IV: Competition Policy Responses Index

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Book SynopsisAfter the 1997 Asian crisis, most Asian countries embarked on a serious process of reform to revitalise their economies. This highly topical book begins with a thorough analysis of the reforms proposed and implemented in China, South Korea, Japan, Thailand and Malaysia. This analysis focuses on financial and corporate sector reforms and on the changing role of public administrations. The authors argue that the chain effects of the Asian crisis are not only confined to a regional economic context: the evolution of the role of regional associations and of the security scenario in East Asia outlines the beginning of a deep and comprehensive political, economic and social change.Leading scholars with in-depth knowledge of each country focus on these international variables, in particular; the role of APEC in the wake of the Asian crisis and the Seattle debacle, the process of economic integration in East Asia and the evolution in East Asian regional security.As a multidisciplinary work, Reforming Economic Systems in Asia will be warmly received by researchers and academics of Asian studies, political science and political economy. Anyone involved in international business and in designing strategies for international enterprises will also find this book of special interest.Trade Review'I would recommend this book as a very useful introduction to: contemporary reforms being implemented across the region in the wake of the traumatic financial and economic crisis of 1997/98.' -- Charles Harvie, The Journal of the Korean EconomyTable of ContentsContents: 1. China: Old and New Challenges 2. Structural Reforms in Japan: The Attempt to Transform the Country’s Economic System 3. Something New, Something Old: The South Korean Economy after the Financial Crisis 4. Economic and Policy Convergence in ASEAN: Malaysia and Thailand Compared 5. New Impulses Towards Economic Integration in East Asia: Prospects and Issues 6. APEC and Trade Liberalisation after Seattle: Transregionalism without a Cause? 7. Shifts in East Asia Regional Security: Old Issues and New Events Amidst Multilateral-Bilateral Tensions 8. Conclusion Index

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Book SynopsisThis book acts as a welcome foil to current thinking on the concept of globalisation, which tends to be divided into two distinct camps: one which suggests that the neo-liberal model has triumphed and has no realistic alternative, and another which argues that globalisation, in its most extreme form, does not really exist, rather having evolved gradually from the very beginnings of industrialisation. Bob Milward presents an alternative view of globalisation and argues that indeed there has been a continuum in capitalist development, but that this has been forged by historical processes and the dynamism of the competitive forces of capitalism. He identifies the emergence of monopoly capitalism as an important shaping factor, and in so doing sheds light on issues of underdevelopment, multinational imperialism and crises in advanced capitalist economies.This radical, multidisciplinary account of the condition of the global economy, encompassing a critique of the neo-liberal foundations of orthodox global analysis, will appeal to an extensive audience. Students, researchers and academics in the fields of economics, heterodox economics, economic geography, politics, sociology, development studies, international relations and public policy will find Globalisation? Internationalisation and Monopoly Capitalism to be an engaging read.Trade Review'There is no doubt that Bob Milward has written a book which is intrinsically interesting, has a clear message, and is a useful contribution in a debate often muddied with hyperbole. . . . it deserves a wide readership from those. . . interested in making sense of persistent economic imbalances in twenty-first century capitalism.' -- Paul Benneworth, EH.Net'It [the book] offers a well-balanced, well-researched analysis of the present globalism from an appropriately broad-based position, both in breadth of analysis and appropriate focus, and provides a very telling account of the inadequacies of the neo-classical position.' -- Keith Cowling, University of Warwick, UKTable of ContentsContents: 1. Introduction 2. Globalisation? 3. Internationalisation 4. Monopoly Capitalism 5. Global Finance 6. Industry 7. Culture 8. Labour 9. Welfare States 10. Trade 11. Development and Underdevelopment 12. Regulation 13. Regionalisation 14. Concluding Remarks Bibliography Index

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Book SynopsisKorea has experienced one of the most profound economic transformations of any nation in history, and remains a very important focus of academic inquiry. Whilst the process of catch-up in Korea - led by export-oriented growth - has been rapid and, in a sense, very successful, it has also been subject to turbulence, not least in a crisis of near bankruptcy that has dramatically revealed its Achilles heel. Informed by the 1997 crisis, Wontack Hong writes a new history of the Korean economy; one that seeks to understand export-oriented catch-up in newly industrialized countries (NICs) whilst offering a realistic appraisal and forewarning of the pitfalls which could signal self-destruction.Catch-up and Crisis in Korea offers a balanced perspective on the Korean economy, and on newly industrialized countries in general, for those who have a serious interest in understanding the industrialization process.Table of ContentsContents: Preface 1. Introduction: Catch-Up 2. Export-Oriented Growth: Positive Aspects 3. Institutionalizing an Export-Oriented Regime 4. Trade Pattern in the Early Phase of Catch-Up 5. The Engine of Catch-Up: Big Conglomerates 6. Growth and Equity 7. Experiences of East Asian NICs 8. The Legacy of Korea’s Credit Rationing System 9. The Political Economy of the Korean Model Appendix 1: Major Statistical Indicators: Korea Appendix 1: Major Statistical Indicators: Taiwan Bibliography Index

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Book SynopsisIt is through a gradual evolution, rather than by grand design, that the somewhat fragmented economic policies of the EU now appear to be heading towards a rather more robust and coherent economic governance. EU Economic Governance and Globalization considers the following crucial question as the EU enters its final stage of institution-building; will the economic institutions of the EU push ahead to reform its rigid national economies and open them up to globalization and international competition?Focusing on telecommunications, air transportation, currency competition, taxation, eastern enlargement and transatlantic relations, the contributors to this book question whether EU standards, regulatory regimes, and policies are flexible enough to bring about a dynamic and open economy.This book will be of interest to scholars of European and regional studies and international political economy, as well as policy analysts and policymakers.Table of ContentsContents: Introduction 1. EU Enlargement and Flexible Integration 2. EU Governance under Duress? Tax Policy Coordination under Globalization 3. Competition versus Competitiveness in the European Single Aviation Market 4. The Governance of Telecommunications in the European Union 5. The New Framework of Transatlantic Economic Governance: Strategic Trade Management and Regulatory Conflict in a Multilateral Global Economy 6. Does the Monetary Dialogue with the European Parliament Influence the European Central Bank? 7. Euro Weakness and the ECB Economic Governance: A Strategic Institutionalist Perspective Index

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Book SynopsisAlliance Capitalism for the New American Economy advocates engagement with the USA's macromanagement problems in a spirit of alliance capitalism, for the development of a more integrated, dynamic economy. Whereas most studies of the USA emphasise the efficiency effects of intense competition between firms, this book stresses that as the new economy becomes more knowledge based, its development necessitates active intercorporate cooperation, especially in high technology sectors.The book focuses on problems of balance between competition and cooperation in the relations between American firms, as well as in political competition and cooperation for the management of US economic policy. Public concern over the dynamics of the US political economy has increased since the dramatic disclosures during 2002 of high-risk speculation and fraud by major American enterprises. The authors argue that these problems reflect fierce competition, insufficiently restrained by monitoring and regulation. Imperatives for the development of a more cooperative, collegial style of capitalism are stressed. The authors also highlight the importance of technocratic contributions to the development of corporate alliances and address the increasing significance of working skill levels.This volume will provide valuable reading and reference material for all students, academics and researchers of business and competition policy. Corporate managers and government agencies involved in technology, trade, financial regulation and infrastructure development will also gain practical insights into the benefits of a more cooperative model of capitalism.Table of ContentsContents: Foreword 1. The American Political Economy 2. Problems of Governance in the USA 3. American Structural and Policy Interdependencies 4. US Structural Change: Macroeconomic Policy Issues 5. The US Financial Sector: Regulatory Issues 6. The US Policy Mix and Corporate Strategies 7. US Firms in World Finance 8. American Alliance Capitalism: Flagship-led Clusters 9. The US Current Account: Issues and Implications 10. Globalization and Economic Integration: Implications for Microeconomic Policy in the USA and Europe 11. Long-range Planning Index

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Book SynopsisRussian Banking considers the rise of commercial market-oriented banks in Russia, their links with government and non-financial companies and their role as intermediaries in the provision of finance for investment.The contributors explore the legacy of the Soviet past and current functions of the Russian banking system, contrasting these with those in other post-communist societies and describing peculiarities such as informal networks and corruption. The book also discusses the economic and global aspects of Russia's reform, focusing on financial crises, foreign depositors to Russian banks and the implications for Russian foreign debt.This up-to-date and comprehensive account of commercial banking in modern Russia will appeal to those concerned with the economics of transition or comparative banking. Political scientists and sociologists with an interest in forms of capitalism and the roles of banks will also find the book to be a fascinating read.Trade Review'. . . required reading for all who are seriously interested in the modern Russian economy.' -- Pekka Sutela, Slavic ReviewTable of ContentsContents Introduction David Lane PART I ISSUES IN BANKING 1 The evolution of post-communist banking David Lane 2 Bank sector restructuring Satoshi Mizobata 3 The present and future of banking reform William Tompson 4 The view from the ground: case studies of three major banks (Sberbank, Uneximbank/Rosbank, Bank of Moscow) David Lane and Irene Lavrentieva PART II GOVERNANCE ISSUES 5 Banks and illegal activities Heiko Pleines 6 Banks and the loans-for-shares auctions Duncan Allan 7 Comparisons with east-central Europe Martin Myant PART III ECONOMIC AND GLOBAL ASPECTS 8 Predicting Russia’s currency and financial crises Sheila A. Chapman and Marcella Mulino 9 The political economy of banking reform and foreign debt Claudia M. Buch, Ralph P. Heinrich, Lusine Lusinyan and Mechthild Schrooten 10 Russian banks and foreign investments Julia A. Solovieva 11 Progress towards financial stability Brigitte Granville Index

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Book SynopsisPublic-private collaboration in infrastructure projects takes place in a variety of institutional frameworks worldwide. This volume considers the different cultural, political and legal settings in the US, UK, Japan and other countries and regions where policymakers are reconsidering traditional mechanisms for raising and deploying capital. By focusing on concrete examples in specific countries, the editors and contributors draw useful lessons for strong sector performance in telecommunications, power, water and social infrastructure. Innovative strategies that work can be modified and refined in other sectors and other countries. Going beyond ideological debate, this volume presents a pragmatic approach to best practice, one that combines market-oriented solutions with governmental oversight according to the specific cultural and institutional situations.Regulators, academics, policymakers, politicians, and students in public policy, finance and economics will find this volume practical and original.Trade Review'This book provides a useful overview of international developments in this important area of public policy. The breadth of international coverage is an important strength.' -- John Quiggin, Australian Journal of Public AdministrationTable of ContentsContents: Introduction Part I: Japan: Public–Private Partnerships in Transition 1. Infrastructure Building in the Japanese Telecommunications Sector: From Public–Public to Public–Private Partnership 2. The Third Sector's Failure in Japan 3. Regulatory Reform of the Electricity Industry in Japan: An Overview of the Process Part II: UK and India: Declining Role of the State 4. The Declining Role of the State in Infrastructure Investments in the UK 5. Private Initiatives in the England and Wales Electricity Industry 6. Private Financing Initiatives in India's Telecommunications Sector 7. Private Financing Initiatives in India's Electricity Sector Part III: US and Emerging Markets: Stakeholders and the Status Quo 8. Public Power: Perspectives in Electricity Restructuring 9. Domestic and International Environmental Issues in Restructuring Electric Industries 10. Infrastructure Management: Applications to Latin America 11. Institutions and Telecommunications Performances in Africa: Stability, Governance, and Incentives Conclusion Index

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Book SynopsisThe Open Economy and its Financial Constraints explores the role of money and finance in an open economy. The existence of money and global financial flows compound the likelihood of financial constraints, in particular, financial vulnerability, financial exclusion and financial fragility, and create the possibility of unemployment. Penelope Hawkins focuses on financial openness and contends that while vulnerable economies can benefit from long-term international capital, greater financial exposure makes them increasingly susceptible to the crises associated with financial withdrawals. The author explores in detail the experiences of South Africa, Brazil and Thailand and finds that the consequences of financial liberalisation remain uncertain. She examines the rationale behind the distribution of credit within and between countries, and goes on to construct a financial vulnerability index as an empirical mechanism to rank nations according to their vulnerability to the withdrawal of international financial flows. This book offers an innovative conceptual approach to constraints in economic theory which will appeal to students and scholars of financial economics, particularly those who embrace non-orthodox monetary theory. It will also prove an enlightening read for development economists who can draw important lessons from the book's examination of the consequences of financial liberalisation.Trade Review'This book is very insightful and informative.' -- Tae-Hee Jo, Oeconomicus'This book is an important contribution to how we understand economic openness. Penelope Hawkins focuses our attention on how financial vulnerability has real consequences for economies in the international arena as well as for sub-national economies. The detailed conceptual and theoretical treatment of financial vulnerability is enhanced by the construction of an index for measuring vulnerability, and by a series of case studies.' -- Sheila C. Dow, University of Stirling, UK'Economists are used to thinking of constraints on expenditure or activity in developing economies as both "real" and well defined and binding. Penelope Hawkins takes a hard look at financial constraints on the small open economy. She portrays these constraints not only as fuzzy in outline but also liable to sudden shifts, often becoming binding at the worst possible time. Despite their ambiguity she finds ingenious ways to measure and analyse them. Her book is a valuable contribution to the comparatively new concern with the role of finance in economic development.' -- Victoria Chick, University College London, UKTable of ContentsContents: Introduction 1. Constraints and Economic Theory 2. Money, Liquidity Preference and Banks 3. Banks’ Liquidity Preference and Financial States of Constraint 4. Liquidity Preference and Capital Flows in an Open Economy 5. Financial Vulnerability and the Open Economy 6. Three Vulnerable Economies: Thailand, Brazil and South Africa 7. Financial Constraints on Economic Activity and Employment in South Africa 8. International Liquidity Preference and Vulnerable Economies 9. Conclusion Bibliography Index

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Book SynopsisThe establishment of the Shanghai Stock Exchange in December 1990 was a landmark in China's institutional transformation. With this in mind, the authors consider the factors relating to institutional change - such as changes in the financial system, the scale and structure of stock market, operational efficiency and the regulatory system of the stock market. During the course of its development the Chinese stock market has experienced speculation, dramatic fluctuations and violations of market regulations of frequent and diverse natures. There is therefore, urgent need for the discussion contained within this volume of best procedure policies for the establishment of a properly ordered and regulated market.The authors assess the operational performance of listed companies, and changes in the external environment such as the impact of China's accession to the WTO on the stock market. The authors find that WTO accession will have a more serious impact on the more heavily protected agricultural sector and on capital-intensive industries such as automobile, instruments, cotton and wheat to name a few. They argue that the fundamental reason for the inefficiency of China's stock market is the weakness of the competitive mechanism leading to imperfect competition and rent-seeking activity. This book will be of great interest to academics and researchers of Asian studies and money and finance. Multinational enterprise managers, as well as brokers, dealers, business economists and others involved in the global financial markets will also find this book of value.Trade Review'Chen and Shih provide the reader with an excellent introduction to, and powerful analysis of, this new market.' -- Yinggang Zhou, Comparative Sociology'The book The Evolution of the Stock Market in China's Transitional Economy by Chien-Hsun Chen and Hui-Tzu Shih offers valuable insights into the evolution and development of the Chinese stock market. The book was written with an important mission in mind - how to develop an efficient financial system that facilitates innovation and spontaneous evolution of the society.' -- Guojun Wu, Journal of Asian Business'Chien-Hsun Chen and Hui-Tzu Shih have produced an informative and insightful study of China's stock market development. In The Evolution of the Stock Market in China's Transitional Economy, the reader will find a straightforward account of the development of China's stock markets that further clarifies the role China's capital markets will play in the country's financial future.' -- Mark T. Fung, The China Business ReviewTable of ContentsContents: Preface 1. Institutional Change and the Stock Market 2. The Scale and Structure of China’s Stock Market 3. Operational Efficiency and Regulatory System of the Chinese Stock Market 4. Operational Performance of Listed Companies 5. The Impact of China’s WTO Accession on the Stock Market 6. Future Trends in the Evolution of China’s Stock Market References Index

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Book SynopsisEmerging markets have long posed a challenge for finance. Standard models are often ill suited to deal with the specific circumstances arising in these markets. However, the interest in emerging markets has provided impetus for the adaptation of current models to new circumstances and the development of new models. During recent years, much new research has been devoted to emerging markets. This important collection presents key articles in this literature. Topics include: the properties of emerging market equity returns; diversification benefits; market integration and segmentation of emerging markets; the financial and real effects of the financial liberalization process that many countries embarked upon; the late nineties crises and the debate regarding contagion; and microstructure in emerging markets. The collection will be of interest to academics in international finance, international economics and development economics and to practitioners and policymakers alike.Table of ContentsContents: Acknowledgements Foreword Richard Roll Introduction Geert Bekaert and Campbell R. Harvey (2003), ‘Emerging Markets Finance’ PART I MARKET INTEGRATION AND LIBERALIZATION A Theoretical Effects of Market Integration 1. René M. Stulz (1981), ‘On the Effects of Barriers to International Investment’ 2. Vihang Errunza and Etienne Losq (1985), ‘International Asset Pricing under Mild Segmentation: Theory and Test’ B Measuring Market Integration 3. Geert Bekaert (1995), ‘Market Integration and Investment Barriers in Emerging Equity Markets’ 4. Campbell R. Harvey (1995), ‘Predictable Risk and Returns in Emerging Markets’ 5. Geert Bekaert and Campbell R. Harvey (1995), ‘Time-Varying World Market Integration’ PART II FINANCIAL EFFECTS OF MARKET INTEGRATION A Liberalization and Returns 6. Geert Bekaert and Campbell R. Harvey (2000), ‘Foreign Speculators and Emerging Equity Markets’ 7. Peter Blair Henry (2000), ‘Stock Market Liberalization, Economic Reform, and Emerging Market Equity Prices’ 8. E. Han Kim and Vijay Singal (2000), ‘Stock Market Openings: Experience of Emerging Economies’ 9. William N. Goetzmann and Philippe Jorion (1999), ‘Re-Emerging Markets’ 10. Stephen R. Foerster and G. Andrew Karolyi (1999), ‘The Effects of Market Segmentation and Investor Recognition on Asset Prices: Evidence from Foreign Stocks Listing in the United States’ B Liberalization and Political Risk 11. Enrico C. Perotti and Pieter van Oijen (2001), ‘Privatization, Political Risk and Stock Market Development in Emerging Economies’ C Liberalization and Capital Flows 12. René M. Stulz (1999), ‘International Portfolio Flows and Security Markets’ D Liberalization and Diversification Benefits 13. Frans A. De Roon, Theo E. Nijman and Bas J.M. Werker (2001), ‘Testing for Mean-Variance Spanning with Short Sales Constraints and Transaction Costs: The Case of Emerging Markets’ PART III REAL EFFECTS OF FINANCIAL MARKET INTEGRATION A Why Would Financial Liberalization Affect Economic Growth? 14. Maurice Obstfeld (1994), ‘Risk-Taking, Global Diversification, and Growth’ B Measuring the Liberalization Effect on Economic Growth 15. Geert Bekaert, Campbell R. Harvey and Christian Lundblad (2001), ‘Emerging Equity Markets and Economic Development’ C The Channels of Growth 16. Thorsten Beck, Ross Levine and Norman Loayza (2000), ‘Finance and the Sources of Growth’ D Income Distribution 17. Mitali Das and Sanket Mohapatra (2003), ‘Income Inequality: The Aftermath of Stock Market Liberalization in Emerging Markets’ PART IV CONTAGION 18. Graciela L. Kaminsky and Carmen M. Reinhart (2000), ‘On Crises, Contagion, and Confusion’ PART V OTHER ISSUES A Corporate Finance 19. Raghuram G. Rajan and Luigi Zingales (1998), ‘Financial Dependence and Growth’ B Microstructure of Equity Markets 20. Ian Domowitz, Jack Glen and Ananth Madhavan (1998), ‘International Cross-Listing and Order Flow Migration: Evidence from an Emerging Market’ C Stock Selection of Equity Markets 21. K. Geert Rouwenhorst (1999), ‘Local Return Factors and Turnover in Emerging Stock Markets’ Name Index

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Book SynopsisThis book uses household survey data from five Central Asian countries to analyse the important consequences of, and elements that constitute, the creation of a market economy. The countries studied - Kazakhstan, the Kyrgyz Republic, Tajikistan, Turkmenistan and Uzbekistan - had taken minimal action towards creating a market economy before the dissolution of the USSR in late 1991. From similar initial conditions they have pursued different post-independence economic strategies, making them ideal candidates for comparative analysis.The pivotal question concerns the determination of living standards. Who gained and who lost from the transition to a market economy? Which characteristics are rewarded in a new market economy? How do national policies and other systematic factors affect these outcomes? The authors also address other important issues that have emerged during transition debates: the position of women and the role of small businesses. The book analyses the gender issue in the narrow, but significant, sense of what happened to women in the labour market and the authors also analyze the characteristics of households with non-farm businesses.This book will prove invaluable to academics and researchers of Asian studies and particularly those with an interest in economic development and labour economics within the region.Trade Review'Little work has been done, outside of organizations such as the International Labor Organization and the UNDP, to show the internal dynamics of reform. Western economists generally do not often delve into households and firms to see how these changes are impacting individuals at ground zero. Pomfret and Anderson do so. In these regards, this book breaks new ground.' -- Sharon Eicher, Central Eurasian Studies Review'A revealing, insightful text, highly recommended.' -- The Economics Shelf, Library Bookwatch'Anderson and Pomfret have done an excellent job showing that a great deal can be learned about Central Asia's economies from thoughtful analysis of existing micro data sets. They are not the only researchers to have used these data sets, but surely have set the standard for the application of careful, state-of-the-art econometric research to a wide range of poverty, labour market, and small business issues throughout the region. Indeed, few if any other researchers enjoy both experience in and understanding of the region as well as grounding in modern labour economics and econometrics. The result is a cornucopia of findings. The rising importance of tertiary education as the transition progresses; the declining advantages of Slavic ethnicity; the economic advantages of living in capital cities, and establishing small businesses there; the diminishing rather than growing gender gaps; and the presence of high taxes, predatory governments, and low demand rather than credit constraints as the key deterrents to small business development - these are but a few of the book's profound conclusions. These results and others will help inform policymakers and guide theoreticians, and significantly improve Central Asian and other economists' understanding of the region.' -- Charles M. Becker, University of Colorado, Denver, US'I found the book provided a fascinating insight into the changes in living standards and material welfare in Central Asia that have occurred in the decade since independence. The book is a valuable addition to the literature on poverty and household welfare in Central Asia, representing the first attempt to make consistent cross-national comparisons. It will be a compulsory reader for all those interested in poverty and welfare within the region, including academics and policy makers both nationally and from the international donor and NGO community.' -- Jane Falkingham, University of Southampton and London School of Economics, UKTable of ContentsContents: Preface 1. Introduction 2. The Central Asian Economies Before and After Independence 3. Economic Performance since Independence: Output, Distribution, and Poverty 4. Living Standards in the Kyrgyz Republic 5. Cross-country Comparisons of the Determinants of Living Standards 6. Women in the Labour Market in the Kyrgyz Republic 1993 and 1997 7. Household Non-farm Business Formation in the Kyrgyz Republic 1993–7 8. Conclusions Appendix: The LSMS Data References Index

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Book SynopsisExploring the Tomato engages with an apparently simple fruit in order to reveal major changes to society and economy. It treats the tomato as an object of fascination and as a probe into major historical changes in twentieth century capitalism.From first domestication to genetic modification, from Aztec salsa to supermarket pizza, the tomato has been continually transformed in the ways it has been produced, exchanged and consumed. This book explores what brings about a variety that is at once biological, historical and socio-economic. A conceptual framework of 'instituted economic process' demonstrates how different tomato forms are an expression of dynamic processes in capitalist economies and societies during the twentieth century. As both an early pioneer in mass production and a contemporary contributor to the creation of global cuisines, the tomato has been subject to intense innovation. Computerised total ecologies under glass, producing fresh tomatoes of all shapes, colours and sizes, compete with sun and southern climates across the world. To enter the variety of tomato worlds is to discover the variety of capitalism.Written in an accessible style, this book makes a major contribution to the emerging field of economic sociology and to our understanding of the innovation process. It should be read by anyone concerned with social science, particularly economists and sociologists, as well as those interested in food and the history of food.Trade Review'. . . this volume is a fascinating interdisciplinary study, and well worth reading.' -- Long Range Planning'Exploring the Tomato is a fascinating and stimulating read,interweaving human stories provided by avowedly economic agents within an explicitly relational analytical framework.' -- Tony Gore, Economic Issues'The authors of this book claim that the tomato's history mirrors a fundamental shift in how we produce, process, market, and consume our food. To make the case, they combine historical research with organizational analysis, case studies, and interviews with growers, seed producers, warehouse operatives, food processors, and store managers. The results are impressive.' -- James J. Lang, Technology and Culture'Exploring the Tomato is a wonderful study of contemporary capitalism, as mirrored through the tomato. The authors explore social, economic, historical and biological aspects of the tomato in what deserves to become a minor classic. Read it and enjoy!' -- Richard Swedberg, Cornell University, USTable of ContentsContents: 1. The Human Tomato Part I: From Domestication to Genetic Modification 2. From Nature into Culture and Economy 3. Broken Glass 4. The Round European Tomato 5. The Fabrication of Nature 6. The Rise and Fall of the Genetically Modified Tomato Part II: Twentieth-Century Tomato Configurations 7. Tomato: A Pioneer of Mass Production 8. The Battle of Tomato Identities: The Rise of Supermarket Own-Label 9. Growing New Routes 10. Supermarket Tomato 11. Tomato Variations or Plus C’est la Même Chose, Plus ça Change Bibliography Appendix: List of Interviews Index

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Book SynopsisThis book offers a detailed, critical account of the economic transformation of the Czech Republic since 1989. It follows the development and implementation of a reform strategy based on 'shock' therapy and rapid privatisation, set against the background of turbulent political change and conflict. The aim of the government in the mid 1990s was the creation of a 'Czech' capitalism, with Czech-owned business empires and banks. A detailed analysis of developments in banking and industrial enterprises shows how the chosen strategy led instead to continuing inefficiency, flawed management decisions and uncontrolled profiteering. These combined factors contributed to serious economic difficulties in the latter part of the decade, with success stories largely confined to foreign-owned firms. After 1998, a new government attempted to encourage economic revival based upon a fresh strategy which emphasised the sale of banks and industrial enterprises to foreign owners. Even with this new reform strategy, the author concludes that the results were, at best, mixed. Throughout the analysis, the author provides in-depth commentary on a variety of topics including the sources of economic growth, the role of the central bank, developments in banking and industrial enterprises and the impact of inward direct investment.It is rare to find such a comprehensive book which assesses the economic transformations of a single country. The detailed analysis and pertinent conclusions will be welcomed by academics and researchers with an interest in transition economies, European integration, international finance and political science.Trade Review'No other book tells the Czech story so closely and impressively. Myant uses rich sources of information, the original among them being commentaries on individual events by economic journalists and insiders.' -- Jiri Vecernik, Slavic ReviewTable of ContentsContents: 1. Introduction 2. Towards Economic Reform 3. The Transformation Depression 4. The Golden Age and After 5. Money and the Central Bank 6. Politicians and the Central Bank 7. Voucher Privatisation and After 8. Banks and the Czech Road 9. Transforming Industrial Enterprises 10. Government and Industry 11. Skoda–Plzen 12. Chemicals – A Failure for Privatisation 13. Inward Investment and Competitiveness 14. Conclusion References Index

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Book SynopsisSingapore, South Korea and Taiwan - East Asia's newly industrialised economies (the NIE-3) - experienced a profound development transformation over recent decades. Christopher Dent makes a comparative study of their foreign economic policies, highlighting how the NIE-3 have engaged with the international economic system in an increasingly dynamic way. The book develops a new macro-framework of foreign economic policy analysis that provides the structure for this study. The author argues that the 'development context' of the NIE-3's foreign economic policies is grounded in their common development statism and semi-peripheralisation. He further contends that it is the pursuit of economic security that primarily motivates their respective foreign economic policies.This new conceptualisation of economic security in the context of foreign economic policy will appeal to academics, researchers and students in wide range of disciplines including: Asian studies, international relations, international political economy, economics and politics.Table of ContentsContents: Preface 1. Foreign Economic Policy: A New Macro-Analytical Framework 2. The Development Context: Developmental Statism and Semi-Peripheralization in Perspective 3. Singapore: The FEP of a Global City-State 4. South Korea: The FEP of a Deconstructing Developmental State 5. Taiwan: The FEP of a Contested State 6. Conclusion: A Comparative Summary References Index

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Book SynopsisThe OECD includes the richest nations in the world. It issues recommendations on economic and social policies. Is its counsel on welfare state policies coherent? And is it followed by member states in Western Europe? These are the guiding questions of this book, which is a first to deal with such issues.The OECD and European Welfare States comprises 14 country studies considering OECD recommendations and their implementation in Western European welfare states, an analysis of the internal processes in the OECD, a theoretical introduction and a concluding comparative chapter. The overall results show a large degree of consistency in OECD analyses and recommendations, though little efficacy is revealed. The authors of this book have compiled a major contribution to the analysis of the impact of international organisations on national welfare states, widening the scope of traditional analyses of national welfare state development.This edited book will be of special interest to those researchers and graduate students in the fields of international business, welfare state policy and comparative politics. It will also appeal to policy makers concerned with the OECD or welfare state development.Trade Review'. . . thanks to Klaus Armingeon and Michelle Beyeler the discussion on the role of the OECD in welfare policy has at last found a sound empirical basis. This is a very welcome contribution to a debate that is too often characterised by big claims and little evidence. . . this volume is highly recommended to all people interested in understanding the development and reform of the welfare state.' -- Fabrizio Gilardi, Swiss Political Science ReviewTable of ContentsContents: 1. Introduction: A Comparative Study of the OECD and European Welfare States 2. Multilateral Surveillance and the OECD: Playing the Idea Game 3. The OECD as a Scientific Authority? The OECD’s Influence on Danish Welfare Policies 4. Finland: Considering OECD Guidelines but Within National Institutional Settings 5. Norway: An Amenable Member of the OECD 6. International Organisations and Welfare States at Odds? The Case of Sweden 7. Belgium: Increasing Critique by the OECD 8. France: Moving Reluctantly in the OECD’s Direction 9. The Netherlands: How OECD Ideas are Slowly Creeping In 10. Too Many Rivals? The OECD’s Influence on German Welfare Policies 11. Little Contention: Switzerland and the OECD 12. OECD Views on Greek Welfare: Not European Enough 13. Italy’s Adaptation Under External Pressures: Whose Influence? 14. The OECD and the Reformulation of Spanish Social Policy: A Combined Search for Expansion and Rationalisation 15. Mutual Admiration? OECD Advice to the UK 16. Ireland: Disinterested Commentary, But How Effective? 17. OECD and National Welfare State Development Index

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Book SynopsisThis significant new book provides a succinct overview of the essential policy issues surrounding capital liberalization. The book compares the experiences of transition economies in Europe with those of advanced nations, allowing the reader to examine the changing international economic and financial environment within which transition countries have to liberalize.The book first deals with the critical issues concerning liberalization, including sequencing and financial market development. The authors move on to present an overview of the early liberalization experiences of advanced economies and East-Asian countries. This provides the context for a series of chapters reviewing liberalization progress in transition economies, in which international experts and senior officials analyze their own countries' experiences. The authors also emphasise the importance of financial market reform and the construction of a sound institutional framework if countries are to attract and productively use capital inflows. A stable financial system, whilst not infallible, is also crucial for minimizing the risk of financial crises of the type experienced by a number of countries during the 1980s and 1990s. The comprehensive scope of the subject matter and international contributions from a range of different perspectives will ensure this book is warmly received by academics and researchers with an interest in EU accession, transition economics and financial market reform. It will also serve as a useful guide to governments involved in capital liberalization in other parts of the world such as Latin America and Asia.Trade Review'This collection provides an excellent account of the diverging ways countries in varying parts of the world went about liberalizing capital flows. Case studies of transition countries are set against the background of more general studies analysing the Asian and Latin American experience, as well as the earlier liberalization processes in economically advanced countries. The reader gets a lively picture of the many pitfalls that beset the road to full capital liberalization and will realise that there is no single best way to liberalize. The authors strike one as unprejudiced and far from dogmatic, out to learn from experience rather than trying to impose some particular point of view.' -- Hans Visser, VU University, Amsterdam, The NetherlandsTable of ContentsContents: Preface 1. Capital Account Liberalization in the Transition Phase: An Overview Part I: Policy Issues and Earlier Experiences 2. Advanced Country Experiences with Capital Account Liberalization 3. Sequencing Capital Account Liberalization and Financial Sector Stability 4. Managing Capital Account Liberalization: Indonesia, Malaysia, Korea and Thailand 5. Recent Codes-Based Liberalization in the OECD 6. Capital Account Liberalization and Financial Sector Development in Transition Countries Part II: Transition Country Experiences 7. Capital Account Liberalization in Ukraine 8. Capital Account Liberalization Experiences in Armenia 9. Capital Flows and Capital Account Liberalization in Croatia 10. The Liberalization of the Capital Account in Hungary: Experiences and Lessons 11. Capital Account Liberalization and Financial Market Reform in the Republic of Moldova 12. Capital Account Liberalization in Poland References Index

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Book SynopsisNetworks provide the foundation for the functioning of our societies and economies. Their study has had a long tradition in such fields as engineering, operations research, management science and computer science. More recently, the disciplines of finance and economics have come to be rich and fascinating sources of network-based problems and applications. This focused and refereed volume of contributions from leading international scholars provides a wealth of innovations in the study of financial and economic networks. The volume presents entirely new results: the conceptualization of the stock market as a graph, the evolution of financial systems as networks, the incorporation of electronic transactions in international finance (from a network perspective), new formalisms for the study of supply chains (as fluid models and in an network economic framework) and new applications of agent-based computational economics trade networks with intermediaries and worker-employer networks. Finally, trade networks in web-based caching are introduced. Financial applications covered include: portfolio optimization with transaction costs, integrated pension and corporate planning, evolutionary financial networks, international finance and electronic transactions as well as hedging instruments for transportation networks. Innovative approaches to economic networks are developed in the context of supply chain and distribution networks, a variety of trade (including web-based caching) networks and even worker-employer networks.A major addition to this exciting and important subject, Innovations in Financial and Economic Networks will be an invaluable resource for economists and the networks community, as well as researchers and students in computational economics and finance, operations research, management science, applied mathematics and computer science.Table of ContentsContents: Preface 1. Financial and Economic Networks: An Overview Part I: Financial Networks 2. On Structural Properties of the Market Graph 3. Multistage Stochastic Mean-Variance Portfolio Analysis with Transaction Costs 4. A Stochastic Network Approach for Integrating Pension and Corporate Financial Planning 5. Variational Inequalities for Evolutionary Financial Equilibrium 6. The Growing Importance of Networks in Finance and its Effects on Competition 7. International Financial Networks with Electronic Transactions 8. Using Financial Options to Hedge Transportation Capacity in a Deregulated Rail Industry Part II: Economic Networks 9. A Supply Chain Network Economy: Modeling and Qualitative Analysis 10. Applications of Fluid Modeling in Distribution Systems 11. An Agent-Based Evolutionary Trade Network Simulation 12. Evolution of Worker–Employer Networks and Behaviors Under Alternative Non-Employment Benefits: An Agent-Based Computational Study 13. Capacity Provision Networks: A Technology Framework and Economic Analysis of Web Cache Trading Hubs Index

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Book SynopsisMany theoretical and empirical analyses have been put forward to explain currency crises, but this book is unique in providing an extensive perspective and a comprehensive view of the field. Andre Fourcans and Raphael Franck assert that models concerning the outbreak and the propagation of currency crises share many similarities and may therefore be studied together. Theoretical developments in the currency crises literature lead to three distinct types of models. The authors focus on these first, second and third-generation models of currency crises and also discuss the role of the international financial system in preventing currency crises.Appealing to graduate students, academics and researchers in international economics, this book is a must have for those interested in learning about currency crises and the evolution of currency crises research.Trade Review'This book is a valuable contribution to the literature and it deserves the attention of those interested in the evolution of the currency crisis literature.' -- Ferda Donmez, Ankara University, TurkeyTable of ContentsContents: Introduction Part I: First-Generation Models of Currency Crises 1. Main Assumptions of First-Generation Models 2. Aspects of the Policymaker’s Behaviour 3. Extensions of First-Generation Models Part II: Second-Generation Models of Currency Crises 4. Self-fulfilling Expectations and the Outbreak of Currency Crises 5. Self-fulfilling Expectations and Currency Crisis Contagion 6. The Relevance of Second-Generation Models Part III: Third-Generation Models of Currency Crises 7. Economic Policy Tradeoffs and the Outbreak of Currency Crises 8. Deteriorated Fundamentals and Currency Crisis Contagion 9. Deteriorated Fundamentals and Speculators’ Expectations Part IV: Currency Crises and the International Financial System 10. The Spread of Currency Crises in Emerging Countries from 1997 to 1999: A Case Study 11. Currency Crises and Exchange Rate Regimes 12. The Role of International Financial Institutions References Index

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Book SynopsisOffering a diverse set of contributions to current social contracting research, The Social Institutions of Capitalism illustrates how social contracts necessarily underlie and facilitate all forms of capitalist production and exchange.The editors bring together novel contributions from fields as diverse as economics, evolutionary game theory, contract law, business ethics, moral philosophy and anthropology to offer multifaceted but subtly intertwined perspectives on fundamental questions concerning human cooperation.This interdisciplinary book, with articles written by academics who are widely known and respected in their respective fields, will be of great value to those interested in political theory, moral philosophy and business ethics.Trade Review'Heugens, van Oosterhout and Vromen have pulled together a diverse set of ideas around a common theme, social contract theory, that provides a useful underpinning for our ideas about what makes societies work in the ways that they do. Rather than attempting to integrate ideas from scholars of game theory, contract law, organizational theory, economic philosophy and business ethics, moral, and political philosophy, they outline a common framework on which these disparate ideas all cohere. Fundamentally, the editors suggest that for a social contract to be practical and workable, we as people living in societies have to agree to the underlying values and norms within a particular social contract as rational and reasonable agents. This type of synthesis provides a helpful framework for understanding what the limits and boundaries of social contract theory are and should be useful to thinkers in all of the domains covered by the authors in the book.' -- Sandra Waddock, Boston College, US'I have read the introduction of The Social Institutions of Capitalism with great pleasure. This book about contractarian theories provides deep insights into the foundations of economic systems and organizations like firms. Fundamental questions about why individuals would accept authority, about the behavioural assumptions in modern economic theory and about the foundation of the institutional fabric of society are very profoundly discussed by leading experts in the field.' -- John Groenewegen, Erasmus University Rotterdam, The NetherlandsTable of ContentsContents: 1. Social Contract Theories: E Pluribus Unum? 2. Stable Social Contracts 3. The Relational Constitution of Contractual Agreement 4. The Foundations of Trust 5. Economics and the Social Contract 6. Social Contracts, Sic et Non 7. Sources of Normativity: Reflectivity versus Social Contracting 8. Justice-Conventionalism, Justice-Platonism and the Social Contract Index

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Book SynopsisHuman Capital, Trade and Public Policy in Rapidly Growing Economies argues that only two centuries ago, no society had ever enjoyed sustained growth in living standards. The contributors to this book aim to discover why the world today exhibits a predilection for perpetual self-improvement.In particular, the book focuses on the forces underlying long-lasting growth in East Asia's Newly Industrialized Countries (NICs). Drawing from the experiences of Hong Kong, South Korea, Singapore and Taiwan, it questions whether public policy can contribute to removing barriers towards accumulation of wealth, and if so, what development policy should be put in place to remedy the existing distortions or market failure problems.Theoretical and empirical analyses are also used to broach other important issues, such as: Why do some economies experience growth while others decline? What are the major determinants of long-term growth and development? Is human capital the main driving force? Does international trade play a crucial role? This book will appeal to those with an interest in development and public policy.Table of ContentsContents: Foreword 1. Introduction: A Quick Reference to Growth Theory Part I: Human Capital 2. Market Structure and Innovation Revisited: Endogenous Productivity, Training and Market Shares 3. Human Capital Formation and Patterns of Growth with Multiple Equilibria 4. On the Relationship Between Fertility and Public Education in Different Stages of Development 5. Productivity Growth and Catch-up in Less-developed Economies Part II: Trade 6. Total Factor Productivity and the Catching-up Process 7. Indeterminacy in a Dynamic General Equilibrium Model of International Trade 8. Evaluating the Quantitative Effects of Import Restrictions – An Almost Neoclassical Benchmark 9. Innovation in a Shrinking World Part III: Public Policy 10. Long-run Effects of Financial Policy in an Endogenously Growing Economy 11. Credit Rationing, Public Borrowing and Endogenous Growth 12. Government Expenditure and Social Status in a Two-sector Model of Endogenous Growth 13. Economic Growth and the Environmental Kuznets Curve in Taiwan: A Simultaneity Model Analysis Index

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Book SynopsisThe emergence of China since 1979 has been a hallmark in the global economy, not only in the past but also in this century. This comprehensive book provides an analytical view of the remarkable economic development of the most exciting economy in the world.China's impressive economic growth has propelled it from being one of the poorest countries in the world to becoming its third largest economy. It is a complex economy with a mix of characteristics resulting from being both a transition economy and a developing country, which also points to the challenges that it still faces. This book explains China's remarkable transformation from a centrally planned to a more market-oriented economy through examination of the institutional reforms necessary to support such marketisation and eventual global integration. Although no book will be able to be completely comprehensive given the scale of the economy and the remarkable pace of transformation over three decades, this study highlights the key areas giving an overview of the major developments in China's economy, enabling its prospects of continuing growth to be assessed.With topical discussion incorporating recent data and developments, this book will be a stimulating read for academic researchers, postgraduate students in economics, international business, Chinese and area studies, as well as anyone interested in understanding the Chinese economy.Trade Review'[T]his is a comprehensive book written in a concise and well-structured manner. . . The book is a recommended read for a wide range of academic researchers, graduate students and for anyone with a professional interest in understanding the Chinese economy.' --Blagoy Kitanov, Europe-Asia Studies'The book is a very good snapshot introduction to China and could potentially be used as a supplementary text for undergraduates in their studies on the Chinese economy or Chinese studies.' --Herb Thompson, Journal of Contemporary Asia'By examining the institutional reforms used to make the transition, Yueh provides a comprehensive and exceptionally insightful analysis of economic change in what has become the world's second biggest economy. . . Highly recommended.' --C.A. Haulman, ChoiceTable of ContentsContents: Preface 1. Introduction 2. Economic Growth: 30 Years of Market Transition, Economic Development and Global Integration 3. Enterprises and Agriculture 4. Labour 5. Entrepreneurship 6. Banking and Finance 7. Law and Markets 8. Innovation 9. Social Coverage: Education, Pensions, Health System and Poverty 10. International Trade, Foreign Investment and the Global Economy Bibliography Index

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Book SynopsisThis book unites diverse heterodox traditions in the study of endogenous money - which until now have been confined to their own academic quarters - and explores their similarities and differences from both sides of the Atlantic.Bringing together perspectives from post-Keynesians, Circuitists and the Dijon School, the book continues the tradition of Keynes's and Kalecki's analysis of a monetary production economy, emphasising the similarities between the various approaches, and expanding the analytical breadth of the theory of endogenous money. The authors open new avenues for monetary research in order to fuel a renewed interest in the nature and role of money in capitalist economies, which is, the authors argue, one of the most controversial, and therefore fascinating, areas of economics.Providing new theoretical and empirical grounds for the construction of a general, policy oriented theory of money, this thought-provoking collection will appeal to academics, researchers and students interested in monetary economics. It will also be welcomed by monetary policymakers and central bank officials.Trade Review'This is a timely book. Being on modern theories of money - essentially the study of traditions of endogenous money - it is a welcome contribution to current thinking on monetary policy. The modern central bank view on money is that the rate of interest should be manipulated by central banks to achieve an inflation target with the money supply being the "residual". Although money is in effect endogenous, there is no theory that explains its behaviour. Modern Theories of Money is a serious attempt to sharpen existing views on the issue and fill gaps in an admirable manner.' -- Philip Arestis, University of Cambridge, UK and Levy Economics Institute, US'One dimension of Keynes's revolution was his insistence that money and finance must be integrated with real factors right from the start of analysis. This collection fits centrally in this tradition, as well as in the post-Keynesian approach which combines the insights of the classical political economists Marx and Sraffa with those of Keynes, Kalecki, and Pasinetti.' -- G.C. Harcourt, University of New South Wales, Australia'Contemporary orthodox economic theory notoriously lacks a viable theory of money, and hence has no means of understanding the role and significance of this key social institution within capitalism. Fortunately, there are now a number of promising heterodox theories of money that may ultimately succeed in filling the gap. Louis-Philippe Rochon and Sergio Rossi have provided an invaluable service to the economics profession in making available this collection of essays on modern monetary theories, including contributions by many of the most interesting writers in the field.' -- John Smithin, York University, CanadaTable of ContentsContents: Introduction Part I: The Post Keynesian Monetary Approach Part II: The Theory of the Monetary Circuit Part III: The Theory of Money Emissions Part IV: Further Contributions to Monetary Analysis Index

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Book SynopsisMarket dominance - encompassing single firm dominance, overt and tacit collusion, mergers and vertical restraints - raises many complex analytical and policy issues, all of which continue to be the subject of theoretical research and policy reform. This second edition of a popular and comprehensive text extends the arguments and combines an analysis of the issues with a discussion of actual policy and case studies.This new edition addresses the recent fundamental changes in antitrust law, especially in the UK and the EU, and reviews some high profile and controversial cases such as the Boeing-McDonnell Douglas merger and the Microsoft monopoly. The author moves on to deal with several unresolved questions including the conflicts between trade and antitrust policy, the foreign take-over of domestic assets and extra-territorial claims made by certain countries.Market Dominance and Antitrust Policy will be of considerable value to students and scholars of economics, law and business, as well as researchers, policymakers and practitioners with an interest in competition policy and international trade.Trade Review'Overall, this volume provides a clear and thorough presentation of the issues and relevant economic theory in a rapidly evolving and important area. Highly recommended.' -- R.A. Miller, ChoiceAcclaim for the first edition: -- 'Whether for an academic or practitioner, lawyer or economist, I know of no single volume on the subject that is more comprehensive and useful than the one Utton has given us.'– C.G. Krouse, International Journal of the Economics of Business'. . . this is a very useful and informative text which provides an integrated account of the main theoretical and practical aspects of antitrust policy. It should be of value to anyone with an interest in this area of economic policy.' -- David Young, The Economic JournalTable of ContentsContents: Prefaces Part I: Analytical and Institutional Background 1. The Economic Analysis of Market Dominance 2. Market Dominance in Practice: Current Perceptions and Trends 3. The Antitrust Response: An Outline of Antitrust Policy in Europe and the United States Part II: Market Dominance: Horizontal Issues 4. The Measurement and Interpretation of Market Dominance 5. Market Conduct of Dominant Firms I 6. Market Conduct of Dominant Firms II 7. Market Dominance and Collusion 8. Horizontal Mergers and Market Dominance Part III: Market Dominance: Vertical Issues 9. Vertical Integration and Vertical Mergers 10. Market Dominance and Vertical Restraints Part IV: Priorities and Prospects for Antitrust 11. Priorities in Antitrust Policy 12. Antitrust Policy in an International Perspective References Index

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Book SynopsisAfter more than two decades of widespread hardship for most nations, what are the different paths available for them to resume steady growth and welfare? Will they actually succeed in building new growth models that meet the challenges of the present phase of internationalisation? This book attempts to answer these questions by analysing different perspectives and discussing the conditions for new national growth trajectories to emerge. The book provides conceptual tools for characterising alternative growth regimes by analysing their institutional backgrounds and political context. Unlike standard convergence theories, the authors argue that the diversity of capitalism is likely to persist as national economies adapt to the forces of globalisation. Still these national paths remain strongly conditioned by the kind of governance set up at both regional and fully international levels.The Hardship of Nations will be of great interest to undergraduates and graduates in the social sciences - economics, political sciences, sociology, geography and management - who require an overview of the debates on growth of national economies in the present stage of globalisation.Table of ContentsContents: General Introduction Benjamin Coriat, Pascal Petit and Geneviève Schméder PART I: A NEW FINANCE-LED CAPITALISM 1. The Future of Capitalism Michel Aglietta 2. The Special Position of the United States in the Finance-led Regime: How Exportable is the US Venture Capital Industry? François Chesnais 3. Moves Towards Finance-led Capitalism: The French Case Benjamin Coriat PART II: ALTERNATIVE PERSPECTIVES ON CONTEMPORARY CAPITALISM 4. Socio-Institutional Changes in the Post-Fordist Era Pascal Petit 5. Is the New Economy Made in America? Pascal Petit 6. To Have or to Be: A Topological Approach of the Interaction between State and Economy Bruno Théret PART III: REGIONAL PROCESSES UNDER STRAIN 7. The Institutional and Policy Weaknesses of the European Union: The Evolution of the ‘Policy Mix’ Robert Boyer 8. Disruptive Effects of Financial Deregulation: The Japanese and Korean Crises Benjamin Coriat and Patrice Geoffron 9. Argentina’s Structural Crisis Luis Miotti and Carlos Quenan 10. Convergence and Diversity in National Trajectories of Post-Socialist Transformation Bernard Chavance and Eric Magnin PART IV: GLOBAL TENSIONS 11. From the Cold War to the New International Disorder Geneviève Schméder 12. Shadow Economy and Economic Criminalisation in Transition Economies Jacques Sapir 13. Global Geography of Post-Fordism: Knowledge and Polarisation El Mouhoub Mouhoud PART V: CONCLUSION 14. Post-Fordisms in a More Globalised Capitalism Benjamin Coriat, Pascal Petit and Geneviève Schméder Index

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Book SynopsisThe use of economics to study law was pioneered by the Austrian School of Economics. The nineteenth century founders of the school believed that economics could contribute to understanding the spontaneous development of common law as well as the nature of legal rights. For this insightful research review Mario Rizzo has selected key papers from today's vibrant Austrian School, focusing on the study of property, market-chosen law, slippery-slope analysis, entrepreneurship, institutions, decentralized social knowledge, and the evolution of legal institutions.This title represents the cutting-edge Austrian contributions to economics and will be an essential reference source for both students and researchers. Table of ContentsContents: Volume I Acknowledgements Introduction Mario J. Rizzo PART I GENERAL SURVEYS OF AUSTRIAN LAW AND ECONOMICS 1. Gregory Scott Crespi (1998), ‘Exploring the Complicationist Gambit: An Austrian Approach to the Economic Analysis of Law’ 2. Linda A. Schwartzstein (1994), ‘An Austrian Economic View of Legal Process’ 3. Christopher T. Wonnell (1986), ‘Contract Law and the Austrian School of Economics’ PART II METHODOLOGICAL ISSUES 4. Elisabeth Krecké and Carine Krecké (2007), ‘The Anti-Foundational Dilemma: Normative Implications for the Economic Analysis of Law’ 5. Elisabeth Krecké (2004), ‘Economic Analysis and Legal Pragmatism’ 6. Douglas Glen Whitman (2004), ‘Group Selection and Methodological Individualism: Compatible and Complementary’ 7. Mario J. Rizzo (1999), ‘Which Kind of Legal Order? Logical Coherence and Praxeological Coherence’ PART III PROPERTY 8. Ludwig von Mises ([1936] 1981), ‘Ownership’ 9. Jörg Guido Hülsmann (2004), ‘The A Priori Foundations of Property Economics’ 10. William Barnett II, Walter Block and Gene Callahan (2005), ‘The Paradox of Coase as a Defender of Free Markets’ 11. Israel M. Kirzner (1979), ‘Entrepreneurship, Entitlement, and Economic Justice’ PART IV MENGER, HAYEK AND COMMON LAW 12. Carl Menger ([1963] 1985), ‘The “Organic” Origin of Law and the Exact Understanding Thereof’ 13. A.I. Ogus (1989), ‘Law and Spontaneous Order: Hayek’s Contribution to Legal Theory’ 14. Todd J. Zywicki and Anthony B. Sanders (2008), ‘Posner, Hayek, and the Economic Analysis of Law’ 15. John Hasnas (2005), ‘Hayek, the Common Law, and Fluid Drive’ 16. Scott A. Beaulier, Peter J. Boettke and Christopher J. Coyne (2005), ‘Knowledge, Economics, and Coordination: Understanding Hayek’s Legal Theory’ PART V EVOLUTION AND LAW 17. Douglas Glen Whitman (1998), ‘Hayek contra Pangloss on Evolutionary Systems’ 18. Suri Ratnapala (1993), ‘The Trident Case and the Evolutionary Theory of F.A. Hayek’ 19. Suri Ratnapala (2001), ‘Eighteenth-Century Evolutionary Thought and its Relevance in the Age of Legislation’ 20. Bruce L. Benson (1989), ‘The Spontaneous Evolution of Commercial Law’ 21. John Hasnas (2005), ‘Toward a Theory of Empirical Natural Rights’ 22. Todd J. Zywicki (2003), ‘The Rise and Fall of Efficiency in the Common Law: A Supply-Side Analysis’ 23. Douglas Glen Whitman (2000), ‘Evolution of the Common Law and the Emergence of Compromise’ Volume II Acknowledgements An introduction by the editors to both volumes appears in Volume I PART I COMMON LAW, BALANCING, AND EFFICIENCY 1. Mario J. Rizzo (1980), ‘Law Amid Flux: The Economics of Negligence and Strict Liability in Tort’ 2. Mario J. Rizzo (1980), ‘The Mirage of Efficiency’ 3. James M. Buchanan (1969), ‘Private and Social Cost’ 4. Peter Lewin (1982), ‘Pollution Externalities: Social Cost and Strict Liability’ 5. Roy E. Cordato (1996), ‘Time Passage and the Economics of Coming to the Nuisance: Reassessing the Coasean Perspective’ 6. Mario J. Rizzo (1985), ‘Rules Versus Cost-Benefit Analysis in the Common Law’ PART II RULES 7. Richard A. Epstein (2006), ‘Intuition, Custom, and Protocol: How to Make Sound Decisions with Limited Knowledge’ 8. Douglas Glen Whitman (2009), ‘The Rules of Abstraction’ 9. Todd J. Zywicki (1998), ‘Epstein and Polanyi on Simple Rules, Complex Systems, and Decentralization’ PART III SLIPPERY SLOPE ANALYSIS 10. Mario J. Rizzo and Douglas Glen Whitman (2003), ‘The Camel’s Nose is in the Tent: Rules, Theories, and Slippery Slopes’ 11. Douglas Glen Whitman and Mario J. Rizzo (2007), ‘Paternalist Slopes’ PART IV INSTITUTIONS 12. L.M. Lachmann (1971), ‘On Institutions’ 13. Karol Boudreaux and Paul Dragos Aligica (2007), ‘The Evolutionary Path’ 14. Karol Boudreaux and Paul Dragos Aligica (2007), ‘An Intellectual Toolbox for the Creation of Property Rights’ 15. David A. Harper (2003), ‘Institutions I: Rule of Law, Property and Contract’ 16. David A. Harper (2003), ‘Institutions II: Money, Political and Legal Decentralisation and Economic Freedom’ 17. Peter J. Boettke, Christopher J. Coyne and Peter T. Leeson (2007), ‘Saving Government Failure Theory from Itself: Recasting Political Economy from an Austrian Perspective’ PART V MARKET CHOSEN LAW 18. Edward Stringham (1999), ‘Market Chosen Law’ 19. Edward Stringham (2003), ‘The Extralegal Development of Securities Trading in Seventeenth-Century Amsterdam’ 20. Edward Stringham (2002), ‘The Emergence of the London Stock Exchange as a Self-Policing Club’ 21. Anthony Ogus (1999), ‘Competition Between National Legal Systems: A Contribution of Economic Analysis to Comparative Law’ 22. Peter T. Leeson (2007), ‘Trading with Bandits’ 23. Peter T. Leeson (2007), ‘An-arrgh-chy: The Law and Economics of Pirate Organization’ PART VI MINIMIZING THE STATE 24. John Hasnas (2003), ‘Reflections on the Minimal State’ 25. Peter T. Leeson (2008), ‘Coordination Without Command: Stretching the Scope of Spontaneous Order’ 26. Peter T. Leeson (2006), ‘Efficient Anarchy’ 27. Peter T. Leeson (2008), ‘How Important is State Enforcement for Trade?’ 28. Walter Block and Thomas J. DiLorenzo (2000), ‘Is Voluntary Government Possible? A Critique of Constitutional Economics’ 29. Randall G. Holcombe (2004), ‘Government: Unnecessary but Inevitable’ PART VII DISPERSED KNOWLEDGE AND THE LIMITS OF LAW 30. Mario J. Rizzo (2005), ‘The Problem of Moral Dirigisme: A New Argument Against Moralistic Legislation’

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Book SynopsisMario Amendola and Jean-Luc Gaffard argue that all too often, markets and technology are treated as two magic words that will open the door to a wealth of riches. An increasing number of governments appear to be aiming for a pure market economy in order to reap the benefits of a benevolent technology that promises the most spectacular advances. Both markets and technology can certainly be considered essential economic factors, but which market and what technology? Is the current prevailing view of competition without restraints and privatisation at all costs actually the essence of the market? This book maintains that the dominant view mistakes the relationship between growth and technical change and, as a consequence, the role of the market in this context. The authors argue that once the issue is analysed in the proper light, the usual ingredients of the dominant policy recipe - zero inflation, balanced budgets, privatisations, deregulation of all markets, extreme flexibility - may not actually be the appropriate ones.The Market Way to Riches will appeal to academics from many branches of economics including heterodox, evolutionary and macroeconomics and those with an interest in economic growth generally. Policy makers influencing economic growth will also find much to engage them.Table of ContentsContents: Preface 1. Market and Technology 2. Is Technology the Heart of the Matter? 3. Market and Competition 4. Paradoxes and Dilemmas 5. Walking a Feasible Path, Not Heading for the Stars 6. Market and the State References Appendix: Models and Simulations A1 The Benchmark Model A2 Macroeconomic Changes A3 Industry Changes Index

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Book SynopsisThis book looks at some of the major themes concerning governance in the EU, namely the focus on market-friendly regulations, output legitimacy and how the requirement of efficiency is combined with the requirement of democratic accountability. The dilemma between efficiency and democratic accountability is analysed in three cases of close collaboration between public and private actors: the European satellite navigation programme (Galileo), the European Investment Bank and health policies, and the European financial market - especially the banking sector. The background to this interest in the dilemma between efficiency and democratic accountability is that this is a time when the borders between the public and private spheres are being re-evaluated, transferred and becoming more porous. The author makes a compelling case to show that authority is being shared between public and private actors, rather than power being delegated - inn contrast with the apparent mode of democratic accountability. European Public-Private Collaboration will be warmly welcomed by postgraduate students and researchers of European studies and public policy.Table of ContentsContents: Preface 1. Introduction 2. Theoretical Framework 3. European Governance – An Empirical Background 4. The Case of the European Satellite Navigation Programme 5. The Case of the European Investment Bank and Health Co-authored with Emilia Holkeri 6. The Case of the European Financial Market 7. Conclusions and Discussion References Index

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Book SynopsisAgainst the background of global market liberalization, increasing consumer awareness and concerns and the spreading of complex technology, new ways to produce, distribute and consume food are evolving. The organization of agricultural production and distribution systems need to adapt, including the development and maintenance of sustainable business relationships between farmers, food processors and grocery retailers. While agricultural value chains have been promoted for decades, more attention is needed on how to enable economic agents to develop lasting relationships and trust within value chains. Using qualitative and quantitative empirical results, Agri-food Chain Relationships offers an insight into the sustainability of current agribusiness relationships and discusses how these may be improved. Theoretical foundations for analysing agri-food chain relations are considered alongside case studies of different countries, food chains and chain stages regarding the issues of sustainable relationships and trust.Table of ContentsPART 1: Agri-food Chain Relationships - Context and Theoretical Foundations 1.1: Building Sustainable Relationships in Agri-food Chains: Challenges from Farm to Retail - Luis Miguel Albisu, Klaus Frohberg and Monika Hartmann 1.2: Collaborative Advantage, Relational Risks, Contracts and Relationship Sustainability: a Literature Review - Christian Fischer and Nikolai Reynolds 1.3: Inter-organisational Relationships in Agri-food Systems: an Integrated Transaction Cost-Network Analysis Framework - Fabio Chaddad 1.4: Behavioural Economics and the Theory of Social Structure: Relevance for Understanding Relationship Sustainability - Johannes Simons and Monika Hartmann PART 2: Empirical Evidence on Relationship Types, Relationship Sustainability, Trust and Use of Contracts 2.1: Trust and Relationship Types in Agri-food Chain Relationships in Selected European countries - Maeve Henchion, Azucena Gracia, Philip Leat and Christian Fischer 2.2: The Determinants of Relationship Type Choice and Relationship Sustainability: a European Cross-country Analysis - Christian Fischer, Monika Hartmann, Nikolai Reynolds, Philip Leat, César Revoredo-Giha, Maeve Henchion, Luis Miguel Albisu and Azucena Gracia 2.3: Enhancing the Integration of Agri-food Supply Chains: Challenges in the UK Malting Barley Supply Chain - César Revoredo-Giha and Philip Leat 2.4: From Transactions to Relationships: the Case of the Irish Beef and Pigmeat Supply Chains - Maeve Henchion and Bridin McIntyre 2.5: Inter-enterprise Relationships as Determinants for Competitiveness in the Agri-food Sector: the Spanish Wheat-to-Bread Chain - Azucena Gracia and Luis Miguel Albisu 2.6: Reviewing Relationship Sustainability in the Case of the German Wheat-to-Bread Chain - Miroslava Bavorova and Heinrich Hockmann 2.7: Vertical Relationships in the US Agri-food System: the Role of Agricultural Cooperatives - Fabio Chaddad 2.8: Guanxi and Contracts in Chinese Vegetable Supply Chains: an Empirical Investigation - Hualiang Lu, Jacques Trienekens, Onno Omta and Shuyi Feng 2.9: A Review of the Trust Situation in Agribusiness Chain Relationships in the Asia-Pacific with focus on the Philippines and Australia - Peter Batt 2.10: How Buyer-Supplier Relationships Can Create Value - the Case of the Australian Wine Industry - Lynlee Hobley and Peter Batt PART 3: Implications and Recommendations 3.1: Best Practice in Relationship Management: Recommendations for Farmers, Processors and Retailers - Jacques Trienekens, Peter Batt and Christian Fischer 3.2: Improving Agri-food Chain Relationships: the Role of Government - Klaus Frohberg, Maeve Henchion, Luis Miguel Albisu and Philip Leat 3.3: Lessons Learned: Recommendations for Future Research on Agri-food Chain Relationships - Fabio Chaddad, Hualiang Lu, Christian Fischer and Monika Hartmann

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Book SynopsisContemporary societies have more vibrant markets than past ones. Yet they are more heavily populated by private and public regulators. This book explores the features of such a regulatory capitalism, its tendencies to be cyclically crisis-ridden, ritualistic and governed through networks. New ways of thinking about resultant policy challenges are developed.At the heart of this latest work by John Braithwaite lies the insight by David Levi-Faur and Jacint Jordana that the welfare state was succeeded in the 1970s by regulatory capitalism. The book argues that this has produced stronger markets, public regulation, private regulation and hybrid private/public regulation as well as new challenges such as a more cyclical quality to crises of market and governance failure, regulatory ritualism and markets in vice. However, regulatory capitalism also creates opportunities for better design of markets in virtue such as markets in continuous improvement, privatized enforcement of regulation, open source business models, regulatory pyramids with networked escalation and meta-governance of justice.Regulatory Capitalism will be warmly welcomed by regulatory scholars in political science, sociology, history, economics, business schools and law schools as well as regulatory bureaucrats, policy thinkers in government and law and society scholars.Trade Review'In this sprawling and ambitious book John Braithwaite successfully manages to link the contemporary dynamics of macro political economy to the dynamics of citizen engagement and organisational activism at the micro intestacies of governance practices. This is no mean feat and the logic works. . .' -- Stephen Bell, The Australian Journal of Public Administration'Everyone who is puzzled by modern "regulocracy" should read this book. Short and incisive, it represents the culmination of over twenty years' work on the subject. It offers us a perceptive and wide-ranging perspective on the global development of regulatory capitalism and an important analysis of points of leverage for democrats and reformers.' -- Christopher Hood, All Souls College, Oxford, UK'It takes a great mind to produce a book that is indispensable for beginners and experts, theorists and policymakers alike. With characteristic clarity, admirable brevity, and his inimitable mix of description and prescription, John Braithwaite explains how corporations and states regulate each other in the complex global system dubbed regulatory capitalism. For Braithwaite aficionados, Regulatory Capitalism brings into focus the big picture created from years of meticulous research. For Braithwaite novices, it is a reading guide that cannot fail to inspire them to learn more.' -- Carol A. Heimer, Northwestern University, US'Reading Regulatory Capitalism is like opening your eyes. John Braithwaite brings together law, politics, and economics to give us a map and a vocabulary for the world we actually see all around us. He weaves together elements of over a decade of scholarship on the nature of the state, regulation, industrial organization, and intellectual property in an elegant, readable, and indispensable volume.' -- Anne-Marie Slaughter, Princeton University, USTable of ContentsContents: Foreword by David Levi-Faur Preface 1. Neoliberalism or Regulatory Capitalism? 2. The Cyclical Nature of the Challenges of Regulatory Capitalism 3. Privatized Enforcement and the Promise of Regulatory Capitalism 4. The Nodal Governance Critique of Responsive Regulation 5. Regulatory Capitalism, Business Models and the Knowledge Economy with Janet Hope and Dianne Nicol 6. Can Regulatory Ritualism be Transcended? 7. Metagovernance of Justice 8. Is Regulatory Capitalism a Good Thing? References Index

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Book SynopsisThe evolution of China's market economy is one of the most important developments in the world economy in the twenty-first century. The diverse contributors to this book provide a unique set of essays that evaluate legal, regulatory, and economic aspects of China's transition from planned to market economy. While market-oriented policy reform in China has led to substantial growth and progress since the onset of the reform period in 1979, many challenges remain. This study begins with a general survey of China's transition to a market economy and is followed by more elaborate analyses of specific sectors. The authors consider China's changing regulatory structure and the relationships of this structure to Chinese markets, developments in markets for goods, services, and production factors, changing trade patterns, and the determinants of foreign direct investment and its role in overall capital formation. They provide a comprehensive assessment of market reforms in China. In-depth yet accessible, the book will be of great value to policy makers, business planners, students and researchers concerned with China, as well as those interested in the world economy at large.Trade Review'Belton Fleisher and his colleagues have edited a usefully wide-ranging book on economic policy reform in China before the global crisis. Many excellent chapters provide lucid insights into the practical complexities of China's remarkable development path. . . this book has much to teach us. . .' -- Albert Keidel, The China Journal'The book is designed for use in a wide-range of studies on Chinese economic development, especially in market development, technology diffusion as well as education inequality. Each independent paper delivers a different research field, so it has a wide appeal. Students and scholars who are studying or conducting research on Chinese economic development will find this book of particular interest.' -- Jiandong Chen, Journal of the Asia Pacific EconomyTable of ContentsContents: Introduction 1. China’s Transition to the Market: Progress and Challenges Nicholas C. Hope and Lawrence J. Lau 2. Impact and Significance of State-Owned Enterprise Restructuring in China Ross Garnaut, Ligang Song and Yang Yao 3. Antitrust in China 2006: The Problem of Incentive Compatibility Bruce M. Owen, Su Sun and Wentong Zheng 4. Property Rights and ‘Original Sin’ in China: Transaction Costs, Wealth Creation and Property Rights Infrastructure Andrew Sheng, Geng Xiao and Yuan Wang 5. Corporate Governance and Property Rights Infrastructure: The Experiences of Hong Kong and Lessons for China Andrew Sheng, Geng Xiao and Yuan Wang 6. China’s Evolving Labor Market Belton M. Fleisher and Dennis Tao Yang 7. China’s Emerging Domestic Debt Markets Pieter Bottelier 8. Incremental Reform and Distortions in China’s Product and Factor Markets Xiaobo Zhang and Kong-Yam Tan 9. China’s Emergence as the Workshop of the World Will Martin and Vlad Manole 10. China’s Emergence, Real Exchange Rates and Implications for East Asian Regional Trade and Growth David Roland-Holst 11. The Chinese Approach to Capital Inflows: Patterns and Possible Explanations Eswar S. Prasad and Shang-Jin Wei 12. Foreign Direct Investment in China and East Asia Busakorn Chantasasawat, K.C. Fung, Hitomi Iizaka and Alan Siu Index

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Book SynopsisFollowing the traditional Scandinavian welfare state model, the Nordic/Scandinavian model has recently become popular as a basic concept for shaping future approaches to European social politics. Challenging the Anglo-Saxon model(s) and the Continental model(s), the Nordic/Scandinavian model is regarded as a compromise between the two. In the context of this model, this engaging and comprehensive book presents a comparative discussion of the pursuit of innovation in the public sector.The author provides extensive examples from contemporary shifting regulatory environments in Scandinavia and argues that the importance of the Nordic/Scandinavian model path is due to its emphasis on social equality and active labour market policy. High public welfare expenses and heavy tax burden are compensated by high work productivity, low unemployment, flexible labour market, and encouraging subsidiarity policies. The outcome is 'flexicurity' which indicates that the flexible labour market's mode of functioning depends, per se, on the continuing existence of universal social security and public neighbourhood services. A fascinating read for students and scholars of public policy and European and Scandinavian studies, this book will also be of interest to civil servants and policymakers across the world.Table of ContentsContents: Preface 1. Path Dependence and Social Models 2. The Scandinavian Welfare State Model 3. Modernizing Government 4. The Service Economy Trilemma of the Regulatory State 5. Scandinavian Subsidiarity 6. Summing up the Scandinavian/Nordic Model References Index

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Book SynopsisVery few studies have ventured to explore the shift in economic ideas that were such a critical factor in shaping and understanding the East European transition process. Paul Dragos Aligica and Anthony J. Evans have seized upon the potential that this crucial case has to illuminate the larger phenomenon of diffusion and adoption of economic ideas. Two different but related research agendas are developed: the study of the spread of 'neoliberalism' as seen from the perspective of Eastern European post-communist evolutions and the study of Eastern European transition as seen from an ideas-centered perspective.Combining a distinctive synthesis of the existing data about the spread of neoliberal economic ideas in Central and Eastern Europe with an analysis of the processes at work, the authors challenge a series of misunderstandings and myths about the spread of neoliberal economic ideas. The disputed topics include: the myth of an Eastern European rush to embrace the theories and ideas that may be considered the mark of 'market fundamentalism'; the notion that a harsh 'neoliberal dogmatism' was somehow imposed on the region from outside; the idea that the standardization and regimentation of economic thinking was a result of the spread of the Western way of doing economics; and the belief that the Eastern Europeans passively embraced this uniformity and standardization due to pressure from the Westerners.This unusual synthesis will appeal to scholars in economics, political science, communist/post-communist studies and new institutionalism, as well as policymakers.Table of ContentsContents: Introduction Part I: The Spread of Western Economic Ideas in Eastern Europe: An Overview 1. Economic Ideas: Demarcations and Schools of Thought 2. Western Economic Ideas and the Fragile Hegemony of Marxism: The Pre-1989 Setting 3. The Remarkable Path to Primacy of Western Economic Ideas: Change and Institutionalization after 1989 Part II: Frameworks for Analyzing and Understanding the Spread of Economic Ideas 4. Frameworks for Analysis and Interpretation: Diffusion, Marketplace of Ideas and Growth of Knowledge 5. Frameworks for Analysis and Interpretation: From Personal Commitment to Functional Rationality Part III: Facets, Themes and Cases: Diversity and Change in the Neoliberal Revolution of Ideas 6. A Test of Market Fundamentalism: Austrian Economics 7. Western Economics and Local Responses: A Closer Look 8. The Flat Tax in Eastern Europe: A Comparative Perspective 9. Neoclassical Economics, New Institutionalism and the Eastern European Economic Reform Experience Conclusions Bibliography Index

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Book SynopsisThe purpose of this book is to reconsider economic liberalism from the viewpoint of political liberalism. The author argues that advocates of economic liberalism largely overlook empirical political preferences which, in many societies, go far beyond a limited role of the state. Recent difficulties of reforming the welfare state provide evidence that political preferences are at odds with liberal economic policy in numerous cases. This fact challenges a political conception which demands a limited state role but also claims that citizens' preferences 'as they are' should determine the content of policies. Using an evolutionary perspective on economic liberalism, the book develops new arguments about how economic liberalism can be brought into line with political liberalism.Drawing on an evolutionary theory of markets, Gerhard Wegner reinforces the claim that liberal economic policies are conducive to prosperity in society, but he argues that the liberal promise of prosperity does not translate into corresponding political preferences on the part of citizens. A tension between political and economic liberalism arises which lies at the centre of this book.Political Failure by Agreement will strongly appeal to postgraduate students and researchers of global governance, political theory, political economy and institutional economics.Trade Review'Gerhard Wegner provides new insight into the relation between democracies and market economies. He recognizes conflict between the two, but he doesn't propose constitutional controls over political action. Such proposals are grounded in the comparative static manipulation of equilibrium models. In contrast, Wegner advances an evolutionary theory of political economy, and uses this theory to explain how processes of societal learning might be set in motion that could expand support for market arrangements through time. This thoughtful and challenging book will repay examination by all students of political economy.' -- Richard E. Wagner, George Mason University, US'In drawing particular attention to the implications of evolutionary market theory for public policy Gerhard Wegner adds a novel and instructive line of argument to the long-standing debate on the inherent tension between democratic politics and economic liberalism. His concept of "learning liberalism" addresses an important dimension of political failure that has been neglected in this debate.' -- Viktor J. Vanberg, Universitaet Freiburg, GermanyTable of ContentsContents: Preface 1. Preferences for the Welfare State as a Challenge for Economic Liberalism 2. The Liberal Model of Market Order: The Evolutionary View 3. Preferences versus Choice in Politics: A Conception of Feasible Democratic Politics 4. The Underestimation of Political Opportunity Costs 5. Learning Liberalism in the Welfare State: Reviewing Economic Liberalism References Index

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Book SynopsisThis book provides an up-to-date study of public infrastructure in terms of the selection, procurement and delivery of projects. There is widespread acceptance that infrastructure is vital and needs increasing, yet less agreement about how it should be funded and procured. This book assesses in detail the features of various procurement options while also providing a framework for comparing their advantages and disadvantages. Drawing on international experiences and case studies, Darrin Grimsey and Mervyn Lewis consider some of the best and worst examples of public-private partnerships, new funding methods and infrastructure megaprojects. By offering a conceptual basis for infrastructure decision-making, the authors identify ways to improve infrastructure procurement processes. Focusing on urbanization as a driver of innovation in infrastructure, both the historical context and the future prospects of public infrastructure are analysed. Significantly, the book also examines China's ambitious plans to create a 'high-speed rail economy' and its Belt and Road Initiative across Asia that offers an interesting contrast to infrastructure developments in the United States and other advanced economies. Global Developments in Public Infrastructure Procurement is an essential source of reference for academics and students of economics, public sector finance and urban infrastructure.Trade Review'The trajectories of infrastructure investment in China and the West are going in different directions. That is the focus of both the first and last chapters of this important book exploring the options available for the procurement of public infrastructures. During that discussion, Grimsey and Lewis address important questions: does public investment lead or follow economic development? What are the contributions of China's megaprojects to its fast-growing economic power? What can public-private partnerships do or not do when used in the procurement of public infrastructures? How do PPPs compare to other models of infrastructure procurement? In an ever-increasingly urbanized world, there are few more important discussions than how governments can pay for the infrastructures that make urban life possible. Grimsey and Lewis have made an important contribution to that discussion.' --Richard E. Hanley, CUNY Institute for Urban Systems, New York City College of Technology, US'Today there is more public debate than ever about the state of public infrastructure and the wisdom of selecting particular options for significant investments. This timely publication by Grimsey and Lewis, building upon their earlier key contributions to this debate, is one of the very few publications to place infrastructure investment within the wider contextual financial framework in which these projects exist. The key drivers and barriers to current infrastructure investment are clearly and expertly presented and these principles are illustrated by considering the position in China and the US at opposite ends of the investment spectrum. The informed consideration of public-private partnerships, (PPPs), is welcomed. This excellent publication cuts through the emotional arguments associated with private finance for public infrastructure and demonstrates that, while not a panacea, the PPPs in certain locations, for certain projects and by certain procurement routes do have a clear role to play in infrastructure and service investment.' --Nigel Smith, University of Leeds, UKTable of ContentsContents: 1. Infrastructure provision 2. Why is infrastructure of such significance? 3. The evolution of infrastructure services 4. The promise of public private partnerships 5. Implementing a partnership agenda 6. Risk analysis in procurement 7. Comparing public infrastructure procurement models 8. Choosing amongst infrastructure procurement approaches 9. The problems of large (mega) projects 10. Funding of infrastructure 11. Conclusions Index

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Book SynopsisThis illuminating book broadly addresses the emerging field of 'diversity of capitalism' from a comparative institutional approach. It explores the varied patterns for achieving coordination in different economic systems, applying them specifically to China, Japan and South Korea. These countries are of particular interest due to the fact that they are often considered to have developed their own peculiar blend of models of capitalism. The expert contributors take a common institutional approach, focusing on institutions at the macro level. They present case studies to demonstrate the diversity of institutional patterns at the advent of the 21st century, both within the East Asian region and elsewhere. Examples of stability within existing institutions are illustrated alongside examples of comprehensive institutional change. Underpinning the case studies are a set of theoretical and empirical challenges for researchers concerned with national institutional settings, path dependence and endogenous dynamics. Institutional Variety in East Asia will prove a fascinating read for academics and students with an interest in Asian studies, institutional theory, political economy and heterodox economics.Table of ContentsContents: 1. Coordination between Inertia and Dynamic Development: An Overview of Issues and Contributions Werner Pascha, Cornelia Storz and Markus Taube PART I: INSTITUTIONAL CHANGE AND INERTIA 2. Adaptive Efficiency and Pragmatic Flexibility: Characteristics of Institutional Change in Capitalism, Chinese-style Joachim Ahrens and Patrick Jünemann 3. Tracing the Process of Property Rights Specification in China: The Case of New Technology Enterprises Marcus Conlé 4. Institutional Change and the Role of Government: Technology Policy in Japan and Korea Tim Goydke 5. Higher Education Reform in South Korea and the Transformation of University Governance Peter Mayer 6. Institutions and Organizations in Korea’s Upstream Innovation Governance: A Search for Adaptive Efficiency? Dominik F. Schlossstein PART II: PATTERNS OF COORDINATION 7. The Current State of Research on Networks in China’s Business System Johannes Meuer and Barbara Krug 8. A Different Capitalism for China? The Role of Guanxi and the Family for Chinese Economic Development Susanne Rühle 9. Patterns of Distinctive Institutional Change in Chinese Capitalism Tobias ten Brink 10. Japan’s Silver Market: Creating a New Industry under Uncertainty Cornelia Storz and Werner Pascha 11. The Role of Institutional Conditions in Japanese FDI in European Transition Economies Norifumi Kawai Index

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Book SynopsisThis book builds on the Marx-Keynes-Schumpeter (MKS) approach to understanding the evolution of capitalism. It does so by focusing on current frameworks that study macro-dynamical systems in the tradition of the Classical, the Neoclassical and the Keynesian interpretation of the working of modern capitalist economies, and of the societies that are built upon them. The distinguished authors concentrate on different paradigms of economic conjecture in terms of their applicability to labor market problems and their implications for growing capitalist economies. They present material clearly related to current macroeconomic research which goes beyond the New Consensus macroeconomics, and which can also be related to the discussion between practitioners and politicians on the reform of both financial and labor markets. A Future for Capitalism will prove a challenging and thought provoking read for heterodox economists and broad-minded mainstream macroeconomists with a special interest in alternatives to general equilibrium macroeconomics.Contents: Introduction Part I: Stabilizing an Unstable Economy: The Challenge in Place 1. Real Financial Market Interactions and the Choice of Policy Measures Part II: Classical Unbalanced Growth and Social Evolution 2. Income Security within the Bounds of the Reserve Army Mechanism 3. Segmented Labor Markets and Low Income Work 4. Atypical Employment and Smooth Factor Substitution Part III: Unemployment and Welfare Issues in Models of Endogenous Growth 5. Economic Growth with an Employer of Last Resort: A Simple Model of Flexicurity Capitalism 6. Economic Policy in a Growth Model with Human Capital, Heterogenous Agents and Unemployment 7. Public Debt, Public Expenditures and Endogenous Growth with Real Wage Rigidities Part IV: The Road to Full-Employment Capitalism 8. Flexicurity: A Baseline Supply Side Model 9. Factor Substitution, Okun s Law and Gradual Wage Adjustments 10. Skill Formation, Heterogeneous Labor and Investment-driven Business Fluctuations 11. Leashing Capitalism: Monetary Fiscal Policy Measures and Labor Market Reforms Some Useful Stability Theorems References IndexTable of ContentsContents: Introduction Part I: Stabilizing an Unstable Economy: The Challenge in Place 1. Real–Financial Market Interactions and the Choice of Policy Measures Part II: Classical Unbalanced Growth and Social Evolution 2. Income Security within the Bounds of the Reserve Army Mechanism 3. Segmented Labor Markets and Low Income Work 4. Atypical Employment and Smooth Factor Substitution Part III: Unemployment and Welfare Issues in Models of Endogenous Growth 5. Economic Growth with an Employer of Last Resort: A Simple Model of Flexicurity Capitalism 6. Economic Policy in a Growth Model with Human Capital, Heterogenous Agents and Unemployment 7. Public Debt, Public Expenditures and Endogenous Growth with Real Wage Rigidities Part IV: The Road to Full-Employment Capitalism 8. Flexicurity: A Baseline Supply Side Model 9. Factor Substitution, Okun’s Law and Gradual Wage Adjustments 10. Skill Formation, Heterogeneous Labor and Investment-driven Business Fluctuations 11. Leashing Capitalism: Monetary–Fiscal Policy Measures and Labor Market Reforms Some Useful Stability Theorems References Index

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Book SynopsisThis major three-volume work contains key papers which reflect the innovation and imagination that has characterised the field of welfare economics during the last 50 years. The selections range from literary treatments to the most advanced mathematical presentation. However, all readers, regardless of their mathematical sophistication or methodological predilections, will find a large number of the papers interesting and worthwhile in giving an overview of the present state of welfare economics and providing guides to the literature specialities of particular interest.Table of ContentsContents: Volume I Acknowledgements Introduction William J. Baumol and Charles A. Wilson PART I THE CRITERIA A Pareto Criterion and Compensation Principles 1. T. De Scitovszky (1941), ‘A Note on Welfare Propositions in Economics’ 2. Paul A. Samuelson (1950), ‘Evaluation of Real National Income’ 3. Vilfredo Pareto (1971), ‘Maximum Ophelimity’ B Compensation and its Shortcomings 4. Nicholas Kaldor (1939), ‘Welfare Propositions of Economics and Inter-Personal Comparisons of Utility’ 5. J.R. Hicks (1940), ‘The Valuation of Social Income’ 6. W.M. Gorman (1955), ‘The Intransitivity of Certain Criteria Used in Welfare Economics’ 7. John S. Chipman and James C. Moore (1973), ‘Aggregate Demand, Real National Income, and the Compensation Principle’ PART II FOUNDATIONS A General Treatment 8. Arnold C. Harberger (1971), ‘Three Basic Postulates for Applied Welfare Economics: An Interpretive Essay’ 9. Martin S. Feldstein (1972), ‘Distributional Equity and the Optimal Structure of Public Prices’ 10. Robin W. Boadway (1974), ‘The Welfare Foundations of Cost–Benefit Analysis’ B Tools for Welfare Measurement: Single Consumer and Producer 11. J.R. Hicks (1943), ‘The Four Consumer’s Surpluses’ 12. E.J. Mishan (1959), ‘Communications: Rent as a Measure of Welfare Change’ 13. Robert D. Willig (1976), ‘Consumer’s Surplus Without Apology’ 14. Ezra J. Mishan (1977), ‘The Plain Truth About Consumer Surplus’ 15. Alan Randall and John R. Stoll (1980), ‘Consumer’s Surplus in Commodity Space’ PART III MANY-CONSUMER ECONOMIES A Aggregation of Welfare 16. Lord Robbins (1984), ‘Richard T. Ely Lecture: Economics and Political Economy’ and ‘The Significance of Economic Science’ 17. Abram Burk (1938), ‘A Reformulation of Certain Aspects of Welfare Economics’ 18. Paul A. Samuelson (1956), ‘Social Indifference Curves’ B Does Addition of Consumers’ and Producers’ Surpluses Add Up? 19. James E. Anderson (1974), ‘A Note on Welfare Surpluses and Gains From Trade in General Equilibrium’ 20. Richard Schmalensee (1976), ‘Another Look at the Social Valuation of Input Price Changes’ 21. Richard E. Just and Darrell L. Hueth (1979), ‘Welfare Measures in a Multimarket Framework’ 22. Neil Bruce and Richard G. Harris (1982), ‘Cost–Benefit Criteria and the Compensation Principle in Evaluating Small Projects’ PART IV CHOICE BETWEEN MARKET AND NON-MARKET ALLOCATION MECHANISMS 23. Clive Bull and Janusz A. Ordover (1987), ‘Market Structure and Optimal Management Organizations’ 24. R.H. Coase (1937), ‘The Nature of the Firm’ 25. Kenneth J. Arrow (1970), ‘The Organization of Economic Activity: Issues Pertinent to the Choice of Market Versus Nonmarket Allocation’ 26. Raaj Kumar Sah and Joseph E. Stiglitz (1986), ‘The Architecture of Economic Systems: Hierarchies and Polyarchies’ 27. Oskar Lange (1936-1937), ‘On the Economic Theory of Socialism’ 28. A.P. Lerner (1936-1937), ‘A Note on Socialist Economics’ PART V SECOND BEST ANALYSIS 30. Richard G. Lipsey and Kelvin Lancaster (1997), ‘The General Theory of Second Best’ 31. Otto A. Davis and Andrew B. Whinston (1965), ‘Welfare Economics and the Theory of Second Best’ 32. Jean-Jacques Laffont and Jean Tirole (1996), ‘Creating Competition Through Interconnection: Theory and Practice’ Name Index Volume II Acknowledgements An introduction and Preface by the editors to all three volumes appears in volume I PART I VIRTUES OF THE MARKET MECHANISM 1. Vilfredo Pareto (1972), excerpt from Manual of Political Economy 2. E. Barone (1935), ‘The Ministry of Production in the Collectivist State’ 3. A.C. Pigou, M.A. (1952), ‘Rates of Return and the Values of Marginal Private Net Products’ PART II PERFECT COMPETITION: THE FUNDAMENTAL THEOREMS OF WELFARE ECONOMICS A Basic Analysis and Results 4. Oscar Lange (1942), ‘The Foundations of Welfare Economics’ 5. Kenneth J. Arrow (1951), ‘An Extension of the Basic Theorems of Classical Welfare Economics’ 6. Tjalling C. Koopmans (1957), ‘Allocation of Resources and the Price System’ 7. Gerard Debreu (1959/1987), ‘Optimum’ B Application to Intertemporal Setting 8. Paul A. Samuelson (1958), ‘An Exact Consumption-Loan Model of Interest With or Without the Social Contrivance of Money’ 9. David Cass (1972), ‘On Capital Overaccumulation in the Aggregative, Neoclassical Model of Economic Growth: A Complete Characterization’ 10. K.J. Arrow (1964), ‘The Role of Securities in the Optimal Allocation of Risk-bearing’ 11. Oliver D. Hart (1975), ‘On the Optimality of Equilibrium when the Market Structure is Incomplete’ 12. Joseph E. Stiglitz (1982), ‘The Inefficiency of the Stock Market Equilibrium’ 13. John D. Geanakoplos and Heraklis M. Polemarchakis (1986), ‘Existence, Regularity, and Constrained Suboptimality of Competitive Allocations when the Asset Market is Incomplete’ PART III PUBLIC GOODS, EXTERNALITIES AND SCALE ECONOMIES A The Broad Issues 14. Francis M. Bator (1958), ‘The Anatomy of Market Failure’ B Externalities, Scale Economies and Nonconvexities 16. A.C. Pigou, M.A. (1912), ‘Hindrances to Equality of Marginal Net Products Due to Divergence Between Marginal Social Net Product and Marginal Private Net Product’ 17. Alfred Marshall (1920), excerpt from ‘Industrial Organization, Continued. Division of Labour. The Influence of Machinery’ and ‘Limitations of the Use of Statical Assumptions in Regard to Increasing Return’ 18. J.H. Clapham (1922), ‘Of Empty Economic Boxes’ 19. Donald J. Brown and Geoffrey Heal (1979), ‘Equity, Efficiency and Increasing Returns’ 20. William J. Baumol (1979), ‘Quasi Optimality: The Price We Must Pay for a Price System’ PART IV MONOPOLY AND IMPERFECT COMPETITION A General 21. A.C. Pigou, M.A. (1952), ‘Simple Monopoly’ and ‘Discriminating Monopoly’ 22. Joan Robinson (1972), ‘Comparisons of Monopoly and Competitive Output’ 23. Edward Chamberlin (1938), ‘Pure and Monopolistic Competition Compared’ 24. Michael Spence (1976), ‘Product Selection, Fixed Costs, and Monopolistic Competition’ B Social Costs of Monopoly 25. Arnold C. Harberger (1954), ‘Monopoly and Resource Allocation’ 26. Richard A. Posner (1975), ‘The Social Costs of Monopoly and Regulation’ 27. Gordon Tullock (1980), ‘Efficient Rent Seeking’ 28. Franklin M. Fisher (1985), ‘The Social Costs of Monopoly and Regulation: Posner Reconsidered’ PART V ASYMMETRIC AND IMPERFECT INFORMATION 29. George A. Akerlof (1970), ‘The Market for "Lemons": Quality Uncertainty and the Market Mechanism’ 30. Mark V. Pauly (1974), ‘Overinsurance and Public Provision of Insurance: The Roles of Moral Hazard and Adverse Selection’ 31. Charles A. Wilson (1979), ‘Equilibrium and Adverse Selection’ 32. Richard Arnott and Joseph Stiglitz (1990), ‘The Welfare Economics of Moral Hazard’ PART VI UNCERTAINTY 33. Frederick V. Waugh (1944), ‘Does the Consumer Benefit from Price Instability?’ 34. Walter Y. Oi (1961), ‘The Desirability of Price Instability Under Perfect Competition’ 35. Paul A. Samuelson (1972), ‘The Consumer Does Benefit From Feasible Price Stability’ 36. Stephen J. Turnovsky, Haim Shalit and Andrew Schmitz (1980), ‘Consumer’s Surplus, Price Instability, and Consumer Welfare’ Name Index Volume III Acknowledgements An introduction and preface by the editors to all three volumes appears in volume I PART I EXTERNALITIES AND PIGOUVIAN TAXATION 1. A.C. Pigou, M.A. (1952), excerpt from ‘Divergences Between Marginal Social Net Product and Marginal Private Net Product’ 2. J.E. Meade (1952), ‘External Economies and Diseconomies in Competitive Situation’ 3. R.H. Coase (1960), ‘The Problem of Social Cost’ 4. James M. Buchanan and Wm. Craig Stubblebine (1962), ‘Externality’ 5. William J. Baumol (1972), ‘On Taxation and the Control of Externalities’ 6. Martin L. Weitzman (1974), ‘Prices vs. Quantities’ 7. J.A. Ordover and R.D. Willig (1979), ‘The Role of Information in Designing Social Policy Towards Externalities’ 8. Dennis W. Carlton and Glenn C. Loury (1980), ‘The Limitations of Pigouvian Taxes as a Long-Run Remedy for Externalities’ PART II RAMSEY PRICING 9. F.P. Ramsey (1927), ‘A Contribution to the Theory of Taxation’ 10. M. Boiteux (1971), ‘On the Management of Public Monopolies Subject to Budgetary Constraints’ 11. William J. Baumol and David F. Bradford (1970), ‘Optimal Departures From Marginal Cost Pricing’ 12. Peter A. Diamond and James A. Mirrlees (1971), ‘Optimal Taxation and Public Production I: Production Efficiency’ 13. Peter A. Diamond and James A. Mirrlees (1971), ‘Optimal Taxation and Public Production II: Tax Rules’ PART III PREDATORY PRICING 14. Phillip Areeda and Donald F. Turner (1975), ‘Predatory Pricing and Related Practices Under Section 2 of the Sherman Act’ 15. Janusz A. Ordover and Robert D. Willig (1981), ‘An Economic Definition of Predation: Pricing and Product Innovation’ 16. William J. Baumol (1996), ‘Predation and the Logic of the Average Variable Cost Test’ PART IV REGULATION OF PRICES A Traditional Regulation 17. Harvey Averch and Leland L. Johnson (1962), ‘Behavior of the Firm Under Regulatory Constraint’ 18. Alfred E. Kahn (1989), ‘The Traditional Issues in the Pricing of Public Utility Services’ B Efficient Regulation, Stand-alone Cost Ceilings, and Price Caps 19. Harold Demsetz (1968), ‘Why Regulate Utilities?’ 20. Ingo Vogelsang and Jörg Finsinger (1979), ‘A Regulatory Adjustment Process for Optimal Pricing by Multiproduct Monopoly Firms’ 21. William J. Baumol (1982), ‘Productivity Incentive Clauses and Rate Adjustment for Inflation’ 22. Stephen C. Littlechild (1983), Regulation of British Telecommunications’ Profitability 23. William J. Baumol and Robert D. Willig (1986), ‘Contestability: Developments Since the Book’ 24. Jean-Jacques Laffont and Jean Tirole (1990), ‘The Regulation of Multiproduct Firms – Part I: Theory’ and ‘The Regulation of Multiproduct Firms – Part II: Applications to Competitive Environments and Policy Analysis’ C Pricing of Bottleneck Inputs 25. Robert D. Willig (1979), ‘The Theory of Network Access Pricing’ 26. William J. Baumol (1999), ‘Having Your Cake: How to Preserve Universal-Service Cross Subsidies While Facilitating Competitive Entry’ Name Index

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Book SynopsisCapitalism With a Human Face is a carefully edited selection of Samuel Brittan’s most important recent essays. It covers topics ranging from utilitarianism and the ethics of self-interest, to the principles of macroeconomic policy and how to price people into work without throwing them into poverty. The book will be controversial, for the individualistic ethic, which it is so fashionable to attack, is not merely defended but celebrated. This collection will be of special interest both to readers of Samuel Brittan’s articles who would like a more extended treatment and those new to his work. A notable feature is a specially written introduction explaining how the author came to take up political economy and how he arrived at the positions elaborated in this book.Trade Review’Any society with aspirations to egalitarianism would long since have abolished Samuel Brittan. He writes the best weekly economics column, elegant in style and provocative in content. He covers a range of subjects to a depth that should shame those of us who can cope only by concentrating on a narrow topic. He finds time to attend seminars where, inevitably, he asks the penetrating questions the speaker most dreads. He writes important books. He manages to display in the course of a few minutes more courage in challenging those to whom he might look for favours than most of us can summon in a lifetime. He is that rare British creature: an intellectual.’Table of ContentsContents: Introduction: Footfalls in the Memory (Intellectual Autobiography) Part I: Political Economy Part II: Keynes and Hayek Part III: Jobs, Inflation and Economic Management Part IV: Problems and Policies Part V: Capitalism with a Human Face Finale: Some Presumptions of Economic Liberalism

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Book SynopsisThe industrialized economies of the world have experienced a considerable diversity of economic experience since the shocks of the 1970s. The authors of this major study assess the institutional determinants of economic performance in a comparative analysis of OECD economies. They focus in particular on the role played by corporatist arrangements in such countries as Austria and the Scandinavian states. Corporatism and Economic Performance argues that economists often have a narrow view of the scope and function of corporatism, focusing on the extent to which collective bargaining is centralized, and ignoring the important role of durable, consensual policy making arrangements. The record of the corporatist economies is assessed and considerable evidence is found to show that they have borne the burden of economic adjustment over the last twenty years in a less inegalitarian way than other OECD economies, with lower rates of unemployment and greater economic stability. In an increasingly integrated world economy, the future prospects for corporatism look uncertain, although there is still a strong economic case for corporatist institutions. This book sheds new light on corporatism as a complex and multidimensional entity, examining the rationale, scope, performance and future prospects of corporatist institutions.Trade Review'This book provides a thoughtful and extremely accessible re-assessment of the economic theory on which corporatist policies have been based. . . . the authors have drawn widely on the relevant economics and political science literature. -- Mark Wickham-Jones, Political StudiesTable of ContentsContents: 1. Introduction: An Overview of Economic Performance in Corporatist and Liberal Economies 2. Institutions and Economic Performance 3. Corporatism, Labour Market Institutions and Unemployment 4. The Political Economy of Durable Compromise 5. Growth, Competitiveness and Income Distribution 6. Corporatism and Macroeconomic Policy 7. Conclusion: Problems and Prospects

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Book SynopsisThe end of the cold war has created a new and unprecedented type of mixed economy in Eastern Europe. This innovative up-to-date book questions whether the former Eastern block countries will follow the path of West European mixed economies, or if a quite different economic system will emerge.Mixed Economies in Europe presents new work by distinguished authors who offer an evolutionary perspective on the dynamics of mixed economies. In so doing, they provide a unique, policy-orientated assessment of the formation and transformation of mixed economies in both Eastern and Western Europe. In particular, they emphasise the importance of institutional arrangements and regulatory frameworks.The book shows that the liberalization of markets, both within and between European countries has led, in many cases, to a divergence of economic performance across regions and is likely to continue to do so in the future. This raises policy considerations for the EC and its constituent governments which have not, as yet, been adequately addressed.Trade Review’This book gives a good overview of the diversity of the current research agenda of evolutionary economics.’- X. De Vanssay, Journal of European IntegrationTable of ContentsIntroduction - evolutionary perspectives, John Foster and Wolfgang Blaas. Part 1 Justifying an institutionalist approach to the mixed economy: commodity variation and the evolution of money - a place for the state?, Geoffrey M. Hodgson; agent, context and innovation - a saussurian view of markets, Bart Nooteboom. Part 2 Privatization, de-regulation and re-regulation: ownership and control - lessons for privatization - a case study of the Austrian industries corporation, Kurt Bayer; economic reforms and the evo.ution of enterprise in Hungary and Poland, Maria Lissowska and Wim Swaan. Part 3 The political economy of mixed economy emergence in Europe: the transition from command to market economies - preliminary lessons and conclusions, Kazimierz Laski; the post-socialist transformation process - systemic vacuum, search processes, contradictions, Jerzy Hausner and Klaus Nielsen; in search of a new economic role of the state in the post-socialist countries, Andrzej Wojtyna; need satisfaction as a measure of human welfare, Ian Gough and Len Doyal. Part 4 European economic convergence or divergence?: technological capability and international trade performance - a comparative analysis of Eastern and Western European countries, Paolo Guerrieri; core-periphery inequalities in European integration, East and West, Andrew Tylecote; an evolutionary approach to why growth rates differ, Bart Verspagen.

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Book SynopsisFor more than 20 years, William Lazonick has been one of the world's leading analysts of the dynamics of industrial development and change in international economic leadership. This impressive volume presents a coherent selection of Professor Lazonick's most important work on industrial development in Britain and the United States.The first part of the book contains articles on the decline of the British economy, including a recent summary of the debates on the British cotton textile industry and international competition. The second part focuses on labour, management and technology in the rise and recent decline of the US economy, and includes an up-to-date summary essay on organizational capabilities in American industry. Professor Lazonick's essays make historical analysis relevant to the present and put economic analysis back in touch with evolving reality. This approach, together with his unique combination of historical, statistical and theoretical methodologies, will ensure that this volume proves invaluable to economists and historians alike.Trade Review'This is a timely useful collection of Professor Lazonick's principal articles on those related themes in economic history to which he has devoted his considerable scholarly abilities and his stimulating search for originality.'

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Book SynopsisMax Weber, recognized as one of the world's most important sociologists, saw his life's work as nothing less than the comparative analysis of world civilizations. Above all, he was fascinated by the differing historical paths traced by Western civilization and the civilizations of the East. In his famous essay, The Protestant Ethic and the Spirit of Capitalism, he addressed the forces behind that dramatic and enormous transformation of human life and society known as the Industrial Revolution. Weber's thesis proposes a causal link between the forces of the 'protestant ethic' and the 'spirit of capitalism' that lay behind the Industrial Revolution.This important book offers a sophisticated analysis of Weber's key concepts and an in-depth study as to their formulation in the early modern period. Michael Lessnoff proposes an original and essential distinction between the protestant 'work' and 'profit' ethics and examines the logical relation between them. He looks at Adam Smith's work on the relation between morals and capitalism, comparing Smith's 'spirit of capitalism' to Weber's. Lessnoff also considers the significance of the 'protestant ethic' in the modern world. As one of the first books of its kind to offer a complex analysis of the Weber thesis and using a large body of previously neglected evidence, The Spirit of Capitalism and the Protestant Ethic will be welcomed by historians of religion and economics and by all sociologists.Trade Review'Lessnoff's book is recommended to all who are seeking a short and carefully constructed tour guide into Weber's remarkable piece of intellectual history.' -- William N. Parker, Journal of Economic HistoryTable of ContentsWhat the Weber thesis is, and what it is not; the pre-Reformation background; Weber's primary Protestant ethic - the work ethic; Weber's secondary Protestant ethic - the profit ethic; the Westminster Assembly's "Shorter Catechism" and its sources; the spirit of capitalism and the Protestant ethic; postscript on the modern world. Appendices: the Glasgow city motto - an epitome of the Weber thesis?; list of Protestant catechisms that discuss the Decalogue's commandment against stealing.

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